WOTS TUE OCT 19 21
The Iraqi Central Bank organizes workshops for digital transformation in the business
No My FX Buddies Podcast Today
Baghdad - the stock exchange
148,225
In most Baghdad exchanges
Buy 147,750
Selling 148,500
The exchange rates for Monday were as follows:
Baghdad - the stock exchange
148,350
In most Baghdad exchanges
Buy 147,750
Selling 148,750
The Markets:
The Asian markets closed mixed NIK up by .65% HSI up by 1.49% SHANG up by .70%
The UK markets are currently trading in the green mostly from .06% to .22% CAC down by .01%
Our futures are currently trading mixed DOW at 35236 up by .29% SNP at 4493.5 up by .35% NDX at 15331.75 up by .27%
Precious Metals:
Gold is green at 1790 Silver is green at 23.79 Copper is green at 479 Platinum is green at 1055
Brent 84 WTI 83 Bitcoin: 62,250 10 yr yield: 1.59
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1429.9000 |  1481.5000 | 1458.0000 | 1457.9000 | 1458.0000 | -0.2000 | 14:37 |
| USD/VND | 22755.0000 | 22760.0000 | 22739.5700 | 22736.8400 | 22736.8400 | 4.1300 | 00:31 |
| USD/CNY |  6.3867 | 6.3887 | 6.4289 | 6.3867 | 6.4286 | -0.0418 | 05:25 |
| USD/KWD | 0.3011 | 0.3021 | 0.3014 | 0.3012 | 0.3014 | -0.0002 | 04:57 |
| GBP/USD | 1.3826 | 1.3828 | 1.3829 | 1.3721 | 1.3723 | 0.0103 | 05:30 |
| USD/IRR | 42000.0000 | 42400.0000 | 42199.1000 | 42184.8000 | 42199.1000 | 17.4000 | 00:00 |
| USD/IDR | 14081.0000 | 14081.0000 | 14141.0000 | 14049.0000 | 14129.0000 | -49.0000 | 05:30 |
Things in the News:
Tether’s Latest Black Eye Is CFTC Fine for Lying About Reserves
Tether had claimed its coins were “100% backed by corresponding” assets.
Colombian man sentenced to prison after being caught driving ‘narco submarine’ full of cocaine — for the second time
Iraqi Articles:
Expectations of a budget without a deficit and calls for the establishment of sovereign funds
Global crude oil exchanges continue to record successive gains, driven by the scarcity of supply to touch the $85-barrel barrier, which raises Iraqis' hopes to witness a budget that is free or low in fiscal deficit, unlike in recent years.
The qualitative leap in oil prices would reduce the deficit in the budget next year and increase the volume of financial revenues, according to the Ministry of Oil, which revealed the importance of this rise, which if it continues according to what was planned by the members of OPEC and OPEC Plus, will contribute to the return of oil markets to their normal position After the accumulation and hardships caused by the coronavirus (Corona) pandemic.
A spokesman for the Ministry of Oil, Assem Jihad, explained to "Al-Sabah" that "the rise in the price of a barrel to more than eighty dollars is a good indicator to provide the federal treasury with more financial revenues from hard currency, which reduces the percentage of the deficit in this budget," adding, "But that It requires more stability of the current prices in order to generate more additional revenue.”
He added, "OPEC and OPEC Plus are making great efforts to achieve balance and stability in the oil market."
Jihad pointed out that "Iraq played a very important role in achieving the agreement to reduce oil production, and showed great understanding to curb the saturated market despite our country's critical situation and the difficulties the government faced during the past two years."
Analysts: There is no complication in forming the next government
Political analysts ruled out that things would get complicated after the commission announced the results, stressing that the "settlement" government is the solution to get out of the current situation and is the best option in the presence of names proposed and acceptable to the street.
Political analyst Jassem Al-Ghurabi said in an interview with "Al-Sabah" that "the situation is heading towards a compromise candidate and a coalition government," noting that "the scene is complex and the Shiite Seven Committee will emerge from it."
