WOTS TUE DEC 21 21
Iraqi Central Bank regarding compensation for the 1991 invasion of Kuwait
These are the articles I discussed in the My FX Buddies Podcast:
The Central Bank offers the second issue of government bonds
The Executive Director of the Iraq Stock Exchange, Taha Abdel Salam, announced, on Tuesday, that the Central Bank of Iraq issued the second issuance of government bonds, "construction bonds" worth 2 trillion dinars.
The Executive Director of the market said in a news article published on the social networking page “Facebook” and followed by “Al-Iqtisad News”, that the Central Bank has launched the second issue of government bonds, “construction bonds” with a value of 2 trillion dinars, after the success of marketing the first issue by the bank, which will be listed. and traded in the Iraq Stock Exchange.
He added that the new issue is offered for public subscription as of December 20, 2021 through the Iraqi banking system, with the same mechanism of the Central Bank of Iraq issued in the book No. 6/6/2916 on 10/24/2021 and the subscription ends on January 19, 2022
The Iraqi market is abandoning the dinar.. and the government is reassuring: there is no collapse
Large traders, even retail owners, turn towards the dollar and refrain from the dinar to overcome any sharp fluctuations or similar collapse that occurred in neighboring countries and the region such as Iran, Turkey and Lebanon, which may cause heavy losses to them.
These fears have prompted citizens to expedite the disposal of the local currency in their possession and replace it with dollars, as well as limiting sales and purchases of hard currency by some owners of companies, car showrooms, and some interests whose dealings are linked to the dollar, for fear of a sudden collapse of the dinar against the dollar.
The companies that deal in loans, debts and deferred transactions have also tended to make the dollar a fixed form of dealing for them instead of the dinar.
An economic expert explained the reason why the local market sometimes resorted to dealing exclusively with the dollar, not the Iraqi dinar.
Bassem Jamil Antoine told {Euphrates News}: "This transaction does not mean a collapse and the exit of the dinar from daily transactions, as the majority of people still deal in the Iraqi dinar and consider it the basis of the currency, but the rise in commodity prices and monetary inflation has become easier in buying and selling in the dollar, which is not new and it has passed." It's more than 20 years old."
And he indicated that "the Iraqi economy is non-productive and consumerist, and all imports depend on the dollar, so dealing with it is easier than trading in dinars, which may be exposed to a loss or disparity."
Jamil stressed, "The Iraqi dinar is still strong, and the strength of the Iraqi economy does not lie in paper and remains a facade," noting that "these exaggerations are largely unjustified, and some people have turned, and unfortunately rumors play a role, and the Iraqi dinar is still a similar site."
Traders say, "The increasing demand of people to buy dollars is due to two reasons, the first reason is with the aim of the daily transactions of some stakeholders for the purpose of trade and buying and selling operations that began to impose dealing in dollars, and the second reason aims to acquire dollars by citizens in anticipation of any collapse or economic emergency in Iraq in the future. ".
On December 19, 2020, the Council of Ministers announced raising the price of selling the dollar to banks and exchange companies to 1460 dinars instead of 1200 dinars to one dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration of oil prices, to witness the impact of that, the Iraqi market, a significant increase in the local market This sparked a wave of intense resentment among the popular circles and some political blocs, as well as the objections of some interested in economic affairs.
The Central Bank of Iraq attributed the reasons for the devaluation of the dinar at the time to what it described as structural distortions in the Iraqi economy that impoverished public finances and restricted the reform capacity sought by the government and the Ministry of Finance.
The devaluation of the dinar caused a great shock to the Iraqi street, which was not expecting such a step, especially since it came at the height of the spread of the Corona pandemic, which caused the suspension of business, the disruption of studies, the closure of markets and the health curfew, in addition to the collapse in oil prices that Iraq relies on. Its sales to supplement the general budget by 95%.
Regarding these concerns, the government reassured the citizens and expressed its confidence in the dinar.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, ruled out a collapse of the local currency (the Iraqi dinar) and told Al Furat News: "There is no collapse of the local currency, and the Iraqi dinar is strong and covered by good foreign reserves."
