Zig’s Place Chatroom News Friday Evening 6-10-22

Zig: Welcome to Zig's Place, a chat room for dinar speculators and others....discuss any topic that you wish

Butterfly   SULAIMANI — The US dollar to Iraqi dinar exchange rates was stable in the Kurdistan Region’s markets on Friday (June 10)    $100 was at 148.250 Iraqi dinars.

100 British pounds was at 185,000 Iraqi dinars, and 100 euros was at 156,750 IQD.

butterfly   SULAIMANI — Crude oil prices were up on Friday (June 10) compared to the previous day.   The price of Brent crude was at $123.2, down from $123.9 and the price of WTI crude was at $121.6, down from $122.3.

butterfly   2022-06-10 03:57   Shafaq News/ Gold edged down on Friday and headed for a weekly fall, as Treasury yields rose, with investors awaiting key monthly U.S. inflation data that is due later in the day for cues on the future of monetary policy.

FUNDAMENTALS

* Spot gold was down 0.1% at $1,846.22 per ounce, as of 0038 GMT, while U.S. gold futures eased 0.2% to $1,849.10.

* Gold prices have fallen about 0.2% so far this week.

* Benchmark U.S. 10-year Treasury yields edged up, hurting demand for zero-yield gold. [US/]

* Economic data expected on Friday has market participants anxiously waiting for confirmation that decades-high inflation reached its summit in March and has commenced its long hike back down the mountain.

* The U.S. Federal Reserve will hike its key interest rate by 50 basis points in June and July, with rising chances of a similar move in September, according to a Reuters poll of economists who see no pause in rate rises until next year.

* Bullion is often seen as an inflation hedge, but the opportunity cost of holding it is higher when the Fed raises short-term interest rates to combat inflation.

* The number of Americans filing new claims for unemployment benefits increased to the highest level in nearly five months last week, but that likely does not mark a material shift in labour market conditions, which remain extremely tight.

* The European Central Bank ended a long-running stimulus scheme on Thursday and said it would deliver next month its first interest rate hike since 2011, followed by a potentially larger move in September.

* Spot silver dipped 0.1% to $21.65 per ounce, and platinum fell 0.5% to $966.13, while palladium rose 0.2% to $1,928.17. All are on course for weekly declines.   Source: Reuters

butterfly   2022-06-10 07:33   Shafaq News/ The Iraqi MP Mustafa Al-Arsan revealed parliamentary efforts to approve laws other than food security that serve Iraqi society, including the general amnesty law."

Al-Arsan, a deputy of Al-Siyada Alliance, told Shafaq News Agency, "The food security law is essential as it contributes to addressing several files, including electricity, compensation, and regional development.

"There are other laws that will be legislated soon, including the general amnesty law, which the Iraqi Parliament would amend for victims in Iraqi prisons.

Al-Arsan pointed out that today, the Parliament is the only legitimate body in the country since the government is a caretaker government.

On the outstanding issues, which residents of the liberated areas hope to address, including the file of the disappeared, mass graves, the displaced, and compensation, the deputy said, "the displaced are included in the Food Security Law, to address their situation in the camps inside Iraq, as well as the file of compensation for the liberated areas."

butterfly   2022-06-10 05:50  Shafaq News/ The CEO of Dana Gas expected that gas production would edge higher at the Khor Mor gas field in the Kurdistan Region next year.

In an interview with Mubasher.info, Patrick Allman-Ward said that the primary current objectives of Dana Gas are to regularize the financial dues received from Iraqi Kurdistan and Egypt and settle the unpaid payables.

He added that in the first half of 2023, the undergoing expansion at the Khor Mor gas field in Kurdistan would boost the company's production capacity by about 25%.

Allman-Ward pointed out that the current rise in oil prices is the main factor that will enhance Dana Gas's performance in the coming period.

Dana Gas is the Middle East's first and largest regional private sector natural gas company, established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, the Kurdistan Region of Iraq (KRI), and the UAE.

Dana Gas and Crescent Petroleum jointly operate the field on behalf of the consortium. The field supplies the natural gas it produces to power plants in the Bazian, Erbil, and Chemchemal areas. The field also has 1,000Mt/d of liquified petroleum gas (LPG) and 15,000 barrels per day (bpd) of gas condensate.

