Friday, December 1, 2023
Evening News with MarkZ. 11/30/2023
A slight rise in oil prices, and attention is turning towards the OPEC+ meeting, 1 DEC
A slight rise in oil prices, and attention is turning towards the OPEC+ meeting
Oil prices rose slightly today amidst anticipation of the OPEC+ meeting.
The OPEC+ meeting is today, with talks focused on additional production cuts. However, details still need to be agreed upon.
The price of Brent crude futures increased by approximately 0.16% and reached $83.23 per barrel.
The price of US crude futures increased by 0.23%, reaching $78.02 per barrel.
During November, industrial production in China contracted for the second consecutive month and missed analysts’ expectations.
This month’s Manufacturing Purchasing Managers’ Index fell slightly to 49.4, compared to October’s 49.5 and Reuters’ forecast of 49.7.
US Energy Information Administration data showed a sudden increase of 1.6 million barrels in US inventories last week.
Thursday, November 30, 2023
Iraqi Cabinet pushes for State Contracts in Dinars, 1 DEC
Iraqi Cabinet pushes for State Contracts in Dinars
As part of financial and economic reforms, the Iraqi Cabinet has endorsed recommendations to conduct all state contracts within Iraq in Iraqi dinars.
Exceptions will be made for ongoing external grants, loans, and agreements. New contracts involving foreign grants, loans, and agreements may adhere to foreign currency terms agreed upon in the Ministry of Finance’s April 27, 2023 circular.
Beneficiaries can open documentary credits for importing project materials and transfer foreign currency for salaries, wages, and company dues, subject to the controls of the Central Bank of Iraq (CBI).
"RV UPDATE" BY PIMPY. 1 DEC
Pimpy
It looks like Iraq is pushing for its own monetary sovereignty... Article: "Iraq is moving towards applying the principle of monetary sovereignty. What does that mean?" This is actually really good news...This is what we've been bugging Iraq to do - get out of the shadow of the United States and do your own thing...
In other words, our little child is wanting to be all grown up and make a move to be on its own. This is exactly what we've been looking for...Once we kick the training wheels off of Iraq, you have to trust the people who are making the decisions about the Iraqi dinar make smart ones and not screw everything up...
In 2020 we know they almost went bankrupt and they ended up devaluing their currency. After about a year they increased it again. Not to where it was. We used to be able to get 1,190 for every dollar. Now we're getting what 1,310 for every dollar...We need it to go in the other direction.A parliamentarian accuses the Central Bank of hiding the facts about the currency auction, 30 NOV
A parliamentarian accuses the Central Bank of hiding the facts about the currency auction
On Thursday, MP Hadi Al-Salami confirmed the lack of transparency standards in the Central Bank auction and pointed out that the bank is concealing the details of its daily bulletin of complex currency sales.
During an interview with [publication name], Al-Salami revealed that the size of dollar amounts sold to companies and banks during auction operations is not disclosed through a daily bulletin.
The speaker expressed their concern regarding the Central Bank’s performance, stating that there seems to be confusion and a lack of control over the dollar exchange rate. They highlighted that the objectives of the Central Bank Law are to promote economic and sustainable development and support various segments of society, which they believe have not been achieved yet.
He noted the absence of transparency standards at the Central Bank in relation to the daily sales volume of the dollar.
Al-Salami noted that there is a lack of transparency regarding the volume of dollar sales to banks and companies.
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...