Even Central Banks Are Buying Gold for the Zombie Apocalypse WOTS MON NOV 7 22
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The instruction manual for surviving a zombie apocalypse is pretty straightforward. Once you’ve kitted out your bunker with canned goods and firearms, get a supply of bullion. You’ll need it to buy bullets and bribe your way out of a death fight in Thunderdome.
That’s a line of thinking you might associate with cranky gold bugs, but it’s not a million miles away from the rationale behind fund flows in the precious metals market right now — and nations are in the driving seat. Central banks bought 400 metric tons of gold in the September quarter, the World Gold Council reported this week. That’s a record inflow on a par with what they’d purchase over a whole year in normal times.
In the notoriously opaque world of government gold trading, it’s not always immediately clear who the biggest buyers are. Monetary authorities are such big players that they can distort the entire market by showing their hands, one reason that prices plummeted in the 1990s and 2000s when some of the European central banks sold in unison.
There is one obvious factor in common between the declared buyers, however: All are from nations facing serious problems. Turkey, whose lira slumped 52% over the year through September, added 95.5 tons to its gold holdings in the same period. Egypt bought 44.8 tons while its pound fell by 20%. India’s 40.5-ton purchase was matched by an 8.7% weakening of the rupee. Iraq’s dinar is fixed against the dollar, but credit-default swaps protecting against non-payment of its debts surged to nearly 9% in September, even after it bought 33.9 tons of the metal.
That’s a curious situation. Stacking up bullion in the central bank’s vault has long been a powerful signal to investors that a government is going to be a prudent and reliable borrower. No amount of gold buying, though, is going to convince anyone that the fiscally incontinent Egyptian government is a good credit. US 10-year Treasuries, currently yielding 4.2%, also look a much better proposition than a metal that pays no interest, especially now that gold is no longer outperforming the total returns on government debt.
Bullion does have one crucial advantage: unlike bonds, it doesn’t bind you into a relationship with an unreliable counterparty. US government debt was at one time the hardest form of currency, a true risk-free investment. Then, in February, coordinated sanctions on Russia’s central bank vaporized most of the $498 billion in reserves sitting on its balance sheet. The European Union is now looking at using those funds to pay for the rebuilding of Ukraine, Bloomberg News reported last week. In a world where you can trust no one, it makes sense to bulletproof yourself with metal.
Looked at through that lens, the purchases by Turkey and Egypt come into focus. Though both nations are key US allies, they’ve seen relations deteriorate substantially over the past decade as their governments have found themselves more simpatico with rising authoritarian powers. The path ahead for international relations is more uncertain now than it has been in decades. It makes sense in that world for central bank reserves not to be too heavily committed to ties with any one country.
The behavior of those smaller nations is a clue to the identity of the biggest buyers in the market, too. Declared purchasers only account for about 120 tons of the 400 tons that central banks bought in the September quarter, but you can get a good idea of the other candidates by looking at which countries have been racking up the largest current account surpluses. (Such surpluses, after all, are the balances which governments use to buy their foreign exchange reserves.) Outside of Europe, which stopped large-scale bullion purchases decades ago, the biggest players are all nations whose ties with the US are fraying by the day: China, Russia, and Saudi Arabia.
The dollar’s role as the world’s preeminent medium of exchange remains unassailable. Some 88% of currency transactions involved the greenback this year, according to the Bank for International Settlements. Still, its share in central bank reserves has been falling rapidly, from 65% at the end of 2016 to 59% earlier this year.
That’s almost certainly a result of Washington’s increasingly muscular view of its currency dominance in recent years, whether it means coercing French banks to obey US sanctions, forcing Hong Kong politicians to be paid with stacks of banknotes, or blockading Russia’s reserves from the global economy.
Such a situation makes gold look like an appealing alternative. Even then, though, there are risks. Venezuela is currently three years into a series of legal cases in London about whether its de facto president or his political rival should control its bullion reserves in the city’s bank vaults. So far, opposition leader Juan Guaido, who’s recognized by the UK government, seems to be winning. When the zombie apocalypse comes, even gold might not be enough to save you.
A Kurdish deputy warns the government against manipulating dollar prices: the dinar will lose the
world's confidence
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The former member of the Financial Committee, Ahmed Hama Rashid, called on the government not to manipulate the dollar exchange rate, describing any change as losing the confidence of international and local authorities in the Iraqi currency.
