Tuesday, May 31, 2022

Iraqi News Update Monday May 30 Visa International begins its work in Iraq

Iraqi News  Update Monday May 30 Visa International begins its work in Iraq

These are the articles I discussed  on the My FX Buddies Podcast:


Visa International begins its work in Iraq

link

Visa International begins its work in Iraq

The Central Bank of Iraq announced that Visa International has started its work in Iraq.

A statement by the bank stated that "Al-Furat News Agency" received a copy of it, "The Governor of the Central Bank of Iraq, Mustafa Ghaleb, received today, Monday, a delegation from the International Visa Company, where the company started the first steps of its work in Iraq."

On the sidelines of his meeting with the delegation, Makheef stressed that "the Central Bank of Iraq will support the company's steps in its work in Iraq because of its importance in attracting sober international expertise and the need to encourage electronic payments and enhance financial inclusion."

He added, "The Central Bank of Iraq pays great attention to developing the banking sector and keeps pace with the latest developments, and we will provide the necessary support for that."


Masoud Haider, warning of the anger of the Iraqi street: The poverty rate is increasing and the situation may explode

link

Masoud Haider, advisor to President Barzani, warned today, Monday, of an explosion in the Iraqi street in light of the failure of the political forces to agree on the formation of the federal government, nearly seven months after the elections.

In an interview with Kurdistan 24, Masoud Haider said that Iraq is under the rule of armed groups and the influence of a regional state that implements its policies in the country through its own tools.

He added that ballot boxes are not respected in Iraq, noting at the same time that the Iraqi people "are very angry, and the street may explode at any moment."

Masoud Haidar stressed that there is an attempt to take the country to safety through the tripartite alliance (the Sadrist movement, sovereignty and the Democratic Party).

Adviser to President Barzani indicated that Iraq's imports amounted to 1300 billion dollars in the past 19 years, but they did not reflect on the lives of citizens, especially in Baghdad and the south, pointing out that the poverty rate exceeded 40 percent, and reached 50 percent in some provinces.

Masoud Haider said that the Kurds organized their relations with Baghdad within the framework of the constitution.

He went on to say, "The stability of Baghdad is important to the Kurdistan Region, and any chaos that occurs in Iraq will reflect negatively on Kurdistan."


Two rockets landed near Ain Al-Assad base in Anbar province 

link

Today, Monday, a security source said that two missiles fell near Ain Al- .Assad base in Anbar Governorate In an interview with (Baghdad Today), the source said, "Two missiles fell near Ain Al- ".Assad base He added, "There are no human or material losses, according to preliminary ".information

 

The platforms from which the missiles were launched towards the )Ain Al-Assad base (photo

link

Agency obtained from security sources a picture showing the platforms from( .which the missiles were launched towards Ain Al-Assad base Today, Monday, a security source reported that two missiles fell near the Ain al-Assad base in .Anbar Governorate 

In an interview with (Baghdad Today), the source said, "Two missiles fell near Ain Al-Assad ".base ".He added, "There are no human or material losses, according to preliminary information 

88CDF22D-2269-4B6B-99D7-6F5819060A58.jpe


Parliamentary Finance sets three outputs for sending the budget

link


The Parliament's Finance Committee identified today, Monday, three outputs for sending the 2022 federal budget to the parliament, stressing that the emergency support law is not a substitute for the budget because it has limited tasks
Committee member Sattar al-Atabi said, "The emergency support law addresses the difficult situation the country is going through, but it cannot be a substitute for the general budget law."


He added, "There are necessary needs for the country, so the emergency support law is an outlet to meet the needs that are limited to providing the ration card requirements, paying the dues of farmers, buying wheat and rye from the inside and outside, as well as supporting the Ministry of Electricity to pay its debts, and we are at the gates of the hot summer."


He pointed out that "the House of Representatives deals with the government according to the constitution, and the current government cannot, according to the decision of the Federal Court, send any draft law."
And on the budget law, al-Atabi ruled out that “the House of Representatives goes to read the budget, unless a new government is formed or the Federal Court allows an emergency order, or the current government submits an appeal or petition to the Federal Court to obtain an exception to submit laws.”


Parliamentary Economy Proposes Solutions To Lift 11 Million Iraqis Out Of Poverty

link

Today, Monday, the Parliamentary Economic Committee proposed solutions to lift 11 million Iraqis out of poverty.

A member of the Parliamentary Economy Committee, MP Muhammad Al-Ziyadi, said in an interview with Earth News, "Everyone participates in the arrival of 11 million Iraqis to below the poverty line, from government to politicians, and even the people also participate in this issue."

Al-Ziyadi added, "We, as members of the House of Representatives specialized in the investment issue, see the effective solution to alleviate suffering or reduce unemployment in our dear country, through opening the doors of investment, amending the investment law and encouraging investment," stressing that "this is the best solution to provide job opportunities for the unemployed and thus raise their economic level." .

