Thurs. PM KTFA News Articles #2 11-11-21

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KTFA

Samson » November 11th, 2021

A new record collapse of the Turkish lira

11th November, 2021

The Turkish lira fell to a new record level, today, Thursday, after higher-than-expected US inflation data exacerbated concerns about the lira, which was affected by the monetary policy of the Turkish Central Bank.

The Turkish currency settled at 9.9050 lira against the dollar, at 05:15 GMT, after dropping to 9.91 lira per dollar. The Turkish currency has lost about 25 percent of its value this year.

Inflation data in the United States gave a boost to the dollar as investors weighed the possibility of the Federal Reserve (the US central bank) tightening monetary policies earlier than expected.

High US interest rates usually attract money from emerging economies with high external debt such as Turkey.  LINK

The Central Bank warns against dealing with digital currencies

11/11/2021 12:04:55

The Central Bank of Iraq warned against dealing in digital currencies.

A statement by Al-Furat News, a copy of it, stated: “The Central Bank of Iraq is closely following the transactions in the digital, encrypted and virtual currency market, given the great risks associated with these currencies and their failure to be subject to any legal, regulatory or technical controls or legislation in Iraq.”

He added, “In order to avoid any negative repercussions resulting from dealing with these currencies, which have high volatility and speculation in them, the Central Bank of Iraq warns against using them, and does not guarantee such currencies and does not provide legal protection for those who deal in them and has not granted a license to any digital currency currently encrypted.”

It is noteworthy that central banks around the world are working on developing or exploring digital currencies, after the emergence and spread of cryptocurrencies such as Bitcoin

China, for example, is at the forefront of this race, and is in the process of testing the digital yuan in major cities such as Beijing, Shanghai and Shenzhen

It’s a good thing..Iraq is off an international blacklist

11th November, 2021

One of the happy news that we learned about last week, amid the noise of politics and security and the rapid developments, is the removal of Iraq from the black list of practical discrimination by a decision of the International Labor Organization.

The decision that gives joy and pleasure, as officials in the Ministry of Labor and Social Affairs indicated, stems from Iraq’s commitment to standards related to checking workers’ wages, working hours, closings, layoffs, women’s rights and combating child labor. The complaint was coming from the bodies close to the labor sector in Iraq in recent years that the Iraqi worker does not have rights similar to what his counterparts in developed countries have, and he is oppressed in four respects, and the reasons are wages, working hours, and the absence of health insurance and safety conditions, which exposes him to the absence of rights. 

This required the drafting of a law that guarantees these rights and removes all the vocabulary of this undeserved injustice. Especially since some governmental and private agencies are reluctant to sign a contract with their workers, which is considered a violation of their rights. The other thing that pushed Iraq into this list – before he left it – is the problem of child labor. The UNICEF report indicates that nearly (7) million and a half million children, equivalent to a third of the children in Iraq, need help, including children who have left school. And they resorted to working in arduous and harsh occupations, which men tend to avoid. UN reports indicated that child labor began to increase dramatically with the advent of the Corona pandemic and other family and societal reasons, which make the younger generation vulnerable to terrorist gangs and organized crime. 

The other paragraph that Iraq seems to have crossed in order to achieve the achievement of leaving the international black list is the legislation of a new retirement law that does justice to the retired workers class, guarantees their rights and addresses the loopholes in the previous law.

The law, according to what was announced, includes achieving a limited increase in the minimum wage for the worker, as well as The adoption of a new retirement and insurance law for workers.  LINK

Source: Dinar Recaps

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