Zig’s Place Chat Room Discussion and News Sunday 10-18-20

Xyz    CBI NEWS/ANNOUNCEMENTS

The Central Bank comments on the comments to reduce the price of the dinar against the dollar

October 18, 2020  The Central Bank of Iraq confirms that the statements that have spread recently regarding (reducing the exchange rate of the Iraqi dinar against the dollar) represent the viewpoint of those who stated it and do not represent the official position of the Central Bank, and this was accompanied by a number of rumors launched by speculators, which affected the price (temporarily).

This bank declares that the exchange rate is fixed and unchanged, and that its monetary policy is clear and transparent. Note that its foreign currency reserves are "very good" according to all international indicators, in a way that enables it to overcome the current crisis that the country is going through.

This bank hopes that the media will rely exclusively on the sources of the Central Bank in this regard.

The Central Bank of Iraq   Media Office https://cbi.iq/news/view/1580

Xyz   Iraqi Prime Minister Heading to Europe for Official Visits     kadhimi

Iraqi Prime Minister Mustafa al-Kadhimi will pay an official visit on top of a high-level delegation to meet with officials in London, Paris, and Berlin.

In remarks, the German embassy was quoted as saying that Kadhimi will tackle bilateral ties, including cooperation in the war against terrorism and the economic crisis during his upcoming meeting with Chancellor Angela Merkel.

Kadhimi’s agenda for his visits to London and France is believed to be similar.

According to a statement by Iraq’s Central Bank, whose director is accompanying PM Kadhimi, the trip is said to last four days. https://www.thebaghdadpost.com/en/Story/50225/Iraqi-Prime-Minister-Heading-to-Europe-for-Official-Visits

EYEGUY   Come on Iraq !!!! do it already ......Z I know you KNow where the button is Please push it   I think it is SOON

Ubique   Insurrection & Violence  A Citizens Guide - Sept 2020

https://unconstrainedanalytics.org/wp-content/uploads/2020/09/Insurrection_and_Violence_Final.pdf

xyz   Russian millionaire Sergey Young invested millions in the so-called "science of immortality", today, Sunday, spending about 100 million US dollars on biotechnology to extend human life for a period of up to 200 years. https://www.dijlah.tv/index.php?page=article&id=266893

xyz   "the white paper included reducing salaries and adopting austerity in monetary policy," noting that "the matter raised concerns of merchants and capital owners and pushed them to withdraw hard currency from the market, which led to its rise ." https://aynaliraqnews.com/index.php?aa=news&id22=139922

xyz   The Central Bank Will Participate In Al-Kazemi's Visit To Europe To Raise The Name Of Iraq From The High Risks

On Sunday, the Central Bank of Iraq revealed that its governor is part of the delegation headed by Prime Minister Mustafa Al-Kazemi to visit several European countries.

A statement by the Central Bank's Media Office, received by Al-Mustaqilla, said today, Sunday, that the bank’s governor, Mustafa Ghaleb Mukhaif, “will participate in the company of a high-level government delegation headed by the Prime Minister this Sunday on a visit to France, Germany and the United Kingdom.”

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The statement indicated that frightening will meet "during the four-day visit with counterparts to discuss a number of common issues, especially removing Iraq from the European Union's high-risk list as well as discussing the development of banking relations and financial investment between Iraq and these countries because of the economic weight they constitute in Europe and the world ”.

A government source previously reported, to Shafaq News, that Prime Minister Mustafa Al-Kazemi made a European tour at the head of a high-level government delegation.

He indicated that the tour includes all of London, Paris and Berlin, during which a number of agreements are concluded at various levels. (End) https://www.mustaqila.com/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%B3%D9%88%D9%81-%D9%86%D8%B4%D8%A7%D8%B1%D9%83-%D8%A8%D8%B2%D9%8A%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D9%83%D8%A7%D8%B8%D9%85%D9%8A-%D8%A7%D9%84%D9%89-%D8%A7/

xyz   Iraq’s Central Bank is at risk of losing its independence https://www.rudaw.net/english/analysis/16102020

EYEGUY   come on Iraq!!!!

xyz    Iraq's Central Bank "at Risk of Losing its Independence"

18th October 2020 in Iraq Banking & Finance News, Politics   Finance Minister Ali Allawi said in a press conference following the adoption of the White Paper for Economic Reform by the Council of Ministers on October 13:

"... we have a solid and strong relationship with the Central Bank for the purpose of unifying monetary and financial policies, and this will provide us with the possibility to cover all the requirements and entitlements of the salaries of employees and retirees."

This statement went unnoticed by all journalists, pundits and analysts. Nobody noticed the attempt of the Iraqi government to undermine the independence of the Central Bank of Iraq (CBI) to implement the financial policies approved by the government. https://www.iraq-businessnews.com/2020/10/18/iraqs-central-bank-at-risk-of-losing-its-independence/

Xyz   Report warns of Possible Collapse in value of Iraqi Dinar

17th October 2020 in Iraq Banking & Finance News, Politics

By John Lee.

