WOTS MON JAN 24 22 Anticipation of the Federal Court session to decide on the election of the Presidency of Parliament
These are the articles I discussed today on the My FX Buddies podcast
Anticipation of the Federal Court session to decide on the election of the Presidency of Parliament
The political circles are awaiting the next session of the Federal Court to decide on the constitutionality of the session to elect the presidency of the House of Representatives.
The court had decided, during its session on the 19th of this month, to postpone the consideration of the session to the 25th of this month to consider two lawsuits filed regarding the legality of the parliamentary election session.
The two deputies, Basem Khashan and Mahmoud Daoud, had submitted the two lawsuits regarding the first session of the House of Representatives and its illegality, as they included a challenge to the unconstitutionality of the session on the pretext of violations of the internal rules of the House of Representatives.
Mazhar Saleh: The budget constitutes 50% of GDP, and the delay in approving it affects the economy
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, on Monday, January 24, 2022, the impact of the delay in approving the budget on the Iraqi economy, indicating that the .budget constitutes 50 percent of Iraq's gross domestic product Saleh said in an interview followed by the obelisk, "The financial system in Iraq is hedging by the financial management law in the event of any political emergency, delay or a specific circumstance. The delay in approving the budget. The Financial Management Law replaces the budget law in managing the country's financial affairs, ".which means regulating expenditures and revenues
He added, "The budget is an annual plan for a period of one year, and when there is no annual plan, the actual current expenditures for the past year are used, it repeats the old and adds 1 to 12 of the actual current expenditures of salaries, wages and continuous payment obligations, and it is called the minimum public financial ".matters
He continued, "This matter does not have planning and vision because there is no budget because the budget is planning, vision and goals, and therefore there will be a repetition of last year's goals over the current year and ".you seek the issuance of the budget until your goals are achieved Saleh pointed out that "whenever the financial budget is disrupted and months pass, it means that the goals of the financial budget are not achieved and the goals of the previous fiscal year are repeated, and thus new projects do not exist, new appointments do not exist and a commitment to develop government activity and government programs are disrupted, the market does not know its vision in any way. A trend that will be because the budget is the essence of economic policy.
Which direction will it go this year, will it be toward expansion or contraction or ?toward investments and projects Saleh stressed that "the market will remain in this case anxiety and a state of uncertainty for investor decisions and economic activity in the market," noting that "the budget constitutes 50 percent of Iraq's gross domestic ".product and its effects on the economy are 85 percent
Al-Kazemi affirms Iraq's keenness to strengthen cooperation with the United States in a manner that preserves Iraq's sovereignty
Prime Minister Mustafa Al-Kadhimi receives the US ambassador to Iraq
The Prime Minister, Mustafa Al-Kazemi, received today, Monday, the US Ambassador to Iraq, Mr. Matthew Tueller and his accompanying delegation.
During the meeting, they discussed bilateral relations between Iraq and the United States, and prospects for expanding cooperation between the two countries in various fields.
During the meeting, the Prime Minister stressed Iraq's keenness to enhance cooperation with the United States in the diplomatic and economic fields, in addition to security cooperation within the frameworks of advice, empowerment and intelligence support, and to preserve Iraq's sovereignty.
For his part, Ambassador Tueller affirmed the United States' support for Iraq's efforts to enhance security and stability locally and regionally, as well as its support for the Iraqi government's pursuit of financial and economic reform, which would reflect positively on opportunities for sustainable development and the prosperity of the Iraqi economy.
The Iraqi Foreign Ministry Contracts With An American Pressure Company To Represent It In The United States
A report by the (Audi Reaper) magazine specialized in business revealed that Brian Galkin, partner in the American pressure company Livingston Group, which is based in Washington, DC, has an agreement to represent the Iraqi Ministry of Foreign Affairs in the United States.
The report, which was translated by the "Information" agency, stated that "the American company will engage in activities to strengthen relations between Iraq and the United States, including pressure, management, preparation and dissemination of media materials." According to the magazine.
He added, "The company will work to communicate with the White House and Congress to strengthen Iraq's relations with the United States, and it will deal with American multinational companies, think tanks and policy institutes in addition to Iraqis in the diaspora on behalf of the Iraqi Ministry of Foreign Affairs in the country."
And he added, "The American pressure company is headed by the former Speaker of the House of Representatives appointed Bob Livingston, where the value of the contract amounted to 500 thousand dollars and for a period of one year to represent Iraq," according to the allegations of the magazine.
