Monday, August 14, 2023
" Global Currency Reset Judy Note", 14 AUGUST
Global Currency Reset Judy Note:
- On Tues. 1 Aug. the first wave of liquidity started.
- On Thurs. 3 Aug. evening FedNow was activated as the EBS merged with the Global Financial System.
- On Sun. 6 Aug. Banks synched up with the Central Bank of Iraq, Iraq shut down any news going out of the country.
- By Mon. 7 Aug. the Iraqi Parliament had approved their budget with the new Iraqi Dinar Rate in it and published it in the Gazette the next day Tues. 8 Aug.
- On Wed. 9 Aug. the new Iraqi Dinar Rate was believed to have revalued at a 1:1 with the USD and then began trading up on the Forex back screens.
- On Thurs. 10 Aug. the direct payment system was activated to send funds internationally person to person.
- Tier 4b should be notified to receive appointments to exchange foreign currencies and redeem Zim bonds within 48 hours of Bond Holders.
- The Gold/asset-backed USN was expected to be announced between Aug.18-21, or most certainly at the BRICS Summit in Johannesburg South African Aug. 22-24.
- Russia will launch central bank digital currency tests with 13 banks next week.
Sunday, August 13, 2023
"What are the reasons for the weakness of the Iraqi dinar compared to other currencies?.. An economist answers", 13 AUGUST
What are the reasons for the weakness of the Iraqi dinar compared to other currencies?.. An economist answers
reasons for the instability of the Iraqi dinar in the local markets compared to other Arab currencies, while confirming the existence of a large discrepancy between import and export in the country's markets.
Al-Mashhadani said, in an interview with Al-Maalouma Agency, that
"the central banks of the Gulf countries, whether they are Jordan, Kuwait or even Saudi Arabia, have taken a decision to price their local currency, which depends on a basket of currencies, including Iraq, as bulletins previously appeared in the newspaper in the seventies." of the last century, measured on the basis of this basket.” He added, "All global currencies are attributed to the dollar, but the economies of these countries are stable and there is no problem, and the difference is obtained at the prices of market materials,
that is, inflation occurs and the rates of rise increase, which happened in the UAE, Saudi Arabia and Kuwait as well." The economist explained,
"These countries do not deal in dollars in the markets at all, given that all financial transfers are obtained in the local currency only, and this is one of the reasons for the stability of the market," noting that "Iraq was unable to control this situation completely." And Al-Mashhadani said,
"The other matter is trade, that is, import and export, without relying on the government sector in particular. In Iraq's markets, as a result of the large discrepancy between import and export,
it is natural that there is a great demand for dollars." He stated,
"The Iraqi dinar was linked to the dollar before 2003, that is, from the Kuwaiti war in 1991, given that the market has always fed the import of the private sector, so there will be no stability."
The Iraqi dinar has been in an unenviable situation for nearly 20 years.
After one dinar was equal to 3 and a half dollars during the past century, it reached more than 1550 against one US dollar, which caused problems in the Iraqi economy. Ended / 25R
https://almaalomah.me/news/economy/ما-أسباب-ضعف-الدينار-العراقي-مقارنة-بالعملات-الأخرى-اقتصادي
"The dinar is in the central recovery rooms", 13 AUGUST
Today 19:58
Information / special.
The official currency of the Republic of Iraq, and one of the historical manifestations and legacy that accompanied Mesopotamia for more than 90 years, proved its strength in the global economy, but in one way or another it began to decline and reached "unenviable" stages.
The dinar, which was previously compared to world currencies, reached the path of strength overnight and found itself ahead of many countries, as it began to be used in 1932, i.e. during Iraq's independence from Britain, and was replaced by the Indian rupee at a rate of 1 dinar = 13 rupees.
Later, he decided to link it to the US dollar without changing its value at a rate of 1 dinar = 2.8 dollars, and in 1971 Washington took a decision to devalue its currency by 7.9%, and in 1973 it decreased by 10% to become $3.3778, and it fell to 3.2169. $, which was the price that remained in circulation until the second Gulf War in 1991.
And after 2003, the local currency in Iraq began to decline day after day, which led to its reaching significantly low rates against the dollar, so the Central Bank's procedures did not help it, and America's policy towards the Iraqi economy "made matters worse."
The economic expert, Abd al-Rahman al-Mashhadani, explained the reasons for the instability of the Iraqi dinar in the local markets compared to other Arab currencies, while confirming the existence of a large discrepancy between import and export in the country's markets.
