2Cents: We have three weekends prior to Ramadan………
One of which is Holy Week with Easter.(IMO, not likely and the currency sales were big today)……..that leaves two….
Eid al Fitr is projected for 6/3(perhaps 6/4)……..
So, After Ramadan there are 4 weekends to the end of this legislative session……..
IMO, one of these 6 is very likely based on what they have told us so far……
Don961: After postponing the visit more than once .. Abdul Mahdi arrives in Saudi Arabia Wednesday
Monday, 15 April 2019
Baghdad – Writings
The date of the visit of Iraqi Prime Minister Adel Abdul Mahdi to Saudi Arabia, which has been postponed more than once.
Iraqi Foreign Minister Mohammad Ali al-Hakim announced that Prime Minister Adel Abdul Mahdi will visit Saudi Arabia next Wednesday (April 17, 2019).
Hakim pointed out that Abdul Mahdi will be accompanied by a large ministerial and economic delegation.
During the visit, Abdul Mahdi will meet Saudi King Salman bin Abdul Aziz and a number of Saudi officials to discuss further understandings and agreements that will make investments and contribute to the reconstruction of Iraq. link
MilitiaMan: Is everyone seeing the time lines?
They finish paying citizens on the 18th.. They reported that again today.
They told us their celebrating 10 years for the ISX on the 19th? There is more, but, those days are what come to mind without to much ado.. oh wait, the SFA is for the 18th as well.. That little tid bit ought to bring a smile.
The SFA was signed once by Trump in 2016! That means to me the activation they speak of is the end goal.. SFAs are about goals..
They are about setting, working, finishing and reporting goals to the appropriate entities. Was not Alak with the IMF today? Was there not legal requirements that needed to be reported on 04/10/2109? Yes, imo they did and were abiding by the FML..
Washington stated they would like Iraq to rely on them selves. Clearly the amount of data to date supports they have been told to get off the pot and stand up on your own two feet!!
Today’s line up with all those in finance is shear effect oriented to stake holders.. They are not going to be allowed to fail.. Not imo !!! So with all the effort we see, I smile at where we are now.. Trump, Pence, Pompeo, Mnuchin, etc have all been to town and have expressed themselves..
Be sure they have been educated on the consequences for failure to act.. imo!! -MM
Don961: IMF and World Bank meetings conclude in Washington
American optimism with historic agreement with China
Monday, 9 August 1440 – April 15, 2019 Issue No. 
World Bank chief Christine Lagar and David Malpas at the spring meetings of the two institutions in Washington,
While fears of a global economic downturn dominated the discussions of the Spring Meetings of the International Monetary Fund and the World Bank in Washington, which ended yesterday, and the file of the war of trade was one of the most important factors threatened by this recession, the statements from the American side suggests the near reach of the agreement With China ending the war, but the Chinese side issued at the same time statements on the subject seemed less optimistic.
“We have a hope to get closer to the last circle of negotiations to find a solution to the problems,” US Treasury Secretary Stephen Manuchen told a news conference on Monday. But he refused to talk about any date, stressing that “the most important” is to complete the negotiations well instead of imposing an “arbitrary date.”
“We are making progress, I want to be careful,” Manouchein said. “This is a very detailed agreement covering topics that have not been dealt with before. This is a path that goes beyond anything like a bilateral investment agreement. ”
The administration of former US President Barack Obama has sought talks on a bilateral trade deal with China, but has been stalled as China refuses to respond to US demands to open sectors of its economy to foreign investment. While the administration of the next president Donald Trump chose to engage in a tariff war with China to force it to pursue fairer trade and investment rules from its point of view.
Menuchin said the two sides were discussing a seven-chapter agreement that would be “the most important change in trade relations in 40 years” as he put it. He noted that the agreement would have conditions to ensure implementation by both sides and that the United States would be prepared to impose sanctions on it if it failed to implement its commitments.
However, the remarks made by Chinese Vice-President Shen Yulu during the meetings were less positive in the eyes of the observers. He said in a statement of the International Monetary and Financial Committee in the IMF that the increase in trade protectionism in the form of punitive tariffs began to disrupt the global supply route. He considered that the protectionism of some countries Has damaged mutual trust between countries, limited bilateral cooperation and hindered the desire to achieve it.
“Unilateral measures and trade protection can only aggravate internal imbalances and weaken the necessary structural reforms, which could adversely affect the countries concerned as well as global growth.”
The United States and China have been engaged in tough negotiations since January on a broad trade deal that is supposed to allow an end to a trade war that has escalated over the past year. This war slows global growth, which is expected to reach 3.3 percent this year, compared to 3.6 percent last year.
But based on the assumption that the world’s two largest economic powers will reach an agreement soon, the IMF expects growth to be 3.6 percent in 2020.
Fund director Christine Lagarde stressed that the world economy was facing a “sensitive” phase, but that the situation could improve if countries made decisions And “did not harm growth,” by, for example, abstaining from taking protective measures.
Trump seeks to reduce the US trade deficit with China, put an end to forced technology transfer, reduce China’s financial support to public companies and end intellectual property theft.
