Samson » September 1st, 2022
On top of the yuan, Russia is heading to buy 70 billion dollars of “friendly currencies”
1st September, 2022
Russia is considering a plan to buy up to $70 billion in yuan and other friendly countries’ currencies this year to slow the ruble’s rise before turning to a long-term strategy to sell off its holdings of Chinese currency to fund investment.
The yuan extended gains briefly against the dollar and rose to the highest level in the session. The lira also rose 0.2% on the back of this news, trading 0.1% higher at 18.1754 per dollar in Istanbul, and this wave of gains included the Indian rupee.
This prospective plan is part of a set of measures to permanently get rid of an economic policy that lasted for a decade; The Kremlin is reforming its strategy amid the sweeping sanctions imposed by the United States and its allies following the outbreak of the war between Russia and Ukraine.
The plan received initial support at a special “strategic planning” meeting held on August 30, of senior government and central bank officials, who had first put forward the idea in June.
On the other hand, this strategy highlights the extent to which sanctions have upended Russia’s economic strategy with about half of its $640 billion foreign exchange reserves frozen after February, leaving the Kremlin with no access to the funds it spent years providing. for a day; It contained spending operations and saved hundreds of billions of dollars, euros and other foreign currencies as a way to protect the economy from the rise and fall of oil prices.
The plan includes flooding banks with “soft currencies” for the time being, because efforts to divert trade away from the dollar and the euro have so far made limited progress because Russia’s trading partners are not eager to receive payments in their countries’ currencies.
Russia has steadily increased its investments in yuan as part of a diversification drive to become one of the largest holders of Chinese currency reserves in the world, but although these assets have not been frozen due to US and European sanctions, Russia’s access to them remains limited.
The central bank stopped announcing the collapse of the currency in reserves after the imposition of sanctions; On January 1, it was reported that the yuan represented 17.1 percent of the country’s holdings, which amount to just over $100 billion.
The plan calls for that money (approximately $180 billion) to be spent over the next three to five years to help cover the huge cost of replacing foreign technologies and transforming infrastructure to move to new markets in Asia. It was not clarified how to deal with the ruble sales, it was only indicated that it would strengthen the ruble and help offset the inflationary effect of investment spending. LINK
After 83 years, Poland demands 1.3 trillion euros in war reparations from Germany
1st September, 2022
On Thursday, the Polish government submitted a report on the damage caused by Nazi Germany during World War II, exceeding 1.3 trillion euros, and the report is expected to represent a basis for a request for compensation from Germany, which in turn refuses to pay.
Deputy Prime Minister Jaroslaw Kaczynski said, during a press conference devoted to presenting a report on Poland’s losses during World War II, that “a huge amount of 6.2 trillion zlotys (1.3 trillion euros), and the mechanism that will lead to Poland receiving these compensations will be long and difficult. According to the German “DW Arabia” website. He pointed out that “a large part of the amount is compensation for the killing of more than 5.2 million Polish citizens,” adding, “The report estimates Poland’s material losses at 800 billion zlotys (170 billion euros).”
Since coming to power in 2015, Kaczynski’s Law and Justice Party has often emphasized the issue of reparations, and work on the report began in 2017. It was presented today, Thursday, at the Royal Castle in the Polish capital, Warsaw, on the occasion of the 83rd anniversary of the start of World War II.
“We have not only prepared a report which is an open document that will inevitably be completed, but we have also taken a decision, a decision regarding a subsequent move, and this move is to ask Germany to negotiate these compensations. This is a decision we will implement,” Kaczynski said. “The Germans occupied Poland and inflicted great damage on us. The occupation was criminal and brutal beyond belief, and it left consequences that in many cases continue to this day.”
Germany says that Poland abandoned receiving war reparations from East Germany in 1953, but the Polish conservatives deny this, and Berlin rejects any demands to pay reparations, as it considers that the issue has been closed since the conclusion of the 4+2 treaty, which allowed for the reunification of Germany in the early 1990s Past.
In the first official response to Poland’s new claims, a spokesman for the German Foreign Ministry said today, Thursday, that the issue of reparations for the Second World War is over.
