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Central Banks, The fallout Of Corona !


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CNN. Broadcasting Hussein Thugb - This Thug Be Bringin’ It !


 

Central banks, the fallout of corona


Saturday 04 April 2020


Hussein Thugb
 

 
When the abnormal international circumstance leads the country to new challenges that it may not be able to face, unless it is directed to adopting the right decisions that maintain the smoothness of the conditions and make the impact relatively and acceptable, especially in the financial sector, which represents the axis of stability in front of the time norms . 

Tracking the countries of the region and their directions that they adopted to face the crisis of "Corona" in order not to disrupt the cash flows to financial institutions, which were drawn by the central banks in those countries, to reduce the level of risk through incentive packages that represent a positive boost to the market, and Iraq cannot be far from thus, trends, especially since the Central Bank of Iraq has proven successful in its work with more than one detailed international financial institution certificates. 
The current circumstances need the intervention of financial institutions such as the Central Bank of Iraq on the condition that they do not influence or conflict with the operational budget (employees ’salaries), because there are financial implications that appear after the quarantine is lifted and therefore the Central Bank of Iraq must support the private banking sector from it in order to maintain the permanence of the work, Note that the crisis is global, not local, and some important decisions must be taken, similar to Arab central and international banks.  

Working to reduce the statutory reserve ratio for deposits of depositors with private banks from 15 percent to 5 percent before opening the quarantine, knowing that in the case of raising the stone, withdrawals will be made in high proportions for all depositors to keep the cache under hand and the percentage of deposits will drop significantly, accordingly It is necessary to restore the ratio to 5 percent at the present time and before raising the stone in order to give confidence to the banks and depositors. Since the Central Bank of Iraq issued instructions to delay the payment of the initiative's payments to 3 months, the banks must also adhere to these instructions with loans granted by the bank's assets and deposits, in which case private banks will lose 20 percent of the payment amounts (delay in repayment) and this hinders the movement of liquidity at Banks. Here, each bank participating in the projects initiative must be granted as much as the amount granted to it in order to pump liquidity into this situation, knowing that these amounts do not affect the budget situation, because they were allocated by the Council of Ministers before.

Today, it is preferable for the Central Bank of Iraq to go to form a crisis cell that has full authority to make decisions on a daily basis before opening the quarantine (before the incident), and work to issue instructions for the purpose of changing credit ratios, liquidity ratios, and capital adequacy, taking into account Standard No. 9 devoted to capital adequacy And deposits.

Implementing what relates to reducing the legal reserve and delaying the payment of the initiative's installments urgently due to its mitigation of the crisis and the market reassurance as in the countries of the region such as the Emirates, Kuwait, Sultanate of Oman and Jordan. In order not to repeat the experience of Lebanon

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On 4/3/2020 at 1:51 PM, DinarThug said:

The Finance Committee comments on the central bank’s decision to stop the flow of the dollar 

 

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Politics 04/2020 17:34 3323    


Baghdad today _ Baghdad  

 

The Finance Committee commented, on Friday, on the Central Bank’s decision to stop the dollar from flowing into the market with the aim of floating the dinar and reducing its value, in order to fill part of the budget deficit and the needs of the government.

The committee’s rapporteur, Ahmed Al-Saffar, said in an interview with (Baghdad Today) that “reading the intention of the central bank to stop the flow of the dollar and floating the dinar to fill part of the state’s budget deficit is impossible, but it may be in harmony with the current situation to compensate for the shortfall in oil revenues” .

Al-Saffar added, "At the same time, the central bank may also be unintentional because of the curfew and the suspension of most life activities." 

And the rapporteur of the Finance Committee in Parliament, Ahmed Al-Saffar, spoke last Sunday about the authority of the Central Bank to issue a set of decisions on withdrawing the commission of the US dollar.

Ahmed Al-Saffar said, in an interview with (Baghdad Today), that "the decisions issued by the Central Bank regarding the commission of withdrawing the US dollar are considered within its powers and it is who determines the interest rate, whether by depositing or withdrawing." 

Al-Saffar added, "Iraq’s revenues from selling oil go to the Ministry of Finance account at the US Federal Reserve, which the central bank has a branch in," explaining that "the process is that the revenues are transferred to the central bank account and the bank transfers it to the Iraqi dinar to the Ministry of Finance to pay salaries." employees".

He continued, "The process of withdrawing the dollar and depositing it relates to the policy of the central bank, which is monetary policy. The central bank has the right to raise or reduce interest rates, and this is one of the methods of monetary policy that you use."

On Sunday (March 29, 2020), the Central Bank of Iraq issued a set of decisions regarding the US dollar withdrawal commission. 