He pointed out that "the monetary policy deals with the dollar, and resorting to the system of two currencies (domestic and foreign in trade) because there are precautions in dealing with foreign currency and its stability, as well as the stability of transactions in it as well."
Saleh's opinion was reinforced by a government source and ruled out the collapse of the local currency of Iraq, as happened to the Turkish lira recently and the Iranian toman, due to "the difference in monetary policy from one country to another."
The source added that "the collapse of the local currencies of a number of Arab and regional countries surrounding Iraq will have a significant impact on trade exchange operations with these countries."
He acknowledged that restricting financial dealings by some stakeholders in hard currency will have a relative impact on the Iraqi economy and the Iraqi market, because Iraq's economic policy depends on oil, whose value in global markets still ranges between 75 and 80 dollars per barrel.
Concerning the advantages of devaluing the currency, Counselor Mazhar Muhammad Salih confirms that the benefits achieved from devaluing the Iraqi currency are great and cannot be neglected, and that the talk about returning to the old exchange rate has become a thing of the past.
He adds in a press statement that changing the exchange rate gave strength to many of the country's economic joints, which is consistent with the statements of the Central Bank, which confirmed that raising the exchange rate led to an increase in the competitiveness of the local product, as well as reducing the pressure of expenditures on the Ministry of Finance by 23%, which enabled The Ministry of Finance was able to overcome the crisis resulting from the drop in global oil prices during 2020 and the first months of 2021.
While the economic expert, Hammam Al-Shamaa, explained in a press statement that changing the exchange rate has positives for the government and greater negatives for the Iraqi people, indicating that the government benefited from the currency devaluation in strengthening its financial budget by providing 23% of the salaries of employees who receive salaries from the government, such as retirees. and daily wages.
On how, he explained that the salaries of Iraqi employees were spent in dinars, while the state’s oil imports were in dollars, and therefore, instead of the state reducing the salaries of state employees and retirees and the possibility of facing a popular reaction, it decided to reduce the value of the currency, which enabled it to avoid the reaction that would have occurred Although the result is the same in both cases.
The government announced an increase in the size of the cash reserve in the Central Bank, after changing the exchange rate, which led to an increase in the size of the reserve by an estimated 15 billion dollars to reach nearly 65 billion dollars.
Experts identified the damage to the Iraqis in 3 points, the first of which is the decline in the value of the Iraqi people’s revenues in the public and private sectors by 23%, in addition to the Iraqis’ loss of confidence in the government, which was reflected in the rise in consumer prices by a much greater rate than the change in the exchange rate.
In this context, the economist Ali Al-Fraiji said, "The Iraqi market depends very heavily on imported goods, especially from Turkey and Iran, and as a result, any economic collapse in the countries exporting to Iraq will affect one way or another because of the wrong state policy in dealing with crises. economic situation to which Iraq is exposed.
The financial advisor to the Prime Minister excludes the collapse of the local currency..and citizens are replacing it with dollars
A financial advisor to Prime Minister Mustafa Al-Kazemi ruled out, on Tuesday, December 21, ."2021, a collapse of the local currency, "the Iraqi dinar
Mazhar Muhammad Salih said in a statement followed by the obelisk, "There is no collapse of the local currency, ".and the Iraqi dinar is strong, and it is covered by good foreign reserves He pointed out that "monetary policy deals in dollars, and resorting to the system of "domestic and foreign currencies" in trade" is due to two reasons for the existence of precautions in dealing with foreign currency and its .stability, as well as the stability of transactions in it as well
The Iraqis’ fears are increasing of a new decline of the dinar, affected by a series of collapses in the local currencies of neighboring countries and others close to them, most notably Turkey, Iran and Lebanon, which .prompted citizens to quickly get rid of the local currency in their possession and replace it with dollars
And limiting the buying and selling operations in hard currency by some owners of companies, car showrooms, and some interests whose dealings are linked to the dollar, for fear of a sudden collapse of the dinar against the .dollar
A member of the Finance Committee in the previous parliamentary session, Najeba Najib, said, "The demand of citizens to buy hard currencies, especially the dollar in recent times, and the inventory of buying and selling .operations by some of them confirms the loss of Iraqis' confidence in the local currency
On December 19 last year, the Council of Ministers announced raising the price of selling the dollar to banks and exchange companies to 1460 dinars instead of 1200 dinars to one dollar, with the aim of compensating for the .decline in oil revenues caused by the deterioration in oil prices
The markets witnessed a significant increase in the local market, which sparked a wave of strong resentment among the popular circles and some political blocs, as well as the objections of some interested in economic .affairs
A year after the decision to raise the price of the dollar, who benefits and who is harmed?
