Bond Lady’s Corner Iraqi News Thursday AM/PM 5-20-21


Iraqi News Thursday AM 5-20-21

TLM724 Administrator BondLady’s Corner

The President Of The Republic: The Requirements For Reform And Correcting Mismanagement Have Become An Urgent Requirement

The President of the Republic, Barham Salih, announced today, Thursday, that fair elections and ensuring participation are the pillars of correcting processes and overcoming mistakes.

The Presidency of the Republic said in a statement that “the President of the Republic, Barham Salih, received today, Secretary of the Iraqi Communist Party Raed Fahmy and his accompanying delegation, where developments in the country were discussed.”

Salih stressed that “the stage the country is going through is important and pivotal and calls for cooperation and solidarity,” noting that “the merits of reform, correcting paths, overcoming mistakes and mismanagement, have become an urgent demand and not an option for discussion and debate over it.”

He stressed “the need to protect the security and stability achieved in the country, and the consolidation of a capable and sovereign state and confining weapons to its hand,” noting that “the popular movement is a societal movement that is sober and aware of the current and future challenges facing the country, and it is the result of errors that cannot be overlooked from corruption and mismanagement.” “.

“Assassinations and terrorizing protesters, activists and journalists are unpardonable actions that must not pass without punishment,” he added, pointing out that “the upcoming elections are articulated and foundational and come after a broad national consensus that mistakes should not continue and must be overcome, restoring the confidence of the voters.” In the electoral process and the wide participation in it to be the true peaceful and popular path for change and reform.

And he indicated that “achieving electoral security and ensuring the integrity of the elections is now a top priority, to secure the right of Iraqis to express their free will as the source and legitimate basis of all powers,” stressing that “he is working from his position to ensure the conduct of fair and fair elections.”

Saleh called on “all relevant authorities, institutions, political forces and social actors to have a duty to do this,” explaining that “fraud and manipulation will reflect negatively on everyone without exception, as the free will of the people must prevail, re-consideration for it and that its options are ruling.”

An Economist Confirms The Difficulty Of The Success Of The PPP Law In The Presence Of Corruption

Wednesday 19, May 2021 20:31 | Economical Views: 844 Baghdad / NINA / Economic expert, Saleh Al-Hamashi emphasized the difficulty of the success of the PPP law in the presence of corruption.

He told the Iraqi National News Agency ( NINA ) that: For the purpose of the success of the PPP law, the government must prepare a package of decisions to liberate the economy from the grip of the state.

Al-Hamashi added that: The first of these decisions is the insurance and guarantee law, capital protection, development of the banking sector, and a review of the stock market.

He explained that: The most important thing in endorsing the partnership is the elimination of the scourge of corruption that threatens every initiative and law, stressing that: Working to end corruption is the first step for the success of any economic law.

An Independent Politician Warns Of A Plot To Collapse The Currency And The National Economic System

Thursday 20, May 2021 09:26 | Political Views: 400  Baghdad / The independent politician Thaer Munir Al-Zubaidi warned of a plot to collapse the currency and the national economic system.

Al-Zubaidi said in a statement carried by his media office: “The continuous rise in the exchange rate of the dollar, especially during the past two days, confirms the existence of a plan to hit the national economy and its national currency.”

He added, “The people have said their word to reject the new rate for the exchange of the dollar, and if the government is not able to return it as it was in the past, then at least adhere to the Central Bank’s decision at the announced rate.”

Al-Zubaidi held the economic advisors in the cabinet and the advanced cadre in the bank responsible for this situation with the high exchange rate, which clearly affected the standard of living for all citizens.

A Proposal To Make Wasit The Economic Capital Of Iraq

Economie| 02:05 – 20/05/2021   BAGHDAD – Mawazine News, Governor of Wasit Muhammad Al-Mayahi, on Thursday, considered the prime minister’s visit to the governorate as a “mission” to support farmers and investment projects, while he proposed making the province the economic capital of Iraq.

Al-Mayahi said, according to the official agency, that “the visit of Prime Minister Mustafa Al-Kazemi to Wasit Governorate is important to support farmers, farmers and investment companies in the field of livestock in the governorate.”

He added that “there are a number of problems and procedures hindering the process of developing agriculture, which the Prime Minister directed the Minister of Agriculture to solve, in coordination with the Ministry of Trade, as well as with water resources regarding water quotas,” expressing his hope that “important decisions will be issued by the Council of Ministers to support farmers and farmers.” .

He continued, “We need a timetable to address agricultural problems,” explaining that “

Al-Mayahi stressed that “Wasit is the food basket of Iraq that feeds a number of provinces with its crops, in addition to livestock, fish and table eggs. They need government sponsorship,” and submitted a proposal to the Council of Ministers “to issue a decision to make Wasit Governorate the economic or agricultural capital of Iraq.”

