For those who can't get on OM, and who don't have access to the forum. I will post here the articles I like for the day and some of my thoughts. Check back later
WOTS WED DEC 15 21 The Central Bank is talking about 'returning' the dollar exchange rate to 1200
WOTS Wed dec 15 21The Central Bank is talking about 'returning' the dollar exchange rate to 1200
These are the articles I discussed on the My FX Buddies Blog
The Central Bank is talking about 'returning' the dollar exchange rate to 1200: This is what will happen in the market
link from Kurdish news this may seem negative but I like that they are having "this conversation" is education without saying what we want to hear imo
Today, Tuesday, the Central Bank of Iraq announced that it had prepared a draft currency structure study, while determining the negative effects when the dollar was re-exchanged to 1200 dinars.
The bank said in a statement, followed by NRT Arabia, (December 14, 2021), that "the Central Bank has completed the preparation of a draft currency structure study," noting that "the timing of the project's implementation depends on the bank's policy and the political and economic conditions of the country."
He added, "There is no intention of the bank to issue new denominations of the currency," noting that "continuing to provide new banknotes to compensate for the damaged banknotes."
And about the negative effects caused by re-exchange of the dollar to 1200 dinars in the event that the next House of Representatives issues a decision to do so, the bank stressed that “this will affect negatively and will lead to the exchange rate in the parallel (local) market going out of control, and consequently sharp fluctuations in the exchange rate that lead to to harm the interests of citizens and projects,” noting that “this will cause a destabilization of confidence in the stability of the financial system in Iraq, and such a decision will lead to the exit of local investment and production projects from competition, thus exacerbating the unemployment crisis as a result of those projects stopping work.”
He added, "The increase in the exchange rate led to an increase in the competitiveness of the local product and thus an increase in its market share, as well as a reduction in expenditure pressure on the Ministry of Finance by 23%, which enabled the Ministry of Finance to overcome the crisis resulting from the drop in global oil prices during 2020 and the first months of 2021." , explaining that "this also led to an increase in the flexibility of public finances to carry out the necessary structural reforms to achieve financial sustainability in Iraq."
And on the central bank’s foreign currency reserves, the bank stated that “the volume of the total foreign reserves during the month of December 2021 amounted to 63.793 billion dollars,” noting that “the volume of net foreign reserves during the current month amounted to 59.980 billion dollars.”
they seem like the same article and basically they are but there are little details in each one
The Central Bank: The devaluation of the dinar increased foreign exchange reserves by 16 billion dollars
link this may seem negative but I like that they are having "this conversation" is education without saying what we want to hear imo
The Governor of the Central Bank of Iraq, Mustafa Ghaleb, revealed on Tuesday, December 14, 2021, that the country's foreign exchange reserves had risen to $64 billion, an increase of about $16 billion since .the devaluation of the local currency nearly a year ago
In a statement, the bank said that the central bank has completed the preparation of a study of the currency structure project, indicating that the timing of the project's implementation depends on the bank's policy and the .political and economic conditions of the country
He added that the bank has no intention of issuing new denominations of the currency, pointing to the .continuation of providing new banknotes to compensate for the damaged banknotes
And about the negative effects caused by re-exchange of the dollar to 1200 dinars in the event that the next House of Representatives issues a decision to do so, the bank confirmed that this will affect negatively and will lead to the exchange rate in the parallel (local) market getting out of control and consequently sharp fluctuations in the exchange rate lead to Harm the interests of citizens and projects, noting that this will cause a destabilization of confidence in the stability of the financial system in Iraq, and such a decision will lead to the exit of local investment and production projects from competition, and thus exacerbate the unemployment crisis as a result of .these projects stopping work
He added that raising the exchange rate led to an increase in the competitiveness of the local product and thus an increase in its market share, as well as reducing the pressure of expenditures on the Ministry of Finance by 23%, which enabled the Ministry of Finance to overcome the crisis resulting from the drop in oil prices globally during 2020 and the first months of 2021, explaining This also led to an increase in the flexibility of public finances to .carry out the necessary structural reforms to achieve fiscal sustainability in Iraq
With regard to the central bank’s foreign currency reserves, the bank stated that the total foreign reserves during the month of December 2021 amounted to 63.793 billion dollars, pointing out that the volume of net foreign .reserves during the current month reached 59.980 billion dollars
Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, revealed that the country's external public debt has decreased to $20 billion, and that the 2022 fiscal budget will be characterized by greater revenues .and less deficit .Saleh told Al-Masala that the year 2022 will be free of financial hardships and financing restrictions
Saleh suggested that Iraq is in recovery and will inevitably live in the next 2022 without financial hardships or financing restrictions, caused by a lack of revenues, due to the recovery of the energy market and the boom in .demand for oil, in addition to the increase in the proceeds of Iraq's oil production by 400 thousand barrels per day
He pointed out that the issue depends on the overall spending ceilings in the budget, and if it is assumed that the spending ceiling in the 2022 budget is the same in 2021, and that the average price of a barrel of oil achieved throughout the year is not less than $75, the oil revenues will alone cover the total expenses in The budget and .achieve something from the surplus availability of other non-oil revenues
BAGHDAD, Dec 14 (Reuters) - Iraq's foreign currency reserves have risen to $64 billion from $48 billion since Iraq devalued its currency almost a year ago, Iraqi Central Bank Governor Mustafa Ghalib said on Tuesday.
