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“Prestige Restored” – Fri. PM KTFA Thoughts, News w/ MilitiaMan 10-28-22

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Samson » October 28th, 2022

Asia and Digital Finance… Headlines of the Closing Day of “Davos in the Desert”

27th October, 2022

The global debate and questions about the future of digital currencies and whether we will witness a complete transformation towards the digitization of currency and dealing with virtual money, and many aspects of its future are being traded and placed on the agenda of the third and final day of the sixth edition of the “Future Investment Initiative” forum in Riyadh under the slogan “Investing in Humanity” Enabling a new world order.

Digital payments

The forum began the first session of the third day to talk about transforming banking and investment businesses for a resilient economy, during which the CEO of the Saudi Export-Import Bank, Eng. Saad Al-Khalb spoke.

During the session, the discussion revolved around the fact that technology continues to affect banking and financial practices as the economy begins to transform in the post-Corona pandemic world, and its global economic consequences, and the World Bank’s assertion that two-thirds of adults around the world now make or receive their payments in the manner At the same time, the rise of small investors is transforming investment fields around the world.

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The session touched on the trends of digitalization in investment and that existing banking services will remain, and what is its impact on the future of private investment and digital banking services, and how banks have responded to the changing habits between consumers and companies.

The CEO of the Saudi Export-Import Bank also referred to his country’s role in providing logistic services and explained that the logistics initiative enables global trade through the use of capabilities because its geographical location is a strategic center linking three continents with an integrated system interconnected with Africa.

The last day will witness the holding of mini sessions on the rise of digital currencies “crypto” and the future of the African continent, with the participation of a number of speakers from China and Hong Kong to discuss the importance of partnership between China and the Middle East, and another session on the future of environmental and social governance.

China’s back

During the past years, the Chinese economy was able to reach an unprecedented level of wealth and development, and its upward trajectory was to continue, but political pressures and the Corona virus crisis made it slow down.

At the forum, Mina Al-Araibi, editor-in-chief of the Emirati newspaper “The National”, will discuss a number of Chinese and international business leaders in a session entitled “China is Back”. It talks to them about how the Middle East can cooperate with China and consolidate its position as an important bridge linking East and West, and what is China’s position in the new world order.

With the world going through endless crises, the forum discusses in a session entitled “How do investments behave during a market correction?” Is there anything investors can do to prepare during such times, and what can investors do to build resilience in all markets .

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Future of trade

The forum discusses one of the most important topics, which is who will lead trade in the future? And the role of owners of small and medium-sized enterprises, which provide 70 percent of all jobs in OECD countries, and 50 percent of GDP in rich countries, and the updates they went through during the Corona period, which lost at least 70 percent of small businesses and medium-sized enterprises in 32 countries between 30 and 50 percent of their profits.

During the past two days, the forum sessions witnessed crowds with the attendance of 6000 participants from countries around the world and 500 speakers from different sectors. Its time on all economic and social levels.

On the sidelines of the sixth edition of the Future Investment Initiative, the National Center for Industrial Development signed a memorandum of understanding with Essar. The agreement aims to study the development of the integrated complex of iron flats in Ras Al-Khair Industrial City, which is the first industrial project to produce green iron in Saudi Arabia.   LINK

Putin warns the West: Whoever sows the wind reaps a storm, and this is our position on nuclear weapons

27th October, 2022

Russian President Vladimir Putin stressed, on Thursday, that the world is going through a historical turning point, the most dangerous and important since World War II, indicating that Russia does not need to launch a nuclear strike on Ukraine and it is useless, whether militarily or politically.

In a speech to the Valdai forum, Putin said, “The situation in the world is heading towards the worst scenario, as the West ignited the war in Ukraine and committed a number of systematic errors, ignoring the interests, values and cultures of other countries.”

He added that “the crisis affects everyone now, and there are no illusions… Humanity has two paths, either to move towards collapse or to work on a new system together.”

“Events have pushed environmental issues into the background, at a time when these fundamental threats have not disappeared and the ecological imbalance remains a challenge for everyone,” Putin noted.   LINK

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Iraq supports Putin’s call to change the structure of the United Nations and the Security Council

27th October, 2022

The Permanent Representative of Iraq to the United Nations, Muhammad Hussein Bahr al-Ulum, stated that Iraq supports the call of Russian President Vladimir Putin to think about changing the structure of the United Nations and the UN Security Council.