“The position of the German government has not changed, and the issue of compensation is over,” the spokesman added in an email. “Poland waived more reparations a long time ago, in 1953, and confirmed this renunciation several times. This is the basic rule of the European system today. Germany upholds its political and moral responsibility for the Second World War.” LINK
Source: Dinar Recaps
Samson » September 1st, 2022
The Federal Court again fails to rule on the claim to dissolve the Iraqi parliament
1st September, 2022
The Federal Supreme Court (the highest judicial authority in Iraq) failed for the third time in a row this week to issue a ruling in the case of dissolving the House of Representatives.
A judicial source told Shafak News Agency, that the Federal Court raises its session in the cases of dissolving the House of Representatives and sets next Wednesday as a date for issuing the decision.
The Federal Court was scheduled to issue its ruling in that case yesterday, Wednesday, 31 August, but it was postponed to the first day of the month of September.
The Federal Court had set August 30 as the date to consider the Sadrist movement’s lawsuits to dissolve parliament, but it postponed its decision due to the disruption of official working hours and the curfew against the backdrop of the bloody clashes that occurred in the heavily fortified Green Zone in the center of the capital, Baghdad.
Nassar al-Rubaie, Secretary-General of the Sadrist bloc, had filed a lawsuit against the President of the Republic, the Speaker of the House of Representatives, to rule to dissolve the House of Representatives for its fifth session, and to oblige the President of the Republic to set a date for holding legislative elections in accordance with the provisions of Article 64/second of the Constitution.
The leader of the Sadrist movement, Muqtada al-Sadr, had called on the Supreme Judicial Council to dissolve parliament within a period not exceeding the twentieth of this month, and assigning the President of the Republic to set a date for early elections, but the Council responded to al-Sadr’s request to dissolve parliament, saying: “He does not have this authority.” .
The content of the lawsuit deals with accusations of failing to elect a President of the Republic and violating the constitutional deadlines for forming the new government. LINK
The Federal Court sets next Wednesday as the date for issuing a decision in the cases of dissolving Parliament
1st September, 2022 LINK
State of law: We will respect any decision issued by the federal government regarding the case for dissolving Parliament
1st September, 2022
The State of Law coalition confirmed, on Thursday, that it would respect any decision issued by the Federal Court regarding considering the claim to dissolve parliament and hold early elections, noting that the stage the country is going through is a very difficult stage and requires the solidarity of all political forces to overcome the revival of strife again after If God protects us from its evil.
The deputy of the coalition, Muhammad Al-Sihoud, said in a statement to / the information /, that “what the Federal Court will decide today on the pretext of dissolving parliament and holding early elections will be respected by the coordination framework because it believes in the state of institutions and considers the Federal Court is the last bastion of the democratic system,” noting that the coordinating framework respected all the rulings of the Federal Court, even those that were invalid.
Chihod added, “The stage that the country is going through is a very difficult stage and requires the solidarity of all political forces to overcome the revival of sedition after God has protected us from its evil,” noting that “whoever believes that the framework did not welcome the initiative of Mr. Al-Sadr is more important.”
The Federal Supreme Court in Iraq had postponed, on Wednesday, the decision on the request to dissolve the House of Representatives submitted by the Sadrist movement, to today, Thursday. LINK
MilitiaMan » September 1st, 2022
So It looks like the Federal Court had the Dissolution File on the table today, as noted directly above and will issue the decision on next Wednesday.
Well that may not happen, even if they made a decision today and are to hold back telling what it is until next week. There could be prior to that date, noted in the below whereby they nominate the President of the Republic. However, in my view, that is likely not going to happen or it would have been done already.
It matters not though imo, as either way it is a win win for us.. imo..
They have the 2022 budget that can be implemented immediately per Salih. The EFSL can cover it too with the dissolution or they nominate the President. The old law of 2019 covers it, as it is not new law and it is ready.
Either way this is looking very good.. imo. ~ MM
Disclosure of the agenda of the next parliament session
1st September, 2022
The Patriotic Union of Kurdistan confirmed, on Thursday, that the next parliamentary session will be to nominate the President of the Republic and not to dissolve Parliament. LINK
Government advisor: The 2022 budget can be approved immediately in this case
1st September, 2022
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Thursday, that the merits of the general budget law for the year 2023 are complete, while indicating the possibility of approving the 2022 budget immediately, if the legislative environment allows it.
