WOTS WED SEP 8 21
Economist: Supporting the private sector in the media only, and the wealthy have become a burden on Iraqis
No My FX Buddies Podcast today but the last one is posted here if you missed it
Economist: Supporting the private sector in the media only, and the wealthy have become a burden on Iraqis
The economic expert, Basem Jamil Antoine, described the support of the private sector as "media only."
Antoine told Al-Furat News: "We suffer from instability in the prices of materials and goods as a result of a series of unbalanced changes that affected the exchange rates of the dollar, in addition to the Corona pandemic, which increased the economic crisis and greatly affected the poor classes."
Antoine told Al-Furat News: "We suffer from instability in the prices of materials and goods as a result of a series of unbalanced changes that affected the exchange rates of the dollar, in addition to the Corona pandemic, which increased the economic crisis and greatly affected the poor classes."
He added: "Carpentry, electricity, and others led to a loss of stability and monetary inflation that raised the value of the dollar, and at the same time, an economic downturn pushed the purchasing power of the citizen to a low level and the weakness of local production."
And Antoine said: "Iraq is not poor and its budget is large;
And he continued, "There is no law of solidarity and retirement, a health social security for the Iraqi citizen to live on during the ban period, and support for the private sector is found in statements only, and there is no implementation on the ground, and the private sector law since 2014 has not taken its role in implementation."
Antoine added, "The private sector constitutes 8 million citizens, all of whom are exposed to calamities, diseases and others without a real security law for them. There are 3 million and 500 citizens living in slums, and this is a problem that we hope to address seriously."
He noted: "The real obstacles that stand in the way of supporting the private sector are rampant corruption, lack of real will and mismanagement," declaring: "The current economic reform came to serve the rich and against the poor, and the government had to create job opportunities and internal production.
Publishes the dollar exchange rates on the local stock exchange on Wednesday, (September 8, 2021), according to the monitoring of specialists.
Baghdad - the stock exchange
147,400
....
The price is in most Baghdad exchanges
Purchase
147,000
Sale
147,750
———————
Erbil - Bursa
147,550
———————
Basra - Bursa
147,450
————————
Sulaymaniyah - Bursa
147,600
The exchange rates for Tuesday were:
Baghdad - the stock exchange
149,900
....
Exchange rate (approximate)
149,250
150,250
———————————-——————
Mosul / Bursa
150,100
———————————
Erbil / Bursa
150,000
———————————
Basra / Bursa
149,850
The Markets:
The Asian markets closed mixed NIK up by .89% HSI down by .12% SHANG down by .04%
The UK markets are currently trading in the red from .30% to .94%
Our futures are currently trading down DOW at 35026 down by .19% SNP at 4514.25% down by .11% NDX at 1566.25 down by .06%
Precious Metals:
Gold is green at 1799 Silver is green at 24.40 Copper is red at 423 Platinum is green at 998
Brent 72 WTI 69 Bitcoin: 46,098 10 yr yield: 1.35
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1433.8000 |  1484.3000 | 1457.2000 | 1457.2000 | 1457.2000 | 0.1000 | 00:00 |
| USD/VND | 22757.0000 | 22760.0000 | 22763.2900 | 22763.1000 | 22763.1500 | 24.4400 | 22:56 |
| USD/CNY | 6.4575 | 6.4597 | 6.4656 | 6.4574 | 6.4656 | -0.0080 | 05:18 |
| USD/KWD |  0.3003 | 0.3013 | 0.3003 | 0.3002 | 0.3002 | -0.0001 | 04:56 |
| GBP/USD | 1.3760 | 1.3760 | 1.3790 | 1.3751 | 1.3783 | -0.0024 | 05:18 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14261.0000 | 14286.0000 | 14285.0000 | 14234.0000 | 14237.0000 | 23.0000 | 05:16 |
Things in the News:
European stocks pull back as markets battle nerves over growth; Stoxx 600 down 1.3%
Asia-Pacific stocks mixed; Evergrande shares rise nearly 4% after briefly falling below IPO price
Stock futures fall after Dow's 260-point loss
Iraqi Articles:
Dozens of retirees are demonstrating in front of the authority to demand an increase in their salaries and the payment of bonuses
Dozens of retirees demonstrated on Wednesday, in front of the Public Retirement Authority building in the capital, Baghdad, to demand an increase in salaries and the payment of accumulated vacation bonuses.