Ghalib said the devaluation had helped bring the reserves up, and that Iraq's economy was much healthier than during the middle of the coronavirus pandemic, when oil prices plummeted and Baghdad was in preliminary talks with the International Monetary Fund for a possible loan.
"We were meeting sometimes twice a day with the IMF and the World Bank, but the Iraqi government's financial situation is much better now," Ghalib told Reuters in an interview at his office in Baghdad.
"Reserves might have decreased in the 30s of billions of dollars without the devaluation ... the rise in oil prices has also helped," he added.
Ghalib said he expected Iraq's 2022 budget to be based on an oil price of roughly $45 per barrel. Iraq, OPEC's second-largest producer, draws around 95 percent of its state revenue from oil sales.
Iraq currently owes its neighbour Iran around $5 billion for energy imports that are crucial for keeping the lights on, but Baghdad is abiding by U.S. sanctions that prohibit it from paying any cash to Iran, Ghalib said.
Iraq has paid some of those power debts in commodities and supplies, for example buying some $250 million worth of Russian-made Sputnik COVID-19 vaccines for Iran, as well as making wheat purchases for Tehran, he said.
Ghalib confirmed reports that Iraq has opened an account with the China-backed Asian Infrastructure Investment Bank, saying it has deposited around $100 million in the account for possible future payment for infrastructure projects.
The Central Bank: The cash reserve increased to 64 billion dollars
In the face of speculations and warnings posed by international monetary institutions, regarding the Iraqi economy, the Central Bank had accumulated cash reserves of hard currency to 64 billion dollars, which makes it able to influence exchange rates and provide a comfortably stable economic environment.
International reserves, deposits and bonds of foreign currency held by central banks and monetary authorities, are necessary to support the currency and pay the debts owed by the country.
On the other hand, the inflation index in the major countries of the world constitutes an obsession that pushes them to stimulate the interest rate hike of the dollar, and this is what the US Federal Reserve plans to do; By the middle of next year, he will raise interest rates on the dollar.
Those indicators drawn by the US data, the Iraqis read, are an increase in the material returns and interest on Iraqi funds, assets and bonds located in America, most notably the hard currency reserves in the US Federal Bank in Washington.
A senior source in the Central Bank said, "The hard currency reserves of the US Federal Reserve rose to 64 billion dollars, due to the rise in the oil markets."
The source commented on the possible US decision that "it will bring significant financial benefits to Iraq," which was confirmed by the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih.
Saleh said in a statement that Iraq "will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests its foreign reserves in the United States, providing the highest returns and lower risks."
Despite Paying Off Debts, America Plays The Role Of Guardianship To Deprive Iraq's Wealth
Economic expert Dia Mohsen stressed, on Tuesday, the necessity of issuing a Security Council resolution to remove Iraq from international trusteeship after paying its foreign debts to Kuwait, indicating that the resolution provides for the protection of Iraq from any other compensatory claims.
Mohsen said in a statement to the "Information" agency, that "Iraq exited from Chapter VII and moved to the Sixth for an important reason, which is to ensure that the influence of the UN Security Council remains on the country," noting that "Iraq's survival under international tutelage is to maintain American influence inside Iraq."
He pointed out that "Iraq paid the last war debts to Kuwait, which amounted to 54 million dollars, and thus Iraq is outside the control of the UN Security Council," explaining that "the Iraqi government broadcasts propaganda for the survival and influence of US forces inside Iraq."
He added that "the Iraqi government is pushing for the survival of American influence in Iraq by keeping the country under Chapter VII, which makes Iraq under the tutelage of the UN Security Council."
He pointed out that "after Iraq has ended all its financial obligations towards Kuwait, the Security Council must issue a decision to completely remove Iraq from the provisions of Chapter VII and end the work of all committees and financial and banking institutions that exercise the role of guardianship over oil revenues, freedom of import, and conducting financial and monetary transactions. 25 and
Kurdistan Democratic Party: The party closest to us is committed to implementing Article 140 and the Oil and Gas Law
The Kurdistan Democratic Party announced the closest to negotiating with it, which is committed to implementing Article 140 and the Oil and Gas Law.
Former party MP Abdus Salam Berrai said; For the (Unannounced) program broadcast by Al-Furat satellite channel tonight, "The Federal Court will reconsider the decisions of the electoral judiciary and cannot be discussed before the appeals period, and Qubad Talabani's statement confirmed that we must go with a unified delegation to negotiate with Baghdad, and this means that the balance is not in their interest as It was in 2018.