“Great efforts are being made to reform the United Nations. We support any reform of the United Nations and the Security Council. The United Nations International Committee is working in this direction,” Bahr Al-Uloom said, on the sidelines of the IAEA Ministerial Conference.

On Thursday, at the Valdai International Forum, Russian President Vladimir Putin called for reflection on how the renewed structure of the United Nations and the UN Security Council would reflect the diversity of the world’s regions. The Russian leader stressed that “more” will depend on regions such as Asia, Africa and Latin America in the world of tomorrow more than it does today in general. LINK

On charges of financial corruption, the director of Darbandikhan Electricity was arrested

27th October, 2022

The Sulaymaniyah Police Directorate announced, on Thursday, the arrest of the director of Darbandikhan electricity distribution in the province, on charges of financial corruption.

“Today, the director of electricity distribution in Darbandikhan district was arrested by a judicial decision, against the background of the disappearance of electric power transmission towers,” Sulaimaniyah police spokesman Sarkot Ahmed said, in a press statement seen by Shafak News Agency.

He added, “He is currently detained under Article 316 of the Iraqi Penal Code, which deals with waste of public money.”

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He pointed out that “one of the organizations donated a number of electric power transmission towers to the Directorate of Electricity Distribution in Darbandikhan, but the director did not deal with them according to the legal contexts.  LINK

With the participation of Iraq.. The start of the meeting of Arab Ministers of Economy and Trade in Algeria 

28th October, 2022

The meeting of Arab economy and trade ministers began today, Friday, in the Algerian capital, with the presence of Iraq

And the official news agency stated, “The meeting of the Council of Arab Trade and Economy Ministers began in the Algerian capital, with the participation of Iraq

She added, “The ministers will discuss a number of works that have been prepared by the economic and social committees, including the rules of origin, the customs union, the Arab free trade zone, and the report of the Secretary-General of the Arab League  LINK

What future awaits the Egyptian pound after the flotation?

28th October, 2022

The Egyptian pound took a new step towards complete liberalization against the US dollar, as the exchange rate of the Egyptian currency reached about 23 pounds for every dollar in local banks, whether state-owned or private.

Analysts and specialists differed in evaluating the downward movement of the Egyptian pound, and about whether it was a complete or managed liberalization subject to the control of the Central Bank, at a time when they agreed on a continuous decline in the value of the Egyptian currency.

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On Thursday, October 27, Cairo announced the completion of the agreement with the International Monetary Fund at the expert level to obtain financing amounting to about $9 billion, including $3 billion directly from the Fund, in addition to $1 billion from the IMF’s debt fund. Cash, and $5 billion from development partner countries and various financing institutions.

Expected

Commenting on what happened, Rania Yacoub, a specialist in the Egyptian financial markets, believes that the decline of the Egyptian pound against its American counterpart is expected, especially with the Egyptian government ending the loan agreement, explaining that “the relationship between the pound and the dollar, down and up, will remain according to the forces of supply and demand until the end of next week.”

Yacoub attributed this to the state of confusion in the economic environment today, as it included successive events between moving interest rates by 200 basis points, which is equivalent to two percent, or floating the local currency by liberalizing the exchange rate of the pound against the dollar, and finally completing the agreement with the International Monetary Fund. .

Yaqoub expected that commodity prices would witness a significant increase in the coming period following the decision to float, pointing out that “the prices during the last period were already inflated, given that importers were making their future deals at the price of the dollar, which ranges between 22 and 24 pounds for every dollar.”

Reports by Bloomberg Agency last week indicated that the price of the US dollar may reach the level of 24 pounds for every dollar if Cairo implements a complete liberalization of exchange rates.

Orbit float

For her part, former Vice President of Banque Misr Sahar El-Damaty said that “the Central Bank of Egypt’s announcement of a flexible exchange rate for the Egyptian currency against foreign currencies according to the forces of supply and demand came as a result of the demands of investors and specialists as one of the recommendations of the economic conference that was held this week.”

Al-Damaty explained that “the direction of the Central Bank to deal with a flexible exchange rate according to supply and demand will be a managed liberalization subject to the control of the Central Bank, to avoid the effects and inflationary shocks, as it targets price stability,” considering that the exchange rate movements today “are not considered complete liberalization,” noting that “what supports this is raising interest rates by two percent to fight inflation, and then followed by government banks by issuing savings certificates at an interest rate of 17.25 percent to curb liquidity and provide indirect financial support to the owners of savings certificates, as pensioners and the family sector represent the most prominent investors in these certificates.” 