Yesterday, Wednesday, Prime Minister Mustafa Al-Kazemi visited Wasit Governorate, during which he met with a number of officials in the governorate, he also inspected the progress of work in Silo al-Dabouni, met with its workers, and addressed the obstacles to receiving wheat from farmers.

During his visit to Wasit Governorate, Al-Kazemi held meetings with a number of farmers and graduates of agricultural colleges. During the meeting, he stressed the importance of advancing the agricultural reality and adopting modern methods in agriculture and developing agricultural industries, stressing that “the government supports all plans and initiatives that would advance this important sector.”

During the visit, the Prime Minister was briefed on the process of harvesting wheat in one of the large farms in Wasit Governorate, where he directed the concerned authorities to address the problems facing the governorate’s farmers.

He also inspected the homes of a number of citizens in the village of Karim Al Jasem in the Dabouni district in Wasit, and was informed of their conditions and directed to follow up on meeting their needs.

Al-Kazemi And Mckinsey Agree To Hold The First Session Of The Specialized Technical Committee

Time: 05/20/2021 17:14:07 Read: 1,001 times  {Politics: Al Furat News} The Prime Minister, Mustafa Al-Kazemi, agreed, on Thursday, with the Commander of the US Central Command, General Kenneth McKinsey, to hold the first session of the Specialized Technical Committee.

According to the government statement, the Euphrates News received a copy of it, that “during the meeting, discussions took place on the relationship between Iraq and each of the United States of America and the international coalition.”

He added, “The two sides also examined developments in the field situation and joint coordination in the war against the terrorist organization ISIS, especially in light of the great growth in the capabilities of the Iraqi forces.”

The statement indicated, “It was agreed to hold the first session of the Specialized Technical Committee, in order to develop mechanisms to implement the outcomes of the third round of the strategic dialogue between Iraq and the United States, and to proceed with the withdrawal of the combat forces of the International Coalition from Iraq.” And continued ”  LINK

Source: Dinar Recaps

More Iraqi News Thursday PM 5-20-21

TLM724 Administrator BondLady’s Corner

Iraq Maintains Its Fifth Position In The Arab World And The 38th In The World In Terms Of Gold Reserves

Thursday 20 May 2021  287  Baghdad: Farah Al-Khafaf

At a time when the Central Bank of Iraq seeks to enhance its global share of gold, Iraq has maintained its fifth position in the Arab world and 38 in the world in yellow metal reserves, according to the latest statistics of the World Gold Council, with a reserve of 96.4 tons (8.1 percent of other hard currency reserves).

In this regard, banking expert Abdul-Hussein Al-Mandhari told Al-Sabah: “After the hypothetical meeting that was held recently between the governor of the Central Bank and the management of the World Gold Council, the need to enhance Iraq’s possession of its gold reserves,” indicating that the goal of this step is “to ensure stability The exchange rates of the Iraqi dinar after its depreciation against the US dollar as a result of a change in the exchange rate.

Al-Mandhari added that “the fluctuation of the prices of the dollar and oil globally in recent months. He called on the Gold Council to offer to sell Iraq an additional amount to strengthen the strength of its dinar, because most of the dinar reserves are in dollars, and most of them are invested in US Treasury transfers, and the value of the dollar has recently decreased,” pointing out that ” Gold has the advantage of being quick to liquefy global currencies in the event that there is a desire to sell it to meet any deficit in financing, as well as the absence of any risk if some dollar amounts are converted into gold.

The former director of the Nahrain Islamic Bank pointed out that “Iraq is currently ranked fifth in the Arab world, after Saudi Arabia, Lebanon, Algeria and Libya, in gold reserves.”

The World Gold Council had expressed its willingness to provide support in case it wished to increase the gold quota for Iraq.

According to a central bank statement, “The Governor of the Central Bank of Iraq, Mustafa Ghaleb, held a meeting with the World Gold Council at their request,” indicating that “the meeting dealt with a number of issues, most notably the technical support and training files, in addition to discussing the increase in the foreign reserves of the Central Bank.

These have been achieved after the implementation of recent reforms in the work of the bank and the banking sector. “The World Gold Council has also provided full support to the Central Bank of Iraq if it wishes to increase the share of gold for Iraq.

Gold prices rose during the past 48 hours to their highest level in more than three months, as the appeal of the precious metal was enhanced by wary investors with the decline in US Treasury bond yields and the decline in stock prices due to inflation concerns.

Gold rose in spot transactions 1.3 percent to $ 1866.50 an ounce, its highest level since the first of last February.   And US gold futures rose 1.6 percent to settle at $ 1867.60 an ounce.