Rashid said in a press interview, “The current government’s attempts to change and reduce the dollar exchange rate will cause great losses to the Iraqi economy. The percentage of the deficit from 46 trillion to 21 trillion dinars, and thus the state reaped a great benefit.”
He added, “If the government lowers the dollar’s exchange rate and becomes cheap compared to neighboring countries, this allows it to be smuggled through many means, most notably through trade exchange, indicating that raising the price contributed to employing a large number of labor, revitalizing the industrial movement and developing local industries through the exchange difference achieved. Therefore, any prejudice to the currency rate will destabilize the market and the economy.”
Rashid pointed out that “the United Nations refuses to interfere with the monetary policy of the central banks in the world as independent bodies, and Parliament voted on their independence and non-interference with its decisions, and the government’s attempts to change the exchange rate will cause the confidence of international and local authorities to shake in the Iraqi currency and contribute to Iraq’s exit from international classifications.”
An economist comments on a proposal to prepare a medium-term budget
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The economist, Nabil Al Marsoumi, commented today, Monday, on the proposal to prepare a medium-term budget law over a period of three years.
Al-Marsoumi told "Mawazine News", "This proposal violates the features of the modern budget, because the general budget rules are prepared annually, meaning that it is prepared for one year and not more, in addition to the accuracy of its estimates," stressing that "Iraq's budget depends on an external variable represented by the price of oil".
He added, "More than 90% of the budget revenue depends on oil prices, so expecting the oil price for three years is unrealistic, as it is almost impossible and leads to an imbalance in public revenues."
And the independent deputy, Raed Hamdan Al-Maliki, announced, on Sunday, a proposal to prepare a medium-term budget for a period of three years.
The General Manager of Al-Rafidain Bank, an agency, officially takes over his duties
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Today, Monday, the General Manager of Al-Rafidain Bank, Muhammad .Samir Abbas, assumed his duties as managing the bank as an agency And the media office of the bank said in a statement received (Baghdad Today), that "the general manager held an expanded meeting with the heads of departments, as ".soon as he began his work, and listened to the tasks and nature of their work The statement added, "The Director-General directed to redouble efforts and work to ".advance and develop banking work in a manner that befits the position of the bank Abbas stressed, according to the statement, "the necessity of everyone's cooperation, overcoming the obstacles and problems facing the citizen, providing services to customers, facilitating the completion and completion of their transactions as quickly ".as possible, and simplifying procedures away from routine circles
The 2023 budget is on its way to Parliament.. a time limit for access and passage
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Today, Monday, the Parliamentary Finance Committee confirmed that it did .not know the details of the draft new budget law for the year 2023 Committee member Jamal Cougar told (Baghdad Today) that "until this moment, the Parliamentary Finance Committee does not know anything about the draft budget law for the year 2023," stressing, "We do not have any information about its paragraphs, as . ".it is still under study and construction by the government He added, "We expect that the draft budget law for the year 2023 will reach the Iraqi ".parliament within the next (20) days He pointed out that "Parliament will work to legislate it before the end of the current ".year, after studying it wel
Yesterday, Sunday, independent MP Hamid Al-Maliki submitted a proposal to the Ministry of Planning and the Finance Committee to prepare a medium- .term budget for a period of 3 years Al-Maliki said in a press conference held in the House of Representatives and attended by (Baghdad today), that "we submitted a proposal to the Ministry of Planning and the Parliamentary Finance Committee to prepare a medium-term budget for a period of ".three years
He added that "according to the provisions of Article 4 Second of the Financial Management Law No. 6 of 2019, which states the following, the Federal Ministry of Finance must prepare a medium-term budget for a period of three years, to be submitted once and legislated. For the second and third years, with the approval of the .House of Representatives He pointed out that "we asked the above authorities to consider this proposal, which is based on realistic justifications, and with the aim of developing a financial plan for the state with an average time ceiling that must be carried out in terms of programs and ".projects, and an estimate of current and investment revenues and expenditures
The Central Bank stops dealing in dollars with four banks in Iraq (document)
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The Central Bank of Iraq issued a circular to all approved banks and non-bank financial institutions.
