“Sliding Deadlines” – Sun. AM TNT Thoughts/News 5-8-22



Zimbabwe Imposes Capital Controls to Stem Currency’s Slide | Bloomberg


Zimbabwe’s President Emmerson Mnangagwa has imposed capital controls in an attempt to control the currency’s rapid depreciation.

The Zimbabwean dollar has lost half of its value this year making it Africa’s worst performing currency. Banks in the country have been ordered to stop lending with immediate effect “to minimize the creation of broad money that is prone to abuse for purposes of manipulating the exchange rate,” Mnangagwa said in a televised speech.

The move is meant to support the currency, amid a growing threat of the economy dollarizing for the second time since 2009 when the country last officially turned to the U.S. dollars as hyperinflation soared. Old Mutual, the largest insurer in the country, in its quarterly economic brief warned that dollarization is inevitable to stabilize prices. Annual inflation in April soared to 96.4% from 72.7%.

“Banks shall with immediate effect not process third-party country foreign payments,” the president said, referring to payments made to an entity overseas via another country. “Third-party foreign payments are susceptible to illicit financial flows which prejudice the country of its hard-earned foreign currency resources.”

The new measures also reverse the administration’s propensity toward the U.S. dollar which had the effect of undermining the local currency reintroduced in February 2019. The state pays in part its employees salaries and Covid-19 allowances in the American currency. It had also paid annual bonuses in U.S. dollars last year.

In the southern African nation most payments from fuel to food, medicine and school fees are pegged in U.S. dollars. Multiple exchange rates of at least 350 to 420 per U.S. dollar are readily available on the parallel market. The local unit officially trades at 165.99 to the U.S. dollar.


Iran ready to use local currencies in trade with Indonesia

Iranian Deputy Foreign Minister for Economic Diplomacy Mehdi Safari made the remarks in a meeting with the visiting Vice Speaker of the House of Representatives of the Republic of Indonesia, Coordinator for Industry and Development, Rachmat Gobel in Tehran on Saturday.

Gobel said that his visit to Tehran aims to follow up on the agreements and understandings achieved between the officials of the two countries and stressed the importance of enhancing the relations between the Islamic Republic of Iran and the Republic of Indonesia as two important countries in two strategic geographical locations.

Referring to Iran’s scientific and technological capabilities, the vice speaker also announced the Indonesian parliament’s readiness to develop cooperation with Iran, especially in the economic and trade fields.

Referring to the friendly relations between Iran and Indonesia, the Iranian deputy foreign minister for economic diplomacy explained the potential and capabilities of the Islamic Republic of Iran in the field of nanotechnology, biotechnology, transit, rail network and mineral resources and energy and called for focusing on improving relations.

Safari further emphasized the possibility of increasing the volume of trade relations between the two countries and pointed to the Iranian port of Chabahar as an important and safe transit point for Indonesian exports and the possibility of increased exports to countries in the region, including Central Asia and the Caucasus through that Iranian port.

Safari also expressed Tehran’s readiness to use local currencies in trade with Indonesia.  link

GE folks. Been out all day and just now catching up on the articles. Tony mentioned this yesterday regarding the Independents. The Framework is enticing them to join their cause not so they can form a government, but to prevent Sadr from forming his. A losing situation. While Sadr is has all the cards and presenting to the Independents positions if they joint his cause, a win win situation.

The Independence are having a “come to Jesus moment” on Sunday to create their group and come into agreement to the side they will go. I believe, they are seeing the light which way to go, they just need all of them to tote the same horn when they come out of this meeting….If they don’t, Sadr plays the joker card and all of them are history. (They know this)

Sadr has called for a meeting with the current President, Prime Ministery, and Ministers on the 12th. Timing of this with the Independents could be the formula to see the end of the disruption by the Framework.

yada and, just think, all of these things still need to be done before an rv. And, these things were supposed to be done before the end of March, then April, now May. Iraq is king of the sliding deadlines and master of moving the goalpost. Deadlines schmedlines. Oh well. I’m the meantime, enjoy life!

