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“Typical Iraq” – Sat. PM KTFA Thoughts/News 10-15-22

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KTFA

Samson » October 15th, 2022

Iraq tops the list of Arab countries with economic growth for 2022

12th October, 2022

Iraq is heading towards achieving the highest economic growth rate among the Arab countries for the year 2022 by 9.3%, and half a percentage point higher than the expectations of April, taking advantage of the rise in oil prices

This came according to a report issued by the International Monetary Fund for the month of October, which was reviewed by “Al-Iqtisad News”, and it was titled “Global Economic Prospects”

According to the fund’s report, it estimates the average price of a barrel of oil at $98 this year, to drop to $85.5 next year 2023

The report indicated that Kuwait comes in second place with growth this year, which will reach 8.7%, followed by Saudi Arabia third with 7.6% growth, then Egypt comes fourth with 6.6% growth, then the UAE 5.1%, Algeria 4.7%, Oman 4.4%, Palestine 4% and each of Qatar and Bahrain with a growth of 3.4%

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The report expected that Jordan would reach 2.4%, then Tunisia 2.2%, then Yemen 2%, and Morocco 0.8%, while growth in Sudan would decline by 0.3%  LINK

Discovery of new oil and gas fields in western Anbar

14th October, 2022

The director of the Jubbah Municipality Department in Anbar Governorate, Qatar Al-Obaidi, announced on Friday the discovery of new oil and gas fields not indicated by the Ministry of Oil in the western Anbar desert regions.

Al-Obaidi said in a statement to the “Information” agency, “The Oil Exploration Company of the Ministry of Oil conducted exploration operations targeting the desert of Hit district, west of Anbar, which resulted in the discovery of new oil and gas fields that are not listed by the Ministry of Oil.

These fields contain large quantities of oil derivatives, minerals and phosphates.” The targeted areas are still subject to exploration operations, according to indications that these areas are floating on large quantities of oil and gas fields.”

He added, “The discovered fields contain billions of cubic meters of oil and gas, noting that” exploration operations are still going on, and it is hoped that the results of exploration in those areas will be announced within the next few days.”

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He pointed out that “the security forces have completely secured all the areas where excavations are being conducted, in addition to the explosives handling teams neutralizing the remnants of the ISIS terrorist.”

It is noteworthy that a short time ago, the Ministry of Oil sent new seismic teams to the western regions to conduct exploration operations for oil and gas fields.  LINK

The Central Bank: The inflation rate is controlled and we are not thinking about changing the exchange rate

15th October, 2022

The Deputy Governor of the Central Bank of Iraq, Ammar Hamad Khalaf, confirmed that there is no justification for thinking about changing the exchange rate of the Iraqi dinar, especially in light of the high oil prices and foreign cash reserves, which amounted to more than 80 billion dollars, noting that the inflation rate is about 6% and is controlling. It is necessary to stabilize the exchange rate of the Iraqi dinar

Khalaf said, in an interview with the Kurdish media network “Rudaw”, on the sidelines of the IMF and World Bank meetings in Washington, which he described as “the mission”, that “there are serious attempts to reform the Rafidain and Al-Rasheed banks, so that they can play their role in the Iraqi economy

He added, “The annual meeting of the International Monetary Fund and the World Bank, the meetings held by central bank governors, finance ministers, and the governors of the IMF and the World Bank are important to exchange experiences, and to meet with leaders of the financial sector as well as international institutions, in addition to bilateral meetings with some central banks and international institutions, which are very important.” To continue communicating with international organizations and exchanging experiences

He added, “Iraq’s foreign reserves are more than 80 billion dollars, and the credit for this increase is due to the rise in global oil prices,” stressing, “there is no thought or desire to change the exchange rate, especially in light of the current circumstances and the high prices of oil and foreign reserves, there is no reason to think about changing the exchange rate of the Iraqi dinar

He explained that “the introduction of more dollars in the markets depends on the demand from banks and traders, and the sales of the window have been stable for a while,” noting that “the inflation rate in Iraq is now around 6%, and it is controlled, especially because of the stability of the exchange rate in the local markets, which is controlled.” by the Central Bank of Iraq

And regarding the opening of branches for Rafidain and Al-Rasheed banks in the Kurdistan region, Khalaf explained that “these are important Iraqi banks owned by the Iraqi government, which constitutes 80% of the banking sector, and there are serious attempts to reform these banks, to play their traditional and important role in the Iraqi economLINK

