WOTS NOV 4 21
Economist: Reducing The Dollar Exchange Rate Is Exclusively In The Hands Of The Governor Of The Central Bank
These are the articles I discussed on the My FX Buddies Podcast
Nov 3.
Iraq and Iran discuss ways of cooperation in the banking sector
Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, received on Wednesday his Iranian counterpart Ali Saleh Abadi, who is visiting Iraq accompanied by a banking and economic delegation.
The meeting, according to a statement by the Central Bank, received by Mawazine News, a copy of which was attended by the Director General of the Trade Bank of Iraq from the Iraqi side, dealt with "ways of cooperation in the banking sector between the two parties and the possibility of processing the financial dues of the Iranian side in accordance with the specific contexts of the agreement."
Warnings of organized technical campaigns targeting credit card holders in Iraq
The Digital Media Center (DMC) has warned of an organized online campaign targeting credit card holders in Iraq, with the aim of fraud and theft.
The center said in a statement seen by "Al-Iqtisad News", that it "observed during the last period the spread of links on the communication sites under the pretext of the existence of rewards or sums of money that the Iraqi government intends to pay to employees through their credit cards."
He added: "By following up on the links by the center's team, it turned out that they are fake and aim to persuade the public to reveal sensitive and important information in their credit cards that allow the attackers to withdraw money from these cards without the consent of their owners."
In its statement, the center warned that "phishing operations are still on the rise in Iraq and may develop in the near future, following the spread of the use of electronic cards and the state's trend towards digitizing the banking sector."
The center warned that "this matter requires the public to follow a number of tips and instructions for protecting their credit cards, the most important of which are: not to disclose card information or to purchase online except from trusted authorities, and to secure the protection of devices and Internet networks used in financial transactions."
The center advised to "review the recent activities of the account from time to time and inform the bank of any suspicious activity.
Iran announces agreement to resume nuclear negotiations at the end of this month
The US State Department announced, on Wednesday, that the US special envoy to Iran, Robert Malley, will lead the US delegation to the nuclear negotiations with Iran, which will take place in Vienna on November 29.
In addition, the Iranian Foreign Ministry announced that it had been agreed to resume nuclear negotiations on November 29 in Vienna.
Iranian Deputy Foreign Minister Ali Bagheri Kani said, in a tweet via Twitter, that he spoke with the European coordinator of the Vienna talks on the Iranian nuclear deal, Enrique Mora, and "we agreed to resume negotiations aimed at lifting the illegal and inhumane sanctions on November 29 in Vienna." .
Yesterday, Bagheri Kani, said in a statement to RT that the 4+1 negotiations in Vienna regarding the nuclear agreement focus on the abolition of illegal US sanctions on Iran.
Economist: Reducing The Dollar Exchange Rate Is Exclusively In The Hands Of The Governor Of The Central Bank
The economic expert, Nabil Jabbar Al-Ali, confirmed, on Thursday, that the decision to change and determine the foreign exchange rate is in the hands of the Governor of the Central Bank exclusively, noting that the bank is responsible for monetary policy.
Al-Ali said, in a statement to "The Information", that "returning the dollar exchange rate to its previous state is the exclusive competence of the Governor of the Central Bank, and there is no government or regulatory authority involved in this."
He added, that the Central Bank is able to take a decision to change the price without restrictions or conditions, as it is independent and is responsible for drawing monetary policies in Iraq.
Al-Ali pointed out that “the government and parliament cannot force the central bank to change the foreign currency exchange rate.”
The economic expert, Younis Al-Kaabi, had confirmed earlier, that the central bank can gradually reduce the price of the dollar
A new investment fund in Iraq to encourage start-ups
"My Startup World", an English magazine specialized in business and Middle Eastern markets, stated that three companies have cooperated to establish a new investment fund in Iraq under the name "Iraq Project Partners (IVP)", with the aim of encouraging startups to work.
According to a news published by the website and translated by Shafak News Agency; Omar Al-Handal (Al-Mahatta), Bassam Falah (Inovest Middle East, Rowad Iraq) and Muhammad Al-Khudairi (Iraq Tech Ventures) collaborated together to form the New Iraqi Fund.
