WOTS MON DEC 6 21Governor of the Central Bank welcomes the opening of branches of British banks inside Iraq
These are the articles I discussed on the My FX Buddies Podcast:
December 5th, 21
The Federal Court sets a date to consider the evidence related to the lawsuit to cancel the election results
The Federal Supreme Court has set, on Sunday, a date to consider the lawsuit submitted to cancel the results of the early legislative elections that were held on the tenth of last October.
A judicial source said in an interview with Mawazine News that "the Federal Supreme Court decided to set the 13th of this month as the date to consider the documents and evidence presented in the lawsuit calling for the annulment of the results of the early legislative elections.
Vice Winner: Plasschaert Exerts Pressure To Speed Up The Ratification Of The Results
The independent candidate who won the elections, Ali Turki Al-Jamali, revealed, on Monday, the pressure exerted by the United Nations envoy to Iraq, Jenin Plasschaert, to expedite the ratification of the results of the parliamentary elections.
Al-Jamali said in a statement to "Information", that "the representative of the United Nations in Iraq, Jeanine Plasschaert, is exerting pressure on maintaining the election results sent to the Federal Court and ratifying them as soon as possible."
He added that "the Federal Court is on its way to ratify the final results of the elections in the coming days, and then the President of the Republic will invite the new House of Representatives to convene within a period of 15 days."
Al-Jamali pointed out that "the representative of the United Nations, Jeanine Plasschaert, is still applying pressure to expedite the ratification of the election results in order to close the elections."
Yesterday, the Federal Supreme Court set December 13 as the date for considering the appeal submitted by Hadi Al-Amiri, the head of the Al-Fateh Alliance, regarding the falsification of the election results and their cancellation.
Next week..a crucial meeting to determine the rail link point between Iraq and Europe
The General Company for Railways announced, today, Sunday, its procedures for linking with Europe, while clarifying the details of the five-year plan.
The Director General of the Iraq Railways Company, Talib Jawad Al-Husseini, said that "the railways suffered great damage, especially in the liberated areas, from ISIS terrorist gangs."
He explained, "The efforts of the engineering and technical staff restored the 66 km Baghdad-Fallujah line, as well as high coordination with the Governor of Anbar to rehabilitate the destroyed bridges, where the completion rate reached 70 percent, in addition to rehabilitating the Baghdad-Bayji line for the purpose of transporting oil derivatives from a refinery." The steadfastness in Baiji, and the work included the Qayyarah refinery and Hammam Al-Alil,” noting that “the railways began constructing alternative railways at a temporary station after the Mosul train station was completely destroyed,” noting that “the line is currently ready for the movement of goods trains.”
He added, "There is high coordination with the Ministry of Transport assigning an international company after obtaining the approval of the Council of Ministers to study and prepare designs for the development of the railway network."
And he indicated, "The railways are serious about the step of rail linking with Europe through Turkey, and there is a meeting at the end of this month with the Turkish technical and engineering staff, in addition to the staff of the Kurdistan region, for the purpose of determining the connection point with Turkey," explaining that "this project comes in conjunction with the start of establishing a port. Big Faw".
He added, "The General Company for Railways recently imported 210 out of 250 tankers for the purpose of putting them into service to transport oil derivatives," calling on "the Ministry of Oil to encourage national transportation on the railways and conclude contracts for the transportation of oil derivatives."
He pointed out that "the five-year plan for railways is subject to obtaining financial allocations, and includes the implementation of the suspension train project that connects Rusafa with Karkh, with a length of 22 km, as well as the Karbala - Musayyib - Najaf - Samawah project, the arc line, which aims to transport passengers' goods within the middle Euphrates and append it." In the south, center and north, as well as the suspended train project between the governorates of Najaf and Karbala, for transporting passengers.