A year has passed since the decision of the Central Bank of Iraq at the request of the federal government to raise the price of the dollar against the dinar, under the pretext of providing cash to cover salaries and reduce the volume of smuggling of hard currency, as specialists saw that the past year was the most difficult economically for the Iraqi people because of this decision, While an economic expert saw that the positive result of the decision will appear after 2025, another confirmed that the decision to raise the price of the dollar against the dinar is nothing more than killing the citizen, and whoever adopted it wanted to destroy the Iraqi people
Economist Nasser Al-KinaniHe ruled out returning the exchange rate to its predecessor before 2015 for several reasons, while noting that this decision would be of positive benefit in the issue of zeroing foreign debts
Al-Kinani said in an interview with Alsumaria News, “The decision to raise the price of the dollar against the dinar added to the state budget between 20-25%. Approximately 20-25% will be transferred from the amount of fifty billion operational to investment," noting that "this decision was reflected on the market in general
Al-Kinani added, "The citizen has not benefited from this decision, but in the future, after five years, the Iraqi debts, which amounted to 200 billion dollars internally and externally, may be liquidated, and the 25% is a large percentage and may be sufficient to pay those debts within five years, which will then reflect positively on the situation Iraq Generally, provided that corruption is eliminated and largely controlled,” noting that “the poverty line in Iraq It exists, and this decision may have increased the poverty line, but in the long run its results will be positive
He continued, "The prices of commodities may have risen, but the seller of foodstuffs is also raising their prices with the change in the exchange rate and was not affected by this decision. He explained that "the decision may continue until 2025 and will not be canceled now, because its purpose is to control the country's foreign debt, as this file must be closed permanently
The observer of the Iraqi affairs Zia Al SharifiHe stressed that the decision to raise the price of the dollar against the dinar is nothing more than killing the citizen, and whoever adopted it wanted to destroy the Iraqi people
Al-Sharifi said in an interview with Alsumaria News, “The decision to raise the price of the dollar against the dollar caused great harm to citizens, exceeding all what was said in this regard, given that the damage affected employees in the value of their monthly salaries, in addition to the damage that affected the vast majority of citizens. The decision is a dagger in the side of the Iraqi people and has caused the burning of markets and economic depression in the sustenance of many segments of the people,” noting that “this decision we hope to reverse and control the markets, which have become commodities and trades without mercy for the simple citizen
Al-Sharifi added, “When the government decided to raise the price of the dollar, it was more appropriate not to be satisfied with the data and justifications used, but rather it was more appropriate to monitor the markets and merchants, because what we see is that there is absolute freedom for merchants and shop owners in pricing foodstuffs in a way that made the employee’s salary lose a quarter of its value, and perhaps more than And he cannot provide for his basic needs,” noting that “there is a big difference between the exchange rate of the new dollar and the purchasing power of the citizen, as the citizen is experiencing real suffering that does not correspond to the amount of interest that the government has achieved, as it says, and the benefit was numerical to it, unlike the damage to the citizen realistically. And not just digitally
He added, "The government had the intention to starve the Iraqi people more than the state of poverty and hunger they were experiencing, and that unemployment would be what it is, and the Iraqi workers' suffering increased due to the doubling of commodity prices, which is a shameful thing for the government to continue with," explaining that "the government unfortunately closed the outlets." The border after its decision to raise the exchange rate to neighboring countries, but left the borders open only in the Kurdistan region, which caused an increase in the suffering of the citizen without obtaining any benefits to the state treasury
Al-Sharifi stressed, "The government should reconsider the decision to raise the exchange rate, given that whoever adopted this matter intended to destroy the Iraqi people and not the other way around without credibility with the citizen and without measures that secure the future of the Iraqi people, and what is happening is nothing more than a killing of the citizen
The second of its kind within hours.. an explosion targeting a support convoy for the international coalition in southern Iraq
For the second time within hours, a convoy of the international coalition was targeted in southern Iraq.