And included a document issued by the bank and received (Baghdad today): "The commission for withdrawing cash for the US dollar, which comes from the incoming transfers to the bank to our accounts in the American Federal Bank, as well as the transfers received to banks from other banks by a rate of seven thousand."

The bank added: "The amounts of the above remittances are transferred to banks by (75%) in cash in dollars according to the above commission, and (25%) pay Iraqi dinars at the official bank rate (1182) dinars to the dollar."

He continued: "The banks must spend the (25%) above on their remittances customers at a price of (1200) dinars / dollars, and submit their requests at the end of each month to the accounting department at the central bank for the purpose of addressing the two price differences in our accounts in Iraqi dinars." 

And he continued: "Banks can spend the full amount of the transfer received in the Iraqi dinar if the customer desires to do so.

He stressed, "The above mechanism does not include customer deposits in dollars in cash, where it is paid to the customer in full, but is limited to customers who receive remittances received from outside Iraq of any kind, and internal dollar transfers between their banks in our accounts."

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Central Bank of {Al-Sabah}: the appreciation of the dollar exchange will end very soon


Saturday 04 April 2020


alsabaah-34200.jpg


Baghdad / Hoda Al-Azzawi

 

 

The Central Bank of Iraq revealed the implementation of several steps to control the rise in the exchange rate of the dollar in the markets, most notably the opening of outlets for sale and the strengthening of banks in the hard currency, while it is likely that the rise in the exchange rate of the dollar against the local currency will end this week. In conjunction with this, specialists see in the financial and banking affairs, this rise "temporarily" due to the current conditions related to the ban and lack of communication between the provinces, with the presence of some speculative mechanisms by weak souls.

 

And recorded the exchange rate of the dollar in local markets during the past days, up to sometimes from 126 to 128 thousand dinars per 100 dollars.


The appearance of Mohammed Saleh, economic adviser to the Prime Minister, said in a special statement to "Al-Sabah": The high dollar exchange rate is linked to the current conditions related to the embargo and lack of communication between governorates and merchants and the absence of information efficiency, indicating that this has caused price deviations to exchange the dollar. 
He expected that this problem is "temporary" and related to the relatively closed borders, especially as it is not related to Iraq only, but to most of the countries of the world.

For his part, the Director of Information and Relations at the Central Bank, Acer Jabbar, told Al-Sabah that the central regulates monetary policy inside the country, explaining that the rise in the exchange rate of the dollar in the markets is linked to three reasons. The first relates to the hoarding of the dollar by citizens, The second is the hoarding by the merchants for trading in trade. The third reason is related to the closure of banks and banking companies due to the ban.
He added that the central bank implemented a number of steps to control the exchange rate of the dollar by opening the window for the sale of hard currency, while instructing the bank employees to join and strengthen banks in the electronic dollar, not cash, and the dependence of traders on the transfer, so that some would not resort to searching for the dollar in the black market.
And revealed the presence of some weak souls speculating in dollars, so the central bank will try and in any way to curb this huge disparity and we expect this week to solve this issue related to the high dollar prices.

In turn, between the economic researcher Jaafar Baqer Alloush Al-Waeli, in a special statement to "Al-Sabah:" "The current rise in the exchange rate of the dollar is not a real rise as long as the Central Bank of Iraq did not resort to re-evaluating the exchange rate, but rather organized the process of withdrawing the dollar from His accounts in the US Federal Reserve Bank for deposits incoming to Iraq and pay 75 percent in dollars at 1118 and 25 percent paid in local currency at 1120 exchange rate, and this matter is limited to inward deposits and to clients of the central bank and banks exclusively approved.
And he confirms that the current rise in the exchange rate of the dollar from 1119 to 1128, then the decline has returned to 1126, i.e. an increase rate of 6 percent, which is an emergency rise due to the conditions of the ban, curfews, closing shops and small outlets with limited trade restrictions, except for food and necessary commodities, pointing out that Significant decline in oil prices has created a negative obsession for the citizen and has pushed a lot to move towards keeping the dollar as savings.
He believes that this rise will affect the daily transactions denominated in dollars and the prices of commodities that involve under these transactions, and that good signals for recovering oil prices and reaching $ 30 per barrel will allay some fears and the conditions of pressure on the excessive rise of the dollar will fade significantly, but remain for the changes that occur in The bases of the days are the decisive judgment in the directions of the dollar exchange rate, as well as the extent of its effect on the inflation rates or real price and income levels, and thus on the livelihood of citizens. "