Al-Ziyadi stressed that "it is incumbent on the deputies of the fifth session to pay attention to it with a clear focus on the issue of investment and how to make investment in the country successful.


Al-Ghazi: Iraq looks forward to establishing economic and trade relations with the international community

link

The Secretary-General of the Council of Ministers, Hamid Naim Al-Ghazi, affirmed, on Monday, May 30, 2022, that Iraq is looking forward to establishing economic and commercial relations with the international .community

A statement by the Office of the Secretary-General of the Council of Ministers, received by the Obelisk, stated that "the Secretary-General of the Council of Ministers, Hamid Naim Al-Ghazi, received today the Ambassador of the Kingdom of Spain in Baghdad, Pedro Martinez," noting that "Al-Ghazi welcomed Spanish companies to work inside ".Iraq

Al-Ghazi stressed, according to the statement, that "Iraq is looking forward to establishing economic and commercial relations with the international community, as the next phase will witness the implementation of many ministerial and ".investment projects in various sectors in Iraq

For his part, Martinez expressed "the direction of the Spanish government to support Iraq in all fields, especially in the climate change file that most countries of the world are witnessing," noting that "Spain is exposed to water scarcity, ".and the need for joint action and the exchange of experiences in this vital file 


Early elections!".. The coordination framework talks about calls" to dissolve Parliament - Urgent 

link

The coordination framework revealed, today, Monday, the existence of lawsuits filed with the Federal Court to demand the dissolution of Parliament, indicating that early elections are a solution to the political .blockage

The leader in the framework, Aid al-Hilali, said in an interview with (Baghdad Today), that "going towards new early parliamentary elections is very possible, especially in ".light of the continuing political blockage

He added that "there are lawsuits filed during the past few days to the Federal Court in this regard with the demand to dissolve the House of Representatives," noting that "going towards early parliamentary elections, may be the solution to end the political blockage, especially since the results of the October elections were the cause of the .blockage due to manipulation and fraud. in its results


After Al-Sadr's call, "Finance" expects to pass the Food Security Law on this date

link

The Parliamentary Finance Committee expected, on Saturday, that the Iraqi parliament would pass the proposed food security law quickly, after the leader of the Sadrist movement, Muqtada al-Sadr, asked to do so.

Committee member Jamal Cougar said in a statement to Shafaq News Agency, that the agenda for tomorrow's session has not yet been published, I believe that the proposed Food Security Law will be included in it for the second reading, especially after Al-Sadr's tweet, and the confirmation of the First Deputy Speaker of Parliament Hakim Al-Zamili.

He also expected that after the completion of the discussion and the second reading of the Food Security Law, we will witness a vote on the law at the end of this week or next week.

Cougar also considered, "Al-Sadr's tweet will encourage the Sadrist bloc and the Triple Alliance (Save a Homeland) to pass the bill as soon as possible."

A member of the Finance Committee indicated that there are representatives from the coordination framework and independents who are convinced that the country needs to legislate the proposed food security law.

Earlier today, the leader of the Sadrist movement, Muqtada al-Sadr, called on the Iraqi parliament to expedite the vote on the emergency food security support law, stressing that the vote should be kept away from "partisan, sectarian and nationalist auctions."

Today, Thursday, May 19, the House of Representatives completed the first reading of the proposed law on emergency support for food security and development.

On Wednesday, the 18th of the same month, the committee presented this proposal to the presidency of the Iraqi parliament as an alternative to the project submitted by the current caretaker government headed by Mustafa Al-Kazemi.

The law on emergency support for food security sparked controversy between deputies and political blocs and those interested in political affairs between supporters and opponents, before the Federal Supreme Court vetoed and invalidated the law because the current government is a government for the conduct of daily business and it is not within its powers to legislate laws, propose them or send them to the House of Representatives.

On Sunday, May 15, 2022, the Federal Supreme Court (the highest judicial authority in Iraq) decided to cancel the draft law on emergency support for food security and development based on a lawsuit filed by Representative Basem Khashan, while it indicated that the Al-Kazemi government is a conduct of business and is not entitled to send bills and hold contracts. Loans, appointment to senior state positions, exemption from them, or restructuring of ministries and departments.

Expert: There Are No Features For The Development Of Iraq's Economy

link

 

Today, Saturday, economist Basil Al-Obaidi ruled out the existence of a successful economic plan to exploit and benefit from the large financial surplus to develop the economic situation in the country, while stressing that Iraq's economy is increasing by chance and the current situation will not be repeated.

Al-Obaidi said in an interview with "Information", that "the Minister of Finance, through his recent statements, indicated that the financial surplus due to the rise in oil prices may reach the end of this year 90 billion dollars, away from government resorts," noting that "the mentioned amount, if it is invested correctly, will be There is a historic economic renaissance.”