The Central Bank of Egypt has moved interest rates by five percent since last March during three meetings, which began during an extraordinary session on March 21 by raising interest rates by one percent, then another decision in May to move by two percent. Then, price levels were stabilized for three consecutive meetings before raising interest rates again today, Thursday, to reach interest rates levels to 13.25 percent, 14.25 percent and 13.75 percent, respectively.

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Inflation levels in Egypt reached a record level for the first time since 2018, after recording last September about 15 percent, compared to about 14.6 percent in August.

Increasing the interest rate on savings certificates

Meanwhile, government-affiliated banks issued savings certificates for a period of three years with an annual return of 17.25 percent, and the Assets and Liabilities Committee in the bank decided to increase the interest rate on the platinum certificate with a monthly return to become at a return of 16 percent annually instead of 14 percent, starting today for new or Renewed automatically, and Banque Misr raised today, Thursday, the interest rate for issuing the summit certificate for a period of three years, with an annual return of 17.25 percent.

Meanwhile, the non-deliverable contracts for the Egyptian currency for a period of three months declined further after the government committed to a flexible exchange rate system within the framework of an agreement with the International Monetary Fund. Every dollar, while there was little change today on the prices of Egyptian government bonds in dollars, according to “Reuters”.

Inflation rates

For his part, a specialist in banking affairs, Hani Aboul Fotouh, said that “the Central Bank’s decision to raise interest rates, by 200 basis points, was a sudden and unexpected step during an exceptional meeting and surprised markets and analysts,” explaining that “the recommendations confirmed the flexibility of the exchange rate to reflect the market dynamics of supply.” And demand as a tool to absorb external shocks, and work to activate the derivatives market for currency and futures contracts as a hedging tool against the risks of exchange rate fluctuations, and to issue an index for the Egyptian pound denominated in some currencies for the most important trading partners and gold.”

Aboul Fotouh added that “the rate of domestic liquidity is high, as the volume of liquidity reached about 6.708 trillion pounds (289 billion dollars) at the end of last July, in addition to expectations that the inflation rate will continue to rise globally and locally with the secondary effects of supply shocks,” noting that it had It leads to a rise in inflation rates on average during the fourth quarter of 2022.

Commodity price hike

For his part, the analyst in the Egyptian financial markets, Wael Al-Nahhas, said that “the prices of the Egyptian pound against the dollar will continue to decline until it reaches about 27 pounds for every dollar,” explaining that “the International Monetary Fund loan of 3 billion dollars will not meet the needs of importers and investors in The local market,” noting that “the value of goods stuck in Egyptian ports as a result of the scarcity of the dollar has reached $20 billion.”

On the impact of the currency’s decline and raising interest rates today on the markets and prices of commodities and products, Al-Nahhas said that “the Egyptian markets have been dependent for months on the strategic stockpile of commodities that have almost run out as a result of the goods stuck in ports due to the continuation of the documentary credit system by the Central Bank, before announcing relieve it today.

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At the beginning of last March, the Central Bank of Egypt stopped dealing with collection documents in import operations and worked under the documentary credit system instead, with the exception of 15 basic commodities, which created a crisis among importers for their inability to provide foreign currency.

The decision caused an accumulation of goods inside Egyptian ports, and its effects began to be reflected on the local market, especially with regard to the scarcity of some goods and the tendency of traders to raise their prices in record rates across commercial sectors, before the Central Bank announced today easing the severity of the decision after its gradual cancellation of the instructions issued in the February 13, 2022 for the use of documentary credits in import financing operations until the completion of its complete cancellation in December 2022.

In an official statement, the Central Bank excluded shipments amounting to 500 thousand dollars instead of 5 thousand dollars from the documentary credits decision.

Commenting on this, Amr Al-Samdouni, Secretary of the International Transport and Logistics Division of the Cairo Chamber of Commerce said that “the decision to work with documentary credits up to $500,000 instead of $5,000 will lead to a major breakthrough in the exit of goods piled up in ports and thus revitalizing the markets.”

Al-Samdouni added that “everyone who now has a container of less than $500,000 will be able to get it out of the ports and put it on the market,” noting that “there were containers worth $10,000 and $50,000 that were idle and stored in the ports as a result of not opening a letter of credit for them, and therefore Every merchandise below $500,000 will leave the ports.”