In the document.. the Ministry of Finance assigns {Abdul Hassan Jamal Abdullah} the tasks of managing the Rafidain Bank
in the document - Ministry - Finance - Cost - Abdul-Hassan - Jamal - Abd legal expert economic Mix" Reports In view of the requirements of the work interest and attached to Ministerial Order No. (5864/507 Paragraph 3) dated 9/3/2021, it was decided: deos First: Terminating the assignment of Mr. Second: Assigning Mr. (Abdul Hassan Jamal Abdullah) the financial advisor with the tasks of the general manager of Rafidain Bank in addition to his work tasks until the appointment of a general manager of Rafidain Bank.
International Monetary: The Iraqi economy is recovering from a sharp downturn
Legal expert, Tariq Harb, presented a roadmap for the winning parties in the elections regarding the “response of the case” filed by the Al-Fateh Alliance regarding the election results.
Harb said in a legal clarification that the Independent followed today, Monday, that "it is legal to enter those who won the elections, such as the Sadrists, the Progress Alliance, the Kurdistan Democratic Party, and the other winners in the lawsuit to cancel the electoral results filed before the Federal Supreme Court, which was postponed to 12/13/2021, as parties to it." They name a third party, so that the presence in the lawsuit and the presentation of evidence and documents is not limited to the plaintiff (Al-Fath) only, but there are the winning parties.
He added, "These winning parties are legally able, after entering the lawsuit, to submit evidence and documents that support their position in rejecting the lawsuit, based on the provisions of Article 69 of the Pleadings Law No. 83 of 1969, as amended, and according to the court's placement.
Attractive offers presented to the coordination framework and the latter rejects it
The coordination framework announced, on Monday, its continuation to challenge the results of the parliamentary elections, while showing its rejection of tempting offers in exchange for the withdrawal of the appeals submitted before the Federal Court.
A member of the coordination framework, Ahmed Abdel-Hussein, stated that "one of the axioms of the coordination framework is the continuation of appeals against the results of the parliamentary elections before the Federal Court despite the offers and temptations that were presented to him."
Pointing out that "our position in the forces of the coordination framework is constant, which is the condemnation of the electoral process and the accompanying fraud and the recovery of stolen votes
Cougar: The Next Budget Will Exceed The Severe Deficit
A former member of the Parliamentary Finance Committee, Jamal Cougar, confirmed, on Monday, that the next budget for the year 2022 will exceed the “severe deficit” that dominated the previous budget.
Cougar, a winning parliamentary candidate for the current session, said, in an interview seen by "The Information", that "the government of the current Prime Minister Mustafa Al-Kazemi suffered a financial crisis, but during the last four months there was a breakthrough," adding: "But we cannot say that the treasury The country is full and the economic conditions are comfortable for various reasons.”
He added that "in the 2022 budget, Iraq will have passed the stage of severe deficit, but this does not mean that we are in a state of economic recovery," noting that "the deficit included in the current budget was originally a planned deficit, so we will be facing no deficit, and in this case We will turn into abundance, but this abundance is not in such large numbers.”
Cougar explained, “The bank reserve was on the edge, and there were warnings to the Iraqi government that if the bank reserve decreased, the Iraqi currency would lose its purchasing power, so it was strengthened, and now we have overcome the problem of strengthening the bank reserve to some extent, and there remain debts for some Iraqi banks. It must be addressed.
The Trade Bank of Iraq (TBI) has re-joined the Iraq Britain Business Council (IBBC).
The Trade Bank of Iraq (TBI) has re-joined the Iraq Britain Business Council (IBBC).
TBI were original founding members of IBBC and we are delighted to say they are now back in full participation mode, with President Dr Salem Chalabi taking a lead role at the recent IBBC Autumn conference Dubai. At the conference Dr Chalabi announced some key strategic changes to the bank's strategy and delivery.
TBI have significant plans to evolve their operations not only in terms of extending branches to overseas locations, but also within Iraq, to enable corporate online banking and wider use of cross-border electronic payments, and the development of strategic partners for investment within and beyond Iraq. Key areas include investment in infrastructure and renewable energy.
Christophe Michels, MD of IBBC said:
"We are really delighted to see the return of TBI to IBBC and know that our members in Iraq and internationally will welcome a modern Iraqi bank capable of cross-border and online banking in particular.