He added, "The current situation does not indicate any features of great economic development," noting that "everything related to the economic situation in the country is just economic growth."

The expert explained that "Iraq's economy is increasing by chance, and that oil prices have risen suddenly, which led to the presence of these large sums of money with the federal government," noting that "this situation will not be repeated in the next year or during the coming years."

Al-Obaidi continued, "The large financial surplus must all be allocated for investment purposes, such as industry, agriculture, tourism and irrigation," stressing that "the current government is restricted as a caretaker government, and the political crisis will lead to the absence of the ability to control large sums."


The government intends to open the green 24 hours a day 

LINK

Today, Saturday, security sources reported that the government intends to . open the Green Zone 24 hours a day, starting tomorrow The sources said in an interview with (Baghdad Today), "The government decided to ".completely reopen the Green Zone, starting tomorrow, Sunday ".She added that "the opening will be 24 hours a day And Prime Minister Mustafa Al-Kazemi promised, in the middle of this month, to change the concept of the Green Zone, and to return it to its previous era, with the .original names of its neighborhoods The Green Zone was partially opened during the era of former Prime Minister Adel Abdul-Mahdi, and then it was re-closed and was restricted to one street during .limited hours of the day The Green Zone includes the presidential palace, the prime minister's office, the .parliament building, and a number of embassies, including the US embassy .The green zone includes the revival of legislation and Karadat Maryam

 

Bafel Talabani: We will present candidates for the presidency of Kurdistan and the government to change the policy of governance in the region

link

The President of the Patriotic Union of Kurdistan, Bafel Talabani, announced, on Saturday, that the union will have candidates for the positions of prime minister and the presidency of the Kurdistan region to "change the policy of governance in the region," and while he indicated that 60% of Kurdistan's oil revenues go to foreign companies, he said that Any gas pipeline will only pass over his body if any party wants to use gas “away from the interests of the people of Kurdistan.”

Talabani said in an open dialogue on the sidelines of the Patriotic Union of Kurdistan conference, according to the media of the Patriotic Union, that "

He added, "There is a Kurdish party that signed an agreement with some Iraqi parties, and we had room to sign the same agreement, but we refused, because that would be a major strategic mistake to become a party to the differences between our Shiite or Sunni brothers, and that agreement did not contain anything that would benefit the sons of The people of Kurdistan, the agreement did not address the issue of the Peshmerga, nor Kirkuk, or anything that is in the interest of the people of Kurdistan.”

Talabani went on to say, "We must work according to the policy of the deceased, President Mam Jalal. We have to overcome differences and gather the political parties, not divide them. We will succeed in resolving the issue of the President of the Republic.

He continued, "The oil policy in the Kurdistan region is rejected by us, because 60% of oil imports go to companies operating in the oil field. Are we exporting oil to serve our citizens? Or to enrich some foreign companies? We must reform the oil policy. We have Large gas reserves, we must follow a policy that becomes a factor in benefiting the people of Kurdistan and not the benefit of some foreign companies.”

He added, "We want to export Kurdistan gas with a clear and transparent policy that serves the people of Kurdistan, and if any party wants to use gas away from the interests of the people of Kurdistan, I repeat my words that no gas pipeline will pass without the body of Bafel Jalal Talabani."

On the elections in the Kurdistan region, Talabani said, "The Patriotic Union of Kurdistan will have candidates for the positions of prime minister and the presidency of the Kurdistan region, to serve the people of Kurdistan and change the policy of governance in the Kurdistan region.






Monday, May 30, 2022

WOTS WED MAY 25 22 Iraqi Finance Minister: Cash reserves will reach more than 90 billion dollars by the end of 2022

WOTS WED MAY 25 22 

Iraqi Finance Minister: Cash reserves will reach more than 90 billion dollars by the end of 2022

The Governor of the Central Bank of Iraq meets the Governor of the Bank of England

These are the articles I discussed  on the My FX Buddies Podcast:

Finance Minister: Cash reserves will reach more than 90 billion dollars by the end of 2022

ink

842.jpg

 

Today, Wednesday, Finance Minister Ali Allawi confirmed the increase in cash reserves with the Central Bank to 90 billion dollars by the end of this year, while setting the ratios of Iraq's commercial debts.

Allawi said in a report on the economic situation in Iraq seen by "Al-Iqtisad News", that "the devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached in late 2020," noting, that "the recovery in Oil prices and prudent financial management, help reserves become $70 billion by April."

He added, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq," noting that "the depreciation of the Iraqi dinar against the US dollar in December 2020 contributed to the decline of Demand for the US dollar, while the current demand for the dollar is higher than the declines seen in 2020, it is much lower than the period before 2020.”

