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Samson » July 4th, 2022
A parliamentary bloc moves to lower the dollar exchange rate
4th July, 2022
Today, Monday, Jawad Al-Ghazali, a member of the State of Law coalition, revealed a move by his bloc to reduce the dollar exchange rate.
Al-Ghazali told “Mawazine News”, “The lawmakers have collected their signatures regarding reconsidering or modifying the dollar exchange rate to its previous era.”
He explained, “This step (comes) due to the rise in commodity prices in the markets and the harm of citizens, and this step will be towards a gradual reduction of the exchange rate, not completely, so that it will be dealt with smoothly without losses.” LINK
Tivon » July 4th, 2022
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Well this is what we were waiting on. I wonder what the starting rate will be? Internally they can gradually reduce the rate of the USD. Externally raising the IQD rate in the open market is another story. Are both being done in conjunction until parity is complete. Just gauging the situation as however they choose to go about it. The EFSL is definitely going to benefit. But they are so hush hush about it. IMO
Samson » July 4th, 2022
Baghdad and Washington are discussing “inactive” clauses within the framework agreement
4th July, 2022
The Iraqi Ministry of Planning discussed today, Monday, with the American ambassador in Baghdad, “inactive” clauses within the framework agreement.
The ministry said in a statement received by Shafaq News Agency, that its Minister, Khaled Battal Al-Najm, met today, the US Ambassador to Iraq, Elena Romanowski, and her accompanying delegation.
The statement quoted the minister as confirming during the meeting the depth of the bilateral relations between the two countries and the joint endeavor to develop these relations at all levels, to achieve the interests of the peoples of the two countries. ages and stability.
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According to the statement, during the meeting, which was attended by the Director General of International Cooperation in the Ministry of Planning, Saher Abdel-Kazim, they discussed aspects of joint cooperation, by activating the items that have not been activated so far within the framework agreement signed between the two countries.
For her part, Romanowsky welcomed the development of the level of cooperation between Washington and Baghdad, expressing her country’s readiness to provide more support to Iraq in various fields, according to the statement. LINK
Pete2001 » July 4th, 2022
Samson, thanks for all you do …. this article talks about “activating the items that have not been activated so far within the framework agreement signed between the two countries.”
Maybe we shouldn’t walk past this article?? Forgotten what the framework agreement says….was it signed back in 2003…does it have clause regarding currency reinstatement?? Maybe Frank, MM, Petra or Tivon if important might pick up on and discuss??
Tivon, is the framework agreement between US and Iraq figure in to any of this?? Thanks
Tivon » July 4th, 2022
The “Strategic Framework Agreement” I remember back in 2011 when they were talking about activating This. I know reconstruction and infrastructure plans were in talks that are apart of the agreement. Because this was a deal that was signed off on in 2008.
And the most recent meeting before the current one taking place was in 2016 when they once again mentioned how this agreement was supposed to help with liberated areas and stability in the region.
Currency was never mentioned. But we know the EFSL is also supposed to establish stability in the markets and address reconstruction as well. So they have quite a few things going on. It’s like they bring up the S.F.A at every four year interval. They were supposed to activate this three times prior to this meeting. I mean whatever floats their boat at this stage because at this point either one will work. But the reduction in the price in the USD seems to be something that will precede the SFA/EFSL. IMO
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MarcK » July 4th, 2022
IMO, it won’t be 1200, if it was, that would have been done a long time ago. The new small category notes are ready, game on
Tivon » July 4th, 2022
Not according to the many articles…. Aside from that they might as well put the new ATM machines back in the warehouse. They serve no purpose. Gold & Oil Reserves? Forget about it. HCL? Stop dreaming. Don’t even bring up the trade agreements. IMO
MilitiaMan » July 4th, 2022
Or even bring up the 10s of millions $USD they CBI spent in new currency issuance in 2018 per CBI accounting sheets. I have not recalled seeing one article stating 1,200 as a key placement for the currency. Have they used previous era? LINK ~ MM
Previous ERA sure they did., a few times as noted in easy to find FA thread data. Just as recent articles on stamps, coins, etc.. Coins don’t’ work with a program rate. LINK~ MM
“Is still awaiting the completion of the draft financial budget for the year 2022, hoping to include what the citizen aspires to, at a time when calls are rising for calls to restore the exchange rate of the dinar against the dollar to its previous era.”
