More News, Rumors and Opinions Thursday PM 9-6-18

9/6/2018

KTFA:

Walkingstick: ftti..... removal from the grey list (FATF) became official in July...

Cleitus: Thank you WS..., I don't have/can't find FATF in my notes..., what's the acronym for?

Walkingstick: Financial Action Task Force ....
....
​*************

Samson: Indicators of economic resilience and stability in the monetary system

6th September, 2018

Central banks in the countries of the world mainly aim to achieve monetary and financial stability through its programs and strategy aimed at maintaining stability in the exchange of local currencies against other foreign currencies and the construction of foreign reserves sufficient in accordance with international standards issued by the International Monetary Fund and the assessment of banks based on other criteria Economic and political shocks in their countries, controlling stable rates of inflation and interest rates, implementing compliance regulations and rules, combating money laundering and financing terrorism. The Iraqi Central Bank's march over the last four years proved that it is progressing steadily to achieve the above objectives.

This proves that Iraq has gone out of the monitoring and follow-up area to the regular follow-up area every two years, like other banks in the world according to FATF.

Which we expect to be reflected in the efforts of the Central Bank and the Association of Banks and Banks to restore international banking relations with correspondent banks. And because of international political changes, most notably US sanctions imposed on Iran and Turkey.

In order for the economic analysis to be accurate and non-radical for the reality of monetary stability in Iraq and the effects of the new shock (sanctions) expected on the exchange rate of the Iraqi dinar, which has been stable since 1/1/2018 and remains strong and stable despite international and domestic political shocks.

From an economic and analytical perspective of the state of stability in the exchange rate and from a neutral and transparent point of view, we note that the high independence of the Central Bank and the availability of foreign reserves at an average and for determining the adequacy to cover the cash mass in circulation and to cover imports according to the standards of the International Monetary Fund as the foreign reserve is fully insured and occupies Iraq ranks fourth in the Arab world and is currently about $ 58 billion and grows day after day in addition to the strength and recovery of the Iraqi dinar during the past seven months and deal with wisdom and responsibility and independence by the Central Bank will prevent from The international situation and the sanctions on neighboring countries were raised on the reality of monetary stability, which began to be achieved during the first half of this year, with the assurance that the central bank does not fund a deficit in the budget.

On the contrary, there is currently a surplus in the budget due to high oil prices. This shock And will be overcome and exceeded the economic and security shocks suffered by the Iraqi economy in previous years. LINK
**************

Get1later: Add the Indian Rupee to the list of Foreign Currencies "Hitting The Skids" against the strong USD Abroad

The US Dollar Is Hitting Again … And Another “Important” Currency In The Wind

Sep 6, 2018

While the world markets are looking for the consequences of the deterioration of the Turkish and Argentinian currencies and their impact on world markets, a new development in the same vein is raising greater fears given the size of the country’s economy.

Competent bodies classify the Indian economy as the seventh largest in the world in terms of size, which leads to serious concern about what happened to the Indian currency in recent times.

The rupee has fallen to a new record against the US dollar, despite government attempts to stop the bleeding.

The rupee reached 71.80 per dollar, an unprecedented figure.

According to reports published by the agency “Reuters” that the Reserve Bank of India has conducted some interventions in the foreign exchange market, with the aim of curbing the losses that reached levels never before.

The rupee has already lost more than 10 percent of its value this year against the US giant, but Business Insider has quoted analysts in Australian and New Zealand banking groups as saying the rupee is likely to face more negative pressure in the coming months.

Concerns about emerging market assets are mounting in the current period, as the strength of the US dollar gains support from trade tensions and tightening monetary policy.

The decline of the rupee has led to a further deterioration in the currencies of Turkey and Argentina in recent weeks.

The lira fell 43 percent against the dollar this year, according to Reuters. Pizzo Argentina, Latin America’s third-largest economy, has lost more than 45.3 percent of its value against the US currency since the beginning of 2018.

This has led to broad interventions by the central bank Including the sale of reserves worth more than half a billion dollars this week.

On Wednesday, the dollar rose broadly as concerns mounted that US President Donald Trump would escalate the trade war with Beijing soon by charging more Chinese imports.

Trump may impose customs duties on new Chinese goods valued at $ 200 billion after the deadline for receiving public opinion on the new tariffs on Thursday, but it is not clear when this may happen.

The dollar received further support from strong US indices that reinforce the justification for new US interest rate increases.

The dollar gained more than 2 percent against the South African rand and the Argentine peso and more than 1 percent against the Mexican and Colombian pesos.

The dollar rose in 2018 against all major currencies except the Mexican peso and the Japanese yen.

http://en.economiciraq.com/201.....-the-wind/
Courtesy of Dinar Guru

Bloodloch The largest bloc is now called the Reform and Reconstruction Bloc.

That bloc contains reportedly 180 members at least, which is enough to achieve the 165 seat threshold for a quorum if they all show up.

However, due to the Iraqi Federal Court not yet declaring Reform and Reconstruction as the largest bloc, and lacking the support of the two large Kurdish blocs, they are left with a very thin, 16-seat margin of error to gain a quorum.

The clerical leader of Total Reform, Moqtada al-Sadr, has called for an emergency session of parliament between now and this coming Sunday (Sept 9th) for the election of deputies.

Should the quorum not be reached by al-Sadr's Sunday deadline, he is calling on a one-million citizen demonstration to press the issue.

In addition, the current Prime Minister Abadi is promising Anbar's leaders their very own Sunni Army if they stand strong in parliamentary support of the Reform and Reconstruction Bloc.

Pretty exciting stuff, eh? Let's see what happens between now and Sunday the 9th.
TNT:

KMan: Iraq Is Facing A Major Internal Crisis.....Iraq continues to head towa​rds a major showdown between the two main political rival blocks, led ​by Prime Minister Al Abadi and former PM Al Maliki.

https://www.zerohedge.com/news/2018-09-06/iraq-facing-major-internal-c​risis

Eccle519: Iraq is messed up, literally...and their form of Gov't doesn't work at all. I see the US putting in a Temp Gov and scratch the elections cuz they don't mean anything. Maliki was being quiet until Iran went full tilt pressure on him to help Iran (absolutely!!)...The US can have this done in one day so don't forget that