BondLady’s Corner

  In Bondlady’s Corner 

More Iraqi News Wednesday PM 12-9-20

TLM724 Administrator BondLady’s Corner

Two Reasons For The Rise In The Dollar .. Advisor Al-Kazemi: Temporary Bubbles Affected By Speculative Rumors

Economie| 11:15 – 09/12/2020  BAGHDAD – Mawazine News,  the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, identified, on Wednesday, two reasons for the high exchange rate of the dollar, stressing that they are temporary bubbles affected by speculative rumors to reap profits.

According to the official agency, Saleh said, “The exchange market, as it is known, is one of the markets most affected by information. Rather, all its decisions depend on the available information and its level of credibility, but there are two reasons for the price fluctuating slightly above its usual rates of stability in the parallel market.”

He added, “The first reason is that the budget bill is close to being approved, and the conflicting, colored and confused information was raised about correcting the exchange rate, which generated vague signals that the market adopted for speculation and hedging in a short period.”

He continued, “As for the second reason, it is the approaching date of the legislative elections, the political strife, and the signals and information they generate regarding political gains, or the reasons for preparing for the elections, which give a high state of uncertainty among market makers regarding the political and economic situation of the country.”

He pointed out that “all these factors lead to anxiety in the decisions of buying and selling in foreign currency, and maintaining a price slightly higher than the market’s balance and levels of stability.”

He stressed that they are “temporary bubbles affected by speculative rumors, to reap emergency profits from the price differences,” indicating that “correcting the exchange rate will remain part of the monetary policy actions of the Central Bank of Iraq, and it is the only source of information.” https://www.mawazin.net/Details.aspx?jimare=133472

Advisor Al-Kazemi: The Rise In The Dollar Is Temporary Bubbles Influenced By Speculators’ Rumors Of Profit-Taking

Wednesday 09, December 2020 11:58 | Economical Views: 228  Baghdad / NINA / The financial advisor to the prime minister, Mazhar Muhammad Salih, identified, today, Wednesday, two reasons for the high exchange rate of the dollar, stressing that they are temporary bubbles affected by speculative rumors to reap profits.

Saleh said in a press statement, “The exchange market, as it is known, is one of the markets most affected by information. Rather, all its decisions depend on the available information and its level of credibility, but there are two reasons for the price fluctuation slightly above its usual rates of stability in the parallel market.”

He added, “The first reason is that the budget bill is close to being approved, and the conflicting, colored and confused information was raised about correcting the exchange rate, which generated vague signals that the market adopted for speculation and hedging in a short period.”

He continued, “The second reason is the approaching date of the legislative elections, the political strife, and the signals and information they generate regarding political gains, or the reasons for preparing for the elections, which give a high state of uncertainty among market makers, regarding the political and economic situation of the country.”

Saleh pointed out that “all these factors lead to anxiety in decisions to buy and sell in foreign currency, and to maintain a price slightly higher than the market’s balance and levels of stability.” / End 8

https://ninanews.com/Website/News/Details?key=875224

The Exchange Rate Of The US Dollar Against The Iraqi Dinar

Economie| 10:19 – 12/09/2020   Baghdad – Mawazine News  publishes / Mawazine News /, the exchange rates of the US dollar against the Iraqi dinar for today, Wednesday.  Baghdad – The price on the Al-Kifah Stock Exchange is 126,400 … The price in exchange is (approximate)   Buy 126,000   Selling 127,000

Erbil / Stock Exchange   126,200   Basra / Bursa   126,600   Mosul / Wholesale   126,300

https://www.mawazin.net/Details.aspx?jimare=133461

The Low Exchange Rate Of The Dollar In The Local Markets

Market  Economy News _ Baghdad  The exchange rates of the dollar decreased in the main stock markets and local markets today, Wednesday (December 9, 2020).

The Kifah Stock Exchange recorded 126,400 dinars against 100 US dollars, while the exchange rates for Tuesday in the Kifah Stock Exchange were recorded at 127,200 dinars per 100 dollars.

As for the exchange rate in the local market, it also rose, where it was:

Sale price: 127,000 dinars per 100 dollars.  Purchase price: 126,000 dinars per $ 100.

Number of observations 86 Date added: 12/09/2020 https://economy-news.net/content.php?id=23074

Taxes … The Key To Solving Economic Crises

Wednesday 09 December 2020  29 Baghdad: Farah Al-Khafaf  Many major countries, such as the United States of America, Britain, Japan, and others, rely mainly on taxes in their economies, and the government’s white paper aspires to partially rely on taxes and their revenues to fill the fiscal deficit and revive the economy.

Finance Minister Ali Allawi said that the tax rate will not be high, and that citizens will not respond to taxes because the state does not provide them with the necessary services, stressing that the level of taxes must be linked to services. And quality.

Resolve crises

Financial expert Thamer Al-Azzawi believes that “taxes are one of the most important keys to solving financial crises.”

