“Titanium Date” – Sat. PM KTFA Thoughts, News w/ MilitiaMan 1-1-22

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KTFA

Samson » January 1st, 2022

Iraq enters the new year with great celebrations

31st December, 2021

Entered Iraq, the New Year 2022, with great celebrations held in the streets of Baghdad and the provinces.

And the Iraqis expressed their joy and happiness in the new year by launching fireworks that decorated the sky of Iraqi cities.  LINK

The Iraqi Stock Exchange announces the suspension of its activity for one day

1st January, 2022

Today, Saturday, the Iraqi Stock Exchange announced the suspension of its activity for a period of one day.

The market said in a statement, received by Mawazine News, that “the trading sessions for tomorrow, Sunday, will not be organized based on the decision of the Council of Ministers to declare an official holiday for this day on the occasion of the New Year holidays.”  LINK

The statement added, “The activity will take place after the official holiday and starting next Monday, according to its official timings.” 

Mayor of Baghdad: We will organize major celebrations on Army Day, the departure of foreign forces, and the upcoming convening of the new parliament

12/31/2021 22:14:42

The Mayor of Baghdad, Alaa Maan, announced the organization of major celebrations in the capital, Baghdad, on January 6, to celebrate the new year, the anniversary of the establishment of the Iraqi army, the departure of foreign combat forces, and the approaching convening of the first session of the new Iraqi parliament.

A statement of the secretariat, a copy of which was received by {Euphrates News} Agency, said that Maan “presents the most beautiful words of congratulations to the Iraqi people and their valiant security forces on the occasion of the new year, wishing it to be a year of goodness, love, peace and reconstruction for all Iraqis.”

The Mayor of Baghdad also promised that the new year 2022 will be full of vital service projects and effective in advancing the reality of the beloved capital, Baghdad, and its urban and aesthetic scene.

He pointed out that “the celebrations of the Baghdad Municipality in the new year and the anniversary of the founding of the valiant Iraqi army this year will be special because it coincides with the departure of foreign combat forces in light of the success of the government program of Prime Minister Mustafa Al-Kazemi, which achieved a large number of achievements at the internal and external levels, as well as on the occasion of the upcoming convening of the first session of Parliament the new”.   LINK

What did the 12 billions of dollars do to the state treasury?.. a reassuring answer for the first time

31st December, 2021

Friday, a former member of the Parliamentary Finance Committee, Jamal Cougar, commented on Prime Minister Mustafa Al-Kazemi’s announcement of providing $12 billion from the reserves of the Central Bank of Iraq.

Cougar said in a statement to (Baghdad Today), that “increasing the reserves of the Central Bank and providing the financial cover for it, will contribute to Iraq being safe from economic crises.

He added, “When the Corona crisis swept and hit the global economy, the only recourse for the Iraqi state was the bank reserve.”

Noting that “when the reserve reached $48 billion, a warning was sent to the Iraqi government against withdrawing more because in this case the Iraqi dinar will lose its purchasing power.”  LINK

Analyzes suggest that Al-Sadr will support Al-Kazemi as prime minister of the next government

29th December, 2021

The London-based Asharq Al-Awsat newspaper reported, in a report this week, that the current Prime Minister, Mustafa Al-Kazemi, is one of the most prominent names nominated for the position of prime minister inside closed rooms, while Al-Jazeera TV reported in a report titled “Al-Sadr is the King-maker in Iraq” that Al-Kazemi succeeded in exploiting the card of his alliance with Al-Sadr, as the most prominent fruit of the relationship between Al-Kazemi and Al-Sadr was the passage of the new election law that Muqtada Al-Sadr supported and resulted in him obtaining the highest percentage he had previously won in Parliament (73 seats). again at the head of the government.

But despite everything, Al-Sadr eventually achieved the largest electoral victory known to the current he leads since 2003, which will allow him to consolidate his position as a king-maker, and continue to shape government policies through his alliance with Al-Kazemi.

Simultaneously, the Asharq Al-Awsat newspaper report said that Al-Kazemi succeeded within a year and a few months in many files, most notably the elections.

But in Iraq, the verse appears to be reversed in terms of the success or failure of any official or government. In the event of the failure of the Prime Minister and his government, the political forces that share all power with him, even the minute details, disavow in order to bear responsibility alone, according to the report. But if successes are achieved, she shares power with him, and thus she will gain a measure of success, but she either obstructs this success or stands against it publicly so that his points are not counted in favor of the prime minister.  

As for the battle to renew the presidency, the anti-Kazemi forces refuse to renew it. Against these forces stands the Sadrist movement led by Muqtada al-Sadr, who wants a national majority government and largely supports the renewal of Al-Kazemi for a second term.

