Thursday, September 7, 2023
Is The High Price Of Oil Will Reduce The Budget Deficit? Financial Oversight Explains, 7 SEPT
Is The High Price Of Oil Will Reduce The Budget Deficit? Financial Oversight Explains
Time: 09/07/2023 Read: 949 times {Economic: Al Furat News} The former director of the Office of Financial Supervision, Salah Nuri, said today, Thursday, that the benefit from the high oil price is to reduce the deficit and not resort to borrowing at a certain percentage contained in the budget law.
Nuri said to {Euphrates News} that “when the Ministry of Finance prepares the general budget in a conservative manner, that is, estimating the revenues on the basis of the price of selling oil at the lowest expected price, and with a deficit in the budget and remembering in the budget, if the selling price of oil increases, then the surplus is paid to reduce the deficit.”
And he continued, “The benefit from the rise in the oil price is to reduce the deficit and not resort to borrowing at a certain percentage contained in the budget law,” noting that “the percentage of budgets for the two years (2024-2025) there is no direct effect unless the rise continues when the aforementioned two years come.”
He pointed out that “the government must direct the increase in oil prices towards infrastructure projects, according to its priorities included in the budget.” From.. Raghad Dahham LINK
"RV UPDATE" BY FRANK26 & RAYREN98, 7 SEPT
Frank26
Question: "Will we have to pay any kind of tax after or during the exchanging of the dinar for American dollars?"
When you go to the bank and you present your dinar...don't leave your eyes off of them. You make sure that you see your account has been credited...At that point they are not going to say to you, 'Ok Mr Frank you have 1 million dinars you owe $300,000 in taxes.' A bank doesn't collect taxes.
If we had about a million Americans citizens all of a sudden came out millionaires instantly that would be a really good shot in the arm for America's structure wouldn't it? It would...They're not made to do that...They don't have the facilities to collect taxes from you as an individual... [NOTE: Consult your tax professionals so you pay the right amount of tax for your unique situation.]
RayRen98
[via Babysmom] ..."ONE OF MY BEST SOURCES TELLING ME, "IT IS GOING TO POP AT ANY MINUTE".... ONE OF MY OTHER BEST SOURCES IS ALSO TELLING ME, "IT SHOULD BE SOMETIME TODAY"
[via Babysmom] MEETINGS TOOK PLACE OVER THE WEEKEND, AGREEMENTS WERE MET, NEW DOCUMENTS NEEDED SIGNATURES. IT'S ALL A WRAP NOW.
Coffee with MarkZ 09/07/2023
Masrour Barzani and al-Khanjar agree on the necessity of stabilizing the situation in Kirkuk, 7 SEPT
Masrour Barzani and al-Khanjar agree on the necessity of stabilizing the situation in Kirkuk
Shafaq News / The Prime Minister of the Kurdistan Region (KRI), Masrour Barzani, received Khamis al-Khanjar, the leader of al-Siyada Alliance, on Thursday.
During the meeting, the political situation in Iraq was discussed, as well as the importance of resolving issues between KRI and Baghdad based on the constitution and agreements, according to a statement from Barzani's office.
Recent events in Kirkuk were also a focal point of the discussions, with both sides expressing concern about the use of violence against civilian protesters. They also agreed on the necessity of stabilizing the situation in the city.
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Recent events in Kirkuk unlikely to disrupt upcoming local elections, MP says
Shafaq News / Sabah Habib Qadir, a member of the Patriotic Union of Kurdistan (PUK), in Kirkuk, ruled out on Thursday that the recent events in the province would affect the course of the local elections scheduled to be held in October.
Qadir said in a statement to Shafaq News Agency that these events would not change the electoral process, and each component would receive its due in the province.
Qadir revealed decisions and initiatives launched by Iraq’s Prime Minister Mohammed Shia Al-Sudani during his meeting with representatives and components of Kirkuk. These decisions included changes in the leadership of Kirkuk operations, the formation of an investigative committee into the Kirkuk events, the release of detainees, and the cessation of raids in Kurdish areas, preparing them for the upcoming local elections.
The parliamentarian emphasized that Al-Sudani acknowledged the recent protest victims as "martyrs" and rejected any component in Kirkuk deviating from the path of the law, with the consensus of all political forces.
Regarding the return of the Kurdistan Democratic Party (KDP) to its political headquarters, Qadir stated that it is a political right for every party to exercise its activities, but the recent crisis should not lead to the loss of innocent lives.
Earlier, dozens of protesters, mainly from Arab and Turkmen political factions in Kirkuk, blocked the main road linking the province to Erbil in protest against the Kurdistan Democratic Party's intention to return to open its headquarters in Kirkuk, as per the political agreement with the State Administration Coalition, which includes the political forces that formed the current federal government under the leadership of Al-Sudani.
On Saturday evening, Kirkuk witnessed the descent of dozens of Kurdish protesters in areas mostly populated by members of their community, demanding the reopening of the road and an end to the sit-ins in front of the KDP headquarters. However, their demands were met with gunfire, resulting in casualties and injuries.
In response to the tensions accompanying the protests in Kurdish areas, Iraqi security authorities imposed a curfew in Kirkuk.
It is worth noting that the Kurdistan Democratic Party, led by Kurdish leader Masoud Barzani, had vacated its political headquarters and institutions in Kirkuk following the military operation carried out by the federal government in the disputed areas between Erbil and Baghdad after the independence referendum conducted by the Kurdistan Region in September 2017. This operation led to the withdrawal of Peshmerga and Asayish forces from those areas.