“There is an escape to safety from the stock market … the expectations are that we will continue to see a much stronger trend for inflation numbers from now on,” said Jeffrey Sica, founder of Circle Square International Investments.

He added, “Treasury yields will remain stagnant, and that will further increase the likelihood that investors will choose gold.”

Stock markets rally stalled as demand for riskier assets was hit by inflation pressures. Data last week showed that US producer prices rose more than expected in April.

The yield on the US benchmark 10-year Treasury bonds decreased, which reduces the opportunity cost of holding gold that does not yield a return.

Investors are now awaiting the minutes of the most recent meeting of the Federal Reserve to be released today for more clues on the US central bank’s monetary policy, and any comments on inflation. Gold is seen as a hedge against inflation.   LINK

The High Price Of The Dollar In The Iraqi Local Market

Pratha News Agency125 2021-05-20  Today, Thursday, the dollar’s exchange rate recorded a rise in the main stock exchange in Baghdad and in the local market’s banking shops.

The Al-Kifah and Al-Harithiya Stock Exchange in Baghdad registered 148,700 Iraqi dinars, compared to 100 US dollars.   The selling and buying prices rose in the exchange shops in the local markets in Baghdad, where the selling price reached 149,250 Iraqi dinars, while the purchase price reached 148,250 dinars per 100 US dollars.

Lower Reserves Raise Oil Prices

Thursday 20 May 2021    42   Baghdad: Haider Al-Rubaie   International energy expert Dr. revealed. Falah Al-Amiri said that the most important factors that supported the rise in oil prices were the decrease in global oil reserves, and the achievement of balance and demand in the global oil markets, as OPEC played a pivotal and essential role in reaching the current prices, through the studied policy of the organization and the compliance of its members by more than 100 percent, what It contributed to gradually reducing crude oil production and absorbing huge oil inventories that caused a historic collapse in oil prices in April 2020.

Al-Amiri stated that “the partial return to economic activities and the easing of closures in America, Europe and China contributed to the rise in oil prices due to improved demand for oil, as well as quantitative easing in the economies of member states.”

Al-Amiri expected that “the Iranian talks and the 4 + 1 countries, with American participation, will have an impact on the Iranian nuclear file, as reaching an agreement will contribute to the gradual return of Iranian oil production to its levels before the imposition of economic sanctions.”

He added, “It may lead, in a short period of time, to re-produce one million barrels per day and pump it to global markets,” expressing his belief that (OPEC +) will assess this quantity and restore quotas and cancel Iran’s exemption from the agreement when Iran’s production reaches its levels before the imposition of sanctions, taking into account Taking into account the reduction required by the agreement {OPEC +}.

He indicated that “in the event that the agreement with Iran is not reached, oil prices may rise due to the continuing political and perhaps military tensions in the Gulf.”

Al-Amiri pointed out that “the current war between the Palestinians and the Zionists has contributed to the current price increase, albeit by a small percentage, but in the event that the war continues and other parties enter it, this will contribute to a significant increase in both oil prices, oil tanker wages, and oil and tanker insurance premiums.”

He pointed out that “the emergence and spread of the Corona virus, the Indian version, slowed down the rise in oil prices to higher levels, and caused clear anxiety and instability in global oil markets due to the severity of this virus and the deaths and injuries it caused, and the great closure imposed by the Indian government to combat the Corona virus, and fears of its impact.” Spread at the global level. ”   LINK

Oil Prices Are Stabilizing Near The Lowest Level In Three Weeks

Pratha News Agency103 2021-05-20   Oil prices stabilized today, Thursday, near a three-week low after a wider recession in the market, as investors bet on the possibility of an increase in Iranian supply as OPEC + returns more barrels to the market.

Brent crude rose 6 cents, or 0.42 percent, to $ 66.94 a barrel by 05:41 GMT, after falling 3 percent on Wednesday. US oil fell seven cents, or 0.55 percent, to $ 63.70 a barrel, after falling 3.3 percent in the previous session.

Oil is still up nearly 30% this year as the recovery from the Covid-19 pandemic accelerates in the United States and parts of Europe, while purchases of crude oil shipments from countries like China remain strong.

The second wave in India cut gasoline and diesel sales by up to 20% for the largest refiner, Indian Oil Corp., lowering processing rates.

Lower prices this week gave additional momentum on Wednesday after media reports said the United States and Iran had made progress in talks over Tehran’s nuclear program that could lead to sanctions being lifted and more supplies entering the market.

Encouraging Economic Indicators … Will The Iraqi Government Benefit From Them ?!

Pratha News Agency131 2021-05-20   Follow-up – Fadel Al-Sahaf’s controversy ||

v Oil prices exceed $ 70 a barrel

Oil prices rose last Tuesday, as Brent crude rose to above $ 70 a barrel, in light of optimism in the markets regarding an increase in demand for crude in 2021.