“An exchange of goods and services is free, fair and beneficial to all parties and investments are the main drivers of growth and creation of jobs,” said Central Bank of South Africa Governor Lesitsa Ganyago, head of the IMF’s Monetary and Financial Committee. link
Samson: Oil falls from a 5-month high but supply worries keep price support
15th April, 2019
Oil prices fell on Monday (April 15th) after global benchmark Brent crude hit a five-month high in the previous session, but concerns about global supplies kept price support
Brent crude fell 23 cents, or 0.3 percent, to $ 71.32
US crude fell 34 cents, or 0.5 percent, to $ 63.55 a barrel LINK
Samson: Iraq assures the International Monetary Fund (IMF) that it is adopting a new policy to diversify its sources of income
15th April, 2019
The Prime Minister for Economic Affairs and Finance Minister Fouad Hussein on Monday, the government adopted a new policy in the revitalization of the economy and diversification of sources of income.
“The latter met on the sidelines of the World Bank meetings in Washington with the Deputy Managing Director of the International Monetary Fund (IMF), Mitsuhiro Furosawa, and invited him to visit Iraq and open a fund office to promote joint cooperation,” a statement from Fouad Hussein’s office said.
“The finance minister explained the latest developments on the political and economic fronts in Iraq and the government’s efforts through its ambitious program to restore stability and reconstruction of the liberated areas of terrorist organizations and the government’s adoption of a new policy to stimulate the economy and diversify sources of income,” he added.
The statement said that “the meeting was also attended by the governor of the Central Bank of Iraq Ali Alalak.” LINK
Fenway: I especially like that last statement that kinda snuck in there, that Allak also met with the IMF.
Chappy86: Yes let’s raise the value of the local currency, shall we?
Samson: The effectiveness of monetary policy in Iraq
15th April, 2019 by Ahmed Hazal
Monetary policy is one of the most important tools used by countries to deal with economic problems, whether at the level of growth, unemployment, poverty, inflation and monetary stability
There is no distinction between economic and monetary stability. Economic stability is linked to economic policy as a whole, This is different from the monetary stability, which aims to achieve balance in the exchange rate and safe levels of inflation rate and increase economic growth rates through monetary policy instruments, which naturally leads to economic stability if the response of the sectors.
The Central Bank of Iraq Law No. (56) of 2004 affirmed that one of the central objectives of the Central Bank is to achieve monetary stability. As a result of the non-response of the real sector to the variables of monetary policy, this reflects the structural imbalances in the Iraqi economy
After 2003, the Iraqi economy exercised the tools of transition to a market economy, which has certain principles and rules committed by countries.
Monetary policy has used the most influential tools in the exchange rate, which is the currency’s window in balancing demand and supply. This depends on oil revenues. Public finance relies on (89%) of public revenues as in the budget of 2019 and more in previous budgets. The oil sector accounts for more than (60%) of GDP, and notes the structural imbalances in public finances first, in the economic sectors Second
These imbalances result in instability at the economic and monetary level. Thus, money supply is an internal variable of fiscal policy (as we always confirm) as long as the Ministry of Finance is responsible for selling the dollar to the central bank.
By reducing or increasing public spending, as well as that every rise in the budget deficit leads to an increase in money supply because public finances resort to the instrument of public debt (internal and external) to meet the needs of the budget, which leads to the occurrence of inflationary waves pushing monetary policy to fill them through Window Currency is the most influential instrument because of the low interest rate flexibility in the banking system as a result of the separation between the real and monetary sector
The monetary policy practiced the type of exchange rate nominally valid for monetary stability due to imbalances experienced by the economy. Statistical data issued by the Statistics and Research Department of the Central Bank show that the exchange rate for the years 2015-2018 reached a maximum of 1190 dinars (1180) dinars per dollar. As for the parallel market price, the maximum limit reached (1281) dinars per dollar, while the minimum reached (1215) dinars per dollar
The foreign exchange reserve is a cover for the local currency and this ensures its stability and achieves development if it remains within the normative limits. The data indicate that the reserves index is moving towards safety according to international standards and covers more than 6 months of imports in case of lack of oil revenues
. Including the so-called double shock in 2014, namely, the sharp drop in oil prices on the one hand, and the military strike against the organization calling on the terrorist on the other. This necessitated the intervention of the Central Bank to achieve stability and to meet the funding needs to face the financial and military shock Indirectly through the marketing of public bonds
The reserves are not frozen, but are used in the management of currency and foreign cash investments, in addition to providing security for the national currency.
If the demand for the dollar does not meet an equal offer, it means that it is one of the indicators of the collapse of the currency. Therefore, we note that the central bank is keen to cover domestic demand and demand for Import, and after 2015, I used a package of measures aimed at reducing the gap between my official and parallel prices
When the central bank sells the dollar, it aims to preserve the value of the currency, so it does not practice a commercial process as much as it activates its tools to achieve stability.
The international standards stipulate that the difference between the official bank price and the parallel price (2%) should not be noticed. More than (8%) This is a serious indicator that threatened the value of the currency at the time, but now we note that the monetary policy was able to achieve convergence between the official and parallel exchange rates and a difference acceptable globally and according to the agreement signed by Iraq, which stipulates that the difference (2%), The official exchange rate for this year (1190) dinars per d This means the reduction of the gap to less than 2%.
This also means the monetary authority’s affirmation of the need to reduce the gap as a result of its commitment to the Central Bank’s law to achieve stability first and to raise the value of the local currency. It is possible for the citizen to benefit when buying goods LINK