WOTS MON MAR 14 22 Al-Kazemi is still a hot candidate for prime minister, even with his (farewell) tweet
These are the articles I discussed on the My FX Buddies Podcast:
The Federal Court postpones the lawsuit to raise the price of the dollar to 4/4
The Federal Supreme Court decided to postpone 32 federal lawsuits regarding raising the dollar exchange rate, until the fourth of next April.
The Federal Court had decided to summon the Minister of Finance and the Governor of the Central Bank, to appear before him in a special session regarding the exchange rate of the dollar against the Iraqi dinar, and to seek the assistance of economic experts, Bassem Jamil and Abdul Rahman Najm.
It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.
As a result, according to specialists, the annual inflation in Iraq has risen significantly, so that the prices of all materials and commodities in the Iraqi market have risen significantly, which has sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.
The Federal Court decides to postpone the lawsuit to raise the dollar exchange rate to the fourth of next April
The court was scheduled to consider in its session today, Monday, the case numbered {32 / federal / 2022} regarding the re-exchange of the US dollar in relation to the Iraqi dinar to its predecessor at the amount of {120} thousand Iraqi dinars per 100 US dollars.
In the previous session, the Federal Court decided to inform the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session.
this is a good summary
The Prime Minister of #Iraq arrives in #Kurdistan at the head of a high-ranking delegation to discuss #Iran's attack on #Erbil
Washington said it supports Iraq and its allies in confronting Iran after the missile attack that targeted Erbil on Sunday, while meetings and meetings are taking place in Iraqi political circles to discuss the reasons for the bombing, amid conflicting accounts of the reality of the Iranian target.
And US National Security Adviser Jake Sullivan condemned an Iranian ballistic missile attack on Erbil, the capital of the Kurdistan region of Iraq, in the north of the country.
The Iranian Revolutionary Guards claimed responsibility for launching 12 ballistic missiles that hit Erbil in the early hours of Sunday morning.
He said it targeted the "Zionists' project" in Erbil.
On Sunday, Iraq summoned the Iranian ambassador to Baghdad, Iraj Masjedi, against the backdrop of launching missile attacks on the Erbil governorate.
Iraqi Prime Minister Mustafa Al-Kazemi said in a phone call with his American counterpart, Anthony Blinken, that Iraq should not be allowed to turn into an arena for settling “foreign accounts.”
The two officials discussed bilateral relations and developments of events, while Al-Kazemi stressed that Iraq would not be allowed to turn into an arena for settling foreign accounts, according to what was reported by the Iraqi News Agency, "conscious."
The Prime Minister's Media Office stated in a statement that "Prime Minister Mustafa Al-Kazemi received a phone call on Sunday evening from the United States Secretary of State, Anthony Blinken, and during the call, bilateral relations and developments of events were discussed."
According to the statement, Minister Blinken affirmed the solidarity of the United States of America with Iraq, and its support for what would support its security and sovereignty.
For his part, the Prime Minister expressed his thanks for the positions supporting Iraq, stressing that the government is continuing to take everything that would strengthen the sovereignty of the Iraqi state and fortify it against any attacks, or any prejudice to the sovereignty of the country and the dignity of its citizens.
Al-Kazemi stressed not to allow Iraq to turn into an arena for settling foreign accounts, noting that "Iraq is continuing to strengthen its active role internationally and regionally."
The statement continued, "The contact also witnessed a discussion of regional and international developments, and an exchange of views on the best ways to resolve conflicts and stabilize stability for the benefit of the Iraqi people, the peoples of the region and the world."
The call comes after the city of Erbil, in the Kurdistan region of Iraq, was attacked on Sunday morning by a missile attack carried out by the Iranian Revolutionary Guards, targeting the US consulate building.
On Sunday evening, the Iraqi Ministry of Foreign Affairs summoned the Iranian ambassador in Baghdad, and informed him of the government's protest against the targeting of Erbil, the capital of the Kurdistan region, with missiles.
