Tidbits from Frank26 Monday Night CC: 11-30-2020
CC 11-30-20 https://fccdl.in/X8LZYAHTer
Frank26: 1. The floor managers of the Iraqi banks have been provided the information on the rate change (tellers should be next and it shouldn’t be very long).
- Iraq is doing currency swaps (part of the deal Kazemi made with Trump to raise the rate)
- Iraqi satellite banks have been notified of the coming rate change.
- ATMs loaded with new small category notes will be turned on soon.
DELTA: FROM SOCIAL MEDIA….
“The deletion of three zeros or the gradual deletion of zeros makes the value of the Iraqi dinar appear to be higher value and the monetary balance will be formed rapidly in the market economy,” said economist Raad Twigg, adding that “the monetary bloc could become approximately 15 to 25 trillion dinars, and the value of the new Iraqi dinar is close to the value of the dollar, which facilitates the calculation process and allows small and new monetary groups to appear in the monetary market.”
MilitiaMan: The whole time we have been watching, they have too. Social media knows the leakage.. They should know by now!! Imo
Don961: An economist calls for deleting the three zeros from the dinar to strengthen the local currency
Monday, November 30, 2020 01:19 PM
Economic expert Raad Twig called , the central bank to delete the three zeros from the dinar to strengthen the local currency.
Twig said: It is known that the monetary mass in circulation is about 60 trillion dinars, which is not available at the Central Bank of Iraq, the banks and the public, and it is a large monetary block compared to the economic transactions of the Iraqi economy and that a large proportion of this block suffers from compactness and therefore this does not help the Central Bank of Iraq in drawing a policy Effective cash calling on the central bank to delete three zeros or gradual deletion of zeros to make the value of the dinar appear at a higher value and that the processes of evaluation and monetary balance will be formed quickly in the market economy.
” He added: The monetary mass can become approximately 15 to 25 trillion dinars and the value of the new dinar converges to the value of the dollar, which facilitates the process of calculation and allows small and new denominations of cash to appear in the money market. LINK
Samson: In November, tax revenues provide 620 billion dinars for Iraq’s treasury
1st December 2020
The Iraqi Ministry of Finance announced on Monday the achievement of financial revenues of about 620 billion dinars from taxes in the month of November, an increase of 400 billion compared to the revenues of the same month in 2019.
The ministry said in a statement received by Shafaq News, that “the General Tax Authority affiliated with the Ministry of Finance financial revenues amounted to about 620 billion dinars for the month of November 2020.”
She added, “The General Tax Authority has worked to provide all the necessary support and facilities for the purpose of obtaining the amounts from the taxpayers, which contributed to the steps and procedures followed from the high rates of revenues achieved by the treasury by the authority.”
The treasury indicated that “the authority has achieved amounts that exceeded 230 billion dinars within the payments system, which will be included in the revenues of next December.”
It said that “tax revenues achieved an increase of 400 billion dinars compared to the month of November 2019, which recorded revenues of 206 billion.” LINK
Samson: Iraq’s financial revenues exceed $ 3 billion from the sale of oil within a month
1st December, 2020
The Ministry of Oil announced, on Tuesday, the total exports and revenues achieved for the month of last November.
According to preliminary statistics issued by the national oil marketing company “SOMO”, which amounted to more than 81 million barrels and revenues of more than 3 billion dollars.
The ministry said in a statement received by Shafaq News that “the amount of exports, according to the preliminary statistics, of crude oil from the SOMO Oil Marketing Company amounted to (81) million (262) thousand and (376) barrels, with revenues of (3) billion and (394) million And (988) thousand dollars.”
And she added that “the total quantities of exported crude oil for the month of last November from the oil fields in central and southern Iraq amounted to approximately 78 million and 190 thousand and 444 barrels. As for the Kirkuk fields through the port of Ceyhan, the exported quantities reached two million and (819) thousand and (169) barrels, and the quantities exported to Jordan amounted to (252) thousand and (763) barrels.
