[size=30]KTFA Members "News and Views" Monday Afternoon 3-16-2021[/size]
KTFA:Coco: This is the time frame Kuwait reinstated their currency. I've been waiting for this time frame since last summer. Perfect timing for a long holiday and the people off from work.
Pattycakes77: I agree. My fingers are crossed for this weekend.
Samson: Kurdistan announces the suspension of the official working hours for 5 days on the occasion of the Nowruz holidays
03/16/2021 16:12:32
The Kurdistan Regional Government issued, on Tuesday, a decision to suspend official working hours in government departments and institutions for a period of five days on the occasion of Nowruz holidays.
Government spokesman Gutiar Adel said in a statement that it had been decided to suspend work hours on the occasion of Nowruz holidays, from the 21st to the 25th of this March. He explained, that {Sunday, Monday and Tuesday} of next week is an official holiday on the occasion of Nowruz holidays, and that {Wednesday and Thursday} of the same week are also an official holiday in government institutions.
The regional government spokesman called on citizens to adhere to the health instructions for preventing Corona virus during Nowruz holidays. LINK
Samson: The Central Bank reveals the size of Iraq's foreign currency reserves
16th March, 2021
The Central Bank of Iraq revealed, on Tuesday, that its total foreign currency reserves amount to approximately 56 billion dollars, stressing that it maintains the stability of exchange rates in the markets through the use of its various monetary tools.
An official source at the Central Bank said in an interview with the official newspaper, that "foreign reserves are still within the limits of sufficiency," noting that "the total foreign reserves decreased by about 20% during the year 2020." The source pointed out that "gold holdings are approximately $5,703 million, and there are no plans to increase investment in gold in light of the continuing impact of the crisis," explaining that "the Chinese yuan currency is one of the currencies invested in foreign reserves."
The source pointed out, "The Central Bank of Iraq maintains the stability of exchange rates in the markets by exploiting its various monetary tools, the most important of which is the foreign currency sale window that aims to finance imports of goods and services, in accordance with the provisions of the Iraqi Central Bank Law No. 56 of 2004 in Article 28 / b (Simple, unconditional buying and selling of foreign currency), in a manner that maintains acceptable rates of inflation.
The source attributed the reason for the decline in the price of the dollar in the markets, especially last month, from the price specified in the bank, by saying that “the exchange rate of the US dollar in the local markets retreated from the approved official selling price after the price change by the bank at the end of December The year 2020 is due to the fact that the change in the exchange rate initially formed a shock to the local market, which required an adjustment period to make the settlements that took place between each of the merchants (wholesale, retail, and singular) and the settlements of wholesalers with banks, where imports decreased to severe levels, and consequently. Reduced demand for foreign currency." LINK
************
Samson: Report: Iraq, the country with floating oil wells, is suffering from poverty and unemployment
15th March, 2021
Economically, Iraq had the opportunity to be one of the richest countries in the world, and for its citizens to become the highest-earning countries in the region, and the most fortunate to obtain all the necessary services such as bread, food, electricity, water, fuel and public transportation for free or at least at a price. Suitable for their entry.
In practice, however, that oil-rich country, which is floating on wells in the north, south and west, suffers from extreme poverty, worsening unemployment, the spread of slums and the deterioration of infrastructure, and that millions of families find it difficult to obtain one meal a day.
According to a report by Al-Araby Al-Jadeed newspaper. Also, 10% of Iraqis do not have enough food for them, according to figures from the United Nations World Food Program, and that the devaluation of the dinar against the dollar led to a 14% increase in the food basket, which led to millions of people being pushed from the middle class to the poor.
Indeed, the official figures issued by the Ministry of Planning acknowledge the increase in the number of citizens who fall under the heading of extreme poverty to 11.5 million Iraqis, as the Corona pandemic and the financial crisis in the country since the fall in oil prices and the outbreak of the epidemic caused more than 1.5 million citizens to enter below the poverty line, to be added. To the previous number of 10 million citizens.
Indeed, the Iraqi Human Rights Commission warned, today, Monday, that there are risks threatening food security in the country. Because of the measures taken by the government during the recent period, including reducing the value of the Iraqi dinar against the dollar. The matter did not stop at this deteriorating living condition for the citizen, rather it came to the point where millions of poor, needy and people with limited incomes demand the government to return to the monthly ration system, which was in place during Saddam Hussein’s days and even before the US invasion of the country in 2003, due to the exorbitant high prices, especially for the prices of materials.