One of the demonstrators told Shafak News Agency, "Today we are demonstrating in front of the Retirement Authority to demand an increase in our pension salaries and the payment of accumulated vacation bonuses that are delayed for several months."
The protester demanded, "the release of the rights of retirees that exist in the retirement authority," noting that "the retirees will sit in front of the commission until these rewards are released."
Sovereign Fund
Oil, a commodity subject to recession at any moment, noting the severe price collapses witnessed by the global market, during periods, not far apart, in 2008, 2014, and 2020, and it is also subject to depletion, or dispensing with it when the world discovers sources of energy In light of these oil repercussions, the lives of future generations in the oil-producing countries seem to be under threat, because the current generations will nibble on all available wealth, above and below the earth.
Hence the importance and necessity of setting controls that guarantee the rights of the successors, and this matter falls on the shoulders of the current governments, and those before them and those who come after them, and on this basis came the idea of establishing the Generations Fund in Iraq. It is true that the step came too late, as it was supposed to be established Such a fund has existed since the early years of the emergence of oil, but to come late is better than never, after many countries preceded us in establishing effective sovereign funds, including Kuwait, which is the first country in the world in this field, and there are the UAE, Saudi Arabia and Qatar And many other countries, and it is estimated that the volume of money invested in sovereign funds around the world amounts to (3) trillion dollars, mostly from oil surpluses.
Therefore, I think that the remaining three decades of the oil life, stagnating or depleting, may be appropriate to finance the Generations Fund recently announced by the government, through the available financial surpluses, by taking advantage of the price difference between the budget and the real selling price, provided that Reducing the size of the fiscal deficit in the budget to its lowest levels, and if the deficit remains at this level, talking about financing the Fund remains a dream, and reducing the deficit is also linked to the necessity of reducing the ceilings of the massive operating and consumption expenditures that account for three quarters of the state’s public spending.
In the event of the inability to reduce the volume of operational spending, due to the massive inflation in the functional body of the state, and the presence of wide doors, in which the exchange cannot be stopped, the matter requires resorting to activating other development sectors in order to reduce dependence on oil, and then the possibility of transferring part of the revenues The oil sector will be transferred to the Generations Fund, which must have an active role in the development process, through its strong contribution, in investing in various fields, and here we will achieve two things. Second, maximizing the revenues of the Fund, to guarantee the rights of future generations, and thus achieving social justice. Such trends are of great importance to be included in the law establishing the Generations Fund, with an emphasis on the transparency of the Fund’s work, and knowledge of its outcomes and paths, its inputs and outputs.
(They sowed and we ate, and we sowed and they ate).
CBI Update: Just a note:
including $0. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
including $0. CASH
ISX Update:
Shares Traded: not updated for today
Value Traded: not updated for today
9-7-2021 Intel Guru MarkZ Question: "It was said in the past that the IQD should be exchanged into a separate account." Absolutely not. And I am told you do not need a trust before the exchange. Anyone tells you that you need one is just trying to sell you something.
9-7-2021 Intel Guru Frank26 Article: "The Central Bank of Iraq revealed the mechanisms that it will adopt to deal with oil price differences" I know it's a new rate isn't it? Yes...Behold the announcement of the announcement... Quote: "The Deputy Governor of the Central Bank of Iraq indicated that changing the dollar exchange rate is a studied step from several sides, and the decision to amend was taken only after extensive studies by they Ministry of Finance and between the Central Bank and in agreement with important international institutions for a fair situation of the dollar." Behold the announcement of the announcement... Quote: "...the exchange rate change was long overdue, and it was supposed to be adjusted from 2010..." These are exciting times...
9-7-2021 Newshound Guru Kaperoni Despite the guru's attempts to get you excited that some fictitious RV is coming, nothing is going to happen anytime soon. Iraq has a ways to go to create a suitable business climate encourage foreign investment. Only with the success of Iraq's economy can the dinar rise in value...