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KandG » October 15th, 2022

Typical Iraq – the new Admin comes out of the gate talking about a new exchange rate and here comes the Central Bank.  Kuwait did the same thing and changed it the next day I believe – according to our study, if correct – it is already changed and just needs to be published – We wait – IMO

GMan » October 15th, 2022

No need to change it. Just release the R.E.E.R ( real effective exchange rate) … for sure certain

KandG » October 15th, 2022

I hear you – I will take a REER and go on about my business also

Harvestor » October 15th, 2022

Boom!  There is an “explosion” taking place in Iraq!  It will be heard around the world by all of us investors! What an explosion of new articles!  I can imagine the dancing for joy in the streets by the citizens.  In fact, didn’t Eddie say his banker told him, “the rate will change after the seating of the Gov.”?  I bet he is excited now.  Looking forward to Franks you be tube Monday.

Samson » October 15th, 2022

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Iraq and the Philippines discuss signing a number of agreements and memoranda of understanding, foremost of which is the Agreement on Avoidance of Double Taxation

13th October, 2022

Iraq and the Philippines discussed signing a number of agreements and memoranda of understanding, foremost of which is the agreement to avoid double taxation.

A statement by the Ministry of Foreign Affairs stated that the Chargé d’Affairs for Iraq in Manila, Bashar Saleh Ibrahim, met the Philippine Assistant Foreign Minister for Middle East and African Affairs, Alfonso Ferdinand Feer, and discussed with him a number of issues and files of common interest, as well as ways to enhance bilateral relations between the two friendly countries. By signing a number of agreements and memoranda of understanding, foremost of which is the agreement to “avoid double taxation and prevent tax evasion,” which would positively affect economic and trade growth between the two countries and how to activate it, in addition to the file of Filipino workers in Iraq.”

For his part, the Philippine Assistant Foreign Minister confirmed that he will communicate with the competent authorities in the Philippine government and coordinate with them to activate the files that have been touched upon, and inform the Iraqi side.   LINK

Integrity: The former head of the Salah al-Din Council received 8 billion dinars and did not distribute it 

12th October, 2022

On Wednesday, the Federal Integrity Commission announced the issuance of a summons order against the former head of Salah El-Din Provincial Council; For deliberately causing damage to the funds and interests of the entity in which he works or is connected by virtue of his position or “the money of the persons entrusted to him.

”The authority said in a statement, “The Rusafa Investigation Court, which is specialized in integrity issues, decided to bring in the former head of the Salah al-Din Governorate Council; In the case related to receiving an amount of (8,209,185,500) billion dinars under the rewards item during the years (2014-2018) without distributing them among those who are entitled to it.”

The commission added, “The Rusafa Investigation Court specialized in integrity issues in Baghdad issued the recruitment order, in accordance with the provisions of Article (340). ) of the Penal Code.   LINK

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The Iraqi parliament begins the procedures for referring Al-Najjar to integrity 

15th October, 2022

The Integrity and Investment Committees in the Iraqi parliament began collecting signatures today, Saturday, to withdraw the hand of the head of the National Investment Commission, Suha Al-Najjar.

Member of the Integrity Committee, Representative Hadi Al-Salami, said, in a statement received by Shafaq News Agency, that he and MP Hassan Al-Khafaji, a member of the Investment Committee, started collecting signatures to withdraw the hand of the head of the National Investment Commission, Suha Al-Najjar, due to suspicions of corruption, waste of public money and illegitimate gain, indicating that it was so far, 75 signatures have been collected. 

According to Al-Salami, the two deputies confirmed that the file was referred to the Integrity Commission and the Integrity Investigation Courts to resolve corruption cases.

Earlier, on Wednesday, First Deputy Speaker of Parliament Mohsen Al-Mandalawi had directed the formation of a fact-finding committee against the Investment Authority, describing the corruption in the commission as “unparalleled.”