The ministry said in a statement carried by the official news agency, "Ana", that it "reiterates its condemnation of the flagrant violation of the sovereignty and territory of the Republic of Iraq."
She added, "Such positions will only be a factor in violation of the principles of good neighborliness and will cast a shadow over the scene of the region, making it more complicated."
At dawn on Sunday, 12 ballistic missiles fell on Erbil, while the Iranian Revolutionary Guards claimed the attack, claiming that it targeted a secret Israeli base.
A statement by the Ministerial Council for National Security stated, "It held an extraordinary meeting, headed by the Commander-in-Chief of the Armed Forces, Mustafa Al-Kazemi, to discuss the attack that targeted the city of Erbil, at dawn today, and caused losses and terrorized the city's residents."
Washington's position
In the late hours of yesterday evening, Prime Minister Mustafa Al-Kazemi discussed, with US Secretary of State Anthony Blinken, bilateral relations and developments of events, while stressing not to allow Iraq to turn into an arena for settling foreign accounts.
Minister Blinken affirmed, according to a statement by Al-Kazemi's office, the solidarity of the United States of America with Iraq, and its support for what would support its security and sovereignty.
Sullivan added on CBS that no American citizens were injured in the attack, and no American facilities were targeted, but the United States will do everything in its power to defend its people, interests and allies.
"We are consulting with the Iraqi government and the government in Iraqi Kurdistan, in part to help them obtain missile defense capabilities so that they can defend themselves in their cities," he said.
The missiles targeted the US consulate, among other locations, according to the Kurdistan Regional Government.
The US forces stationed in the Erbil International Airport complex were previously attacked with missiles and drones, which Washington accuses of armed groups allied with Iran being responsible for, but such attacks have not occurred for several months.
An Iraqi condemnation and an emergency meeting
The Ministerial Council for National Security held an emergency meeting, headed by Al-Kazemi, to discuss the "aggression."
The Ministerial Council called on the Iranian side to provide a frank explanation about the attack.
On Sunday, the President of the Kurdistan Region, Nechirvan Barzani, considered the targeting of Erbil a dangerous precedent and a flagrant violation of the security, stability and sovereignty of Iraq.
Barzani strongly condemned the attack, describing it as a "cowardly, brutal and unjustified method."
The President of the Republic, Barham Salih, stressed in a statement that "the targeting of Erbil is a condemned terrorist crime and its timing is suspicious, with signs of political détente aimed at obstructing the constitutional process by forming a capable government."
He added, "We must stand firmly against attempts to plunge the country into chaos."
The Iraqi Prime Minister, Mustafa Al-Kazemi, said in a tweet on "Twitter", "The attack that targeted the dear city of Erbil and terrorized its residents is an infringement on the security of our people."
The President of the Kurdistan Regional Government, Masrour Barzani, said, "Erbil will not bow to cowards," in a tweet, in which he strongly condemned the attack that took place, and urged the residents to be patient and follow the directives of the security services.
The leader of the Sadrist movement, Muqtada al-Sadr, said in a tweet on Twitter following the attack, "Erbil is under the crossfire of loss and betrayal... as if the Kurds are not Iraqis."
Al- Azmi in Erbil
The Iraqi Prime Minister, Mustafa Al-Kazemi, arrived in the Kurdistan Region this morning, Monday, at the head of a high-ranking delegation that includes the Ministers of Interior Othman Al-Ghanimi and Defense Jumaa Inad, National Security Adviser Qassem Al-Araji and a number of other officials. He was received by the Prime Minister of the Kurdistan Regional Government, Masrour Barzani.
The Iraqi leaders will discuss with the leaders of the region the latest attack on Erbil.
The coordinating framework demanded "urgent clarification from the concerned officials and the formation of parliamentary and governmental investigation committees to reveal the truth."
