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On ‎5‎/‎21‎/‎2018 at 4:31 PM, mr.unlikely said:

I just stopped in, to see what condition my RV condition was in. Cmon Lebowski, bring it home!

 

 

That dinar on the bathroom wall, really tied the room together !! LOL. :D

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Iraq reveals its financial position

Iraq reveals its financial position

 

 

Release date: 2018/7/17 15:39 • 24 times read

[Ayna-Baghdad] 
Revealed a senior government adviser to the Prime Minister, Haider Abadi, on the situation of Iraq from the financial crisis and foreign debt and loans.

The economic adviser to the Prime Minister, the appearance of Mohammed Saleh, in a press statement today, "The government was able to overcome the financial crisis and the problems of deficit and debt and external borrowing and local control." 
He explained that "Iraq exceeded its financial crisis through the financial flows to the budget of 2018 achieved by the rise in oil prices in global markets, which amounted to $ 64 per barrel," stressing that "global oil prices are going up." 
Saleh pointed out that "the problems of deficit, borrowing and borrowing have become the past because of high oil prices," pointing out that "the situation has become more comfortable compared to the past months, which gave the government the power to overcome the financial crisis suffocating."
He stressed that "the implementation of some needs became more flexible than the past years by the financial flow in oil exports," noting, "If the parliament was present, the government sent a supplementary budget includes high oil prices for approval." 
He explained that "the surplus achieved in the current budget can not be manipulated, because it is not guaranteed in the draft budget law and will be recycled in the next budget on the grounds that the parliament ended its current session can not send a supplementary budget for approval. 
The financial adviser said that "in the event of a new parliament during the next two months could be sent the supplementary budget law for approval so that the new government to spend money on some projects due and stalled."
"It is not possible to talk about the figures of this surplus and the surplus achieved in this year's budget until after the end of the current fiscal year," Saleh said. 
He pointed out that "Iraq exceeded the so-called point of parity in which the federal budget in the case of balance-free deficit after the price of oil barrel to more than $ 60," stressing that "the financial abundance achieved in the past year." 
He added that "there are funds owed to the Iraqi government as salaries to employees and retirees and social welfare and the payment of debt and investment project expenses amounting to a monthly to seven or six trillion dinars," stressing that "these amounts will be cut from the monthly oil sales of up to 9 trillion," noting that "The remainder of these amounts will be carried over to the coming months."
As for the debts of the Iraqi government, the economic adviser says that "one third of Iraq's debt is subject to the debts of Paris Club, which has not been settled," noting that "these debts are mostly sovereign debt belonging to some of the Gulf states."

http://www.alliraqnews.com/modules/news/article.php?storyid=75922

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Currency of the Dinar

  

 Banks


Economy News Baghdad:

An official source in the Iraqi government, on Thursday, that the internal debt of the government of 46.4 trillion dinars.

The source, who preferred not to disclose his name to "Economy News", "The internal debt is currently 46.4 trillion dinars."

He added that "the Iraqi government is required to reduce the domestic debt during the next phase after the increase in oil prices and achieve financial abundance."


Views 24   Date Added 26/07/2018

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Officially ... The Lebanese government rejects the conditions of the Paris Club to pay the debts of Iraq

26-07-2018 01:35 PM
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Baghdad News -

 

 

The Lebanese government on Thursday decided to open the Lebanese border to Iraqis, saying it rejected the terms of the Paris Club to pay back Iraq's debt, which dates back to 2003.

 

"We hope that a solution will be found to the subject of Lebanese merchants and industrialists who deal with Iraq," said Nicola Tueni, minister of state for anti-corruption affairs in the caretaker government.

 

"What has been reached with the Iraqi authorities is that all debts from 2013 until today will be paid under contractual terms that have been contracted and this solve a large part of the problem."

 

He added that "for the debts dating back to 2003, the Iraqi authorities proposed to resort to the conditions of the Paris Club, but we still reject them and do not have to enter these conditions because of the unfairness of people." He stressed that "we walk the line of the opening of the Iraqi border of Lebanese and Lebanese borders To the Iraqis. "

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The Lebanese Minister of State for Combating Corruption, Nicola Tueni, said that the debts approved by Iraq are due from 2003 and other years before, and belong to legal persons and Lebanese industrial and commercial companies.
 
"These debts have been accumulating since the days of Saddam Hussein's regime in 1993, when Iraq was besieged and the United Nations established the oil-for-food program. On this basis, more than one Lebanese company entered to work in Iraq, These Lebanese companies faced more problems with delivery times. "
 
Tueni pointed out that during the period in which strikes were launched against Iraq and beyond, "many Lebanese traders had orders in the sea heading to Iraq, damaged by the strike, some of which were damaged, while others were not captured by Lebanese merchants or could not deliver them."
 
The Lebanese minister explained that these goods are estimated to cost "about one billion dollars according to prices in 1993, and these Lebanese requests extend from 1993 until after 2003."
 
"The Iraqi authorities have finally recognized the post-occupation period, from 2003 to today," Tueni said, adding that Baghdad "does not deny the accumulated debt since 1993, it recognizes it, but with a difference is a point of contention between us "He said.
 
"The Iraqi authorities say they want to pay the money due in 1993 but according to the treatment of the Paris Club, which says that there is an agreement between all the countries that owe it to Iraq, namely Russia, France and England," the Lebanese minister said. And the United States and China, to cancel their debt owed to them from the period from 1993 to 2003, provided that Iraq pays only 10% of these debts.
 