He added, "We refuse to accept the imposition of a fait accompli by the Kurdistan National Assembly, and there is no constitutional and legal text that guarantees his right to head the republic. As for the position of the President of the Kurdistan Region, it is determined by a vote in Parliament, and any person has the right to nominate himself."
Berwari said, "The Kurdistan Democratic Party called on the leaders of the winning Kurdish parties to hold a meeting at the level of the first leaders to come up with a unified vision for negotiations with Baghdad." The Islamic Party said, “We are not interested, and the new generation desires the opposition and the democracy aspires to the participation of the PUK in the negotiations, and Qubad’s statement gives hope for that. ” He added, “All these meetings fall within the framework of presenting the general vision and listening to the response, but Hoshyar Zebari’s statements were that he sensed more understanding with the Sadrists. This reflects the possibility of forming an alliance of Democrats, al-Sadr and determination.”
Barwari called on the federal government to “protect the regions and borders of the region, which is the duty of the state and not the duty of Mr. al-Sadr. the provisions of the constitution regarding Article 140, the oil and gas law, and others.
An economic expert clarifies the exchange mechanism for projects funded under the Iraq-China agreement
The economic expert, Nabil Al Marsoumi, clarified the exchange mechanism for the projects funded within the Iraqi-Chinese agreement, as approved by the Council of Ministers in today's session, Tuesday.
Al-Marsoumi told Al-Furat News that "the decision of the Council of Ministers to release the exchange for projects funded within the Iraqi-Chinese agreement is legal if the funds are included in the general budget for the year 2021." And he added, "But if the money is not included in the budget, the act is illegal, it depends on the money included in the allocations."
Al-Marsoumi continued, "Iraq is committed to a number of projects, some of which are financed by allocations and the other by loans, as happened in the financing of the Faw port at the Korean Import Bank within this year.
That is, this agreement is not new, so there is no harm in financing it, and the legal violation in the case of new contracts is outside the powers of a caretaker government." Business". And the Council of Ministers, in its session held today, Tuesday, agreed to release the exchange for projects funded under the Iraq-China agreement.
Expectations of an unprecedented growth of the economic situation in Iraq
A specialized agency expected that Iraq will witness the highest growth in the Gulf oil-exporting countries next year, pointing out that its rates may reach 8.1%.
A report by The National stated that the international credit rating agency, Fitch, stated that the economy of Iraq, the second largest oil producer in OPEC, is expected to witness stronger growth during 2022, at a rate of more than 8.1%, which is the highest growth rate expected among the Gulf oil-exporting countries. He stressed that the outstanding financial budgets will further improve the economic conditions of Iraq and the GCC countries, at a time when oil prices will remain strong.
December 15th 2021
The first response to the reduction of the dollar exchange rate to 1200 and the suspension of the Central Bank of Iraq
Today, Wednesday, the economic expert, Dergham Muhammad, responded to the Central Bank’s warnings about negative repercussions when the dollar was re- .exchanged to 1200 dinars
And Muhammad said in a statement to (Baghdad Today), that "the negative effects are what is issued by the policies of the Central Bank when the sale of the dollar was limited to the hands of some banks without opening windows for direct selling to the citizen, as well as the policies that led to currency smuggling and the absence of a ".single market for the dollar
He added, "The words of the Central Bank are illogical and unacceptable, as all the gains that have been achieved from raising the price of the dollar are considered insignificant. In contrast, the reduction of the price of the dinar led to inflation in the ".local market significantly
And Muhammad continued, "The Central Bank claimed that raising the price of the dollar led to a rise in the price of domestic goods, but this matter is not true, as it ".rose more than imported goods
He pointed out that "inflation affected local goods, as most of them were manufactured from imported materials and were affected by the rise in the price of
He pointed out that "all the pretexts made by the Central Bank are false and harm the reputation of the Central Bank, which is considered a deliberate lie and does not ".deceive experts and specialists
Muhammad stressed, "No job opportunities were created after raising the price of the dollar, and the surplus did not go to development projects. Rather, it was an unsuccessful step and repudiated it even from the former members of Parliament and businessmen who adopted it, and it bears the burden of the Governor of the ".Central Bank and the Minister of Finance
And he indicated that "restoring the dollar exchange rate will not have repercussions at the level of the repercussions that occurred when the value of the dinar was ".devalued
Al-Kazemi’s financial advisor reveals an economic constitution
Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Saleh, stressed the importance of the white paper and its reflection on the economic reality in the country, noting that the paper is closer to an economic constitution..
Saleh said in a statement to the official agency that he followed himNRT Arabia, today (January 15) that "the White Paper is a dual reform project that seeks to achieve the country's financial sustainability with the ability to be economically sustainable in an integrated manner."".