"We also recognise the importance of TBI as founder members of IBBC and the elevation of Dr Chalabi as CEO, with whom we foresee a productive and supportive engagement with IBBC and expanding the private sector in Iraq."
(Source: IBBC)
THE CENTRAL BANK ANNOUNCES THE IMPLEMENTATION OF AUTOMATION FOR THREE GOVERNMENT INSTITUTIONS
Today, Monday, the Governor of the Central Bank, Mustafa Ghaleb Mokhif, confirmed the implementation of automation for three government institutions.
And the media of the Central Bank of Iraq said in a statement received by the "National News Center", "The Governor of the Central Bank, Mustafa Ghaleb, met the British Ambassador in Baghdad, Mark Bryson, and banking relations and ways to develop them were discussed."
He added, "The governor welcomed the opening of branches of British banks in Iraq and the opening of opposite accounts to facilitate trade exchange between the two countries."
The governor stressed the need to “implement reforms regarding the automation of border crossings, customs and taxes.”
While the ambassador stressed “the importance of banking cooperation and providing technical assistance to the Central Bank of Iraq, especially in the field of financial digitization,” praising the “new building of the Central Bank
Iraq and Britain agree to end the combat role of the international coalition in Iraq
Iraq and Britain agreed today, Monday, to end the combat role of the international coalition and move to coordination and training.
And the Iraqi government said in a statement issued following a call between Iraqi Prime Minister Mustafa Al-Kazemi and British Foreign Secretary Liz Truss, today, Monday, that they discussed developments in the region, and Iraq's pivotal role in promoting stability.
She added that Liz discussed with Al-Kazemi the issue of ending the combat role of the international coalition, and moving to the role of advice, assistance and empowerment, in a manner that enhances security and stability in Iraq and the region.
The statement pointed out that the most prominent points in which coordination took place was the issue of the war against terrorism.
It is noteworthy that Iraq and America recently agreed to withdraw the international coalition forces from military bases in Iraq by the end of 2021
Al-Kazemi receives a phone call from the British Foreign Minister.. discussing important files
Today, Monday, Prime Minister Mustafa Al-Kadhimi received a phone call from British Foreign Secretary Liz Truss
Al-Kazemi's media office said in a statement received by Alsumaria News, "During the call, they discussed bilateral relations between the two countries, ways to develop them in the political and economic fields, and in the field of investment, and discussed developments in the situation in the region and Iraq's pivotal role in promoting stability
He added, "The contact witnessed a discussion of the future cooperation of the two countries in the war against terrorism and the pursuit of the remnants of ISIS terrorist gangs, and the joint coordination between Baghdad and London regarding ending the combat role of the international coalition, and moving to the role of advice, assistance and empowerment, in a manner that enhances security and stability in Iraq and the region.
Governor of the Central Bank welcomes the opening of branches of British banks inside Iraq
The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, welcomed the opening of branches of British banks in Iraq.
A statement issued by the Central Bank, received by Al-Iqtisad News, said, "The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, met the British Ambassador in Baghdad and discussed banking relations and ways to develop them. The Governor welcomed the opening of branches of British banks in Iraq and the opening of opposite accounts to facilitate trade exchange between the two countries. " .
For his part, the ambassador stressed the necessity of banking cooperation and providing technical assistance to the Central Bank of Iraq, especially in the field of financial digitization. The Ambassador also touched on the white paper document, economic reform and the priorities for implementing this plan, where His Excellency the Governor emphasized the implementation of reforms regarding the automation of border crossings, customs and taxes .
The ambassador praised the new building of the Central Bank, as the governor invited him to attend the opening ceremony of the building upon its completion.
