“Run out of Options” – Mon. PM TNT Thoughts/News 4-25-22



Let’s keep the positivity up, gang! Tish posted some really good articles that came out today. Looks like they’re having a session on 5/7 to vote on a president & possibly a budget…This vote was it they had a quorum. I’m thinking they’ll keep the caretaker govt in place with Saleh & Kazemi & pass the Food Security Law, which would have the new rate attached to it.

Remember, they’ve had 2 readings on this bill already; they just need to do a third reading & vote.  By all appearances, it appears we should be in the banks – I would think – by mid-May….

read the article KaseyKo,,,,the only way it could it been better would be if they were to have the meeting next saturday. However,,,,,,,,Im still sensing that the formation of the government on the 7th may be a seperate event of passing the Food Budget Law which could still happen any minute since they only need to read the law one more and vote on it with the current goverment.

Yada, I love your thinking. Hope you’re right, that we’re seeing 2 different events happening. Would be good for us, no doubt.

I believe Maliki and the Framework have run out of options. We should be hearing the budget law is read for the 3rd time and voted on and then the resolution to arrest anyone who doesn’t show up for the presidential vote or dissolution of parliament on the 7th.

Financial Inclusion Week (4/25)

Financial inclusion ceremonies are held in the Arab region for the period from 25 to 30 April of each year, as the authorities based on fiscal and monetary policies launch the Arab Financial Inclusion Week campaign, during which the public’s attention is drawn to the possibility of every citizen obtaining banking services at the lowest costs and with the latest methods.

Hoping that these services will reach the farthest geographical point, and in a manner that attracts all societal and age groups by strengthening the bonds of trust between banks and their customers to open more bank accounts and withdraw the hoarded cash mass, and then recycle it with the aim of financing the economic sectors, in a way that achieves and establishes development sustainable.  

And before this date of each year, the Arab Monetary Fund issues its annual report on the data and achievements of the financial inclusion initiative for the Arab region for the year, which precedes the year of the celebration, including monitoring financial inclusion strategies or modifying tactics for dealing with these strategies in member states, and enhancing awareness and knowledge of the objectives of financial inclusion

As well as capacity-building mechanisms and plans, while keeping pace with the requirements of the stages of recovery from the obstacles facing the banking business by horizontally expanding the provision of services such as opening new branches and creating jobs for the residents of those areas and developing deposit and capital investments, to the extent that banks are required to implement programs with steps Defined by the entities in charge of the financial inclusion program.

Examples of work outputs were presented at the celebration events, and we usually see on such days the banners that are hung on the doors of bank branches and public administrations, bearing the slogan of financial inclusion, and some banks strive to receive the public in a different way that restores confidence in dealing and strengthens the working relationship between the parties.

 With the motives of diligence and diligence at work, some employees of government banks collide with the contradiction between the financial inclusion program and the restructuring mechanisms mentioned in the economic reform program, which oblige departments to integrate some branches in many regions of the country with other branches in contrast to the goal of expanding the delivery of banking services To the furthest point, at a time when we are still suffering from a severe shortage in the number of operating branches in relation to the population (it is universally accepted that there is a bank branch for every 40,000 citizens). 

The matter also applies to the number of employees, at a time when the restructuring authorities have started laying off workers in favor of non-banking institutions, and as a result, many episodes directly related to the inclusion program are disrupted.  financial.  link

Al-Rasheed Bank launches an advance of 10 million dinars for employees, contracts and security forces

Shafaq News/ “Al-Rasheed Bank” announced, on Sunday, the launch of a new meal for the advances of employees of state and contract departments and employees of the Ministries of Defense and Interior, at a time when “Al-Rafidain” denied stopping advances and loans, stressing the continuation of grants.

The bank said in a statement received by Shafaq News Agency that a new meal was launched for the advances of state and contract employees, defense and interior employees, amounting to 10 million dinars, and contracts employees 5 million dinars, calling on “all beneficiaries who will receive text messages with the amount of the advance to review the bank’s branches or electronic payment outlets to receive it.” “.

The media office confirmed that “the application for advances electronically is for holders of the (Nakheel) card, and there is no intermediary between the bank and the customer.”

For its part, the government “Al-Rafidain” Bank denied the news that talked about stopping advances and loans in its branches.

The media office of the bank confirmed, in a statement, received by Shafak News Agency, the continuation of granting advances and loans to employees, employees of the Ministry of Interior and Defense and retirees, noting that the application for advances and loans is exclusively through the bank’s branches located in Baghdad and the provinces.

What does high foreign exchange reserve mean?

It represents the literal meaning of foreign exchange reserves, deposits and bonds of foreign currency only, which are held by central banks and monetary authorities, and trades in the common use of foreign exchange and gold, and reserve positions for the Special Drawing Rights and the International Monetary Fund, so what does it mean to rise with the Central Bank of Iraq, which announced, A few days ago, his cash reserve amounted to 70 billion dollar?.

The Deputy Governor of the Central Bank, Ihsan Al-Yasiri, revealed that the bank’s cash reserves had risen to more than 70 billion riyals dollar.

The high foreign exchange cash reserve at the Central Bank of Iraq means that there is no shortage of foreign exchange liquidity, which the country possesses, and that all international obligations and dues are paid on time, which also means its importance in Iraq obtaining a higher global credit rating whenever Increased amount of foreign exchange reserve in the central bank.

Al-Yasiri said, in a press statement, “The government has a surplus of more than 6 billion dollars, indicating that the initiatives of the Central Bank to support the economic sectors amounted to 15 trillion dinars.”

He explained, “One of the functions of the Central Bank is to monitor the banking sector,” noting that “the government banking sector used to acquire 85% of the deposits of institutions and the public,” stressing that “the Central initiative for the housing sector is without interest and the rest of the sectors in varying proportions, indicating that more From 46 trillion dinars central bank loans to the Ministry of Finance.”

And he added, “The 5 trillion initiative has reached 9 trillion dinars, and all our initiatives have reached 15 trillion dinars. Building loans to citizens are without interest.”

And he indicated, “Banks’ risks in loans increase by 30 to 40 percent, indicating that the interest rate rises with an increase.” Risks”.

The amount of foreign exchange reserves can change when the central bank applies a certain monetary policy, and the bank, which implements a fixed exchange rate policy, may face a certain situation, where supply and demand push the value of the currency to fall or rise (increase or decrease in demand for the currency would raise the worth or lacking).

Specialists believe that the foreign exchange reserve is an important indicator to determine the ability to repay foreign debts and defend the local currency, and is used to determine the credit ratings of countries.

On the other hand, other government funds that count as liquid assets that can be used to meet debt in times of crisis include stabilization funds, also known as sovereign wealth funds.

Norway and the Arab Gulf states are at the top of the list, and the Emirates Fund with a value of $ 1.3 trillion and the Abu Dhabi Investment Authority is in second place after China. Singapore also has strong government funds that include Temasek Holdings and the Government of Singapore Investments (GIC). India also plans to set up its own investment company from its cash reserves  the alien.  link

Source: Dinar Recaps


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