The government adopts a policy of reducing commodity subsidies, as well as the partial floatation of the local currency by reducing the value of the dinar starting from last February, which led to jumps in the prices of all imported goods.
Economically again, Iraq is currently the fifth largest oil producer and exporter in the world, and is also classified as the second largest oil producer in the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia, with an average production of 4.6 million barrels per day in normal conditions, and it depends on oil revenues to finance what it reaches 95% of the state's expenditures, which makes both the citizen and the economy vulnerable to any risks or fluctuations in global oil prices.
In April 2019, the International Energy Agency announced that Iraq is on track to produce nearly six million barrels of crude oil per day by 2030, which will make it the third largest exporter of oil in the world. Iraq also has a stockpile of 132 trillion cubic feet of gas, of which 700 billion cubic feet have been burned, as a result of the weak ability to exploit it.
According to the figures of the Organization of Petroleum Exporting Countries (OPEC) issued in 2010, Iraq ranks third in the world in stable recoverable oil reserves, with its oil reserves reaching 143.1 billion barrels, it is preceded by Saudi Arabia with quantities of 264.59 billion barrels, Venezuela 211.17 billion barrels, just as Iraq precedes Iran. In the reserve, which has about 137 billion barrels.
Despite all these huge quantities of energy sources, whether oil or natural gas, Iraq imports about 30% of its energy needs, especially electricity and gas, from Iran, and it does not achieve self-sufficiency even at the level of electric power generation, and negotiations are currently underway with Turkey. To import electricity from them. Iraq also imports about 60% of its food needs, despite its agricultural and water wealth.
In contrast to that oil and agricultural glut that qualifies any government to provide all the welfare requirements and services for its citizens, we find that recent figures indicate that poverty rates in Iraq have reached 31.7%, a rate that exceeds those in other Arab countries that do not possess even a quarter of Iraq's oil wealth.
And others. What brought the Iraqi citizen in that big oil country to the miserable situation that the citizens of poor countries suffer from, whose governments do not possess oil, natural, or even agricultural wealth?
It is the rampant corruption in all the veins of the Iraqi state, which prompted the government to borrow from home and abroad to pay salaries and spend on support items, and perhaps spend on the corrupt themselves. LINK
Samson: Politics ... and their stance on the exchange rate of the dollar
17:19 - 16/03/2021 - Books / Fadel Hussein Al-Khafaji
The Iraqi society is known to be a consumer society, and it is the milk cow for the trader and the middleman .. And these people are not satisfied with imposing the prices that suit them, but some of them also master the methods of fraud, so that their profits reach 100%, and this is the one who possesses it at times? Who stands in the way of manipulating his daily power?
And we all know that there are health conditions (the Corona pandemic) that passes through Iraq and all countries of the world, and this pandemic has caused the government to be forced to repeatedly ban for several days a week, which makes many of the workers who live in their daily strength on the daily work wages.
This made many of the Iraqi people who depend on their daily livelihoods suffering from hardship, and the government did not think to deal with this situation .. which caused negative social consequences, including cases of suicide and divorce ..
The people in Iraq are divided into two parts, the same as most societies: the poor and the rich, and between them the middle class that resembles the baromer, which can, according to the circumstances, decide whether to belong to one of the two approaches: ... and the poor in Iraq are getting poorer and the rich are getting richer, especially in the wave of high prices ... and for the poor who do not have a stable resource or a depression in their profession, unless he knocks on his head so that the government will listen to his voice ..
In the media every day and during this period close to the elections, we hear voices of (the representatives or representatives of the people) that they object to raising the price of the US dollar against the Iraqi dinar ..
And in the dark rooms .. they agree to raise the price of the dollar .. even if they really object They did not force the Minister of Finance to return to the old price, and they have the compelling argument, which is the return of the oil price to what was before the Corona pandemic ... and they embarrass the government to return the price of the Iraqi dinar to its previous state in the budget for the current year 2021.
