[size=30]KTFA Members "News and Views" Friday 10-7-2022[/size]
KTFASamson: Bloomberg: A trillion dollars evaporate from global foreign exchange reserves!
6th October, 2022
Global foreign exchange reserves are declining at the fastest pace ever, as central banks intervene from east to west to prop up their currencies.
According to data compiled by Bloomberg, reserves have fallen by nearly $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since it began compiling the data in 2003.
Much of the decline is due to valuation changes. With the dollar jumping to its highest levels in two decades against other reserve currencies, such as the euro and the yen, the dollar has thus reduced the value of these banks' dollar holdings. But dwindling reserves also reflect pressure in the currency market that is forcing an increasing number of central banks to turn to their currency assets to stave off a decline.
For example, India's reserves declined by $96 billion this year to $538 billion. The country's central bank said asset valuation changes accounted for 67 percent of the decline in reserves during the fiscal year beginning in April, meaning the rest came from intervention to support the currency. The rupee has lost about 9% against the dollar this year and hit a record low last month.
Japan spent about $20 billion in September to slow the yen's decline in its first intervention to support the currency since 1998. This would represent about 19% of the loss of reserves this year. Currency intervention in the Czech Republic has helped reduce reserves there by 19% since February.
While the scale of the decline is unusual, the practice of using reserves to defend currencies is nothing new. Central banks buy dollars and increase their stock of currencies to slow the appreciation of a currency when foreign capital flows. In bad times, they rely on reserves to cushion the blow from capital flight.
“Some countries, particularly in Asia, can go both ways, to quell weakness,” said Alan Ruskin, chief international strategist at Deutsche Bank AG.
Most central banks still have enough strength to continue interventions, if they so choose, as India's foreign reserves are still 49% higher than 2017 levels, enough to pay off 9 months of imports.
Central banks including Indonesia, Malaysia, China and Thailand will release their latest foreign reserves data on Friday. But for others, they deplete quickly. Data compiled by Bloomberg shows that after a 42% drop this year, Pakistan's $14 billion in reserves are not enough to cover 3 months of imports. LINK
************
Samson: The Kurdistan Regional Government will suspend the official working hours tomorrow, Saturday
7th October, 2022
The Information and Information Department of the Kurdistan Regional Government announced the suspension of working hours in all official institutions in the region, on the occasion of the Prophet's birthday.
The Prophet’s birthday is an annual commemoration that coincides with the birthday of the Prophet Muhammad bin Abdullah on the 12th of Rabi’ al-Awwal, as Muslims celebrate it every year in some Islamic countries not as a holiday but as a joy at the birth of their Prophet.
The popular celebrations begin from the beginning of the month of Rabi’ al-Awwal to its end, by setting up councils in which he sings poems in praise of the Prophet, and in which lessons are learned from his life, his merits are mentioned, and food and sweets are served, such as the sweetness of the birthday.
LINK
************
Samson: Parliamentary Integrity reveals the theft of more than (800) million dollars in tax revenues
6th October, 2022
Thursday, the Parliamentary Integrity Committee revealed the theft of tax funds exceeding $800 million
Committee member Ahmed Al-Rubaie said in a statement received by Al-Ghad Press, a copy of it, that "there is a theft in the revenues of the trust accounts belonging to the general tax in Al-Rafidain Bank, which exceeds (800) million dollars, and no authority or entity can cover or deny this theft. in favor of thieves of public money
He added, "After addressing the Ministry of Finance to disclose the results of the investigative committees on the file of the loss of trust account revenues related to the general tax in the Rafidain Bank, which is estimated at more than one trillion Iraqi dinars, and to indicate the real numbers of the amounts and suspected persons who illegally acquired the funds, the ministry answered It has formed an investigative committee to conduct an administrative investigation into the matter
He pointed out that "the investigative committee recommended precautionary measures regarding what was changed in the investigation, because the loss of these huge sums from the account of the General Tax Authority was during the period of their administration and under their direct responsibility and authority
He pointed out that "the answers of the Ministry of Finance confirm the existence of this theft, and no party or authority can cover it or even deny it," calling on government and regulatory agencies to "prevent the travel of some managers and senior cadres in the Tax Authority who have been changed until the end of the administrative and judicial investigation LINK
Samson: The repercussions of the OPEC Plus decision .. a draft law to withdraw US forces from Saudi Arabia and the UAE
7th October, 2022
Three members of the US House of Representatives announced that they had submitted a bill requiring the withdrawal of US forces stationed in Saudi Arabia and the UAE, and stressed that they did not see any reason for US forces to stay there after the UAE and Saudi Arabia supported the OPEC Plus decision
"Saudi Arabia and the UAE have long relied on the US military presence in the Gulf to protect their security and oil fields," the three members of the US House of Representatives, Tom Malinowski of New Jersey, Sean Kasten of Illinois, and Susan Wild of Pennsylvania, said in a joint statement
"Following their (Riyadh and Abu Dhabi) support for the OPEC Plus decision, we see no reason for US forces and contractors to continue providing this service to countries that are actively working against us," the statement added
The statement indicated that "if Saudi Arabia and the UAE want to help Russian President Vladimir Putin, they should look to him to defend them," according to the statement, which stressed that "this decision is a turning point in our relationship with our Gulf partners
"If Saudi Arabia and the UAE hope to maintain the good relationship with the United States that has always been beneficial to them, they must demonstrate a greater willingness to work with us, not against us, in advancing what is now our most urgent national security goal, which is to defeat Russian aggression in Ukraine LINK
~~~~~~~~~~
Sir: IMO-This is the end of the road for the Federal Reserve note , the petro-dollar is officially dead. Prepare for the flood of dollars coming home as you will see inflation in America never seen before. You will witness first hand the rise of all countries currency against the dollar . That’s why you have witnessed countries continually up their gold reserve like never seen before. This is Biblical and we are here to witness it first hand. Hold on tight people, it’s going to get rough here in the states.