On prices, he explained, “There may be increases as a result of the rise in the exchange rate, but they will not be in large proportions,” stressing that the rise in commodity prices during the last period “was not subject to economic criteria, but to the greed of traders.”  LINK

Source: Dinar Recaps


Samson » October 28th, 2022

Washington congratulates Al-Sudani: The Iraqi people deserve an economic opportunity and an end to corruption 

28th October, 2022

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The United States congratulated the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, on his government’s gaining the confidence of the Iraqi parliament

US State Department spokesman Ned Price said Washington looks forward to working with the new government to improve services for the Iraqi people and to ensure “a secure, stable, and sovereign Iraq as outlined in our Strategic Framework Agreement

“The Iraqi people deserve an economic opportunity, an end to corruption, and an improvement in public services,” Price said in a statement, expressing the United States’ welcome for the Sudanese Prime Minister’s commitment to placing “weapons under the control of official and legitimate state institutions

The statement reiterated Washington’s readiness to work with the Iraqi government and the Iraqi people to address Iraq’s challenges together, from “improving respect for human rights to addressing climate change and improving economic opportunities for a growing population

Price stressed thatIraq is a partner with the United States as it moves forward with reforms  LINK

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The US State Department congratulated Al-Sudani: The Iraqi people deserve to improve services and put an end to corruption  LINK

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MilitiaMan » October 28th, 2022

The economic opportunities are going to be the internationalism that jump starts the country..

 After yesterdays closure of the “Davos in the Sand” meeting in Riyadh, the ME Summit in DUBAI, the virtual meeting with the AMF about the upgrades and connectivity to the world on the BUNA platform coinciding with the vote on the government gaining confidence is not only amazing, it appears to have been all timed accordingly.

The line up that is geared for digital transformation this last few days shows that it is time for Iraq to getter done.. Very exciting times. imo ~ MM

Samson » October 28th, 2022

The European Union for the Sudanese: We support the implementation of the announced reform program and the fight against corruption

28th October, 2022

Today, Friday, the High Representative of the European Union, Josep Borrell, issued a statement regarding the vote of confidence in the new Iraqi government.

Borrell said in a statement received by Mawazine News, that “the European Union congratulates Prime Minister Muhammad Shiaa al-Sudani on the successful vote of confidence for his government in the Iraqi parliament.”

He added, “It is a good day for Iraq and for relations between the European Union and Iraq, and an important step towards securing Iraq’s stability and prosperity.” “The European Union looks forward to working closely with the Prime Minister and his government, supporting the implementation of the announced reform programme, and fighting corruption,” Borrell said.

He noted, “In this context, the European Union reiterates its readiness to host the Cooperation Council between the European Union and Iraq at the earliest opportunity.” And Borrell said, “The European Union will continue to support Iraq, including the sovereignty, unity and territorial integrity of Iraq.” LINK

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European Union : Giving confidence to the Sudanese government is an important step towards securing Iraq’s stability and prosperity  LINK  

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Asia and Digital Finance… Headlines of the Closing Day of “Davos in the Desert” LINK

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MilitiaMan » October 28th, 2022

The EU has already done a currency swap if I recall that correctly Samson? The above meetings in the Desert will all likely have the saem DIGITAL TRANSFORMATION on the MIND..

The EU is not the only supporter for the implementation of announced reform program. All those at the meeting in the Davos in the Sand, the ME Investor Summit and the BUNA Platform all on the back and the same day they voted on the Cabinet and received support from the world with respect for security, stability and sovereignty.

So when the world reacts the way they did this week we now will see the results of the meetings and the vote. Iraq has the worlds attention and the citizens too know and expect their constitutional entitlements.. Looking good.. oh yeah… ~ MM

Samson » October 28th, 2022

Taif Sami assumes her duties as Minister of Finance

28th October, 2022

Taif Sami took over this morning, Friday, her duties as Minister of Finance in the government of Muhammad Shia Al-Sudani.

The government of Muhammad Shia Al-Sudani won the confidence of Parliament yesterday evening, Thursday, and the candidates for 21 ministries were voted on, and the vote on two ministries was postponed to a later time, and Taif Sami occupies the position of Minister of Finance in the new cabinet line-up.