The website explained that the "Iraq Project Partners" fund plans to invest in emerging companies from the early stages of their establishment to the later stages of their growth, and aims to focus on innovation and the knowledge economy in Iraq, across many industries.
The report quoted Al-Khudairi expressing his enthusiasm because the fund "comes at the right time," explaining that "there are many talented Iraqi entrepreneurs who need capital, with few sources of funding available to them."
For his part, Bassam Falah said; The added value that each of the IVP partners brings is a "unique proposal that will meet the current urgent needs of the Iraqi startup ecosystem."
As for Omar Al-Handal, he expressed his confidence in the capabilities of Iraqi start-up companies, explaining that the fund will be the backbone of all upcoming entrepreneurship opportunities in Iraq.
bitter melon added; “We hope to shed more light on the unique startups that Iraq offers to potential investors.”
The site noted that "Iraq Project Partners" boast some of the leading names in startup companies in Iraq, after they participated in what the site described as "the largest fundraising deals in Iraq to date," adding that they "were also an interdependent part of using their institutions to help in Create deal flow and develop competencies.
Expert: Demand For Oil Will Rise, And The Price Of A Barrel May Exceed $100
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The economic expert, Ihsan Al-Kinani, said, on Thursday, that the price of a barrel of oil may exceed the $100 barrier during the next year, pointing out that global indicators confirm a significant increase in demand for oil.
Al-Kinani said in a statement to "The Information", that "the major international companies confirmed the increase in demand for oil and fuel in general, especially after the return of factories and commercial competition again after the closure caused by the Corona pandemic."
He added that "the British Oil Company (BP) has made it clear in one of its reports that the daily demand for oil has exceeded 100 million barrels, and this demand is likely to increase with the return of global air traffic to its normal level."
Al-Kinani said, "Oil prices will likely increase and cross the $100 threshold during the next year, especially some dollars suffering from a lack of fuel with the return of life to normal, the restart of its factories and the emergence of other competitors in the commercial and industrial fields in various countries."
Al-Kazemi’s advisor: There is no specific date for submitting the draft budget for 2022
Mazhar Muhammad Salih, the financial and economic advisor to the caretaker prime minister, Mustafa Al-Kazemi, stated, on Thursday, that there was no official submission of the draft federal budget law for the year 2022.
Iraq calculated the price of a barrel of oil at the threshold of $ 45 during the 2021 budget, which witnessed its economic crisis, coinciding with the outbreak of Corona and the decline of the local currency against the dollar.
The deficit amounted to $19.79 billion in the 2021 budget, which was estimated at $90 billion.
Iraq was forced to take a series of austerity measures to fill the deficit in its budget, including the devaluation of its local currency by 1,450 dinars to the dollar, after its stability for years at the threshold of 1200 dinars to the dollar.
Saleh said in a press statement, which was monitored by The Independent, that due to the electoral circumstances of dissolving the House of Representatives and awaiting entry into the new legislative life, he has not yet run for the ceiling of the exchange rate for a barrel of oil in the budget.
However, he suggested calculating oil revenues fall between a minimum of 50 dollars per barrel and a maximum of 60 dollars, taking into account that oil constitutes 90% of the total budget revenues, and the rest of the revenues are left to the so-called non-oil revenues.
Iraq is the second largest oil producer in OPEC after Saudi Arabia, with a production of about 4.5 million barrels per day, of which the country exports about 3.5 million barrels per day.
The country relies on oil sales revenues to cover up to 95 percent of state expenditures, which makes the country's rentier economy highly affected by the rise or fall of crude prices in global markets.
The delay in approving the 2022 budget and its impact on the payment of employees’ salaries.. Al-Kazemi’s advisor clarifies
The appearance of Muhammad Salih, the financial and economic advisor to the caretaker prime minister, Mustafa Al-Kazemi, revealed today, Thursday, the impact of delaying the approval of the draft budget law for the year 2022, due to the failure to form the new government and parliament on the payment of employee salaries.
Saleh told Shafaq News Agency, "The delay in approving the draft budget law for the year 2022 does not have any effect on the payment of salaries, everything will be done without delay, as in this case the effective financial management law is applied, which is based on the principle of disbursing 12/1 of the actual expenses." ongoing".