He pointed out that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues, and the increase in the government's provision of goods and services to citizens," stressing that "the increase in the Ministry of Finance's sales of US dollars in return for the decrease in demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank."

And on the commercial debt of Iraq, the Minister of Finance said, "The only real commercial debt of Iraq is two of three Eurobonds with an interest rate of 5.8% and 6.72%, while the third at an interest rate of 2.149%, which is guaranteed by the US government." 

And all other debts are on very concessional terms,” noting that “the external debt does not include the debts of the former regime, which amount to 57.8 trillion dinars, or the equivalent of $39.9 billion, and have been frozen since 2003 without interest or repayment as part of the Ministry of Finance’s work to reduce debt.” .

And Allawi stated, "The ministry has reconfigured all local debts as follows: The balance of all local debts has medium or long-term terms, after the government agreed with the Central Bank and public banks in 2020 to convert all current treasury transfers (bonds) into loans for 10 years and for 20 years, With repayment of installments starting from March 2021 and an interest rate reduced to 2%, "while the total external and internal debts amount to more than 99 trillion dinars."

And he continued, "The Council of Ministers, in its session held on Tuesday, April 5, 2022, agreed to adopt the strategy for repaying the internal public debt for the years (2022-2024), which was prepared by the Public Debt Department / Ministry of Finance within the draft federal budget bill. for the Republic of Iraq for the fiscal year 2022.

He noted that "inflation in Iraq is lower than that of emerging economies and the group of oil-exporting countries.


Protesters beat up the protection of a government building in southern Iraq

link

1652172861525.jpg

 

A security source in Dhi Qar Governorate said today, Wednesday, that two members of the protection of the petroleum products building were injured by protesters in the south of the province.

The source told Shafaq News Agency, that protesters organized a sit-down for those demanding the appointment of the owners of the Ministry of Oil in front of the Oil Products Building, and they entered an altercation and friction with the protection elements of the building.

And between two security personnel who were severely beaten by the protesters, which required their transfer to the hospital,” he pointed out, noting that “a military force arrived at the scene of the accident to follow up on the aggressors and arrest them.”

Demonstration against politician and businessman Shaswar Abdul Wahed in Sulaymaniyah

link

1653473027203.jpg

The owners and investors of shares in the city of Jaffeyland Games in Sulaymaniyah demonstrated today, Wednesday, in front of the State Real Estate Department building in Sulaymaniyah, to demand their rights from the profits that they have not received for four years until now.

The representative of the stock owners who demonstrated today in a press conference attended by Shafak News Agency, said that "for years we have been waiting for these profits, and they even told us: We will receive small plots of land inside the project, but we have received only small amounts."

He added, "The profits of the project amounted to more than 155 billion dinars, and we do not know where it went. Today, the truth of Shaswar Abdul Wahed was revealed, as he built (Javi Land) with people's money and used the profits of the project to cover up his corruption. The profits go to gambling and to pay off the debts incurred by Shaswar. Abdel Wahed, head of the New Generation Movement.

The spokesman added, "For 11 years, we have been participating in this project to wait for profits, but the interest went to Shaswar Abdul Wahed, and we do not trust the judiciary and we know that our voice does not reach, because Shaswar has taken control of everyone with our money, as he generates for his party the profits of this project that belongs to us." .

Owners and stock investors in Jaffeeland amusement park in Sulaymaniyah had accused, in repeated vigils, the leader of the "New Generation Movement" Shaswar Abdul Wahed of seizing their money.

In August of 2019, a number of stock owners in the "Javi Land" amusement park in Sulaymaniyah announced the issuance of an arrest warrant against the leader of the New Generation Movement, the original owner of the project, Shaswar Abdul Wahed.

And Abdul Wahed is accused of embezzling nearly 70 billion Iraqi dinars from people, according to what the spokesman for the Kurdistan Regional Government, Jotiar Adel, announced in a press conference held in February of the year 2019.


A wise administration raised the price of the dollar.. A bold talk by the Minister of Finance about a surprise for the Iraqi economy, which bodes well - urgent 

link

Today, Wednesday, Finance Minister Ali Allawi confirmed the increase in cash reserves with the Central Bank to 90 billion dollars by the end of this .year, while setting the ratios of Iraq's commercial debts Allawi said, according to the official agency, that "the devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached in late 2020," noting that "the recovery in oil prices and wise financial management helped the reserves to to be $70 billion .by April

He added, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq," noting that "the depreciation of the Iraqi dinar against the US dollar in

December 2020 contributed to the decline of Demand for the US dollar, while the current demand for the dollar is higher than the declines seen in 2020, it is much ”.lower than the period before 2020

He pointed out that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues, and the increase in the government's provision of goods and services to citizens," stressing that "the increase in the Ministry of Finance's sales of US dollars in return for the decrease in demand for the dollar will ".lead to an increase in foreign currency reserves with the Central Bank