"The Iraqi side wants to accept Lebanon to be treated in the same way," he said, adding that 10 per cent of his debt, which is estimated at $ 1 billion, is being denied. And the Lebanese state is demanding debt on behalf of the Lebanese citizen and serving Lebanese society, industry and trade. "
 
The Lebanese minister revealed that Beirut is now seeking "to demand interest on these amounts because the value of the currency has changed and the companies (estimated at 153 companies) that lost their day or did not pay their money continued to pay the debts owed to banks.
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Date of release: 2018/7/26 13:10  168 times read
Lebanon demands Iraq pay its debts and benefits
(International: Euphrates News) Lebanese Minister of State for Combating Corruption, Nicola Tueni, said that the debts approved by Iraq, due from 2003 and other years before, and belong to legal persons and Lebanese industrial and commercial companies.
"This debt has been accumulating since the days of Saddam Hussein's regime in 1993, when Iraq was trapped and the United Nations established the oil-for-food program," the Lebanese minister was quoted as saying by Al-Gomhuriya newspaper. Lebanon has had more problems with deliveries. " 
Tueni pointed out that during the period of strikes against Iraq and beyond, "many Lebanese traders had requests in the sea destined for Iraq damaged by the strike, some of which were damaged, while others did not catch the Lebanese merchants the price or could not deliver. 
The Lebanese minister explained that these goods are estimated to cost "about one billion dollars according to the prices of the year 1993. These Lebanese requests extend from 1993 until after 2003."
"The Iraqi authorities have finally recognized the post-occupation period from 2003 to today," Tueni said, adding that Baghdad "does not deny the accumulated debt since 1993, it recognizes it, but with a difference is a point of disagreement between us" . 
"The Iraqi authorities say they want to pay the money due in 1993 but according to the treatment of the Paris Club, which says that there is an agreement between all the countries that owe it to Iraq, namely Russia, France and England," the Lebanese minister said. And America and China are required to write off their debts owed to them from Iraq from 1993 to 2003 provided that Iraq pays only 10 percent of these debts.
"The Iraqi side wants to accept Lebanon to be treated in the same way," he said, adding that 10 percent of Lebanon's debts, which are estimated at $ 1 billion, And the Lebanese state is demanding debt on behalf of the Lebanese citizen and serving Lebanese society, industry and trade. " 
The Lebanese minister pointed out that the mobilization of the debt file now is due to "the deterioration of the situation in Iraq, as this was not possible in the past, Iraq was subjected to siege and then to the strike and occupation ... Thus, the security situation there was not favorable," adding: "Today we began to restore the rights of Lebanese companies and institutions to the Republic of Iraq."
On the value of total debt, Tueni said that "the 1993 debt is estimated at $ 1 billion and receivables from 2003 are also estimated at $ 1 billion." 
"The Lebanese minister said that Beirut is now seeking to demand interest on these amounts because the value of the currency has changed and the companies (estimated at 153 companies) that lost their day or did not pay their money continued to pay the debts owed to banks.
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The Lebanese government decides to open the border to the Iraqis

The Lebanese government decides to open the border to the Iraqis
 


 

"We hope that a solution will be found to the subject of Lebanese traders and industrialists who deal with Iraq," said Nicola Tueni, state minister for anti-corruption affairs in the caretaker government.

Toni said in a press statement that "what has been reached with the Iraqi authorities is that all debts from 2013 to date will be reimbursed under contractual terms that have been contracted and this solves a large part of the problem," explaining that "for debt owed to the "Before 2003, the Iraqi authorities proposed resorting to the conditions of the Paris Club, but we still reject them and these conditions should not be entered into because of the unfairness of the people."

He also noted that "we are going through the opening line of the Iraqi borders for the Lebanese and the Lebanese borders for the Iraqis."

Keywords: 

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The Lebanese government issues a clarification on the full extent of its debts

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2 hours ago

 

Lebanon announced on Thursday that the debts approved by Iraq are due from 2003 and other years before and belong to Lebanese legal entities and industrial and commercial companies.

This was stated by Lebanese Minister of State for Combating Corruption Nicola Tueni in clarifying a journalist quoted by Al-Gomhouria newspaper on July 26, 2018.

 "These debts have been accumulating since Saddam Hussein's regime in 1993, when Iraq was trapped and the United Nations established the oil-for-food program. On this basis, more than one Lebanese company went to work in Iraq. Some of these Lebanese companies faced more problems over periods Delivery ".

Tueni pointed out that during the period of strikes against Iraq and beyond, "many Lebanese traders had requests in the sea destined for Iraq damaged by the strike, some of which were damaged, while others did not catch the Lebanese merchants the price or could not deliver .

The Lebanese minister pointed out that these goods are estimated to cost about $ 1 billion according to 1993 prices. These Lebanese requests extend from 1993 until after 2003 .

"The Iraqi authorities have finally recognized the post-occupation period from 2003 to today," Tueni said, adding that Baghdad "does not deny the accumulated debt since 1993, it recognizes it, but with a difference is a point of disagreement between us " .

"The Iraqi authorities say they want to pay the money due in 1993 but according to the treatment of the Paris Club, which says that there is an agreement between all the countries that owe it to Iraq, namely Russia, France and England," the Lebanese minister said. And America and China are required to write off their debts owed to them from Iraq from 1993 to 2003 provided that Iraq pays only 10 percent of these debts .