He added that “taxes in Iraq were neglected due to previous financial policies that were consumed by time and drink, and it was socialist policies.” Follow socialism like Egypt, Saudi Arabia and others. ”

Domestic product

Al-Azzawi believed that “imposing taxes and their rate must follow new policies and cover most areas of life.” Depending on the local product, either those with medium or high incomes can choose. ”

Free business

He called for “focusing on imposing taxes on companies and large free businesses, but without affecting business and prices,” explaining that “this should coincide with improving services and facilities and amending laws, especially since the benefits will accrue to citizens, with the sustainability of a strong economy.”

The Ministry of Finance had announced that it had achieved more than 620 billion dinars in tax revenues for the month of November. the past   LINK

To Address The Financial Deficit .. Sudan: Adoption Of Rapid And Scientific Measures Is Required

Wednesday 09 December 2020  69  Baghdad: the pillar of the emirate

MP Muhammad Shiaa al-Sudani stressed the importance of adopting rapid and practical measures to address the decline in revenues from oil exports to finance the budget items, and that work is directed towards achieving a real multiplicity of revenues that contributes to reducing deficit ratios in the general federal budget.

Al-Sudani stated in an interview with Al-Sabah that “the financial deficit was before the start of the Corona pandemic and at the beginning of the Abd al-Mahdi government, as the proposed budget for 2020 was more than 63 trillion Iraqi dinars deficit, on the other hand the solutions were shy, and at the same time the decisions that were made Leading to many and multiple spending increases, which exacerbated the problem and led to a significant increase in the deficit, “noting that” borrowing cannot be to cover the deficit, but rather tight mechanisms must be followed that secure permanent financial revenues. ”

Exchange doors

He continued, “There must be real action that reduces public spending at the level of the operating budget, expansion of salaries, and the proceeding of many sections of the operational budget disbursement, so that in light of the borrowing of the second meal to finance the financial deficit, you find that the government proposes 2 trillion and 400 billion Iraqi dinars for the section of disbursement of goods and services and this Something stirs Astonishment.

We demanded, through many proposals in this regard, to reduce the deficit, and no action was taken regarding it, but the answer was that we are waiting for the white paper. ”

Long plan

Regarding the white paper, Al-Sudani said, “Everyone knows that the white paper is a long-term plan that extends from 3 to 5 years, while quick measures that would reduce spending are the prerogatives of the cabinet.”

Oil prices

The Sudanese MP explained that “oil prices are witnessing a clear fluctuation before the Corona pandemic through the price war between Saudi Arabia and Russia. This situation cast a shadow over all oil prices, and then the big crisis, represented by the Corona pandemic, began, as the demand for oil decreased clearly and another factor is added to it. With the production of shale oil, which fluctuates from time to time between overproduction and lack of production due to a rise Chloasma. ”

Budget preparation

He continued, “These factors contributed to the fluctuation of prices, and this was reflected in the countries with soft economies, including Iraq, which depends heavily in preparing the budget on what it receives from oil revenues, as it was clearly affected, especially after the recent OPEC agreement, which caused Iraq to be deprived of a quarter of its oil revenues.” This was an unfortunate decision at the time, because it did not take into account the exceptional circumstances of Iraq, as it came close to its war against ISIS, and because its last share in the OPEC decision was not commensurate with its population and the size of oil reserves For the country. ”

He pointed out that “non-oil revenues are few. For example, we find that the border crossings in the Kurdistan region of Iraq are not subject to the federal tax, and they are open outlets without control, which leads to the entry of many goods that affect national agricultural and industrial production.”   LINK

An Invitation To Develop The Banking System

Wednesday 09 December 2020  35  Baghdad: Al-Sabah

called on the economist Haider Al-Baghdadi to work towards developing performance and creating an effective banking system that supports the aspirations aimed at bringing about comprehensive economic development.

He pointed out that “the development of the national economy requires an effective banking system that possesses advanced technology that provides advanced services in line with the requirements of the international effort desiring To work in Iraq, as it requires continuous updating of the reality of banking products, to provide services to all segments of society without exception.

He added that “banks are required to work according to the instructions of the Central Bank and to have a prominent role in supporting small and medium enterprises with effective economic viability, in a step aimed at raising local production and providing job opportunities for a segment of young people who represent work forces.”  LINK

Regional Government: Our Delegation Will Head To Baghdad In The Evening, And We Have Mobilized Efforts To Reach An Agreement

Time: 12/09/2020 14:38:15 Read: 1,001 times  (Baghdad: Al Furat News) Today, Wednesday, the Council of Ministers of the Kurdistan Region held its regular session headed by Prime Minister Masrour Barzani and in the presence of Deputy Prime Minister Qubad Talabani.

The media office of the Council of Ministers of the Kurdistan Region stated in a statement that Al-Furat News received a copy of it that “the cabinet at the beginning of the session offered its sincere condolences to the families and families of the victims who lost their lives after the events that occurred in recent days.”

The statement added, “The Council of Ministers renewed its support for the right of citizens and employees to demonstrate peacefully and express their views in a civilized manner, and demanded that the legitimate rights of the demonstrators not be exploited by irresponsible persons and entities, with the aim of destabilizing the security situation and creating chaos and unrest in the region.”