And on the commercial debt of Iraq, the Minister of Finance said, "The only real commercial debt of Iraq is two of three Eurobonds with an interest rate of 5.8% and 6.72%, while the third at an interest rate of 2.149%, which is guaranteed by the US ".government

And all other debts are on very concessional terms,” noting that “the external debt does not include the debts of the former regime, which amount to 57.8 trillion dinars, or the equivalent of $39.9 billion, and have been frozen since 2003 without interest . ”.or repayment as part of the Ministry of Finance’s work to reduce debt

And Allawi stated, "The ministry has reconfigured all local debts as follows: The balance of all local debts has medium or long-term terms, after the government agreed with the Central Bank and public banks in 2020 to convert all current treasury transfers (bonds) into loans for 10 years and for 20 years, With repayment of installments starting from March 2021 and an interest rate reduced to 2%, "while the ".total external and internal debts amount to more than 99 trillion dinars

And he continued, "The Council of Ministers, in its session held on Tuesday, April 5, 2022, agreed to adopt the strategy for repaying the internal public debt for the years (2022-2024), which was prepared by the Public Debt Department / Ministry of Finance within the draft federal budget bill. for the Republic of Iraq for the fiscal year .2022 He noted that "inflation in Iraq is lower than that of emerging economies and the ".group of oil-exporting countries 


The Governor of the Central Bank of Iraq meets the Governor of the Bank of England
 
 
The Governor of the Central Bank of Iraq meets the Governor of the Bank of England
 
 

On Tuesday, 24 May 2022, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhief, met the Governor of the Bank of England during his visit to London to participate in the Conference on Sustaining Economic Growth, which was held by the Iraq British Business Council.
The two sides stressed the importance of central banks and monetary policy in facing economic challenges, ensuring macroeconomic stability and supporting economic growth.
The Governor of the Bank of England welcomed the training of the Central Bank of Iraq's staff in various fields. And the importance of developing banking relations between the two countries.

Central Bank of Iraq
Media Office
 May 25, 2022

Central Bank Governor: We will continue to support the banking sector to develop the Iraqi economy 
  
 
844.jpg

The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, affirmed the Central Bank's commitment to support and develop the Iraqi banking sector to expand financing for economic development, develop the electronic payments system, and increase the level of financial inclusion.

During his speech at the conference on the sustainability of economic growth organized by the Iraqi-British Business Council in the British capital, London, on Tuesday, Mokhif said, "The banking sector has withstood great challenges, as most of the banking sector indicators have witnessed, and still are, positive growth during the year 2021."

He pointed out that "the initiatives of the Central Bank have supported economic recovery and contributed to ensuring a reasonable level of employment in the complex conditions that the country has gone through," adding: "We continue to support efforts to confront climate change with other government institutions, as the Central Bank allocated an initiative in the amount of one trillion dinars." to finance the purchase of clean energy systems.

It is noteworthy that the conference witnessed the participation of a number of government officials, private banks and the Iraqi and British private sectors, and discussed the investment files and the white paper prepared by the government as a plan for the advancement of the Iraqi economy


After 17 months of its approval, the Minister of Finance explains the results of the decision to devalue the Iraqi currency

link

 

Finance Minister Ali Abdel Amir Allawi spoke, on Wednesday, about the results of the government's decision to raise the value of the dollar against the Iraqi dinar in December of the year 2020.

Allawi said, in a report on the economic situation of Iraq for the year 2022 seen by "Al-Iqtisad News", that "one of the most important results of reducing the price of the Iraqi dinar against the dollar is the recovery in foreign currency reserves with the Central Bank, and a significant decline in the difference between the official exchange rate and the price in the parallel market. By about 3-2% and at the same stable level for the years 2018 and 2019, adding that this “means that there is stability and reliability in the Iraqi market for the Iraqis, as well as removes most of the profit margin for those who exploit the currency market at the expense of the Iraqis.”

The devaluation of the Iraqi dinar against the US dollar also led to an “increase in oil export revenues by 23%, which allowed the government the financial space to increase spending in response to the needs of citizens, and also contributed to the decrease in the demand for the US dollar, and despite the current demand for the US dollar is higher than the decreases seen.” In 2020, it is much lower than the period before 2020."

He explained that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues and the increase in the government's provision of goods and services to citizens," noting that "the rise in the prices of the Ministry of Finance's sales in US dollars in return for the decrease in demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank."

Allawi pointed out that "the depreciation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached at the end of 2020," explaining that "the gap between the official exchange rate and the price in the parallel market increases during periods of turmoil and uncertainty, Therefore, the reduction of the aunt helped the Iraqi financial situation to restore stability and certainty for the Iraqis and increased the confidence of foreigners to invest in Iraq.