MOakes12: It is way past time the families who own the Federal Reserve are bought to their knees. They have been ripping off people since Pres. Woodrow Willson signed the Federal Reserve Act into law. We will have to deal with the pain in order to get out from under their control.
************
Samson: What to do...before Plasschaert delegitimizes you
5th October, 2022
In front of representatives of all countries, the UN envoy, Jenin Plasschaert, spoke in a way that causes “shyness”, “humiliation” and “shame” about Iraq, and described the regime in Baghdad, in which it “does not respect the people”, and that the parties are working against the Iraqis.
This utterance is not insignificant, as it is an internationalist view extracted from the practical experience of Plasschaert in Iraq, and no matter how much we support him or disagree with him, we must stand with him.
The influential elites have no reaction when they listen to an international representative who considers them enemies of their people, and almost delegitimizes them, after a global, historical insult.
The most dangerous thing in Plasschaert's briefing is her saying that the political class is unable to resolve the crisis, and any local leader can drag the country into a bloody conflict, and this is an inferior view of our leaders, unfortunately.
It may be early to talk about Iraq's return to Chapter VII, but it will be a possibility, if we put Plasschaert's ruler on the international tools, especially since the regional alignment allows this, to keep Iraq away from Iran.
Did the bell sounded by Plasschaert reach the leaders?
O frame, hold things, or else leave the leadership to the Sadrists.
I heard if you called alive.. LINK
DoTalkToMe: the way the leaders are not handling the affairs of the country...they deserve to be thrown back into chapter VII
» utube 7/25/24 MM&C Iraq Dinar Update - IQD Revaluation-Key Indicators - Deposit Insurance -Arbitra
» utube 7/23/24 MM&C Iraq Dinar-Prime Minister Advisors-Saleh-Al-Nusairi-Facts bringng facts-Reforms
» Al-Jawahiri: Iraq continues to increase its oil production.. Is this OPEC’s role?
» Al-Sudani pressures factions to calm escalation against Americans, seeks Tehran's support
» A 40 km deep void threatens Iraq.. Baghdad and Erbil agreed but "without training, a base and an air
» Iranian sources to Baghdad Today: Tehran has not reached an agreement with Baghdad regarding the ent
» China accuses NATO of stirring up strife in 4 countries, including Iraq
» Within a week.. more than one billion dollars in sales from the Central Bank of Iraq
» "Billions of Dinars" Disbursed to Political Parties from 2024 Budget as "Financial Grants" (Document
» "An ill-considered decision".. The heart of Baghdad is exposed to financial losses
» With documents.. Billions of dinars in grants were disbursed to parties from the current year’s budg
» "He returned from Iraq doubtful." Will Vance change his country's policy in its wars outside its bor
» Quadripartite meeting in Baghdad stresses the need to support the development road project
» The Minister of Oil inaugurates the first phase of the central processing station in the Al-Faiha oi
» Bitcoin regains $67,000 level... and Ethereum jumps 4%
» Oil Products launches a fuel card to provide citizens with kerosene in Nineveh
» "Criticism" haunts the work of the Iraqi negotiating committees in Washington regarding the presence
» Ministerial Swaps: The High Price of Being Speaker
» Hussein Arab: Parliamentary bodies added 2.5 trillion dinars to the governorates in the budget, whic
» Four countries meet in Baghdad to support the development road project
» Call for investigation after the overthrow of a smuggling network in the North Oil Company
» Oil MP rules out oil and gas law
» Rule of Law: General amnesty includes those who committed ordinary crimes, not terrorists
» MP identifies the paragraph that delays the settlement of the salary scale
» The Kurdistan National Party welcomes Al-Sudani's initiative to end the Kirkuk problem
» 42 projects allocated to the second largest district in Basra
» Wasted budgets.. Estimates reach 450 billion dollars and the money of "Iraq's rich" is equal to 9 co
» Within months.. Al-Imar: The amount of loans disbursed amounted to about 750 billion dinars
» $100 million Iraq's citrus imports in 6 months
» Pilot plan in Erbil: Electricity for all citizens within 24 hours
» Contrary to expectations: The Iraqi passport is in its best condition in 8 years
» Parliamentary exclusion of the legislation of the oil and gas law during the current year
» The National Union announces to the region’s employees: The salary crisis has ended after linking it
» Immigration confirms the increase in the number of people wishing to return to their original areas
» Baghdad.. Launching a link to work as a researcher in the general population census
» Three suspects arrested for receiving 6 million dinars in exchange for completing a retirement trans
» Report highlights Trump's vice president's shifts in Iraq war
» Al-Sudani stresses the importance of putting the interests of Kirkuk people first in any agreement b
» Due to illusory political achievements.. Warnings of Sinjar people being displaced again - Urgent
» Warning and fears of the exploitation of political money in the Kurdistan Parliament elections
» During a week.. more than 15 billion dinars in "non-oil" imports for two governorates and two local
» Mazhar Muhammad Salih points to the weakness of the cash credit ratio in private banks
» Parliamentary efforts to amend the investment law to improve the Iraqi economy and attract foreign c
» Economist reveals reasons for rising prices of goods and products: lack of government support and ex
» Al-Halbousi imposes “difficult conditions” on the ruling coalition
» Requesting 25 million to close the case of a drug suspect.. Integrity arrests an impersonator in a “
» Government attempts to rescue Iraqi industry from imports.. Will local support succeed?
