WOTS FRI JUL 9 21
PARLIAMENTARY LAW: FINANCIAL ABUNDANCE ACHIEVED DUE TO HIGH OIL PRICES
There is no My FX Buddies Podcast Today.
The dollar exchange rate today against the Iraqi dinar in the local markets and Iraqi exchanges on Friday (July 9, 2021), which recorded an increase against the Iraqi dinar.
The price of the dollar today in Iraq came in the local markets and the Iraqi stock exchanges in the capital, Baghdad, Basra and Erbil as follows:
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1433.7000 |  1484.3000 | 1456.8000 | 1455.6000 | 1455.6000 | -0.3000 | 12:07 |
| USD/VND | 23000.0000 | 23005.0000 | 23012.1300 | 23009.5700 | 23012.1300 | -3.6500 | 00:04 |
| USD/CNY | 6.4833 | 6.4853 | 6.4897 | 6.4825 | 6.4896 | -0.0058 | 05:13 |
| USD/KWD | 0.3006 | 0.3016 | 0.3009 | 0.3007 | 0.3009 | -0.0001 | 05:08 |
| GBP/USD |  1.3797 | 1.3798 | 1.3799 | 1.3756 | 1.3785 | 0.0013 | 05:14 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14512.0000 | 14512.0000 | 14582.0000 | 14505.0000 | 14554.0000 | -41.0000 | 05:13 |
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Oil records a new jump in prices after a brief fall
Oil prices rose for a second day in a row, on Friday, as data showed a draw in US inventories, but it is heading for a weekly loss amid uncertainty over global supplies fueled by the OPEC + crisis.
Brent crude futures rose 27 cents, or 0.4 percent, to $74.39 a barrel by 0644 GMT, while US West Texas Intermediate futures rose 39 cents, or 0.5%, to $73.33 a barrel.
Prices on both sides of the Atlantic were on track for a weekly loss of more than 2%, affected by the collapse in production talks between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia or OPEC+.
The US Energy Information Administration said on Thursday that US crude and gasoline stocks fell and gasoline demand reached its highest level since 2019, in a sign of increasing strength in the economy.
PARLIAMENTARY LAW: FINANCIAL ABUNDANCE ACHIEVED DUE TO HIGH OIL PRICES
The Parliamentary Legal Committee confirmed today, Thursday, that the financial abundance achieved thanks to the rise in the price of a barrel of oil could allow a return to the previous dollar exchange rate and address the effects caused by its rise, as well as securing sums that pave the way for the inclusion of new families with social welfare salaries.
Committee member Hussein Al-Aqabi told the official agency, followed by the National News Center, that "there is a financial abundance that has been achieved due to the rise in oil prices, as the price fixed in the budget law is 45 dollars, while the price of a barrel has reached more than seventy dollars, a difference of 30 dollars from approved price.
He explained that "the amounts achieved can bridge the deficit in the budget, as well as address the effects that resulted from the rise in the exchange rate," ruling out "presenting a supplementary budget."
At the same time, Al-Uqabi stressed "the need to invest the financial abundance by securing new sums to include new families in social care," noting that "no sums of money were allocated during the current year to include new families."
On June 11, the Central Bank of Iraq confirmed the stability of the dollar exchange rate and the absence of any intentions to change it.
Yesterday, the economic advisor to the Prime Minister, Alaa Abdel Hussein, confirmed to a program broadcast on the Iraqi news screen, that the rise in oil prices would almost make it possible to bridge the 2021 budget deficit and reduce the dollar exchange rate, which is unlikely because it was approved in the budget.
Parliamentary Finance for the currency auction: sales on demand.. and some banks suffer a loss
Today, Friday, the Finance Committee in the House of Representatives recommended linking a customs electronic tax for imported goods with the Central Bank of Iraq, while it talked about the currency auction, stressing that some banks are exposed to a loss and do not profit much.
Committee Chairman Haitham al-Jubouri told the official agency, "The committee does not have data on the volume of imports carried out by the Ministry of Commerce or the Ministry of Planning, but the Central Bank is responsible for those transactions that are submitted to it."
Al-Jubouri stressed that “the committee demanded that there be an electronic customs and tax link with the Central Bank in order to be sure that the goods for which the dollars are given will enter actual goods through the outlets in exchange for them,” noting that “the currency auction is an offer and demand and so far the price is appropriate and the banks In the remittances, they did not achieve a large profit, but rather some of them are exposed to loss if the operating budget that you make is taken.”
Al-Jubouri explained that “the Finance Committee hosted the Minister of Finance and the Governor of the Central Bank to find out the monetary and financial measures taken by the government to address the repercussions in the light of which the exchange rate change was approved.”
CBI Update: Just a note:
including $0. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
7-8-2021 Newshound/Intel Guru Mnt Goat Article: "MAZHAR SALEH CALLS FOR THE (SOCIAL MARKET) FOR A DIVERSIFIED ECONOMIC SYSTEM AND CONFIRMS THE END OF THE FISCAL DEFICIT PHASE" Quote: "that the deficit, which was estimated at 29 trillion dinars, or about two billion dollars, in the current year’s budget, which was built on the assumption that the price of a barrel of oil is $ 45 has become a thing of the past," Like I said many time already that Iraq is in trouble if they don’t get it right this time. There will NOT be another chance to fix it. This article is yet more proof of this.
7-8-2021 Newshound Guru Pimpy Somebody said to me, 'Hey Pimpy did the rate change happen? Did you see the news - something about the rate change?' I was like what do you mean the rate change happened? Article: "The Iraqi government decides to reduce the exchange rate of the dollar - urgent". Here's where this seems to be misleading...at first I was like, 'ok, they did change it.' Until you really read the article...Nothing in that article says that they actually reduced the exchange rate - which is what we want - to reduce the dollar not the dinar. So the headlines are exactly what we want to actually happen but that's not what the story says... [In the article].