"The Iraqi side wants to accept Lebanon to be treated in the same way," he said, adding that 10 percent of Lebanon's debts, which are estimated at $ 1 billion, And the Lebanese state is demanding debt on behalf of the Lebanese citizen and serving Lebanese society, industry and trade . "

The Lebanese minister pointed out that the mobilization of the debt file now is due to "the deterioration of the situation in Iraq, as this was not possible in the past, Iraq was subjected to siege and then to the strike and occupation ... Thus, the security situation there was not favorable," adding: "Today we began to restore the rights of Lebanese companies and institutions to the Republic of Iraq ."

On the value of total debt, Tueni said that "the 1993 debt is estimated at $ 1 billion and receivables from 2003 are also estimated at $ 1 billion ."

"The Lebanese minister said that Beirut is now seeking to demand interest on these amounts because the value of the currency has changed and the companies (estimated at 153 companies) that lost their day or did not pay their money continued to pay the debts owed to banks .

http://www.nrttv.com/AR/News.aspx?id=2720&MapID=2

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Iraq calls for easing the weight of external debt to address economic development

09:01 - 10/08/2018

 
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BAGHDAD ( 
Reuters) - Iraq is speeding up its foreign debt portfolio, especially after it has weighed heavily on the country over the past years and eventually led to a wave of mass protests in the country. 
But Iraq, which has suffered financially in recent years from falling oil prices, is now looking to close the debt page as well as the war, and start to re-launch the economic wheel, opening its doors to foreign companies and investors. 
In an interview quoted by the agency, "Anatolia" Turkish, says the economic adviser to the Iraqi government, the appearance of Mohammed Saleh, the proportion of Iraq's external debt, moved from the former Iraqi regime, and therefore inherited.
Saleh adds that "these external debt estimated at 40 billion dollars, and under the Paris Club agreement must be written off 90 percent of this debt, noting that these countries do not claim these debts, nor sit at the table for dialogue to settle, but we think that is on the way to write off "He said. 
He continued: "The UAE has pledged orally to write off debts on Iraq by 100 percent, which is between 4 to 5 billion dollars, provided that the rest of the States take a similar step." 
"While a portion of the $ 38 billion domestic debt borrowed by the Ministry of Finance from the government banking system has been in recent years as a result of falling oil prices, 
"There are other sporadic debts for the International Monetary Fund, the World Bank, the G-7 countries, the money market borrowings, and other debt owed by the country as a result of the war (against the terrorist organization Da'ash), but not more than $ 15 billion .
** Oil rises 
and revenues expected due to recent oil spikes, says Mazhar Saleh: "Any other revenue generated by the increase in oil prices, will not be calculated in the financial budget, but is recorded as conversion income and has exchange doors." 
"For example, there is a budget deficit of 12.5 trillion dinars (10.58 billion dollars), so the deficit is covered by the surplus, and what remains is only possible through a supplementary budget approved by parliament." 
"If Iraq can not approve a supplementary budget under the Financial Management Law No. 95 of 2004 and for various reasons may be delayed assembly, any excess amounts not spent in 2018 is an opening balance for the budget of 2019."
Iraq's current year budget has set an estimated price of $ 45 per barrel for crude oil, with crude revenues accounting for about 95 percent of state expenditure, but oil prices have risen to $ 70 a barrel, meaning an increase in financial revenues. 
** The budget of 2019 
and dismissed the economic adviser to the government, fears the continued delay of the newly elected parliament to hold its meetings as a result of the procedures to verify the numerous appeals against the integrity of the elections held on 12 May last. 
He added: "The budget is currently prepared by the Ministry of Finance, according to the Financial Management and Constitutional Constraints, and in September next will be ready for presentation, and the following month to submit to the Council of Ministers, and then be submitted to Parliament. 
Central Reserve
Mr Saleh said reserves at the central bank began to pick up again last year as oil prices rebounded to $ 56 billion, which is on the rise. 
"Financial pledges 
and accusations of the failure of the donor conference for the reconstruction of Iraq, hosted by Kuwait in mid-February, between Saleh that" financial pledges received by Iraq estimated at 30 billion dollars. 
During the Kuwait conference, Iraq sought funds and investments of up to $ 88 billion to rebuild the war-ravaged Da'ash over the past three years. 
"The biggest pledges have been made by Saudi Arabia, the UAE, Kuwait and Turkey," Saleh said. 
"There is a plan for ten years to come, including the reconstruction of the affected areas will be funded through the donor conference and state budgets for the coming years."
Iraq ranks 166 out of 176 countries on the list of the most corrupt countries according to the latest list issued by Transparency International

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Standard & Poor's

  

 money and business


Economy News Baghdad:

The credit rating agency Standard & Poor's confirmed its credit rating to Iraq at (B- / B) with a stable outlook .

She said the stable outlook reflected expectations that policy measures, under the IMF program, would contain risks to Iraq's fiscal performance .

The agency confirmed that it may reduce its rating to Iraq if there is a sharp increase in net government debt or debt service expenses .

The agency noted in its statement that it does not expect to raise its ratings for Iraq over the next 12 months, but it may do if improved political stability and security, along with public finances .

The government's debt to Iraq will increase over the next four years and the government budget deficit and current account will worsen, she said .


Views 45   Date Added 08/25/2018

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%D8%A7%D9%8A%D8%B1%D8%A7%D9%86-%D8%A7%D9

   Information / Baghdad ..

The credit rating agency Standard Stendered Bourse to raise the  credit rating of Iraq in the event of  stable political and economic situation, warning of the worsening government debt crisis over the next four years.