And the bank confirmed, in a letter obtained by “NAS” (November 7, 2022), that “for auditing purposes, it was decided to stop dealing in the US dollar currency for the banks listed below, with the permissibility of dealing with them in other currencies.”
Dollar sales in the Central Bank of Iraq fall to the lowest level in two years
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Dollar sales in the bank's auction fell today, Monday, to the lowest level in nearly two years, to just over $80 million.
Shafak News Agency correspondent stated, "The Central Bank sold today, during its auction to buy and sell US dollars, 80 million and 337 thousand and 582 dollars, which were covered by the bank at a base exchange rate of 1460 dinars per dollar.
The average sales of the bank during the past week amounted to 158 million dollars.
Our correspondent added that 91% of these sales went to enhance balances abroad in the form of remittances and credits, which amounted to 73 million and 537 thousand 582 dollars, while the rest went in the form of cash sales, which amounted to 6 million and 800 thousand dollars.
Our correspondent indicated that 15 banks have responded to requests to enhance balances abroad, and 8 banks to meet cash requests, in addition to 21 mediation companies.
A wave of protests is expected..Ayn al-Sadr is looking towards a )comprehensive escalation against the government (report
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The American network, "MSN", suggested that the leader of the Sadrist movement, Muqtada al-Sadr, would "exploit" what it said were "expected demonstrations" during the next few months to topple the newly formed government of Prime Minister Muhammad Shia al-Sudani, before the latter .succeeded in arranging his papers enough to exclude the Sadrists And the network stated in a report published on the seventh of this November and translated by (Baghdad Today), that "Al-Sadr's followers see in Al-Sudani's personality as a follower of former Prime Minister Nuri Al-Maliki, and they expect him to target their ".interests by using his government authority in the coming period She added, "It is certain that al-Sadr, on his part, is preparing to exploit the Iraqi street ".against the Sudanese and his government
The network indicated in its report that "in view of the difficult conditions of the country and the spread of unemployment rates, which reached nearly forty percent of the total Iraqi youth, the failure of Prime Minister Muhammad Shia Al-Sudani to exploit the current financial liquidity enjoyed by the Iraqi budget will lead to an increase in popular discontent amid a current rise The momentum of the popular demonstrations again, .which continues now intermittently,” referring to the October 2019 demonstrations The network indicated in its report that "the wave of demonstrations expected to erupt in the coming months as a result of the continuing crises of unemployment, the lack of services and the economic decline, according to its description, will lead to its exploitation by Al-Sadr to take a proactive step against the Sudanese, during which he can topple his government before the latter succeeds in arranging his papers." enough ".to oust the Sadrist
Parliamentary Committee: Activating the Single Window Department will rid the investor of blackmail
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The Parliamentary Investment and Development Committee called, on Monday, to activate the Single Window Department to ensure an attractive environment for investment away from blackmail.
Committee member Hussein Al-Sabri said in an interview with the official newspaper, "The single window department concerned with issuing investment certificates actually exists, but it is not activated," adding that "if it is activated, the investor will get rid of the extortion he is subjected to by the departments that he must review to complete his work." ".
And he continued, "If this section is activated, this will create real competition among investors, and thus Iraq will turn into an attractive environment for sober companies," expressing optimism "in the future of investment in Iraq, especially after Prime Minister Muhammad Shia Al-Sudani emphasized the role of investment and the need to support the sector." private sector, thus contributing to the advancement of the agricultural and industrial sectors, as well as providing job opportunities for young people.
Al-Sabri explained, "The investment will open the way to benefit from the money in the country in order to move the economy and exploit it in important sectors such as housing, which has formed a crisis recently, and the industry that needs great development and modern mechanization, and the same is true in all sectors."
Iraq to prepare 2023’s budget law within 20 days
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Political deadlock and economic crises are the causes of delaying the preparation of the draft
Muhammed Nury, member of Iraqi Council of Representatives, announced in a press conference that the budget law of 2023 will soon be prepared within 20 days.
“we’re under severe pressure to prepare the draft of 2023’s budget law, we do our best to prepare it within 20 days” Nury said.
Mahood Hayani, member of Iraqi Council of Representatives, confirmed his colleague’s statement, noting that it’s the best time for preparing the budget draft.