It is reported that "Livingstone and his former chief of staff, J Allen Martin, and Catherine Kingsbury, a former advisor at the Solomon Group, are undertaking the Iraqi lobbying work, and reporting to the Iraqi ambassador to the United States, Farid Yassin."
It is noteworthy that "Livingstone represented Iraq from December 2017 until March of 2021 before renewing its contract.
The Iraqi-Saudi Coordination Council recommends providing financial facilities between the banks of the two countries
Today, Monday, the Iraqi-Saudi Coordination Council recommended providing financial facilities between the banks of the two countries, while calling for providing facilities for investment between the two countries.
The head of the Saudi side in the Iraqi-Saudi Coordination Council, Muhammad bin Abdullah Al-Khorayef, said during the Iraqi-Saudi Business Forum held in Riyadh, and attended by the Iraqi News Agency (INA), that "the Iraqi-Saudi Coordination Council initiated and launched many initiatives to promote investments and trade exchange, including the establishment of a data center For opportunities, an initiative to inventory preliminary studies, as well as working on an economic forum between the two countries and an initiative to encourage Saudi investments.
Al-Khorayef called for "facilitating the investment process between the two countries, especially the procedures, in a way that contributes to promoting trade exchange," noting that "Iraq and Saudi Arabia are neighbors and have a large volume of investment that deserves consideration of opening more than one port for the entry of goods."
He called "Iraqi and Saudi banks to provide financial facilities for communication between them, which will return to great results," pointing out that "the next stage requires that the private sector have a major role."
Al-Khorayef expressed his hope that "today's meeting will be the beginning of great economic cooperation between the two countries, and bilateral meetings will continue to meet the ambitions
Al-Kazemi's advisor explains the impact of the budget delay on the Iraqi economy
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained today, Monday, the impact of the delay in approving the budget on the Iraqi economy, indicating that the budget constitutes 50 percent of Iraq's gross domestic product.
Saleh said in an interview with Shafak News Agency; "The financial system in Iraq is hedged by the financial management law in the event of any political emergency, delay or specific circumstance. The delay in approving the budget. The Financial Management Law replaces the budget law in managing the country's financial affairs, which means regulating expenditures and revenues."
He added, "The budget is an annual plan for a period of one year, and when there is no annual plan, the actual current expenditures for the past year are used, it repeats the old and adds 1 to 12 of the actual current expenditures of salaries, wages and continuous payment obligations, and it is called the minimum public financial matters."
He continued, "This matter does not have planning and vision because there is no budget because the budget is planning, vision and goals, and therefore there will be a repetition of last year's goals over the current year and you seek the issuance of the budget until your goals are achieved."
Saleh pointed out that "whenever the financial budget is disrupted and months pass, it means that the goals of the financial budget are not achieved and the goals of the previous fiscal year are repeated, and thus new projects do not exist, new appointments do not exist and a commitment to develop government activity and government programs are disrupted, the market does not know its vision in any way. A trend that will be because the budget is the essence of economic policy. Which direction will it go this year, will it be toward expansion or contraction or toward investments and projects?
Saleh stressed that "the market will remain in this case anxiety and a state of uncertainty for investor decisions and economic activity in the market," noting that "the budget constitutes 50 percent of Iraq's gross domestic product and its effects on the economy are 85 percent."
Mustafa Al-Kazemi’s government stumbled by sending the budget law before the Iraqi parliament dissolved itself in preparation for early elections on October 10, 2021.
A Former Deputy Clarifies The Budget Disbursement Mechanism For The Current Year
A Member Of The Parliamentary Finance Committee, Former MP Muhammad Al-Shabki, Clarified The Mechanism For Disbursing The Budget For The Current Year In The Event That It Was Not Approved By Parliament Or Not Sent By The Government That The House Of Representatives In Its New Session.
Al-Shabki Said, In A Statement Seen By Al-Ahed News, That “And In The Event That The Government Does Not Submit Any Budget For The Current Year, It Will Resort To Relying On The Same 2021 Data, In Accordance With Paragraph 13 Of The Financial Management Law.”
He Added That "The Government Will Adopt A 1 By 12 System In Spending The Budget In The Event That It Works On Preparing The Budget For The Current Year Without Being Voted On And Approved In Parliament."