He added that "the principle of disbursing 12/1 of the actual current expenditures, which took place in the previous fiscal year, is to be spent on the same expenditure gates in the subsequent fiscal year until the legislation of the new general budget law."
On Thursday, Saleh, the financial and economic advisor to the caretaker prime minister, Mustafa Al-Kazemi, stated that there was no official submission of the draft federal budget law for the year 2022.
In a statement to Shafak News Agency earlier today, he suggested; The calculation of oil revenues falls between a minimum of 50 dollars per barrel and a maximum of 60 dollars, taking into account that oil constitutes 90% of the total budget revenues, and the rest of the revenues are left to the so-called non-oil revenues.
The Commission: Setting a date for the start of the appeals annex and announcing the final results of the elections
The Independent High Electoral Commission announced today, Thursday, the start of the appeals annex, while setting the date for announcing the final results of the elections.
A member of the media team of the Electoral Commission, Imad Jamil Mohsen, said in a press statement, "The appeals appendix will start from today, Thursday, and it is hoped that it will continue for 5 days," noting that "the Commission is working to complete the counting and sorting processes and the appeals appendices, after which it will raise The investigation at the stations of the judicial authority with appeals to decide on them, and in the absence of an appeal, they are returned to the Commission.”
He added, "The announcement of the final results will be after the completion of the appeals process and within a maximum period of 10 days."
For his part, a member of the Commission's media team, Muhannad Mustafa, confirmed that "the Commission has completed the counting and sorting process in Salah al-Din Governorate, but there are appeals appendices that contain evidence that must be studied by the legal authority in the Commission, and perhaps boxes will be opened according to what is found in these appendices."
Yesterday, Wednesday, the Electoral Commission announced the completion of the manual counting of the contested stations in Basra, while indicating that the evidence presented in the appeals appendices in four governorates will be considered today.
Protesters Against Electoral Fraud Announce “Friday Of The Last Chance”
The Preparatory Committee for Demonstrations and Sit-ins Rejecting the results of the elections announced, on Thursday, peaceful demonstrations that may be the last tomorrow, Friday, under the title (Friday of the Last Chance) before the start of another escalatory stage.
The following is the text of the statement:
In the name of God, the Most Gracious, the Most Merciful
(O you who believe, persevere and persevere and remain steadfast and fear God that you may succeed) The
truth of God Almighty.
To all our authentic Iraqi people who reject occupation, normalization and fraud.
The Electoral Commission still plays a suspicious role in dealing with the appeals submitted and supported by evidence and argument, and it continues to procrastinate in meeting our legitimate demands, which we expressed through demonstrations and sit-ins that were extremely peaceful and civilized, and because of its unfortunate performance, the Commission has lost its moral and ethical role. We call on the Supreme Judicial Council and the esteemed Federal Court to intervene effectively to save the country from the danger caused by the incompetent commission. To express our grievances and recover our stolen voices, plundered wills, and lost rights.
God is the guardian of the believers
The Preparatory Committee for the Demonstrations and Sit-ins Rejecting the Election Results
Thursday 4/11/2021
corresponding to 28 Rabi` Al-Awwal 1443 AH
The myth of the investment budget
The Federal Financial Budget Law for 2021 embarked on very complicated circumstances, including economic ones, where the drop in oil prices and the Corona pandemic, which prompted the government to put forward a reform paper called the “White Paper” and these circumstances were accompanied by a threat from the closeness of Iraq’s bankruptcy and the danger surrounding Iraq’s financial reputation globally and the utmost necessity To raise the exchange rate of the dollar and the intensification of discussions between multiple parties and promises to support the productive sectors, which made everyone live in an uncharacteristic state of anxiety about what will happen to matters.
After a long debate, the Federal Financial Budget Law was voted on on 3/31/2021 with an amount of (129) trillion dinars (88 billion dollars) and a deficit of (28) trillion dinars (19 billion dollars), including an operating budget of more than (98) trillion dinars and an investment budget With an amount of (29) trillion dinars, the citizen was very reliant on it to improve the reality of services and create economic development that contributes to creating job opportunities and we will focus in our article on this aspect of the general budget.