Political deadlock and economic crises are the causes of delaying the preparation of the draft, Hayani added.
Kurdistan 24 reported earlier that top Kurdish officials are visiting Baghdad to discuss the preparation of the budget law.
Deputy: The 2023 budget will be presented within 8 weeks
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Member of Parliament, Mudar Al-Karawi, confirmed, on Monday, that the budget for the year 2023 will be presented within 8 weeks from now.
Al-Karawi said in an interview with “Information” that “the Sudanese government is serious about expediting the presentation of the 2023 budget within 8 weeks from now to be before the House of Representatives for the purpose of re-discussing it in terms of items and points,” noting that “the budget is very important because it determines the mechanism for disbursing funds and guaranteeing rights of all groups.
He added, "3 determinants will be present in the 2023 budget, most notably the price of a barrel of oil, the volume of non-oil revenues, securing the financial cover for contracts, and launching additional job opportunities in state institutions while ensuring the completion of the compensation payment file."
Al-Karawi pointed out that "the survival of high oil prices will help prevent any fiscal deficit in the 2023 budget," stressing "
Washington informs Kurdistan of its support for cooperation and agreement between Baghdad and Erbil
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A delegation from the US Consulate in Kurdistan Region affirmed, on Monday, Washington's support for cooperation and agreement between the governments of Baghdad and Erbil.
A statement by the Ministry of Finance in the Kurdistan Region stated to Shafaq News Agency, that "a delegation from the US Consulate visited the ministry today and met with the Minister of Finance of the region, Awat Janab, who confirmed during the meeting the regional government's support for the new Iraqi government and expressed his hope to obtain the legitimate rights of the Kurdish people through the constitution."
And about the visit of the Kurdish ministerial delegation to Baghdad, the Minister of Finance of the region indicated that "this visit comes with the aim of agreeing on the budget of the Kurdistan Region," hoping that "it will be a fruitful visit."
The guest delegation expressed its happiness with the aspirations and vision of the regional government, stressing the United States' support for all kinds of cooperation and agreement between the central and regional governments.
The Minister of Finance stresses the importance of working to develop prospects for cooperation with the United Kingdom
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Minister of Finance, Taif Sami, stressed today, Monday, the importance of working on developing prospects for cooperation with the United Kingdom.
And the Ministry of Finance stated in a statement that Mawazine News received a copy of it, that "the Minister of Finance, Taif Sami, received, today, the British ambassador to Iraq, Mark Bryson."
At the beginning of the meeting, the Minister of Finance welcomed the ambassador, stressing "the strength of the cooperation relations between the Republic of Iraq and the friendly United Kingdom, and the continuous development and growth they are witnessing in all fields, especially with regard to the financial and economic field and the importance of continuing to work on developing prospects for cooperation and partnership."
For his part, Bryson congratulated the minister on the occasion of assuming the duties of the Ministry of Finance, expressing at the same time "his government's aspiration to enhance cooperation with Iraq, especially with regard to aspects of money, investment and contribution to sustainable development projects in the country."
The 60% drop in central bank sales coincided with the central bank’s “tightening” of some “suspicious” banks.. What does it mean?
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Since the beginning of this November, the Central Bank's sales of hard currency began to decline by 35% compared to the average daily sales during the past weeks and months, as daily sales began to hover around 130 million dollars per day, compared to 200 million dollars per day during the past months.
The “Yes Iraq” platform monitored the window for selling hard currency to the Central Bank, since the beginning of this November, as 151.8 million dollars were sold on Tuesday 1/11 this month, 120 million dollars on Wednesday 2/11 this month, and 128.7 million dollars on Thursday 3. 11/11, while $135.5 million were sold during an auction next Sunday 6/11.
In general, "Yes Iraq" investigated the issue of sales and noted that the decline was only in cash sales, with the continued stability of foreign remittance sales, which could be interpreted as a decrease caused by the decline in citizens' cash requests for the dollar due to fears of reducing the price of the dollar in the coming days. by the new government.
However, the shock came today, Monday, the seventh of November, as the results of the currency sale window showed a decrease in the Central Bank’s sales to only $ 80 million, and by 60% compared to the daily average during the past weeks and months, in which daily sales amounted to $ 200 million per day. The decrease was significant in sales allocated to foreign remittances for the purpose of import, which amounted to only $73 million.
