Samson » June 13th, 2021
Cuba suspends acceptance of bank cash deposits in dollars
11th June, 2021
Yesterday, Thursday, the Cuban Central Bank announced the suspension of accepting cash deposits in dollars as of June 21 (June), stressing that it is a “protection” measure against the backdrop of the ongoing US embargo.
The Central Bank said, in a statement, that “Cuban financial and banking institutions will temporarily stop accepting cash deposits in dollars.” He added that deposits in other currencies “are still acceptable, as are bank transfers in dollars.”
Carlos Fernandez de Cosio, head of the Americas Department at the Cuban Foreign Ministry, said it was an “unavoidable and indispensable” measure because of the US embargo.
Since 1962, the island has been subject to a blockade that makes dollar exchange difficult. It has tightened during the era of former US President Donald Trump with more than 240 new measures that are still imposed since the current President Joe Biden took office.
The Central Bank explained that the national banking system is facing more difficulties in dealing with international banks through dollar deposits on Cuban soil, due to the embargo.
The central bank statement said, “We have reached a situation in which it is becoming increasingly difficult to find international banking or financial institutions that are ready to receive, convert, or exchange US currency for other currencies.” He added that the duration of this measure “will depend on whether the sanctions that prevent the export of US dollars will be removed.”
In November 2019, Cuba opened stores where payments are made exclusively in US currency in order to collect dollars transferred to Cuba by Cuban expatriates living abroad, especially in the United States.
Source: Dinar Recaps
Samson » June 13th, 2021
A group of unions and federations announces the launch of a national campaign to support the Iraqi dinar
13th June, 2021
A group of unions and federations announced the launch of a national campaign to support the national currency and the economy and increase the citizen’s confidence in the dinar.
This group said in a joint press statement that “Al-Iqtisad News” received a copy, “A group of unions and federations announces the launch of a national campaign under the auspices of the Central Bank of Iraq to raise awareness to support the national currency and the Iraqi economy, and this campaign includes the Federation of Chambers of Commerce, the Association of Iraqi Private Banks, the Physicians Syndicate and the Iraqi Syndicate Pharmacists, the Engineers Syndicate, and the Dentists Syndicate, who represent a large segment of Iraqi society.
The statement added, “This campaign aims to shed light on the importance of dealing with the national currency and increasing the citizen’s confidence in it, for the contribution of all sectors to maintaining the exchange rate and maintaining inflation at low rates, and reducing the rates of poverty and unemployment through the entry of Iraqi and foreign investors to work inside the country, which It will lead to an increase in services provided to citizens, and this will have a positive impact on the economy.”
He pointed out that “this campaign also includes a focus on the fact that the owners of retail and services stores do not force citizens to sell their goods in dollars, but rather in the national currency “the Iraqi dinar”, as shop owners get the dollars from the authorized currency sale at the official price, and they force the citizens to buy dollars. From the parallel market leads to an increase in its price, which affects the entire joints of the economy.”
The statement stressed, “This campaign will include joint activities aimed at supporting the Central Bank’s ongoing efforts in this regard through holding educational meetings and seminars.” The statement concluded, that the signatories to this national campaign areare Wadih Al-Handal, the head of the Association of Private Banks, the Syndicate of Pharmacists, Dr. Mustafa Al-Hiti, the President of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, the Doctors Syndicate Jassem Al-Azzawi, the Syndicate of Engineers, Azhar Hussein Saleh, and the Syndicate of Dentists, Dr. Abu Bakr Ziyad Al-Rawi. LINK
Clare » June 13th, 2021
WOW!!!!!!!!!!…… THANKS SAMSON! WHO TOLD US A “MASSIVE CAMPAIGN” WOULD BEGIN FOR THE CITIZENS….. YEP!! WALKINGSTICK & FRANK DID!!!!!!!!!!!! WHAT ELSE DID THEY TELL US?- THEY HAVE A DATE!!! IT IS ALMOST HERE. imo
Jerry1971 » June 13th, 2021
WELL SAID CLARE THANKS TO SIR FRANK AND SIR WALKINGSTICK WHAT THEY SHARED WITH US IS SURELY BEING REVEALED THROUGH THE ARTICLES JUST HOPE THEY THE CBI SHOWS THE NEW EXCHANGE RATE SOONER THAN LATER IMO.
FROM FRANK……….TOMORROW M CC WILL BE NUCLEAR!!!!!!!!!!!!!!!! ………..
KTFA KONA: GET READY ……… there was a reason why I canceled our YouTube for Friday night because in my opinion the CBI is now doing the campaign exactly as we told you it would come out therefore, in my opinion the rate is either with this campaign or follows just shortly after… as everything and everyone waits for the CBI governor to announce a new exchange rate for a new small category note,
Introducing a reinstatement of their currency… the RI …. Walkingstick and I are loaded for bear…SMILE…
Make sure you praise God today and thank you for what you are about to become…
I may have pain in my body but soon family you will have gain in your hands…END….FRANK26
SAMSON POST : A group of unions and federations announcesthe launch of a national campaign to support the Iraqi dinar … A group of unions and federations announced the launch of a national campaign to support the national currency and the economy and increase the citizen’s confidence in the dinar….. The statement stressed, “This campaign will include joint activities aimed at supporting the Central Bank’s ongoing efforts in this regard through holding educational meetings and seminars.”