The investment budget for the year 2021 amounts to (29) trillion dinars until 08/31/2021, and in the latest official position of the Ministry of Finance / Accounting Department, 1.6 trillion was spent, which constitutes only 6% of the total allocation, and here we are in the penultimate month of the year If we assume that the spending rate continued at the same pace for the first eight months, the exchange rate would not exceed 8% without having a tangible impact on economic development and not creating large job opportunities. The bad economic reality in Iraq despite the huge amount? Especially if the reader knows that this same amount (29) trillion dinars was spent in South Korea and lifted the Korean economy out of the financial crisis that swept the world in 2008 and led to the economy’s recovery in a record period and a return to economic growth, and even increased the competitive edge of the Korean economy.
All investment budgets have proven their failure to achieve the simplest economic and service achievements due to the lack of a realistic vision and the weak ability of successive governments to spend these huge investment budgets in the correct sustainable economic development paths, as the allocations were spent on projects that have no economic or social returns. On the contrary, these budgets have become The projects are an economic burden added to the other heavy burdens that burden the Iraqi economy and a wide door of devastating corruption. Despite all this, the same investment budget scenario is repeated with each new budget law without assessing the usefulness and value of the previous budget draft. If the sums of investment budgets were collected in Iraq for seventeen years ago, it would be one of the largest third world countries in the volume of investment budgets allocated for economic development, yet it is still one of the last countries in economic, development and societal indicators.
Therefore, we must put forward a new idea and implementation mechanisms that lead to the maximum benefit from smaller amounts of investment budgets to achieve sustainable economic development with a very high societal return, which is what we did when we adopted the (Young Economy) program, where only (50) production days were allocated (up to 7, $5 billion to impose the price of a barrel (50 dollars) to finance major pivotal projects, develop human capital, rebuild a segment of small and medium investors, industrialists and farmers, and create an attractive investment environment to reduce the roles played by the government and provide the private sector with a greater opportunity for implementation.
And as an example of the effectiveness of (Young Economy) thought, the amounts invested in four projects amounting to approximately (5) trillion dinars only, which are the (rent and own) project, the (generate your electricity) project, the (digital economy) project and the (million acres) project that creates more than one million job opportunities and provides Housing for about 1.5 million citizens, these projects will contribute to attracting additional investments of different sizes amounting to (10) trillion dinars, operating dozens of factories, and collecting large sums for the benefit of social security.
As a result, in view of the data generated by the exchange positions, the implementation of investment budgets for this year and previous years, and the continuous service crises such as housing, schools, hospitals and electricity, it is no longer possible to continue working with the thinking of the sixties of the last century. Customizations, the citizen will not touch anything as long as we are in the same contexts of work and inherited thought in the light of a flabby administrative apparatus tainted by corruption and quotas that produced corrupt and unproductive work tools.
Below here is the daily WOTS report Word on the Street for today:
Baghdad - the stock exchange
147,950
The price in most exchanges
Buy 147,500
Sell 148,500
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1431.1000 |  1482.8000 | 1457.1000 | 1457.0000 | 1457.0000 | -0.5000 | 10:39 |
| USD/VND | 22680.0000 | 22690.0000 | 22722.0800 | 22716.2800 | 22722.0800 | -9.0500 | 00:26 |
| USD/CNY | 6.3973 | 6.3993 | 6.4063 | 6.3913 | 6.4058 | -0.0084 | 05:04 |
| USD/KWD |  0.3013 | 0.3023 | 0.3014 | 0.3013 | 0.3014 | -0.0001 | 04:31 |
| GBP/USD | 1.3627 | 1.3627 | 1.3697 | 1.3624 | 1.3683 | -0.0056 | 05:04 |
| USD/IRR | 42000.0000 | 42500.0000 | 42227.5000 | 42211.2000 | 42227.5000 | -10.9000 | 00:00 |
| USD/IDR | 14388.0000 | 14392.0000 | 14390.0000 | 14306.0000 | 14336.0000 | 53.0000 | 05:01 |
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Protesters Against Electoral Fraud Announce “Friday Of The Last Chance”
The Preparatory Committee for Demonstrations and Sit-ins Rejecting the results of the elections announced, on Thursday, peaceful demonstrations that may be the last tomorrow, Friday, under the title (Friday of the Last Chance) before the start of another escalatory stage.
