“Window of Next Weekend” – Sun. PM KTFA Thoughts/News 6-6-21



Samson » June 6th, 2021

The world’s possession of gold has increased, and Iraq has not increased its reserves since

6th June, 2021

On Sunday, the World Gold Council announced a rise in world gold reserves, noting that Iraq had not increased its gold reserves since September 2020

The council said in its latest schedule in June of 2021, which was reviewed by Al-Eqtisadiah News; Iraq has increased its reserves of the yellow metal to 35,394 thousand tons, an increase of 69.4 tons over the previous month

He added, “The increase in gold reserves came from five central banks, as Thailand made the largest purchase of gold during the month, adding 43.5 tons, and bought Turkey (13.4 tons), Uzbekistan (8.4 tons), Kazakhstan (4.6 tons) and Kyrgyzstan (3.8 tons), indicating the only sellers are Russia and Germany, where the Russian gold reserves decreased by 3.1 tons and the sale of it was related to the mint, and the German gold reserves decreased by 1.3 tons, which is also related to the mint

He pointed out that “Iraq maintained its 38th rank globally out of the 100 countries listed in the table with the largest gold reserves in the world, and ranked fifth in the Arab world after Saudi Arabia, Lebanon, Algeria and Libya,” noting that “it has not bought gold since September of 2020, when it bought an amount As few as 0.1 tons, while he bought 6.5 tons in September 2018

He added that “the United States of America still ranks first in the world’s largest gold reserves with 8,133 thousand tons, followed by Germany with 3,361 thousand tons, while the list was followed by Suriname with 1.5 tons, preceded by Yemen by 1.6 tons

It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world LINK

OlLar » June 6th, 2021

If Delta is right we are now looking at a window of next weekend. IMO we are still looking July 1 because past CBI Governors have said the 1st and middle of the year. We shall see

Although, IMO it doesn’t mean they couldn’t release a rate and LD a week or even weeks prior to June 30 in order for a smooth release of a new economy based on July 1

Samson » June 6th, 2021

In Dhi Qar.. Angry protesters give employees to vacate a government department before burning it

6th June, 2021

A number of angry citizens demonstrated in Dhi Qar Governorate, southern Iraq, today, Sunday, to demand the improvement of electric current service in the governorate. 

Shafak News Agency correspondent said, “A number of citizens of Sayed Dakhil district, east of Nasiriyah city, the provincial center, demand the provision of electricity, which has reached a very poor level, according to them.” 

And he stated, “The demonstrators gave the employees one hour to leave the district before setting tires on fire.”  LINK

Within a month, the Iraqi Stock Exchange is trading 191 billion shares, worth 183 billion dinars

6th June, 2021

The Iraq Stock Exchange announced today, Sunday, that 191 billion shares were traded, with a financial value of more than 183 billion dinars, during the month of May.

The market stated in a report seen by Shafak News Agency, that “the number of companies whose shares were traded during May amounted to 59 joint stock companies, while the shares of 25 companies were not traded due to the difference in the prices offered from those requested by investors, while 19 companies continued to be suspended for not providing disclosure out of 103 listed companies.” In the market”.

He added that “the number of traded shares amounted to 191 billion and 808 million and 942 thousand shares, with a financial value of 183 billion and 365 million dinars, through the implementation of 6966 deals,” noting that “the ISX60 traded price index closed at 571 points, recording a decrease of 3% from its closing in previous session.

He pointed out that “the number of shares purchased from non-Iraqi investors for the month of May amounted to 942 million shares, with a financial value of 3.551 billion dinars, through the circulation of 17 joint-stock companies, while the number of shares sold from non-Iraqi investors reached 1.631 billion shares, with a financial value of 1.716 billion dinars, through The circulation of 17 joint stock companies.

It is noteworthy that the Iraqi Stock Exchange organizes five trading sessions a week from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism and hotels. LINK

Iraq sold more than 5 million barrels of oil to America last May

6th May, 2021

The US Energy Information Administration announced, on Sunday, that Iraq’s oil exports to America exceeded 5 million barrels during the month of May

And the administration said in its table, which was reviewed by “Economy News”, that “Iraq exported crude oil to America during the past month, 5 million and 857 thousand barrels, at a rate of 195 thousand barrels per day,” an increase from the month of April, when oil exports to America amounted to 4 million and 260 thousand barrels, at a rate of 142. thousand barrels per day

He added that “Iraq exported during the first week of May at a rate of 235,000 barrels per day, while an average of 199,000 barrels per day was exported in the second week, while an average of 184 thousand barrels per day was exported in the third week,” noting that “the fourth week these exports amounted to an average of 163,000 barrels per day

The US Energy Information Administration reported; Iraq ranked seventh after Canada, Mexico, Saudi Arabia, Colombia, Ecuador and Russia, and ranked second in the Arab world after Saudi Arabia, whose exports to America during the month of May amounted to 8 million and 3340 thousand barrels per day, indicating that “Canada ranked first as the most oil-exporting country to America, followed by Mexico LINK

Don961 » June 6th, 2021

Get to know them.. Blocks manipulating the dollar black market and smuggling foreign currency outside Iraq

06/06/2021 11:08   Baghdad today -Report: Mahmoud Al-Mufraji Al-Husseini

From a long time, all the economic experts in Iraq expressed their observations on the nature of managing the economic file in the country, and warned of the possibility of its collapse if it was not managed in a legal manner, and put it in the hands of people with professional economic experience who are able to overcome crises whenever they arise .