A security source told Shafak News Agency; An IED targeted a logistical support convoy of the International Coalition while it was passing through the borders of Al-Diwaniyah Governorate.
The source added; The explosion did not cause any injuries.
And a security source had stated, earlier on Tuesday, that an explosion targeted an Iraqi convoy carrying equipment for the International Coalition in Basra Governorate, the far south of the country.
Completion of the payment of compensation to the State of Kuwait
It is hoped that ending the payment of compensation will contribute to removing Iraq from Chapter VII, as well as its impact on re-integrating the Iraqi banking system with the global banking system and benefiting from the financial abundance that will be achieved.
Media Office
December 21, 2021
A comprehensive vision for the development and modernization of the oil sector
Jabbar Ali Al-Luaibi*
The Iraqi oil sector has suffered from many problems and crises, due to a president whose environment is in a raging environment, from conflicts, high competitiveness, and the ambitions of countries that find in this unique product what makes their mouth water, as it is the first source of energy in the world, in addition to the failures of the minds that managed its production process. And marketing it as a result of the challenges that faced the Iraqi environment, and the uninformed administrations in managing the major oil operation that requires technical expertise and a firm political decision and awareness of the requirements of its continued flow on the one hand, the development of its production and marketing, and the disposal of its revenues for the higher national interest.
Mr. Jabbar Ali Al-Luaibi, the former Minister of Oil, and the former MP and member of the Parliamentary Energy Committee, puts before us an extensive study on the reality of the oil production process and the challenges it faced and that it faces and puts solutions and perceptions that form a future vision for this sector, on which the country depends in its economy and life by more than 90% From his rentier economy. (morning)
The oil sector occupies the utmost importance in securing the country’s revenues and the backbone of life in it. The Iraqi economy derives its sustainability from the revenues of this sector, which amount to more than (90%) of the country’s resources, which maintain the continuity and permanence of life for the whole of society. This vital sector is still in a state of instability In many ways, it is reflected in the possibility of the growth of its resources and the development of its production towards a reality that matches the capabilities and capabilities, and even the growing needs in society, and by examining the current oil production reality, the highest level has been achieved reaching about (4.5) million barrels per day, and this level is considered low compared to Iraq's total reserves.
If we estimate that Iraq was deprived of its production quotas in the Organization of Petroleum Exporting Countries (OPEC) for decades, as a result of the disastrous policies pursued by the previous regime, sieges motivated by wars, and wrong political decisions that deprived the country of much-needed revenues.
It should be noted that the major transformation that halted the growth and progress in this sector, which it witnessed during the seventies, began during the Iran-Iraq war (1980-1988).
The current reality of the oil sector The
main operations of the oil sector are distributed in the current reality:
A - Oil production and export: The maximum rate of Iraqi oil production in the current situation is approximately (4.5) million barrels per day, and the export capacity from the southern ports is approximately (4.3) million barrels / day.
B - Oil Refining: The current capacity of oil refineries lies in the range (850-900) thousand barrels / day, a level below the rate required for domestic consumption, which needs more than one million barrels per day.
C - Gas investment and industry: This chapter occupies the first rank in the march of the energy sector in terms of the urgent need and the high financial returns associated with it, but it did not receive attention and the executive procedures continued in the investment and industrialization path in a declining and low reality.
