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Tishwash: In the first economic impact after Trump was hit by Corona … oil prices fell

Today, Friday, oil prices fell by about 3%, after US President Donald Trump said he had contracted the emerging coronavirus, amid economic concerns about crude demand.

By 11:20 Moscow time, US crude futures were trading at $ 37.66 a barrel, down 2.74% from the previous closing price.

Brent crude futures traded below $ 40 a barrel, at $ 39.80 a barrel, down 2.76% from the previous settlement price.

The US President said on Twitter that he and First Lady Melania Trump had tested positive for the new Corona virus, and that they would be quarantined.

Analysts commented on that, saying, “This may turn his campaign upside down,” and the news could cause a new wave of volatility in the market as investors prepare for the presidential elections scheduled for next November.

For his part, Japanese Economy Minister Yasutoshi Nishimura said today, Friday, that the news of the US President’s infection with the Corona virus has a great impact on financial markets

He expressed, during statements to reporters, his hope that Trump will recover quickly.  link

Tishwash:  What is the fact that 6 trillion dinars of Iraqi salary borrowing is missing?

The decision of the parliamentary finance committee Ahmed al-Saffar on Thursday revealed the fact that 6 trillion dinars of borrowing money allocated to finance employees’ salaries has disappeared.

“The parliament voted to borrow 15 trillion from Iraqi banks to finance the salaries of employees for the months of July, September and September at the request of the Ministry of Finance, but 6 trillion dinars of borrowing were not disbursed within the salary of employees, but may have been disbursed for emergency financial matters, debts or other part of necessity, which has not yet been revealed to us,” al-Saffar told The Shafq News agency.

Al-Saffar denied any accusations by the Finance Ministry of overspending on borrowing, theft or corruption, stressing that the current finance minister is working professionally and academically as we have seen in recent periods.

Al-Saffar said Iraq’s fiscal deficit was 3 trillion dinars a month, according to official figures.

“It’s a matter of the Ministry of Finance and no rights will be lost to the employees, even though the ministry has not answered the questions yet,” he said.

“Securing the salaries of the coming months will depend on new borrowing or the approval of the 2020 budget as soon as possible, despite the delay of the government sending the 2020 budget to parliament, and we are determined to approve it, but the budget has not yet reached us,” he said.  link

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Tishwash:  BI, Chinese central bank sign local currency settlement agreement

Bank Indonesia (BI) and the People’s Bank of China (PBOC) signed on Wednesday a memorandum of understanding (MoU) to establish a framework promoting the use of local currencies for trade and direct investment. With the local currency settlement (LCS) agreement signed by BI Governor Perry Warjiyo and PBOC Governor Yi Gang, both central banks agreed to promote the direct exchange rate quotation and interbank trade for the Chinese yuan and the Indonesian rupiah. Going forward, the two central banks will strengthen the cooperation through regular information sharing and discussion.

“This collaboration marks a key milestone in strengthening bilateral financial cooperation between China and Indonesia,” reads a BI statement issued on Wednesday. “The authorities believe that it will positively contribute to encouraging the use of local currencies for settlement of trade and direct investment between the two countries.” Bank Indonesia has signed similar agreements with other central banks, namely Bank of Thailand and Bank Negara Malaysia, as well as with the Japanese Finance Ministry. The importance of LCS increases as trade between Asian countries grows, according to an earlier publication from BI.

Trading without having to go through the exchange rate of the United States dollar can result in a more efficient price. China is Indonesia’s largest trading partner. Indonesia’s non-oil and gas exports to China reached US$17.81 billion with imports amounting to $24.72 billion in the January–August period, according to Statistics Indonesia (BPS) data

This article was published in thejakartapost.com with the title “BI, Chinese central bank sign local currency settlement agreement”.

Click to read: https://www.thejakartapost.com/news/2020/09/30/bi-chinese-central-bank-sign-local-currency-settlement-agreement.html