To that, a member of the Parliamentary Investment and Economy Committee Nada Shaker Jawdat told "Al-Sabah" that the dollar exchange rates rise in light of these conditions that Iraq and all countries of the world go through naturally, but that will be reflected on the poor communities due to the high prices of goods and materials resulting from the dollar's rise.
It indicated, we need an insight from the government and its experts towards stabilizing the exchange rates of the dollar, so that it does not reflect negatively on those with limited incomes and poor societies.
Jawdat called on the government and the central bank to maintain the exchange rates of the dollar and provide cash subsidies for citizens to complete their personal requirements, which are not only related to the food basket, but personal belongings such as health supplies and medicines.
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Increased voices calling for diversification of revenue sources

Saturday 04 April 2020

 

alsabaah-34192.jpg

 

Baghdad / Hussein Faleh 
 
 

Specialists in the economic and financial affairs called for the necessity of diversifying the sources of financial revenues and not relying on oil, especially after the collapse of oil prices in light of the Corona crisis that struck most of the world, stressing that Iraq has the economic ingredients that make it among the economically developed countries, but it is It lacks the successful economic policies that transform it from a consumer country into a product.

Member of the Parliamentary Finance Committee Shirvan Mirza said in a statement to "Al-Sabah", that "the global crisis as a result of the outbreak of the Corona virus affected the entire economic life of many countries, especially the rentier countries, including Iraq, because it caused oil prices to drop to low levels, where Iraq depends On 93 percent of foreign revenues on oil sales. "
 
Productive sectors
He added, "After this crisis, it became necessary for the Iraqi government to think about how to diversify the sources of revenue by activating the productive sectors to avoid any possible future crisis," stressing that "the Iraqi economy is fragile, affected by any crises that occur in the world because of its almost total dependence on oil."
He pointed out that "Iraq possesses great ingredients that qualify it to be in the ranks of developed countries, but it lacks clear and successful economic policies that can transform it from a consuming country into a product." Sources of external revenue through export diversification.
 
Financial revenue
He continued, "Iraq is going through multiple political, economic and health crises today, as there is still controversy in the mechanism of selecting the Prime Minister-designate, and there is a health crisis represented by the outbreak of the Corona virus, as well as the financial crisis due to low oil prices and lack of financial revenues."
 
Government support
To that, the economic expert, Abdel-Hassan Al-Shammari stressed, "the importance of supporting and developing productive economic sectors, especially industrial sectors, to maximize the country's financial resources."
Al-Shammari said in a statement to "Al-Sabah" that "many of the developed countries of the world depend on their economies on industry," noting that "Iraq possesses the infrastructure of the industry, but it is inactive due to the absence of government support for the industrialists."
He added, "There must be a plan to support the national industry and activate all the factories to offer national consumer products to local markets and dispense with the importer, and this will provide huge funds for the country because tens of billions of dollars go annually to foreign imports."
The Corona crisis caused the collapse of world oil prices due to pumping large quantities of oil in exchange for lack of demand.
 
international markets
China is the second largest economy in the world, which reduced its imports of oil due to the outbreak of the Corona virus. In return, some producing countries, such as Russia and Saudi Arabia, sought to pump large quantities of oil to the global markets, which made there a great supply glut that led to a sharp decline in oil prices.
Fatih Birol, director of the International Energy Agency, said that, given the need for three billion people in their homes, the global demand for oil may drop 20 percent, calling on major producers such as Saudi Arabia to lend a hand to bring stability to raw markets. 
A three-year agreement between the Organization of Petroleum Exporting Countries (OPEC) and other producers, including Russia, collapsed this month after Moscow refused to support Riyadh's plan to deepen production cuts, prompting Saudi Arabia to pledge to increase production to a record level.

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Edited by DinarThug
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On 4/3/2020 at 9:47 AM, DinarThug said:

Disclosure of the date of the "OPEC +" emergency meeting

 

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3rd April, 2020

 


The Azerbaijani Energy Ministry said today, Friday, that all OPEC + alliance countries are expected to participate in a meeting on the 6th of April. The ministry added that the "OPEC +" meeting will be held via closed-circuit television.

The Azerbaijani ministry indicated that the OPEC + countries intend at the upcoming meeting to consider issuing a new declaration of cooperation, without clarifying whether new countries will join the agreement. For its part, Kuwait supported the issue of holding the emergency meeting, which aims to reach a new agreement to curb surplus oil supplies, but at the same time announced the resumption of oil exports from the divided region with Saudi Arabia for the first time after a pause for five years.

The meeting comes at a time when the oil market is under pressure due to the decline in demand for crude in light of the repercussions of the spread of the Corona virus, and the failure of "OPEC +" in a previous meeting to reach an agreement on reducing production. 