Al-Mashhadani said, in an interview with Al-Maalouma Agency, that
"the central banks of the Gulf countries, whether they are Jordan, Kuwait or even Saudi Arabia, have taken a decision to price their local currency, which depends on a basket of currencies, including Iraq, as bulletins previously appeared in the newspaper in the seventies." of the last century, measured on the basis of this basket.” And he adds,
"All world currencies are attributed to the dollar, but the economies of these countries are stable and there is no problem, and the difference is obtained at the prices of market materials, that is, inflation occurs and the rates of rise increase, which happened in the Emirates, Saudi Arabia and Kuwait as well." And the economist explains,
"These countries do not deal in dollars in the markets at all, given that all financial transfers are obtained in the local currency only, and this is one of the reasons for the stability of the market," noting that
"Iraq was unable to control this situation completely." Al-Mashhadani points out,
"The other matter is trade, that is, import and export, without relying on the government sector in particular. In Iraq's markets, as a result of the large discrepancy between import and export, it is natural that there will be a great demand for dollars." And he confirms,
"The Iraqi dinar is linked to the dollar before 2003, that is, from the Kuwaiti war in 1991, given that the market has always fed the import of the private sector, so there will be no stability."
The dinar is in the central recovery rooms.. and accusations against the Americans of creating crises
In turn, a former member of the House of Representatives, Jassem Al-Bayati, personified the reasons for the weakness of the dinar currency in the Iraqi markets, while
accusing America of playing an "inappropriate" game with Iraq.
Al-Bayati mentioned in an interview with Al-Maalouma Agency, that
"the weakness of the dinar and its instability in the Iraqi markets, especially in recent times, has many reasons behind it," noting that
"the first reason is the decision to re-exchange the dollar against the dinar from 1470 to 1320." Al-Bayati explains:
"There is no country that takes such a step and reduces the dollar by such a large percentage," adding:
"The reduction stages are supposed to be consecutive, starting from 1460 - 1420 - 1400, and so the decline is consistent." And he added,
"We are now in a state of confusion, as we cannot obtain dollars in the local markets, not even from bank accounts," noting that
"the dinar is going through a period of instability."
And the former member of the House of Representatives points out that,
"The other thing behind the instability of the dinar is the connection of the issue with America, which is playing an inappropriate game with Iraq." And Al-Bayati shows that
"the decision to reduce the dinar is governmental and it bears its responsibility," noting that
"the central bank's measures to restore the strength of the Iraqi dinar did not bear fruit, and things may be complicated after more." He continued his speech, saying:
“The decision to return the dollar to 1,320 dinars greatly affected the financial budget, and nearly 10 trillion dinars were sacrificed,” noting that
“price speculators and those close to America and neighboring countries supporting Washington are the ones who obtained these 10 trillion through Buying the dollar at 1320.
The sources of countries' strength in the economic field are determined by several factors, foremost of which is the national currency, which requires elaborate measures to maintain its strength internally and externally, and
the basis of these measures is to activate the private sector, expand the import sector and reduce exports.
https://almaalomah.me/news/economy/الدينار-في-غرف-انعاش-المركزي-واتهامات-للأمريكان-بخلق-الازمات
PPI for July Up on Headline, Flat on YOY Core, 13 AUGUST
QQQ FORECAST OF ZACHS ABOUT QQQ
SPY DIAPre-market indices are wallowing back in the red at this hour, minutes after the latest inflation report — July’s Producer Price Index (PPI) — was released, with results coming in either in-line or hotter than anticipated. This follows yesterday’s Consumer Price Index (CPI), which showed, for the most part, a continued slow decline in inflation metrics. Market participants at the time thought this spelled the end of Fed rate hikes, near-term, but eventually relinquished much of this exuberance.
This morning, headline PPI month over month came in at +0.3% — the hottest single-month print since November of last year — and a notable jump from the downwardly revised 0.0% registered for June. When we take away volatile food and energy prices, we come to the “core” read, which also reached +0.3% last month — an even bigger leap from the downwardly revised -0.1% for June. Ex-food, energy and trade, this figure comes in at +0.2%, in-line with expectations.
Just like with CPI numbers, however, the year-over-year reports are really where we see inflation on the economic map: +0.8% on year-over-year headline is the hottest monthly print since the +0.9% posted in May, and well above the previous month’s revision to +0.2%. If this looks to you like bad news, keep in mind these figures are relative: back in early 2022, these numbers were coming in hotter than +11%!
Core PPI year over year is now +2.4%, down from the +2.5% expected but in-line with the downwardly revised June read. This goes back to the lowest level since January 2021. Ex-food, energy and trade, we’re at +2.7% — likewise in-line month over month but above estimates for +2.5%. Services looks to have made up the lion’s share (+40%) of gains this month, with a notable rise in portfolio management costs.
These are the last big inflation reports of the week; after today’s open we will see Consumer Sentiment for August, which is expected to tick up to 72.0. While important in its own right, this metric does not carry the hefty of CPI/PPI numbers for a particular month. Thus, pre-market futures at this hour are -60 points on the Dow, -11 for the S&P 500 and -67 points on the Nasdaq. Perhaps a re-think, as we had yesterday in the opposite direction, will take hold: inflation has been provably tamed to a good extent. Whether it’s been inoculated by existing interest rate hikes or will need another booster shot from the Fed is still an open question.
https://www.zacks.com/stock/news/2135750/ppi-for-july-up-on-headline-flat-on-yoy-coreAl-Sudani Directs To Equip Border Forces With Modern Weapons And Secure All Their Technical And Security Requirements /Expanded, 23 NOV
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