The problem is that they perceive that the Iraqi people do not know their misdeeds and these maneuvers, which are in order to prepare for the next elections scheduled to take place in October 2021 .. LINK
************
Samson: The Lebanese pound continues to collapse
16th March, 2021
The Lebanese pound recorded a new decline in the parallel (black) market transactions today, Tuesday, to an average of 14.5 thousand pounds per one dollar
Lebanese media outlets and websites monitoring exchange rate developments reported today, Tuesday, that the sale of the dollar to consumers in early transactions on the black market ranged between 14.3 and 14.5 thousand pounds, a new low that had not previously been recorded in the local currency
Domestic demand for foreign exchange, especially the dollar, rose within the markets, amid declining customer confidence in the pound, which threatens to accelerate the hypothesis of implementing a full or directed float in exchange rates. The exchange rate on the official market is 1510 liras per dollar. This comes while fears of a further escalation in the pace of popular protests in several cities increased, and the possibility that banks will be unable to provide customers' deposits, after the expiration of a deadline set by the Central Bank to raise bank capital
The relationship between banks operating in Lebanon and depositors is heading to more complexity, following a deadline set by the Central Bank of Lebanon, which expired on February 28, last year, which decided to increase the capital of these banks
In August 2020, the Banque du Liban obligated the banks operating in the market to increase their capital by 20%, and to reconfigure their accounts with correspondent banks by 3%, no later than the end of last February
The capital of banks operating in Lebanon amounts to $ 20 billion, and an increase of 20% means that there is an addition of $ 4 billion, and most banks will face difficulty in fulfilling them LINK
Today at 7:14 am by wciappetta
» utube 6/4/24 MM&C IQD Update-Iraq Dinar-2024 Budget Passed-Gazzette-Timing-197 Companies Cease Dol
Today at 7:04 am by Rocky
» utube 6/3/24 MM&C IQD Update-Iraq Dinar-Accelerate- Digital-Financial-Banking Reforms-Best Budget
Today at 7:02 am by Rocky
» Al-Rafidain: About 1,502 loans were issued to those registered under the Riyada initiative since las
Today at 6:59 am by Rocky
» Al-Maliki: There is no intention to approve the general amnesty law
Today at 6:57 am by Rocky
» Al-Sudani: Understandings with France amounting to one billion euros to build industrial projects...
Today at 6:48 am by Rocky
» Al-Sudani: The available factories for construction materials cover only a quarter of the need
Today at 6:46 am by Rocky
» An economist indicates the absence of the private sector in the 2024 budget
Today at 6:44 am by Rocky
» Central Bank of Iraq sales exceeded $270 million at today’s auction
Today at 6:43 am by Rocky
» The Iraqi budget is moving toward “publishing and disbursing” without presidential approval
Today at 6:42 am by Rocky
» A government parliamentary agreement regarding residents of slums
Today at 6:41 am by Rocky
» Al-Rafidain: Implementing the comprehensive banking system in the White Palace branch
Today at 5:22 am by Rocky
» Sudanese sponsors the signing of a cooperation agreement between the Trade Bank and the German Expor
Today at 5:17 am by Rocky
» Financial inclusion in Iraq: a success story that defies the odds
Today at 5:14 am by Rocky
» Parliamentary Finance: All revenues are not enough to meet the country’s needs, and the budget prohi
Today at 5:13 am by Rocky
» Iraqi Business Council: The budget schedules are flexible and include sacred paragraphs
Today at 5:11 am by Rocky
» Democratic Party: The cessation of oil exports through Türkiye has caused Iraq huge losses
Today at 5:08 am by Rocky
» The government's lack of seriousness in removing the Americans leaves Iraq exposed to them
Today at 5:06 am by Rocky
» Al-Sudani sponsors the signing of an agreement between the TBI Bank and a German institution
Today at 5:05 am by Rocky
» Water scarcity and air pollution...the most prominent challenges facing Iraq
Today at 5:03 am by Rocky
» Parliamentary Finance: Contract employees are included in the budget
Today at 5:03 am by Rocky
» An investigation committee will be formed into the file of trainees of Korean companies / document
Today at 5:02 am by Rocky
» Parliamentary Finance: The region’s share in the budget is still unclear
Today at 5:00 am by Rocky
» A representative wonders about the fate of 57 trillion dinars in the budget
Today at 4:59 am by Rocky
» A new group of targets of restaurants and foreign agencies was arrested in Baghdad
Today at 4:58 am by Rocky
» Including transfers and attracting investors.. The Supreme Judiciary determines the advantages of re
Today at 4:56 am by Rocky
» International Finance Corporation.. An agreement to qualify youth in Iraq and Lebanon
Today at 4:55 am by Rocky
» Oil reveals new government directives related to 4 sectors
Today at 4:53 am by Rocky
» The Council of Ministers takes a series of economic decisions
Today at 4:52 am by Rocky
» Did the 2024 budget schedules do justice to the Kurdistan Region?