The following is the text of the statement:
In the name of God, the Most Gracious, the Most Merciful
(O you who believe, persevere and persevere and remain steadfast and fear God that you may succeed) The
truth of God Almighty.
To all our authentic Iraqi people who reject occupation, normalization and fraud.
The Electoral Commission still plays a suspicious role in dealing with the appeals submitted and supported by evidence and argument, and it continues to procrastinate in meeting our legitimate demands, which we expressed through demonstrations and sit-ins that were extremely peaceful and civilized, and because of its unfortunate performance, the Commission has lost its moral and ethical role. We call on the Supreme Judicial Council and the esteemed Federal Court to intervene effectively to save the country from the danger caused by the incompetent commission. To express our grievances and recover our stolen voices, plundered wills, and lost rights.
God is the guardian of the believers
The Preparatory Committee for the Demonstrations and Sit-ins Rejecting the Election Results
Thursday 4/11/2021
corresponding to 28 Rabi` Al-Awwal 1443 AH
Economist: Reducing The Dollar Exchange Rate Is Exclusively In The Hands Of The Governor Of The Central Bank
The economic expert, Nabil Jabbar Al-Ali, confirmed, on Thursday, that the decision to change and determine the foreign exchange rate is in the hands of the Governor of the Central Bank exclusively, noting that the bank is responsible for monetary policy.
Al-Ali said, in a statement to "The Information", that "returning the dollar exchange rate to its previous state is the exclusive competence of the Governor of the Central Bank, and there is no government or regulatory authority involved in this."
He added, that the Central Bank is able to take a decision to change the price without restrictions or conditions, as it is independent and is responsible for drawing monetary policies in Iraq.
Al-Ali pointed out that “the government and parliament cannot force the central bank to change the foreign currency exchange rate.”
The economic expert, Younis Al-Kaabi, had confirmed earlier, that the central bank can gradually reduce the price of the dollar
Al-Rafidain completes its preparations to participate in the banking services exhibition tomorrow
Al-Rafidain Bank announced the completion of its preparations to participate in the banking services exhibition, which is scheduled to start tomorrow, Friday, in the Al-Alawiya Club, in cooperation with the Central Bank of Iraq and the Association of Private Banks.
And the bank’s media office said in a statement, “Nas” received a copy of it, (November 4, 2021), that “the latter completed his preparations and put the final touches to his pavilion to present the bank’s activities related to various services and products.”
He stressed that "participation in this exhibition comes within the framework of the bank's keenness to attend and interact in local exhibitions to introduce and promote local products and activate the marketing aspect."
Digital transformation affects the labor market
CBI Update: Just a note:
including $30,980,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
11-3-2021 Newshound Guru Breitling Question: "Do you think we have a window...to mid-November?" Yes, absolutely. This is exactly what these guys are talking about. The only thing we can do is sit back and watch and see what happens. But if it doesn't happen don't let it disrupt your life. Don't get emotional about it...just maintain. Be a professional investor...
11-3-2021 Intel Guru Bob Locke [via PDK] Question: "Are you hearing anything on the RV front?" it is eerily silent right now from everybody that I normally hear from. The last thing I heard is there is a tremendous amount of stuff happening in the background…everything is moving forward…and it can’t be stopped even though it can be delayed. Something in my gut tells me we are very close based on everything I have been told over the last few weeks...But I am curious why it has gotten so quiet right now. I am hoping it is a positive thing…I think we are closer then we have ever been….
11-3-2021 Intel Guru Holly I had a call this morning from a very good contact and my smile is a little bigger… Soon - I hope to be excited… momentum is building! If you look at this as many funnels lined up and money flows through those funnels to another level. Then it flows down through those funnels to another level and so on. It will all get to a level like a horse starting gate. All lined up and waiting for the flood gates to open. That’s where we are getting to. Hold the line! Not much longer!
11-3-2021 Intel Guru Bruce [via WiserNow] ...a lot of things have happened...since last week...we were under the impression that we could look for our toll free numbers and email release here pretty soon... unfortunately things are moving along but not quite that fast for us...the way things are moving – it could be very possible that we get started with notifications either tomorrow [Wednesday] and then maybe get started on Thursday – It’s hard to say – This week is looking good though...I think we are very very close.
