Wednesday, June 9, 2021

WOTS TUE JUN 8 21 The rise in oil prices calls on the government to take economic measures that serve the Iraqi citizen

 WOTS TUE JUN 8 21 

No MY FX Buddies Podcast today



The exchange rates of the dollar and other foreign currencies in the local markets for Tuesday, (June 8, 2021), according to the monitoring of specialists.   

  

The price of the dollar against the Iraqi dinar  

Exchange rates:  

The selling price of the dollar is 150,250  

The purchase price of the dollar is 149,250  

approximate 


The Markets:
The Asian markets closed down NIK  by .19% HSI  by .02% SHANG down by .54%
The UK markets are currently trading in the green mostly from .01% to .32% DAX is down by .15%
Our futures are currently trading mixed  DOW at 34526 down by .26% SNP at 34220.75 down  by .11% NDX at 13809.75 up by .04%

Precious Metals:
Gold is red at 1894 Silver is red  at 27.81 Copper is red at 450 Platinum is red at 1165
Brent 71 WTI  68   Bitcoin: 33,130 10 yr yield: 1.54


Favorite Currencies Forex Quotes

SymbolBidAskHighLowOpenChangeTime
 USD/IQD  1458.0000  1463.0000 1457.2000 1457.0000 1457.0000  0.2000 00:00
 USD/VND  22952.0000  22954.0000 23038.4900 23010.7300 23038.4900  -33.0300 00:33
 USD/CNY  6.3963  6.3983 6.3970 6.3884 6.3964  -0.0001 05:21
 USD/KWD  0.3003  0.3013 0.3006 0.3004 0.3006  -0.0002 05:16
 GBP/USD  1.4138  1.4138 1.4184 1.4129 1.4176  -0.0038 05:23
 USD/IRR  42000.0000  42210.0000 42097.5000 42097.5000 42097.5000  0.0000 00:00
 USD/IDR  14272.0000  14273.0000 14276.0000 14244.0000 14256.0000  17.0000 05:22
Things in the News:

Iraqi Articles:

Deputy: The rise in oil prices calls on the government to take economic measures that serve the citizen

link

Member of Parliament, Representative Fadel Jaber, stressed, on Tuesday, the need to take governmental economic measures, by exploiting the significant rise in oil prices in order to reduce the poverty rate and to redress the eligible segments.

Jaber said in a press interview, "Iraq needs a major economic rescue step, especially since many segments suffer from poverty, and this percentage increased after the measures taken by the government during the current year."

He added that "the surplus of oil prices should be optimally utilized in order for the citizen to benefit from it, in addition to harnessing it to serve the poor segments of the Iraqi people."

Jaber explained, "Oil exceeded the $70 barrier, while the budget decided the price of a barrel of oil at $45, so the government must take economic measures to relieve the burden of the citizen and exploit the surplus of oil imports to solve the current economic crisis."

Representatives are talking about parasitic banks that win about 300 billion dinars per month in the currency auction

link

The head of the National Approach Bloc, Ammar Tohme, announced on Monday, June 7, 2021, that "parasitic" banks had acquired profits of more than 300 billion dinars per month in the currency sale auction, while a member of the Parliamentary Finance Committee, Muhammad Ibrahim, considered, on Monday, a high The price of the dollar is a reflection of the government's failure and an indication of the manipulation of

Ibrahim said in a press statement, "The rise in the exchange rate of the dollar in Baghdad proves the failure and failure of the government to control the market," noting that "the matter indicates the existence of manipulation in the exchange rates and foodstuffs and others by the influential people in control of the market, whether from traders or Those with political and partisan influence,” adding that “the rise in the dollar exchange rate means the continued rise of food and non-food items, and this matter will generate great popular anger, amid high unemployment and poverty,” and that the .government is urgently required to put in place mechanisms and plans to control the market to prevent manipulate the powerful

The controversy is still escalating about the repercussions of the exchange rate of the dollar against the dinar, for different political forces to exchange different accusations, between searching for special interests, or linking positions with regional forces, while the Iraqi citizen does not matter, as much as .providing mechanisms and conditions that facilitate his daily life, and provide He has a livelihood

On Saturday, May 22, 2021, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, revealed that 50 trillion dinars are outside the .control of the banking system

Tohme said in a statement, "With the passage of time, the failure and harm of the dollar exchange rate decision and its severe repercussions on the stability of the market and millions of Iraqis are proven, and there is no one who benefits from this decision except the owners of parasitic banks and ".their partners from the influential politicians

He added that all the justifications put forward by the defenders of raising the exchange rate proved to be false and unrealistic, especially with the rise in the price of oil globally and with negligence and failure in controlling outlets and not restricting the import of materials similar to the local product and not taking even a simple step in providing the structure to support the national industry that they mentioned as an explanation Calling for their unjust ".decision to raise the price of the dollar