Today at 4:50 am by Rocky
» Parliament's finances determine the amount of disbursement during 2024
Today at 4:49 am by Rocky
» “You will lose confidence in them.” A deputy criticizes a “dangerous phenomenon” committed by member
Today at 4:48 am by Rocky
» Sudanese Advisor: Iraq's external debt has fallen to 9 billion dollars
Today at 4:47 am by Rocky
» Erbil markets 300 food trucks to the rest of the governorates daily
Today at 4:46 am by Rocky
» The Prime Minister inaugurates the second specialized workshop to support the private industrial con
Today at 4:45 am by Rocky
» The Prime Minister sponsors the signing of a cooperation agreement between the Iraqi Trade Bank and
Today at 4:43 am by Rocky
» Al-Sudani: Voting on the budget supports the government’s work
Today at 4:42 am by Rocky
» Al-Sudani: Iraq is the cornerstone of stability in the region and the world
Today at 4:40 am by Rocky
» The Commission is looking into developing electronic voting devices
Today at 4:39 am by Rocky
» Baghdad urges steps towards combating corruption
Today at 4:38 am by Rocky
» This year: launching the electronic housing card
Today at 4:37 am by Rocky
» The Cities Authority promises reasonable prices for residential units
Today at 4:36 am by Rocky
» Imminent disasters must unite us before it is too late
Today at 4:35 am by Rocky
» Iraq is taking steps to combat corruption
Today at 4:34 am by Rocky
» The remaining $9 billion of Iraq's external debt
Today at 4:33 am by Rocky
» Today.. the launch of the activities of the Petersburg International Economic Forum
Today at 4:31 am by Rocky
» The results of “OPEC Plus” are positive, and Iraq pledges to comply
Today at 4:30 am by Rocky
» The Minister of Commerce calls on citizens to receive food basket items from agents
Today at 4:29 am by Rocky
» What if other banks follow suit?
Today at 4:28 am by Rocky
» Experts: We are getting close to “zeroing” gas burning
Today at 4:27 am by Rocky
» Recovery of an Iraqi official accused of intentional damage to public funds
Today at 4:25 am by Rocky
» The Iraqi Trade Bank issues the first batch of Kurdistan Region employees within the “My Account” pr
Today at 4:23 am by Rocky
» Iraqi Workers' Communist Party: The oil workers' class unit thwarts a new theft!
Today at 4:22 am by Rocky
» Al-Sudani: The 2024 budget schedules include positives that contribute to the path of economic refor
Today at 4:21 am by Rocky
» An opportunity for Iraqi doctors to leave hospitals and work inside airplanes
Today at 4:18 am by Rocky
» The fever of attacking “foreign institutions” spreads to Diwaniyah.. One person was injured in an at
Today at 4:16 am by Rocky
» During the current year.. Iraqis are on a date with the launch of the “electronic housing card”
Today at 4:15 am by Rocky
» The exchange rates of the dollar against the dinar in Iraq today
Today at 4:13 am by Rocky
» After approving the budget schedules... Parliamentary Finance resolves the controversy over the empl
Today at 4:12 am by Rocky
» A source reveals Saudi mediation between Iraq and Kuwait to end disputes
Today at 4:11 am by Rocky
» In preparation for the 2025 elections, the Commission forms a committee to develop electronic voting
Today at 4:10 am by Rocky
» Displaced people fall victim to politics... Immigration complains about the lack of cooperation betw
Today at 4:07 am by Rocky
» Today, the Ministry of Commerce is preparing a new meal from the food basket
Today at 4:06 am by Rocky
» Integrity Investigation Court: Iraq combats money laundering and its procedures control the position
Today at 4:05 am by Rocky
» The Commission is preparing early for the 2025 elections...a specialized committee to modernize resu
Today at 4:03 am by Rocky
» How much is Iraq’s foreign debt worth? The Sudanese advisor answers
Today at 4:02 am by Rocky