He added, "The importance of this paper, which works in the long term, has established in the short period an ideology that was confused in the economic society."
He explained, "The white paper requires patience, determination and will to build the country's future in stability and development, and it is closer to an economic constitution."
Saleh added, "The paper achieved something clear last year from adopting a road map towards the broader reform path, and this is what we can expect to adopt in maintaining and consolidating Iraq's economic future without retreat."
He pointed out that "the white paper is an indicator of the progress of the economy and the consolidation of the economic life of Iraq, and it is the economic constitution on which any upcoming government curriculum will inevitably be based.".
Saleh concluded: "We evaluate the successes and failures of implementing the white paper in its first year, in order to amend the course or delete or add important procedural issues to optimize the implementation of the reform paper.
The 2023 budget is free of deficit with a comfortable fiscal surplus
Fears that the country's economy will be damaged by the Federal Reserve's readiness to end cheap financing and raise interest rates on the dollar in the first half of next year have dissipated.
These concerns are real, for countries that import oil and have short-term debt in dollars such as Egypt, Turkey, Pakistan and some poor African countries, which will suffer from a shortage of dollar liquidity.
On the other hand, economic analyzes published by international newspapers expected that countries such as Iraq will witness an increase in imports as a result of the high interest rate of the dollar, due to its selling oil and natural gas at a higher price in the US currency, as well as paying the import bill in high dollars and buying from low-currency markets, such as China and other countries. South Asia.
This optimism was justified by the economist Bassem Antoine, explaining that the Iraqi funds deposited in the US Federal Bank are invested with interest that increases annually, and not “frozen money”, noting that Iraq has banking agreements with the United States and its balances will attract international investment. Antoine expressed his optimism about the future of the Iraqi economy, in conjunction with the rise in the price of a barrel of oil and the increase in revenues, noting that this rise exceeded the media intimidation about the Corona virus and the new mutated Omicron, and the 2023 budget will be free of deficit due to a surplus of funds.
Economist Osama Al-Tamimi agreed with this optimism, noting that Iraq has agreements to protect its money in the US Federal Bank, pointing out that if the United States feels any danger to its interests from Iraq, it is natural to take steps to protect these interests. Al-Tamimi explained that the existence of a strong, solid and balanced economy that works on self-sufficiency is difficult to achieve today, because the whole world is working jointly and integratively to paint a complete picture of the economy, calling for the success of the Iraqi economy by reducing the percentage of importers and increasing export rates.
Al-Tamimi pointed out that Iraq is characterized by many different economic capabilities due to its geographical location and its high capabilities at the level of metallic ores and oil.
Iraq is ranked ninth in the world in natural resources, not to mention the agricultural and tourism potentials of all kinds, and geography as an important corridor linking the continent of Asia to northern Europe.
Al-Tamimi called for the establishment of an economic council, similar to the Judicial Council, away from politics, run by specialists with modern thinking capable of drawing future plans for the development of the Iraqi economy
Below here is the WOTS for the day Word on the Street for 12/15/21
Publishes the dollar exchange rate on the local stock exchange on Wednesday, December 15, 2021, according to specialists' monitoring.
Baghdad - the stock exchange
148,075
The price in most exchanges
Buy 147,500
Sell 148,500
The exchange rates for Tuesday were as follows:
Baghdad - the stock exchange
148,200
....
The price in most Baghdad exchanges
Purchase
147,750
sale
148,500
————————————
Erbil - Bursa
148,150
———————————-
Basra - Bursa
148,200
————————————
Najaf - Bursa
148,200
———————————-
Mosul - Bursa
148,200
———————————-
Sulaymaniyah - Bursa
148,200
The Markets:
The Asian markets closed mixed NIK up by .10% HSI down by .91% SHANG down by .38%
The UK markets are currently trading in the green mostly from .30% to .68% FTSE down by .38%
Our futures are currently trading down DOW at 35446 by .01% SNP at 4624.25 by .06% NDX at 15876 down by .29%
Fears that the country's economy will be damaged by the Federal Reserve's readiness to end cheap financing and raise interest rates on the dollar in the first half of next year have dissipated.
These concerns are real, for countries that import oil and have short-term debt in dollars such as Egypt, Turkey, Pakistan and some poor African countries, which will suffer from a shortage of dollar liquidity.
On the other hand, economic analyzes published by international newspapers expected that countries such as Iraq will witness an increase in imports as a result of the high interest rate of the dollar, due to its selling oil and natural gas at a higher price in the US currency, as well as paying the import bill in high dollars and buying from low-currency markets, such as China and other countries. South Asia.
This optimism was justified by the economist Bassem Antoine, explaining that the Iraqi funds deposited in the US Federal Bank are invested with interest that increases annually, and not “frozen money”, noting that Iraq has banking agreements with the United States and its balances will attract international investment. Antoine expressed his optimism about the future of the Iraqi economy, in conjunction with the rise in the price of a barrel of oil and the increase in revenues, noting that this rise exceeded the media intimidation about the Corona virus and the new mutated Omicron, and the 2023 budget will be free of deficit due to a surplus of funds.