He also stressed the need to "prevent the use of Iraqi territory to attack neighboring countries and not allow any party to violate Iraqi sovereignty by lifting pretexts and closing all outlets for external interference in Iraqi internal affairs."
On Sunday, Harakat al-Nujaba issued a statement regarding the attack, saying that the bombing took place at “the Zionists’ nests,” while welcoming the “call for the formation of a committee to investigate the presence of Mossad in Kurdistan
After Iran's bombing of Erbil .. Al-Sadr calls for action!
link
With the exception of those close to the armed groups loyal to Tehran, the Iranian missile bombing of Erbil was met with angry reactions from the various Iraqi political and popular circles.
The Iranian Revolutionary Guard claimed responsibility for the bombing of ballistic missiles that targeted a compound near the US Consulate in Erbil.
The 12 rockets fell on areas in the center of Erbil, according to Kurdish reports.
The Iraqi government condemned the bombing, saying that it "is an attack on the principle of good neighborliness between Iraq and Iran, and the historical relationship that binds the peoples of the two neighboring countries, as well as a violation of international laws and norms."
And the Iraqi Ministerial Council for National Security, headed by Prime Minister Mustafa Al-Kazemi, met on Sunday evening in Baghdad, and a statement issued by it said that “Iraq had previously announced its refusal to violate its sovereignty and use its lands to settle scores between countries and parties, stressing Iraq’s position on refusing to use its lands to attack neighboring countries. ".
The Council noted that "Iraq has requested, through diplomatic outlets, frank and clear explanations from the Iranian side, and is awaiting a position from the Iranian political leadership in rejecting the aggression."
On Sunday, the Iraqi Foreign Ministry summoned the Iranian ambassador to protest the attack, describing it as a flagrant violation of the country's sovereignty.
No casualties were reported in the attack, which took place on Sunday in the city of Erbil, and the Associated Press says it represents a major escalation between the United States and Iran.
Iran says that the attack targeted an Israeli "Mossad" site in Erbil, without providing evidence for that.
Journalists and bloggers close to the armed factions published lists of names of those who claimed that they were the "Mossad dead" in the attack, without any evidence for their claims.
Reuters said that despite strong Iraqi condemnations, in Baghdad and Erbil, for the attack, senior Iraqi officials refrained from mentioning Tehran "reflecting deep sensitivities about Iran's role in Iraq, where its economic and political power is evident."
The Kurdistan Regional Council of Ministers said in a statement that "Erbil was subjected to a cowardly attack under the pretext of striking an Israeli base near the American consulate in Erbil, but the targeted site was a civilian site, and this justification aims to conceal the motives for this heinous crime."
Reuters quoted Iraqi officials and analysts as saying that Iran is struggling to impose itself on the political process at a time when Shiite cleric Muqtada al-Sadr is trying to exclude its allies.
The ruling Kurdish Democratic Party in Erbil is one of Sadr's main partners in this endeavor, and in a statement posted on Twitter following the attack, Sadr urged "patience until a national majority government is achieved."
In another tweet, Al-Sadr called on the Iraqi government to submit an official protest to the United Nations and the Iranian ambassador, "while taking guarantees that it would not be repeated in the future."
Oil prices drop amid the possibility of negotiations between Russia and Ukraine
A critical stage facing global banks amid the lack of solutions to ease the burdens on the economy
European and international banks are entering a critical juncture as the Russian-Ukrainian war continues for its thirteenth day, without reaching urgent solutions that ease the burdens on the global economy, which will witness a fundamental change in its financial and economic systems, with the countries of the European Union and the United States taking a package of measures that impede the work of development and reduce direct investment.
Sovereign bonds in the European Union and America were affected, according to specialists, directly after the decision to exclude seven Russian banks from the Swift correspondence system that supports global transactions within the framework of sanctions targeting Russian businessmen and investors, as the returns recorded in America declined by 1.72 percent after it touched 2.4 percent, and about 15 basis points in Germany.