The minister hopes that "the recovery in foreign currency reserves with the Central Bank, the stability of the Iraqi dinar exchange rate and the stability and stability of financial policy will lead to enhancing confidence in the Iraqi banking system by increasing the strength of deposits and loans."

He believed that "Iraq's direct devaluation of its last currency avoided risks because the forced currency devaluations confuse people's confidence in the banking system and lead to hoarding cash and withdrawing deposits, which puts pressure on the banking system," noting that "pumping liquidity into the economy will raise the non-oil gross product by an estimated rate." 20% in 2021 after declining by an estimated 8% in 2020.”


Masrour Barzani: The international conferences are a window to enhance the role of the Kurdistan government as a regional partner

link

 

Kurdistan Regional Government Prime Minister Masrour Barzani stressed today, Wednesday, the importance of participating in international conferences, especially the World Economic Forum in Davos, noting that these participations make the region convey its voice and views on global issues.

Masrour Barzani wrote on his Twitter account, "Our participation in international conferences gives us a voice in global discussions, and is a window to influence policies and strengthen the Kurdistan Regional Government as a regional partner."

"We are not alone with the challenges. And if others succeed, we can too," he added.

Masrour Barzani
 
@masrour_barzani

Our presence in international conferences gives us a voice in the global debate; a window to influence policies and consolidates the KRG as a regional partner in its own right. We’re not alone with challenges. And if others have succeeded, we can too -mb. #WEF22
he tweeted a video of kurdistan it's very pretty.
 
 

Masrour Barzani had told reporters earlier in the day that his participation in the global forum aims to convey the Kurdistan Region's viewpoint on the global issues raised in Davos.

Over the past four days, Masrour Barzani held numerous meetings with senior officials to discuss a number of important issues, particularly food and energy security.

During  a panel discussion at the forum held yesterday, Tuesday , Masrour Barzani highlighted the current political issues in Iraq and presented possible solutions.

 

The “Arab Monetary” discusses the digital economy and economic

policies

link

The Institute for Training and Capacity Building, in cooperation with the Economic Department of the Arab Monetary Fund, organized a "remote" training course on "the digital economy and economic policies", during the period from 23 to 26 of this month.
The Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, Abdul Rahman bin Abdullah Al-Hamidi, said: "The training course is concerned with analyzing the implications of digital transformation on the management of macroeconomic policies, including both financial, monetary and prudential policies.the college.
 
He explained that "the course will discuss a number of related topics, including the general framework and methodologies for measuring the digital economy, as well as strategies and future visions for the transformation towards a digital economy in the Arab countries, as well as the digitization of public finances, digital government services, in addition to digital currencies issued by banks. Centralization, digital financial transformation, and digitization of financing processes Trading".


Below here is the WOTS for the day "Word on the Street" report:

List of the Iraqi dinar exchange rate against the dollar on the Iraqi Stock Exchange for today, Wednesday, May 25, 2022, according to specialists.  


Baghdad - the stock exchange  

148,125  

The price in most exchanges  

147,500  

148,500 



The Markets:
The Asian markets closed mixed NIK down by .26% HSI up by .29% SHANG up by 1.19%
The UK markets are currently trading in the green from .24% to .61%
Our futures are currently trading mixed DOW at 31877 down by .02% SNP at 3942.25  up by .06% NDX at 117858 up by .14%

Precious Metals:
Gold is red at 1852 Silver is red at 21.82 Copper is red at 426 Platinum is red at 944 

Brent 115 WTI  111   Bitcoin: 29,702  10 yr yield: 2.75

Favorite Currencies Forex Quotes

SymbolBidAskHighLowOpenChangeTime
 USD/IQD  1429.7000  1485.7000 1458.3000 1458.2000 1458.3000  0.6000 11:36
 USD/VND  23190.0000  23205.0000 23198.7500 23197.1800 23198.7500  -2.0200 05:02
 USD/CNY  6.6728  6.6748 6.6759 6.6525 6.6525  0.0204 05:23
 USD/KWD  0.3054  0.3064 0.3055 0.3054 0.3055  -0.0001 05:01
 GBP/USD  1.2496  1.2497 1.2559 1.2492 1.2530  -0.0034 05:25
 USD/IRR  42100.0000  42600.0000 42332.1000 42332.1000 42332.1000  30.3000 11:04
 USD/IDR  14591.0000  14619.0000 14662.0000 14593.0000 14635.0000  -42.0000 05:21
Things in the News:


Iraqi Articles:

Protesters beat up the protection of a government building in southern Iraq

link

1652172861525.jpg

 

A security source in Dhi Qar Governorate said today, Wednesday, that two members of the protection of the petroleum products building were injured by protesters in the south of the province.