The Khor Mor field expansion project is being developed with an investment of $700m. It expects to receive continuous investments with a projected expenditure of $4.3bn between 2018 and 2027

Zig   Doug_W : Have you ever heard @Sergio tell his story about hunting alligators for a living?

Zig   In case you haven't read @TWW's story about his experience with the Kuwaiti Dinar:

"I was learning to trade currencies in the 70's...I was working in Riyadh in 1989 for a developer, and Amed, my boss, was telling me of a 'rumor' that Kuwait was planning to 'adjust' their currency... Remember, Iraq was attacking Kuwait's oil wells... Well with the help of USA & international assistance, adjustments were about to take place... I never heard the RV by name, just an 'adjustment'... Their currency at that time was .05...

While there I bought quite a bit of their currency, quite a bit in Riyadh... I was back in Honolulu around March when my currency broker from the past called me at home, and mentioned that Kuwait's currency adjusted to a higher value, 3.47 USD... I called my bank, Bank of Hawaii, and they confirmed...

So I went with my bills and cashed them in... I had to show my passport with the date when I was in Egypt... it was my former boss in SA that called about their RI/adjustment then I went through his broker... It went from 0.05 to 3.47 USD... It was just an exchange, no tax. ... There is more to the story but this should give you enough to share at this point... It did happen no matter what the so-called Gurus are telling you."

Butterfly   The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheef, was briefed today, Thursday, on the level of services at a number of private banks.

The media office of the bank stated in a statement, that "Makhif conducted a field visit this morning, accompanied by the team of the Central Bank's Control Department, which included a number of private banks, in which he inspected the progress of their work, and was briefed on the level of banking services they provide."

He added, "The governor met with the banks' departments during the visit, which came within the framework of the field follow-up to the reality of the work of Iraqi banks, and the development of their infrastructure, and for the purpose of closely examining the extent of their application of the instructions and decisions issued by the Central Bank."

The statement continued, "This comes within the efforts of the Central Bank and officials to raise the level of services provided by banks, and to advance the reality of the Iraqi banking sector to achieve more stability and growth in it."

butterfly   - The Ministry of Oil confirmed that fuel is available and there is no shortage of it, noting that due to the high air temperature, vehicle owners resort to preferring to refuel at night, which creates momentum at the stations.

The Undersecretary of the Ministry of Oil for Distribution Affairs, Hamid Younis, said in a statement that "fuel is available and there is no shortage of it, and due to the high weather, vehicle owners are resorting to preferring to supply from filling stations with fuel at night instead of during the day."

He added, "The ministry is keen to provide the owners of private generators with the prescribed quotas and increases," appealing to citizens not to believe the rumors spread by some paid agencies, which aim to confuse the general situation.

And regarding the ministry's procedures, he stated that "the fuel card system was implemented in Nineveh after an increase in Its share is three million liters of gasoline per day.

He explained that "the Oil Products Distribution Company has started implementing the fuel card experiment in Kirkuk governorate," noting that "the ministry aims to provide the citizens' needs of fuel for each governorate, and work not to transfer products to other governorates or to exceed their quotas."

Sergio   Hello all   I found one of my files

Sergio   Info that comes from a retired IMF and World bank person

Sergio   He stated the IMF only give loans to countries and the only organization that has control over a counties currency, increase or decrease in value, is the Central Bank of that country. No one else. He went on to give an example, China, that their currency is way under valued. This is due to all the exports and very little imports.

This is where they get their money and they can and do, keep the value low. I brought up Iraq and Iran. Too much unrest, corrupt politicians, and uncertainty in the region. The more a country holds US $'s the more their currency will be worth, the less they have the less it's worth.

He stated that Iraq does not need to increase the value of their currency due to all the oil they have. They don't need to increase the value of their money, they get their money from the oil. Not exports. He also stated if the Iraqis done away with the Prime Minister that the value would go down drastically due the civil war it would create in country. He stated it would be a very, very high risk venture with Iraqi currency.

butterfly   2022-06-10 07:31   Shafaq News / Iraq has defied political axioms, with disagreements between blocs and political forces delaying the formation of a new government to succeed Mustafa al-Kadhimi's two-year-old government, which fell out of power following the October 10, 2021 elections.