Tohme continued: "On the contrary, the Central Bank returned to sell daily more than 200 million dollars, without those sums, nor the parasitic banks that taking possession of it, contributing to huge profits through speculation in any economic or development activity that justifies the monopoly of these banks that are linked to prohibited utilitarian relations with influential politicians. Greed and greed imprinted on their hearts, and they became a source .of evil and great harm to the tested people

And between: With a simple account from the sale of the Central Bank, what the owners of parasitic banks backed by oppressive and influential politicians in the political scene earn daily ten billion dinars, and an amount of 300 billion dinars per month, and all this is a drain on the hard currency . reserves acquired by opportunists and the tested people bear a tax to satisfy the whims of selfish greedy

Tohme asked: "Has the world seen or heard in any part of it that corrupt merchants, in partnership with politicians who followed the approach of Qarun, raise the exchange rate of the currency, so that the public will bear the harm and suffering, and the oppressors and thieves reap these huge illegal "?!!profits


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 June  , 2021 total sales amount $ . 

including   $0. CASH 

ISX Update:   

www.isx-iq.net/

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

6-7-2021   Intel Guru MarkZ   [via PDK]  Question:  [So how many more weeks until the RV-do you think?]  If banking sources are correct, we will not be waiting any more weeks because this is it…They believe they have solved enough of the technical issues …however military sources do not think anything will happen until next week …they are looking for something big n the 14th and 15th. We just do not know the exact time but it appears we are very close. Sitting at the edge of our seats.

6-7-2021   Intel Guru Holly   Monday Rv News:  The bonds are still paying out this week. We have to see how far along they get to see if the final release can happen. It is too soon right now to tell where the process is. More news will come in later. This is what we are waiting on...This is a transition not a transaction! Never, ever give up!

6-7-2021   Intel Guru MarkZ   [via PDK]  What I am getting over the weekend is they made a tremendous amount of progress on the technical side...My banking sources feel we are within 24-48 hours to see this. …I hope they are accurate. I am hearing very positive things guys…just take it with a grain of salt because we do not know the timing.

6-7-2021   Newshound Guru Jeff  Article:  "Talabani meets Al-Kazemi and asks him to adopt the latest agreement to solve the problems"  This is in regard to the implementation of Iraq's budget.  They want everything done and happening per Iraq's constitution.  They [Iraq] want Kurdistan to send their oil money and oil to Baghdad and then they [Kurds] want Baghdad to send their portion of the '21 budget to them...both parties have said that they're ready to do it.  They're talked about maybe doing those steps this week... Article:  "Oil and Gas Law"  The oil and gas law is post rate change.  This article came out today (6/6/21).  We are getting these types of articles every week...

6-7-2021   Intel Guru Frank26  I'm hoping that one day soon in the near proximal future we will be able to see a new exchange rate on the CBI website because...[what]...the Fab 4 accomplished with the CBI...

6-7-2021   Newshound Guru Kaperoni  Only with the growth of Iraq's economy can the dinar go up in value. Iraq has work to do in order to build a prosperous private sector/ market economy with foreign investment... Hopefully they are beginning to make progress. Hang in there.  


Catnip's Corner:
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ARTICLE 1 (from PM Kadhimi's website)

At the time this article was submitted, there are no new articles posted on PM Kadhimi's website.

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ARTICLE 2 (from Government of Iraq twitter account)

Iraqi health centres and hospitals continue to provide Covid-19 vaccines to citizens throughout Iraq.

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ARTICLE 3

Adviser: Iraq is at a major crossroads to overcome the rentier economic life
June 7, 2021

The Independent/ - The Financial Adviser in the Prime Minister, Dr. Mazhar Muhammad Salih, confirmed that Iraq is facing a critical development stage and a great crossroads to overcome the rentier economic life, pointing out that this requires rebalancing the contributions of the real sectors to the gross domestic product immediately, while he suggested Launching the “productive ownership” initiative of agricultural and industrial land, provided that the matter is contingent on real production.

Saleh said in an interview with the newspaper "Al-Sabah", and it followed the independent today, Monday, that "the labor force occupied by the agricultural and industrial transformational sectors, regardless of ownership (whether governmental or private civil), takes approximately 37 percent of the Iraqi labor force, which currently stands at about 10 million. people, including 2.5 million unemployed workers.

The government advisor pointed out that "the contribution of the aforementioned "agricultural and industrial" sectors to the (non-oil) GDP does not exceed 14 percent, which means that 86 percent of the activities are related to the service sector, which are services, most of which are weakly related to the real productive activities, especially the two basic sectors. Agricultural and industrial transformation.