The source told Shafaq News Agency, that protesters organized a sit-down for those demanding the appointment of the owners of the Ministry of Oil in front of the Oil Products Building, and they entered an altercation and friction with the protection elements of the building.

And between two security personnel who were severely beaten by the protesters, which required their transfer to the hospital,” he pointed out, noting that “a military force arrived at the scene of the accident to follow up on the aggressors and arrest them.”


After 17 months of its approval, the Minister of Finance explains the results of the decision to devalue the Iraqi currency

link

Finance Minister Ali Abdel Amir Allawi spoke, on Wednesday, about the results of the government's decision to raise the value of the dollar against the Iraqi dinar in December of the year 2020.

Allawi said, in a report on the economic situation of Iraq for the year 2022 seen by "Al-Iqtisad News", that "one of the most important results of reducing the price of the Iraqi dinar against the dollar is the recovery in foreign currency reserves with the Central Bank, and a significant decline in the difference between the official exchange rate and the price in the parallel market. By about 3-2% and at the same stable level for the years 2018 and 2019, adding that this “means that there is stability and reliability in the Iraqi market for the Iraqis, as well as removes most of the profit margin for those who exploit the currency market at the expense of the Iraqis.”

The devaluation of the Iraqi dinar against the US dollar also led to an “increase in oil export revenues by 23%, which allowed the government the financial space to increase spending in response to the needs of citizens, and also contributed to the decrease in the demand for the US dollar, and despite the current demand for the US dollar is higher than the decreases seen.” In 2020, it is much lower than the period before 2020."

He explained that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues and the increase in the government's provision of goods and services to citizens," noting that "the rise in the prices of the Ministry of Finance's sales in US dollars in return for the decrease in demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank."

Allawi pointed out that "the depreciation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached at the end of 2020," explaining that "the gap between the official exchange rate and the price in the parallel market increases during periods of turmoil and uncertainty, Therefore, the reduction of the aunt helped the Iraqi financial situation to restore stability and certainty for the Iraqis and increased the confidence of foreigners to invest in Iraq.

The minister hopes that "the recovery in foreign currency reserves with the Central Bank, the stability of the Iraqi dinar exchange rate and the stability and stability of financial policy will lead to enhancing confidence in the Iraqi banking system by increasing the strength of deposits and loans."

He believed that "Iraq's direct devaluation of its last currency avoided risks because the forced currency devaluations confuse people's confidence in the banking system and lead to hoarding cash and withdrawing deposits, which puts pressure on the banking system," noting that "pumping liquidity into the economy will raise the non-oil gross product by an estimated rate." 20% in 2021 after declining by an estimated 8% in 2020.”

A wise administration raised the price of the dollar.. A bold talk by the Minister of Finance about a surprise for the Iraqi economy, which bodes well - urgent 

link

Today, Wednesday, Finance Minister Ali Allawi confirmed the increase in cash reserves with the Central Bank to 90 billion dollars by the end of this .year, while setting the ratios of Iraq's commercial debts Allawi said, according to the official agency, that "the devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached in late 2020," noting that "the recovery in oil prices and wise financial management helped the reserves to to be $70 billion .by April

He added, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq," noting that "the depreciation of the Iraqi dinar against the US dollar in

December 2020 contributed to the decline of Demand for the US dollar, while the current demand for the dollar is higher than the declines seen in 2020, it is much ”.lower than the period before 2020

He pointed out that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues, and the increase in the government's provision of goods and services to citizens," stressing that "the increase in the Ministry of Finance's sales of US dollars in return for the decrease in demand for the dollar will ".lead to an increase in foreign currency reserves with the Central Bank

And on the commercial debt of Iraq, the Minister of Finance said, "The only real commercial debt of Iraq is two of three Eurobonds with an interest rate of 5.8% and 6.72%, while the third at an interest rate of 2.149%, which is guaranteed by the US ".government

And all other debts are on very concessional terms,” noting that “the external debt does not include the debts of the former regime, which amount to 57.8 trillion dinars, or the equivalent of $39.9 billion, and have been frozen since 2003 without interest . ”.or repayment as part of the Ministry of Finance’s work to reduce debt

And Allawi stated, "The ministry has reconfigured all local debts as follows: The balance of all local debts has medium or long-term terms, after the government agreed with the Central Bank and public banks in 2020 to convert all current treasury transfers (bonds) into loans for 10 years and for 20 years, With repayment of installments starting from March 2021 and an interest rate reduced to 2%, "while the ".total external and internal debts amount to more than 99 trillion dinars

And he continued, "The Council of Ministers, in its session held on Tuesday, April 5, 2022, agreed to adopt the strategy for repaying the internal public debt for the years (2022-2024), which was prepared by the Public Debt Department / Ministry of Finance within the draft federal budget bill. for the Republic of Iraq for the fiscal year .2022 He noted that "inflation in Iraq is lower than that of emerging economies and the ".group of oil-exporting countries 



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.   