GoldenBoy » July 4th, 2022
Imo, going back to 1200 is great! Then they can delete the zeros and you have 1 to 1!
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Tivon » July 4th, 2022
Gradually and internally reducing the USD price in the country until it reaches 1:1 will probably be the marker to reinstate on the international markets. This makes sense to me.
But other alternatives could be at play. At least it’s out there now. I am just wondering how long until equal value is reached within their markets before they decide to release it on the global markets. I am watching for othe factors because we still have no solid info on the EFSL being published in the Gazette.
Even though Mazhar Muhammad Saleh stated it entered into force. A couple of days later I read that ministries still have not received any funding from the EFSL. Why? Because in order for them to allocate any funding to those 300,000 families that law has to officially be in the Gazette. IMO
Goldenboy » July 4th, 2022
Remember Tivon, they are working with two sets of books. For all we know, they could already be at parity imo.
Tivon » July 4th, 2022
Well if this is the case it implies that the shock policy they have in place for the rate change can support a instant increase within seconds. If that is the case that would also allude to Mazhar Muhammad Saleh talking with a forked tongue as to them needing to monitor the market before they feel comfortable with reducing the USD rate.
Because he’s concerned with doing this prematurely even though they may have abundant reserves to support against any inflation. It seems as though he could be playing up a storyline for something that has not real rooted logic if the two sets of books have already established parity and they are just waiting for the EFSL to be officially in the Gazette or the dissolution of parliament. Not sure but something is afoot in that regard. IMO
PETRA » July 4th, 2022
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Thank you Tivon for your narratives and insight. If I may, I would like to add to your commentary on a few key issues. IMF compliance under Article 8 requires a single currency practice..aka…IQD only for international trade and transfer.
The impact of the change, IMO, cannot be gradual as then at what point is the IQD more attractive to the USD? We are not only awaiting a rate but also Article 8 “FULL” compliance specifically to their currency play.
So, not sure a gradual rate will work as people need a reason to change and “Shock and Awe” may be what is necessary to get people to change from USD to IQD.
So in essence, a gradual approach will deter the immediate future growth required to get the wheels of change turning in Iraq. All IMO…..Thanks Tivon!!
MilitiaMan » July 4th, 2022
Very good point as well Petra. The wheels of the Iraq Economic bus must go round and round. The playing field is imo about level now. Not much left to be exposed except the CBI showing us a new exchange rate to make those wheels spin freely around the world.. imo.. ~ MM
Popeye7 » July 4th, 2022
Imo, great commentary gentlemen… Something does have to give, and by the looks of it, very, very, very soon… The pressure cooker in Iraq is reaching a level where if they let it go too far, it will prove to be counterproductive, and destroy the progress that has been made… Thanks so much for taking the time to provide your insight, and commentary… Petra, your last post summed it up quite well… This is not going to be gradual… By taking this much time to build up their reserves to ensure they could maximize the dinar’s potency as they intend to go full steam ahead, and at full throttle… Thanks again MM, Petra, and Tivon… God bless, and have a great day KTFA…
Source: Dinar Recaps
Samson » July 4th, 2022
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An economist explains the importance of the Belt and Road Initiative for Iraq
4th July, 2022
The researcher in economic affairs, Nabil Jabbar Al-Ali, confirmed, on Monday, that the Chinese agreement is not related to the Silk Road project or the Al-Faw port project, indicating that the Chinese agreement is a contract on credit. Iraq pays 20% in the form of oil payments, and Chinese institutions lend Iraq 80%. And its companies implement projects inside Iraq without competition.
Al-Ali said in a statement to “Al-Maalouma”, that “Al-Faw port is a maritime transport project at a cost of approximately $3 billion, and it is a commercial port that cannot generate revenues of more than $1 billion annually, which is equivalent to approximately 1.5 percent of Iraq’s oil revenues in working in conditions for its ultimate success.
He added that “the Chinese Belt and Road Initiative, or what is known as the Silk Road, is a large Chinese international investment project to implement Chinese investments in the field of international transport to achieve Chinese goals related to quick and less expensive access to goods manufactured in China to various parts of the world.”