And He Indicated That "The Ministry Of Finance Adopted In Its Expenditures For The Current Year The System Of 1 By 12, Especially Since The Ministry Worked To Present The Budget To The Government, And In The Event That It Was Not Approved By Parliament, The Data Of The Past Year Will Be Adopted In The Budget Disbursement Mechanism
Brent crude jumps to $88 a barrel
Oil prices jumped on Monday, with Brent crude futures rising 87 cents, or 1.0%, to $88.76 a barrel, ending a 0.6% decline on Friday.
US West Texas Intermediate crude futures rose 86 cents, or 1.0%, to $86.00 a barrel, after falling 0.5% on Friday.
Both benchmarks rose for the fifth consecutive week last week, about 2%, their highest level since October 2014. Prices have risen more than 10% so far this year due to fears of tight supply.
The Netherlands supports Iraq with 5 million euros
The United Nations Development Program in Iraq welcomes a contribution of €5 million (US$5.63 million) from the Dutch government to the United Nations Development Program’s Stabilization Programme. This funding will support stabilization initiatives in areas liberated from ISIS.
"With this new financial commitment, the total contribution of the Netherlands to the stabilization program for the liberated areas will amount to 107.45 million US dollars," the United Nations Development Program said, in a statement received by Al-Rabaa. To this day, the Stabilization Program for the liberated areas has supported 4.93 million Iraqis who have been displaced due to the war against ISIS.
For her part, UNDP Resident Representative in Iraq Zina Ali Ahmed said: The impact of our stabilization efforts with the generous support of key partners such as the Netherlands is clearly visible across Iraq, as schools are reopening, clean water reaching homes, and roads The pavement connects people easily, and the damaged homes are being rehabilitated.”
"Through this contribution, the Netherlands has prioritized improving the situation and prosperity of Iraqi communities, and I applaud them for their commitment and leadership," Zeina added. "As one of the early contributors to the FFS program, the Netherlands knows the value of UNDP as it links reconstruction and recovery efforts to stabilization activities that focus for example on re-establishing community cohesion
Referring 324 deputies to retirement “the knot” of the return of the dollar exchange rate
And the financial expert, Salah Nuri, told Al-Furat News, "There are variables that will prevent the Ministry of Finance from returning the dollar exchange rate to its previous era, after referring 324 deputies to retirement, which will cost the state large sums to compensate for the end of service."
The official Iraqi newspaper, Al-Waqa'i, had published the republican decree to retire the members of the House of Representatives for the fourth parliamentary session.
He added, "In addition to the salaries and entitlements of the new deputies, in addition to the pensions of the ministers and the entitlements of the new ministers."
"The current exchange rate will be maintained, and spending on security aspects will be a high priority due to the current political situation," Nuri said.
The local market is witnessing a continuous rise in the prices of foodstuffs, commodities and daily needs as a result of the high exchange rate of the dollar against the Iraqi dinar, which has exhausted the fragile and poor classes across the country.
The Governor of the Central Bank of Iraq sponsors the celebration of the Basra branch on the occasion of its founding anniversary
I believe one of the pictures has a big 1000 note on the wall
Today, Monday, His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mukhif, sponsored the celebration held by the Central Bank branch in Basra on the occasion of the 65th anniversary of its founding. The celebration was attended by the Governor of Basra, Mr. Asaad Al-Eidani, and a number of stakeholders in the banking and financial sector in the province. His Excellency said in his speech during the celebration, "Basra governorate represents the economic lung of Iraq and constitutes an important population and commercial weight, in addition to its historical position, and this is what calls us to strengthen the work of the banking sector in it." He added, "The development initiatives of the Central Bank have contributed to supporting and establishing projects in southern Iraq, and have positively impacted the economy in these governorates through the creation of new jobs and the expansion of local industry." His Excellency briefed the Governor on the procedures for the progress of work for the sections of the bank's branch in Basra. praising the "efforts made by the branch's management and employees," pledgingCentral Bank of Iraqinformation OfficeJanuary 24, 2022
Open investment prospects and expectations for the growth of trade exchange between Iraq and Saudi Arabia
The Saudi economic advisor Eid Al-Eid revealed, on Monday, that the volume of trade exchange between his country and Iraq began to improve during the past years and will continue to increase in the future, stressing that the numbers reflect the volume of investment opportunities between the two countries.
Today, Monday, the Iraqi-Saudi Business Forum was launched in the capital, Riyadh, and witnessed the signing of a number of agreements and memoranda of understanding between government and private agencies from the two countries.