Click on the link above for the latest update.

The CBI for rate is 1460

The currency auction for May 25th, 2022 total sales amount $210,116,617

including   $0. CASH 


ISX Update:   

www.isx-iq.net/   

Shares Traded: 
Value Traded: 

closed 


5-24-2022   Newshound Guru Clare  Article: "Efforts for a “legal justification” granting Al-Kazemi’s government the authority to send the budget to Parliament THERE IS AN OPTION TO  PASS IT UNDER KAZEMI, WITHOUT THE  SEATED NEW GOV...IMO  Question: "I understand that it can pass with Kazemi. My question is do we still have to wait for the RV even if the budget is passed due to the fact that there is still a caretaker government? IMO - NO...BECAUSE IT WILL ALL BE EXPOSED!... THEY WILL RELEASE ALL THEY HAVE BEEN HOLDING BACK FROM THE CITIZENS OR THEY MAY HAVE THE TIMING OF THE NEW GOV WORKED OUT WHERE IT ALL SHOWS TOGETHER...WE SHALL SEE!

5-24-2022   Intel Guru MarkZ   [
via PDK]  [The Nominal Effective Exchange Rate was last said to be about $1.60 per each USD…]  Yes Iraq has already addressed this NEER rate….their expectations if it is to go as a nominal effective exchange rate is around $1.60.  They have talked about this in their own news, in the banks and government... I still hear it will go at an Re-instatement at a minimum of the mid $3 range… 

5-24-2022   Newshound Guru Pimpy   Article: "For the seventh consecutive day...Iraq without deaths from the Corona virus"  We all know that's good news because it allows them to open up everything and get back to business as usual, as quickly as possible until...

5-24-2022   Newshound Guru  Breitling   People want to pull their money out now and I understand that but when they start adding value to the currency...how fast can we pull it out?  What's the limit per day?   ...they're still there.  They're still good.  And they're still 100% insured.     [Post 2 of 2]

5-24-2022   Newshound Guru Breitling  Question:  "Any word anything happening with Warka [Bank in Iraq]?"  All the banks in Iraq are in the exact same position and all their currency is guaranteed by the CBI...the money is still there and it's still backed up.  We just got to wait it out...I have a ton of money in Warka so I'm in the same boat.  We just have to wait it out and see how these guys open up the doors.  [Post 1 of 2....stay tuned]

5-24-2022   Newshound Guru Militiaman  So many things that are now working in parallels from taxes, tariffs at borders, the arrests for the corrupt, the pressures from the UN and even...by an International Justice Minister arriving of late.  The world is watching and helping all they can along the way...It is looking to be about that time where they put the exchange rate into gear.   [Post 2 of 2]

5-24-2022   Newshound Guru Militiaman   Article: "Al-Ghazi: Establishing welcome yards at border crossings contributes to simplifying procedures and reducing corruption"   To get to a market economy, there will need to be compliance with the IMFs Article VIII.  Lets not forget that the WTO is in the wings, as well...The UST has this week again noted that there is to be 137 countries that will be applying 15%+- Taxation and all will be digitally applied... Bye bye corruption. [Post 1 of 2]

5-24-2022   Intel Guru MarkZ   [via PDK]  ...this could be a possible big weekend…it’s a 3 day weekend with Memorial day.  The goal was always to release it on a 3 day weekend. We are in a great spot...

5-24-2022   Intel Guru  Frank26  Not only the government ATM machines but the private banks of Iraq ATM machines and they also will be talking about the ATMs that are owned abroad around the world internationally ...Why is the CBI going to discuss what they have accomplished with these ATMs not only inside of Iraq but also the ones that are all over the world international in private banks?  (Remember the private satellite banks? Good.)... they are talking about the new small category notes.   [Post 2   of 2]

5-24-2022   Intel Guru Frank26   IMO there will be two meetings.  This will be the CBI, the government of Iraq - Kazemi, Minister of Finance, Minister of Planning, they're going to bring in members of parliament.  IMHO on what they are going to be talking about Tuesday and Wednesday and eventually tell you (or not tell you but tell the citizens and you'll get it indirectly from FIREFLY boots on the ground report.) it will be a review/discuss the ATM machines in Iraq.  [Post 1 of 2....stay tuned]

5-24-2022   Newshound/Intel Guru Mnt Goat   ...Like no time before we are very, very close to the reinstatement. I have proof that the reinstatement was planned for January but was delayed due to security issues that I can not talk about... But now it is May already and I am hearing that all the preparations are in place and the IMF and the US Treasury are just waiting for the final push to do it...

5-24-2022   Newshound/Intel Guru RVAlready  Hopefully we keep rolling forward... Hopefully, this is over by the end of May.


Catnip's Corner:
On Hiatus