Below here is the WOTS report for cmbr 6th, 2021 Word on the Street
The exchange rate of the dollar against the Iraqi dinar in Iraq today, Monday, December 06, 2021
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1434.3000 |  1487.4000 | 1457.0000 | 1456.8000 | 1456.8000 | -0.5000 | 06:07 |
| USD/VND | 23020.0000 | 23030.0000 | 22838.4800 | 22751.9500 | 22751.9500 | 92.5400 | 22:34 |
| USD/CNY |  6.3764 | 6.3784 | 6.3766 | 6.3661 | 6.3754 | 0.0010 | 05:28 |
| USD/KWD | 0.3021 | 0.3031 | 0.3025 | 0.3023 | 0.3025 | -0.0002 | 05:09 |
| GBP/USD | 1.3268 | 1.3269 | 1.3272 | 1.3215 | 1.3234 | 0.0074 | 05:28 |
| USD/IRR | 42000.0000 | 42500.0000 | 42243.7000 | 42226.3000 | 42243.7000 | 22.8000 | 00:00 |
| USD/IDR | 14453.0000 | 14453.0000 | 14505.0000 | 14420.0000 | 14505.0000 | -60.0000 | 05:27 |
A major shift is underway at the Federal Reserve that could see a speedier end to its easy policies
Cabinet directs to facilitate granting entry visas to investors
The Minister of Planning, Khaled Battal Al-Najm, announced that the Council of Ministers has taken a decision to facilitate the procedures for granting entry visas to foreign businessmen and investors to support the investment movement in Iraq.
A statement by the ministry, seen by Al-Iqtisad News, stated that "Al-Najm met the Turkish ambassador to Baghdad, Ali Reza Günay, and his accompanying delegation. During the meeting, they discussed aspects of joint cooperation between the two friendly countries, in the commercial, investment and economic fields and ways to develop them."
The statement added: "It was discussed facilitating the procedures for granting entry visas to businessmen and investors from both countries," noting that "the star confirmed that the Council of Ministers took a decision to facilitate these procedures and grant entry visas to businessmen and foreign investors easily, to support the investment movement in the country."
He pointed out that "the two parties discussed joint cooperation in the field of road transport and railways, by working on the construction of the dry canal, which includes Highway No. 2 and the railway linking the port of Faw and Turkish territory, because of the importance of this project in achieving development."
He explained that "the file of hospital projects implemented by Turkish companies, and the latest developments in this file, were also discussed, and they agreed on the need to complete these projects in full and as soon as possible after addressing all the problems that led to the delay in their completion
Planning: There are no final accounts this year
The Ministry of Planning confirmed, on Monday, that there are no final accounts for the current year.
The Undersecretary of the Ministry, Maher Hammad, said, "The ministries of Planning and Finance are in a race against time to reach the best funding rate for projects, especially those that have priority at the strategic level or have direct contact with the lives of citizens," according to "Conscious".
He added, "There are no final accounts for 2021."
The head of the Financial Supervision Bureau, Rafel Yassin Khudair, confirmed, earlier, that the reasons for delaying the completion of the final accounts are due to the fact that the Bureau obtains data through records and documents, and not electronically.
CBI Update: Just a note:
including $45,450,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
12-5-2021 Intel Guru Frank26 [Firefly boots-on-the-ground Iraqi TV continued] FRANK: ...IMO they have to show you what they're going to give you first and then give you the exchange rate either simultaneously or just shortly after they show you. They can't just give these new currency note in your hands because you guys will not fully understand. It must not fail with you. Once that step has been accomplished they will show a new exchange rate. IMO the new exchange rate will be more toward the end of the year closer to the beginning of next year or it will be given to you on the 1st... [Post 2 of 2]
12-5-2021 Intel Guru Frank26 [Firefly boots-on-the-ground Iraqi TV update] FIREFLY: We now see the special commercial. It's on TV. We're watching it right now. They're saying that the currency of Iraq is tomorrow's future...They say the special will run through the weekend. It's at 9pm Iraqi time. It's a 1 hour show... FRANK: IMO that means you are just a matter of moments away before they show you what they are talking to you about... FIREFLY: This morning they said all was complete and expected Iraq to be fully compliant sometime in early 2022. Then he said the time is now until we guide Iraq to the stage of the international acceptance of our country's currency... [Post 1 of 2....stay tuned]
