“China Syndrome” – Sat. PM KTFA Thoughts, News w/ Frank26, Tivon 7-2-22

0
421

KTFA

Samson » July 2nd, 2022

The Central Bank of Iraq: The exchange rate cannot be changed, and this is the size of the gold and currency reserves

2nd July, 2022

The Central Bank of Iraq revealed today, Saturday, the size of the gold reserves in the country, and while it expected the hard currency reserves to reach 90 billion US dollars, it confirmed that it was not possible to change the exchange rate.

Deputy Central Bank Governor Ammar Khalaf said in a statement to a number of media outlets, including Shafak News Agency, that “it is hoped that the bank’s reserves of hard currency will reach 90 billion US dollars,” explaining, “We now have more than 70 billion dollars.”

Khalaf pointed out that “Iraq’s gold reserves are currently more than 100 tons, after we bought more than 30 tons during this period.”

As for changing the exchange rate, the Deputy Governor of the Bank affirmed that “the exchange rate cannot be changed,” stressing that “there is no justification at present to change it.”

He explained that “changing the exchange rate confuses the markets at the present time, pointing out that” its change depends on the economic situation and within the monetary policy of the country.”

He stressed that “the ruler and the economic circumstance determine the appropriate decision to change the exchange rate.”     LINK

Ol Lar » July 2nd, 2022

OK, well, China Syndrome perhaps? IMO  

Pattycakes77 » July 2nd, 2022

I thought the same thing. I just laughed when i seen this article.

(China Syndrome refers to the time when China put out a full page article saying they were not going to RV the yuan for years….then they RV’d shortly after )

DocMagee94 » July 2nd, 2022

I would think this article, being that it is quoting the Deputy Central Bank Governor directly, is one that we cannot dismiss as someone speaking out of turn.    This is a main player at the Central Bank.  IMO, I don’t think this is part of some misinformation campaign, I think that this is a direct statement indicating they are happy with the status quo, and no major change to their exchange rate is on their to do list.  

Ol Lar » July 2nd, 2022

I am guessing(which is just as good as your guessing) that the Deputy Gov is the perfect person for disseminating misinformation, especially given it just says it has been revealed and nothing about an official statement. IMO

Edna » July 2nd, 2022

Welll, it’s from the CBI, so it’s not just some ex. parliament or economist running his mouth. This is a CBI deubuty. The analysis of this will be interesting to me because on the one hand we are told to only pay attention to the CBI (okay), CBI is saying here ” we not raising Jack”..(paraphrase)…And I bet we will be told something along the lines of ” well you didn’t read it correctly”…(ok)..that’s fine. But then on the other hand when the CBI comes out says something we all want to hear no [interpretation] is necessary. We told to take the article as written, at face value, and it’s all highlighted and heck, we might even do an emergency C.C. on it. So then it’s: “only pay attention to the head of the CBI”..ok…is his house divided? Does he have high rankings Minister within his offices working against him?
So confusing ..IMO of course.  

Ol Lar » July 2nd, 2022

You might be totally right, then again if I am not mistaken , wasn’t the negative announcements the day or two before rate changes with China and Kuwait from official sources also. I don’t have copies of the articles , but I seem to recollect that. Please correct me if I am wrong

Pattycakes77 » July 2nd, 2022

You are completely correct. China and Kuwait had official sources and articles right before they made changes to their rate. Why would Iraq take the steps , I mean GIANT steps within the past weeks to not change their rate. Doesn’t make sense. The embarrassment to themselves and to other countries if they do not. To much in play for me to sit here and cry, like someone told me I should be doing. I am praising God. Who ever wants to sit there and cry because of that article, can cry by themselves. I will not join in. I am trusting God and I know he is coming through. It’s a game that they have to play. IMO

Clare » July 2nd, 2022

From the Final Article Thread

Frank26 » July 2nd, 2022

“THE CBI GOV MUSTAFA GHALEB………. IS IN CONTROL OF THE EXCHANGE RATE”…..”NOTICE THIS ARTICLE FROM THE CBI MEDIA OFFICE DOES NOT EVEN MENTION THE RUMOR OF 1200 FOR AN  EXCHANGE RATE”….F26

The Central Bank of Iraq participates in the Fifth Annual Exhibition and Conference on Finance and Banking Services

2nd July, 2022

Today, Saturday, the Central Bank of Iraq participated in the opening of the activities of the Fifth Annual Exhibition and Conference on Finance and Banking Services in Iraq, which was held at the Baghdad International Fair, in the presence of His Excellency the Minister of Finance, Dr. Ali Allawi and the participation of the banking sector.

The Central Bank of Iraq has been allocated a special pavilion on the sidelines of the exhibition, which concludes next Monday.

The Deputy Governor of the Central Bank of Iraq confirmed in a speech, “The Central Bank of Iraq is supportive of the banking sector.  He added that there is great cooperation between the Ministry of Finance and the Central Bank, with the aim of reforming the banking sector, which will result in real reform of the banking sector in the coming years.

