Zig’s Place Chatroom News Sunday Evening 5-15-22

Zig’s Place Chatroom News Sunday Evening 5-15-22

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

NORV   Where is my buddy Dave?  Got a new article for ya...appears they are fighting between floating and a LOP. lol

NORV   The Iraqi Journal of Economic Sciences publishes an article on the Iraqi dinar between the polemics of flotation and devaluation

Mustansiriyah University   2022/05/15 12:10:01   The Iraqi Journal of Economics, issued by the College of Administration and Economics - Al-Mustansiriya University, published in its seventy-first issue for the month of December in 2021 an article under the title (A case and opinion / the Iraqi dinar between the polemics of floating and reduction) by Dr. Mazhar Muhammad Salih / Adviser to the Prime Minister for Financial and Economic Affairs.

The article indicates that despite the monetary policy of the Central Bank of Iraq following the shock method in adjusting the value of the Iraqi dinar with the procedures of December 19, 2020, but the reduction in the dinar exchange rate at a rate of 20% was identical to the deficit in the current account of the Iraqi balance of payments relative to the GDP The total, which was estimated at about (negative 20%) for the year 2020.

The debate remained among some economists about the importance of the Central Bank of Iraq resorting to the floating currency philosophy as a prelude to gradual adjustment instead of adopting the method of shock and surprise to the market with a low, alternative external value of the Iraqi dinar overnight. Overnight!).

Floating the currency exchange rate in essence means adopting an exchange system according to which the external value of the national currency is determined according to the forces of supply and demand in the exchange market. This comes in contrast to the fixed exchange system, in which the monetary authority or the central bank determines the value of the dinar against foreign currency in advance and according to the rules of its monetary policy.

NORV   In spite of the foregoing, and in order to explain the importance of the policy of (floating the Iraqi dinar and adopting an equilibrium rate in the exchange market instead of (devaluation) according to the (shock) method that occurred in the value of the Iraqi dinar at the end of 2020, we must state in this regard the following:

First: In our economy of a unilateral rentier (sovereign) nature, the Central Bank of Iraq (the central market) is the monopoly in providing sources of foreign currency supply through open market operations.

Second: In the developing (non-rentier) economies that are diversified in the sources of supply of their foreign currency and their trade openness to import and export through free market forces.

But the question remains about the importance of the flotation, whether the Iraqi market cannot correct the exchange rates in the flotation when the central bank raises its hand as a central market so that the forces of demand appear in a market in which supply falters without continuous and intensive intervention that meets the demand for foreign currency without the intervention of the monetary authority. itself. https://uomustansiriyah.edu.iq/web_article.php?post_id=5799_221&lang=ar

NORV   "The debate remained among some economists about the importance of the Central Bank of Iraq resorting to the floating currency philosophy as a prelude to gradual adjustment instead of adopting the method of shock and surprise to the market with a low, alternative external value of the Iraqi dinar overnight. Overnight!)."

NORV   Pretty clear..."resorting to the floating currency philosophy as a prelude to gradual adjustment instead of adopting the method of shock and surprise to the market with a low, alternative external value"

NORV   :Floating:

Dave   LOP...????? Read "Shock and AWE"......... NORV

Dave   oops .....Surprise and not AWE..... NORV Was that free float or managed float......?

Dave   Have heard Nodda from CBI about CBI going global yet.....

Dave   have heard same banter about this now for over 12 yrs.........still nowhere.

Zig   to Zig's Place which was opened in August, 2020...I opened it primarily to discuss the Iraqi Dinar and other currency speculations...However, you may discuss other topics as well, including politics & religion....many topics can be discussed simultaneously...If you decide to become a member I only ask that you treat others here the way that you wish to be treated....Please try to keep your disagreements friendly...

butterfly   The Supreme Judicial Council takes several decisions related to installing judges and combating drugs

Sunday 15 May 2022 19:41 ..... Baghdad / NINA / - The Supreme Judicial Council has taken several decisions related to installing judges and combating drugs.

A statement by the Supreme Judicial Center stated that the Council held its fifth session headed by the President of the Supreme Judicial Council and the President of the Federal Court of Cassation, Judge Dr. Faiq Zaidan, during which the unanimous vote was taken on the text of the draft amendment of some articles of the Judicial Organization Law No. (160) for the year 1979 that had previously been discussed in the previous sessions.

The council approved the promotion of a number of judges and members of the public prosecution and the assignment of some according to work requirements.

The Council decided to confirm the graduates of the Judicial Institute session (41) due to the expiry of the probationary year in which the judges worked and their eligibility for confirmation.

The Minister of Health and the Supreme National Authority for Narcotics and Psychotropic Substances were hosted, and the best ways to expedite the destruction of narcotic substances and bypassing routine obstacles that prevented this were discussed, and the Council approved the appropriate measures to address these problems.

butterfly   Agricultural Bank: The loans of the Central Bank of Iraq included ten agricultural purposes

Sunday 15 May 2022 19:18 .... The Cooperative Agricultural Bank confirmed today, Sunday, that the initiative of the Central Bank of Iraq in its agricultural axis included about ten agricultural purposes.