D - Basic Infrastructures: There are many joints in the field of infrastructure that are still in a low situation and in a very continuous decline, the most important of which is: (Water Injection Project) to support the performance of oil reservoirs, and it is a project of paramount importance and is linked to the performance of preserving oil reservoirs, despite the passage of more than Ten years since the decision to implement it, but it is still confined to the circle of discussions, and the project (developing and raising the performance of storage, transportation and export systems), and this project is very important and its importance lies in the fact that it is linked to production and export operations, despite the passage of 12 years, but the implementation procedures are moving very slowly
Where do we start to activate the oil sector?
First / The Federal Oil and Gas Law: A new formula for the Federal Oil and Gas Law must be approved, so that it enjoys the support of the main components of the political process, and its approval after absorbing its objectives in the first legal chapter of the next parliament session, (note that the current model was sent to Parliament in 2014 subject to reading The first and disregarding it due to the lack of consensus around it), and this law would lead the effectiveness of advancement, higher performance and the desired improvement.
Second / Restructuring the Ministry of Oil: The issue of restructuring and reorganizing the Ministry of Oil has become not an administrative option, but rather a mandatory necessity in the procedures and decisions to develop the energy sector, so that the work of the ministry and its formations are divided into the following seven tasks:Supervising the plans of operating companies, drawing up and following up strategies for plans and oil production, supervising production and exporting oil operations and investing gas and refineries. Specializations and houses of experience and work to achieve the goal in determining the oil and gas reserves throughout the country, including the Iraqi regional waters. The ministry must also develop the marketing company and raise its performance, and that the ministry works on ambitious plans to expand in the areas of developing the Iraqi national oil cadre and raise Its performance and capabilities. In the field of foreign relations, it must make a great effort to work on improving performance and developing relations with the countries importing Iraqi oil and the need to communicate with them and create relations of understanding and long-term partnership.
Visions and ideas proposed in the strategy accelerated in 2025
aimed at promoting the development path and development of the Iraqi oil sector, which has become a dire need for them to contribute to stop the deterioration, backwardness and corruption, I put below the outline of my vision in the development of the sector within the accelerated plan targeted for the year 2025.
First , the crude oil sector
is Development in it in several ways, including achieving a production rate of (5.7) million barrels / day, producing and exporting three types of oils, light, medium and heavy, developing all discovered and confirmed oil fields throughout Iraq, and it must include mechanisms and methods for developing those fields , It should also contribute to building major infrastructure in the relevant governorates, developing Kirkuk fields to reach a production capacity of (1) million barrels / day, as well as conducting a comprehensive review of licensing rounds contracts, with a focus on the issue of the need to include Iraqi national companies in investment, technical and administrative participation.
Second: The gas sector is
a full investment of gas associated with oil with a time limit not exceeding 2022, as well as investing free gas fields in the center and north during a period not exceeding 2023, as well as achieving the goal of placing Iraq globally in the third or fourth place in the production and export of gas
Third: The refining sector: It is
necessary to achieve a filtering capacity of (2) million barrels/day, of which (1) barrels/day are for export purposes through national effort and investment, modernizing the current refining facilities, reviewing production mechanisms and products, structuring the sector, and raising the Dora refinery and transforming it into a site. Another in the outskirts of Baghdad, as well as the establishment of internal transmission and distribution networks that extend over areas throughout the country.
Fourth: Petrochemical Industries
It is absolutely necessary for a country like Iraq to take exceptional and quick executive measures in the development of this important industry, and to entrust the petrochemical industry project to the Ministry of Oil instead of the Ministry of Industry, due to the great connection of that industry with the joints of the oil and gas industry.
Fifth: The exploration sector
must be developed, supported and revitalized through the national effort and partnership with reputable international companies, and to achieve significant additions to the current oil reserves and to set the goal to reach the number (200) billion barrels, and to achieve great additions in the free gas reserves and to reach double the current ceiling, And the implementation of exploration operations in the Iraqi territorial waters.