He explained that "the political scene is complicated before the elections, as the Sunni street is divided like the Shiite and Kurdish street, and the divisions emerged during the elections through the rise of forces and the exit of other forces."
He added that "things will become clear after the first session is held under the chairmanship of the eldest deputy and then go to Article 76 of the constitution, and as a result everyone will succumb to reality and a coalition government will be formed."
Al-Ghurabi ruled out that "things are heading towards chaos, and there is no threat to civil peace because there is a reference and reasonable people," noting that "there are concessions from some parties so that there is consensus."
He continued, "The chance of previous presidencies being re-elected to their same positions is very small, especially since the Kurdistan Democratic Party is close to the position of the President of the Republic, and the most fortunate is Nechirvan Barzani."
As for political analyst Adnan Al-Sarraj, he called on everyone to exercise restraint in light of the increasing protests calling for a recount of votes. the time".
The Central Bank organizes workshops for digital transformation in the business
The Central Bank of Iraq, with the participation of the Association of Private Banks, is intensifying their efforts aimed at implementing training programs for large sectors of Iraqi youth, on the new specialties required in the labor market in order to qualify them to lead the transition to the digital economy. Economists agree that digital transformation will establish a new economy in Iraq that keeps pace with global developments, but this depends on the active participation of all institutions that aspire to develop and improve their services and facilitate their access to beneficiaries.
E-Marketing
The financial affairs specialist, Shirwan Mustafa, explained that "the effective and effective use of communication networks in the field of electronic marketing works to encourage and consolidate the idea of marketing local products strongly through these networks," adding, "What we are doing is part of a large program to create a training environment for young people to invest These are opportunities that fit their hopes and aspirations in the era of the information revolution.”
Academics believe that the digital transformation of the Iraqi economy requires long-term economic reforms that cover the pillars of the digital economy, such as ensuring access to an ideal, efficient and high-speed Internet service, improving the delivery of digital government services, and improving secure access to data.
digital transformation
Academic Saud Jayed says, "The first step in the Iraqi digital transformation should be through the provision of electronic payment services and means in full, including all Iraqis," adding: "The Iraqi economy currently appears to lag behind its peers in neighboring countries, due to the absence of modern technologies that The whole world is currently pursuing it, but this does not mean that we have the necessary capabilities and resources in digital transformation, and most banks have recently expanded the method of electronic payment and providing loans after it was done according to a cumbersome mechanism for customers.”
Work Governance
As for the lecturer at the College of Administration and Economics, Dr. Muhammad Samir Dheereb, he said to (Al-Sabah) “We must have clear laws regulating the work of dealings with companies that provide us with telecommunications and Internet services before we begin to govern the banking business and turn it into a fully digital field.” He continued, “The world of banking is in dire need. to modern digital technologies, but this requires huge efforts and capabilities at the highest level in providing the appropriate infrastructure, as well as ensuring cyber security, lest hackers and fraudsters penetrate those digital networks and sites banks}.
It is known that the digital economy occupies an advanced position in the priorities of decision-makers in various countries of the world, for its important role in increasing economic growth and improving competitiveness in markets by improving access to information, characteristics and requirements of markets in order to achieve comprehensive development.
Al-Handal: Dubai Expo is a promising opportunity to invest in Iraq
The head of the Iraqi Private Banks Association, Wadih Al-Handal, said that the Dubai Expo 2020 is an important and promising opportunity to open the door for investment in Iraq.
Iraqi Foreign Minister Fouad Hussein inaugurated the Iraq pavilion at Expo 2020 Dubai, in the presence of Deputy Central Bank Governor Ihsan Al-Yasiri, Chairman of the Investment Authority Suha Al-Najjar, President of the Association of Private Banks Wadih Al-Handal, and UAE Minister of State Khalifa Shaheen Al-Marar.
Al-Handal added in an interview with "Economy News", that "the Iraqi pavilion in the exhibition will show its visitors the civilization, heritage and great successes that Iraqis have achieved over the past and current years," noting that "the Central Bank and the Association of Private Banks provided financial support through the Tamkeen Fund to establish the pavilion." .