It indicated that “the total daily rate of exports amounted to two million and (709) thousand barrels,” indicating that the average price per barrel reached (41,778) dollars.
It is noteworthy that the Ministry of Oil exports crude oil from the southern fields through the ports of Basra, while the oil is exported from the northern fields through the Turkish port of Ceyhan. LINK
Samson: Warning Against “Floating Currency” To Raise The Price Of The Dollar Against The Iraqi Dinar
1st December 2020
The economist Rasim al-Akidi said that the floating of the dollar, or what is known as the liberalization of the exchange rate, takes place through two methods, the first is pure or free, and the second is the controlled or controlled method, and in both cases the price of the dollar will rise against the Iraqi dinar and will lead to the withdrawal of a large amount of the monetary mass in Markets.
Al-Aqidi added, that the withdrawal of a large cash block corresponds to 4 drawbacks at the same time that will arise and the affected will be large segments, including the increase in prices in the markets in addition to the factories’ reluctance to produce because the value of profits will decrease in front of costs in addition to the absorption of per capita income and the increase in rental prices, so the interest will be limited by analogy. Other damages.
According to Al-Aqidi, Iraq needs an economic rescue plan that starts from maximizing non-oil revenues, which are many, and keeping the influential parties away from them because a large part of the financial resources does not go to the state treasury, and this is part of the causes of the current financial crisis in the country.
Economists’ opinions differed on the “floating of the dinar” in front of the dollar exchange to face the deficit crisis in the financial budget. One party believes that the procedure will serve the Iraqi economy in the medium term by activating the industrial and agricultural sectors, but another party believes that it will eliminate the poor and middle classes.
The Central Bank of Iraq rejected the idea of “floating the dinar” during the next stage to increase government revenues and be able to pay employees’ salaries in the coming days, citing its fear of increasing prices and harming the vulnerable classes.
The estimated budget for 2020 suffers from a large deficit of 50 trillion dinars. Observers expected the deficit to rise with the oil market losing about 50% of its prices. LINK
Samson: Parliamentary calls for achieving sovereignty, removing American forces, and ensuring the dignity of the Iraqi citizen
08:32 – 01/12/2020
Called for deputies from various political blocs, to ensure the achievement of the sovereignty of Iraq and the removal of US forces and preserving the dignity of the Iraqi citizen at home and abroad.
The deputy of the Badr Parliamentary Bloc, Karim Al-Muhammadawi, told “the information”, that “the weakness of the government is behind the underestimation of Iraq’s sovereignty and preventing its citizens from entering the UAE,” stressing the need for a government decision to be taken regarding the Emirati behavior and transgressing international norms.
For his part, MP for the Alliance of the Walkers Sabah Al-Saadi stressed in a statement to “the information”, the need to achieve sovereignty by not colluding with the American presence, and to activate parliamentary questions in this regard.
To that, a member of the Parliamentary Foreign Relations Committee, Amer Al-Fayez, confirmed to “the information”, that “Iraq no longer needs American forces. Especially in the field of combating terrorism, as this matter should be resolved, especially as there is ambiguity in the actual numbers of US forces present in Iraq. LINK
Samson: Parliamentary energy in the process of completing the law of the national oil company
1st December, 2020
Today, Tuesday, the Parliamentary Oil and Energy Committee confirmed that it is about to complete the National Oil Company Law, indicating that the law will pave the way for the initiation of the oil and gas law.
A member of the committee, Sadiq Al-Sulaiti, told the Iraqi News Agency (INA): “The committee is about to complete the amendment of the National Oil Company Law, and this law took part of the oil and gas law.” He added that “after the completion of the national oil law, it is possible to initiate the oil and gas law.”
It is noteworthy that the House of Representatives has completed the first reading of the first amendment bill to the Iraqi National Oil Company Law No. 4 of 2018. Link