Russia and Ukraine will be the most affected by this war, because they will not be able to bear the costs of imports despite direct support to Ukraine, while loans will be disrupted in the banks of neighboring countries and the European Union, and they will have high allocations and the results of the banks will be affected, which will negatively affect companies operating in all sectors.
potential change
Talaat Hafez, a banking expert, said that the result of the financial and economic sanctions imposed by America and the European Union countries on Russia and its financial and economic systems will bring about a potential fundamental change in the global financial and economic systems, explaining that when imposing sanctions on a country is being considered, work is being done. Provided that the rest of the world's countries, their economies and their financial systems are not affected by these sanctions, so that their effects are confined to the environment of the country on which the sanctions were imposed. Hafez added, that there is an exception in the war on some commodities and products, and this is actually what happened with some exceptions related to energy, especially those related to gas supplies, especially since Germany is among the countries that need and consume the most natural gas among the European Union countries.
He added, that countries will resort to creating their own financial systems, so that they are an alternative to the global "SWIFT" system for remittances, as Russia did during the Russian conflict over the Crimean island, and also perhaps entering into regional and international pledges and alliances, so that it acts as an alternative to the "SWIFT" system, which reduces One of the risks associated with the global isolation of the sanctioned state.
Hafez indicated that an economic bloc such as the Association of Southeast Asian Nations, known simply as ASEAN, may resort to creating financial systems similar to the "SWIFT" system to give member states financial independence in transactions.
Saudi banking system
Regarding the financial and banking situation in Saudi Arabia, Hafez affirmed that he is reassuring for several reasons, foremost of which is that Saudi Arabia, since the day of its founding, is a country of peace and security, not a confrontational country, and that is interested in establishing international peace and security, and that it enjoys diplomatic relations and global partnerships based on taking into account common interests and non-alignment. To one party in favor of the other, being a peaceful country that does not interfere in the affairs of other countries and does not allow at the same time to interfere in their affairs, in addition to having a very strong financial and banking system, which have proven their worth and superiority in dealing with crises, whether financial or health that befall the world, and the good This is evidenced by its distinguished handling of the global financial crisis that struck the world in mid-2008 and the recent emerging crisis of the Corona virus.
Diminishing returns
In addition, Mohammed Al-Shamimary, a financial analyst, said: “The crisis directly affected global economies... We see this when looking at the sovereign bond yields in the European Union and the United States, which recorded a decline with the outbreak of the crisis, and this is an indicator of strong purchase from the fixed liquidity of governments or investment funds. On the other hand, yields are declining, including the 15 basis points drop in German bond yields, which gives negative returns because there is great demand and risk aversion, as well as US treasury bonds, after they recorded levels above 2.4 percent, and after the crisis, they fell to 1.72 percent. This is a huge decline.”
He continued, that what is being monitored now is the liquidity trend of sovereign bonds, which are considered safe havens and almost non-existent risks, for fear of current events, and this may be the beginning of something greater than that with the spread of these declines more widely throughout the global economy, especially since the recorded decline Banks, since the start of the “Russian-Ukrainian” war, have had repercussions on the economic movement.
global interest
Al-Shamimary added that it was expected that the European Central Bank would raise interest rates by 25 basis points this year, but economists agreed that the central bank would back down from raising interest rates, and this would cause a decline in shares on the European Stock Exchange, and that stopping dealing with a country the size of Russia would negatively affect He explained that the European Central Bank is expected to intervene to cover any bank defaults, and there will be large allocations to banks this year due to this crisis.
Partners are harmed
For his part, Abdullah Al-Rabadi, a financial analyst, said that there are economic impacts on Europe on the one hand and on Russia more, and in particular the European Union partners and Russia, from these steps that will be reflected in the supply operations, foremost of which is “gas, oil” and that there are pending investments. In Russia, and everyone who invests in Russia will be affected by the suspension of trade and investment movement and the disruption of remittances.
