Samson: Iraq will shut down official hours tomorrow
9th December, 2019
The caretaker government in Iraq announced the suspension of official working hours tomorrow, Tuesday, to commemorate the defeat of ISIS militarily, and liberate the city of Mosul, the local capital of Nineveh, from its grip.
In a statement today, resigned Prime Minister Adel Abdul-Mahdi said, “On the occasion of the anniversary of the victory day over the terrorist group ISIS and the liberation of Mosul and all Iraqi soil, we extend our sincere congratulations and blessings to all of our Iraqi people.”
He called for “recalling the heroism and sacrifices of the fighters, the sons of our armed forces, in all their forms and formations, from the army, the police, the popular crowd, and the Peshmerga, who defeated the enemy and liberated the land. .
Abdul-Mahdi continued by saying, “A salute to the martyrs and wounded who made the victory and their generous families, and to the heroic fighters from the armed forces and the security services who are still confronting the remnants of ISIS and defending their country and their people and their peaceful protesters and making dear sacrifices once again, and they have our gratitude and respect.”
The caretaker head announced that “on this occasion, as we did last year, it was decided to suspend official working hours tomorrow, Tuesday, in celebration of Victory Day.” LINK
Samson: The Stock Exchange stops its activity for tomorrow
9th December, 2019
The Stock Exchange decided, on Monday, to suspend its activities for tomorrow to coincide with an official holiday
The Stock Exchange said in a statement seen by the “Economy News”, that on the occasion of the anniversary of the victory over the ISIS gang and the liberation of all Iraqi soil that falls on Tuesday 10/12/2019 , it was decided not to organize the trading session on this day as an official holiday in Iraq
“The sessions will be organized from Wednesday 11/12/2019 according to their official timing,” the statement added
Samson: Why do some countries print their currency in others?
9th December, 2019
The currency represents the national façade of any country along with its economic importance, and a number of symbols and objects that suggest the history of the country are often printed on these currencies, whether paper or metal
Many countries of the world resort to printing their local currency in other countries, which calls into question about this. Why can’t we print our local currency ourselves? What are the risks of this matter
A small number of countries print their currency within the country’s borders. For example, India prints its currency on its territory, while a law in the United States of America requires that the currency be printed within American territory
A number of international companies specialize in currency printing, perhaps the most famous of which is the British company De La Rue , which prints 11 percent of the currency in the market
Where you print about 140 currencies of central banks in the world, and ironically, if we want to accumulate the currencies that you print within a week, you will reach an increase equivalent to the height of the Everest summit
It is mentioned that the major companies specialized in currency printing are distributed in North America and Europe
Why countries do not print their currency
The process of printing currencies is considered expensive and complicated, and companies that do this work have done it for hundreds of years and have acquired great experience in this field, where they have the necessary equipment in addition to the safety standards that follow
Fsharkp De La Rue began producing leaves cash since 1860, and was Muruiius the first country to ask the company to print its currency, Kamal company produces new plastic banknotes for the Bank of England from class 5 and 10 pounds
It makes sense for small countries to print their currency abroad. For example, the United States of America prints approximately 7 billion banknotes annually
How dangerous is the printing of currency outside the country?
The 2011 incident in which Britain detained 1.86 billion Libyan dinars is an example of the seriousness of such matters, as this led to a lack of cash in the last days of Muammar Gaddafi’s rule
De La Rue had a share of 140 million banknotes printed by the company
The Russian “Guznak” company is considered one of the largest international companies in this field, as it has customers in more than 20 countries in Asia, Africa and Europe, in 2014, the company produced 1.1 billion banknotes, in addition to the production of passports and coins
For example, the Russian company issues and prints the Lebanese currency, “the lira”, as printing a package containing 1000 Lebanese banknotes costs Lebanon 60 euros, and therefore printing ten packages of the smallest Lebanese paper money category costs 10 percent of its value. As for knowing the amount of Lebanese money printed in Russia, it is difficult, given the existence of a strict secret
According to Russian company sources, the printing of Lebanese funds in Russia dates back more than 10 years. Lebanon is not the only country that prints and imports its money from Russia. There are countries like Syria, Laos, Malaysia, Belarus, Guatemala and other countries
Dealing in cash with technology
The use of cash in its various forms is diminishing by the day, especially in the developed countries, where the technology sector witnessed a great revolution, which led to the introduction of payment techniques via mobile phones
In a 2016 statistic of the Chinese Central Bank, only 10 percent of commercial transactions were made in cash, and the rest were electronically via smartphones
But despite new technologies, the demand for banknotes all over the world continues to grow globally, growth is 3.2%, and the market is estimated at $ 10 billion LINK
Don961: 7 events awaited by investors in global markets
Monday 09 December 2019
Capitals / agencies
This week, eyes are focusing on the major central banks around the world, which are preparing for the last monetary policy meetings this year. After the global markets moved last week under the control of trade conditions and the OPEC and allies meeting, more developments are scheduled on both issues this week. .