This coincides with a protest demonstration organized by the residents of the Basmaya housing complex in Baghdad, in protest against the policy of the Investment Authority, which prompted the Korean “Hanwha” company to withdraw from the completion of the complex project, which is the first and best housing project in Iraq, and work began in 2012.   LINK

Abdul-Jabbar reveals theft of more than two billion dollars after leaving the position of Acting Minister of Finance

15th October, 2022

Acting Minister of Finance Ihsan Abdul-Jabbar announced, on Saturday, the theft of an estimated two and a half billion dollars in tax funds in the Rafidain Governmental Bank

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Abdul-Jabbar, who is currently the Minister of Oil, tweeted on his Twitter account, “The Prime Minister graciously agreed to our request regarding exemption from the duties of the acting Ministry of Finance.”

He pointed out, “The results of the investigation that we directed after we were assigned to the ministry, and the official evidence of the theft of an amount of 3.7 trillion Iraqi dinars (2.5 billion dollars) in tax funds / Rafidain Bank by a specific group.”

Abdul-Jabbar added that “it was handed over by the Ministry of Finance to the competent authorities, including the Parliamentary Finance Committee, which asked us to do so officially and in the media.”

The Minister of Oil said, “We did not submit to any pressure or bargaining to prevent us from performing our role in protecting public money.”  LINK

Source: Dinar Recaps


Samson » October 15th, 2022

Putin calls for a review of the global financial system

13th October, 2022

Russian President Vladimir Putin called for a review of the global financial system, and also called for addressing the problems of food supply and financing

“We will contribute to strengthening economic and trade construction in Asia,” Putin said, during his speech at the sixth summit of the member states of the Conference on Interaction and Confidence-Building Measures in Asia (Astana Summit), today

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He added, “We are doing everything in our power to establish a security system based on international law,” noting that “the risks of hunger are increasing, and in turn, we are doing everything in our power to secure basic materials for needy countries

We want to reconsider the global financial system and preserve the financial sovereignty of our countries,” the Russian president added

He believed that “the world has become multipolar today, and Asia plays the most important role in this new order  LINK

Can central banks succeed in the task of “reining” the dollar?

10/13/2022 21:40:35

With the US dollar heading to consolidate its gains, speculations are increasing that the major central banks will make extraordinary interventions to defend their currencies.

Although the dollar index, which measures the US currency against a basket of other currencies, including the pound and the yen, fell by 0.17% to 113.01 points, but it is not far from the highest level recorded in two decades, which it touched two weeks ago.

According to the latest MMIV Plus survey, about 45% of the 795 respondents expect countries to start working together to counter the rising dollar, which is putting increasing pressure on weaker economies and on commodity importers who have been hit by the economic effects. of the Russo-Ukrainian War.

Nearly the majority of respondents said they expect Japan to step up its exorbitant efforts to prop up the yen itself, without support from others, according to a report published by Bloomberg. And 65% of respondents expected the Bloomberg spot dollar index to rise to new records during the next month. The dollar rose to a 20-year high at the end of last September, as international investors seized high interest rates in the United States or sought refuge from market turmoil, including in the crisis-ridden United Kingdom and emerging markets. A rising dollar is amplifying the economic hardships of countries around the world by raising the prices of imported food and fuel.

This rally of the US currency puts more pressure on many central banks, which have been raising interest rates in an attempt to curb the rise in consumer prices. And the unstoppable dollar puts a drag on US corporate profits by reducing the value of money made overseas. Nearly 90% of survey respondents expect third-quarter earnings to show a greater dollar impact than the previous quarter. “The dollar’s bullish trend will continue in the near term,” Joseph Lewis, head of hedging and forex solutions at Jefferies LLC, told Bloomberg. “In the long run, the world will shift and some other currencies will rebound. But human behavior tells me that it seems like being in the US is just a better place now.”

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The dollar was dragged higher by the most aggressive Federal Reserve (US central bank) tightening policy since the early 1980s, sending US bond yields higher. The Bloomberg dollar index is up 14% this year, with the currency gaining against the pound and the yen.

The pound also collapsed to a record low in late September due to concerns about the UK’s deep tax cut plans. Japan spent $19.7 billion in its first intervention since 1998 to prop up the currency, but the sudden move did not bring long-term results. Unlike the Federal Reserve, the Bank of Japan kept interest rates low.

As for the People’s Bank of China, it directed foreign branches of state-owned banks to prepare to sell dollars and buy the Chinese yuan, in an attempt to prevent further depreciation of the local currency, which fell to its lowest level against the dollar since 2008.  LINK

Source: Dinar Recaps

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