TNT – “Tidbits From TNT” Friday 10-20-2023

CandyKisses:  The job number “exposes” more than 3,000 “dual” employees in Najaf… and the governor is taking action

Baghdad today – Najaf 

Today, Friday (October 20, 2023), the Governor of Najaf, Majid Al-Waeli, directed the suspension of the salaries of 3,363 double-salary employees in the governorate.

The governor’s media office stated in a statement received by “Baghdad Today” that “Governor Majid Al-Waeli announces the suspension of the salaries of 3,363 employees due to double salaries after activating the job number.”

He added, “250 employees had their salaries suspended on June 12 of last year, 2022. ” 

CandyKisses:  Iraq to charge Customs Duties/Taxes “Exclusively in Iraqi Dinars”

By John Lee.

The Kurdistan Regional Government (KRG) has said that customs duties and taxes at border crossings will now be levied exclusively in Iraqi dinars instead of US dollars.

According to Decree No. 227 of the Council of Ministers, dated September 20, 2023, customs duties and taxes at border crossings will now be exclusively levied in Iraqi dinar instead of US dollars. Non-compliance with this new regulation will result in penalties.

This decree, issued in accordance with Article 8 of the Kurdistan Regional’s Council of Ministers Law (amended No. 3 of 1992) and based on the recommendation of the Minister of Finance and Economy, establishes the sole use of Iraqi dinar for customs duties and taxes at border crossings.

Furthermore, the decree underscores that all ministries and relevant government institutions are required to adhere to this regulation, with violations at border crossings subject to punishment.

(Source: Ministry of Oil)

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CandyKisses:  Trenches dug… American forces tighten their procedures at the “Harir Base” in Erbil

Baghdad today – Erbil 

A security source revealed today, Friday (October 20, 2023), that the American forces stationed at the Harir base in Erbil have taken strict security measures.

The source said in an interview with “Baghdad Today”, “The American forces have taken the highest levels of caution and there are trenches being dug inside the base for fear of new attacks targeting the base after targeting the Ain al-Asad base in Anbar Governorate.”

He added, “The American Consulate has also taken strict precautionary measures, and there is a deployment of reconnaissance aircraft on the outskirts of Erbil.”

Yesterday, Thursday (October 19, 2023), the US Department of Defense (the Pentagon) confirmed the death of a contractor targeting the Ain al-Assad base in western Iraq. 

Earlier, a security source said in an interview with “Baghdad Today”, that “shelling with Grad missiles (from 3-4), targeted the base of Ain al-Assad west of Anbar,” indicating that “a force from the command of the island forces and the Badia / Brigade 29 in the seventh division, found a rocket launcher, and was able to neutralize two missiles that were intended to launch.”

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Tishwash:   The Chinese sell the largest amount of US stocks and bonds in four years

Chinese investors sold the largest amount of US stocks and bonds in four years in August, raising speculation that Beijing had taken a step to give itself greater leverage in its defense of its weak renminbi currency.

About $15 billion of the total net sales of $21.2 billion came from the disposal of U.S. Treasuries, according to data from the U.S. Treasury Department, which tracks trades made by investors such as China’s central bank, mutual funds and retail investors.

Stock sales totaled about $5 billion — a record for monthly sales of US stocks by Chinese investors — while investors also sold agency bonds, that is, those issued by government-linked companies.

The rise in US securities sales coincided with efforts by Beijing to intensify its defense of the renminbi exchange rate against the dollar, which has come under pressure from slowing economic growth and capital outflows.

“There is market speculation that this reflects China divesting from US Treasuries in order to increase its reserves to defend the renminbi,” said Stephen Innes, managing partner at SPI Asset Management.

The yuan fell by 5.7 percent against the dollar this year, as the widening interest rate differential between Chinese and American debt prompted foreign investors to withdraw money from the country’s bond market.

Slowing economic growth and a liquidity crisis in the real estate sector also raised concerns about capital flight and increased downward pressure on the currency.

Investors grew increasingly concerned in August about how well China’s central bank could defend the renminbi without further declines.

However, Innes said it had since been more successful in easing downward pressure by setting the currency’s trading range higher than investors’ expectations and having government lenders intervene in the market on its behalf.

“We don’t know for sure what’s happening at the central bank, but we can assume it’s probably a combination of factors,” Innes said, adding that the People’s Bank of China’s foreign reserves have remained stable in recent months.

But although there is no direct confirmation of what prompted Chinese investors to sell US securities in August, analysts said the timing of the sales was in line with the floor of the renminbi-dollar exchange rate.

“In August, we started to see a change in policy from the People’s Bank of China,” said Ken Cheung, chief Asian foreign exchange strategist at Mizuho Bank. “That was when they started putting foreign exchange stability at the top of the monetary policy agenda thanks to money outflow pressures.”

The selling also came before US government bonds fell over the past two months, sending the 10-year US Treasury yield to its highest level since the early stages of the global financial crisis. link