Economist Osama Al-Tamimi agreed with this optimism, noting that Iraq has agreements to protect its money in the US Federal Bank, pointing out that if the United States feels any danger to its interests from Iraq, it is natural to take steps to protect these interests. Al-Tamimi explained that the existence of a strong, solid and balanced economy that works on self-sufficiency is difficult to achieve today, because the whole world is working jointly and integratively to paint a complete picture of the economy, calling for the success of the Iraqi economy by reducing the percentage of importers and increasing export rates.
Al-Tamimi pointed out that Iraq is characterized by many different economic capabilities due to its geographical location and its high capabilities at the level of metallic ores and oil.
Iraq is ranked ninth in the world in natural resources, not to mention the agricultural and tourism potentials of all kinds, and geography as an important corridor linking the continent of Asia to northern Europe.
Al-Tamimi called for the establishment of an economic council, similar to the Judicial Council, away from politics, run by specialists with modern thinking capable of drawing future plans for the development of the Iraqi economy
The Central Bank: The cash reserve increased to 64 billion dollars
In the face of speculations and warnings posed by international monetary institutions, regarding the Iraqi economy, the Central Bank had accumulated cash reserves of hard currency to 64 billion dollars, which makes it able to influence exchange rates and provide a comfortably stable economic environment.
International reserves, deposits and bonds of foreign currency held by central banks and monetary authorities, are necessary to support the currency and pay the debts owed by the country.
On the other hand, the inflation index in the major countries of the world constitutes an obsession that pushes them to stimulate the interest rate hike of the dollar, and this is what the US Federal Reserve plans to do; By the middle of next year, he will raise interest rates on the dollar.
Those indicators drawn by the US data, the Iraqis read, are an increase in the material returns and interest on Iraqi funds, assets and bonds located in America, most notably the hard currency reserves in the US Federal Bank in Washington.
A senior source in the Central Bank said, "The hard currency reserves of the US Federal Reserve rose to 64 billion dollars, due to the rise in the oil markets."
The source commented on the possible US decision that "it will bring significant financial benefits to Iraq," which was confirmed by the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih.
Saleh said in a statement that Iraq "will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests its foreign reserves in the United States, providing the highest returns and lower risks."
Kurdistan Democratic Party: The party closest to us is committed to implementing Article 140 and the Oil and Gas Law
The Kurdistan Democratic Party announced the closest to negotiating with it, which is committed to implementing Article 140 and the Oil and Gas Law.
Former party MP Abdus Salam Berrai said; For the (Unannounced) program broadcast by Al-Furat satellite channel tonight, "The Federal Court will reconsider the decisions of the electoral judiciary and cannot be discussed before the appeals period, and Qubad Talabani's statement confirmed that we must go with a unified delegation to negotiate with Baghdad, and this means that the balance is not in their interest as It was in 2018.
He added, "We refuse to accept the imposition of a fait accompli by the Kurdistan National Assembly, and there is no constitutional and legal text that guarantees his right to head the republic. As for the position of the President of the Kurdistan Region, it is determined by a vote in Parliament, and any person has the right to nominate himself."
Berwari said, "The Kurdistan Democratic Party called on the leaders of the winning Kurdish parties to hold a meeting at the level of the first leaders to come up with a unified vision for negotiations with Baghdad." The Islamic Party said, “We are not interested, and the new generation desires the opposition and the democracy aspires to the participation of the PUK in the negotiations, and Qubad’s statement gives hope for that. ” He added, “All these meetings fall within the framework of presenting the general vision and listening to the response, but Hoshyar Zebari’s statements were that he sensed more understanding with the Sadrists. This reflects the possibility of forming an alliance of Democrats, al-Sadr and determination.”
Barwari called on the federal government to “protect the regions and borders of the region, which is the duty of the state and not the duty of Mr. al-Sadr. the provisions of the constitution regarding Article 140, the oil and gas law, and others.
CBI Update: Just a note:
They have been having auctions and the ISX has been trading regularly; the sites just don't update in time to put the information in this report, unless it is here.
The Central Bank of Iraq organizes a workshop to open government documentary credits
On Tuesday, 12/14/2021, the Central Bank of Iraq organized a specialized workshop on (the mechanism for opening government documentary credits), with the wide participation of private banks. This comes from the role of the Central Bank in supporting the economy and its contribution to the development of the Iraqi banking sector, in addition to enhancing the confidence of foreign banks in the Iraqi banking sector.The workshop dealt with ways to open documentary credits in accordance with the best international practices.
Central Bank of Iraq
information Office
The currency auction For December 15th 2021 total sales amount $201,729,766.