Russia will suffer in the coming period, according to El-Rabadi, its ability to supply the import bill and disrupt the ruble, which fluctuates remarkably, and there may be a significant impact on jobs, which will be the last visible results on the level of economic effects, and if the sanctions continue for 3 months, we may find a significant rise in unemployment In Russia, it will lead to a major crisis, and the European Union will be affected by these measures, including banks that have clients investing in Russia. Loans will be suspended, they will have high provisions, and the results of banks will be affected, which will be negatively affected by companies, according to Asharq Al-Awsat.
Al-Kazemi is still a hot candidate for prime minister, even with his (farewell) tweet
It seems that the last tweet of Prime Minister Mustafa Al-Kazemi, which some read as a farewell message, or the end of his career in the government, was misinterpreted, or that some took it from private angles, dropping a hidden desire to expel the man whose fortunes were and still are. It is the largest, and the possibility of its renewal is the most expressive of the outcomes of the political reality in which political stumbling continues to dominate the situation.
Yes, you can read the tweet from its appearance as having a farewell nature, but in interpretation and depth, it can be read in the context of the reminder by Al-Kazemi, of the reasons and causes that were behind his acceptance of the mission, and it is also within the reminder that the political dilemma still exists, and the surrounding circumstances It is still the same clash, especially with the outbreak of the Ukrainian crisis, the repercussions of the Iranian-American conflict, the return of the atmosphere of tension and the noticeable decline in the Vienna negotiations, as well as the decline in the Iranian-Saudi dialogue, and thus the solid intersection between the sharply divided Shiite forces, and all these factors combined, in addition to them The desire for the position of the next prime minister to move away from the theory of (breaking the bone) between the two Shiite groups, are all factors that may necessitate the survival of the consensual man, as a compromise, given the extent of political acceptability and the general popular consensus around him, as well as the successes of his government achieved during the last period.
Moreover, what was rumored about putting up the name of Iraq’s ambassador to the United Kingdom, Jaafar Muhammad Baqir al-Sadr, was read by an observer of political affairs, as a chest “maneuver,” far from being a strategic choice, for many reasons that are long enumerated, perhaps at the forefront, is the lack of important specifications In the character of the chest to insinuate a position of this size in a circumstance of this complexity.
Also, Muqtada al-Sadr's own unwillingness to hold the al-Sadr family historically responsible for this ambiguous passage of time, thus pushing the family into the unknown, with cloudy skies, and heralding storms and black clouds.
Also, "the Shiite coordination framework still wants to maneuver and win cards in the race to reach a final decision, and it will not risk putting all the cards in the chest basket, without guarantees that Jaafar al-Sadr will succeed in keeping a safe distance between him and his cousin Muqtada al-Sadr, and between the current and the coordinating framework." On the other hand, these are concerns that were publicly expressed by the framework."
All of these reasons, in addition to them also the size of the responsibility that Al-Kazemi bears now, especially in the security file, as the man bears in his capacity as the Commander-in-Chief of the Armed Forces, the supervisor of the security and intelligence services, and other tasks that require awareness, patience and accuracy in dealing with them, as Al-Kazemi is He attaches special importance to this issue, and you see him engrossed in studying every stray and incoming in the affairs of the state, it may mean compromising these efforts towards the unknown, and this is a step that no sane person will take, let alone being a leader.
This means that Al-Kazemi still has the greatest chance of being the hot candidate, and the most realistic option, while failing to make realistic, or even negotiable, options.
Parliamentary Expectations To Resolve The Nomination Of Members Of Parliamentary Committees At The End Of This Week
The representative of the State of Law coalition, Muhammad Al-Shammari, expected, on Monday, to resolve the naming of the permanent parliamentary committees at the end of this week, indicating that the distribution of members of the parliamentary committees depends primarily on the percentage of representation of each political bloc.
Al-Shammari said in a statement to "Al-Maalouma", "Some political forces were confused about the distribution mechanism, which led to the postponement of the announcement of the distribution of members of the parliamentary committees."