Saleh told the official news agency, “The provisions of Chapter Three of the amended Federal Financial Management Law No. 6 of 2019 are concerned with preparing and approving the legislative rules for the federal general budget law for the next year, which begins its work at the beginning of July of each year by initiating preparations for estimating expenditures and revenues and managing The deficit or surplus of the draft federal budget law for the coming year.
He continued, “There is a draft or an integrated project for the budget for the year 2022 that can be legislated immediately if the legislative environment allows it,” noting that “the merits of the general budget law for the year 2023 are to a large extent complete with some simple legal adjustments in the matter of managing the surplus through the fund.”
The sovereign stipulated in Article 19 of the effective Financial Management Law, as well as the agreement on the price of a barrel of oil for the purposes of calculating the return from it in the year 2023, in light of the development of energy markets and the demand for oil in the world. INK
The Central Bank of Iraq organizes a visit to a media delegation
Today, Wednesday, the Central Bank of Iraq organized a visit for a delegation of media professionals working in a number of official, media and press institutions.
The meeting with the senior management of the Central Bank of Iraq discussed a number of issues related to the roles and tasks of the Central Bank of Iraq, and its development initiatives in reviving the economy, as well as the empowerment initiative and the bank’s role in monitoring banks and their classification mechanisms, and talking about the platform for letters of guarantee and its practical effects.
The role and functions of the currency sale window, and the rise in the bank’s hard currency reserves were also discussed. And answering the questions raised by the media delegation on a number of different themes and issues.
The attendees stressed during the meeting the need to take information from its official sources and not to promote malicious rumors for narrow goals and interests aimed at misleading public opinion.
Central Bank of Iraq
August 31 – 2022
I could see the need for this meeting yesterday. The CBI will want those in this meeting to have the truth from the horses mouth. They’ll be a mechanism to help citizens during the roll out and for the intentions of the CBI going forward.
The currency window for instance will not be the same as before. Once they change the exchange rate the money sold will likely be tracked. Just as the contracts will be.
The Central Bank will or is to likely have a block chain Platform for the monitoring of trade and other economic issues. I think that is fairly clear by now. The efficiency is going to be far better than in the past, far more transparent and trade can be cleared within a day, as opposed to days or more.
The AMF on the same day had meetings on similar issues that include digital currencies and with the likes of the World Bank, Bank of International Settlements, International institutions, etc.. This is not a new topic. It has been in the works for years now.
The BUNA Platform is a Block Chain system. ASYCUDA at the borders is also a Block Chain System. There are no coincidences in these meeting coinciding with each other.. imo.. I like what we are seeing. Interconnectivity is coming.. ~ MM
The Arab Monetary Fund Organizes The 16th “Remotely” Meeting Of The Financial Stability Task Force In The Arab Countries
Wednesday, August 31, 2022, the sixteenth “remotely” periodic meeting of the Financial Stability Task Force in the Arab Countries will open. It is noteworthy that the team stems from the Board of Governors of Arab Central Banks and Monetary Institutions, and includes in its membership the directors of the financial stability departments of these banks and institutions, in addition to the Arab Monetary Fund, which is responsible for its technical secretariat.
The meeting of the team will be attended by representatives of regional and international institutions, including: the International Monetary Fund, the World Bank, the Financial Stability Board, the Bank for International Settlements, the Institute for Financial Stability, the Basel Committee on Banking Supervision, the International Federation of Deposit Insurance Institutions, the International Federation of Insurance Supervisors, and the European Central Bank and the European Crisis Management Council. LINK
Popeye7 » September 1st, 2022
Imo, thanks again MM for your analysis of what may seem to be a dire situation from just the casual observer… They are moving right along despite the corruption, and are dealing with that as well… All governments have corruption around the world on some level, and of course some are worse than others… The need to deal with it swiftly utilizing a rod of iron, and making sure that those who are pilfering the people with whom they are governing have no more avenues with which to do so, is being done now in Iraq…
The plan has been in motion for a while, and has really picked up steam during this last year… It has always been a matter of when it was time for this very important process of monetary reform to be complete as it pertains to far more than just economic circumstances worldwide…
Source: Dinar Recaps
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