The Kurds, who are divided over their candidate for the presidency, are searching with the Sunnis for a formula that satisfies the two Sunni alliances, the Taqad party led by Muhammad al-Halbousi, and the Azm alliance led by Khamis al-Khanjar, in return for their support for the candidate for the presidency, which is disputed between the two Kurdish parties.  

The Kurds are discussing with the Shiites a formula that satisfies the two opposing Shiite parties (Al-Sadr and the coordination framework) to choose a new prime minister among several candidates, including Al-Kazemi.

The Kurds tend to consociationalism, which is not consistent with Al-Sadr’s vision, but they agree with the leader of the Sadrist movement in supporting Al-Kazemi, whom the Coordinating Framework Group is not satisfied with. LINK

Oil Prices Are Expected To Rise To $120 Per Barrel In 2022

1st January, 2022

The Omicron variant of the emerging corona virus has caused ambiguous expectations for energy markets during the new year, according to the “Wall Street Journal.”

Crude oil prices last year reached their highest levels since 2014 before governments restricted travel to disrupt the Omicron mutant in late November, raising questions about the black gold’s continuing upward trajectory.

And the head of commodity and derivatives research at Bank of America, Francisco Blanche, believes that Brent crude prices could exceed $100 a barrel to reach $120 during 2022 unless there is an increase in hospital admissions for Covid-19 patients or a massive outbreak of the coronavirus. In China, the largest buyer of crude oil in the world.

The world still uses less oil than it did before the time of the Corona virus epidemic, as it consumes about 96.2 million barrels per day in 2021, according to the International Energy Agency. Balance expects the demand for crude oil to reach pre-pandemic levels – 100 million barrels of oil per day – during the third quarter of 2022.

Some banks also expect another rise in oil prices in the coming years due to the lack of investment in fossil fuels and the trend towards alternative energy, including increased investment in electric vehicles. And demand for oil rose with the recovery of economies during 2021, at a time when producers are still holding millions of barrels.   LINK

Source: Dinar Recaps


Manu68 » January 1st, 2022

First of all, Merry Christmas and happy new year to all. Secondly, can someone please tell me what’s happened to the titanium date set in stone and this wasn’t going past 2021? Sorry if i missed it on any yubee tooby call.  

Ross » January 1st, 2022

What if the titanium date was based upon a moving target, such as, the naming of the new PM or the Approval of the 2022 Budget, etc ?  

Tivon » January 1st, 2022

As far as the “Titanium Date” is concerned. For one banks in Iraq are closed. So even if they released the rate today you wouldn’t see it until Monday morning.

Secondly January 1st from the Basel 3 Committee in Switzerland gave a hard deadline for banks around the world to implement protocols that would safeguard their institutions from another 2008 crash by having capital backed by gold or silver to protect consumer deposits if another financial crisis was to arise in the future.

Which should imply that natural resources such as gold that Iraq has been accumulating to support their new exchange rate will have to be in one open book or portfolio that indicates they have a stable economy given the tons of precious metals they accrued over the years needs to be applied.

One could think “The REER” (Real Effective Exchange Rate). Because Frank has mentioned that banks were going against this mandate and will be shutdown as they  defied this new policy.

We can use our imagination and say these must be Iranian influenced branches that refuse to play ball with the new leadership. I do not know what has come about with the “Financial Management Law” sense it’s not contingent upon the seating of the government given its supposed to be activated by default of the 2022 Budget not being voted on.

Then again the C.O.M. (Council Of Ministers) already voted on the current year budget. So with that said we all know Iraq has paid the remaining debt to Kuwait. We know Iraq has a sovereign status and they do not require the UN meeting in February to finalize anything for the official removal of CH 7.

We will not know anything concrete until Monday.

Ask yourself how long Iraq or any other country can continue to do any business if their Basel 3 policy is not activated (Today)  in order for International markets to operate using fiat currency and not suffer parity issues with the US Digital Treasury Note that is backed by ISO-20022?

MilitiaMan » January 1st, 2022

Good job Tivon, well said.. Fascinating thing too, is the ISX is closed tomorrow and there is a holiday for Sunday, yet, banks are to be open, but, with no withdrawals or deposits.. Strange way to do banking or is there more to it? Could it be they are open for exchanges, large notes for small notes? I don’t know, but, we can see that many things are in sync now and as you say, there is not anything we can do about it until next week anyway.. Is that part of the plan? We shall see. imo ~ MM

Mark » January 1st, 2022

THE FINAL COUNTDOWN CONTINUES…IMO…THE NSCN NEXT IN THE COUNTDOWN

MilitiaMan » January 1st, 2022

That is what I expect to be next, showing NSCNs.(New Small Category Notes)  I will look to see what purpose they called for a holiday for Sunday, yet , banks are open, but, there are not to be deposits or withdrawals. I find that interesting, as why do banking without those two integral parts of banking? Well, could that be a time frame to exchange the old notes for new notes? I don’t know but, it sure has my attention.. imo !!! ~ MM

Samson » January 1st, 2022

Unknown Fate Of The Federal Budget For 2022

1st January, 2022 by Basil Abbas Khudair

In a few hours, we will enter the new year (2022), which is not only a year for New Year’s celebrations, but the official timing of the date of the implementation of the federal budget in Iraq, which begins on 1/1 and ends on 12/31 of each year.