 "Combating corruption and external security threats are major challenges for Iraq in the short term," the agency said in a report quoted by Reuters.

The stable outlook reflected expectations that policy measures, within the framework of the IMF program, would contain risks to Iraq's fiscal performance.

According to Reuters, the agency confirmed that it may reduce its rating to Iraq if there was a sharp increase in net government debt or debt service expenses.

Standard & Poor's has ruled out raising its ratings for Iraq over the next 12 months, but may raise the rating if political and security stability improves, along with public finances.

And warned that the government debt - Iraq will increase over the next four years and the government budget deficit and the current account will worsen.

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Standard & Poor's maintained its credit rating for Iraq at (B- / B) with a stable outlook expected to reduce this rating if the net government debt or debt service expenses increased.
The widespread corruption in Iraq hampers any possible political or economic development, the agency said in a report, noting that combating corruption and external security threats were key challenges for Iraq in the short term.
The agency expected to increase government debt to Iraq over the next four years and exacerbate the deficit in the government budget and current accounts 
Standard & Poor's said the stable outlook reflected expectations that policy measures under the IMF program would contain risks to Iraq's fiscal performance but did not expect to raise its ratings for Iraq over the next 12 months.
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Saturday 25 August
 
 
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Alsumaria News / Baghdad
expects credit rating agency "Standard Andborz" high indebtedness of Iraq and the worsening budget deficit, while warning that any increase in the debt may cut the credit rating of the country. 

"The government debt to Iraq will increase over the next four years," the rating agency said. 

"The government budget deficit and the current account will also be aggravated,"Reuters reported 

Standard & Poor's affirmed its credit rating for Iraq at (B- / B) with a stable outlook.

 

 


"The stable outlook reflects expectations that policy measures, within the framework of the IMF program , will contain risks to Iraq's fiscal performance," she said. 

But the agency warned that it "may reduce its rating to Iraq if there is a sharp increase in net government debt or debt service expenses." 

The International Monetary Fund estimates that the volume of government debt in Iraq reached 123 billion dollars last year, or 63.8% of GDP. 

In a report a year ago, the IMF expected Iraq's debt to rise to $ 132.4 billion this year, reaching a peak of $ 138 billion in 2020 before it starts to fall again. 

The IMF estimates that foreign reserves have fallen sharply from $ 78 billion in 2013 to $ 45 billion three years later.

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6 hours ago, ChuckFinley said:

More pressure. 

 

Keep  twisting on those thumb screws “ until they crack unde pressure “ 

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2 hours ago, 10 YEARS LATER said:

 

Keep  twisting on those thumb screws “ until they crack unde pressure “ 

I am liking your style. :lol:

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Expected to increase Iraq's indebtedness in the coming years

2 hours ago

Iraq's credit rating is (B- / B)

 

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NRT

The Standard & Poor's credit rating agency predicted that Iraq's budget deficit will worsen and its indebtedness will rise in the coming years, while warning that any increase in debt could reduce the country's credit rating . 

The agency said in a statement on Saturday, August 25, that the government debt to Iraq will increase over the next four years, and the deficit in the government budget and current account will also worsen, noting that Iraq's credit rating is (B- / B)  with a future outlook "The political and economic development is being hampered by widespread corruption . " "The stable outlook reflects expectations that policy measures, within the framework of the IMF program, will contain risks to Iraq's fiscal performance," she said .


 

The agency warned that it may reduce its classification of Iraq if there is a sharp increase in net government debt or debt service expenditures, where the International Monetary Fund estimates that the volume of government debt in Iraq reached 123 billion dollars last year, or 63.8% of the total output Local .

Ruled out , "S & P " raise their ratings for Iraq over the next 12 months, but it may raise therating if improved political stability and security, as well as public finance .  

Earlier, the International Monetary Fund expected Iraq's debt to rise to $ 132.4 billion this year, reaching a peak of $ 138 billion in 2020, before it starts to fall again . 

The IMF estimates that foreign reserves have fallen sharply from $ 78 billion in 2013 to $ 45 billion three years later .

The credit rating agency confirmed earlier that Iraq rated  B- / B with a stable outlook, noting that the stable outlook reflects expectations that the fiscal deficit will be modest over the next few years. 

R.

http://www.nrttv.com/AR/News.aspx?id=3727&MapID=5

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The agency classifies the most important challenges facing Iraq in the short term

Said that the government budget deficit and current account would worsen

 

46 minutes ago

11181 views

 

The credit rating agency "S & P" to raise the credit rating of Iraq in the event of stable political and economic situation, warning of worsening government debt crisis over the next four years.

"Combating corruption and foreign security threats are key challenges for Iraq in the short term, " the agency said in a report on Aug. 26, 2018 , Reuters reported.

The stable outlook reflected expectations that policy measures, within the framework of the IMF program, would contain risks to Iraq's fiscal performance .

The agency said it could reduce its rating to Iraq if there was a sharp increase in net government debt or debt service expenses , according to Reuters.

Standard & Poor's has ruled out raising its ratings for Iraq over the next 12 months, but may raise the rating if political and security stability improves, along with public finances .