 

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Insiders: OPEC + meeting is expected to be postponed, and most parties are ready to cut production

 

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4th April, 2020


Reuters reported on Saturday that the emergency default meeting of the "OPEC +" coalition will not be held next Monday, as expected, and is likely to be postponed until April 8 or 9. The agency quoted two sources in the Organization of Petroleum Exporting Countries (OPEC) as saying that this step comes in order to give black gold producers more time to negotiate the reduction of crude supplies.

For his part, an informed source confirmed the plans of the General Secretariat of "OPEC" regarding the preparation of the meeting, in an interview with the Russian "Novosti" agency today, that the Secretary-General of the Organization, Mohamed Barkindo, is still in continuous communication with the parties of the "OPEC +" deal, adding that The main parties in the oil alliance support the idea of holding the meeting next Monday.

The source said that most of the parties to the coalition are ready to reduce the level of production, and there is a high possibility to reach consensus in this regard. This comes in light of the expiry of the validity of the OPEC + deal. On Friday, Russian President Vladimir Putin criticized Saudi Arabia's recent steps in oil markets, saying that the kingdom's withdrawal from the "OPEC +" deal represents one of the reasons for the drop in oil prices in the world, and called for a reduction in global oil production by 10 million barrels per day. 

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The Last Line Is Pertaining To The Budget ... ;) 

 

:D  :D  :D 

 

 

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Al-Zorfi: All military forces present in Iraq will be monitored and a policy to prevent harmful activities in the country

 

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4th April, 2020


Prime Minister-designate Adnan Al-Zorfi confirmed on Saturday that all military forces in Iraq will be monitored, pointing out that his policy is to prevent harmful activities in the country.

Al-Zorfi said, "I have prepared a full ministerial cabinet composed of competent employees and I will send the CV to them 48 hours before, according to the constitution." He added that "any aggression against any Iraqi force is totally rejected and all military forces inside Iraq will be monitored and their movement determined within the laws and any talk about unrealistic military coups," noting that "the government curriculum is brief and focuses on three axes, the first of which is the economy and all non-productive ministries will be isolated And determine its funding."

He continued: "My policy is to prevent all activity that harms Iraq and I will not allow any external conflicts on our land and that the economy is the primary engine of the next government and everyone who has an interest in investment will have priority in dealing." He referred to "holding free and fair elections within a maximum period of one year," stressing "expediting the presentation of the budget of the current world for approval."

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Amid economic warnings, the citizen will be a victim ... The Central Bank: The rise in the dollar exchange rate will end this week

 

April 4, 2020 8:43 PM Author: alzawraapaper
 
 
23-3-2019.jpg

 

Baghdad / Al-Zawra:


The Central Bank of Iraq revealed the implementation of several steps to control the high exchange rate of the dollar in the markets. In the same context, the exchange rates of the dollar fell on the stock market and local markets, yesterday, Saturday (4/4/2020).

"The central bank has implemented a number of steps to control the exchange rate of the dollar," Central Bank spokesman Acer Jabbar said, noting that "the bank will try, in any way, to curb this large disparity."

Jabbar said, "There are some weak souls speculating in dollars, so the central bank will try, in any way, to curb this huge disparity, and we expect the current week to solve this issue related to the rise in the dollar price."

He explained, "The most important of these steps is opening sales outlets and strengthening banks in hard currency." While he suggested that the rise in the exchange rate of the dollar against the local currency would end this week.

And the exchange rate of the dollar has recorded in the local markets during the past days, a remarkable increase, reaching sometimes from 126 to 128 thousand dinars per 100 dollars.

For his part, General Director of the Financial Operations and Debt Management Department at the Central Bank of Iraq, Mahmoud Dagher, revealed the reasons for the high exchange rate of the dollar against the dinar.

Dagher said that "the high dollar exchange rate is due to the overlapping of a set of expectations for the financial crisis in Iraq, which is caused by the decline in oil prices and accompanied by the impact of the Corona virus and curfews, which resulted in the resulting halt in economic activities."

He added that «all these factors are added to them by stopping the outlets of selling currencies in the central bank, which led to a rise in the exchange rate of the dollar and a decrease in the value of the Iraqi currency», indicating that «the central bank was not able to stop the rise in exchange rates, due to the suspension of the auction of selling the currency, nor The existence of a real interventionist management at the exchange rate from the central bank, as it had done previously.

He explained that «the window stopped, and there is no real economic activity in the market only for foodstuffs, and we find that the demand for the dollar rises, and the exchange rate rises with him», indicating that «the issue relates to future expectations and that the reassurances were not at the required level regarding the payment of salaries and a recent print Currency, which led to a lot of seeking to convert what he has from dinars to dollars ».