He pointed out that "Expo Dubai is an opportunity for Iraqi and foreign businessmen to find investments inside the country and contribute to the development of its economy," explaining that "the coming days will witness many big events to activate the pavilion through coordination with the committee responsible for the pavilion, including the establishment of an exhibition for the banking sector.
CBI Update: Just a note:
including $ 85,050,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
including $ 85,050,000. CASH
ISX Update:
Shares Traded: not updated for today
Value Traded: not updated for today
10-19-2021 Newshound/Intel Guru Mnt Goat ...Changes are coming and these changes we will like. This is when we will get the reinstatement...
10-18-2021 Intel Guru MarkZ [via PDK] ...interesting news over the weekend…we saw $4.71 pop up on cards for contractors in Iraq. I can verify this. I have had a number of people call me with this news. They expect release of those funds today or tomorrow. As of late yesterday they do not yet have free spending of those funds...So at a $4.71 rate that would make a 25k dinar note worth $117,750.00 US ...
10-18-2021 Intel Guru Holly I am going to say very little. We are close. Do not fret the hour or the day. Do not question all the details. Know it is happening and underway...
10-18-2021 Newshound Guru Pimpy There's a lot of people expecting this RV announcement or an RI announcement and I'm not saying that's not going to happen but I'm saying the most likely scenario is we just pay attention to what's going on in the country and then we could watch as time goes on and they continue to get back on solid ground they start to restore the nation you're going to see quickly over a couple years it [the dinar rate] jump up in huge increments...
10-18-2021 Intel Guru Frank26 Don't go to the bank by yourself. Please don't go to the bank by yourself. Human beings are easily manipulated and don't go with an even number go with an odd number - Break the tie. Be well prepared...When you get into the bank be smart. Don't let them take advantage of you. You are now Mr. Clampett, the bank guy that you're talking to is Mr. Drysdale. Make him jump for your demands. If not - go to another bank.
10-18-2021 Intel Guru MarkZ [via PDK] I have great hope that this will be our week based on all the chatter I am getting…it has been phenomenal!! ...many are pointing to tomorrow... We are watching to see how today pans out… I am getting emails, messages and text coming in from different banking centers. ...I am expecting a lot of chatter and updates today... Hopefully I will be wearing the Golden Egg shirt for you all later...
10-18-2021 Newshound Guru Vital Brad I don't want to get political...by any means but as much as I've actually been against the Democrats, liberals and that party, that string of presidents from the Bushes, to the Clintons, to Obama, to Biden I think they're the ones pushing for this to happen for us. So with Biden in office it's making the U.S. economy prepare for a collapse potentially and by dropping the value of the dollar it's going to allow for the global currency reset which includes a basket of currencies that will be revalued and their rates will be changed. One of those being the Iraqi dinar...I believe the stage is being set and the curtain is about to be opened and we're in for a big reveal...
10-18-2021 Intel Guru Holly I am going to say very little. We are close. Do not fret the hour or the day. Do not question all the details. Know it is happening and underway...
10-18-2021 Newshound Guru Pimpy There's a lot of people expecting this RV announcement or an RI announcement and I'm not saying that's not going to happen but I'm saying the most likely scenario is we just pay attention to what's going on in the country and then we could watch as time goes on and they continue to get back on solid ground they start to restore the nation you're going to see quickly over a couple years it [the dinar rate] jump up in huge increments...
10-18-2021 Intel Guru Frank26 Don't go to the bank by yourself. Please don't go to the bank by yourself. Human beings are easily manipulated and don't go with an even number go with an odd number - Break the tie. Be well prepared...When you get into the bank be smart. Don't let them take advantage of you. You are now Mr. Clampett, the bank guy that you're talking to is Mr. Drysdale. Make him jump for your demands. If not - go to another bank.
10-18-2021 Intel Guru MarkZ [via PDK] I have great hope that this will be our week based on all the chatter I am getting…it has been phenomenal!! ...many are pointing to tomorrow... We are watching to see how today pans out… I am getting emails, messages and text coming in from different banking centers. ...I am expecting a lot of chatter and updates today... Hopefully I will be wearing the Golden Egg shirt for you all later...