7-8-2021 Intel Guru MarkZ [via PDK] ...Still getting stone walled from US bankers…no leaks. They are prepared…Redemption Center contacts are on call to be there within 2 hours. Just a skeleton crew right now.
7-8-2021 Newshound Guru Militiaman I'm looking forward to seeing if the 2021 budget is exposed to the program rate. I don't believe it will be. A lot of people suggest that it is cut in stone and that's the way it's going to be for a year. I don't believe in that...because...the amount of money that is going to be made in the country is going to be astronomical ...we're getting ready to explode. I'm actually very excited...
7-8-2021 Intel Guru Frank26 Iraq will either go 1 to 1 internally or they will un-peg from the American dollar and they will float their currency on par with the American dollar...They aren't gonna stop at 1 to 1. They don't want to be a worthless American dollar's worth. Saudi Arabia what are you worth against the American dollar? 3 what!?! Geez Louise! You think Iraq's gonna stand for that? ...so they will either be 1 to 1 and stay like that - I doubt it. They'll un-peg more than likely, go on par with their assets backing up their currency, take it out to a float...
7-8-2021 Intel Guru Fleming Wednesday RV Report: Our military intel contact said that we need to be watching for the shotgun start and T4B notifications Thu and Fri 8-9 July...SO WE ARE IN A REALLY GOOD PLACE RIGHT NOW...He said it’s not a matter of RV teams “deciding if they are going to release the RV,” it’s a matter of WHEN to release the shotgun start in the coming hours or days; again he does not know the exact timing but IT IS BEING MOVED FORWARD OVERNIGHT THROUGH THE REST OF THIS WEEK...he said keep prayers going up as we are AT THE END OF THIS ARDUOUS PROCESS and we are about to BREAK THROUGH TO THE LONG-AWAITED BLESSING.
************ ARTICLE 1 (from PM Kadhimi's website) At the time this report was submitted, there are no new articles posted on PM Kadhimi's website. ************* ARTICLE 2 (from Government of Iraq twitter account) 7-8-2021 around 11:30 am Eastern The annual government performance report published by the @IraqiGovt on the implementation of its programme and what has been achieved in all sectors. The table below shows what has been achieved in the energy sector Click here to view the full report: https://bit.ly/3cqpEdt ************* ARTICLE 3 Thursday, July 8, 2021 | 06:36 PM MP: There is a "deal" between the government and political forces to appoint ambassadors, undersecretaries, and general managers Representative Muhammad Shiaa Al-Sudani revealed a deal between the political forces holding power and the government that included these forces presenting names as candidates for the positions of ambassadors, undersecretaries and general managers, while the government voted on them “surprisingly” in the cabinet session last Tuesday without announcing this to the public opinion, but the names leaked Finally, to social media. Al-Sudani said in a statement, "I mentioned in a previous tweet that there is a deal being prepared for it between the political forces holding power and the government prone to these political forces. At the cabinet session last Tuesday. He added that this happened "contrary to normal, logic and the official situation. The government must announce its decisions when it takes them, but, contrary to what is in place, it did not announce those decisions, as they were made surreptitiously and in a suspicious reality." He pointed out that "the government was not able to hide this matter, as these names and lists were leaked, as it was spread on the communication sites, and thus it is clear that this government is determined to commit all the evils of the political process since 2003 by insisting on the abhorrent quotas." ************* ARTICLE 4 Finding one of the largest diamonds in the world Thursday, July 8, 2021 5:53 PM Follow-up / National News Center Canadian diamond company Lucara announced that it had found a huge diamond weighing 1,174 carats in Botswana, the second time a record size of this gemstone had been found in the country within one month. This is the third largest diamond in the world, said Nassim Lahri, general manager of Lucara, according to Agence France-Presse. On the first of last June, the Depswana company found a diamond weighing 1098 carats, and it was considered the third largest diamond in the world before the new diamond was found. The largest known diamond, Cullinan, weighing over 3100 carats, was discovered in South Africa in 1905. ************* ARTICLE 5 Parliamentary law: financial abundance achieved due to high oil prices Thursday, July 8, 2021 7:50 PM Baghdad/National News Center Today, Thursday, the Parliamentary Legal Committee confirmed that the financial abundance achieved thanks to the rise in the price of a barrel of oil could allow a return to the previous dollar exchange rate and address the effects caused by its rise, as well as securing sums that pave the way for the inclusion of new families with social welfare salaries. Committee member Hussein Al-Aqabi told the official agency, followed by the National News Center, that "there is a financial abundance that has been achieved due to the rise in oil prices, as the price fixed in the budget law is 45 dollars, while the price of a barrel has reached more than seventy dollars, a difference of 30 dollars from approved price. He explained that "the amounts achieved can bridge the deficit in the budget, as well as address the effects that resulted from the rise in the exchange rate," ruling out "presenting a supplementary budget." At the same time, Al-Uqabi stressed "the need to invest the financial abundance by securing new sums to include new families in social care," noting that "no sums of money were allocated during the current year to include new families." On June 11, the Central Bank of Iraq confirmed the stability of the dollar exchange rate and the absence of any intentions to change it. Yesterday, the economic advisor to the Prime Minister, Alaa Abdel Hussein, confirmed to a program broadcast on the Iraqi news screen, that the rise in oil prices would almost make it possible to bridge the 2021 budget deficit and reduce the dollar exchange rate, which is unlikely because it was approved in the budget. * |
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