11-3-2021 Newshound Guru Pimpy Something big was announced... Article: "US Bank expects oil prices to rise to $120 per barrel" I think it was $45 a barrel projected for the 2020 budget. The 2021 budget either $50 or $55 a barrel...$120 a barrel? This is going to be phenomenal for Iraq. Talk about getting back on your feet in a quick way. This year they were able to get rid of the deficit. Next year if this price stays at where it is or even gets to $120 they will have a surplus. That means more money for the private sector...that's what we want to see...a strong economy create a strong currency. That's what we want.
11-3-2021 Intel Guru MarkZ [via PDK] What little news I have is positive… Things are happening….picking up steam and rolling downhill...The silence has been deafening…Especially in key folks...many are now under an NDA which tells me there is a lot of movement…They are very up front saying "I have an NDA and I’m not going to talk about it”…so things are happening…
11-3-2021 Intel Guru Frank26 [Boots-on-the-ground Firefly Iraqi TV report continued] You are being educated about the removal of the 3 zero notes...soon you will be introduced to the new small category notes which the governor of the Central Bank of Iraq is talking about with the new exchange rate... FIREFLY: We are amazed at all the stuff that we are actually now seeing and at the speed that it's coming to us...I am excited right now because it is the final countdown... [Post 2 of 2]
11-3-2021 Intel Guru Frank26 [Boots-on-the-ground Firefly Iraqi TV report] FIREFLY: They are actually showing us our old currency from the 40s, a 5 from the old days, and then they talk about our current currency and they keep repeating and saying over and over today that the exchange rate needs to be reduced [reduced is the right direction] to help the citizens... FRANK'S RESPONSE: They have to show you the old notes because the old notes used a different exchange rate back then so they have to educate you on why you're getting a new exchange rate and new currency with it. [Post 1 of 2....stay tuned]
11-3-2021 Newshound/Intel Guru Mnt Goat Article: "IRAQ PAYS KUWAIT $490 MILLION AND IS CLOSE TO CLOSING THE COMPENSATION FILE" Quote: "...will work to pay the remaining amount of compensation, estimated at about (629) million dollars, at the beginning of next year 2022, to close the compensation file permanently." Is this what they are waiting for to RV? It may be part of it.
11-3-2021 Intel Guru MarkZ [via PDK] Question: "I am new…confused about the rates…what is a street rate ect...? The street rate in Vietnam, for example is expected to be .47 cents…only in Vietnam. We always expect a lower rate in the country. We are expecting to get a contract rate…or what the rate will eventually settle at, Which I still hear will be somewhere in the low $2 range. Maybe $2.25 or $2.30…We of course will not know the exact rate until we get there. Iraq at one point…the rate was close to $3.22 to $5 US per dinar…. The latest rate we have heard could be around $4.70 or so…Just do the math…If you have a million dinar it could be worth about 4 million 700 thousand post rv…pretty simple. When Kuwait revalued they let it float. It floated up to 9.88 at one point before settling down… It runs about $3 something right now.
11-3-2021 Newshound Guru BobTheTaxMan Question: "When considering bank fees for exchange if you're going to be depositing millions in their bank should a fee be charged for the exchange?" As most of us know the exchange rates are not available at the moment. Each exchange location whether a bank or third party will have their own way of determining these rates. It would pay to ask around but realize nobody right now is going to offer you an answer period.
Prime Minister Mustafa Al-Kadhimi on Tuesday chaired the weekly Cabinet meeting in Baghdad.
At the start of the meeting, the Prime Minister commended the Supreme Judicial Council and Iraqi judges on the verdict against those convicted of the killing of the journalist Ahmad Abdul Samad and his colleague Safaa Ghali.
The Prime Minister said that anyone involved in the spilling of Iraqi blood will be held to account.
The Cabinet then received a briefing on the latest Covid-19 related health developments and the ongoing government efforts to reduce risk and protect public health.
The Cabinet discussed a range of other issues and agreed to:
- Allocate 3 billion dinars to the General Directorate of Traffic to support the national project to improve government services to citizens including expediating the completion of traffic and vehicle registration transactions in Baghdad and the rest of Iraq.
- Allocate 3 billion dinars to the Ministry of Water Resources to fund measures aimed at mitigating the current water scarcity.
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