This significant decline opened other doors for possibilities that go beyond the issue of a decrease in monetary demand for the dollar, especially since the matter came in conjunction with the escalation campaign led by the Central Bank recently, which was translated in the document issued on Sunday, November 6th.
A document seen by "Yasin Iraq" showed that the Central Bank directed all banks not to deal with 4 banks in hard currency, the dollar, which are all of the "Al-Qabd, Al-Ansari, Middle East and Asia" banks.
Perhaps it is not a coincidence that 3 of these banks belong to the controversial businessman Ali Ghulam, who...
His name is known more clearly after the Rafidain Bank scandal and the signing of a contract with a large penalty clause to build ATMs for the Rafidain Bank.
The "Yes Iraq" platform had published a previous report based on data obtained from informed sources, which indicated that 30% of the sales of the Central Bank were from the share of the three Ali Ghulam banks.
From here it can be reached the possibility of a link between the decline in currency auction sales, and the restrictions that the Central Bank began to exercise on some banks, including Ali Ghulam's banks, and prevent them from participating in the currency auction.
Economic Center: The 2023 budget is the largest in Iraq's history... offset by a significant increase in prices
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Manar Al-Obaidi, the head of the Iraq Future Economic Center, expected, on Monday, that the 2023 budget would be the highest in Iraq's history, but he warned of a major economic stagnation during the coming period.
Al-Obaidi said in a Facebook post seen by / the information / that "inflation rates are still rising on a monthly basis, and the annual inflation rate has reached the limits of 6%, a significant increase from previous years, bringing the record to the limits of 120."
He warned that "high rates of inflation have negative effects on the Iraqi economy and could lead to a major economic recession if the responsible authorities such as the government and the Central Bank did not accelerate to adopt support plans that would break the pattern of rising inflation and try to convert it into a descending pattern."
He explained that "the plans are based on supporting important food and pharmaceutical imports and trying to reduce the price of fuel to support local projects and work to find industrial, food and pharmaceutical dollars, which depends on supporting imports from these sectors in a way that contributes to reducing the prices of these materials, which would break the stereotype of rising inflation. ".
He cautioned that "the absence of economic plans may lead to unimaginable consequences, especially as we are on the verge of approving a budget that may be the largest in the history of Iraq."
An expert explains the reasons for the central bank’s decision to stop dealing in dollars with 4 banks
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The economic expert, Daoud Al-Halfi, explained, today, Monday, the reasons , for the central bank’s decision to stop dealing in dollars with 4 banks, indicating that these banks withdraw large sums of hard currency from the central bank auction on the pretext of importing and smuggling them abroad. Al-Halfi said in a statement to (Baghdad Today), that "the banks that have been suspended from dealing with dollars are withdrawing huge funds from the central bank under the pretext of commercial import and export, while they are not importing the ".quantities required of them, so dealing in dollars with these banks was prevented
He added, "The central bank's decision was correct and thoughtful, as it gives the bank comfort to preserve the hard currency and direct it correctly in helping the merchants ".and the country Al-Halfi continued, "The decision will also contribute to limiting the smuggling of hard currency outside the country, as in one of the past weeks witnessed the sale of the Central Bank of 750 million dollars, and this number is very large and a dangerous indication that the currency is being smuggled without benefiting from it in the internal ".market
He pointed out that "preventing these banks from dealing in dollars and opening the door for them to deal in other foreign currencies is a positive indication for maintaining ".the hard currency, especially the dollar
The Central Bank’s sales fell today, Monday, to 80 million dollars, which is 60% less than its average daily sales, which were 200 million dollars per day during the past weeks and months, in conjunction with the Central Bank’s issuance of a decision to stop dealing .with banks in Asia, Al-Ansari, Al-Ghadeer and the Middle East in hard currency The file of hard currency smuggling out of Iraq remained a subject of controversy in popular, parliamentary and governmental circles, especially with the large annual difference between the central bank’s sales of dollars transferred abroad for the purpose of import, and what actually entered annually from imported materials into Iraq, .according to the Ports Authority data and its conflict with the bank’s data. central
An American was killed in Baghdad
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According to a security source, the death of an American citizen in central Baghdad.
