Thurs. AM-PM TNT News Articles/Thoughts 6-30-22

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TNT

Tishwash:
The Central Bank of Iraq begins a package of measures to save the economy

The Governor of the Central Bank, Mostafa Ghaleb Mekhif, announced that the bank had initiated a package of measures to save the economy from a certain abyss.

Makheif said during the “Access to Finance” conference that one of the bank’s priorities is to enhance financial inclusion and secure access to financial and banking services for the community. He added, that the Central Bank made access to financing possible when it launched a number of qualitative and important initiatives that covered different and important sectors.    link

Jambie67:
Here we are at the end of another month, the time when we should see the RV by. Will the intel provider’s information be accurate this month? We will know in the next 16-20 hours or so remaining in the month of June if the projected “by the end of the month” is actually paradigm shift time. We welcome our season! Come on, RV!!

CandyKisses:
The emergency support law enters into force .. Will the government challenge it?

Today, Thursday, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, announced the entry into force of the Emergency Support Law, after more than fifteen days had passed since its enactment.

Saleh told (Baghdad Today), “The law stipulates that there is a group of deputies requesting the legislation of a law within the parliament that does not have a financial aspect.”

He added, “The law has that aspect, but the government will not object or challenge it in the Federal Court because it needs its paragraphs and is linked to the payment of dues to ministries and citizens, such as contracts and others.”

On the eighth of this month, the Iraqi parliament voted on the law on emergency support for food security as a whole, to enter its legislative recess.

The vote was attended by 273 deputies, headed by the Speaker of the Council, Muhammad al-Halbousi.

Samson:
Al-Fateh: The Countdown To Forming A Government Begins After Eid

A member of the Al-Fateh Alliance, Ghazanfar al-Batekh, confirmed, on Thursday, that the coordination framework negotiations with the rest of the political blocs are continuing, and the formation of the government will take place after the blessed Eid al-Adha.

In a statement to Al-Maalouma, Al-Bateekh said, “The atmosphere is positive and there are no differences for the coordination framework with the rest of the political blocs,” noting that “the initial agreement emphasizes accelerating the formation of the government and it will be in one basket represented by the President of the Republic, the Prime Minister, the ministerial cabinet, and then the curriculum.” government.”

He added, “Resolving the position of the president of the republic among the Kurdish parties is the key to the next government, which needs a quorum of 220 deputies to pass the candidate,” stressing that “the next government will be a government of services in all respects, especially the economic one.”

The coordinating framework forces became the most numerous parliamentary bloc in the House of Representatives, after obtaining about 40 new seats, taking advantage of the resignation of members of the Sadrist bloc, which gives it the upper hand in the file of government formation and the distribution of positions.  link

Tishwash:
Iraq and Iran discuss bilateral relations in four areas

Deputy Speaker of Parliament, head of the Iraqi delegation to Azerbaijan, Shakhwan Abdullah, discussed with the Iranian delegation, today, Thursday, bilateral relations between the two countries in four areas.

And the media office said in a statement received by the Iraqi News Agency (INA), that “the Iraqi delegation headed by Shakhwan Abdullah and in the presence of the members of the delegation held an expanded meeting with the Iranian delegation, which included the Vice-President of the Iranian Shura Council, Abd al-Ridha al-Masri and a number of Iranian deputies in Azerbaijan.”

He added, “The two parties discussed during the meeting a number of files and issues related to the level of bilateral relations between the two neighboring countries and ways to strengthen them in the economic, commercial, security and cultural fields, as well as discussing the texts of the articles of the internal system of the International Non-Aligned Movement and agreeing on principles, common goals and constants since the founding of the movement.”    link

Source: Dinar Recaps


Fuze:
How Iraq’s and Kuwait’s Revaluations are more Similar than not. AN UPDATE with Inflation rates.

Critics of an Iraq and Kuwait currency reinstatement comparison, have long pointed to the immutable fact that Kuwait was a State of the Art modern part monarchy and part democratic country before it was ravaged by war, and Iraq was the opposite before and after its wars; so you can’t compare the two.

However, that argument is not altogether conclusive proof that Iraq can’t revalue anytime soon, due to its current political circumstance.

Keep in mind although Iraq was a dictatorship and was in great need of reforms before it started invading its neighbors in particular Kuwait, Iraq still had one of the highest valued currencies in the world and was exchangeable here in the US! 

Furthermore, check out these much published but little considered facts regarding the circumstances in Kuwait when Kuwait central bank reinstated and revalued its currency. 

We all know about Kuwait’s limited utilities like little running water and very few lights in the country when on March 25th, 1991 the NY Times reported Kuwait had revalued its currency by candlelight back to the highest in the world. However, most of us have not researched the other political, societal, and economical circumstances surrounding Kuwait’s revaluation.

1. Did you know the Kuwaiti Crown Prince 2nd in Charge of the Government along with the Government’s 22 cabinet ministers did not arrive back in Kuwait until March 5th a mere 20 days before they Revalued their Currency? 

2. Did you know the Emir Sheikh Jabah the number 1 ruler did not return to Kuwait after 8 months of sheltering in Saudi Arabia until March 15th, 1991 a mere 10 days before the revaluation of their currency?

3. Did you know that a vast amount of the Government workers and administrators of the Kuwaiti Government agencies before the invasion were from Pakistan, Jordan, and other countries in the middle east and they NEVER Returned after the liberation of Kuwait. Talking about instability!

4. Did you know that a large number of the surviving population, were protesting in March 1991 for a FULL DEMOCRACY? They felt abandoned by the ruling family and its Government for 8 months after they had been subjugated by the invading Iraqis to unmentionable horrors?

Did you know that 700 Kuwaiti Oil wells were still burning after being set on fire by the retreating Iraqi army and the last oil well was not extinguished until November 6, 1991!

So they not only revalued their currency by candlelight they did it under a dark sky filled with toxic fumes and a devastated economy!

Speaking of Kuwait’s economy, Kuwait’s inflation rate in 1990 rose ironically to 6.49% as a direct consequence of the invasion. Iraq’s inflation has risen to 6.89% today as a consequence of the currency rate reduction in 2020 and the War in Ukraine.

The point is Kuwait’s inflation rate in 1991 when they revalued almost exactly what Iraq’s inflation rate is today! Even a first-year economic major knows that increasing purchasing power and decreasing the money supply is a control mechanism for inflation.      

The point I’m making is they revalued their currency in very unfavorable conditions socially, politically, environmentally, and economically. They needed to rebuild their country and understood the basic premise “you reestablish your currency FIRST, then rebuild your country”.

I hope this helps with some of the doubts expressed by some.

By the way, all of these facts are available online if one is truly interested.

Enjoy and stay positive.

FUZE

Source: Dinar Recaps

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