Sixth: The Distribution Sector A
comprehensive review of the structure and work of the sector, the modernization of management mechanisms and facilities, and the expansion of partnership with the private sector, must be undertaken.
Seventh: the manufacturing sector
Advance and develop the sector, modernize manufacturing mechanisms, introduce new and advanced technology, and advance this sector within specific plans and time limits so that this sector can meet the needs of the sector and others with a percentage of no less than 50% of the total needs of reservoirs, equipment, pipes and valves, and within the visions of 2025.
Eighth: The marketing sector
from It is very important to promote the development and modernization of the work of the marketing sector so that it is in line with the variables of global markets, the challenges of speculation, and the fluctuation of crude oil and product prices, through the creation of a new, advanced, capable and experienced generation, and the real endeavor to find diverse and multiple markets for crude oil and petroleum products.
Ninth: Crude oil and products transportation sector
The tanker company must be promoted and developed, the company must own a large transport fleet to transport Iraqi oil through its own resources or enter into partnerships, enable the company to work in the high oceans and set up tanks or giant oil tankers on the high seas for marketing in an ON SOOT manner. High financial returns.
Tenth: The Main Infrastructure The
project to inject water into oil reservoirs (sea water) is a very important project with a delay of more than ten years, expanding and developing export ports in the south to reach a capacity of (6) million barrels / day, as well as rehabilitating export systems and networks on the sea The Mediterranean, whether through Turkey or Syria or both, and the establishment of a network and pipelines systems for transporting oil products to cover the whole of Iraq and reducing dependence on land transport, building and expanding oil storage depots in Faw to reach a capacity of (25) million barrels and more.
Eleven: Engaging the role of the private sector
In advancing the
path of developing the energy sector, the state must take into account the issue of partnership between the government oil sector and the private sector that contributes investment capital and participates in agreed projects
Facing challenges in the field of energy
During the past three years, many challenges emerged as a result of environmental protection laws and the growing and necessities of reducing carbon emissions and environmental pollution, which called for the issuance of international laws that affected the energy industry in general. clean energy, and allocating knowledge branches and research centers for this path.
Elements and ways of maximizing resources
in order to maximize financial resources without having to sell oil by way of (advance reservation) to be approved and promoted due to financial hardship:
The first field: maximizing the export of petroleum products, including black oil and naphtha, and engaging the private sector (local and foreign) in activating this area that brings high revenues, and replacing as much as possible the use of this type in power stations and replacing it with crude oil, and reducing the quantities of oxidation plants by seeking to convert plants Bricks and others to gas as fuel and according to the plan that was developed in 2017 instead of black oil to benefit from it in exporting and providing hard currency, and increasing the export capacity of the Qitarah field and considering it black oil by increasing the rates of exporting (naphtha) important in the oil industry and involving the local and foreign private sector in export operations This article, bearing in mind that the export rates and quantities of these products are not subject to the limitations and agreement of (OPEC)
specialization.
The second area: Reducing Iraq’s import of petroleum products, as it is illogical and economical in a world oil-producing country that resorts to importing, and this is achieved by increasing the contribution of the private sector and involving it with specific scientific controls in the production of improved gasoline, while establishing foundations and standards to ensure the profits of the ministries of oil and finance, and reducing Relying on imported gas oil in power stations and using crude oil instead, as well as implementing an urgent and quick plan to invest in gas through a plan to lease treatment plants and facilities, and an accelerated action plan must be adopted to increase and develop oil products in operating refineries, such as fat derivatives and others that drain Big money by virtue of daily use and consumption need.
*Former Oil Minister
The dollar exchange rate on the local stock exchange for Tuesday, (December 21, 2021), according to the monitoring of specialists.
Baghdad - the stock exchange
147,750
....