12-15-2021 Intel Guru Holly ...I am hearing we are in the window for this week. However, I don’t want people to get so disappointed if I does not happen...With that being said, yes the news is great and positive but remember it could be delayed for reasons we are not privy to. I’m not saying it will but have realistic expectations that it could be now, or by the end of the month or into January...We are in a sweet spot we have never been in for this to go. From all I hear it’s happening but again I caution you to be prepared if it doesn’t...Stay positive...
12-14-2021 Intel Guru MarkZ [via PDK] ...in Kuwait on the morning they revalued they ran a similar article on how they simply were not prepared. In China they did their last major revaluation in the 90’s. They came out with huge articles for 3 days that they were not going to revalue their currency…then they did it. To me that Iraq article is a classic misdirection coming from the central bank. They have been very busy educating the Iraqi people on the lower denominations and rate changes...and now they come out with an “international” story like this. …I think this is a fantastic piece for us to see. We expected to see this news as soon as it was ready to rip…IMO...They are setting up this week to have the event that we have been waiting for …I’m pretty stinkin excited right now. [post 2 of 2]
12-14-2021 Intel Guru MarkZ [via PDK] ...I believe they are setting us up as the perfect storm comes together with economic indicators...Whales arriving via private jets tells me we are very close and on the verge of it…For those that paid attention to Kuwait. Those that paid attention in China when they did their last revaluation... Iraq Article headline: "The central bank announces a preparation of the study of the currency structure project and warns about changing the exchange rate" So here we are in Iraq on December 14th and they are warning against changing the rate…yet…they are throwing out to wait for another year or so. Maybe in 2022 or 2023? But don’t panic guys... [post 1 of 2....stay tuned]
12-14-2021 Intel Guru Frank26 [Iraq boots-on-the-ground TV update] FIREFLY: The news is saying Iraq reserves now are over $64 billion and they are saying to us they are awaiting a major decision by the United States of America which will have a significant financial increase for Iraq when this decisions is made...they are talking about Iraq's hard cash reserves in Washington D.C. FRANK: That's just $64 billion dollars from the USA. That's not their gold. That's not their other precious metals. That's not their bonds. That's not any of their other assets...it's way past that.
12-14-2021 Newshound Pimpy There seems to be some interesting movements happening that line up for a possible RI and RV. Now I don't go out and pump hopium up people's butts. I just don't. I keep grounded... but what I was pointing out is it definitely looks like the chances of an RV or an RI have increased once Iraq is removed from Chapter 7...If you look at some of the news article that are coming out recently...you can see what looks like they're preparing themselves for a rate increase. I don't want to jump to any conclusions but it definitely looks like they're heading that direction. Again don't run out and sell your house, don't sell your kids, don't sell your mother. Calm down sparky. We have been led down this road many times and it has led to a dead end but there definitely has been a lot of good news that's for sure.
12-14-2021 Intel Guru Walkingstick [via Guru Frank26] When his friend returns back to Iraq he will have to meet with the CBI to report to them what he did with the uploading of the software in the satellite banks that he represents 'wherever' in the United States and it is said IMO the next meeting will be for the discussion of the new small category notes that are about to be distributed. And wouldn't it be fantastic if at this meeting (or before) Walkingstick's friend was shown the currency sheet. That would be great! [Post 2 of 2]
12-14-2021 Intel Guru Walkingstick [via Guru Frank26] Walkingstick's friend that owns two banks in Baghdad came to the United States of America...because the CBI talked to him, 'Would you like to have satellite banks with us? You've got this state [name withheld for privacy] go and do what you've got to do.' ...They came here to finalize the updating of the software in the private banks...IMO it will be functional in the next two weeks...this is part of the monetary reform phase...a lot of paperwork acceptance by the banks to accept MasterCard and Visa cards inside of these private banks...some of these 'satellite banks' have already done the downloading...it's not for you. It's for the Iraqi citizens that live wherever these banks are... [Post 1 of 2....stay tuned]
12-14-2021 Newshound Guru KaperoniFormer Deputy Central Bank of Iraq Gov and current Prime Minister advisor Salih stated today there will be no change in the exchange rate of the dinar through 2022.
12-14-2021 Intel Guru MarkZ [via PDK] It was very quiet overnight…Everything is ready, everyone is in place. Waiting for something key to happen... There was more news out of Iraq yesterday with the leaving of combat troops. We are in that “any moment” phase again. They are keeping everyone in place. They are keeping Redemption Centers staffed. It could happen at any second…that’s what I think.
12-14-2021 Intel Guru Sheila [via MarkZ] I would say that everyone should watch for notifications. No US combat forces are left in Iraq as of today.