An Iraqi government white paper has warned of a possible collapse in the value of the Iraqi dinar.

According to Farhad Alaaldin, writing for Rudaw, the recently-approved white paper refers on page 37 to the danger of using the Central Bank of Iraq (CBI) as a source of financing, saying that the authors believe it "will lead to severe pressure on the CBI's reserves and the resulting unsustainable future consequences."

He adds that this view was further confirmed by the group of experts writing the White Paper on page 42, who state that:

"Indirect monetary financing by the CBI is the only remaining source... The need for this reserve to finance imports of goods and services means its will drop dangerously to low levels within nine months, which will ultimately lead to a real crisis in value of the Iraqi dinar, accompanied by the possibility of a collapse in its value."

More here.   (Source: Rudaw) https://www.iraq-businessnews.com/2020/10/17/report-warns-of-possible-collapse-in-value-of-iraqi-dinar/

xyz   Cougar said {to the Euphrates News} that "there are no expectations to raise the dollar exchange to 1500 dinars," noting that "the exchange rate will be fixed in the budget and it determines its paths."

He pointed out that "in the event that the state budget is updated at a new exchange rate that differs from the context of the supply throughout the 17 years in the budgets, it will affect the purchasing power of the currency and the citizen will be the main victim."

Couger said, "The decline in the exchange rate or its rise occurs when the required liquidity is not available or vice versa is more than necessary," calling on the central bank to "provide the market with its needs of the currency https://alforatnews.com/news/كوجر-سعر-صرف-الدولار-سيثبت-في-الموازنة-ويحذر-من-تداعيات-ارتفاعه-الى-1500-دينار

xyz   Iran says US arms embargo on Tehran has been lifted https://www.rudaw.net/english/middleeast/iran/18102020

EYEGUY   Sure hope any negative news out of Iraq is meant as a distraction

xyz   Finance Minister: There is a political will to implement tough reform http://www.sotaliraq.com/2020/10/18/وزير-المالية-هناك-رغبة-سياسية-لتنفيذ-إ/

xyz   The State Department announces the formation of a committee to schedule the redeployment of US forces outside Iraq http://www.sotaliraq.com/2020/10/16/الخارجية-تعلن-تشكيل-لجنة-بشأن-جدولة-إع/

EYEGUY   HUmmmm interesting

TWW   Nawar Al-Saadi: It is not in Iraq's interest to float its currency. Do you support floating the dinar during the current stage?

The demand to float the dinar is a big mistake, because the poor will pay the price. It is not in the interest of the Iraqi financial system to raise the exchange rate of the dollar, because it will lead to a decrease in the price of the Iraqi dinar and a decrease in purchasing power and will lead to inflation, and that the classes with limited income and salaries will be the first affected by this decision.

In a simple arithmetic process, if $ 100 = 120,000 dinars after the float, it will be = 150,000 dinars at the very least, and therefore if your salary is 600,000 dinars, its real value is 400,000 dinars. Obtaining it or the habit of buying it here leads to a significant increase in inflation, with the rest of the current problems such as facing Corona, unemployment, poor services, security challenges, and debts all lead to a complete economic collapse.

Sheila   date and rate - linchpin?

TWW   lolololol

Sheila   @TWW Do you have opinion on Monday being another Black Monday like October 19, 1987?

TWW   Has happened many times like in 1989

Sheila   Keep reading about the Big Bang for Monday? Ominous.

TWW   sheila 1929: The Crash of '29.

1973: The OPEC Embargo.

1981: The Early-'80s Recession.

1987: Black Monday.

2001: The Dot-Com Crash.

2008: The Great Recession.

Sheila   Remember all of those. lolol lolol

Sheila   Except 1929. lolol - heard about that from my grandfather.

TWW   Dates & numbers r easy to remember

Sheila   experienced all except 1929

TWW  me too

Sheila   gosh darn, eye am getting old... lolol -- eye sure am laughing a lot today.

TWW   laughing is great for ur body & soul

TWW  do u own ZIM notes

Sheila   got a few   you?

TWW   yes, readin something now abt it...bk shortly

TWW  ZIM$ going GOLD Backed????  https://dailynews.co.zw/articles-2019-11-07-amg-boss-proposes-gold-backed-zim-currency-to-rbz/

Sheila  excellent news!!!

TWW  May need to 'copy & paste' https://dailynews.co.zw/articles-2019-11-07-amg-boss-proposes-gold-backed-zim-currency-to-rbz/

Sheila   So this article appears the day before the supposedly big bang Monday?

Sheila   Well, not the day before... Nov 7, 2019? Guess we all had almost a year's notice.

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