9-7-2021 Newshound/Intel Guru RVAlready It is not up to parliament or GOI to set the rate...The rate is up to the CBI...period. It doesn’t matter what the budget specifies.
9-7-2021 Intel Guru BobTheTaxMan The current administration believes the rich need to be giving up more and more and more and they're lowering the caps down on what you can have before it gets taxed very heavily... [NOTE: Consult with your tax professionals to get the answers and solutions for your specific situation at the appropriate time.]
9-7-2021 Newshound Guru Pimpy Article: "Minister of Finance: Complete the proposed budget model for the coming year and study the mechanisms for its implementation" People keep asking me about whether or not I think the rate is going to be here [2022 budget]. To be quite honest I'm not sure. It's possible. If you prematurely jump up in value too quickly then you could really hurt your economy. As they continue to develop and grow they obviously are going to need a more powerful dollar. That's why I think it's possible that we can see a rate change happen because they're going to be doing more importing IMO than they are exporting at the moment...it's gonna take a ton of dollars to do that...They're definitely not going to devalue their currency anymore that's for sure. As they continue to grow they're going to need a stronger purchasing power dollar...
9-7-2021 Intel Guru Frank26 No. Do not run to the bank. It would be tragic if you did.
9-7-2021 Intel Guru Frank26 Article: "The Central Bank of Iraq revealed the mechanisms that it will adopt to deal with oil price differences" I know it's a new rate isn't it? Yes...Behold the announcement of the announcement... Quote: "The Deputy Governor of the Central Bank of Iraq indicated that changing the dollar exchange rate is a studied step from several sides, and the decision to amend was taken only after extensive studies by they Ministry of Finance and between the Central Bank and in agreement with important international institutions for a fair situation of the dollar." Behold the announcement of the announcement... Quote: "...the exchange rate change was long overdue, and it was supposed to be adjusted from 2010..." These are exciting times...
9-7-2021 Newshound Guru Kaperoni Despite the guru's attempts to get you excited that some fictitious RV is coming, nothing is going to happen anytime soon. Iraq has a ways to go to create a suitable business climate encourage foreign investment. Only with the success of Iraq's economy can the dinar rise in value...
9-7-2021 Newshound/Intel Guru RVAlready It is not up to parliament or GOI to set the rate...The rate is up to the CBI...period. It doesn’t matter what the budget specifies.
9-7-2021 Intel Guru BobTheTaxMan The current administration believes the rich need to be giving up more and more and more and they're lowering the caps down on what you can have before it gets taxed very heavily... [NOTE: Consult with your tax professionals to get the answers and solutions for your specific situation at the appropriate time.]
9-7-2021 Newshound Guru Pimpy Article: "Minister of Finance: Complete the proposed budget model for the coming year and study the mechanisms for its implementation" People keep asking me about whether or not I think the rate is going to be here [2022 budget]. To be quite honest I'm not sure. It's possible. If you prematurely jump up in value too quickly then you could really hurt your economy. As they continue to develop and grow they obviously are going to need a more powerful dollar. That's why I think it's possible that we can see a rate change happen because they're going to be doing more importing IMO than they are exporting at the moment...it's gonna take a ton of dollars to do that...They're definitely not going to devalue their currency anymore that's for sure. As they continue to grow they're going to need a stronger purchasing power dollar...
9-7-2021 Intel Guru Frank26 No. Do not run to the bank. It would be tragic if you did.
Catnip's Corner:
We welcome you today with pride, after you represented Iraq in an important international sports championship.
Prove to everyone that disability is nothing in front of persistence, determination, and love of competition.
You have overcome all obstacles, and achieved impressive successes in the Tokyo Paralympics, in which I personally followed your achievement.
Iraq appreciates this insistence and this appreciation for his name and your names, and we promise you that you will have a high appreciation from the government.
You could have achieved more had it not been for the repercussions of poor planning, from which the Iraqi state has suffered for many years.
From here, we direct the Ministry of Youth and Sports to make maximum efforts to take care of this heroic segment, which has achieved an achievement worthy of the name of Iraq.
I promise you that I will follow up on your problems, and I will work for you to set your feet on a new beginning for a better future.
Our thanks, appreciation and respect to you, and we hope from you more to achieve and break global numbers, in a way that raises the name of Iraq high.
