JJonesMX: I thought it worthy of sharing.
BLESSINGS TO ALL
International Monetary Fund
Consultation with Iraq
August 9, 2017
Iraq: Letter of Intent, Memorandum of Economic Financial Policies, and
Technical Memorandum of Understanding
Currency in circulation = 47,222 TRILLIONS OF DINAR as of JUNE 2018…
PER IMF FACT SHEET/S
Table 10. Iraq: Central Bank Balance Sheet, 2017–18
(In trillions of Iraqi dinars, unless otherwise indicated)
Don961: Financial Firms Will Leave UK After Divorce
Wednesday, June 27, 2018
Financial firms will leave Britain after Brexit, the head of the International Monetary Fund Christine Lagarde warned. According to her, most will flock to EU countries. That is why, she argues, the bloc needs to enhance its regulatory and supervisory capacities to cope with the likely influx, Business Review reported. Many financial companies are expected to relocate outside the UK after Brexit, in order to maintain their passporting rights.
Passporting allows financial companies authorized in one EU state to sell services and products in another. “In the near-term it is critical to ensure that regulatory and supervisory capacities are prepared for the influx of financial firms that will move to continental Europe–and Ireland–as a result of Brexit,” Lagarde told audience at ‘The Euro at 20’ conference in Dublin, Ireland.
According to Lagarde, work was needed to enhance the eurozone’s resilience and secure its future. “The eurozone needs truly integrated financial and capital markets that allow companies to raise financing across borders more easily and support investment.”
Don961: Demonstrations and protests are taking place in Iran’s markets due to the fall of the currency
2018/6/27 09:59:13 AM
The large bazaar in Tehran has long been a center for maintaining Iranian politics and remains an economic power within the country – despite the construction of huge complexes around the city. The bazaar families opposed Iranian Shah Mohammad Reza Pahlavi and supported the 1979 Iranian revolution, which was replaced by the religious government.
At the end of last year, similar economic protests in Iran spread to about 75 cities and towns, becoming the largest in the country since the disputed 2009 presidential election. Protests in late December and early January saw at least 25 people killed and authorities arrested nearly 5 thousand people.
However, those protests have largely hit Iran’s provinces. Analysts believe the militants may have encouraged the first protest in Mashhad to weaken the administration of President Hassan Rowhani, a relatively moderate cleric in Iranian politics, and the protests came out of control. Rouhani and supreme leader Ali Khamenei.
Dollar Jump vs. The Toman
According to reports from Tehran, the price of the dollar in the informal market on Sunday to 8700 Toman record a new record, and consequently some traders in the center of the capital demonstrations in the street, “Jamhuri” to protest the market turmoil, where the starting point of the current demonstrations of There.
The price of the dollar on Sunday reached 8700 tomans, while unofficial sources said the real price was 9,000 tomans. At the same time, it pointed out that dollar trading had practically stopped or was being carried out on a small scale.
According to the Isana, the gold coins market also faced a rise in prices, and the price of the gold coin exceeded the barrier of 3 million Toman, and the management of this market recommended temporarily stop purchases.
In conjunction with the unrest, Iranian agencies such as ISNA and the Jamaran news website published video recordings of protest rallies of traders at the Aladdin and Charsu commercial complexes, which specialize in selling electronics, in central Tehran.
According to reports, traders closed their shops on Sunday night to “protest the market turmoil” and demonstrated in the streets surrounding the market.
According to the site of Jamaran, the demonstrators marched from the “Republican” street towards the field of “Baharstan” [where the parliament building] and they are shouting slogans such as “$ 10,000 Toman, do not want we do not want,” according to these reports, security forces dispersed the demonstrators.
The agency said in a report on Saturday, quoting brokers and bankers that the reasons for the rise in the price of the dollar in the informal market “high price in the official market” and “the lack of dollar offer in recent days by the central bank.”
Of course, in the new currency policies the government has prevented the central bank from distributing hard currency in the market, but according to Isna, the central bank has been distributing hard currency in different ways to control the market.
According to the government spokesman, some traders who got the dollar at the price of government to import their goods, showing these goods according to the price of the black market, and sold at high prices.
In the wake of the protests by traders in the markets of Aladdin and Charsu, parliament held a closed session on Sunday morning to discuss the price increase, as announced earlier by the Minister of Industry and Trade of Iran to prevent the import of more than 1400 goods, including cars and a number of household items.
On the other hand, in order to absorb anger, the Iranian authorities announced the formation of a special economic committee to solve the problems of market and commodity traders in the country. For his part, the director of the Tehran Chamber of Commodities that the security elements are currently stabilizing within the large market in Tehran
TEHRAN (Reuters) – Traders of the Tehran market on Monday suspended their shops in protest at the irregularity of the currency market and, according to reports, these events took place in the side streets.