By 7:05 GMT, Brent crude was trading above $ 70 a barrel for the first time since last March 5, when Brent recorded $ 70.10 a barrel, an increase of 0.92% over the previous closing price.

While the US crude “West Texas Intermediate” rose by 0.91% to 66.87 dollars a barrel.

v Professionals: High oil prices are a conditional opportunity for economic advancement

Last Tuesday, world oil prices rose amid expectations of a strong recovery in global oil demand. U.S. West Texas Intermediate crude futures rose 18 cents, or 0.3 percent, to $ 66.45 a barrel, while Brent futures rose to more than $ 70.

Specialists in economic affairs see the rise in oil prices as a “golden opportunity” to serve the Iraqi economy.

The specialist in economic affairs, Abdul Rahman Al-Mashhadani, says that “high oil prices will serve the Iraqi economy if it is properly directed,” adding, “But if the surplus rise goes to operational expenditures, there will be no service for the economy.”

Al-Mashhadani continues by saying that “the Parliamentary Finance Committee included in the federal budget for 2021 a paragraph stating that the surpluses achieved as a result of the high price of oil or the increase of exported quantities, a shift to pay the deficit.”

The House of Representatives set the price of a barrel of oil at $ 45 in the 2021 budget.

Al-Mashhadani added that “the average price for the past four months was approximately $ 60, meaning there is a surplus of $ 15 per barrel over four months,” expressing his hope for “the price to rise to more than it is in the coming months.”

The specialist in economic affairs indicates that “the increase in oil prices will cover the deficit if the government works according to the directives and recommendations of the Finance Committee or as approved in the general budget.”

Al-Mashhadani believes that “the government has submitted an appeal to the budget,” believing that it “is not committed to directing the surplus achieved as a result of high oil prices to pay the deficit. Rather, it will go towards financing its requirements and other expenditures, whether operational or investment, and most likely it will go to operational expenditures as we are on the verge of elections.” .

The specialist in economic affairs believes that “the time is not sufficient for the government to organize a supplementary budget, since the latter is preparing to work on a draft budget in 2022 for approval prior to the elections.”

The Parliamentary Finance Committee announced, on Tuesday, the Ministry of Finance’s move to prepare the draft general budget law for 2022, while noting that the government is working to complete the budget before the elections.

Al-Mashhadani went on to say: “The government is supposed to work on rationalizing expenditures in such matters, not increasing them,” noting that “the increase will tie us to future debts payable.”

In turn, the specialist in economic affairs, Basem Jamil Antoine, said in an interview with Al-Mada that “the rise in oil prices is a positive step if it is used by transferring it from cash revenues to building and disposing of investment projects in the sectors of agriculture, industry and tourism.”

Antoine adds that “the budget deficit ended with this increase, as the price of a barrel of oil is fixed in the budget at $ 45, and after the price reached $ 70, then $ 25 covers the deficit and stops borrowing.”

The specialist in economic affairs notes that “the rise in oil prices is a golden opportunity to take advantage of the re-arrangement of Iraqi construction and solve the crisis and intractable problems and to reduce the rate of poverty and unemployment.”

Antoine believes that “the Iraqi economy will witness an improvement if it is managed by honest and efficient hands.”

For his part, the oil expert, Hamza Al-Jawahiri, said in an interview with Al-Mada that “the rise in the price of a barrel of oil gives a positive reflection of the economic reality,” indicating that “the increase in every dollar gives the result one billion dollars a year.”

Al-Jawahiri believes that “the advancement of the Iraqi economy requires the management of public money wisely and planning away from financial and administrative corruption.”

v The global price of gold fell in conjunction with a slight rise in the dollar

Gold prices fell today, Wednesday, in conjunction with the increase in US Treasury yields and a slight increase in the dollar’s price.

CNBC said that the decline in gold comes ahead of highly-anticipated consumer price data in the United States due to be released later in the day.

And gold fell by 05:10 GMT, in immediate transactions, 0.4%, to $ 1829.94 an ounce. US gold futures fell 0.3% to $ 1830.30, while the dollar index rose 0.3%, making gold less attractive to holders of other currencies.

In the same context, the yields of record 10-year US Treasury bonds rose for more than a week, which raises the opportunity cost of owning gold, and palladium increased 0.3% to $ 2945.02 an ounce, silver fell 0.9% to 27.38, while platinum lost 0.5% to $ 1229.02. .

On Saturday, gold prices rose to record levels, the highest in 6 months, to achieve the best weekly performance during this period.

CNBC said that gold prices rose by more than 1%, after an unexpected decline in US job growth in April, which accelerated dollar losses and Treasury yields.

To read more current and reliable Iraqi news please visit BondLady’s Corner:

Source: Dinar Recaps


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