The Council of Ministers affirmed that “the Kurdistan Regional Government is doing its utmost to secure the legitimate and constitutional rights of the Kurdistan region, and on this basis the negotiating delegation of the regional government went to Baghdad under the supervision of the Deputy Prime Minister {Qubad Talabani}, and with full powers, in order to reach an agreement with the federal government regarding Financial and economic issues. ”

The Cabinet assured citizens, especially those who receive salaries, that “all efforts have been mobilized to reach an agreement with Baghdad, to focus local efforts in addition to administrative and financial reform steps and to enhance transparency, to address the current financial situation and secure salaries and financial dues for employees.” LINK

Iraq And China Are Preparing For A “Rare” Oil Deal

Time: 12/09/2020 13:06:54 Read: 3,757 times   {International: Al Furat News} Iraq is preparing to sign a multi-billion dollar deal with the Chinese company “Chenhua Oil”, under which Baghdad will get cash to help it in its financial distress in exchange for long-term oil supplies.

Bloomberg says the deal is the latest example of China, through commercial companies and state-controlled banks, lending troubled oil producers such as Angola, Venezuela and Ecuador, in exchange for repayment in barrels of oil.

Reuters also quoted an informed source today, Wednesday, that the Chinese state oil trade, Chenhua Oil Company, is at the forefront of competitors in a bid to sell Iraqi crude for a period of five years.

The source added that the company presented the “most competitive bid” in a bid for the Iraqi Oil Marketing Company (SOMO), which attracted participants from international oil companies, trade houses and Chinese and Indian refiners.

Government spokesman Hassan Nazim told reporters yesterday that the Iraqi Oil Ministry is studying offers from participants in a pre-paid oil deal.

The winner of the bid will pay SOMO about $ 2.5 billion for 48 million barrels of crude between July 1, 2021, and June 30, 2022.

The collapse in demand and prices for oil has hurt the budget of Iraq, whose government is struggling to pay the salaries of its employees.

Bloomberg quoted sources familiar with the matter that the cabinet has yet to approve the offer.

Under the terms of a letter SOMO sent to oil companies last month, the winning contractor would buy four million barrels of oil per month, or about 130,000 barrels per day.

The company that receives the bid will prepay cash for one year of oil supply at current prices – more than $ 2 billion, according to Bloomberg calculations.

The agreement will be in effect for five years, but the cash advance will be for one year.

Bloomberg described this deal as “rare”, as Baghdad had not previously entered into a prepaid deal, although the Kurdistan Regional Government in the north of the country had concluded similar contracts in the past.

In addition, the deal is considered “rare” also because it allows the company to which the bid is applicable to ship Iraqi crude to any destination it desires for a year. Usually, Middle East crude is sold under strict conditions that prevent traders and refiners from reselling the barrels to different regions.

The deal attracted widespread interest among the top names in the oil trade industry, according to sources. The deadline for bidding, which was in late November, has been extended to allow more time for market competitors.

All major producers have been affected by the collapse in oil prices this year, caused by the Corona virus, but Iraq, which relies on crude oil for almost all of its government revenues, is in a worse position than most countries of the Organization of the Petroleum Exporting Countries (OPEC).

Iraq’s GDP will shrink by 12% this year, more than any other OPEC member, according to IMF projections.  LINK

US Assistant Secretary Of State: Our Embassy In Baghdad Remains

The Baghdad Post Wednesday, December 09, 2020 10:34 AM The US Assistant Secretary of State for Near Eastern Affairs David Schenker affirmed: “The US embassy in Baghdad remains and will not be closed.”

Schenker said in a televised statement that he discussed with Iraqi officials the attacks on diplomatic missions and their protection, noting: “Supporting Iraq in all fields, including helping it return the smuggled money.  LINK

Alia Nassif: The Large Faw Port Project Is Located Between The Jaws Of Bribery And Foreign Conspiracies

Wednesday 09, December 2020 11:50 | Economical Views: 520

Baghdad / NINA / Representative Alia Nassif confirmed that the large Faw port project is located between the jaws of bribery and foreign conspiracies, indicating that any bias towards the Korean company is not without question marks, because the Chinese company is ready to complete the project in a shorter period and with better specifications.

She said in a statement today that the Iraqi National News Agency / NINA / received a copy of it: “The bribery machine is working in full swing to delay the port of Faw, and among the tricks and tricks currently used is the preference of the Korean company Daewoo over the Chinese company that we previously explained in a previous statement “The offer and the speed of completion of the port, to the point that the Chinese offer frightened some neighboring countries because the port, which was just ink on paper, will become real and enter into service within a record period.

Nassif warned of “the persistence of foreign conspiracies and the extent of their danger,” stressing: “Some countries are ready to kill, bomb and commit various kinds of crimes in the event that the method of bribery fails to abort the Faw port project, but despite their plots and schemes, the light will soon see the light and the will of the Iraqi people will be fulfilled.” / Finished 8     https://ninanews.com/Website/News/Details?Key=875227

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/