We inaugurate this pure Iraqi artwork (Monument of Martyrs), in remembrance, memorial and loyalty to the memory of the heroic martyrs of the Counter-Terrorism Service and in gratitude for their epics.
We record our pride as Iraqis in every name of the heroic martyrs, without their sacrifices, we would not have stood here.
Our martyrs are the pride of Iraq, and from this place, and in front of their manuscript names, we promise them that their sacrifices will not go in vain, and that their families and children are in our custody.
We are proud and proud that we, as Iraqis, have this kind of men who sacrificed their lives for the love of the homeland, despite the pain that we experience as we read the names of these heroes from the martyrs of our security forces.
Hours ago, your heroic colleagues in the Counter-Terrorism Service managed to kill an entire terrorist detachment in Kirkuk that tried to attack your pieces.
We will not close our eyes, and we will not sleep with our eyes closed until the last terrorist in Iraq is eliminated.
With the words of the blessed Surah Al-Fatihah, in order to have mercy on these pure souls, we say to the Iraqis: Rest assured, for you have among your children soldiers who are loyal, whose souls are granted concessions without you, and for the sake of Iraq.
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ARTICLE 1-A (from PM Kadhimi's website; posted only on Arabic side, not on English side)
The most important thing that Prime Minister Mustafa Al-Kazemi spoke during his reception of the delegation of Iraq and its heroes participating in the Tokyo Paralympics
We welcome you today with pride, after you represented Iraq in an important international sports championship. Prove to everyone that disability is nothing in front of persistence, determination, and love of competition. You have overcome all obstacles, and achieved impressive successes in the Tokyo Paralympics, in which I personally followed your achievement. Iraq appreciates this insistence and this appreciation for his name and your names, and we promise you that you will have a high appreciation from the government. You could have achieved more had it not been for the repercussions of poor planning, from which the Iraqi state has suffered for many years. From here, we direct the Ministry of Youth and Sports to make maximum efforts to take care of this heroic segment, which has achieved an achievement worthy of the name of Iraq. I promise you that I will follow up on your problems, and I will work for you to set your feet on a new beginning for a better future. Our thanks, appreciation and respect to you, and we hope from you more to achieve and break global numbers, in a way that raises the name of Iraq high.Media Office of the Prime Minister
7 - September - 2021
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ARTICLE 1-B (from PM Kadhimi's website; posted only on Arabic side, not on English side
The Council of Ministers holds its thirty-fourth session headed by Prime Minister Mustafa Al-Kazemi and issues a package of decisions
Today, Tuesday, Prime Minister Mustafa Al-Kazemi presided over the thirty-fourth regular session of the Council of Ministers, in which a number of issues and developments in the country were discussed, topics on the agenda were discussed, and decisions were issued.
During the session, the Prime Minister stressed the importance of integrative work between state institutions; In order to achieve the desired goals and push the wheel of development forward, in a way that contributes to upgrading the reality of the country, and its repercussions on the lives of citizens.
His Excellency affirmed that full readiness has been reached with regard to holding the elections next October, after the government has fulfilled its obligations and completed all the technical and security requirements of the electoral process, calling on political forces and social activities to push towards urging citizens to participate broadly in the elections.
During the session, the epidemiological report of the Corona pandemic was reviewed, and the developments in the work of the Committee to Strengthen Government Actions in the Fields of Health Awareness Prevention and Control; To limit the spread of the virus, the preventive measures taken by the Ministry of Health to confront the pandemic, and its efforts to provide vaccines to citizens through vaccination outlets.
After discussing the topics on the agenda, the Council of Ministers issued the following decisions:
First / Prime Minister Mustafa Al-Kazemi directed the budget preparation committee to include the budget law for 2022, the amounts necessary to conduct the general population census within the budget of the Ministry of Planning.
Second / The Ministry of Finance allocates an amount of (3) billion dinars, only three billion dinars, to the Holy Karbala Governorate from the emergency reserve, according to what was stated in the governorate’s books numbered (5983) and (5984) on September 4, 2021.