» An Arab newspaper talks about the budget in numbers: This is the value of revenues and its deficit
Today at 4:01 am by Rocky
» Parliament sends the budget schedules to the Ministry of Justice... for this reason
Today at 4:00 am by Rocky
» utube 6/4/24 Summary / Status Iraqi Dinar ReValue IQD VND Exchange Rates
Yesterday at 8:24 am by Rocky
» The Central Bank explains the “fiscal control” mechanism contained in the budget
Yesterday at 6:42 am by Rocky
» The path to development...Iraq's economic gateway and its point of stability
Yesterday at 6:40 am by Rocky
» Announcing the establishment of the Iraqi-French Business Council on the sidelines of the Iraqi-Fren
Yesterday at 6:36 am by Rocky
» The coordination framework reveals the latest developments in the election of a new Speaker of the H
Yesterday at 6:34 am by Rocky
» In a “quick” session... Parliament votes on the 2024 budget, and controversy accompanies three parag
Yesterday at 6:32 am by Rocky
» Minister of Construction regarding encroachment on service projects: How can a citizen destroy his p
Yesterday at 6:30 am by Rocky
» Thousands of workers are dissatisfied after being laid off from work due to investment in agricultur
Yesterday at 6:29 am by Rocky
» A different vision for the budget schedules presented by an economic coalition
Yesterday at 5:13 am by Rocky
» Where is the danger in budget tables? An economist breaks it down
Yesterday at 5:12 am by Rocky
» A parliamentary movement for justice for 20,000 employees in state institutions
Yesterday at 5:09 am by Rocky
» Between Al-Halbousi and the leaders... new disputes undermine progress in Baghdad
Yesterday at 5:08 am by Rocky
» An economist confirms the possibility of Iraq entering the field of investment in oil derivatives
Yesterday at 5:07 am by Rocky
» A parliamentary question about the fate of 57 trillion dinars in the 2023 budget
Yesterday at 5:06 am by Rocky
» High central bank sales in the currency auction
Yesterday at 5:04 am by Rocky
» Al-Halbousi's party is conditioning the change of Al-Mashhadani on political dialogues
Yesterday at 5:01 am by Rocky
» Involved in wasting more than 6 billion dinars.. Iraq recovers a health official from Belarus
Yesterday at 5:00 am by Rocky
» Finance Committee after voting on the budget tables: There is financial abundance for the governorat
Yesterday at 4:59 am by Rocky
» Detailing the “secrets” of the budget...the increase in the value of salaries for 5 ministries, and
Yesterday at 4:58 am by Rocky
» Bitcoin exceeds $70,000
Yesterday at 4:57 am by Rocky
» 3 gains behind extending the oil production reduction agreement until the end of 2025
Yesterday at 4:55 am by Rocky
» Parliament Finance clarifies... What is the fate of contract employees in the 2024 budget?
Yesterday at 4:54 am by Rocky
» The Retirement Authority announces the disbursement of end-of-service benefits to more than 6,000 pe
Yesterday at 4:53 am by Rocky
» Iraq exports more than 7 million barrels of crude oil and its derivatives to America in a month
Yesterday at 4:53 am by Rocky
» Approving 36 service projects and referring them for implementation in an Iraqi governorate
Yesterday at 4:52 am by Rocky
» Nearly 80 trillion dinars disappear from the 2022 and 2023 budget.. Deputy: “No one knows where it w
Yesterday at 4:51 am by Rocky
» Kuwait: Three countries, including Iraq, pledged to fully adhere to the OPEC+ agreement
Yesterday at 4:50 am by Rocky
» What is the truth about there being a parliamentary tendency to challenge the budget schedules?
Yesterday at 4:49 am by Rocky
» By land: An Iraqi aid convoy launches to relieve the people of Gaza
Yesterday at 4:48 am by Rocky
» Al-Sudani: Voting on the budget supports the government’s work
Yesterday at 4:46 am by Rocky
» Arbitrage
Yesterday at 4:44 am by Rocky