Don961 » June 13th, 2021
The fair exchange rate .. Who determines it?
Sunday 13 June 2021Baghdad: morning
During the past few days, the economic circles have traded the term fair exchange rate of the Iraqi dinar against the dollar, which was refuted by specialists, and stressed that there is no room to talk about a fair exchange rate at this time and the situation in the country and the approved economic work mechanisms.
Academic economist Dr. Qusay Al-Jabri stated that “a fair price is not an opinion that this person or that person puts forward, and when we talk about an appropriate exchange rate, there should be special models for estimating this price, and there are strong arguments to defend a specific exchange rate, and these arguments are behind it. Important economic goals, so they are not opinions.
He added, “No monetary policy can succeed without corresponding policies in the real sector (the production sector) so that it is possible to correct the conditions of the trade balance and the balance of payments, but changing the exchange rate and trying to reduce it is an incorrect policy whose inevitable result is the impoverishment of people and the strengthening of inequality in the distribution of income.”
He pointed out that «strengthening economic stability in Iraq is not possible through monetary policy only or financial policy only, but rather comes from a system of effective and harmonious economic policies to achieve a set of goals, foremost of which stands in strengthening stability and giving a greater role for the private sector to absorb the momentum of unemployment and improve the balance of payments conditions. ».
Financial affairs specialist Ahmed Hathal explained that “some research determines the value of the currency on the basis of purchasing power in some countries or in the United States, and this is also inaccurate due to the different structure and structure of the production sector, as well as the quality of the commodity measured by it, even if we assume that the same factory produces in The United States and Iraq will have differences as a result of the difference in per capita income.”
In turn, the economist, Samir Fikri, said: “Who can determine the fair value of the exchange, and our sources of income are determined by external demand and linked to international oil prices, so there is no so-called fair value, as it is a value that fluctuates with the fluctuation of oil revenues, and it will continue to do so as long as the growth of government spending depends on the sector.” Oil and non-oil GDP growth exceeds the so-called fair value. link
Will Iraq succeed in overcoming its crises?
Sunday 13 June 2021 Yasser Al-Metwally
We do not bring anything new if we say that the entire global economy was affected by the financial crises and the pandemic, even in varying proportions, according to the capabilities of countries and their economies’ endurance to the shock of crises.
Reports and news indicate that a tangible recovery has occurred in the global economy as a result of the end of the causes of the financial crisis through the recovery of oil prices globally and the return of the recovery of trade and the global market accordingly.
As for the second reason, it is due to the decline of the Corona pandemic “Covid-19” after the discovery of relatively effective vaccines, so countries are rushing to take advantage of the opportunity to improve and recover in order to revitalize their economies.
The question here is, what is Iraq’s share of these somewhat joyful results?
International reports and studies indicate that Iraq ranks “10” among the richest countries in the world in terms of natural resources.
Iraq possesses stockpiles of its natural wealth represented by oil, gas, coal, gold, copper, uranium, iron, phosphates and sulfur.
All of this is in addition to the revenues from border crossings, communications, aviation and transportation, but you find the Iraqi economy is still stagnant and if we do not say it is declining, what is the solution?
Therefore, it seems clear that Iraq’s revenues are scattered and need two main factors in order to revive the Iraqi economy .
First, we need to invest the neglected natural resources throughout this period since the stage of change until now. Of course, the need necessitates approving the amendments to the investment law and working to attract specialized international companies and establish partnerships with them in order to find financial leverages capable of overcoming the financial deficit that caused the economy to stagnate.
Moreover, the need requires, secondly, to correct the course of the country’s fiscal policy through the proper management of public money, and this requires the speedy introduction of modern technology in obtaining state revenues through mechanization and electronic methods of obtaining governmental resources .
In addition, it is necessary to employ the rising oil price differences in order to activate the income-generating productive sectors.
At that time, whoever manages the economic file will be able to achieve the country’s economic recovery.
Assuming stable trends in dealing with waste of public money and combating corruption, which has been talked about a lot.
We hope well for the recovery of the Iraqi economy in the near future, so that it can address unemployment, reduce the poverty line and the rest of the challenges that plague the country’s economy, and to turn the page on the contradiction between the global perspective on Iraq’s potential and the reality of the situation. LINK
Adviser to the Prime Minister reveals the details of the first economic reform program in Iraq and its launch date LINK
Sheila » June 13th, 2021
This article very informative along with the other articles that keep saying words like launch, international, exchange rate etc etc….
Samson » June 13th, 2021
Deputy: Preparing a supplementary budget is just talk, and the financial surplus will fill the deficit
14:12 – 13/06/2021
Representative of the Saeroon Alliance, Riyadh Al-Masoudi, confirmed, on Sunday, that talking about preparing a supplementary budget is just talk and there is no intention on the horizon by the government to prepare a supplementary budget for the current year, noting that the surplus funds resulting from the rise in oil prices will be used to fill the budget deficit for the current year.
