Samson » October 19th, 2016
10/19/2016 - 08:26
Iraqi special representative of the Association of Banks in Kurdistan hand Shirwan Mustafa revealed that the provincial government's response to the proposal of the President of the Association of settling employees' salaries in order to activate the developmental loans.
He said trying to hold consultations with the banks to find mechanisms work contributes to the success of this done.
Abadi will pay dues of farmers and the imposition of taxes on some of the material is essential
10001.jpg 19/10/2016 - 08:12
The prime minister Haider al-Abadi would be dues peasants Exchange 2016.
On the other hand the prime minister stressed that the budget bill for the Federal 2017 included a tax on materials is essential in order to strengthen the state's resources.
Ministry of Displacement and Migration announced the launch of a new financial grants for 31 thousand and 177 displaced families registered within its database across the country.
And transfer to a ministry statement received by all of Iraq [where] a copy of it, from the Director General of the Department of Information and Research Agency in the Ministry Eman Naji, said that " the ministry has launched two meals a new grant of 250,000 dinars and Ojptin to grant one million dinars for the displaced families in all provinces of the country and registered within its database . " .
and showed that "the 250 grant thousand Iraqi dinars included 23 thousand 329 families displaced within the seventh and eighth diets, as well as one million dinars grant that included 7848 displaced families within the sixteen and seventeen and half - board."
she said Naji, said that "displaced families covered by financial grants since it can direct the day of receipt by the smart card , "noting that" the launch of this grant payments come within the framework of the efforts of the ministry tireless efforts to ease the burdens.
Walkingstick » October 19th, 2016
Finance Committee in the House of Representatives unveiled on Wednesday, has announced legislation of a special law to guarantee depositors' money in Iraqi banks, while confirming that it will contribute to "boost confidence in the banking sector."
Said Finance Committee member Jabbar al-Abadi, said in an interview to the (long-Presse), "The Committee was planning to prepare a draft law to guarantee bank deposits, but the government has agreed with the central bank to develop a system depends new styles to re certain percentage of depositors' money in the event of a loss banks ".
He said al-Abadi, a deputy from the coalition of state law, that "the government issued rules in agreement with the Central Bank of Iraq," adding that "the parliamentary finance committee working to enact a law to guarantee bank deposits to shore up confidence in the banking system."
The central bank announced in (the seventh of June 2016), for approval of the Cabinet set up a company to guarantee deposits in the government and private banks with a capital of 100 billion dinars, while the company aims to stimulate citizens to deposit their money in banks rather than Aktnazha, confirmed money chunky citizens outside banks of more than $ 30 trillion dinars.
It is noteworthy that the Iraqi private banks association, announced (October 2015) that the ratio of deposits to the government banks, ranging from 65 to 68 trillion dinars, of which no more than 22 trillion and deposits of private banks.
Many of the depositors of banks own, have demonstrated in front of the central bank recently for demanding their money regardless beyond many of those banks refrain, including investment, the Warka and the north, about it.
The banking system in Iraq consists of 54 banks as well as the Central Bank and distributed according to property between the seven state-owned and 23 private businesses, including Islamic nine in addition to the 15 branches of foreign banks. Link
Saudis, China Dump Treasuries; Foreign Central Banks Liquidate A Record $346 Billion In US Paper
Oct 18, 2016 4:54 PM | Zero Hedge |
One month ago, when we last looked at the Fed's update of Treasuries held in custody, we noted something troubling: the number dropped sharply, declining by over $27.5 billion in one week, the biggest weekly drop since January 2015, pushing the total amount of custodial paper to $2.83 trillion, the lowest since 2012. One month later, we refresh this chart and find that in the latest weekly update, foreign central banks continued their relentless liquidation of US paper held in the Fed's custody account, which tumbled by another $22.3 billion in the past week, pushing the total amount of custodial paper to $2.805 trillion, another fresh post-2012 low.
Then today, in addition to the Fed's custody data, we also got the latest monthly Treasury International Capital data, which showed that the troubling trend presented last one month ago, has accelerated. Recall that a month ago, we reported that in the latest 12 months we have observed a not so stealthy, in fact quite massive $343 billion in Treasury selling by foreign central banks in the period July 2015- July 2016, something truly unprecedented in size and scope.
Fast forward to today when in the latest monthly update, that of July, we find that what until a month ago was "merely" a record $343 billion in offshore central bank sales in the LTM period ending July 30, one month later this number has risen to a new all time high $346.4 billion, or well over a third of a trillion in Treasuries sold in the past 12 months.
Among the biggest sellers - on a market-price basis - not surprisingly was China, which in July "sold" $34 billion in US paper (the actual underlying number while different, as this particular series is adjusted for Mark to Market variations, will be similar), the biggest monthly dump going back to 2012, and bringing its total to $1.185 trillion, the lowest total since 2012.
It wasn't just China: Saudi Arabia also continued to sell its TSY holdings, and in August its stated holdings (which again have to be adjusted for MTM), dropped from $96.5BN to $93Bn, the lowest since the summer of 2014.
As we pointed out one month ago, what is becoming increasingly obvious is that both foreign central banks, sovereign wealth funds, reserve managers, and virtually every other official institution in possession of US paper, is liquidating their holdings at a very troubling pace. In some cases, like China, this is to offset devaluation pressure; in others such as Saudi Arabia, it is to provide the funds needed to offset the collapse of the petrodollar, and to backstop the country's soaring budget deficit.
So who are they selling to? The answer, at least for now, is private demand, in other words just like in the stock market the retail investor is the final bagholder, so when it comes to US Treasuries, "private investors" both foreign and domestic are soaking up hundreds of billions in central bank holdings. We wonder if they would do that knowing who is selling to them.
Meanwhile, while just two months ago yields had tumbled to near all time lows, suddenly the picture is inverted, and long-yields are suddenly surging on concerns the BOJ, the Fed, and maybe even the ECB will soon taper their purchases of the long end.
What happens if in addition to the relentless selling from foreign official institutions, private sellers also declare a buyer's strike. The answer? More Fed monetization of US debt will be the most likely outcome, aka more QE. We bring this up because, amusingly, the Fed is still harboring some naive hope it can/will raise rates in the coming week and/or months.