She warned that the government debt to Iraq will increase over the next four years and the deficit in the government budget and the current account will worsen.

http://www.nrttv.com/AR/News.aspx?id=3750&MapID=2

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 Articles
A - Knowledge of Khalifa

A - Knowledge of Khalifa

A banking lecturer, researcher and economic writer

The confirmation of the world's largest credit rating agency, Standard & Poor's, on the stable outlook and confirmation of Iraq's credit rating at B- / B and the other credit agencies such as Moody's and Fitch on the stable side and the dual and stable financial and economic risks of Iraq, Indeed, there are expectations that the financial, political and economic measures are moving in the right direction. The framework of the IMF program, which includes all solutions to most of the risks in terms of the performance of the banking and financial sector in the country, Muna along with part of the public finances is the side that will affect the lifting of the classification of Iraq by the Agency itself or other agencies during the next 24 months and at a glance everyone knows the development of political stability and security in the Republic of Iraq, which is governed by the formation of the next government.

The completion of the formation of the government and the introduction of the government's program is a possible challenge as a result of this challenge will see whether the government debt of Iraq will rise or fall over the next four years and how to address the deficit in the government budget and whether the current account will worsen or that the net government debt or interest expenses of public debt will rise Or not in our view and in the general picture and with the ability of the Iraqi Central Bank to maintain the Iraqi dinar against the dollar during the past years and beside all the global economic challenges, including low oil prices and its ability to shy to attract foreign capital and regulate Homeland House financial and banking in Iraq through the opening and integration of more banks, Iraq will be able to stabilize its credit rating and even raised during the 24 months coming through monetary and fiscal policies pursued by both the Ministry of Finance and the Central Bank of Iraq.


Views 42   Date Added 08/27/2018

 
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    • By Jim1cor13
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      This Sovereign Debt Crisis is the nature of the beast we face. Understanding that crisis is half the battle for after the business cycle turns, there will be a lot of finger-pointing but you can bet it will never be pointing at government. It does not matter what country we are from, the people are the same. The audience last night in Warsaw was articulate, understood, and the audience made it known that they too distrust government. It really matters not our nationality. People never start wars, only governments which are not the people.
       

       
      It is also never private debt that causes the end of a nation, it is the debt of government. When people default, their assets are seized and they were often thrown in debtors prison. When government defaults, you get revolution. Adam Smith called this the highest impertinence of kings to pretend to watch over the debts of the people and not their own. This cycle of political change is about 309.6 years. The last wave began in the 1600s and culminated in the late 1700s, The wave before that is where capitalism began during the 14th century with the reintroduction of wages and taxes following the Black Death of 1346-1353.
       
       

       
      The American people were not in support of the revolution until the very end like a Phase Transition. Those who wanted to leave Britain were only about 33%. Then a writer issued a pamphlet by the name of Thomas Paine entitled Common Sense. Paine explained that the nation or society is only the people and that government views itself as the nation yet is entirely different right from its origin. He further explained that “Society is produced by our wants, and government by our wickedness; the former promotes our POSITIVELY by uniting our affections, the latter  NEGATIVELY by restraining our vices. The one encourages intercourse (cooperation of people creating an economy) the other creates distinctions. The first a patron, the last a punisher.”
       
       

       
       
      We can see that despite the American and French Revolutions, government reverts always back to the dominant punisher assuming the very same power against which the people revolted to begin with. We can see Thomas Paine’s words are applicable today. The US government called Snowden a traitor for telling the people the government was illegally searching and seizing everything. It was irrelevant that he informed the people about the illegal acts of government. It was treason by their definition because he revealed what they were doing illegally to the people. That reflect what Paine said – they see themselves as the nation not the people who they exploit for their own survival.
       
      Understanding who is the enemy is the very first step in the reform process. About every 309 years we reach a crisis in government. This has been resolved unfortunately with violence for whoever is in power never goes quietly into the light. The late 1700s was of course the American and French Revolutions and today the people of both nations have less rights than existed when they rose up in their respective revolutions. Both were sparked by a debt crisis.
       
      In Britain, George III needed money so badly, he was taking Spanish coins and counterstamping his own image and making them English. The Assignates were paper money issued by the French that was back by confiscating the property of the Catholic Church. The Crown had bailed out the debt of the Mississippi Bubble of 1720 and that imposed harsh taxes upon the French people. We are in the very same position of a Sovereign Debt Crisis once again that is turning to confiscating everything we have as well as government is always driven by debt.
       
      Thomas Jefferson was highly practical. He wanted the Constitution to automatically expire every 19 years and he was against any government debt. Why? A national debt to Jefferson was taxing the next generation without representation. Indeed, we are being heavily taxed to support the continued rollover of debt.
       
      Without question, this is where we are once again. Jefferson understood looking at history that it repeats because human nature never changes. He saw war was caused by standing armies and once government is paying to maintain such a force, it is like have a car you never drive.
       
      If we look back 309 years from the 1700s, we come to the 14th-15th centuries. In Florence it began with a revolution where they too ran out and hanged bankers. The great series of tax revolts began on that cycle in England and France that finally culminated following the Black Death (1346–53) where capitalism really began with the reintroduction of wages given the shortage of labor.
       
      Perhaps this time we can put pressure for political change in eliminating debts and this viscous cycle of Sovereign Debt Defaults that destroy society. We can prepare for our individual survival by comprehending the nature of the beast. As was discussed in the session in Warsaw, it is true gold is no longer the savior since we cannot hop on a plane with a briefcase full of gold and seek a new start. Gold’s role may be local and in an underground economy, but make no mistake about that, government is well aware of that role as well.
       
      Governments are robbing anything travelers might have these days. There were even signs in Poland warning if you have more than €10,000 in cash or “assets” when traveling it was illegal. They will look for jewelry, stocks, gold, or diamonds. Anything they deem of value they can confiscate.
       