12-5-2021 Intel Guru BobTheTaxMan ...a letter from the IRS you are now owing them 40% of your 5 million dollars which is approximately $2 million dollars. And then the state comes knocking saying 'hey you owe them also'. The dreams of a lavish lifestyle suddenly turn into a financial horror story because you have payments to the IRS and to the state which are freaking impossible. The debts begin to take a toll on your life and your relationships are challenged maybe even broken. Your financial security is completely destroyed and everything you thought the IQD investment would be is now a legacy of pain and guilt. Now, let's take another look at the same scenario but with planning and preparation for the anticipated IQD revaluation. [TO BE CONTINUED - STAY TUNED] [Post 2 of 2]
12-5-2021 Intel Guru BobTheTaxMan We're going to take an example. Let's say the announcement came from the CBI...with an anticipated rate of .50 cents...So you take your 10 million IQD and you rush off to the bank and you exchange it for $5 Million dollars. Yippie! Your IQD investment finally paid off...you go home petting your precious money fantasizing over what you are going to spend it on...the lifestyle you have dreamed of is in reach. The house, the car, the vacation, the toys they all appear and your long dreamed of funds begin to disappear. Now all the money is spent...whatever you set in payments is still there draining your income and your income cannot continue to support the lifestyle your fantasies created. Then comes a letter... [Post 1 of 2....stay tuned]
12-5-2021 Newshound Guru Sandy Ingram Article: "Central Bank of Iraq governor meets with head of Turkey's banking licensing and supervision authority" This is happening...The Central Bank of Iraq setting up bank branches in Turkey. This was good news because it means investors possibly can visit a safe country in which to exchange Iraqi dinars and/or open a banking account and set up possibly 4% interest rate...
12-5-2021 Newshound Guru Pimpy There is a lot of positive things working in Iraq. We know these things. We know the early elections took place and the government is being formed. We know over the last year and a half Al-Kazemi appears to be the real deal Holyfield. He's been doing everything he could to get the corruption weaved out the the government- doing what he could to develop the private sector...so their budget isn't reliant on oil sales...they're finding new oil and oil fields. They're working on moving quickly through the WTO. They're doing what they can to remove themselves off the blacklist...we know our troops are getting ready to leave restoring the sovereignty of Iraq. We know that their debt is almost paid off with Kuwait for invading them. All these things are big...steps necessary to get to the revaluation of the dinar.
12-5-2021 Intel Guru Frank26 Article: "Kuwait confirms receiving $1.47 billion in war compensation from Iraq" What are you putting in there? Quote: "...amounting to 1.47 billion dollars (0.4 billion dinars) in April, July and October of this year." Dude you just gave the mathematical formula! That would be $3.61! About an hour after this news agency...resent it without that information in the translation. Was it a mistake - don't pay attention to that? Or was it a mistake - I can't believe you did that! Get rid of that! Release the next article without that information!? Honestly I don't know...IMO Kuwait is being paid off for a reason right now. It is part of the agreement for Iraq to lift the value of their currency... The rate of Kuwait is around $3.32...I don't know if it's an honest mistake but the calculations are fascinating.
12-5-2021 Newshound Guru MilitiaMan If they are openly telling the citizens and from what we hear...in Iraq that they are going back to the glory days. That will require Article 8 compliance. A rate of 1460 is not Article 8, nor is 1190 or even 1166...They'll need the similar notes, as they had back in the glory days. Thus, they are said to be showing them the old notes in videos lately and still on going. ...The new digital system will require them to have new currency and one they can monitor efficiently and transparently. They have not destroyed 000s notes and reduced the supply of them as well, and...printed new notes to not change the exchange rate to get them on a level playing field like back in the glory days...Iraq has way to much value for them not to not raise the value of the Dinar...Things look very good...imo...
12-5-2021 Newshound/Intel Guru Mnt Goat ...Do not give up on this. It is coming as my CBI contact says they are preparing the final stages of the executing the project to delete the zeros. Then they plan to then monitor for inflation and if this part of the revaluation is successful then they will move back to FOREX (reinstate) and then we go to the bank... Everything is being lined up for either very late December or early January. I am VERY excited!
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