She was the Acting Minister of Finance in Al-Kazemi’s government, after the parliament’s decision to cancel the assignment of the then Oil Minister, Ihsan Abdul-Jabbar, to run the ministry by acting instead of the former minister Ali Allawi, who resigned from his position last August.  LINK

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MilitiaMan » October 28th, 2022

We have the Finance Minster all set and ready to get financial work off and running under the new government. Good deal, she will be working in tandem with the Central Bank. What timing… imo ~ MM

Samson » October 28th, 2022

Al-Amiri to the Sudanese government: I will not compliment you

27th October, 2022

The leader of the Al-Fateh Alliance, Hadi Al-Amiri, stressed on Thursday that he would “diagnose” any failure by the new Prime Minister, Muhammad Shia Al-Sudani and his government, and “will not be complimenting at the expense of the Iraqi people.”

Al-Amiri said in a statement received by Shafaq News Agency, after the parliament voted to grant confidence to the Sudanese, his government and his government program, “We congratulate our people for the emergence of the new national government, after a difficult labor marred by many factors of suffering, pain and frustration.”

He added, “While we are very hopeful that the new government will succeed in implementing the vocabulary of its announced curriculum, we express our full readiness to extend a helping hand and help it to proceed on this path,” adding, “We also declare that we will not hesitate for one moment to point out the sites of defects.” We will not be complacent about that at the expense of our people’s interests and true aspirations.”

Al-Amiri stressed, “While we reaffirm the necessity to attach great importance to the service aspect in its various details, and to reconsider the financial, economic and administrative policies of the Iraqi government, we call on it to exert utmost diligence in finding job opportunities for the unemployed, focusing on the disadvantaged classes, and improving the service and living conditions of the most affected and deprived regions and groups.”

Al-Amiri called for “restructuring the foreign relations of the Iraqi state based on the criterion of ensuring the legitimate interests of the Iraqi people, mutual respect for sovereignty, and non-interference in Iraqi affairs or taking Iraq as a starting point to threaten its neighbors. We also reaffirm Iraq’s right to contract under agreements or memoranda of understanding with eastern countries Whether it was a Western mother, in a way that guarantees his higher interests away from placing restrictions or attempts at blackmail.”

He stressed that “it is necessary to reiterate, on this occasion, the inevitability of exerting maximum efforts by the new government and adopting a firm policy to stop the state of financial and administrative corruption, return the looted funds, deter the corrupt, as well as restore the state’s prestige and respect for its security services and government departments, and the rule of law over all without exception.” 

The Iraqi parliament held a session this evening, Thursday, during which it voted to grant confidence to the Prime Minister, Muhammad Shia Al-Sudani, and his government ministers, as well as the government curriculum that he presented in the session as a work program.  

“Prestige is like honor in that it refers to the perception other countries have of a nation’s worth or value, and the respect it is due.”

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MilitiaMan » October 28th, 2022

The US is not the only country that is looking for Iraq to have her prestige restored.. All the articles Samson has brought today support that the region and the world are supporting Iraq’s reemergence to the Global Stage. She will need all the prestige she can muster.. Her assets have been well documented and are massive in totality. Her prestige should be a very welcome sight to behold.. imo ~ MM

Source: Dinar Recaps


DoTalkToMe » October 28th, 2022

Now we wait for an RI & purchasing power in Iraq.
A float outside Iraq, and depeg from USD.
Is it necessary for any of this to be in the gazette?
According to our teaching. Still a timing issue, recalculate.
Iraq & the globe are ready for this to happen.

Godson » October 28th, 2022

IMO… Now that the government is seated what will the Monday c.c. be about with only one more step to be done..

KandG » October 28th, 2022

Exactly – nothing else to talk about – we have run the course with Iraq and the world is watching, especially the citizens.  No more excuses for them and something sure forced action after 12 months of nothing.  And now we already see a contract with China authorized by Sudani for signature – that was obviously complete and waiting in the wings. Do we think that contract was written using a .0006850 program rate inside it – that would be a pretty expensive project right out of the box for the new Admin trying to make a name for themselves.  IMO

Ewtohan » October 28th, 2022

you’re exactly right about contracts being written …you don’t sign a contract unless you know what the bottom dollar number is  .. imo 

KandG » October 28th, 2022

Drop those zeros, rise to a buck, hit the Forex and never look back!  Oh yea, they have an award winning brokerage company to manage their currency on Forex too – already in place coincidentally – IMO

Source: Dinar Recaps

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