Al-Masoudi said in a statement to Al-Information, that “the government has obtained large funds since October of last year until today as a result of the rise in oil prices, compared to calculating the price of a barrel of oil that was approved in Mwana in 2021.”
He added that “there are parliamentary calls to prepare a supplementary budget, but in fact the government has no intention at the present time to prepare this budget and to talk about it is just talk,” stressing that “the additional amounts will be used to bridge the deficit in the current year’s budget.”
It is noteworthy that there are several proposals on how to invest the surplus funds that will be achieved as a result of the price difference from the rise in global oil prices, especially since the budget relied on an amount of 42 dollars per barrel, in light of the plans of the competent ministries on how to invest those funds, which amount to nearly 40 trillion dinars, and will lead To reduce the fiscal deficit of more than 70 trillion. LINK
Investors are betting that oil will return to $100 a barrel
8th June, 2021
Commodity exchanges are witnessing an increasing demand for oil future contracts using the “options” method, which are purchased on the basis that oil prices exceed $100 per barrel by the end of this year or by the end of next year 2022. This seems to indicate that the markets expect the continued rise in oil prices to exceed their rates before they fell In the summer of 2014. Indeed, crude prices have increased this year so far by nearly 40 percent.
The Wall Street Journal published a report on “options” contracts that set the price of oil at $100 a barrel in December 2022, or even in December this year 2021. It says that what drives speculators to these expectations is the continued rise in the price of a barrel.
The price of US light crude (West Texas Blend) reached $70 a barrel, and the price of a gallon of gasoline in the United States reached $3.
It seems that speculators in “options” contracts do not care about the possibilities of market turmoil, and are betting on increasing demand for oil as the global economic recovery process continues from the crisis of the Corona virus epidemic. Although the oil market often corrects itself by supply and demand factors, the markets are encouraged by the possibility of higher prices, despite the high prices, as is currently happening, causing producers to increase their production, which raises supply against demand, which puts pressure on prices downward. There is also the possibility of Iranian oil returning to export markets if the Vienna negotiations between Iran and the United States succeed in bringing Washington back to the nuclear agreement signed in 2015, and America withdrew from it in 2018.
What is the “Options” transaction?
Options contracts are one of the trading tools on the stock exchanges, and it is a high-risk and high-profit method. It is considered an investment derivative in the capital markets, as it is based on the value of the asset being traded, whether it is shares or physical commodities. A trader buys an options contract on a stock or commodity, giving him the option to buy or sell at a specific price at a specific time. In this case, he may sell or buy before the specified date if the price of the share or commodity reaches what is specified in the contract before its due date.
In this case, the profits are double, not like buying and selling in normal trading. The dealer can specify the option to buy or sell, and the execution of the contract on time is governed by its type, i.e. sale or purchase, and the loss will be great if the price of the stock or commodity does not reach the price on which the customer bought the contract on the basis of at the date of the contract. Some describe “options” contracts as being like lotteries because of the speculative nature and betting in them, but some investors use this investment derivative, to achieve permanent income from huge profits whenever their expectations are correct.
Figures from the Quick Strike Company, which provides options trading data, indicate that oil contracts at a price of $ 100 a barrel are the most traded on the New York Mercantile Exchange, and it is currently the most traded among the West Texas Blend futures contracts. There are about 60,000 oil futures contracts already in place, covering up to 60 million barrels for December 2022 delivery.
Not only that, but some are speculating that the price of crude will reach a dollar a barrel this year. Options contracts are already in place covering up to 16 million barrels of West Texas blend for December 2021 delivery.
As for the Brent crude market in London, “options” contracts, which set the price of $ 100 a barrel for December 2021 delivery, already cover more than 32 million barrels. Although some speculators are not sure that oil prices will reach what they specified in the options contracts, they expect the price of “options” contracts to rise with the continued rise in crude prices, even if they do not reach $100 on the date of the contracts. LINK
Source: Dinar Recaps
Samson » June 13th, 2021
A deputy calls for the interrogation of the governor of the bank and his dismissal after the “crime” of currency exchange
15:28 – 13/06/2021
On Sunday, the representative of the Al-Fateh Alliance, Wafa Al-Shammari, stressed the need to interrogate the governor of the Central Bank, hold him accountable and dismiss him in the event that his failure is proven, considering that raising the exchange is a “crime” against the Iraqis.
Al-Shammari said in a statement to the “Information” agency that “the continuation of the Central Bank’s policy regarding the unstudied currency exchange will make the Iraqi street inflamed.”
She added, “The persistence of raising the dollar exchange rate is a crime against our people, especially those with limited income,” noting that “the rise in the dollar exchange rate will raise the prices of goods in the local market in a very large way.”
She pointed out that “Finance Minister Ali Allawi and Central Bank Governor Mustafa Ghaleb burdened the citizen with additional financial burdens.” LINK
Source: Dinar Recaps
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