Al-Ali pointed out that “Iraq can be classified as a country that falls within the American and British influence, and China is trying to approach cautiously with Iraq, and China cannot rely on an international line under pure American control, as is the case in Iraq.”
He pointed out that “the Silk Road can create multiple commercial interests in Iraq, as well as in the field of transportation, transit and shipping. It can enhance opportunities for industry, storage, free trade, and free industrial zones, provided that the political will, a clear vision and policies are available.” LINK
Iraq tracks down traffickers with “black gold” to control millions of smuggled liters
3rd July, 2022
The Oil Products Distribution Company announced, on Sunday, the actual pursuit of fuel smugglers in all governorates of Iraq, in addition to following up and inspecting gas stations and monitoring cases of storage and smuggling carried out by the weak.
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The assistant general manager of the company, director of the Inspection Authority, Ihsan Mousa Ghanem, told Shafak News Agency, “The concerned authorities (inspection, national security and the Joint Operations Command) have actually started the operation.”
Ghanem added, “The smuggling operations took place in more than one governorate, including the Khamisiya area, the village of Ghazaliya, southwest of Babil, where a smuggling den was seized in which cars containing tanks with a capacity of five thousand to seven thousand liters and cars loaded with oil drums.”
In Karbala, the official indicated that there are “joint duties in the province between the National Security Agency and the Ministry of Oil, represented by inspecting the province, where a smuggling den was seized in which tanks with a capacity of 1,000 liters contain gas oil in unknown quantities.”
He explained that “the ministry approached all security authorities with the aim of cooperating with the ministry/oil products distribution company, to monitor the movement of petroleum products and prevent smuggling operations outside the stations or exploiting the quotas set for non-governmental stations.”
Ghanem stressed that there was “great cooperation and work on the part of the security authorities, which led to the arrest of many traffickers, smugglers and the weak-hearted, and the seizure of dens selling and storing fuel outside the controls, whether in Baghdad or the provinces.”
He added that “the inspection and security authorities are arresting the owners of tankers who violate the instructions for transportation and distribution and change the route of the vehicle,” pointing out that strict measures are taken against anyone who tries to tamper with the national economy, as the ministry began implementing procedures to track fuel smuggling operations, especially that 6-7 million Liters go daily for smuggling.
Earlier, the National Security Agency had carried out a campaign to chase fuel smugglers and dealers, which resulted in the arrest of a number of oil derivatives smugglers and the seizure of violating stations in a number of governorates as part of a campaign it is currently waging to address the fuel crisis, while taking pledges from the owners of other stations within the mechanisms of dismantling the current crisis. LINK
Iran lowers oil prices to compete with Russia in China
4th July, 2022
Bloomberg Agency reported, in a report published today, that Iran has begun reducing prices for its crude oil, which is already cheap, in order to compete with Russia in the market of China, one of the largest importers of oil in the world.
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The agency said in the report that “China has become an important destination for Russian oil in light of the repercussions of the situation related to Ukraine, and this has led to increased competition with Iran in one of the few remaining markets for Iranian crude oil shipments, which has been significantly reduced due to US sanctions.”
Russian exports to China jumped to a record level last May, as Saudi exports to this market exceeded, and in the mentioned month Russia topped the largest oil exporters to China.
In light of this, Iran has lowered oil prices to remain competitive in the Chinese market, but it is still maintaining strong flows to China, likely due to increased demand as China eases severe restrictions related to the virus, which has crushed consumption. LINK
Is Venezuelan oil flowing to the market in light of the energy crisis?
3rd July, 2022
It seems that the West’s abandonment of Russian energy sources may constitute an opportunity for Venezuela, a member of the “OPEC Plus” alliance, to return to international energy markets, but it is still subject to US sanctions so far.
OANDA expert Edward Moya considers this a golden opportunity for Caracas to turn the page on its differences with the West, according to Agence France-Presse. “It is in Venezuela’s interest to benefit from tougher sanctions against energy imported from Russia,” the West’s number one new enemy, Moya said.
On the sidelines of the Group of Seven summit in Germany, France called for “diversification of supplies” in order to limit the rise in energy prices due to the Ukraine crisis.