      This is a new age of authoritarianism and is not ending nicely. The idea of crypto-currencies is also rather foolish for nothing can compete against a government that is ruthless and broke. They have the guns and then tanks and will use them against the people. Our hope is to identify the problem and spread the word. Yeltsin stood on the tanks in Russia and asked the troops not to fire on their own people. If the pawns of government refuse to massacre their own people, then we can win. It is critical to understand that police and military will become the tool for both sides.
       
      This is why Brussels is now calling for a European Army. That will be their power and sending Greek troops into Germany will prevent the troops from siding with the people. This is also why there is a mad rush to create robots for war. They have no emotions and cannot be turned. Government understands their weak-link for throughout history it has always been the loyalty of the troops.
       
      That is what we must understand and we must understand that private assets are the means to survive – not pensions or government bonds. Eliminating cash is their way to force people into banks and prevent a bank-run. That will end in the total authoritarian government for you will not be allowed to buy or sell except without the grace of government.
    • By Sgwmax
      I am trying to understand what the community is referring too when the topic of taxes are raised as it relates to the impending CE.  I asked my tax advisor, and he explained to me that because the Currency being exchanged is in fact a debt note, and NOT a SECURITY, there are no taxes to be paid on any gains realized when the exchange is completed... so, please help me with understanding what I'm missing... Thanks everyone~!
    • By UNEEK
      Confessions of an Over-Saver: Why I Hate Spending Money
      Karen Mazzola, as told to Alden Wicker    Posted on May 31, 2013

      Everyone is talking about the crisis among twentysomethings. We don’t save enough. We’re behind on retirement. Our loans are untenable. We have high credit card debt.

      Not me.

      I’m a 27-year-old legal consultant in New York City. I don’t make six figures, but I make a comfortable income. And I like saving. A lot. Maybe a little too much.

      I max out my 401(k), have a robust savings account and no credit card debt, and I paid off $34,000 in student loans in less than a year. Even my parents think I’m an over-saver, and they save a lot.
       

        The author, Karen Mazzola at her mother’s wedding, where she wore a dress from Filene’s Basement and made her own bouquet. What Made Me This Way

      I was raised on Staten Island, New York in a middle class family. My dad was a teacher, and my mom worked for the government. We were generally financially secure, though somewhere below what would be termed “comfortable.” But for some reason, I got it into my head at a young age that we were poorer than we were.

      It probably had something to do with the fact that both my parents came from poor families. My dad’s parents were both factory workers who lived in Brooklyn in an apartment with no heat. When the factories would close down for a month in the summer, they went on temporary welfare.

      My mother grew up the oldest girl of seven kids in a two-bedroom house in Queens. She went to Queens College even though she was valedictorian of her class, because it was all her family could afford. I think she’s always regretted that she didn’t go somewhere fancier, so she’s made it her goal to give me and my brother as much as she could.

      For this reason, she tended to spoil us. I had several dozen Barbies, the Barbie dream house, the Barbie limo, the Barbie yacht (that thing had a working blender on it) and nice clothes.

      Of course, my mom bought everything on sale whenever she could, because that’s just how we roll in our family. And the rest of her money she saved and put in savings bonds … so she could give it to me and my brother later.

      (She gave my brother the down payment for his first condo and money for his next home with his wife, the result of saving a little bit of each paycheck since the day he was born.)

          I walk to work—it takes a half hour each way—rather than spend $2.50 each way on subway fare. That also saved me from getting a gym membership.

      I saw my parents fight about money a couple of times, and they were separated by the time I was eight. Though I later found out that their divorce was for very different reasons, I think that in my head I at least partly attributed their separation to money, which made me think that more money equaled less discord.

      How I Got Four Degrees and Owed Just $34,000

      My mom had saved money for college, but she thought it made more sense to go to undergrad for free and then go to a good graduate school. I applied to nine schools, got into all nine and I got four merit-based full-ride scholarships. Out of those four, I chose my favorite, the University of Delaware.

      College was basically free. My full ride came with housing and meals. I usually had some money left over from my book stipend, and I would live on that. I rarely ate outside of my meal plan. I didn’t drink until I was 21. There wasn’t much to do in my college town, and campus events were free or very cheap. I didn’t have a car, so I went to the mall maybe twice.

      The only thing I paid for was study abroad in Australia (and I went back for free as a teaching assistant the next year) and some summer classes, since I was getting two degrees, in civil engineering and English.

      After I graduated, I went straight to law school at Cornell. I used all the money my mom had saved for college, and during the summers I worked at a law firm. The rest of my degree I financed with the maximum amount of federal subsidized student loans.

      My second and third years in law school, I was a residential adviser. I loved being an R.A., but saving $10,000 a year on housing was definitely the impetus. I cooked most of my own food. My budget for going out and eating and drinking was probably less than $50 a month. I still had no car.

      When I did one more year at NYU to get my master’s in tax law, I lived with my dad in his studio in the city, even though all my friends lived in a dorm by the school. By the time I graduated, I had four degrees and only $34,000 in student loans.

      The day I graduated from law school in 2011, my mom found out she had breast cancer. I moved back home to live with her on Long Island, and used that time to apply for jobs. I got a job offer in the late fall, right around the time my mom finished with her surgeries and my student loans kicked in. My dad moved to Florida, so I moved back into his apartment in the city.

