KTFA Members "News Articles" Monday 10-15-18

10/15/2018
 
KTFA:

Samson:  The University of Ceyhan hosted an economic symposium on the Iraqi currency in the presence of 150 academics

 15th October 2018

In Erbil on Monday morning, the Economic Dialogue Seminar entitled "The Iraqi Currency" was organized by the University of Ceyhan in the presence of more than 150 academic personalities, representatives of organizations, officials, students and students of the university

The well-known economic expert Dr. Hammam Al-Shamaa delivered a valuable lecture, which was attended by "Economy News", in which he reviewed the importance of preserving the value of the national currency in light of the challenges facing the world as a result of the declared economic war between the great powers
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Al-Shamaa pointed out the stages of development of the Iraqi dinar exchange system, pointing to the duplication of the official and parallel exchange rate after stability.

Al-Shamaa said that the stability of the national currency, which was achieved thanks to the monetary policy followed by the Central Bank, faced some of the challenges of trying some of those affected by the damage through Nafdeh stopped selling the currency stirring up a fuss against the central bank and the governor

Al-Shamaa identified these challenges with two important issues

1. Has been stirring the issue of buying US Treasury bonds as part of international reserves as he explained that these bonds have served to strengthen reserves because of high value from the hand and high liquidity on the other

2. The second challenge raised by those affected by the stability of the dinar exchange rate is a fabricated fuss about the governor's signature on the recently printed small currency denominations "

Al-Shamma said that the signature can be in the form of writing a name by hand or in a symbolic manner, indicating that the quantity issued and signed by this type of signature amounted to 90 billion dinars, pointing out that it does not constitute either 0.19%, or less than two thousand Of each monetary mass offered in circulation

The authority to design the currency is the exclusive jurisdiction of the central bank as a technical issue, and the signature by the governor is customary in all countries of the world and its speed in Iraq since the issuance of the Iraqi currency. After 2003 and so far, pointing out that many of the world's currencies bear the name of the governor printed by the typewriter and not written in a manual signature

After that, extensive discussions were held by the attendees. The lecturer answered most of them with transparency

The participants came out with an impression of the importance of such information and the need to continue such seminars in a transparent manner to enlighten the public opinion. The conference organizers agreed to hold such seminars in Kurdistan and all of Iraq in universities and institutions of economic importance     LINK
 
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Samson:  Source: Political leaders involved in the sale and purchase of currency in the Central Bank and Iraq has lost 280 billion dollars

 15th October, 2018

A source familiar with the Office of Financial Supervision said on Monday that Iraq has lost 280 billion dollars because of the involvement of political leaders in the sale and purchase of the dollar at the Central Bank. 

"Leaders in the first political line, some ministers, deputies, businessmen, some financial companies, Islamic banks and others have been involved in buying and selling the dollar at the central bank auction for the last ten years," the source said, The loss of 280 billion dollars from the treasury of the Iraqi state."

He explained that "the Integrity Commission and the Supreme Judicial Council is aware of the subject of the involvement of these characters in the sale and purchase of the dollar at the auction of the Central Bank, because of laxity wasted millions of dollars because of the selling and buying teams of the currency," explaining that "millions of dollars were smuggled out of Iraq by dealers and dealers, Financial". 

The source, who was recently retired, said that "previous reports issued by one of the regulatory institutions associated with the Iraqi state revealed that 280 billion dollars are missing from the treasury of the Iraqi state since 2003 until now," adding that "reports confirm the disappearance of 100 billion dollars, in addition to 180 billion dollars Stolen from the central bank auction. " 

The former water resources minister Mohsen al-Shammari was recently expected to recover 500 billion dollars to the treasury of Iraq if the law "Where do you get this?"       LINK

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Samson:   $108 billion Iraq budget in 2019 and the deficit 19 billion

15th October, 2018 

Ministry of Finance revealed the draft financial budget for 2019, the size of expenditures estimated at 128.4 trillion dinars (108 billion dollars), and the deficit of 22.8 trillion dinars (19 billion dollars). 