He continued: "I think with the intervention of the Central Bank from next week and the expected increase in the price of oil, it may reduce the severity of the increase in the exchange rate," explaining that "the central bank announced the opening of a window to sell the dollar next week, and it has already opened the doors of certain transfers for "The food and the medicine didn't work very well because they stayed open for a short time."

He pointed out that «if there is reassurance in terms of oil prices and improvement in public finances due to high levels of revenue and because of the intervention of the central bank and the injection of foreign currency into the market, then all of these factors, if combined correctly, and not one of them, will stabilize the exchange rate.

For his part, the economic expert, Wissam Al-Tamimi, warned of the high exchange rates of the dollar in the local markets, pointing to most commodities that will witness a rise in prices, especially since most of them reach Iraq through import.
Al-Tamimi said in a press statement that "the central bank has a cash reserve in excess of $ 60 billion, and therefore it is able to curb the rise in the exchange rate of the dollar in local markets."

He added that "raising the dollar exchange rate may be taken by the government as an excuse to compensate for the losses in oil selling prices, but that will make the citizen a victim of the dollar, especially since many transactions are carried out in dollars, in addition to the fact that most of the commodities are imported from outside the country and purchased in dollars."

He indicated that "the positive side of the high dollar exchange rate is the resort of most investors in the private sector to setting up factories inside Iraq instead of importing goods at a high price from abroad, which will boost national production, and Iraq may turn from an importing country to a source within 10 years." .

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A slight decrease in dollar prices in the Iraqi market


 
April 4, 2020 11:10 PM Author: alzawraapaper
 
 

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Baghdad / Al-Zawra: 

 

 

The dollar exchange rate fell on the Kifah Stock Exchange and local markets, yesterday, Saturday. 

The prices of the Kifah Stock Exchange in Baghdad recorded 123,500 dinars per 100 dollars. 
And the selling prices in banking shops amounted to 124,500 dinars, while the purchase price of the dollar registered 122,500 dinars. 

And the exchange rate of the dollar has recorded in the local markets during the past days, a remarkable increase, reaching sometimes from 126 to 128 thousand dinars per 100 dollars.

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Central Bank: The law does not allow us to lend to the government and intervene indirectly to save the state ...

 


April 4, 2020 11:17 PM Author: alzawraapaper
 
 

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Al-Zawraa / Hussein Faleh:

 

 

The Ministry of Planning revealed the most prominent recommendations of the committee to address the repercussions of the economic crisis on citizens, confirming that it will be discussed at the meeting of the Supreme Committee today, Sunday, and while he indicated that the central bank does not allow the government to lend to the government, he made it clear that he interfered indirectly To support the state's fiscal policy.

A spokesman for the Ministry of Planning, Abd Al-Zahra Al-Hindawi, said in an interview with Al-Zawraa: The committee to address the repercussions of the economic crisis on citizens due to the outbreak of the Corona pandemic continues its work, headed by the Minister of Planning, to continue its work.
He explained: The most prominent recommendations are to provide an emergency financial grant to those affected by the current conditions, and to launch exemptions for importing foodstuffs to secure the food basket for citizens, as well as to support the agricultural sector by exempting peasants and farmers from all the benefits, loans, and benefits arising from their debts with the government.
He continued, in addition to exempting citizens from water, electricity and other services fees, as well as securing the ration card items, pointing out that these recommendations will be discussed by the Supreme Committee for Health and Safety to combat the Corona pandemic, which will hold its meeting today Sunday headed by Prime Minister Adel Abdul Mahdi.
With regard to the emergency grant, Al-Hindawi said: The Supreme Committee headed by Abdul-Mahdi will discuss in its meeting today the mechanism for distributing the grant and determining the categories covered as well as determining the amount, stressing that a statement will be issued for the outcome of the meeting of the Supreme Committee.
The Ministry of Planning identified the groups covered by the emergency grant approved by the Committee to address the repercussions of the economic crisis on citizens.