The price of a barrel of Brent North Sea, the benchmark for black gold in Europe, has jumped by 20 percent since the start of the Ukraine crisis on February 24, while the price of a barrel of West Texas Intermediate crude has risen by 22 percent.
Among the main factors for the rise is the Western embargo on Russian fuel, especially after the US embargo in March and a similar European decision in early June.
Craig Erlam of OANDA confirms that Venezuela can pump “a large amount of oil to the market fairly quickly”, as it can quickly produce up to one million barrels, according to estimates by the “Swisscoat” company. LINK
Russia accuses the United States of theft
4th July, 2022
Russian Foreign Minister Sergei Lavrov said on Monday that Moscow and Caracas agreed that freezing the foreign assets of various countries by the United States is outright theft.
Lavrov said during a joint press conference with his Venezuelan counterpart Carlos Faria after their talks in Moscow: “We have agreed that the US measures to freeze the assets of sovereign countries deposited in foreign accounts, is not an outright theft in the spirit of the Wild West, targeting regimes they do not like only, but it is also a flagrant violation.” of the social and economic rights of citizens.
He added that Moscow and Caracas “know how serious Washington is in its attempts, which it is still making, to undermine the foundations of the Venezuelan economy.”
The Russian minister indicated that “it is already clear that these plans will not come true,” explaining that “Russia will help Venezuela to resist this kind of pressure, and stressed Russia’s readiness to support the efforts of the Venezuelan authorities to restore the situation inside and around the country to its normal course, as well as its readiness to continue cooperation with Caracas in the international arena.
For his part, the Venezuelan Foreign Minister affirmed his government’s support for Moscow in the special military operation it is carrying out in Ukraine. LINK
They continued to print currency until the state collapsed.. the worst case of inflation in history
4th July, 2022
Since man started using money, inflation has also been around; The currency fluctuates and prices rise and fall for several reasons, and in most cases this matter is controlled in one way or another.
But in some cases when the wrong economic conditions occur, things can spiral out of control very quickly and a country loses its ability to fully protect its currency.
Severe hypertrophy
Hyperinflation or hyperinflation is the term for extremely high and often rapidly accelerating inflation.
It usually occurs as a result of an increased supply of currency (ie printing more banknotes) in exchange for a significantly higher cost of basic goods. As the value of money becomes less, the goods become more and more expensive.
Fortunately, severe inflation is a relatively rare case, because the more stable currencies, such as the British pound, the US dollar and the Japanese yen, are seen as the most desirable currencies; Because it has historically held a record value relative to its value. However, the currencies of other countries were not so lucky. Here are the most serious cases of hyperinflation, how it began in the first place, and how it ended and the affected countries managed to recover.
1- The Great Inflation in Greece in 1944
In the fifth worst case of inflation ever, Greece in 1944 saw prices and the value of goods and materials double roughly every 4 and a quarter days.
Hyperinflation in Greece practically began in October 1943, during the German occupation of the country during World War II. However, the fastest rate of inflation occurred when the Greek government-in-exile regained control of Athens in October 1944; Prices rose 13,800% that month, and another 1,600% in November, according to CNBC News.
In 1942, the highest denomination of the Greek currency was 50,000 drachmas, but by 1944 the highest denomination was 100 trillion drachmas.
On November 11 of the same year, the government issued a renaming of the currency, converting the old drachma into a new one at a rate of 50 billion to one, yet citizens continued to use the British pound as de facto currency until mid-1945.
After the civil war in Greece from January to December. Britain intervened during 1945 and 1946 with a plan to stabilize the country.
The plan included increasing revenue through the sale of aid goods, adjusting set tax rates, improving tax collection methods, and creating a currency commission (made up of three ministers, Greek, British and American) to take on fiscal responsibility. By the beginning of 1947, prices had stabilized, public confidence had returned and national income had risen, extricating Greece from the spiral of hyperinflation.
The main cause of inflation in Greece was World War II, which burdened the country with debt, canceled its trade and resulted in four years of occupation by the Axis powers.