The price in most Baghdad exchanges
Purchase
147,750
sale
148,250
————————————
Erbil - Bursa
147,850
————————————-
Basra - Bursa
147,850
————————————
Najaf - Bursa
147,800
————————————-
Mosul - Bursa
147,900
————————————-
Sulaymaniyah - Bursa
147,925
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1431.4000 |  1484.6000 | 1457.4000 | 1457.4000 | 1457.4000 | -0.2000 | 13:15 |
| USD/VND | 22933.0000 | 22938.0000 | 22980.8900 | 22956.3600 | 22980.8900 | -31.5200 | 21:43 |
| USD/CNY |  6.3708 | 6.3728 | 6.3751 | 6.3680 | 6.3747 | -0.0039 | 05:23 |
| USD/KWD | 0.3024 | 0.3034 | 0.3029 | 0.3026 | 0.3029 | -0.0003 | 05:13 |
| GBP/USD | 1.3251 | 1.3252 | 1.3261 | 1.3197 | 1.3205 | 0.0046 | 05:25 |
| USD/IRR | 42000.0000 | 42500.0000 | 42245.5000 | 42198.0000 | 42245.5000 | -28.3000 | 00:00 |
| USD/IDR | 14284.0000 | 14284.0000 | 14402.0000 | 14272.0000 | 14389.0000 | -104.0000 | 05:23 |
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Oil prices rise, Brent exceeds $ 72 a barrel
Oil prices recorded, on Tuesday, a noticeable rise, despite the continued concern of investors about the rapid spread of the Corona virus “Omicron” globally, which prompted countries to consider more restrictions that are likely to affect the demand for fuel.
Brent crude futures rose 59 cents, or 0.8%, to $72.11 a barrel.
US West Texas Intermediate crude futures also rose 73 cents, or 1.1%, to $69.34 a barrel.
Many countries are on high alert just days before Christmas and New Year celebrations, with Omicron infections multiplying rapidly across Europe, the United States and Asia, including in Japan.
Government official: Dollar prices are not affected by the distribution of salaries.
link
A government official confirmed today, Tuesday, that the distribution of employee salaries does not affect the price of the dollar in the local markets.
In an interview with Shafak News Agency, the official said; "The distribution of employee salaries during this period does not affect the price of the dollar in the local markets due to the limited demand for it," noting that "the employees' salaries are now not sufficient to meet his basic need for living."
He added that "the demand for the dollar has become little during this period and is limited to simple daily transactions, whether they are for citizens or traders in the local markets, which are witnessing lukewarm activity these days," stressing that "the rise and fall in dollar prices is within a limited range."
He pointed out that "the supply of the dollar has become these days greater than the demand in the local markets due to the continuation of the central bank's cash sales, while foreign trade, which is in dollars, is met through the auction that the bank conducts daily."
It is noteworthy that the price of the dollar witnessed a decline during the past two days, to record the dollar today on the Kifah Stock Exchange, 147,750 thousand dinars, compared to 100 dollars, at a time when the Ministry of Finance announced last Saturday the start of distributing employees' salaries.
Binaa Bonds Issue Two
The Central Bank offers the second issue of government bonds
The Executive Director of the Iraq Stock Exchange, Taha Abdel Salam, announced, on Tuesday, that the Central Bank of Iraq issued the second issuance of government bonds, "construction bonds" worth 2 trillion dinars.
The Executive Director of the market said in a news article published on the social networking page “Facebook” and followed by “Al-Iqtisad News”, that the Central Bank has launched the second issue of government bonds, “construction bonds” with a value of 2 trillion dinars, after the success of marketing the first issue by the bank, which will be listed. and traded in the Iraq Stock Exchange.
He added that the new issue is offered for public subscription as of December 20, 2021 through the Iraqi banking system, with the same mechanism of the Central Bank of Iraq issued in the book No. 6/6/2916 on 10/24/2021 and the subscription ends on January 19, 2022
CBI Update: Just a note:
including $61,710,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
12-20-2021 Intel Guru MarkZ [via PDK] [Mark in all your years doing research, have you ever felt like it’s this close before”?] No, I have never felt like it was this close before. ...I can tell you that the chatter right now is overwhelming.