Observers say that the calculation procedure for the time spent under the caretaker government is part of unnecessary procrastination as the country faces a complex series of crises and challenges that necessitate a quick formation of the government, selection of the president, and revitalization of parliamentary work. That is the least Iraqis can hope for, regardless of whether they voted in the recent elections or not.

If the calculations are correct, Iraq will have surpassed 230 days since the closing of the ballot boxes on October 10. If, on November 30, 2021, 50 days after the elections, it had been more than 180 days since the High Electoral Commission announced the final results, after hundreds of appeals against preliminary results had been resolved and questionable votes had been manually recounted.

But it is well established that more than 230 days have passed since the polls closed, which means that the "record" of this political vacuum, which was recorded after the March 7, 2010 elections, led to the formation of Nouri al-Maliki's so-called "second government".

butterfly   According to observers, "breaking" that figure is not a cause for celebration because it is not about achieving a record success at the time of a project or plan, and what happened in 2010 is remembered as similar to the "record" set in the Netherlands, where the government was formed after a 271-days political impasse.

However, what happened politically in 2010 appears to be similar to what is happening now, given that those elections 12 years ago resulted in the formation of a new government for Nouri al-Maliki on December 22, which lasted until September 8, 2014.

At that time, Iyad Allawi's coalition won the highest seats, defeating its main opponent Nouri al-Maliki, who was later able, through regional maneuvers, compromises, an Iranian sponsorship, a U.S. approval, and difficult negotiations involving Syria and Hezbollah in Lebanon, to include al-Maliki's allies to form the largest bloc in parliament, thus taking away the right to form a government again, which seems similar to the current political maneuvers and games.

While the rivalry between the "Iraqia" and "State of Law" blocs was intense, with the first winning the most votes, "Iraqia" said its victory gave it the right to form a government.

The "state of law" responded by emphasizing that the Federal Supreme Court issued a decision interpreted by the bloc as giving it the right to form, given that it is the largest Parliamentary bloc, and that is why the "State of Law" moved quickly to conclude special alliances with the Iraqi National Coalition."

As it stands, relations between Muqtada al-Sadr and Nouri al-Maliki are strained, and the fallout from al-Maliki's military operation against Sadrist militants known as the "Battle of Basra" in 2008 is still fresh in everyone's minds.

Muqtada al-Sadr also opposed al-Maliki's re-election to form a second government for eight months, until multifaceted regional mediation, particularly from Iran, resulting in a meeting in Qom in 2011 to reach a settlement,

butterfly  "They want to leave and hand over the country to the Iranians. We are a failed state now, an Iranian colony," the New Yorker newspaper quoted Allawi as saying at the time, expressing his displeasure at Washington's abandonment and withdrawal of support.

However, the relatively peaceful relations between al-Sadr and al-Maliki have not reached a point of harmony; and the Sadrists have moved more than once in corruption-related files and attempts to question al-Maliki within parliament.

Furthermore, when ISIS took over large swaths of Iraq in 2014, al-Sadr was one of the most vocal objectors to al-Maliki's mandate to form a third government.

Now, Iraqis are awaiting the results of the ongoing political maneuvers, especially between the "Coordination Framework" forces that include al-Maliki in their leadership, and the so-called "Trilateral Alliance" that includes al-Sadr.

Ironically, more than 230 days after the polls closed, Belgium still holds the "record" for the longest governmentless period of more than 500 days.

Therefore, millions of Iraqis have the right to wonder whether their fate will continue to be counted in record shameful numbers.    Exclusive to Shafaq News agency.

butterfly  2022-06-10 03:57   Shafaq News/ Gold edged down on Friday and headed for a weekly fall, as Treasury yields rose, with investors awaiting key monthly U.S. inflation data that is due later in the day for cues on the future of monetary policy.

Sheila   Stuck Here In The Middle With You by Steel Wheels - https://www.youtube.com/watch?v=ln7Vn_WKkWU

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