2. Germany’s sharp inflation of 1923
In November 1922, Germany defaulted on its reparations payments. In response, Allied forces invaded the Ruhr Valley, one of the country’s main industrial regions, and confiscated productive goods.
In response, the German government ordered a policy of “passive resistance”, in which employees refuse to work or cooperate with foreign forces in exchange for the government continuing to pay their salaries. This payment was made by printing more money.
According to the Sky History website, this was initially supposed to be a temporary measure, as the occupation continued and with it more and more newly printed cash circulated.
Central banks used more than 30 paper mills and 133 companies to print bank notes. As a result, prices have skyrocketed.
For example, the price of a loaf of bread rose from 250 Reichsmarks in January 1923 to 200,000 million by November 1923. Also, the speed of the price hike led to workers receiving their salaries twice a day to keep up with that.
To appreciate that disaster more, the price of 500 billion eggs in 1918 in Germany was the same amount of cash needed to buy just one egg in 1923.
Rapid inflation caused the government to rename the country’s currency, replacing it with a paper mark, at a value of 4.2 per US dollar. Although the reissue of the banknote effectively stabilized the Weimar Republic until 1933, hyperinflation and the resulting economic pressures contributed to the rise of the Nazi Party and Adolf Hitler.
3- Zimbabwe inflation between 2007 and 2008
Zimbabwe’s economic system was in trouble long before the start of the period of hyperinflation in 2007; The country’s annual inflation rate reached 47% in 1998, and it continued to collapse almost relentlessly until Zimbabwe’s hyperinflation began.
By the end of the period of inflation, the value of the Zimbabwean dollar had eroded to the point that it had to be exchanged for various foreign currencies.
The problem began after Zimbabwe gained independence from Great Britain in 1980, when the government initially decided to pursue a series of economic policies characterized by fiscal prudence and disciplined spending.
This improvement did not last. By late 1997, profligate government spending began to cause problems for its economy. Politicians faced a growing number of challenges, including protests against high taxes and large payments to veterans.
The government has also faced resistance to its plan to take over white-owned farms to redistribute them to the country’s black majority, Insider reports.
Consequently, the exchange rate depreciated, which led to a rise in import prices, which in turn led to hyperinflation. The country suffered from cost-push inflation, a critical economic condition caused by rising prices for labor or raw materials, or both.
Things got worse in 2000 after the government’s agrarian reform initiatives hit the economy. Implementation of the initiative was weak and agricultural production suffered severely for several years. Food supplies were low, which led to higher prices.
The government’s next step was to implement a tight monetary policy. At first it was considered successful; Because it slowed inflation, however, the plan had unintended consequences.
It caused an imbalance in the supply and demand for goods in the country, generating a different type of inflation called demand-pull inflation, which is the upward pressure on prices caused by a lack of supply.
Zimbabwe’s central bank has continued to experiment with various ways to undo the destabilizing effects of its tight monetary policy. These policies were largely unsuccessful. By March 2007, the country was experiencing overall hyperinflation. Only after Zimbabwe abandoned its currency and began using foreign currency as a medium of exchange did the country’s economic disaster diminish and gradually recover.
4- Greater Hungary inflation in 1945 and 1946
In 1944, the country became a battleground between German and Russian forces, destroying 90% of its industrial capacity. The Nazis plundered much of the kingdom’s capabilities and returned it to Germany, or the Russians confiscated it as reparations.
With this total collapse of production capacities, prices have risen dramatically. In an effort to reduce this, the Hungarian authorities intensified the circulation of the bingo currency. As with Germany, prices skyrocketed as a result of that move, doubling roughly every 15 hours.
According to the History Hit, something that cost 379 pingos in September 1945 had become a trillion bingo by July 1946. As a result, the government had to effectively stop collecting taxes; Because the delay of one day in the collection wiped out the value of the revenue completely.
At the height of inflation in the Kingdom of Hungary, a study published by the aforementioned website estimated that the daily inflation rate was 195%, with prices doubling approximately every 15.6 hours, to reach a monthly inflation rate of 13.6 quadrillion percent.
The situation was so dire that the government adopted a special currency that was created expressly for tax and postal payments and whose value was adjusted every day by radio.
