Tues. PM KTFA Thoughts/News Articles 4-27-21

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KTFA

Jerry1971 » April 27th, 2021

FANTASTIC NEWS WHEREIN BUDGET BEING IMPLEMENTED AS OF YESTERDAY SURELY THE NEW RATE IS NOT FAR OFF FROM DISCLOSURE IMO 

Samson » April 27th, 2021

Iraq’s 2021 Budget Law Goes into Effect

25th April, 2021

Iraq’s federal Budget Law for the fiscal year 2021 will go into effect on Monday, April 26, according to an official document.

The country’s Ministry of Finance and Economy directed an official letter to its administrative units to visit the ministry on Monday and receive regulations based on the new law.

It said appealing the articles of the 2021 Budget Law will not delay its implementation.

After weeks of negotiations and parliamentary debates, the budget law was approved at the legislature late in March.

The share of the Kurdistan Region has also been settled in the law after Erbil and Baghdad governments made an agreement on oil exports and non-oil revenues.

Kurdish officials, on different occasions, have reaffirmed the commitment to the budget law, saying that they expect the Iraqi Federal Government to also fulfill its obligations under the new law.  LINK

A chinese company pays some employees in digital yuan

27th April, 2021

China’s plan to introduce its digital currency, called the digital yuan, is getting a lot of help from its tech conglomerate.

Chinese e-commerce giant JD.com, which competes with Alibaba, said it began paying some employees in digital yuan since January, which is the default version of the country’s actual currency.

China has been busy experimenting with digital currency over the past few months, and in October, Shenzhen, a southern city known for its progressive economic policies, distributed 10 million yuan worth of digital currency to 500,000 residents, who could then use the money to shop at some merchants. Online and offline retail.

Many other large Chinese cities have followed the example of Shenzhen, and residents of these regions must apply through select banks to start receiving and paying in digital yuan.

The digital currency initiative is a team effort involving regulators, commercial banks, and technology solution providers in China.   LINK

Russia succeeds in reducing its trade dependence on the dollar

13:50 – 27/04/2021

Bloomberg Economic Agency reported that the dollar’s share in the structure of Russian exports fell to below 50%, for the first time in history. Bloomberg said this was the result of years of work by Moscow to reduce the Russian economy’s dependence on US assets.

According to the data of the Russian Central Bank, the reason for the decline is due to the trade relations between Moscow and Beijing, in which three quarters of its operations are carried out in the euro currency, and the share of the single currency of the eurozone in total exports rose to 36%.

The Russian authorities have repeatedly indicated that Washington, by following the sanctions policy, undermines confidence in the dollar, reduces Russian investments in US Treasury bonds and bills, and contributes to increasing the share of the ruble and other currencies in the structure of Russian foreign trade. And a spokeswoman for the Russian Foreign Ministry, Maria Zakharova, reported, earlier, that the United States is using the dollar and the financial system not only in a way that conflicts with the rules of international law, but in a way that destroys the entire international relations system.

Moscow emphasized that the policy of diverting the Russian economy from the dollar does not mean prohibiting the circulation of the American currency, but it is related to creating economically beneficial conditions for other currencies.   LINK

Source: Dinar Recaps

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