Mon. PM KTFA News Articles 2-28-22

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Samson » February 28th, 2022

During The Hosting Session.. The State Of Law Demands The Return Of The Dollar Price To Its Previous Era

28th February, 2022

The State of Law coalition confirmed, on Monday, that coalition representatives and a number of political blocs will demand Finance Minister Ali Allawi during the hosting session that was held today, to return the dollar exchange rate to its previous position, especially after the end of the financial crisis.

Member of the coalition, Representative Muhammad Al-Sihoud, said in a statement to / the information /, that “today’s session for two discussions is the formation of parliamentary committees, which is an important topic in order to activate the supervisory and legislative roles, while the other place is hosting Finance Minister Ali Allawi.”

He added that “the State of Law coalition and with it political blocs from the forces of the coordination framework and others will ask the Minister of Finance to return the dollar exchange rate to its previous position because it caused great and dangerous damage to the layers of society from the middle and poor segments.”

Chihod pointed out that “the negative effects that resulted from the decision to raise the exchange rate increased the poverty rate to large and frightening rates, amounting to more than 35%, according to reports by the Ministry of Planning and civil society organizations.”

Chihod stressed by saying: “It has become imperative for the government and the Ministry of Finance to return the exchange rate to its normal position, especially since the financial crisis has ended and the financial situation has improved, especially after the rise in oil selling prices.”   LINK

Economist: We Will Achieve $3 Billion Annually After Closing The Kuwait Compensation File

28th February, 2022

The economic expert, Dr. Safwan Qusay, confirmed that Iraq will achieve annually an amount of 3 billion dollars after completing the file of Kuwait’s compensation, pointing out that the possibility of Iraq heading to claim compensation for the damages it sustained as a result of the American war in 2003.

Qusay told / The information /, that “the process of Iraq’s exit from Chapter VII allows controlling all oil revenues after 3 percent of the revenues went as compensation to Kuwait, and currently it is possible to achieve 3 billion dollars annually according to today’s price as revenue for the treasury.”

He added, “After Iraq has complied with the resolutions of the United Nations and the Security Council and compensated Kuwait, it is possible that we will have claims through the Ministry of Foreign Affairs to invest in the UN Security Council resolution in 2003 because it did not authorize America to enter Iraq and it was a departure from the international framework.”

And he indicated that “the Russian representative in the Security Council demanded that Iraq demand its rights as a result of the entry of US forces into Iraq in 2003, and the damage it caused to the Iraqis, especially since the US forces did not withdraw from Iraq directly after 2003.”   LINK

The Coordination Framework: We insist on restoring the previous dollar exchange rate

27th February, 2022

Today, Sunday, Rafiq Al-Salihi, of the Al-Fateh Alliance, confirmed that the coordination framework is determined to restore the previous dollar exchange rate.

And he said in an exclusive statement to (Baghdad Today), that “the coordinating framework insists on restoring the previous dollar exchange rate because the current price has achieved financial abundance, but at the expense of the impoverishment of the Iraqi people.”

He added that “the difference in the increase in the previous period is supposed to be spent on specific cases of the Iraqi people, in particular, to raise the suffering of poor families, especially social welfare. It is assumed that their salaries are raised through an increase in the exchange rate of the dollar.”

He explained that “the status of the ration card must be improved, and also many things must be dealt with through the excess difference in the dollar exchange rate.”  LINK

An Economist Explains The Repercussions Of Removing Russia From “Swift” On Iraq

28th February, 2022

The economic expert, Nabil Al-Marsawi, presented, on Monday, a detailed explanation of the damage that Russia’s exit from the “Swift” financial system may have on the energy sector in Iraq, indicating that most Russian investments in Iraq, especially companies operating in the oil licensing fields, will be affected.

In a post on his Facebook page, Al Marsoumi said, “The SWIFT system, which is the abbreviated name of the Association for Financial Communications between Banks in the World, links more than 11,000 financial institutions operating in more than 200 countries, making them the backbone of the world’s remittance system. It is the most powerful financial weapon with which any country can be punished, as it will cut off the country from a large part of the global financial system. 

Russia is the second largest country within “SWIFT” in terms of the number of users after the United States, and the volume of financial transactions linked to Russia through “SWIFT” reaches hundreds of billions of dollars annually.

He added that “taking Russia out of Swift will damage Russian trade and will make it difficult for Russian companies to do business as their banks will not be able to communicate securely with banks outside their borders.”

Al-Marsoumi explained, “The Asian market imports two-thirds of Iraq’s crude oil exports, especially India and China, as Russia will offer Urals crude similar to Basra medium crude at reduced prices, which may cause Iraq to lose part of its market share in Asia, while Iraq can increase its oil exports. to European markets, especially in light of the high costs of shipping and insurance on Russian oil exports. He added, “On the other hand, there are very large Russian investments in the Iraqi oil and gas sector, as Rosneft owns 60% of the Kurdistan oil pipeline, which is the main operational export line in Iraq. Rosneft is also constructing a new gas pipeline whose export capacity is expected to reach 30 billion cubic meters of gas per year, which represents about 6% of the total gas demand in Europe. Also, the Russian companies represented by Lukoil, Gazprom and Rosneft are investing in the West Qurna/2, Badra, Block-10 and some fields of Kurdistan.”

Al-Marsoumi pointed out that “most of the Russian investments in Iraq, especially the companies operating in the oil licensing fields, who pay their costs and profits in kind, that is, in return for a certain amount of oil produced, have been affected, in addition to other difficulties related to how Russian companies implement their secondary contracts with other companies and how to finance them, which requires searching for a mechanism.” new ones to settle accounts with the Iraqi government, or this may lead to the withdrawal of Russian companies from the Iraqi fields.”  LINK

Russia Announces A Set Of Historical Measures To Achieve Financial Stability

28th February, 2022

On Monday, the Central Bank and the Ministry of Finance of Russia announced a set of unprecedented historical measures to achieve financial stability in the country, in light of the “severe” Western sanctions.

The Russian Central confirmed raising the main interest rate to the level of 20% annually, which is an unprecedented step, and this level of interest is the first since September 2013 (beginning of data recording).

The Russian Central said that the decision came to support the Russian ruble currency, provide financial stability in Russia and protect deposits of Russian citizens, and stressed that the decision to raise interest rates will help maintain financial stability and price stability and protect citizens’ savings from erosion.

The Russian Central hinted at the possibility of raising the main interest rate again in the future, and said: “More decisions will be taken regarding the main interest rate based on the assessment of risks from external and internal conditions and the reaction of financial markets to them, taking into account the actual dynamics of inflation.”

The Russian Central Bank also decided to take a number of measures to increase the amount of guarantee provided by credit institutions in financial dealings with it.  It also decided to impose a temporary ban on transactions of foreigners not residing in Russia, and the Central said: “A temporary ban is imposed on intermediaries as of February 28, 2022, to carry out transactions of selling securities on behalf of foreigners not residing in Russia.”   LINK

Source: Dinar Recaps

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