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Thurs. AM KTFA News Articles 6-23-22

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KTFA

Samson » June 23rd, 2022

A Lebanese proposal to mitigate the loss of the currency

22nd June, 2022

The Governor of the Banque du Liban, Riad Salameh, suggested removing zeros from the Lebanese currency, which lost nearly 90 percent of its value amid the worst economic crisis in Lebanon’s modern history.

Salameh said, “The Central Bank will propose to the new cabinet, if it is legally formed, to issue a currency in larger denominations to facilitate the use of the lira in light of the devaluation of the currency, which “means removing zeros from the currency similar to (what happened in) Turkey.”

It is noteworthy that the highest denomination of Lebanese currencies is the denomination of 100,000, while the price of the dollar on the black market amounted to about 29,000 Lebanese pounds, in a country that relies on imports to secure most goods and raw materials.

Salameh made his comments in a recorded interview with the Lebanese “LBCI” channel. Simultaneously with the broadcast of the interview, security forces raided a house he owned northeast of Beirut as part of a judicial investigation into allegations of misconduct and corruption.  LINK

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Chinese Ambassador : Our cooperation with Iraq focuses on three axes

22nd June, 2022

Today, Wednesday, Chinese Ambassador to Iraq Cui Wei announced that his country will help Iraq to increase its capacity in the field of development, while noting that cooperation between the two countries focuses on three axes

Cui Wei said, during a meeting held on the Zoom platform, and attended by the Iraqi News Agency (INA), thatthe Chinese government respects the sovereignty and territorial integrity of the Iraqi side,” noting that “China will not interfere in Iraq’s internal affairs, and supports Iraq’s decision to oppose it.” interference in its internal affairs

He pointed out, “The importance of developing bilateral relations between Iraq and China,” noting that “all Chinese companies operating in Iraq aim to conduct cooperation with the Iraqi side, and not just conduct sales and purchases

He explained, “The cooperation between the two countries is in the interest of both parties,” noting that “China has great experience in the field of development and will help Iraq to strengthen and increase its capabilities

He pointed out that “cooperation with Iraq focuses on several axes, including improving the livelihood of the Iraqi people, helping Iraq restore its industrial capacity, as well as helping it achieve economic transformation   LINK

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American Billionaire: The West Has Harmed Itself By Imposing Sanctions On Russia

22nd June, 2022

American billionaire Ray Dalio said that the sanctions imposed by Western countries against Russia have hit the West and the United States, which has led to the deterioration of Washington’s position in international politics.

In an interview with Spiegel magazine, the billionaire believed that this was due to the reaction of other countries that had become afraid to invest in American securities and bonds. “The West itself suffers from these sanctions,”

Dalio added. Many countries are actively seeking to get rid of US government bonds, because they fear that they will be treated the same way they were treated with Russia. This is changing the balance of power around the world.”

Ray Dalio, who is considered a major US investor, stressed that anti-Russian measures are ineffective, because they did not achieve their goals.  But, in his view, the United States had no other way to act against Russia, because economic sanctions are the only available weapon that countries can use against Moscow.  LINK

Source: Dinar Recaps

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