The spokesman for the ministry, Abd al-Zahra al-Bayati, said: “The groups covered by the emergency grant are the families who have no salary, or any income from the state, which does not have an employee or affiliate, and is not covered by social welfare.” He pointed out that “the Ministry of Planning has a database For families under the poverty line, which is estimated at two million families and by 10 million people, and this number is covered by the grant ».
Al-Hindawi added that “the proposal will go to the cabinet, to be in the form of a decision, and during this period in which all the details of determining the included and the distribution mechanisms will be completed,” indicating that “the Ministry of Planning will rely on the database it has, on the poor in the whole country, as well as Take advantage of the Ministry of Trade data for the ration card.
He continued that «after the approval of this recommendation by the Supreme Committee on Health and Safety will be put all the details of access and targeting for these families», noting that «the Ministry of Planning will start its work from tomorrow, working in this framework in coordination with other parties» and clarified that «average number Members of a single family are 5 people, which means that the same family will receive about 150 thousand dinars, »confirming that“ the amount has been secured from the central bank, which amounts to 300 billion dinars. ”
He pointed out that the committee set a 10-day deadline to complete the logistical procedures for the purpose of disbursing the grant.
The Ministry of Planning announced the allocation of 300 billion Iraqi dinars to those affected by the Corona pandemic crisis.

In another context, the Director General of Accounting at the Central Bank, Ihsan Shamram, stressed that the central bank law does not allow lending to the government, but the central bank can contribute to supporting public financial policy and save the state from bankruptcy indirectly.
Shamram said in an interview with "Al-Zawraa": The central bank, as an adviser to the government, gives recommendations and proposals to the government for the purpose of strengthening public financial policy, as the law prohibits the central bank from lending to the government, without saying that the central bank, when it is absolutely necessary, can intervene through the market Secondary in the event that the government decreased its financial revenues.
He explained: If the government needs financing, it can issue financial bonds through the Ministry of Finance in certain amounts to the empowered banks, which are usually the government to purchase these bonds. In the event of a lack of cash liquidity for these banks and their inability to go along with the state’s affairs, the central bank can intervene through Buying these bonds from the secondary market, ie from banks.
He continued: This process took place in 2014 when the double crisis occurred, the entry of ISIS and the collapse of oil prices, as the central bank agreed as a government advisor, the Ministry of Finance and the government to launch financial bonds by the Ministry of Finance with a value of 16 trillion dinars and purchased by the three government banks Rafidain and Rashid And the Iraqi Trade, and when the liquidity decreased with the banks and the government was unable to secure the salaries of the employees, the central bank entered to buy the bonds from the banks in order to save the financial policy, stressing that the central bank’s intervention is indirect according to its law.
He pointed out that the government can borrow from international institutions such as the International Monetary Fund in the event of a lack of financial revenues because Iraq is rich in its oil materials could be the largest guarantee of its external debt.

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12 minutes ago, Laid Back said:

CBI has 2 options 

- Continue tha daily auction an pump massive amount of dollars into the economy 
 

OR

 

- Remove exchange control and RV the dinar.

 

50/50 chance 

 

Go RVasap


How much time you think they have till forced to make that decision? 

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41 minutes ago, climber7 said:

How much time you think they have till forced to make that decision? 


Lock Parliament In Their Chamber With A Spitting Camel Carrying The Coronavirus Until They Pass The HCL - And Lash The CBI Governor To The Saddle Until He Pushes The Button ! :bananacamel: 

 

:D  :D  :D 

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If Someone had told me when I started this investment, that before I made a lot of money on my investment, Donald Trump would have been elected President and he would have made a hell of a good President and that a bowl of bat soup :surgeon: would first have to shut down the world's economy and everyone had to stay at home for a month, and I that would spend some time laughing at a Cartoon Banana riding a camel, :bananacamel: I would have told them they were stark raving nuts, there was something wrong with their head. Guess what? Life humbled me. I would have been wrong about all that. Completely wrong. Someone would not have been nuts. All those things happened. Someone would have been right. Someone would have been very accurate about predicting the future course of my investment...

 

...Maybe that's why there don't seem to be any good comedians on TV any more. Real Life has now surpassed comedy, for being funny. The comments on this thread are funnier than anything on TV...There is no point in watching comedy anymore. Just report on what is right in front of your eyes. I feel I landed in an alternative universe, sort of a mix of Who framed Roger Rabbit? and a bad science fiction movie about a plague, that I don't really want to be in, but here I am...shortly to be laughing all the way to the bank. :cheesehead: 

 

...I once took an investment course. I don't recall any lessons about a banana riding a camel, being part of watching an investment eventually pay off... Guess I didn't missed that class...