He also made it clear that the financing of the Central Bank the allocation to banks, as part of its development initiatives, amounted to (18) trillion dinars, which resulted in the availability of thousands of job opportunities, and he continued, “The Central Bank of Iraq continues to support the private sector segment within easy terms.”

Media Office 
2 – July – 2022  LINK

“THE DEPUTY GOV OF THE CBI………. IS NOT IN CONTROL OF THE EXCHANGE RATE”….F26

The Central Bank of Iraq: The exchange rate cannot be changed, and this is the size of the gold and currency reserves

2nd July, 2022

The Central Bank of Iraq revealed today, Saturday, the size of the gold reserves in the country, and while it expected the hard currency reserves to reach 90 billion US dollars, it confirmed that it was not possible to change the exchange rate.

Deputy Central Bank Governor Ammar Khalaf said in a statement to a number of media outlets, including Shafak News Agency, that “it is hoped that the bank’s reserves of hard currency will reach 90 billion US dollars,” explaining, “We now have more than 70 billion dollars.”

Khalaf pointed out that “Iraq’s gold reserves are currently more than 100 tons, after we bought more than 30 tons during this period.”

As for changing the exchange rate, the Deputy Governor of the Bank affirmed that “the exchange rate cannot be changed,” stressing that “there is no justification at present to change it.”

He explained that “changing the exchange rate confuses the markets at the present time, pointing out that” its change depends on the economic situation and within the monetary policy of the country.”

He stressed that “the ruler and the economic circumstance determine the appropriate decision to change the exchange rate.”    LINK

MW » July 2nd, 2022

Thank you Clare for clearing this up for those that have concerns!!! Not that I have any!!!

Tivon » July 2nd, 2022

Good evening to everyone. I will post this while I can for a moment. Always pay attention to the last few statements when they start off so bold. They always dismiss everything they say once they refer to other authorities after they cause a big fuss over things they can not control anyway.

The guy just denounced his own position or ineligibility once he stated “The Ruler, has the power to decide when to change the exchange rate. Ask yourself who is the Ruler? Al-Kazemi? Mustafa Galeh? Barham Salih? Because either one you choose notice none of the three have come out and supported any other statements when the exchange rate will be changed.

Think about it. We all know now they have another parliament session coming up after the holiday. Al-Kazemi referenced the constitution as a basis to address the citizens and the economy as to why at the earliest possible time to reduce the USD rate.

Just as Al-Sadr referenced the constitution for Kurdistan to sign over the oil contracts to Baghdad. Guess who has those contracts now? Not Kurdistan. We know they denied oil companies leaving the region. But we also know they are not champions for telling the complete truth on anything concerning the oil files.

They still pretended they had some type of say so over the Federal Court who requested of them to sign over the Oil & Gas Law. Another thing you should take note of when Al-Kazemi had those 100 Deputies sign a document denoting that they all agree on changing the USD rate. Not one of those Deputies came out and challenged Al-Kazemi on why it’s not possible to change it.

Remember the EFSL (Emergency food security law) is only for 2022. Now of course we have not read any news publications that it made it to the Gazette as one article mentioned that there are 300,000 families that were added to the database that will have financial assets from that law.

Not to mention that Mazhar Muhammad Saleh stated on an official basis that the law will not be challenged by the government simply because the paragraphs in it are linked to dues for the ministries and the citizens. What dues are owed to the citizens? The monthly allotment of the Oil & Gas Law/HCL.

This is the :Purchasing Power” they are waiting on. How will they gain access to the allowance/bonus if the Deputy Governor Ammar Khalaf said…there’s no justification to change the rate.

Really? How do you justify Financial Stability & Reducing Poverty without changing the rate if Al-Kazemi stated that the EFSL will enter into full force to address the urgent needs of the citizens that will cover unemployment and “Citizens Entitlements” ie (Oil & Gas) without changing the USD rate? Guys, an entitlement that has legal basis is not contingent upon someone who doesn’t have any authority on the rate change even if he was happy about changing it as soon as possible.

Why would his word matter on why it’s not so called possible? This guy woke up this morning and decided he was going to waste somebody’s time by saying something he has no real jurisdiction over anyway. That’s not me saying it, he stressed and proclaimed this himself. Read the last statement again. IMO

Source: Dinar Recaps


Samson » July 2nd, 2022

Al-Rasheed Bank will close its doors tomorrow, Sunday.. for this reason

07/02/2022 13:40:32

 Al-Rasheed Bank announced the closure of its doors on Sunday, for the purposes of the semi-annual application.

And the media office of the bank stated, in a statement that {Al-Furat News} received a copy of it, that “the conduct of banking transactions for customers will be stopped with the continuation of the normal working hours for all branch employees, and work will be resumed on the second day.”   LINK

Clare » July 2nd, 2022

Cabinet sets Eid al-Adha holiday

07/02/2022 21:47:55

The Presidency of the Council of Ministers decided, for Saturday, to suspend official working hours next week on the occasion of the Eid al-Adha holiday.