12-14-2021 Newshound Pimpy I'm watching some interesting wording in some of these articles that make you go, man!? ...I keep telling people it's going to go up in increments but a lot of these articles appear to be pointing at an RI or an RV and trust me when I tell you I don't say that lightly because I don't fall for that. I think they're going up in increments... Article: "The central bank reserves jump to 64 billion dollars and an important US decision is awaited by Iraq" This is one of those articles...which gives you the impression that they're definitely going to do some type of RI or RV. One of the things that helps strengthen the currency is your foreign reserves. How much you have does play a big part of it... Quote: "an important U.S decision is awaited by Iraq." Like the removal of Chapter 7 hopefully? This is huge for the international reserves. That's a big amount of money.
12-14-2021 Intel Guru Frank26 PSSSST...ANY NEGATIVE HUMANS OUT THERE...BEHOLD : Article quote: "In the face of speculations and warnings posed by international monetary institutions, regarding the Iraqi economy, the Central Bank had accumulated cash reserves of hard currency to 64 billion dollars, which makes it able to influence exchange rates and provide a comfortably stable economic environment."
Catnip's Corner:
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ARTICLE 1 (from PM Kadhimi's website; posted only on Arabic side, not on English side)
The Council of Ministers holds its forty-eighth regular session headed by Prime Minister Mustafa Al-Kazemi
Today, Tuesday, Prime Minister Mustafa Al-Kazemi chaired the forty-eighth regular session of the Council of Ministers, in which the latest developments in the country were discussed, and topics on the agenda were discussed.
At the beginning of the session, the Prime Minister reviewed the general situation throughout Iraq, the most prominent security and political issues, in addition to reviewing the various service and economic files.
The Cabinet session witnessed a review of the epidemiological report, the measures taken to confront the Corona pandemic, and the developments of the work of the Committee to Strengthen Government Actions in the areas of prevention and health awareness control; To limit the spread of the virus, the important steps taken by the Ministry of Health to confront the pandemic, and to secure vaccines and other medical supplies.
After discussing the topics on the agenda, the Council of Ministers issued the following decisions:
- Changing the entity implementing the border crossing projects contracted with the Ministry of Interior and the Border Crossing Authority and future projects; To be one of the governorates in which the ports are located, instead of the Ministry of Interior and the Border Ports Authority, with the reversal of all contractual obligations to the governorates instead of those authorities, provided that the EPC implementation method is not replaced by any other method.
- Amending paragraph (2) of Cabinet Resolution (274 of 2019), otherwise the contract will be terminated in accordance with the law.
The governorates are responsible for completing the projects in the best way in coordination with the Border Ports Authority in accordance with the current contracts and the contracting method, and any subsequent legal contractual procedure that includes the completion of projects provided that it is in the EPC implementation method.
- To authorize the relevant authorities to transfer contracts, to decide on all issues related to financing the ports, and to find appropriate solutions with the assistance of the Ministry of Planning.
Second / Approval of adding an amount of (3,000,000) dinars, only three billion dinars from the allocations of the Media and Communications Authority, to the original amount indicated in the Council of Ministers Resolution (210 of 2020), allocated to the General Company for Communications and Informatics, one of the companies of the Ministry of Communications, to meet the costs of the access gates project International (IGW) for Internet Services.
Third / Approval of the recommendations of the Diwani Order Committee (61 of 2021), concerned with checking the numbers of wages and temporary owners for the years (2015 and 2016), the General Authority for the Maintenance of Irrigation and Sanitation Projects, and the General Authority for Irrigation and Reclamation Projects in the Ministry of Water Resources.
Fourth / The Ministry of Finance shall add the necessary financial allocations to secure the difference in the salaries of daily wage earners working in the Ministry of Higher Education and Scientific Research for the year 2021, based on the provisions of Article (50/a) of the Federal General Budget Law for the fiscal year 2021, taking into account the addition of the necessary financial allocations; To secure the difference in salaries within the financial budget of the aforementioned ministry for the fiscal year 2022, within the draft federal general budget law for the fiscal year 2022, provided that the above-mentioned operation took place before the date of November 2, 2019.
Fifth / The Ministry of Finance allocated an amount of (3,000,000) dinars, only three billion dinars, to one of the governorates' education directorates (Muthanna, Diwaniyah, Dhi Qar, Maysan, Babil, Salah al-Din); To rehabilitate and maintain schools, and purchase school trips from the emergency reserve for the fiscal year/2021, according to what is proven in the advisory board’s letter No. (1260 on December 9, 2021), attached as a link.
Sixth / authorizing the Ministry of Commerce to use the cash available in its public companies and not to exceed (300,000,000) dinars, three hundred billion dinars, for the purpose of purchasing wheat, securing food items, and paying farmers’ dues, provided that the Ministry of Finance finances the ministry in an amount equivalent to the aforementioned amount Within the allocations of the Ministry of Commerce for the purpose of returning it to the mentioned companies.