The media office of the bank stated in a statement, that the agricultural projects targeted in the initiative of the Central Bank of Iraq included projects (establishing poultry fields - feed factories - operating poultry fields - constructing, rehabilitating and operating hatcheries - raising imported Holstein, Friesian milk cows - purchasing harvesters and agricultural mechanization - pumps Solar-powered water-modern irrigation systems-construction of air-conditioned greenhouses-construction of palm groves in desert lands).

He added, that there are other projects that will be determined later by the higher committee supervising the initiative.

butterfly   2022-05-15 14:24   Shafaq News / The Parliamentary financial commitee said today, Sunday, that there is no solution to the current crisis but forming a new government.

Member of the committee, Mustafa Sanad, told Shafaq News agency that there is no solution to the crisis that resulted in from the Federal Supreme Court's decision to annul the food security bill, since the latter banned the Parliament from submitting any new bills, especially the ones that require funding.

He added that just as the food security bill was challenged, the budget bill and any proposed law will be challenged too, stressing that the only solution to the crisis is forming a new government capable of submitting bills to the Council of Representatives.

Sanad noted that the caretaker government cannot legislate laws, according to FSC's decisions, pointing out that annulling the food security bill will force the political parties to solve the impasse.

Earlier on Sunday, Iraq's Federal Supreme Court dealt a blow to the emergency bill on food security and development.

Documents obtained by Shafaq News Agency showed that the court issued a decree to annul the controversial bill after a lawsuit filed by lawmaker Bassem Khashan.

butterfly   2022-05-15 11:14  Shafaq News/ The U.S. dollar (USD) exchange transactions against the Iraqi dinar (IQD) closed at a lower rate in the markets of the Iraqi capital, Baghdad, today, Sunday.

Shafaq News Agency correspondent said that the USD closed at a rate of 148100 IQD to 100 in al-Kifah and al-Harithiya Central Exchanges, 100 IQD below the opening rate this morning.

The selling and buying rates of the USD in Baghdad's local markets stood at 148500 and 147500 IQD for 100 USD, respectively.

butterfly   SULAIMANI — The leader of the Sadrist Movement, Muqtada al-Sadr, said on Sunday (May 15) his party has no choice but to temporarily join the opposition for at least 30 days.

Sadr explained he had failed in his efforts to form a national government due to increased pressure from both inside and outside of the movement.

He stated the party would make a new decision if the government could not be formed within one month.

Sadr announced he was "honored” to not resort to the courts in order to form a new government and stated he was "honored to have the largest parliamentary bloc in the history of Iraq.”

"We have an option left that we must try, which is going to the national opposition for a period of no less than thirty days,” he said.

Sadr gave the Coordination Framework, a loose coalition of Shia parties which has opposed the Sadrist Movement in parliament, a period of 40 days beginning on March 31 to reach an agreement with other parties on forming a new government.

The period for parliament to elect a new president of the republic passed in early April, following delays parliament sessions that MPs refused to attended, leading to a lack of quorum necessary to hold the sessions.

butterfly   SULAIMANI — The Kurdistan Regional Government (KRG) representative in Baghdad told NRT on Sunday (May 15) the sum of 200 billion Iraqi dinars (IQD) has been transferred from Baghdad to Erbil.

The representative, Faris Issa, said the funds are now in the KRG Ministry of Finance’s bank accounts.

Two sources from the KRG Council of Ministers and the finance ministry told NRT previously that there was no official word on whether the 200 billion IQD would be sent.

The KRG began to receive a monthly stipend of 200 billion IQD per month in July 2021 under an agreement with Iraqi Prime Minister Mustafa al-Kadhimi.

Despite the value of a barrel of oil exceeding $100 a month, the government still faces delays in distributing salaries.

University teachers and employees in Sulaimani and Halabja have been protesting for more than a week demanding their March salaries from the KRG.

Sheila   good evening all... hope everyone had good weekend

TWW   sheila Exclint wk ed

sheila   TWW good onya. grateful to be here. praying this is the week for freedom, financial prosperity for all of us.   TWW Believe we all need to see some linchpin events.

TWW   sheila this my 6th or 9yrth yr

Sheila   @TWW Which is first, IYHO? RV then political changes -- or -- political changes then RV?

Sheila   TWW 6th or 9th year for what exactly?

TWW   new linch pin, Viet Nam Dong

Sheila   @TWW Bought first dinar in January 2010.

Sheila   TWW Dong would be excellent.

TWW   sheila IMOHO, RV then political changes

TWW  2010, I was stock piling Silver

Sheila   TWW I know that's right! lol lol

Sandyf   @Zig sheila : I know some people that bought around 2003 - The currency was introduced late 2003 and within 6 months there were MLMs pushing it as the next great money maker. A bit naive on MLM I got scammed into joining one in 2004, disappeared a couple of years later.

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