The bingo was eventually replaced later that year in a currency revaluation, but it is estimated that when the currency was replaced in August 1946, the total of all Hungarian banknotes in circulation was equal to one thousandth of a US dollar. Rather than trying to curb inflation by reducing the money supply and increasing interest rates—policies that would have burdened an already deteriorating economy—the government decided to channel new money through the banking sector toward entrepreneurial activities. The hope was that this would help restore productive capacity, infrastructure and economic activity.
According to Investopedia, the plan appears to have worked; Hungary had regained much of its pre-war industrial capacity by the time price stability finally returned with the introduction of the forint, the new Hungarian currency, in August 1946. LINK
Source: Dinar Recaps
Samson » July 4th, 2022
Today.. The Coordination Framework Meets At Al-Maliki’s House
4th July, 2022
An informed source said today, Monday, that the coordinating framework will hold a meeting this evening at the home of the head of the State of Law coalition, Nuri al-Maliki.
The source told Earth News, “The house of the head of the State of Law coalition, Nuri al-Maliki, will host today, Monday, a meeting of the coordination framework to discuss matters related to discussions with the political blocs in preparation for the formation of the next government.” LINK
MilitiaMan » July 4th, 2022
Prepping for the Dissolution of Parliament? lol The next government landscape in the future is likely not to include Maliki, This meeting may be more likely travel plans are warranted.. lol ~ MM
Samson » July 4th, 2022
The Ministry of Oil clarifies the position of international oil services companies in the region
07/04/2022 19:52:28
The Ministry of Oil issued, today, Monday, a clarification regarding the position of international oil services companies in the Kurdistan region.
The ministry stated in a statement that {Euphrates News} received a copy of it, that: “In view of the many questions directed to the Ministry of Oil from the international and local press regarding the position of the international oil services companies operating in the Kurdistan region of the Federal Court’s decision, the ministry confirms that the companies (Schlumberger, BigHughes) Halliburton), which is considered one of the world’s solid companies in the field of oil services.
And she added, “According to her official correspondence with the ministry, she confirmed not to submit to new projects in the Kurdistan region in compliance with the decision of the Federal Court and the directives of the steering committee formed in the Ministry of Oil.”
The ministry indicated that “the above companies are now in the process of liquidating and closing the existing tenders and contracts,” stressing that “under this pledge, they do not own a commercial entity or other companies operating in the region, whether with their trademark or for others or on their behalf, and in a manner that does not violate the decision of the distinguished Federal Court, Or it intersects with the directives of the Ministry. LINK
MilitiaMan » July 4th, 2022
So the calls for that there are no companies leaving the Kurdish area yet are false, those names above are very large companies. They are not in the business to break laws. imo Just like the CBI is likely to not waste 10s of millions of dollars on new currency issuance to be wasted. Nor is it likely that the digital BUNA platform was to test the IQD for clearing currencies, or the digital AYSCUDA system in place for to facilitate digital taxation at the borders. imo That would include the borders with the Kurds… imo ~ MM
Samson » July 4th, 2022
Ramadi markets are stagnating with the approaching Eid Al-Adha
4th July, 2022
Eid al-Adha differs this time from previous years in terms of buying and selling, and the demand of citizens in Anbar Governorate to buy clothes and Eid supplies, as was common on festive occasions, according to what a number of shop owners and citizens in Ramadi indicated.
The Iraqi News Agency (INA), during its field tour in the markets of Ramadi, surveyed the opinions of shop owners and citizens, to clearly identify the market movement and the reasons for the recession.
Amjad Hamid, (owner of women’s clothing stores), told the Iraqi News Agency (INA), during her tour: “In previous years, despite the Corona pandemic and the curfew, the demand for shopping was good, and we, the shop owners, were able to sell half of our goods by through the delivery service to our customers in all regions. Hamid added, “We are currently presenting offers for our goods at discounted prices, but the sales movement is still not good to the extent that we suffer from not being able to provide rent for shops and pay the wages of electric generators whose prices have risen to 25 thousand dinars per ampere.”
For his part, citizen Riad Suleiman (a government employee), indicated that “every Eid, he would buy new clothes for his children, but this year he was satisfied with buying only basic foodstuffs, due to the high prices of goods.”