Jambie, it’s not a matter of them not wanting to get this done, it’s matter of the PTB wanting it done but the continuous interruptions from those working against letting it happen. If there was a dictator in charge, it would of been done but to what end? Their constitution sets the rules to follow but also enables others to manipulate the process. Sadr is not backing down and maneuvering around them.

Al-Kazemi’s government is entering its third year… successes, crises and solutions, so will it lead new early elections?

The government of Prime Minister Mustafa Al-Kazemi is completing its second year, in light of the successes and challenges that the country is experiencing in light of the ongoing political crisis regarding the formation of the new government.

Al-Kazemi has been leading the Iraqi government since May 2020, after his government gained the confidence of the Iraqi parliament as an emergency alternative to the government of Adel Abdul-Mahdi, which the October protests threw outside the prime minister’s office.

The angry demonstrations that Iraq experienced in the fall of 2019, and lasted about 5 months in continuous protest, also carried Al-Kazemi to the presidential palace.

Since the first days of assuming his position, Al-Kazemi pledged to ensure early elections and work to combat violence and restore the prestige of the Iraqi state.

The arrival of the former intelligence director, Mustafa Al-Kazemi, to the premiership, contributed to calming the public anger, which found an opportunity to hold hopes for change and move towards rooting out corruption and ending the rule of violence.

Al-Kazemi’s arrival to power also constituted a blow to extremism in Iraq and its armed wings, after a series of measures and operations aimed at weakening their military influence.

Al-Kazemi also succeeded in the campaign to rid the imports of the border crossings from the sway of corrupt groups that had the upper hand and influence.

With the passage of time, specifically in late July 2020, Al-Kazemi was able to form a highly commissioned committee to track and prosecute those involved in the killing and liquidation of the October protesters.

During its first year, Al-Kazemi’s government faced a severe economic crisis after the drop in oil prices due to the preventive restrictions imposed by the global Corona pandemic, forcing it to resort to borrowing more than once to secure operating expenses, including the salaries of employees of government institutions.

The government was able, through the management of the crisis with high skill and professionalism, to empty the financial crisis of its seriousness, followed by presenting a comprehensive reform program known as the “white paper”, aimed at promoting the Iraqi economy exhausted by corruption and debt through strategic plans distributed between short, medium and long term.

In implementation of what he pledged during the first days of his accession to the premiership, Al-Kazemi was able to set a date for holding early elections 2020, before it was postponed to October of the same year in a democratic experience that international and local institutions praised for the integrity and accuracy of its results.

Journalist and political analyst, Hamza Mustafa, says, “Al-Kazemi’s government bore the consequences of the mistakes of previous eras and was asked to come up with miracles, unlike the reality and the complexities experienced by the country.”

And Mustafa indicates, in an assessment of the performance of the Prime Minister’s government, as it enters its third year, that “Al-Kazemi was able to achieve important transitions at the levels of combating corruption and lifting the country from the threat of powerful violence, as well as important and significant steps in the field of pursuing corruption through more than one channel and committee.”

He added, “He also succeeded remarkably at the level of balancing the conflicting and conflicting political forces, as the Prime Minister was able to deflect the fires of disagreement and disagreement as much as he can keep these conflicts away from his promising project by establishing a correct institutional approach on which any stable and stable state is based.”

Contrary to what prevailed in Iraq during the governments that preceded the arrival of Al-Kazemi, the latter was able to manage the country’s external compass towards the Arab incubator and the international community.

Al-Kazemi had made a series of visits to Arab countries described as the mission, including the Kingdom of Saudi Arabia, the United Arab Emirates and Jordan, as well as a Western European move that culminated in Washington by ending the combat presence of foreign forces in the country in accordance with the Strategic Framework Agreement.   link

Source: Dinar Recaps


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