12-20-2021 Newshound Guru NORV [aka Guru Kaperoni] ...The 2% rule is based off the official CBI rate (including fees) not street rate. Take the 1460 x .02 and you have the max street rate within the IMF rules. So 1489 is the rate. They must maintain this for 90 days or more in order for the IMF to accept their request to move to Article VIII. The point being price stability. Cost of goods should not vary throughout the country (this is what MCP is) many gurus don't understand and think MCP is different currencies (like dinar and dollar). Iraq will always have dollars in Iraq as long as they sell oil. For example. A new washing machine should cost 430,000 dinar in Baghdad +- 2% and same goes for Kurdistan. Iraq needs to prove they can maintain this stability before they can engage with the global financial system.
12-20-2021 Intel Guru Frank26 A lot has happened and the interesting thing is that the articles that are released from Iraq...I don't believe they're complete. I believe that the monetary reform education is happening so fast that they don't even have time to really put it in an article. It's not important to be put into articles. What is important is that it be put into the minds, the psyche, the education, the understanding of the Iraqi citizens and that's exactly what's going on. And it's happening fast...
12-20-2021 Intel Guru Holly ...I had very good news yesterday and it was confirmed by three sources, we should see this before Christmas...The release means all should begin and notifications should come out...At this point having the release and setting up our appointments is huge.
12-20-2021 Intel Guru MarkZ [via PDK] My redemption center folks did work over the weekend. Half days. They are expecting to work all week. My folks have been told that no matter what happens they will be off on Dec. 25th...Christmas day. And may be expected to go back to work on the 26th. News is all positive. Still hearing around $2.30 for the dong and close to $5 on the dinar.
12-20-2021 Newshound Guru Pimpy I still think it's going to go up in increments but...I showed you articles from the United Nations council directly from them that says there's no reason why Iraq cannot be reinstated to the original rate. Now having said that - it doesn't mean they're going to be reinstated. I'm just saying if it does that is the rate it appears to be - $3.22...
12-20-20212 Guest Guru Nader From The Mid East Three things have to have before the revalue. 1. The occupation has to leave. The Untied States, France, England, all the armies...Russia, everybody has to leave. I think they're going to leave this week... 2. We have to get out of Chapter 7. We have to. 3. We have to buy more gold and more dollars. I think if we reach the $100 billion...our money will come back very strong. That's what we're waiting for. I think by next month we will reach it...
12-20-2021 Newshound Guru MilitiaMan Article: "Saleh: The Central Bank Has A Comfortable Reserve That Helps It Impose Stability In Exchange Rates" Quote: “the monetary policy of the Central Bank of Iraq has today, a strong foreign reserve tool that can maintain the purchasing power of the Iraqi dinar and face inflationary expectations with a high capacity due to the surplus in the current account of the balance of payments.” What Salih is telling us/them is that they have enough hard currency and foreign currencies to support and defend their exchange rate through open market operations with ease and flexibility. Key word is “OPEN”!!!. Meaning global markets... imo...
12-20-2021 Intel Guru Wolverine Redemption Centre personnel are in their positions since Thursday 16 December 2021...All are fully staffed and are getting fully trained with administrative knowledge. Whales in RENO have been told not to move...We are nearly close to the finish line...this baby is about to land...
The Iraqi Military Technical Committee overseeing the implementation of the outcome of the Strategic Dialogue between Iraq and the U.S, and the agreement with the Global Coalition to withdraw the Coalition’s combat forces from Iraq, visited Ain Al-Assad Airbase in Anbar on Saturday.
The Iraqi Military Technical Committee includes the National Security Adviser, the Deputy Commander of Joint Operations, the Deputy Army Chief of Staff, and other military commanders.
In a statement, Iraq’s Security Media Cell said that the Committee toured areas previously used by the Global Coalition, and inspected some of the equipment and technical devices that the Global Coalition began to hand over over to the Iraqi army, the Counter-Terrorism Service and the Border Force Command.
The Security Media Cell underscored that the Global Coalition remaining mission in Iraq is to advise, assist and empower Iraqi security forces.
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