According to the timings set by the constitution and what followed by relevant legislation, the federal government is supposed to refer the annual budget as a draft law to the House of Representatives before the beginning of October so that the House of Representatives discusses and approves the project to turn it into a law so that the matter is completed before the end of the year so that the instructions for its enforcement are ready at the beginning of the following year as it is the situation in the rest of the countries, but none of that happened, not because of the dissolution of the House of Representatives and the shift of the government to the conduct of business in preparation for holding the elections, but rather because there are those who do not abide by the timings and fulfill the deadlines and obligations, and the reasons for not fulfilling them have not yet been announced. The government has prepared a bill. The 2022 budget to be approved before the House of Representatives is dissolved on the date known for months.

The issue does not stop at this point, but rather the budget is subject to possibilities. The President of the Republic issued a republican decree inviting the (elected) House of Representatives to convene on January 9, and this date is expected to be the beginning of the political debate to choose the three presidencies (the House of Representatives, the Republic, the Council of Ministers), and in the event that the three options are completed in good health, the Prime Minister will be given the legal deadline to choose candidates to fill ministerial portfolios that are subject to approval or acceptance by Parliament.

Considering that the budget is a financial tool for transforming plans into actual reality and in proportion to the estimated resources, after which the project is referred to the House of Representatives and after its approval, it is presented to the President of the Republic for approval and publication in the Official Gazette, and the implementation instructions are prepared and circulated to the exchange units. 

There is no waste in it, as it will make the budget executable after 6 months have passed since its entry into force, which will lose some of its quality and feasibility, and during the period from the beginning of the year until the beginning of the implementation of the budget, it will be necessary to spend 1/12 of the actual expenditures for the year 2021, taking into account the proactive step of the Ministry of Finance With its uncles 133133 on December 27, 2021, which included (binding) instructions to restrict or freeze the exchange powers in most areas, and these instructions are valid and enforceable until the entry into force of the 2022 budget law, and it will be difficult for the next government to exceed them except through graduations through the advances and trusts, a method blamed on him for suspicions.

Although the majority is ignorant of the form of the next government, regardless of how it was formed, it will have at least three options. The first is to accept a pro forma budget that covers the fiscal year from its beginning to its end, and the second is to prepare a budget for the period from the beginning of its formation until the end of the fiscal year, such as for six months or more. Less or more and treating previous expenses with accounting adjustments, and the third is acceptance of the fait accompli and not issuing a budget similar to what happened in 2014 and 2020, and investing the remainder of the fiscal year to prepare the 2023 budget, and the three options are embarrassing and do not fit what the next government should characterize in being it was born from the womb of the demonstrations and protests that established the overthrow of the previous government and contributed to changing the electoral law and holding early elections.

Considering that the current composition of the House of Representatives is supposed to be in which the opposition is clear to the public due to the change in the names and affiliations that occurred in the House, and we expect that determining the responsibility for the delay in preparing the budget will be unaccountable, because financial issues often pass peacefully with evidence that the state remains for two years without a budget (2014, 2020) and that the final accounts after 2013 have not been approved until today, and that there are financial violations reported by the competent committees in the House of Representatives and diagnosed by the Integrity Commission and the Board of Financial Supervision, some of them have been resolved and others are still on the way, and it seems that Al-Kazemi’s government did not give precedence to the issue of the 2022 budget, with evidence that the Prime Minister did not refer to it as a topic when he talked about the economic achievements that his government reached in saving the country’s economy from collapse thanks to the (white paper) that achieved a financial abundance of 12 billion dollars.    LINK

MilitiaMan » January 1st, 2022

Final accounts appear to have been approved as of today. Articles have talked about 2013 and 2014 Budgets having had accounting issues in the past and apparently that held true and it shows they have been completed to date in 2021. It appears that they did finish the 2022 budget work prior to the dissolution of the parliament.

There are also noted to be financial violations that were found to have occurred back then that now have been resolved and some that will becoming and or are on the way to being resolved. From the looks of it Kahdimi kept the budget data quiet, as he gave no precedence to it in his recent speech.

If there is reason for him to have kept something so important as budgetary issues quite would suggest that there is something sensitive in the budget to keep quiet. The financial abundance may be the clue, we shall see and imo very soon.. ~ MM

Source: Dinar Recaps

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