In turn, Amer Muhammad (owner of a children’s clothing store), pointed out that “this holiday is very different from the holidays that preceded it, as most of the dependence has become on employees, and all shop owners were waiting for employees to receive their salaries in order to move the stagnant market and activate the sales movement”, stressing that “the stagnation in the markets remained unchanged.”
And Muhammad continued, “The stagnation of market movement and the low demand for purchase greatly affected the shop owners and burdened them with debts, especially since most of the goods offered are “models”, meaning that they are governed by a specific period of time, and this is another problem that is added to a number of other problems that he suffers from. Including shop owners.
MilitiaMan » July 4th, 2022
Inflation has strangling the citizens before a very special holiday.. The heat is on!! They need purchase power fast..
The street will not take kindly to not only that the election failed and dissolution of the parliament being likely and will likely make them to have to wait for some timed before that is resolved, mean time the temperatures are up in Iraq now and electricity has still some issues on the back of higher costs… imo
This is added pressure to get the new exchange rate presented.. imo ~ MM
Tivon » July 4th, 2022
Between now and the 16th is such a turbulent window of opportunity given what Petra has shared LINK I wonder the implications in regards to the citizens who are experiencing and witnessing the inflation, political impasse, electricity, poverty, etc will do in this hot month where tempers & temperature can incite some instability in the region and people take to the Green Zone or anywhere for that matter and start demanding everything the EFSL is/was created for in large numbers? What is going on with that Gazette? Something is off because on one hand Mazhar said the law entered into force. On the other hand the ministries said they didn’t receive anything. Therfore they can’t not help the families in need who are atleast 300,000 in the database. IMO
Samson » July 4th, 2022
The National Bank of Iraq signs an unfunded facility agreement with the Arab Trade Finance Program
4th July, 2022
As part of its efforts to promote exports and imports of the industrial and service sectors in the Iraqi market, the National Bank of Iraq and the Arab Trade Finance Program recently signed an unfunded facility agreement
The agreement was signed by Abdul Rahman bin Abdullah Al-Hamidi, CEO and Chairman of the Board of Directors of the Arab Trade Finance Program, and Board Member/CEO of the National Bank of Iraq Ayman Abu Dhaim. Under the agreement, the Arab Trade Financing Program granted the National Bank of Iraq a line of credit to be used in financing Arab trade and to guarantee qualified commercial deals
The Arab Trade Finance Program provides funded and unfunded credit facilities through the conclusion of risk-sharing partnership agreements with international financial institutions, in order to participate in the risks of the national agencies’ payment of their obligations, and also through the direct issuance of guarantees or irrevocable payment pledges to ensure that national agencies pay their obligations. arising from entering into commercial operations subject to the principles and uniform international norms
The CEO of the National Bank of Iraq, Ayman Abu Dhaim, expressed his pride in this cooperation with the Arab Trade Financing Program, which will support the plans of the National Bank of Iraq in providing the best services to its corporate clients in various commercial and industrial sectors, by supporting the financing of exports and imports of these sectors, in a way that contributes to the development of trade in Iraq
Abu Dhaim pointed to the bank’s achievements in the Iraqi market, where it was able to effectively contribute to the Iraqi economy and consolidate its distinguished position at the heart of the banking sector, which is the locomotive of development and the main pillar of various vital sectors, by providing banking products and services with high added value to its customers.
From individuals and companies, and its investment in its infrastructure, it has witnessed over these years a remarkable increase in the number of its branches, which today amounted to 19 branches and 112 ATMs spread in various Iraqi governorates
It should be noted that the Arab Trade Finance Program is a joint Arab financial institution that was established in 1989 in the city of Abu Dhabi – United Arab Emirates. The program aims to develop Arab trade and enhance the productive and competitive capacity of the Arab exporter
The program works to provide a package of services to the Arab trader that will contribute to enhancing his productivity and competitiveness. At the forefront of these services is the provision of the necessary financing for Arab trade activities through its approved national agencies at a competitive cost and easy terms. The program services include various tools and mechanisms that include financing through credit lines. , financing in accordance with Islamic Sharia, risk sharing with various financial institutions, document discounting service, guarantee services, in addition to a number of other unfunded credit facilities LINK
Source: Dinar Recaps
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