The Saudi advisor said in a statement to the Russian "Sputnik" agency, that the statistics indicate that the volume of trade exchange between Saudi Arabia and Iraq in 2020 increased by 155, equivalent to 3.88 billion riyals ($1.34 billion).
And he indicated that the volume of trade exchange for 2019 amounted to about 3.41 billion riyals ($909 million), distributed among 3.37 billion riyals ($898 million) Saudi exports, 41.6 million riyals ($11 million) Iraqi exports, which means that Iraq ranks eleventh. Among the Arab countries in the volume of trade exchange with the Kingdom of Saudi Arabia.
Al-Eid believes that the numbers do not reflect the size of the opportunities available between the two countries, especially in light of Iraq’s great needs for infrastructure projects, goods and services, which the Kingdom is characterized by its great availability, whether through major Saudi companies, or through Saudi goods that are characterized by quality and easy access to Iraq at the lowest costs There is a common boundary between them.
The economic advisor expects to increase the pace of trade exchange between the Kingdom and Iraq at greater rates in the coming years, and according to the available indicators, it may exceed ten billion riyals during the next two years.
He pointed out that the most important sectors in which the Saudi private sector can invest in Iraq include the electricity sector, roads, hotels, and the health sector, in addition to the agricultural sector, in which Iraq is characterized by the availability of primary resources of water and fertile agricultural land.
Al-Eid pointed out that Saudi Arabia has many opportunities for Iraqi investors to enter the Saudi market through the mega projects of Vision 2030, which require investments exceeding seven trillion dollars during the period until 2030, which creates more opportunities for Iraqi investors.
For her part, the Vice President of the "Ababeel" Center for Strategic Studies, the Iraqi academic, Fadila Salman Daoud, confirmed that in 2017, the two countries agreed to enhance joint cooperation and develop long-term plans for future investments.
It indicated that the steps taken on the Arar port from the Iraqi and Saudi sides, within an area of 1.66 million square meters, confirmed the mutual desire for broader relations for the exchange of trade, as well as the transportation of citizens and goods.
She pointed out that pressure on the Iraqi government to move towards the Gulf countries aims to undermine the volume of exchange with Iran, as Iran's imports amounted to about $20 billion in consumer and agricultural goods and gas in 2020.
It considers that the agreement between the two countries to invest in the field of energy, petrochemical industries, transport and agricultural equipment, the contracting sector, infrastructure and banks, has positive repercussions on the two countries.
Regarding future opportunities, the Iraqi economy indicates that it requires an ingenious leadership with an open leadership behavior towards exploring opportunities, and a closed behavior towards investing those opportunities according to a precise structure and mechanism of action.
She explained that the Kingdom's 2030 vision provides opportunities for Iraqi investors, as is the case for Iraq, especially with regard to long-term plans for the purpose of investing in the field of infrastructure, and connecting electric power, which are the most important points included in the agreements.
financial intelligence
Publishes, on Monday, (January 24, 2022), a list of the Iraqi dinar exchange rate against the dollar in Baghdad and a number of provinces, according to specialists monitoring for this day.
Baghdad - the stock exchange
147,950
-------------
The price in most Baghdad exchanges
Purchase
147,500
sale
148,250
-------------
Basra - Bursa
148,050
-------------
Erbil - Bursa
147,900
-------------
Mosul - Bursa
148,000
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1432.1000 |  1485.0000 | 1458.0000 | 1457.9000 | 1458.0000 | -0.1000 | 12:20 |
| USD/VND | 22675.0000 | 22695.0000 | 22640.7900 | 22638.6700 | 22640.7900 | -1.6000 | 22:45 |
| USD/CNY | 6.3250 | 6.3270 | 6.3378 | 6.3244 | 6.3377 | -0.0124 | 05:21 |
| USD/KWD | 0.3018 | 0.3028 | 0.3021 | 0.3019 | 0.3021 | -0.0002 | 05:07 |
| GBP/USD |  1.3496 | 1.3497 | 1.3565 | 1.3492 | 1.3552 | -0.0055 | 05:26 |
| USD/IRR | 42025.0000 | 42525.0000 | 42245.5000 | 42229.7000 | 42245.5000 | 31.7000 | 10:36 |
| USD/IDR | 14339.0000 | 14339.0000 | 14348.0000 | 14302.0000 | 14331.0000 | 9.0000 | 05:22 |
100 lab monkeys accounted for after crash...
Is market crashing?
Dot-Com Bust Alarm Bell...