And when they are asked who is responsible for the mismanagement of the Iraqi economic file, the answers vary, but most of them agree that the corruption approach in the Iraqi state is the first reason for this decline. The political quota is what led to the deterioration of the economic file, and its proximity to collapse at any moment .

These economic expectations, emanating from specialists and experts, were realized when the government of Haider al-Abadi announced the adoption of an austerity policy during its tenure, and successive governments did not concede after it to raise austerity despite the rise in oil prices at the time, to come the 2021 budget, which included the high exchange rate of the dollar against the Iraqi dinar , to be one of the most endorsements of the way the Iraqi economic file is managed .

The Iraqi parliament voted at the end of last March, by a majority, on the draft federal budget law for Iraq for the fiscal year 2021, with a total expenditure of 129 trillion Iraqi dinars (89 billion dollars) and a planned deficit rate of 28 trillion Iraqi dinars (19.3 billion dollars), while the ceiling of crude oil exports was set at a rate of 3 million and 250 thousand barrels per day, including 250 thousand barrels from the fields of the Kurdistan region, at a price of $ 45 per barrel .

Lifting government support from the exchange rate represents one of the most daring decisions of the Al-Kazemi government, which ended a long tradition of supporting the dollar price to raise the value of the Iraqi currency, which caused a rise in prices .

The Iraqi market was hit by severe turmoil after the dollar exchange rate was raised, and the first signs of this turmoil is the tangible increase in prices, as well as the suffering that affected many economic sectors in this market .

With the rise in oil prices, and the price of one barrel reaching 70 dollars, the citizen hoped that the government would return to lowering the exchange rate of the dollar to ease the pressure on his shoulders, but it kept the dollar exchange rate fixed, and did not change it .

The economic expert, Dergham Muhammad, said that it is possible that the price of the dollar will rise and exceed 1500 dinars at any moment, and that “all possibilities are open as long as there is a relationship between the presidency of the monetary authority and the mafias of selling dollars that are affiliated with the banks belonging to the parties .”

Muhammad told (Baghdad Today), that “the reconciliation of the higher authority concerned with covering market transactions in dollars with black market dealers and monopolists of the currency will necessarily lead to the situation remaining unaddressed, as the current government with its financial policies that have robbed Iraq’s economy of its most sensitive joints and increased poverty rates during A few months to unprecedented levels, without any scruples of conscience. It will be the worst government in the record of economic performance, and this will allow its people to be tried once they leave power .”

He pointed out that “the involvement of the political blocs in Parliament as they own most of the banks that contribute to the black market of dollars to achieve illegal gains by creating a black market for dollars and smuggling foreign currency with government complicity, which led to the absence and disruption of the oversight role of Parliament, and among them was the prevention of questioning the governor of the Central Bank, pointing out, The silence of the executive authorities, whether monetary, financial and legislative, in their capacity as a supervisor, about the farces of the dollar auction is an involvement in its black market .

He explained, “Any country with a law-abiding government would have referred the governor and departments of the Central Bank concerned with currency auction corruption to the judiciary and investigated the Minister of Finance about his allegations of dealing with currency smuggling by raising the exchange rate .”

While the economic expert, Malaz Al-Amin, detailed the global economic situation and its impact on Iraq, expecting the stability of the dollar exchange rate on what was put in the current year’s budget .

Al-Amin said to (Baghdad Today), that “the global economic situation indicates the stability and recovery of markets after the panic subsided from the Corona pandemic and the return of oil prices to rise again towards a level of more than 70 dollars per barrel due to the increase in demand resulting from the return to operating the suspended factories, and the desire of the states. the United States of America to restore its strategic oil reserves .

He added, “The dollar exchange rate in the market is stable around 1.48-1.50 thousand dinars, and the government has a surplus of hard currency as a result of the increase in oil prices than it put in the budget by more than 25 dollars per barrel, and it was able to pay off a large part of its debts and another part.” From the deficit, and therefore I expect the exchange rate to be stable if the stability of the local political situation and the region continues .

In addition, a member of the House of Representatives, Alia Nassif, spoke today, Saturday, about a cover for the theft of public money caused by the Ministry of Finance, while warning against maintaining foreign loans associated with projects despite the presence of a surplus in revenues .

Nassif said, in a statement received by (Baghdad Today), that “there is no justification for signing foreign loans to finance projects, as the surplus achieved from these first six months of this year finances all loan projects (found on page 4, paragraph C in the budget), amounting to 3.1 billion. dollars,” noting that “the projects that are carried out by direct referral and without bidding to search for quality and at the best prices are public corruption projects codified in the budget .”

She added, “Keeping foreign and project-related loans is a cover for theft and bribery,” noting that “a billion dollars out of the 3.1 billion dollars is financial corruption in prices to finance hundreds of millions of dollars in bribes, especially in the oil and electricity sectors .”

And she continued, “We have said it before and we repeat it today. Whoever encourages keeping these loans is a partner in corruption, directly or indirectly, and therefore it must be canceled and the corrupt are cut off .”  LINK

Source: Dinar Recaps


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