In an interview with Mawazine News, the source said, "Unidentified persons opened fire on a Prado car in Karrada, central Baghdad."
He added, "The shooting resulted in the death of a person holding American citizenship."
After the American... the death of a Canadian officer in Baghdad and an investigation into its circumstances
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The Canadian Armed Forces announced the death of one of its officers in the capital, Baghdad.
And she said in a tweet on Twitter: "Captain Eric Cheung died, on Saturday, in impractical circumstances in Baghdad, and the circumstances of this incident are currently being investigated."
The announcement of this incident coincides with the assassination of a person with US citizenship by gunmen shooting at his car in the center of the capital, Baghdad, this evening.
Al-Sadr criticizes the attack against turbans in Iran
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The head of the Sadrist movement, Muqtada al-Sadr, criticized, on Monday, the attack against turbans in Iran.
This came in a tweet via Twitter, which was reviewed by Mawazine News.
Below is the text of the tweet:
In the name of God
It became obligatory (the world)
To show his knowledge in the face of these challenges
It is faced by religion in general and Islam in particular. According to my understanding, I find that the hostile attack is escalating day by day
in all parts of the world.
And the attacks from within the religion and the religious, and within Islam, in terms of some repulsive and aggressive behavior, which God Almighty has not sent down from a more dangerous authority. However, here I do not want to discuss this now.. I focus on external attacks, starting with the drawings against our greatest Messenger and the burning of the Book of God Almighty.
And the war against the veil and Muslims in Western countries.
Moreover, the most dangerous are the challenges that religion and Islam face in the Islamic countries because of the external attack, such as sympathy with the Israeli enemy and sympathy with
Corruption, homosexuals and the like.
Moreover, the most dangerous are the challenges that religion and Islam face in the Islamic countries because of the external attack, such as sympathy with the Israeli enemy and sympathy with
Corruption, homosexuals and the like.
Then the fierce attack against the Islamists and against (the turbaned people and the campaign to take off the bite and the veil in the Islamic Republic, and it may permeate the rest of the countries and may matter
Dropping turbans to dropping the veil from the heads of chaste veiled women
We are all responsible before God Almighty for those shameless transgressions by focusing on our actions, persevering in good deeds, and applying the truth to ourselves.
before others.
If you would like to send me a Cashapp gift
Below here is the WOTS for the day "Word on the Street" report:
The dollar exchange rates on the local stock exchange on Monday (November 7, 2022), according to the monitoring of specialists.
Baghdad - in the Stock Exchange of struggle
147,000
……
The price in most exchanges
146,500
147,500
————————-
Basra - Bursa
147,000
————————-
Ariel - Bursa
147,100
———————
Sulaymaniyah- Market
147,125
The Markets:
The Asian markets closed up NIK up by 1.21% HSI by 2.69% SHANG by .23%
The UK markets are currently trading in the green mostly from .05% to .89%
Our futures are currently trading up DOW at 32590 by .48% SNP at 3799 by .52% NDX at 10947 by .52%
Precious Metals:
Gold is green at 1679 Silver is red at 20.71 Copper is red at 3.62 Platinum is green at 971
Brent 98 WTI 92 Bitcoin: 20,770 10 yr yield: 4.14
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|
| USD/IQD |  1409.6000 |  1470.1000 | 1441.3000 | 1441.3000 | 1441.3000 | -17.5000 | 15:37 |
| USD/VND | 24870.0000 | 24874.0000 | 24872.7600 | 24872.1900 | 24872.7600 | -0.7900 | 04:01 |
| USD/CNY |  7.2269 | 7.2289 | 7.2493 | 7.1811 | 7.1843 | 0.0428 | 05:14 |
| USD/KWD | 0.3091 | 0.3101 | 0.3097 | 0.3094 | 0.3097 | -0.0003 | 05:17 |
| GBP/USD | 1.1458 | 1.1459 | 1.1470 | 1.1291 | 1.1312 | 0.0086 | 05:24 |
| USD/IRR | 42100.0000 | 42600.0000 | 42332.1000 | 42332.1000 | 42332.1000 | 23.7000 | 10:24 |
| USD/IDR | 15648.0000 | 15664.0000 | 15716.0000 | 15620.0000 | 15620.0000 | 38.0000 | 05:24 |
Things in the News:
Iraqi Articles:
The 2023 budget is on its way to Parliament.. a time limit for access and passage
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Today, Monday, the Parliamentary Finance Committee confirmed that it did .not know the details of the draft new budget law for the year 2023 Committee member Jamal Cougar told (Baghdad Today) that "until this moment, the Parliamentary Finance Committee does not know anything about the draft budget law for the year 2023," stressing, "We do not have any information about its paragraphs, as . ".it is still under study and construction by the government He added, "We expect that the draft budget law for the year 2023 will reach the Iraqi ".parliament within the next (20) days He pointed out that "Parliament will work to legislate it before the end of the current ".year, after studying it wel