      Transitioning to Adulthood—and Saving Even More

      As soon as I started my job, I maxed out my 401(k) by putting in 21% of every paycheck. I put at least $1,600 (half of my take-home pay) toward my student loans each month – more than four times the minimum payment. My mom put $600 toward paying them off as well.

      The rest of my paycheck went toward roughly $700 for maintenance on my dad’s apartment, $100 for cable, $50 for utilities, $100 for groceries (vegetarianism and home cooking for the win!), $100 to charity, and a little bit to occasionally go out. I also tried to put money in my savings account, but inevitably took it out to put toward my loans anyway.

      While it might not be everyone’s idea of fun, I was obsessed with budgeting. Every dollar I spent on things other than loans had a 6.55% surcharge in my mind, because that was the percent I was being charged on my loans.

      I was really into online calculators and I maintained a massive spreadsheet detailing the principal, daily interest I was paying, and how much I would save overall if I paid off my loans faster.

      I was spending $5 a day in interest in the beginning, so I balanced this by walking to work—it takes a half hour each way—rather than spend $2.50 each way on subway fare.

      That also saved me from getting a gym membership and being crushed in rush hour subway traffic. I didn’t go out to eat often, if at all. I never got takeout.

      When I went drinking with my friends, I only paid in cash because then you can’t get a crazy bill, and you won’t forget your credit card somewhere. When the introductory price ran out on my cable, I cancelled it and switched to a digital antenna and a streaming video subscription.

      I will not pay retail on clothing—the most I’ve spent on a single piece of clothing this year was $100 on a deeply-discounted coat.

      I feel like there are two types of shoppers: hunter/gatherers like me, and farmers. The latter like everything in rows, organized by color and size, and they pay full price for the convenience. But I like to hunt for the one perfect piece and I will not spend more than 50% of the original price.

      My goal is to get 80% to 90% off. To do this, I go to stores like Marshalls and Century 21 (and then head straight to the sale section) or browse eBay and the local thrift stores.

      I have not taken a single day off work since I started 15 months ago. I reasoned that if I quit or got fired (not likely, but you never know), I would get paid for those vacation days. Each one is worth around $300, so I would think to myself, “Do I want this day off or do I want the $300?”

      I’m not sure if my bosses have noticed I’ve never taken a vacation day, but they definitely know I’m a saver. At work we generally congregate in the conference room for lunch after everyone gets takeout from various restaurants, but I always bring my lunch.

      I can’t fathom spending $15 for the convenience of having someone else make a salad for me when I don’t even spend $15 on my whole week of lunches—and they’re healthy (and delicious) lunches with lots of fresh veggies.

      So yeah, I’m vocal about it.

      My friends make fun of me sometimes, but in a good-natured way. Many are also recent law school grads, and they have incredible student loans, so they understand. We’ll get dollar pizza and Trader Joe’s wine and play video games at my apartment or go to dive bars.

      Sometimes they’ll comment on the fact that I’m more frugal than they are even though I no longer have loans and don’t pay full rent, but not in a negative way. I think anyone who would seriously criticize you for not spending as much them is a jerk, and I probably wouldn’t want to be friends with them anyway.

      Oh, and I never use my credit card. I probably have a terrible credit score, but I won’t need to take out any new loans any time soon. I just really hate paying interest.

      Bye-Bye, Student Loans

      I paid off my loans in September, less than a year after they kicked in, saving myself over $11,000 in interest. I switched from playing with loan calculators to retirement calculators (I love online calculators), and maxed out my IRA.

      I check my net worth every day and examine my spending using an online budgeting tool, like the LearnVest Money Center.

      In the past, I’ve never had more than $2,000 or $3,000 in the bank because I immediately put it toward my loans. Now I have real money, and I don’t know what to do with it! I’ll probably invest in the stock market or redo the bathroom in my apartment.

      I do spend a little more than I used to, and I don’t feel as guilty. If I see a piece of clothing I like, I’ll give myself a pep talk. “It’s $30, you like it, and you can afford it.” I still only buy items when they’re on sale, though.

      I feel like my life is pretty full, though I’m terrible at dating. I like to pay for my own food and drinks on a date, and I’ll think, do I like this guy enough to swipe my Metro Card to get there, pay $20 for food, $10 for drinks, and Metro Card it home? The answer is often no. But for my friends? I’ll pay that much to see them. It’s all about knowing what’s worth it to you.

      I know what you’re thinking, and it’s true: I’m pretty responsible, but I couldn’t have gotten here without my parents’ help and guidance. I’m incredibly grateful, especially to my mom.

      You know what my ultimate financial goal is? I hope to someday be rich enough that my mom never has to worry about money again. It’s probably impossible given her nature, but it’s my hope nonetheless.

      Love reading other people’s financial tales? Check out more great LearnVest-exclusive personal stories.
       
    • By thegente
      World Bank Insider Blows Whistle on Corruption, Federal Reserve

      Wednesday, 22 May 2013 

      A former insider at the World Bank, ex-Senior Counsel Karen Hudes, says the global financial system is dominated by a small group of corrupt, power-hungry figures centered around the privately owned U.S. Federal Reserve. The network has seized control of the media to cover up its crimes, too, she explained. In an interview with The New American, Hudes said that when she tried to blow the whistle on multiple problems at the World Bank, she was fired for her efforts. Now, along with a network of fellow whistleblowers, Hudes is determined to expose and end the corruption. And she is confident of success. 