10-18-2021 Newshound Guru Vital Brad I don't want to get political...by any means but as much as I've actually been against the Democrats, liberals and that party, that string of presidents from the Bushes, to the Clintons, to Obama, to Biden I think they're the ones pushing for this to happen for us. So with Biden in office it's making the U.S. economy prepare for a collapse potentially and by dropping the value of the dollar it's going to allow for the global currency reset which includes a basket of currencies that will be revalued and their rates will be changed. One of those being the Iraqi dinar...I believe the stage is being set and the curtain is about to be opened and we're in for a big reveal...
Catnip's Corner:
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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.
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ARTICLE 2 (from Government of Iraq twitter account)
At the time this report was submitted, there are no new tweets posted on the Government of Iraq twitter account.
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ARTICLE 3-A
Al-Kazemi's financial advisor talks about changing the exchange rate
10/18/2021 - 8:29 PM
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Monday, that the financial surplus from the rise in oil prices will cover three important axes, including filling the expected deficit in the current year's budget.
Saleh said, "The financial surpluses achieved from the rise in oil prices and their reaching $75 per barrel will cover at least three axes," noting that "the first axis is covering the planned deficit in the general budget for the year 2021, which amounts to 29 trillion dinars, while the second axis is related to covering The real additional deficit gap of less than 10 trillion dinars, which is caused by the failure to estimate non-oil revenues, which achieve only 40% of their estimated or planned estimates in the budget, which unfortunately causes pressure on the planned annual spending and its ceilings, which is caused by the failure of the financial collection institutions in the country.
He added, "The third axis goes towards supporting faltering projects whose operation is intended to continue, and for which many business contractors demand an amendment of implementation costs (spare parts) due to the exchange rate change before the initial contract or other changes in the operating costs of ongoing projects," noting that "the disposition of With financial surpluses, it is not easy due to the many restrictions and obligations within the general budget itself, including postponing the payment of many of the expenses that are payable and were not spent in previous years.”
He pointed out that "there are dozens of laws that carry financial burdens that the public finances are unable to implement the resulting increases, even according to the hypothesis of achieving an annual average price of a barrel of oil of $75 compared to the price fixed in the federal general budget for the year 2021 of $45 a barrel." .
On the extent of the possibility of adjusting the exchange rate of the dollar against the Iraqi dinar, Saleh said, “Adjusting the exchange rate is one of the actions of monetary policy in achieving stability, targeting inflation and limiting its heights under the effective Central Bank law,” noting that “this is a matter that takes into account monetary balance considerations, two restrictions, the first The coverage in foreign currency of the local liquidity, which has increased significantly, due to financing the deficit in government expenditures, which led to the expansion of the monetary base, or what is sometimes called in the literature the (domestic) cash reserve, and if the foreign reserves outweigh the (domestic) cash reserve in a way that does not threaten The country’s foreign reserve wealth or its depletion and maintains its stability, accumulation and general stability in prices.
He pointed out that "the second limitation is that the effects of the adjustment in the exchange rate should be fully consistent with the objectives of the country's fiscal policy and its level of stability, meaning that it should not threaten the sustainability of the budget or cause sudden stumbles in public revenues due to the change in monetary values and the entry into failures (compensatory value deficit) in The general budget, i.e. itself, due to the fluctuation of monetary policy,” he explained, “This requires always high and accurate coordination within the country’s supreme economic policy operations.”
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ARTICLE 3-B
Al-Kazemi’s advisor talks about changing the exchange rate: The surplus of high oil prices will cover three axes
08:16 - 10/18/2021
Baghdad - Mawazine News
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Monday, that the financial surplus from the rise in oil prices will cover three important axes, including filling the expected deficit in the current year's budget.