Yesterday, Sunday, independent MP Hamid Al-Maliki submitted a proposal to the Ministry of Planning and the Finance Committee to prepare a medium- .term budget for a period of 3 years Al-Maliki said in a press conference held in the House of Representatives and attended by (Baghdad today), that "we submitted a proposal to the Ministry of Planning and the Parliamentary Finance Committee to prepare a medium-term budget for a period of ".three years
He added that "according to the provisions of Article 4 Second of the Financial Management Law No. 6 of 2019, which states the following, the Federal Ministry of Finance must prepare a medium-term budget for a period of three years, to be submitted once and legislated. For the second and third years, with the approval of the .House of Representatives He pointed out that "we asked the above authorities to consider this proposal, which is based on realistic justifications, and with the aim of developing a financial plan for the state with an average time ceiling that must be carried out in terms of programs and ".projects, and an estimate of current and investment revenues and expenditures
Dollar sales in the Central Bank of Iraq fall to the lowest level in two years
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Dollar sales in the bank's auction fell today, Monday, to the lowest level in nearly two years, to just over $80 million.
Shafak News Agency correspondent stated, "The Central Bank sold today, during its auction to buy and sell US dollars, 80 million and 337 thousand and 582 dollars, which were covered by the bank at a base exchange rate of 1460 dinars per dollar.
The average sales of the bank during the past week amounted to 158 million dollars.
Our correspondent added that 91% of these sales went to enhance balances abroad in the form of remittances and credits, which amounted to 73 million and 537 thousand 582 dollars, while the rest went in the form of cash sales, which amounted to 6 million and 800 thousand dollars.
Our correspondent indicated that 15 banks have responded to requests to enhance balances abroad, and 8 banks to meet cash requests, in addition to 21 mediation companies.
A Kurdish deputy warns the government against manipulating dollar prices: the dinar will lose the world's confidence
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The former member of the Financial Committee, Ahmed Hama Rashid, called on the government not to manipulate the dollar exchange rate, describing any change as losing the confidence of international and local authorities in the Iraqi currency.
Rashid said in a press interview, “The current government’s attempts to change and reduce the dollar exchange rate will cause great losses to the Iraqi economy. The percentage of the deficit from 46 trillion to 21 trillion dinars, and thus the state reaped a great benefit.”
He added, “If the government lowers the dollar’s exchange rate and becomes cheap compared to neighboring countries, this allows it to be smuggled through many means, most notably through trade exchange, indicating that raising the price contributed to employing a large number of labor, revitalizing the industrial movement and developing local industries through the exchange difference achieved. Therefore, any prejudice to the currency rate will destabilize the market and the economy.”
Rashid pointed out that “the United Nations refuses to interfere with the monetary policy of the central banks in the world as independent bodies, and Parliament voted on their independence and non-interference with its decisions, and the government’s attempts to change the exchange rate will cause the confidence of international and local authorities to shake in the Iraqi currency and contribute to Iraq’s exit from international classifications.”
A meeting on oil between Baghdad and Washington
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Oil Minister Hayan Abdel Ghani discussed with the US ambassador to Iraq, Alina Romanowsky, the file of oil relations between Baghdad and Washington.
A ministry statement said that a meeting between the two sides took place in the Iraqi Oil Ministry building , which witnessed "discussions on bilateral relations between Iraq and the United States, especially in the oil and energy sector and ways to develop them, in a manner that serves common interests."
The statement added, "The American ambassador congratulated Al-Hayani on the occasion of assuming his duties, forming the new government, and winning the confidence of the House of Representatives."