Third / Amending Paragraph (5) of Cabinet Resolution (158 of 2021), to become as follows:
- It is sufficient to bring Iraqis coming from India, a negative PCR examination, which was conducted within (72) hours before their entry into Iraq, with a pledge to quarantine them at home (10) days, and ensure that they are free of symptoms of the disease before allowing them to mix with others.
Fourth / The Ministry of Finance allocates an amount of (500,000,000) dinars, only five hundred million dinars, to the Ministry of Health / Baghdad Health Department / Rusafa, as a matter of emergency; To pay hotel fees designated for quarantining arrivals from travel; To prevent the spread of the Corona virus, and pay them the received oxygen dues to the Department of People's Medical Clinics.
fifth/
1- Authorizing the Director General of the General Directorate of Water in the Ministry of Construction, Housing, Municipalities and Public Works, the authority to sign the contract and disbursement with the consortium of companies in solidarity and solidarity (SAMSUN MAKINASINAYI -BIWATER-WOOD Group- Al-Rida Group), regarding the project (seawater desalination in Basra Governorate), according to The study submitted by the Austrian consultant (ILF), who is contracting with the ministry, and the implementation of the project will be under the supervision and follow-up of the above consultant.
2- Authorizing the Ministry of Construction, Housing, Municipalities and Public Works, the authority to appoint an international legal consultancy company for the purpose of preparing and auditing everything related to the contractual matters of the project.
3- Assigning the Trade Bank of Iraq (TBI) the work of managing and organizing all that is required to finance the project from the British loan, and coordinating with the British Export Corporation (UKEF), and any other financial institution related to the financing of the project, provided that this is within the legally specified tasks of the bank.
Sixth / Approval of the following:
1- Adoption of the attached recommendations of the committee composed of the Ministry of Transport linking its book to the number (19227 dated August 17, 2021) regarding discussions with the Italian company PEG to present the technical and commercial offer for the preparation of an integrated study; To develop the railway sector in conjunction with the establishment of the Great Port of Faw.
2- Excluding the referral of the project (preparing an integrated study for the development of the railway sector, in conjunction with the establishment of the Grand Port of Faw to the Italian company PEG) from the contracting methods stipulated in the instructions for implementing government contracts No. 2 of 2014 and the aforementioned methods in the instructions for implementing the general budget Federal, based on Cabinet Resolution (222 of 2021).
VII/
The Independent High Electoral Commission may seek the assistance of the required numbers of employees (teachers, teachers and other job titles), working in schools used as registration or polling centers for a period not exceeding one month, provided that they do not stop working in the Independent High Electoral Commission without its approval.
Obligating ministries and agencies not associated with a ministry to implement this decision.
Media Office of the Prime Minister
7 - September - 2021
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ARTICLE 1-C (from PM Kadhimi's website; posted only on Arabic side, not on English side; 8 pix)
ARTICLE 1-C (from PM Kadhimi's website; posted only on Arabic side, not on English side; 8 pix)
The highlights of what the Prime Minister and Commander-in-Chief of the Armed Forces, Mustafa Al-Kazemi, spoke during his inauguration of the memorial to the heroes of the Counter-Terrorism Service
We inaugurate this pure Iraqi artwork (Monument of Martyrs), in remembrance, memorial and loyalty to the memory of the heroic martyrs of the Counter-Terrorism Service and in gratitude for their epics. We record our pride as Iraqis in every name of the heroic martyrs, without their sacrifices, we would not have stood here. Our martyrs are the pride of Iraq, and from this place, and in front of their manuscript names, we promise them that their sacrifices will not go in vain, and that their families and children are in our custody. We are proud and proud that we, as Iraqis, have this kind of men who sacrificed their lives for the love of the homeland, despite the pain that we experience as we read the names of these heroes from the martyrs of our security forces. Hours ago, your heroic colleagues in the Counter-Terrorism Service managed to kill an entire terrorist detachment in Kirkuk that tried to attack your pieces. We will not close our eyes, and we will not sleep with our eyes closed until the last terrorist in Iraq is eliminated. With the words of the blessed Surah Al-Fatihah, in order to have mercy on these pure souls, we say to the Iraqis: Rest assured, for you have among your children soldiers who are loyal, whose souls are granted concessions without you, and for the sake of Iraq.Media Office of the Prime Minister
7 - September - 2021
aka catnip
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ARTICLE 2 (from Government of Iraq twitter account)
9-7-2021 around 1:15 om Eastern
Spokesperson for the Council of Ministers: Allocating 3 billion IQD to the holy governorate of Karbala to provide services during (Arbaieniya) Pilgrimage.