He added that "a bylaw has been completed for all parliamentary committees, including the split committees," noting that "the separation and splitting of some committees from each other to allow members to expand participation."
Al-Shammari indicated that "the issue of resolving the permanent members of the parliamentary committees will start at the end of this week, with an emphasis on holding a parliamentary session.
Below here is the WOTS report Word on the Street Report for the day:
Al-Kifah and Al-Harithiya Central Stock Exchanges in Baghdad recorded this morning 147,150 Iraqi dinars, compared to 100 US dollars.
The buying and selling prices decreased in the local market in Baghdad, where the selling price amounted to 147,500 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 146,500 Iraqi dinars per 100 US dollars.
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1444.5000 |  1499.4000 | 1455.4000 | 1454.9000 | 1454.9000 | -1.7000 | 11:44 |
| USD/VND | 22890.0000 | 22910.0000 | 22861.9100 | 22845.6700 | 22845.6700 | 18.8900 | 04:41 |
| USD/CNY | 6.3604 | 6.3624 | 6.3610 | 6.3387 | 6.3387 | 0.0214 | 06:13 |
| USD/KWD | 0.3037 | 0.3047 | 0.3036 | 0.3035 | 0.3035 | 0.0000 | 05:56 |
| GBP/USD |  1.3046 | 1.3047 | 1.3057 | 1.2998 | 1.3048 | 0.0011 | 06:13 |
| USD/IRR | 42000.0000 | 42600.0000 | 42290.1000 | 42269.4000 | 42290.1000 | -3.4000 | 11:32 |
| USD/IDR | 14311.0000 | 14311.0000 | 14340.0000 | 14292.0000 | 14319.0000 | -9.0000 | 06:12 |
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An Economist Explains How To Go Towards Decreasing The Dollar Exchange Rate
The economic expert, Safwan Qusay, explained how to move towards reducing the dollar exchange rate, pointing out that keeping the current price as it is should be faced with a number of measures to reduce poverty and the damages resulting from that.
Qusay told “The Information” that “the price of a barrel of oil, and if it is set at the level of $70 in the 2022 budget, and in front of a new exchange rate for the dollar (despite the lack of desire to reduce it), it is imperative that all public spending be reformulated according to the new price, as the deficit will be present. Because 70 percent of the budget goes to operational spending.
He added that “the process of reconsidering the exchange rate will create a budget deficit according to the aforementioned estimates, as the best solution is to continue the exchange rate, provided that it is supported in the event that there is a possibility by the Central Bank to reduce this price gradually according to an announced schedule, provided that there is no sharp fluctuation in the markets.” Finance.”
Qusay stressed the need for “there should be a review of all vocabulary in light of the exchange rate, so that the financial savings are exploited to support rations and social welfare and increase the amount of investment projects, provided that there be financial engineering that matches the exchange rate, as things remain as they are.” Currently, it makes the country far from supporting local production, as well as losing control of poverty and unemployment.”
Oil prices drop amid the possibility of negotiations between Russia and Ukraine
Parliamentary Expectations To Resolve The Nomination Of Members Of Parliamentary Committees At The End Of This Week
The representative of the State of Law coalition, Muhammad Al-Shammari, expected, on Monday, to resolve the naming of the permanent parliamentary committees at the end of this week, indicating that the distribution of members of the parliamentary committees depends primarily on the percentage of representation of each political bloc.
Al-Shammari said in a statement to "Al-Maalouma", "Some political forces were confused about the distribution mechanism, which led to the postponement of the announcement of the distribution of members of the parliamentary committees."
He added that "a bylaw has been completed for all parliamentary committees, including the split committees," noting that "the separation and splitting of some committees from each other to allow members to expand participation."
Al-Shammari indicated that "the issue of resolving the permanent members of the parliamentary committees will start at the end of this week, with an emphasis on holding a parliamentary session.
CBI Update: Just a note:
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