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 November 7th, 2022 total sales amount $104,860,000.
11-7-2022 Newshound/Intel Guru Mnt Goat I am seeing a trend here is the recent many articles about this 2023 budget issue. They keep talking in the same articles about also the dinar and changing the exchange rate. Could this be they want to budget in the cost of doing the project to delete the zeros and then reinstate it? They will have to move with urgency to meet the January target for the best time to RV. By the way the December 2020 devaluation did not occur until January of 2021. They only approved the devaluation in December. So go figure. They took the best window of time to do it, as the CBI has said all along that January is the best time for accounting reasons.
11-6-2022 Newshound Guru Pimpy A 4000% increase in value of a currency overnight is unrealistic. No currency has ever jumped up that high, that quick. You're more likely to see it happen in increments. I don't want you guys to get discouraged. I'm not saying that it won't get up in value. I'm not saying that it'll never reach $3.22. But this is not going to happen overnight. It'll be in a progressive manner.
11-6-2022 Newshound Guru Samson Article: "Al-Maliki's proposal to reduce the exchange rate turns into a popular demand, and the Sudanese are facing the test of implementation"11-6-2022 Newshound Guru MilitiaMan Article: "Deputy Ali Al-Mashkoor: There is a ready-made version of the budget that needs amendments only" There is a ready-made copy of the 2022 budget I suspect. The oil and gas law is not a new law. If not mistaken the EFSL has this covered for and in the year 2022. It only needs amendments not new law(s). Timing is of the essence it appears as there will be great loss. Regardless of easy or not the private sector and the citizens want the exchange rate to be an international one.11-6-2022 Intel Guru Frank26 Article: "A sudden drop in the dollar exchange rate in Erbil" 2 WEEKS AGO THE DOLLAR EXCHANGE RATE DROPPED IN IRAQ THEN LAST WEEK WE HAVE ANOTHER ARTICLE WHERE IT DROPPED AGAIN AND NOW THIS WEEK WHERE ONCE AGAIN THE RATE HAS DROPPED...THIS IS CALLED A GRADUAL REDUCTION. TA DA"11-6-2022 Newshound Guru Pimpy They've [Iraq] come a long ways. They're out of Chapter VII...they have $90 billion in foreign reserve assets... 132 tons of gold. They're doing all the things all the things necessary just to protect the current let alone increase the rate. Give it a little time. It'll happen as long as they continue down the right path...11-6-2022 Newshound Guru Breitling With the dinar, whether it revalues soon or whether it revalues later it doesn't matter...it's super important that you understand this. People have been sitting on the dinar and just sitting ...that's completely wrong...don't get locked up in one type of investment ...I'm always involved in something new...If you try to make money in one area and you don't expand, something is going to come along and eat it up. Whether it's health problems or a myriad of things coming down the road that can mess with you. That's why you can't stop...11-6-2022 Salesperson-Superstar Wanted Extremely lucrative and fun for the right person. Straight commission ($45,000 to $500,000 +), earn as much as you like, no caps. Flexible hours. Existing relationships with small businesses a plus…passion and great attitude a must. Apply here >>11-6-2022 Guru Nader From The Mid East [Looking at the dinar exchange rate chart on google] It's been since December last year I didn't see this line [exchange rate line going upward]. I'm excited about it. Something is happening. It's weird because no news today for the Iraqi dinar says that, 'the Iraqi dinar is going up'?11-6-2022 Newshound/Intel Guru Mnt Goat ...almost all the articles today in the news are about changing the exchange rate of the dollar thus the dinar to coincide...Yes, there are 8 articles on the subject matter...we read comments and opinions about changing the rate of the dinar from the World Bank, the economic expert, Jalil Al-Lami, the State of Law Muhammad Al-Shammari, the representative of the Al-Fateh Alliance, Salem Al-Anbaki and the Prime Minister Muhammad Shiaa Al-Sudani himself, who directed all ministers to prepare and present the government budget program within a week, indicating that changing the dollar exchange rate is a prerogative of the Central Bank.11-6-2022 Intel Guru MarkZ [via PDK] [If Kuwaits rate is $3+…wouldn’t Iraq’s be similar?] I think Kuwaits rate is around $3.35 and yes…they want it close to parity in the region for stability.
Catnip's Corner:
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