 

:peace::bananacamel::bananacamel:

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One billion dollars is the amount of money accumulated in the Iraqi-Chinese agreement


5260.jpg
 

 

4th April, 2020

 

On Saturday, the Prime Minister’s Advisor on Finance revealed the appearance of Mohammed Saleh, the amount of money accumulated in the sovereign account of the Chinese agreement

Saleh said in a statement reported by the official news agency "conscious" and viewed by "Al-Iqtisad News", that "the Iraqi-Chinese agreement that extends for twenty years is still in force", pointing out that "the accumulated Iraqi sovereign funds for the benefit of the agreement, perhaps amounted to about one billion dollars Since it was activated in mid-October last year

He added that "activating the agreement is still awaiting the disappearance of two basic restrictions. The first relates to the legislation of the Federal General Budget Law for the year 2020, to allow the adoption and implementation of approved projects, especially infrastructure projects," noting that "the second factor is the return of China to the international economic scene and its openness again to the world

He added that "China is still subject to the application of coercive measures in addressing the Corona pandemic," noting that "the restrictions imposed, whatever they are, are a global phenomenon at present, and not limited to China alone

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Trump: I don't care at all about OPEC and members of the organization are destroying it themselves

 

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5th April, 2020


US President Donald Trump stressed that he does not care about the Organization of Petroleum Exporting Countries "OPEC" at all, considering that its members are destroying it themselves. "OPEC does not interest me at all, but they are destroying themselves," Trump said at a press conference Saturday evening.

Trump added that he is ready to impose duties on oil imports if this is necessary, indicating that he will do what he must do to protect the American economy. Trump has repeatedly stressed earlier that the United States is suffering huge losses due to the current conditions in the global oil markets, stressing the need for Russia and Saudi Arabia to reach an agreement on reducing oil production.

Oil prices are witnessing a continuous decline in recent weeks, against the backdrop of the significant increase in supply against demand, which has deepened due to the outbreak of the new type of Corona virus, especially after the failure to reach a new agreement on reducing oil production within the framework of the "OPEC +" group, according to several insiders. The failure was due to a dispute between Russia and Saudi Arabia over the issue, amid reports indicating the United States is seeking to reduce its losses through an oil alliance with the Kingdom.

On March 30, Saudi Arabia, which is the leader of the "OPEC" organization, announced that it decided to increase its oil exports by 600 thousand barrels per day in May to reach 10.6 million barrels, which represents a record rate. 

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China is preparing for a $ 203.5 million deal to develop the giant Majnoon field for 25 years

 

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18:01 - 05/04/2020
 
 

A report of (Oil Price) website revealed that China is preparing for a deal worth $ 203.5 million through the Petroleum Engineering and Construction Company (CPECC) to develop the giant Majnoon field in southern Iraq for a period of 25 years, as the contract is to be officially valid after two years from the date of signing.

The report, which was translated by Information Agency, stated that according to the terms of the deal with Iraqi officials, this contract will allow China to recover more profits on average annually and less investments in advance, as the Chinese will choose between the average price of a barrel for 18 months from the prices of crude or the past six months in addition to Moreover, China will receive a discount of at least 10 percent for at least five years on the value of the oil extracted.

He added that “the giant Majnoon field is located about 60 km to the northeast of the main southern export terminal in Basra, and it is one of the largest oil fields in the world, with an estimated reserve of about 38 billion barrels of oil.”

He continued, “By the end of the first quarter of 2014, the field was producing an average of 210,000 barrels per day, according to figures from Shell and Baghdad, and the first shipment of crude oil was signed to Shell Trading Company on April 8 of that year, despite the floods That hit the fields in early 2019, the targets for the long-term original production designed for the consortium led by Shell remain: The first production target is 175 thousand barrels per day, already reached and exceeded, to reach the site's highest production of 1.8 million barrels per day in the years 2030“.

He pointed out that the company "had awarded a contract worth 121 million dollars in the first West Qurna field near the main Basra oil center in Iraq.

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The fall of the Iraqi dinar against the dollar scares the markets and citizens .. and warnings of the continued decline

 

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5th April, 2020


After the stability of the Iraqi dinar exchange rate against the dollar years ago, the past few days have recorded a significant decrease in the value of the local currency. The exchange rate of one dollar increased from 1,200 dinars to 1,280 Iraqi dinars, amid warnings of the continuation of this decline due to the curfew imposed by the Iraqi authorities as part of measures to confront the outbreak of the Corona pandemic, which stopped the Central Bank of Iraq, which was pumping an average of 140 million dollars per day to maintain The value of the currency.

A source from the Central Bank of Iraq, who preferred not to be identified, said that "the dollar exchange rate was affected by a rise due to the interruption of the currency auction, as well as a result of the curfew, and the desire of people to exchange their Iraqi money with dollars, as well as the continuing need for import in relation to traders." According to the newspaper, "The New Arab." He revealed that the central bank is in the process of taking quick steps with the government crisis cell to confront the Corona epidemic, with the aim of finding a way to restore balance and provide hard currency in the market, stressing that the rise will be temporary. He added, "The last auction for the sale of the currency was on March 16, and it is expected that the current measures will succeed in reopening it within days."