According to reports published in social media, security forces through the attack and clashes with the owners of markets were trying to prevent the formation of these demonstrations, and other reports to expand the number of demonstrations to other commercial areas in Tehran, including Mallawi and Republican and his father visited, while witnessing the original street of the market, 15 Khordad, crowded with demonstrators.
Clashes in Tehran and other cities
After a group of Tehran merchants rallied and protested against the rise in the price of foreign exchange, the price of goods and the shortage of purchasing power, security officers clashed with protesters. According to reports from the Tehran market, tear gas canisters were fired at protesters and several protesters were also beaten and injured.
“I was with my sister busy filming a video clip. They attacked me and wanted to take the phone from me and I did not allow them to beat me with a hoof,” said one of the eyewitnesses who filmed videos. These protests began yesterday, prompting a group of Tehran traders to close their shops and stop working. On the basis of the reports received, protesters have stepped up prices in cities other than Tehran, Shahriar, Karaj, Qeshm, Bandar Abbas and Mashhad as well, and beat shopkeepers.
In the videos received, market traders during rallies and marches encourage their colleagues to close their shops. In these sections, it is possible that a group of merchants chanting slogans against the recent wave of price rises.
According to the Fars News Agency report, initially the merchants and traders from the right sector of the big market and the shopping and the Caesarean Serail closed their shops and then all the merchants stopped working after they also closed their shops. According to reports, the police were present in the Tehran market and clashed with traders.
Demonstrations and protests were welcomed by traders and citizens. The issue of the wali al-Faqih was horrified by this issue, causing the riot police to put their elements on the streets leading to the Tehran market and the Republic Street.
“You have to listen to the voice of the street, the commercial centers and the bazaar,” said Hossamuddin Ashna, the president’s adviser for cultural affairs, through his own Twitter account. The first voice is the voice of the people, but one must be careful about the second and third voices, so as not to confuse the voices of the merchants with the voices of the exploited fools. ”
According to social networking news, the Shiraz mobile phone market has been disabled. The reason for the resentment of market owners is the instability of the riyal against the US dollar, instability in customs and non-licensing of goods. The announcement of the ban on the import of nearly 1,400 goods by the Minister of Industry and Trade was the cause of a strike by market owners in Tehran, Qeshm and Shiraz.
Start by protesting traders
The Secretary General of the Islamic Society for Trade and Market in Tehran, the latest situation in the Tehran market and the protest of some traders on the performance of the economic government, said, “Ahmed Karimi Asfahani,” about the strike of some traders, saying: “Since this morning, some shops closed in parts of the Tehran market In protest against the economic performance of the government and the volatile situation of the currency and chanted economic slogans about the current situation has led to the closure of a large segment of traders shops to secure security and to counter the plunder and looting potential opportunists.
“Of course, the situation is now calm and stable and the traders are returning to open their shops again to continue trading activity and the end does not mean to protest the Muslim merchants because the government is completely failed in the economic sector and clearly does not want to hear the voice of citizens and protesters. At least we expected the government to tell citizens that they have erred in their economic approach. ”
“The protest against the performance of the Rouhani economic government is a protest within the framework of the republican regime of Iran and can never be considered anti-revolutionary; we have repeatedly warned the government that it must strengthen its economic team but now we have reached the conclusion that this team must be changed,” Karimi Asfahani said. .
On the other hand, Abdullah Esfandiari, the official of the Central Board of Trustees of the Bazaar Tehran, said that the situation has been controlled in the market, but he said that the congestion has not reached its end so far. Esfandiari added that the objection traders come because of the high currency and volatility and instability in customs, As market owners can not make the decision and sell their goods.
The Iranian government intervened to stop the collapse of the local currency, decided on April 10 to consolidate the official exchange rates (for government transactions), and the parallel price (the most traded among the Iranians) at the price of 4,200 tomans to the dollar, and the prohibition of trading any other price, and the threat of anyone trying to sell at a different price By presenting him to the police and the judiciary, as a “smuggler” and prosecuted by the law.
Explanations of continued decline in the currency rate
Hedging against the negative effects of US sanctions on the economy and price levels.
Speculation and increased demand for the dollar to maintain the purchasing power of Iranian savings in the light of the continued decline in the value of the local currency.
The current shortfall in the supply of the dollar, the expected future shortfall when crude oil exports drop and the difficulty of conducting international financial transactions, especially in dollars, following the entry into force of US sanctions.
The impact of the outlook and negative outlook on the business future in Iran shifted from institutional to individual, leading to increased demand for the dollar.
Historical and structural reasons related to the Iranian conflicts in the region and the associated geopolitical tensions and the erosion of foreign exchange earnings.
Source: Middle East Online link