Balanced development opportunity

Saleh believes, “Iraq has an opportunity in balanced development for the next ten years, which requires optimal investment leading to the exploitation of the financial leverage resulting from oil revenues in a way that leads to diversification of the real economy of Iraq, stressing the need to achieve this before the world penetrates too much into the fourth technological age, whether By using renewable energy or reducing the world's carbon emissions under the Paris climate agreement, by diversifying the real economy.

Product Ownership Initiative

The financial advisor suggested launching the “productive ownership” initiative of agricultural and industrial land, provided that ownership is subject to mandatory production, as well as facilitating the transfer of ownership to new productive owners when needed, and according to legal frameworks that do not allow profit at the expense of land productivity, indicating that these The move will be the spark to launch the agricultural and industrial renaissance.

Creating economic partnerships

On the one hand, the researcher in economic affairs, Ali Karim Al-Difai, called for the need to create a partnership between the local and foreign private sectors, through twinning joint work by contracting with foreign private sector companies to provide his Iraqi counterpart with developments and ways to create new success opportunities that would reduce unemployment and provide product the local".

Speaking to Al-Sabah, Al-Dafie urged the importance of achieving high rates of comprehensive economic growth, and pushing the government to achieve effective participation with the private sector in order to generate job opportunities on a large scale in many economic sectors, pointing out that the country now really needs economic growth. This necessitates the creation of a real partnership between the public and private sectors, in order to generate large-scale job opportunities in many economic sectors, which in turn push for diversification of economic activities and achieve sustainable development in the long term.

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ARTICLE 4

The results of the tenth session to prepare the strategy of Iraq's next budgets, headed by the Minister of Finance
2021.06.07 - 16:54
Baghdad - people

Finance Minister Ali Abdel Amir Allawi chaired, on Monday, the tenth session for preparing the federal budget strategy for the years 2022-2024, while stressing the need to pay attention to the education sectors.

And the ministry stated in a statement, that "Nass" received a copy of it (June 7, 2021), that "Finance Minister Ali Abdul Amir Allawi chaired the meeting of the tenth session of the Committee for the Preparation of the Federal General Budget Strategy for the medium term 2022-2024, in the presence of both the Prime Minister's advisors and Undersecretary The Ministry of Finance, the Ministry’s advisor, and the general managers of the Ministry and the relevant ministries, and the committee discussed the strategic vision for the education sector for the medium term for the years (2022-2024) by the Ministry of Education.

The minister said, according to the statement, that "attention to the education sectors of all kinds and levels, and the provision of a supportive and stimulating environment for upgrading the educational level will be among the priorities of the strategy of the upcoming budgets."

Allawi stressed "the necessity of paying attention to the education sectors and discussing the challenges and difficulties facing the implementation of the projects of the two sectors and ways to address them within the available financial resources, and finding solutions to address the delay in vital projects related to the educational sector."


The Minister of Finance added that "it will proceed to link long-term goals with future budgets to provide tools and procedures for preparation of financial departments and to prioritize activities to achieve the strategic objectives of the projects in proportion to the country's financial revenues."

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ARTICLE 5

Alia Nassif calls for stopping corruption in the currency auction
June 7, 2021

The Independent/- Representative Alia Nassif warned against the continuation of the "sabotage" role played by the currency auction, indicating that a group of merchants acquires the lion's share of dollar sales and achieve insane profits at the expense of the Iraqi people, calling on the governor of the Central Bank to implement a campaign to reform and eradicate spoilers.

Nassif said today: “The rise in dollar prices despite the high sales of the daily auction of the Central Bank is caused by the monopoly of dollar sales by three people who own well-known banks, and these get the largest share of dollar sales in collusion with some corrupt.”

And she indicated: “The sales of the Central Bank, for example, for the period from 4/11 to 6/4/2021 amounted to (6162125) dollars (six billion, one hundred and sixty-two million, one hundred and twenty-five dollars) and for 33 working days (excluding holidays and holidays), and it acquired The three merchants got most of these sales, as the first (who owns three banks) got 850 million dollars out of the six billion sold by the Central Bank, the second (a bank owner) got 264 million dollars, and the third (the owner of a Kurdish bank) got 200 million dollars. Note that these three controlled the currency auction in the last three months of last year, which preceded the rise in the price of the dollar, because they were aware that it would rise, and thus hit their strike and their banks obtained nearly two billion dollars to resell it after raising its price by the state, meaning that they bought The dollar was for 119 dinars and they sold it for more than 140 dinars.”

And she added: “Since holding these merchants and employees accomplice with them is almost impossible because they are an octopus that extends even to Parliament, to the point that dismissing a minister or dismissing a government is easier than holding them accountable, the alternative solution is for the governor of the Central Bank to implement a campaign to reform and root out the corrupt and stop the wheel of corruption in the country. The currency auction in one way or another, and to stop this attrition that destroyed the Iraqi economy, and if it is not stopped, poverty will increase to reach dangerous levels, knowing that the high price of the dollar serves all the corrupt and burdens the poor.”

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