What Is CBDC and Why Did Russia Launch One?, 7 SEPT
Central bank digital currencies (CBDCs) have emerged as a transformative force reshaping the world of currency and finance. Among the nations embarking on this groundbreaking journey is Russia, as it has recently launched its own digital ruble.
What is a CBDC? Why is Russia launching a digital currency now? To gain insights on these questions, we spoke to David Andolfatto, former Senior Vice President at the Federal Reserve Bank of St. Louis and Chair of the Economics Department at the University of Miami Herbert Business School, and Marco Santanché, a former Credit Suisse quant strategist, and the author of the monthly series Quant Evolution.
The transcript below has been abridged and edited for improved clarity. For the full version of the interview, please refer to our video podcast.
Hedder: How do CBDCs differ from traditional currencies and what potential benefits can they offer to the economy and to everyday people?
Andolfatto: The first thing we should understand is that most money today already consists of electronic money. Think of your checking account, for example. I’d liken a CBDC to just having an online checking account with your central bank. The main difference is that bank deposits are liabilities of commercial banks. CBDC is the liability of the government consisting of public money. Transactions using CBDC are free of counterparty risk and in particular, unlike a private bank, a central bank cannot fail. That's one difference that some people believe is important.
Would it make a difference for people at the retail level? I doubt it would. After all, what is the difference between an online checking account with Bank of America versus the Federal Reserve Bank? Now it is true that CBDC accounts would be automatically fully insured. They are, after all, legal tender. But this probably doesn't matter to most people because private bank accounts are already insured up to about a quarter million each. And for most people, I don't think that would be an issue.
There might be some benefits, I think, to the extent that it might serve as a basic public option, the same way the US Postal Service plays in delivery mail. But the net benefits are marginal at the retail level, at least.
Hedder: Is there any particular advantage then from the perspective of implementing monetary policy?
Andolfatto: The way monetary policy works today seems to affect bank lending rates more than bank deposit rates. Now, imagine a world instead where the Fed actually issued interest bearing CBDC, and they could adjust the interest rate on deposits as an instrument of monetary policy. You'd expect deposit rates in the banking sector to be more sensitive to Fed policy, and that might enhance the monetary transmission mechanism.
Hedder: How do institutional players view the introduction of CBDCs? What are some of the new developments among this group specifically?
Santanché: It's hard to predict, but we can consider the adoption by institutional investors of digital assets in general. So starting from there, studies have shown a surge in the trading volume of digital assets, although the majority of the major institutional investors would just hold maybe 1% or so of their assets in digital assets.
Of course cryptocurrencies are not the same as CBDC. We can view CBDC as a digital asset backed by fiat, which is almost like stable coins, but not exactly the same because stable coins are issued by companies that are for-profit and sometimes are not that transparent.
Hedder: It has been reported that a digital ruble might help Russia evade US sanctions. What is your take on that? Why is Russia launching a digital currency right now?
Andolfatto: I can't claim to be an expert, but Russia is probably just following what many central banks are exploring. And researchers at central banks are somewhat intrigued at the possibility of what this type of technology permits them to do.
A CBDC is not really going to help Russia evade sanctions. Russian citizens already have access to digital rubles in the form of bank accounts, just like we do. We have access to US digital currency in our bank accounts. What is the purpose of issuing a digital ruble if it's just going to be restricted to Russian citizens?
Now, it could potentially be used as a way to circumvent sanctions – for example, if Russia wanted to extend the privilege of opening up a CBDC account across its partners around the world. So foreign entities were permitted to open up accounts with the central bank of Russia. You could imagine a scenario where they could basically engage in bilateral or multilateral trade bypassing the dollar system altogether. That's a possibility, but they could already do that right now by just permitting these foreign entities to open up Russian bank accounts. So it's not immediately clear to me what the benefit would be of implementing this system through the central bank itself.
Hedder: Is it possible that the digital ruble could help bolster and strengthen Russia's actual currency?
Santanché: This is a very remote possibility in the sense that not many people actually support digital ruble, even among Russians themselves, due to the fear that this could be a tool for manipulating the economy or maybe monitoring the users.
I don't think it's an easy step to just adopt the digital ruble for trades, and it is unclear what impact it will have on the ruble itself. The most important thing is, first of all, we need to see adoption outside Russia. We need to see the digital ruble being used for actual transactions, for commodities and the likes. There are already discussions with China, and with the partners of Russia. So that could be possible. Eventually, that could go into different markets, but I think it's very remote at the moment.
Hedder: How might the introduction of CBDCs impact the role of the dollar as the world's primary reserve currency?
Andolfatto: My own view is that it's not likely to impact the role of the US dollar as a global reserve currency, if any foreign entity implements a CBDC. Things like trade policy and the willingness to run current account deficits matter much more. Now a related question is, how might the introduction of CBDC by the Fed affect the global demand for the US dollar? There is a potential that if the Fed were to make its CBDC available, say to foreign firms operating in the global supply chain, that might have a measurable impact on the global US dollar demand. It may to some extent displace emerging stable coins like Tether, for example, from taking that business. Generally speaking, there's a role for CBDC possibly to disintermediate large parts of the shadow banking sector.
Santanché: It's an interesting point in the sense that when we talk about central banks issuing decentralized currencies, who are the actual targets and why are they trying to provide an alternative to the fiat currency as we know it? I do think there are some use cases. Using CBDCs for transactions will be the first use case, and then we can think about financial markets and how investors and hedge funds could actually trade using these currencies or trade on the appreciation or the valuation of these currencies.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
https://www.nasdaq.com/articles/what-is-cbdc-and-why-did-russia-launch-one
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