Saleh said, "The financial surpluses achieved from the rise in oil prices and their reaching $75 per barrel will cover at least three axes," noting that "the first axis is covering the planned deficit in the general budget for the year 2021, which amounts to 29 trillion dinars, while the second axis is related to covering The real additional deficit gap of less than 10 trillion dinars, which is caused by the failure to estimate non-oil revenues, which do not achieve only 40% of their estimated or planned estimates in the budget, which unfortunately causes pressure on the planned annual spending and its ceilings, which is caused by the failure of the financial collection institutions in the country.
He added, "The third axis goes towards supporting faltering projects whose operation is intended to continue, and for which many business contractors demand an adjustment in implementation costs (spare parts) due to the exchange rate change before the initial contract or other changes in the operating costs of ongoing projects," noting that "the disposition of With financial surpluses, it is not easy due to the large number of restrictions and obligations within the general budget itself, including postponing the payment of many expenses that are payable and were not spent in previous years.
He pointed out that "there are dozens of laws that carry financial burdens that the public finances are unable to implement the resulting increases, even according to the hypothesis of achieving an annual average price of a barrel of oil of $75 compared to the price fixed in the federal general budget for the year 2021 of $45 a barrel."
On the extent of the possibility of adjusting the exchange rate of the dollar against the Iraqi dinar, Saleh said, “Adjusting the exchange rate is one of the actions of monetary policy in achieving stability, targeting inflation and limiting its heights under the effective Central Bank law,” noting that “this is a matter that takes into account monetary balance considerations, two restrictions, the first The coverage in foreign currency of the local liquidity, which has increased significantly, due to financing the deficit in government expenditures, which led to the expansion of the monetary base, or what is sometimes called in the literature the (domestic) cash reserve, and if the foreign reserves outweigh the (domestic) cash reserve in a way that does not threaten The country's foreign reserve wealth or its depletion and maintains its stability, accumulation and general stability in prices.
He pointed out that "the second limitation is that the effects of the adjustment in the exchange rate should be fully consistent with the objectives of the country's fiscal policy and its level of stability, meaning that it should not threaten the sustainability of the budget or cause sudden stumbles in public revenues due to changing monetary values and entering into failures (compensatory value deficit) in The general budget, that is, the same as a result of the fluctuation of monetary policy,” he explained, “This requires always high and accurate coordination within the country’s supreme economic policy operations.”
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ARTICLE 4
Welcome to the development of diplomatic relations in the international arena
October 18, 2021
Today, Monday, the Iranian Ministry of Foreign Affairs confirmed that Tehran welcomes the elections within the framework of the development and civil process in Iraq, because it considered this a step in developing diplomatic relations on the international scene.
Iranian Foreign Ministry spokesman Saeed Khatibzadeh said in a weekly press conference: “We welcome the holding of elections within the framework of Iraq’s development and its civil procedures.
Zad added: “What is happening in this country is an internal affair related to the Iraqi people and the parties there, but what is important for Iran is that the Iraqi elections are a step in developing diplomatic relations on the international scene.
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ARTICLE 5
The Sadrists talk about (a bloc headed by 73 luck) and are optimistic about negotiations in a calm atmosphere
10-18-2021
Shabab Al-Youm - Head of the Sadrist bloc, Hassan Al-Adhari, revealed on Monday, October 18, 2021, that negotiations on alliances and forming the next government are moving forward in a calm atmosphere.
Al-Adari said, in a tweet on Twitter, that the negotiations are moving forward in a calm atmosphere.
And he concluded his tweet by saying: A mass of 73 heads is lucky.
The Sadrist bloc achieved a great victory in the Iraqi elections, and the bloc's seats rose to 73 seats, 19 seats compared to the 2018 elections (54 seats).
Informed sources speak, on Monday, about the arrival of the leader of the Sadrist movement, Muqtada al-Sadr, to Baghdad, to meet with political figures and to supervise negotiations with the winning blocs in the elections to form the next government.
It was not issued by the Sadrist movement, which indicates that.
The leader of the Sadrist movement, former MP Riyad Al-Masoudi, said that the movement is continuing to form strong political alliances that are able to announce a new government in the near future.
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