Sat. AM TNT News Articles 8-20-22



The financial advisor sets the expiration date of the emergency food security support law

The financial advisor to the Prime Minister, Mazhar Muhammad Salih,  ruled out  , on Saturday, the repetition of the Food Security Law, while stressing that its validity will expire at the end of this year.  

Saleh said in a statement to the official agency, followed by “Nass” (August 20, 2022): “The law on emergency support for food security and development concerns the 2022 fiscal year exclusively, and by the end of this year on December 31, 2022, the law will expire completely.”  

He added that “the second case in which the law ends is the issuance of the Federal Budget Law for the year 2022 in these months, and this law expires and becomes an integral part of the Federal General Budget Law in the event of its expansion in 2022, and this matter depends on the status of Parliament and its ability to legislate.”  

He pointed out that “the repetition of this law for another year depends on the presence of the legislative authority and its ability to re-pass laws and form a government,” ruling out “the repetition of the Emergency Support Law for Food Security and Development after its expiry date.”  link

Traders Stare at Losses as Gold Coins Boost Zimbabwe Dollar

Not everyone is happy about the Zimbabwean dollar’s gains.

Black market traders have been left reeling as measures taken by authorities, including new gold coins, to support the embattled local currency dry up excess liquidity and erode arbitrage opportunities.

The gap between the official and parallel market rates has shrunk since the initiatives began in July. The exchange rate on the street for large transactions — more than 1 million Zimbabwe dollars — has rallied to Z$740 for a US dollar from as much as Z$950. For smaller deals, a greenback will cost Z$620 against Z$800 last month.  

“Some traders are already out of business,” said Misheck Gore, a dealer who works in the central business district of Harare, the capital. 

The local dollar officially trades at Z$494.98, according to the results of a weekly auction held Tuesday by the central bank.

Policies to boost the local currency such as suspending payments to government contractors and suppliers and a central bank benchmark rate of 200% have tightened money supply in the economy. 

Strong take up of the gold coins helped ease demand for US dollars, allowing for a turnaround in a local currency that looked set to breach the Z$1,000 mark on the black market. More smaller-value coins are set for release in November, according to the central bank.

The central bank sold 4,475 gold coins, generating Z$3.7 billion by Aug. 10, of which 90% was paid in Zimbabwe dollars and the balance in foreign currency, Reserve Bank of Zimbabwe Governor John Mangudya said in a monetary policy statement released on Aug. 11.

Exchange-rate volatility on the parallel market is a major driver of price pressures in the southern African nation where inflation surged to 257% in July. A shortage of foreign currency via formal channels had forced businesses to turn to the parallel market. 

The premium between the official and the street rate, which has more than halved since July, “should begin to fall in the range we see for the rest of Africa at circa 10%,” IH Securities, a Harare-based brokerage firm, said in a note to clients dated Aug. 12.

Al-Hanana: There is no meeting between Al-Sadr and Al-Amiri except under conditions, one of which is a “live broadcast”

A source close to Al-Hanana, the residence of the leader of the Sadrist movement, Muqtada Al-Sadr, revealed that there has been no meeting so far between the latter and the leader of the Al-Fateh Alliance Hadi Al-Amiri.

The source explained to Shafak News Agency; He “has not yet met (Al-Amiri), who was authorized by the coordinating framework forces to negotiate with Al-Sadr, because the conditions set by Al-Sadr earlier as a condition for conducting the meeting have not been met, including withdrawing from the framework and denouncing the leaks of the leader of the State of Law coalition, Nuri al-Maliki, in addition to the last condition that Al-Sadr set it after the meeting of the forces at one dialogue table that Prime Minister Mustafa Al-Kazemi called for last week, and Al-Sadr missed it, and it was represented by a live broadcast of sessions of what was going on in the meeting and informing the Iraqis of what was going on.”

The source pointed out that “Al-Sadr is keen on the country’s unity, security and stability, and his concern is focused on uprooting the corrupt and fighting corruption in all its forms.

The presidencies met with the leaders of the Iraqi national political forces at the invitation of Prime Minister Mustafa Al-Kazemi, last Wednesday; To discuss political developments in the country, in the presence of the representative of the Secretary-General of the United Nations in Iraq.

The meeting led to a number of points agreed upon by the attendees, as follows:

1- The conferees expressed their commitment to the national constants, and to finding a solution to all crises through dialogue and adopting a spirit of brotherhood and synergy; In order to preserve the unity of Iraq, the security and stability of its people, the continuity of the constitutional democratic system to which everyone appeals, and the emphasis on giving priority to the supreme national interests, and showing a spirit of solidarity among the people of the one nation; to address the current political crisis.

2- The conferees indicated that resorting to the polls once again through early elections is not an exceptional event in the history of democratic experiences when political crises reach dead ends, and that national political forces resort to constitutional tracks in elections.

3- The conferees called on the brothers in the Sadrist movement to engage in the national dialogue, to put in place mechanisms for a comprehensive solution to serve the aspirations of the Iraqi people and achieve their goals.

4- The participants agreed on the continuation of the national dialogue; In order to develop a legal and constitutional road map to address the current crisis.

5- The conferees called for stopping all forms of field, media, or political escalation, stressing the need to protect state institutions and return to calm discussions away from provocations and provocations that would provoke strife. They appealed to the media and elites to support the path of national dialogue and social peace, to serve the interests of our people.

Yesterday, Thursday, Saleh Muhammad al-Iraqi, the so-called “minister of the leader” who is close to the leader of the Sadrist movement, Muqtada al-Sadr, sharply criticized the dialogue sponsored by Prime Minister Mustafa Al-Kazemi for the three presidencies with the leaders of the political blocs to get out of the current crisis in the country.  link

Source: Dinar Recaps


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