According to the draft budget, the financial deficit will be covered by the financial abundance achieved by increasing crude oil prices or increasing oil exports during 2019.  The rate of export of oil per day was calculated at 3 million and 880 thousand barrels per day, at $ 56 per barrel.  The expected export figure includes 250,000 barrels per day from the quantities of crude oil produced in the provinces of Iraqi Kurdistan. 

The Iraqi budget for the current year 2018, about 104 trillion dinars (88.1 billion dollars), while revenue is estimated at 91.6 trillion dinars (77.6 billion dollars), and the deficit amounted to 12.4 trillion dinars (10 billion dollars). The expected revenue from the export of crude oil was calculated in the 2018 budget, based on the average price of $ 46 per barrel and an export rate of 3.8 million barrels.  LINK 


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Don961:  Iraq seeks exemption from US sanctions on Iran

Sunday، 14 October 2018 06:42 PM

The US will start blocking exports from Iran’s energy sector beginning on November 5, demanding that such purchases end, while threatening to sanction those countries that continue to import oil and related products from Iran.

A number of states, including Iraq, are seeking an exemption from such restrictions, Kurdistan 24 reported on Sunday.
 
Asked to clarify the US position on Baghdad’s request for a sanctions waiver, State Department Spokesperson Heather Nauert replied, “We have conversations with many partners and allies around the world about those sanctions,” and “we make our policies very clear.”
 
“We continue to have conversations with the Government of Iraq about [that] particular issue,” she continued.
 
The US “is committed to re-enforcing all of our sanctions,” Nauert added. “We believe that countries coming together and recognizing the malign influence that Iran has had around the world is important.”
 
 “I’m not forecasting anything,” Nauert responded, leaving unclear whether the US would grant Baghdad’s request.
 
The same issue exists with India, the second largest importer of Iranian oil, after China. On Monday, India’s Oil Minister revealed that two state refineries had placed orders for Iranian oil to be delivered in November     link

​Samson:  Lagarde expects more volatility in financial markets

 15th October, 2018

The head of the International Monetary Fund stressed that policymakers should prepare for more market volatility amid more monetary tightening and "stagnant water" in the global economy

Christine Lagarde told Bloomberg on the sidelines of the fund's annual conference that their advice to central banks and finance chiefs was to continue to build supportive measures to mitigate future risks

Lagarde added that the current period is not the time when everything is said to be fine, let's rest, we do a little bit of financial tolerance and slow the reforms

Last week, the International Monetary Fund cut its estimate of global economic growth for the first time since 2016 for the current year and 2019 at 3.7 percent

Their message was "very clear" to ease the escalation of tensions and to open and reform the dialogue with regard to the escalation of the trade dispute

With regard to the ability of officials to deal with future financial crises, Lagarde explained that so far there is still limited political space, but the banking system stronger with improved supervision and regulations and the reduction of non-performing loans

According to the Washington-based fund manager, flexible interest rates play a very good role as shock absorbers    LINK

Don961:  America wants an anti-currency clause in future trade deals

- 22 Hours Ago

WASHINGTON (Reuters) - The United States wants to include an anti-currency clause in future trade deals, including with Japan, in line with the currency clause of the North American Free Trade Agreement (NAFTA), US Treasury Secretary Stephen Menuchin said.

The comments raised concern in Japan as local media published reports asking whether this would give Washington the right to coin currency manipulation for any future intervention in the currency market by Tokyo to contain any sharp gains in the value of the yen. The yen is often seen as a "safe haven" in Asia, attracting money flows to it during times of market disruptions that can increase its value in the short term.

"Washington sees the currency clause in the US-Mexico-Canada (USMCA) agreement as a model for future trade deals to prevent trading partners from manipulating currencies," Menuchin told reporters at the annual meeting of the IMF and World Bank in Bali, Indonesia. 

Manochin criticized China for recent devaluations in the yuan, saying Washington also wanted to make the currency issue a key part of any talks to resolve the US-China trade dispute.    link