If war is coming, the West must decide how far it will go to defend Ukraine against Russia
Sensex Plunges as Investors Dump Indian Stocks on Fed, Oil Woes
Activist investor Blackwells aims to call on Peloton to fire CEO, explore sale
Brent crude jumps to $88 a barrel
Oil prices jumped on Monday, with Brent crude futures rising 87 cents, or 1.0%, to $88.76 a barrel, ending a 0.6% decline on Friday.
US West Texas Intermediate crude futures rose 86 cents, or 1.0%, to $86.00 a barrel, after falling 0.5% on Friday.
Both benchmarks rose for the fifth consecutive week last week, about 2%, their highest level since October 2014. Prices have risen more than 10% so far this year due to fears of tight supply.
A Former Deputy Clarifies The Budget Disbursement Mechanism For The Current Year
A Member Of The Parliamentary Finance Committee, Former MP Muhammad Al-Shabki, Clarified The Mechanism For Disbursing The Budget For The Current Year In The Event That It Was Not Approved By Parliament Or Not Sent By The Government That The House Of Representatives In Its New Session.
Al-Shabki Said, In A Statement Seen By Al-Ahed News, That “And In The Event That The Government Does Not Submit Any Budget For The Current Year, It Will Resort To Relying On The Same 2021 Data, In Accordance With Paragraph 13 Of The Financial Management Law.”
He Added That "The Government Will Adopt A 1 By 12 System In Spending The Budget In The Event That It Works On Preparing The Budget For The Current Year Without Being Voted On And Approved In Parliament."
And He Indicated That "The Ministry Of Finance Adopted In Its Expenditures For The Current Year The System Of 1 By 12, Especially Since The Ministry Worked To Present The Budget To The Government, And In The Event That It Was Not Approved By Parliament, The Data Of The Past Year Will Be Adopted In The Budget Disbursement Mechanism
financial intelligence
CBI Update: Just a note:
including $54,070,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
1-23-2022 Intel Guru Frank26 The float will go faster than you realize. Know when to hold them. Know when to fold them. Good luck. Because I truly believe it's going to happen at an extraordinary fast-paced - accelerated by some recent events...they're forming their government ...at the speed of light...
1-23-2022 Newshound Guru Kaperoni Those who have purchased dinar in hopes of making a significant amount of money, well it's not going to happen until Iraq builds an economy. Only with the success of Iraq's economy can the dinar go up in value. The dinar is not a lottery ticket.
1-23-2022 Newshound Guru Sandy Ingram Several of you asked..."How Iraq is planning to build new schools, increase oil production and build new factories when the Iraqi dinar is worth so little?" The answer is oil revenue is paid in U.S. dollars. The Iraqi government is taking US dollar and growing the country using Iraqi dinars...Iraq's oil revenue each month is in the billions of U.S. dollars...
1-23-2022 Newshound Guru butterfly OK...here is what we have been looking for folks...OMG...this is good news for them and us...Article: "Al-Fatlawi: The 2022 Budget Will Not Be Passed Until The Dollar Is Returned To Its Old Price" Quotes: "...The Draft Budget Law For The Year 2022 Will Not Be Passed Until After An Important Condition Is Met...The Iraqi Parliament, Will Work To Restore The Dollar Exchange Rate To Its Old Price, And Otherwise, It Will Not Allow The Passage Of The 2022 Budget Bill Until After This Condition Is Achieved..." ...If I'm right, which I hope I am, for all...the amount, if memory serves me, right around 2.85. All the Iraqi's were doing good with that amount even though they were under a dictatorship.
1-23-2021 Guru Nader From The Mid East When I told you end of January beginning of February that's what's gonna happen. If they decide to put it back 2003 something like that would be $1.00 - $1.50 yes but if they talking about the 'previous' it's 1150... [Reference Guru Nader From The Mid East post for yesterday 1-23-2022]
1-23-2022 Intel Guru Holly I have had great news yesterday! Things have finally shifted and we have moved out of stagnation. We finally see things moving. All the hold up in the damn for months have finally broken free. We have reached a place we have never been before. Our blessing is close. Stay positive!...
1-23-2022 Regular Guy Guru Vital Brad They're still working on getting their government seated...they've got to come to an agreement...if they can come...to agreements, we're really close to a seated government. Iraq is making progress. It's slow. It's sometimes steady. But they're moving things forward...once they have a seated government the Ministry of Finance can sign off on revaluing the currency...
No comments:
Post a Comment