The source pointed out that "the cash sale price by the Central Bank of Iraq in the last public auction was 1190 dinars, while the price approved in banks is 1200 dinars per dollar, before the central bank stops pumping currency to the Iraqi market, because of the curfew." He pointed out that "the central bank will try to pump more hard currency to the market, but the value of what will be pumped will be less than the hard currency entering the central bank as a result of the low oil price and the state's need for adequate reserves of hard currency." He said, "The task of keeping the dinar rate at the current stage will not be easy, but it is within control."

For his part, Adel Al-Ansari, director of one of the banking offices in Baghdad, said in an interview with "The New Arab", that despite the curfew imposed in all of Iraq due to the outbreak of corona, the demand for buying dollars is very large, because of the Iraqis' fear of the collapse of the dinar. He added that "some of the owners of capital bought the hard currency in anticipation of any emergency, due to the cautious anticipation experienced by the Iraqis in light of the Corona virus and the escalation between America and Iran and armed factions in Iraq."

In an interview with Al-Arabi Al-Jadeed, economist Salam Smeisam said, "The rise in the price of the dollar against the dinar is not a result of supply and demand, and what confirms this is that what is happening now is that the amount of dollars in the provinces comes to Baghdad and is sold again by adding profits. It ranges from 7 to 8 dollars per 100 dollars." She added that "what is raising the alarm today is that the market is not subject to control by the authorities concerned with monetary policy," noting that "the Iraqi dinar is in an unenviable position due to the low oil prices of less than 26 dollars, in addition to the accumulated crises that it is exposed to." The Economy.”

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Former Deputy Minister of Finance: For fear of the Iraqi economy..the salaries will be spent on time

 

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5th April, 2020


The former undersecretary of the Finance Minister, Fadel Nabi, confirmed on Sunday that the Iraqi economy is not afraid of the crisis that Iraq is currently going through, while indicating that the employees’ salaries will be paid on time.

A Prophet, in a television interview seen by Mawazine News, said that "the current rate of decline of the Iraqi dinar exchange rate against the dollar is a result of temporary reasons," explaining that "the main reason I knew after my question was officials of the Iraqi Central Bank yesterday, Is the market stalling and the banks closing due to the spread of the Corona epidemic, which prevented the dollar auctions from taking place and placing them in the markets as they should, and this consequently led to a decrease in the supply while the demand for the dollar remained the same.

He continued: "To solve this problem, the Iraqi Central Bank yesterday to work to continue to open the window to sell the dollar, starting today, and in a way that will overcome this problem," revealing that "the price of the dinar against the dollar is linked to the reserves of the Central Bank of Iraq and its monetary policies, In terms of reserves, Iraq does not suffer from any problem."

He added: "According to what I learned yesterday, the size of this reserve at the Iraqi Central Bank ranges between 60 and 62 billion dollars, and our previous talks with the International Monetary Fund confirmed to us that as long as this reserve reached 36 billion dollars, Iraq will remain in the safe area and the economy will not be affected and the price will remain The exchange of the Iraqi currency is fixed.

And he explained, "Even under the current economic conditions, if we take Iraq’s revenues in the month of March, which have fallen by half, compared to January, and if Iraq continues at this pace for another six months and is able to issue treasury bonds of approximately $ 2.5 billion a month, it will not It touches only 15 billion dollars from the storage of 62 billion dollars and remains between 45 and 47 billion dollars and Iraq will remain in the safety zone, and thus Iraq will not suffer from this problem. 

He assured the citizens that "what is happening is temporary and Iraq does not suffer any problem", he added: Regarding salaries and major expenditures in Iraq, including the Kurdistan region , It needs about $4.5 billion a month for Iraq and not a solution to meet this shortfall only through internal loans through the issuance of treasury bonds."

A prophet advised the governments of Baghdad and Erbil to "be more conservative and in control of their expenses and work in every way to increase their revenues, especially customs", pointing out that "but with all this I return to say that there is no fear for the Iraqi economy, and our citizens should not be afraid. It is true that the situation Bad projects will stop, but salaries will be paid on time.”

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8 minutes ago, Pitcher said:

I just read the China oil deal after posting the same story.  Sorry about that.


No Worries Bro - U Know What They Say About Chinese Stories ! ;)  

 

 

After U Read It - An Hour Later Ur Still Hungry For More Info ! :o 

 

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:D  :D  :D 

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1 hour ago, Pitcher said:

I just read the China oil deal after posting the same story.  Sorry about that.

 

IT’s a big story and is a slap in the USA face after all we have done to liberate this pos country.  

I agree Pitcher . But some times ? You don't find what you seek . I hope this is one of those times for China ......?

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