VII/
1. Continuation of spending on ongoing projects funded by loans approved under the Federal General Budget Law for the fiscal year 2021 and previous years in accordance with the signed agreements in light of the allocations that will be included in the federal general budget bill for the fiscal year 2022, in accordance with Article (13/) Second) And after the approval of the Ministry of Planning, similar to the terms of the work done and other paragraphs mentioned in Cabinet Resolutions (154 of 2020) and (23 of 2021).
2. The Ministry of Finance releases funds related to the China-Iraq framework agreement, for which allocations are made within the Federal General Budget Law for the fiscal year/2021, in accordance with contracts concluded with implementing agencies, and within its obligations to disburse operational advances, similar to the cases of completed work and other paragraphs contained in the aforementioned decisions Above, based on books issued by the competent committee.
Media Office of the Prime Minister
14-December-2021
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ARTICLE 2 (from Government of Iraq twitter account)
Cabinet Spokesperson, the Minister of Culture @HassanNadhem holds a press conference in Baghdad, to brief the media on today's Cabinet meeting and developments in Iraq.
Cabinet Spokesperson: At today’s Cabinet meeting, PM @MAKadhimiissued several directives in relations to national security.
Cabinet Spokesperson: The Cabinet decided to allocate funds to complete fortifications on the Iraqi-Syrian border.
Cabinet Spokesperson: The Cabinet approved the payment of the difference in the salaries of those on daily contracts at the Ministry of Higher Education.
Cabinet Spokesperson: The Cabinet authorised the Ministry of Trade to use its own funds to pay farmers their financial dues and to purchase wheat.
Cabinet Spokesperson: The Cabinet voted to authorise expenditure in relation to projects funded as part of the Iraq-China agreement.
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ARTICLE 3
Al-Maliki: National consensus is the way out of the current crisis in Iraq
14.12.2021 8:00 eastern
The head of the "State of Law" coalition in Iraq, Nuri al-Maliki, considered that national consensus is the way out of the current crisis that followed the announcement of the final results of the parliamentary elections that took place last October.
This came in a statement to the owners after receiving in his office the delegation of the Kurdistan Democratic Party headed by Hoshyar Zebari, to discuss "the repercussions of the crisis of the election results and the problems that accompanied them," according to "Alsumaria News."
Al-Maliki called on the Federal Court to consider "seriously and objectively" the complaints and appeals submitted to it, before ratifying the election results.
The head of the "State of Law" coalition stressed "the importance of national consensus as the way out of the current crisis."
He called for "bridging the views of the political forces, and working to coordinate positions in preparation for the benefits of the next stage."
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ARTICLE 4
Tomorrow... Announcing a new political alliance in Iraq
07:51 - 14/12/2021
Baghdad - Mawazine News
The parties and a number of winning candidates are preparing to announce a new political alliance in Iraq.
An informed source said in an interview with Mawazine News that "tomorrow afternoon, a press conference will be held at the Sheraton Hotel in central Baghdad, to announce a new political alliance."
He added, "The coalition includes the extension movement, the new generation movement, and a number of winning candidates."
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ARTICLE 5
The Central Bank announces the preparation of a study of the currency structure project
Tuesday, December 14, 2021 8:01 PM
Baghdad / National News Center
Today, Tuesday, the Central Bank of Iraq announced that it had prepared a draft currency structure study, while determining the negative effects when the dollar was re-exchanged to 1200 dinars.
The bank said in a statement to the official agency, followed by the “National News Center”: “The Central Bank has completed the preparation of a draft currency structure study,” noting that “the timing of the implementation of the project depends on the bank’s policy and the political and economic conditions of the country.”
He added, "The bank has no intention of issuing new denominations of the currency," noting that "continuing to provide new banknotes to compensate for the damaged banknotes."
And about the negative effects caused by re-exchange of the dollar to 1200 dinars in the event that the next House of Representatives issues a decision to do so, the bank confirmed that “this will affect negatively and will lead to the exchange rate in the parallel (local) market getting out of control and consequently sharp fluctuations in the exchange rate that lead to to harm the interests of citizens and projects,” noting that “this will cause a destabilization of confidence in the stability of the financial system in Iraq, and such a decision will lead to the exit of local investment and production projects from competition, and thus exacerbate the unemployment crisis as a result of those projects stopping work.”
He continued, "The increase in the exchange rate led to an increase in the competitiveness of the local product and thus an increase in its market share, as well as a reduction in expenditure pressure on the Ministry of Finance by 23%, which enabled the Ministry of Finance to overcome the crisis resulting from the drop in global oil prices during 2020 and the first months of 2021." He explained that "this also led to an increase in the flexibility of public finances to carry out the necessary structural reforms to achieve financial sustainability in Iraq."
And on the central bank’s foreign currency reserves, the bank stated that “the volume of the total foreign reserves during the month of December 2021 amounted to 63.793 billion dollars,” noting that “the volume of net foreign reserves during the current month reached 59.980 billion dollars.”
1439.6000
1492.8000
6.3645
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