      Citing an explosive 2011 Swiss study published in the PLOS ONE journal on the “network of global corporate control,” Hudes pointed out that a small group of entities — mostly financial institutions and especially central banks — exert a massive amount of influence over the international economy from behind the scenes. “What is really going on is that the world’s resources are being dominated by this group,” she explained, adding that the “corrupt power grabbers” have managed to dominate the media as well. “They’re being allowed to do it.”

      According to the peer-reviewed paper, which presented the first global investigation of ownership architecture in the international economy, transnational corporations form a “giant bow-tie structure.” A large portion of control, meanwhile, “flows to a small tightly-knit core of financial institutions.” The researchers described the core as an “economic ‘super-entity’” that raises important issues for policymakers and researchers. Of course, the implications are enormous for citizens as well.

      Hudes, an attorney who spent some two decades working in the World Bank’s legal department, has observed the machinations of the network up close. “I realized we were now dealing with something known as state capture, which is where the institutions of government are co-opted by the group that’s corrupt,” she told The New American in a phone interview. “The pillars of the U.S. government — some of them — are dysfunctional because of state capture; this is a big story, this is a big cover up.”

      At the heart of the network, Hudes said, are 147 financial institutions and central banks — especially the Federal Reserve, which was created by Congress but is owned by essentially a cartel of private banks. “This is a story about how the international financial system was secretly gamed, mostly by central banks — they’re the ones we are talking about,” she explained. “The central bankers have been gaming the system. I would say that this is a power grab.”

      The Fed in particular is at the very center of the network and the coverup, Hudes continued, citing a policy and oversight body that includes top government and Fed officials. Central bankers have also been manipulating gold prices, she added, echoing widespread concerns that The New American has documented extensively. Indeed, even the inaccurate World Bank financial statements that Hudes has been trying to expose are linked to the U.S. central bank, she said. 

      “The group that we’re talking about from the Zurich study — that’s the Federal Reserve; it has some other pieces to it, but that’s the Federal Reserve,” Hudes explained. “So the Federal Reserve secretly dominated the world economy using secret, interlocking corporate directorates, and terrorizing anybody who managed to figure out that they were having any kind of role, and putting people in very important positions so that they could get a free pass.”

      The shadowy but immensely powerful Bank for International Settlements serves as “the club of these private central bankers,” Hudes continued. “Now, are people going to want interest on their country’s debts to continue to be paid to that group when they find out the secret tricks that that group has been doing? Don’t forget how they’ve enriched themselves extraordinarily and how they’ve taken taxpayer money for the bailout.”

      As far as intervening in the gold price, Hudes said it was an effort by the powerful network and its central banks to “hold onto its paper currency” — a suspicion shared by many analysts and even senior government officials. The World Bank whistleblower also said that contrary to official claims, she did not believe there was any gold being held in Fort Knox. Even congressmen and foreign governments have tried to find out if the precious metals were still there, but they met with little success. Hudes, however, believes the scam will eventually come undone.

      “This is like crooks trying to figure out where they can go hide. It’s a mafia,” she said. “These culprits that have grabbed all this economic power have succeeded in infiltrating both sides of the issue, so you will find people who are supposedly trying to fight corruption who are just there to spread disinformation and as a placeholder to trip up anybody who manages to get their act together.… Those thugs think that if they can keep the world ignorant, they can bleed it longer.”

      Of course, the major corruption at the highest levels of government and business is not a new phenomenon. Georgetown University historian and Professor Carroll Quigley, who served as President Bill Clinton’s mentor, for example, wrote about the scheme in his 1966 book Tragedy And Hope: A History Of The World In Our Time. The heavyweight academic, who was allowed to review documents belonging to the top echelons of the global establishment, even explained how the corrupt system would work — remarkably similar to what Hudes describes.

      "The powers of financial capitalism had a far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole,” wrote Prof. Quigley, who agreed with the goals but not the secrecy. “This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations."

      But it is not going to happen, Hudes said — at least not if she has something do to with it. While the media are dominated by the “power grabber” network, Hudes has been working with foreign governments, reporters, U.S. officials, state governments, and a broad coalition of fellow whistleblowers to blow the entire scam wide open. There has been quite a bit of interest, too, particularly among foreign governments and state officials in the United States.

      Citing the wisdom of America’s Founding Fathers in creating a federal system of government with multiple layers of checks and balances, Hudes said she was confident that the network would eventually be exposed and subjected to the rule of law, stopping the secret corruption. If and when that happens — even if it may be disorderly — Hudes says precious metals will once again play a role in imposing discipline on the monetary system. The rule of law would also be restored, she said, and the public will demand a proper press to stay informed.

      “We’re going to have a cleaned-up financial system, that’s where it is going, but in the meantime, people who didn’t know how the system was gamed are going to find out,” she said. “We’re going to have a different kind of international financial system.... It’ll be a new kind of world where people know what’s going on — no more backroom deals; that’s not going to keep happening. We’re going to have a different kind of media if people don’t want to be dominated and controlled, which I don’t think they do.”

      While Hudes sounded upbeat, she recognizes that the world is facing serious danger right now — there are even plans in place to impose martial law in the United States, she said. The next steps will be critical for humanity. As such, Hudes argues, it is crucial that the people of the world find out about the lawlessness, corruption, and thievery that are going on at the highest levels — and put a stop to it once and for all. The consequences of inaction would be disastrous. 

      http://www.thenewamerican.com/economy/economics/item/15473-world-bank-insider-blows-whistle-on-corruption-federal-reserve?utm_source=feedly
       
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