The Federal Reserve is holding its last monetary policy meeting this year, today and tomorrow, Wednesday, amid expectations of interest stabilization at its current level, and is scheduled to announce its economic forecasts for the next two years, while clarifying its vision about the future of monetary policy.
The Fed had cut the interest rate in the October meeting to a level between 1.50 and 1.75 percent, while hinting a temporary halt in interest rate cuts.
Investors have more than 99 percent odds that the Fed may stabilize interest at its current level, with a very small rate of 25 percentage points hike.
This week also marks the last meeting of the European Central Bank this year to announce its monetary policy stance, but it will be the first under the leadership of its new president, Christine Lagarde.
There were no changes in the European Central Bank’s policy during the last meeting of its former president, Mario Draghi, before he took over to Lagarde at the end of October.
Christine Lagarde is scheduled to hold a press conference after the meeting, which is widely expected to witness fixed interest rates.
In a week filled with monetary policy meetings by the two largest central banks around the world, there are many decisions in other countries.
The central bank will hold its meeting in Turkey next Thursday after it cut interest by 10 percent in the last three meetings.
However, changes in monetary policy in Turkey are not expected after positive economic signs, as Turkey’s economy continues to recover during the third quarter, recording the first annual growth.
On Thursday, the Swiss National Bank is also holding its meeting on expectations of a fixed interest rate of -0.75 percent. With the fact that Powell and Lagarde will hold press conferences in the wake of the monetary policy meetings on Wednesday and Thursday, respectively, attention is turning to statements by other central bankers.
Reserve Bank of Australia Governor Philip Lowe is scheduled to deliver a speech while attending a summit in Sydney on Tuesday.
The Australian central bank decided last week to hold the benchmark interest rate at an all-time low of 0.75 percent, after cutting 3 times its interest rate this year.
Bank of Canada Governor Stephen Poloz will also share the country’s economic outlook for 2020, next Thursday.
The Organization of Petroleum Exporting Countries discloses its monthly report on the production levels of the 14 OPEC member states from November, tomorrow, Wednesday.
OPEC production increased last October to reach 29.65 million barrels per day. OPEC and its allies agreed to deepen the agreement to reduce production levels by about 1.7 million barrels per day instead of the current 1.2 million barrels per day starting in January 2020.
Meanwhile, this week is witnessing the announcement of oil inventories in the United States for the past week, with the disclosure of American crude production levels, which stands at a historical level.
Completion of the Brexit
Britain will accept ballot boxes next Thursday to participate in the early general elections called by British Prime Minister Boris Johnson in an effort to complete the Brexit process.
Opinion polls show that the governing Conservative Party headed by Johnson comes at the forefront with a marked majority of the party following him represented by the opposition led by Jeremy Corbett.
A Conservative victory would enable Johnson to pass the Brexit deal agreed with the European Union in the British Parliament and thus ensure that the will of the people is implemented – as Johnson described – who voted in favor of leaving the European Union membership in the 2016 referendum.
After conflicting statements and signals about the trade relations between the two largest economies around the world last week, investors are closely watching what is new in this regard.
The importance of monitoring these developments stems from the approaching deadline for a round of US tariffs that will enter into force on December 15, unless there is a trade deal.
The United States and China reached a partial agreement on trade conditions in early October, but so far this expected deal has not been signed. LINK
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