Cabinet spokesperson : Authorizing the Ministry of Housing to sign the sea water desalination project in Basra.
Cabinet Spokesperson: The Independent High Electoral Commission has been granted the right to use the staff it needs to conduct the voting process.
Cabinet spokesperson : @MAKadhimi stressed on the electoral commission's support for the last day of the government's life.
Cabinet Spokesperson - Culture Minister @HassanNadhem holds a press conference in Baghdad and briefs the media on Today cabinet session and developments in Iraq.
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ARTICLE 3
Iraqi politicians: The differences of Shiite forces may pave the way for Al-Kazemi for a second term
07/09/2021 20:14
Baghdad / Obelisk: The Iraqi politician, Bahaa Al-Araji, said, on Tuesday, September 7, 2021, that the differences of Shiite forces within them are paving the way for the current Prime Minister, Mustafa Al-Kazemi, for a second term.
Al-Araji added, in a televised interview, followed by "The Obelisk", that political forces may support Al-Kazemi for a second term, adding that Al-Kazemi deserves to remain as prime minister.
In a related interview, for a second term for Al-Kazemi, Kurdish politician Mahmoud Othman said that the current Prime Minister, Mustafa Al-Kazemi, may continue for a second term with the support of political forces.
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ARTICLE 4
A government advisor talks about the benefits of the sovereign wealth fund
07:30 - 07/09/2021
Baghdad - Mawazine News
Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed, on Tuesday, that the establishment of a sovereign wealth fund will maximize crude oil export revenues instead of consuming them in unproductive budgets.
Saleh told the official news agency, "Sovereign wealth funds have been established and built in the world for at least six decades and are built on the fact that the returns from the resources of the producing and exporting countries of raw materials as financial surpluses have become an important part of the capital wealth that can be invested, maximized and continuously increasing instead of consuming it with large operating budgets. Mostly unproductive annual budgets.
He added, "The philosophy of defining those returns from raw resources such as oil and other depleted natural wealth is not necessarily for consumer spending, but rather it is a capital asset in itself, which requires its sustainability and maximizing its growth by investing for the benefit of the nation in a profound cumulative way for the wealth itself and across generations."
And Saleh added, "Accordingly, and in order to serve the current capital assets resulting from the revenues of raw materials, including oil wealth, most of the world's oil-producing countries in particular have established sovereign investment funds from their surpluses from oil revenues and employed them as capital in various investment assets, whether financial or real. and generating income for the capital to grow as a growing wealth for the benefit of the people.”
And he indicated that "the doubled returns in the form of income will accumulate within the investment of the resources of these sovereign funds in the form of an expanding capital wealth, for the sovereign fund is an investment fund by its nature, and thus the sovereign fund goes to a lofty goal, which is to maximize the nation's depleted resources for the benefit of sustainable development goals through the continuation of economic prosperity between generations."
Saleh concluded that "the current generation should provide supplies for sustainable welfare for the next generation and in accordance with the best investment practices for the assets that will be included in the sovereign investment portfolio and within the framework of the sovereign wealth fund itself, and the Sovereign Wealth Fund is often managed by the executive authority as a direct sovereign and in cooperation between the two financial authorities The country’s monetary policy, and the performance of the sovereign fund is monitored by the legislators in the House of Representatives within the rules and regulations of the country’s legislative oversight.
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ARTICLE 5
Al-Sistani’s office announces that tomorrow, Wednesday, will complete the holy month of Muharram and the first Thursday of the month of Safar
09-07-2021 07:25 PM
Al-Sistani's office announced today, Tuesday, that tomorrow, Wednesday, is the completion of the holy month of Muharram, and next Thursday is the first of the month of Safar.
(Note....Ṣafar is the second month of the lunar based Islamic calendar. The Arabic word ṣafar means "empty, vacate or void", corresponding to the pre-Islamic Arabian time period when people's houses were empty, as they were out gathering food.)
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