» Political parties control the sale of the dollar.. A new threat to the stability of the national eco
» Water scarcity and environmental degradation threaten cotton in Iraq.. Farmers demand urgent solutio
» In a Security Council session, Iraq calls for an immediate ceasefire in Gaza
» Stability of dollar prices in local markets
» New jobs in Baghdad
» Alsumaria News publishes the link to apply for "new jobs"
» Parliamentary Investment: Amending the Investment Law will eliminate exceptions
» Dollar exchange rates in Iraqi stock exchanges
» MMK&C 7/21/24 Government Advisor: Adopting auditing of foreign transfers contributes
» MM&C 7/21/24 Proposed measures to address the rise of the dollar
» Iraq ranks high in income inequality among citizens
» Within months.. Al-Imar: The amount of loans disbursed amounted to about 750 billion dinars
» Parliamentary Integrity confirms the start of opening the files of former officials
» Iraq and the German Development Bank sign an amendment to the loan agreement to finance a number of
» Regional oil...between export ban and smuggling suspicions
» Economist: Faw Port is an important step towards sustainable economic development and a major gatewa
» Parliamentary Investment "Mocks" Solution to Housing Crisis in Complexes: "Joke" and Government Must
» Multi-million dollar agreement to support Iraqi agriculture
» From Chaos to Law.. The Crowd Breathes with the First Reading of “Service and Retirement”
» Oil Minister inaugurates first phase of associated water injection project in Rumaila field
» Water Resources: The reality of desertification in Iraq is better than before
» Disappearance of 50,000 Pakistani tourists in Iraq.. Government position: We will start the investig
» Iraq reveals the value of its agricultural exports: 400 thousand tons in 6 months
» Electricity directs the rapid implementation of the solar power plant project in Khanaqin
» Worth $20 billion.. Iraq is second in trade exchanges with Iran
» (56) megawatt card.. Opening of the gas power plant in Majnoon field
» Parliamentary Committee: Amending this law will address many problems
» Iraq and the German Development Bank (KFW) sign an amendment to the loan agreement to finance a numb
» Finance discusses regulating the work of government banks with international auditing firm Ernst & Y
» The Prime Minister receives the approval of the coalition of companies that won the investment oppor
» US Ambassador: We helped Iraq with $3.6 billion in the displaced file
» In two stages.. The Minister of Oil inaugurates the associated water injection project in the Rumail
» Who manipulated the budget settings? Adding 15 trillion dinars for the benefit of the people or for
» Statement of the Iraqi Communist Workers’ Party on the “Personal Status Law Amendment” Project
» The American arm has become short.. Iraq will eradicate the “SDF” from Syria
» The idea of the “Sunni region” is maturing again.. The insistence of Western politicians collides
» Iraq takes its share of negative development and faces “electronic blackmail”
» Education in Iraq: Between the lack of schools and the delay in providing supplies
» Economist lays out solutions to get rid of the dollar’s dominance: moving towards a currency baske
» The Presidency of the Republic issues a special pardon for a bank manager accused of embezzlement
» The Ministry of Agriculture reveals the volume of its exported products in numbers
» Transport reveals its latest steps towards lifting the European ban on Iraqi Airways
» "Doors are closed" in Parliament.. Will political pressures result in the election of a new presiden
» Prime Minister's Advisor: Kirkuk government formation will be decided within 20 days
» US dollar exchange rate stability in Baghdad
» Reconstruction: New applications for Housing Fund loans will be opened when liquidity is available
» The US Federal Reserve adopts a new strategy towards Iraq.. The dollar is threatened with rising to
» First government comment on the leakage of 50 thousand Pakistanis in Iraq
» Parliamentary Integrity Committee announces keeping the session hosting the Minister of Water Resour
» Parliamentarian reveals the reason for the recent talk about the Sunni region
» Secrets of the Coordination Framework meeting with the Sunni forces.. Three proposals to resolve the