The secretariat’s media stated, in a statement received by {Euphrates News} that “the Prime Minister, Mustafa Al-Kazemi, directed during the regular session of the Council of Ministers, the twenty-fifth, held on 2/7/2022, the following:

The Eid al-Adha holiday begins on Saturday, corresponding to 9/7/2022, and ends on Thursday, corresponding to 7/14/2022, associated with the founding of the Republic of Iraq, provided that official working hours in all government institutions will resume on Sunday.    LINK

Samson » July 2nd, 2022

Deputy: Launching the electronic form for 1,000 contracts in the coming days

2nd July, 2022

Representative of the Al-Fateh Alliance, Suhaila Al-Sultani, confirmed, on Saturday, that in the coming days, the electronic form for 1,000 job grades, which was allocated in the Food Security Law for each governorate, will be launched in the coming days.

Al-Sultani said, “The new mechanism approved in the application will be far from nepotism and affiliation, and it will take into account several basic points to ensure that those entitled to receive job grades,” explaining that “the job grade will be in the form of an operational contract for three years with a salary of 300,000 Iraqi dinars.”

Al-Sultani added, “The differentiation points will be according to the year of graduation and specialization, the married and the families, the families of martyrs, and the daily wages,” stressing that “the application and acceptance will be electronic and the test will be done according to the points that the person collects in the comparison.”

The House of Representatives voted, earlier, on the proposed law on emergency support for food security and development, while the Parliamentary Finance Committee indicated that the law included the allocation of 15,000 new contracts for bachelor graduates for three years and a salary of 300,000 dinars, provided that these contracts are distributed among 15 governorates.  LINK

Al-Zamili to Al-Sadr: We are committed to supporting your reform process

2nd July, 2022

My master, Muqtada al-Sadr, we will not tell you, as the Children of Israel said to Moses: (So go, you and your Lord, and fight, for we are sitting here).

We pledge to you today as we pledged to you yesterday, we will be supportive and obedient to your directives, and to your constants in which all is good for the good of the country.

With you, you who have proven that leadership is not by abandoning people, and that the reform project is a great national responsibility that needs to be confronted and sacrificed, and you are worthy of it.

O Nasser Al-Khair, we assure you of our full commitment to support your reform process that you are leading with the aim of ridding the country of the clutches of corruption and spoilers, wherever they are.

#with you with your enemy

Mr. Hakim Al-Zamili

7/22/22  LINK

Ministry of Oil: $11.5 billion in revenues last June

07/01/2022 22:24:42

The Ministry of Oil announced the total exports and revenues achieved for the month of last June, according to the preliminary statistics issued by the Iraqi Oil Marketing Company {SOMO}.

A statement by the Ministry, of which Al-Furat News Agency received a copy, stated that “the total amount of crude oil exports amounted to (101) million (191) thousand and (236) barrels, with revenues amounting to (11.505) billion dollars.

The statistics indicated that “the total quantities exported of crude oil for the month of June from oil fields in central and southern Iraq amounted to (97) million (980) thousand and (589) barrels, while from Kirkuk fields through the port of Ceyhan, the exported quantities amounted to (2) One million (910) thousand and (887) barrels.

She pointed out that “the average daily quantities amounted to (3) million and (373) thousand barrels per day, and the average price per barrel amounted to more than (113.70) dollars.”   LINK

A “catastrophic scenario” .. global oil prices may reach $ 380 a barrel

2nd July, 2022

Analysts of the famous investment bank, JPMorgan, warned of what it described as a “catastrophic scenario” in which global oil prices could reach $380 a barrel if US and European sanctions push Russia to “implement retaliatory cuts in crude production

The Group of Seven is working on a complex mechanism to limit the price of Russian oil in an attempt to tighten the screws on the high revenues that Moscow achieves in conjunction with its military operation to protect Donbass however, US bank analysts said: “Given Moscow’s strong financial position, the nation could cut daily crude production by 5 million barrels without excessively hurting the economy

In this case, for most of the world, the results could be catastrophic, as reducing daily supplies by 3 million barrels would raise the prices of the benchmark “Brent” crude to $190, while the worst-case scenario of 5 million barrels could mean $380 per barrel, according to Analysts

“The most obvious and likely risk with a price cap (for Russian oil) is that Russia may choose not to participate and instead retaliate by cutting exports,” the analysts wrote.

The bank’s analysts added that the Russian government is likely to “retaliate” by cutting production as a way to harm the West, noting that pressures in the global oil market are currently “in Russia’s favor

On Thursday, Russian Deputy Prime Minister Alexander Novak considered that the West’s idea of capping the price of Russian oil is another political decision that will lead to market disruption and increase prices

Novak said that “one example of such policy decisions that harm consumers in Europe could be the ban on Russian coal, where the European Union’s decision, in the end, led to a rise in coal prices, because against the background of the increased use of coal plants, there was a shortage of raw material itself in the market   LINK

Source: Dinar Recaps

______________________________________________________

If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.
______________________________________________________

All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.

Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.

Copyright © 2022 Dinar Chronicles

LEAVE A REPLY

Please enter your comment!
Please enter your name here