Zig’s Place Chatroom News Tuesday AM 11-16-21

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butterfly   By more than $150 million, foreign remittances increased by central bank sales

Tuesday 16 November 2021 Foreign remittances in the Central Bank of Iraq's sales rose from the dollar, today, Tuesday, to record more than 150 million dollars.

And the Central Bank stated in a statement: “Its auction for buying and selling US dollars witnessed a decrease in its sales by 1.1% to reach 198 million, and 118 thousand and 543 US dollars covered by the bank at a base exchange rate of 1460 dinars per dollar, compared to yesterday, Monday, The sales amounted to 198 million 972 thousand and 316 US dollars.

He pointed out, "The purchases amounting to 152 million and 468 thousand and 543 dollars went to strengthen balances abroad in the form of remittances and credits, while the remaining amount of 45 million and 650 thousand dollars went in cash."

He pointed out, "23 banks have met requests to enhance balances abroad, and 18 banks have responded to cash requests, in addition to 215 mediation companies."

https://ninanews.com/Website/News/Details?key=939397

butterfly   "OPEC" expects a surplus in oil supply next year

Tuesday 16 November 2021 The Secretary-General of the Organization of the Petroleum Exporting Countries, Muhammad Barkindo, expected today, Tuesday, that there will be a surplus in oil supply in December 2021 and a surplus in supply in the market next year.

Barkindo said during a conference in Abu Dhabi that "the surplus will start already in December. These are signs that we must be very careful about."

Speaking to reporters on the sidelines of the conference, he added that "OPEC" has a great interest in ensuring the continuation of global economic recovery.

"OPEC" last week reduced its forecast for global oil demand in the fourth quarter of this year by 330,000 barrels per day, compared to its expectations last month. As high energy prices undermined the economic recovery from the Covid-19 pandemic, fears of falling demand come at a time when supply is expected to increase. https://ninanews.com/Website/News/Details?key=939411

butterfly   2021-11-16 04:18  Shafaq News/ The leading figure of the Kurdistan Democratic Party (KDP), Hoshyar Zebari, ascribed the post-election phase as "the most dangerous crisis Iraq have been through" since toppling Saddam Hussein's dictatorship in 2003, deeming the next ten days, during which the Supreme Federal Court will ratify the poll's results, "pivotal and defining."

Zebari's remarks came during an intervention in the Middle East Peace and Security (MEPS) organized by the American University of Kurdistan (AUK) in Duhok.

The head of the KDP negotiating delegation to Baghdad said, "the election was held per an Iraqi consensus. Nobody can claim: I did not support the election. The Iraqi leaders themselves are the ones who coined the election law. In fact, we, the Kurdistan Democratic Party, opposed that law."

"They are the ones who demanded a new Electoral Commission, electronic voting and counting, international observation. The Security Council made the decision and dispatched an international mission. Iraqi leaders, and us, approved it and signed the election code."

"The election results might not satisfy everybody, but, in our estimation, it was a sound election."

"The election spawned these forces. None of which has won a majority...we have to be rational and practical when we deal with them."

"We are living through tough and critical days. This is the most dangerous crisis Iraq has ever been through because there is a deep division; There are parties that do not recognize the election results. We are seeking solutions to form an inclusive government...The parties that lost cannot be excluded from the political process."

"We are ahead of a critical phase. Ten days during which the election results will be ratified. We uphold the ratification, but impeding the process and hindering the ratification will end up with chaos." https://www.shafaq.com/en/Iraq-News/Zebari-to-MEPS-Iraq-is-amid-the-dangerous-crisis-since-toppling-Saddam-Hussein-s-regime

butterfly   2021-11-12 13:16   Shafaq News / Devaluating the Iraqi dinar in the 2021 budget has stirred the discontent of the public, and economic and financial experts alike. In spite of the warnings from its negative economic and social reverberations, the Iraqi Ministry of Finance ascribes it a breakthrough amid a stifling economic crisis that has struck the country.

Last December, the Central Bank of Iraq (CBI) opted to raise the exchange rate of the U.S. dollar from 1,182 dinars to 1,460 dinars to alleviate the ramifications of the plummeting oil revenues, bringing down the value of the Iraqi national currency and the purchasing power immediately.

As oil prices gradually climbed beyond the 80 dollars a barrel threshold, citizens and economists voiced demands to revaluate the dinar in next year's budget or mitigate the impact of its devaluation on the community.

"The rise is an outcome of a white paper that organizes the process over three to five years. They deem it a part of the economic reform process for the financial situation and banks," economist Bassem Jamil Antoine told Shafaq News agency, "the state cannot change its currency. Still, real reform that serves the poor classes is essential."

“The currency rate is not as vital as compensation for the poor classes, which constitute the bulk of the population; social welfare, ration card availability, and job development are all critical," he said, "unemployment and poverty rates skyrocketed due to lack of job opportunities in the public sector. On the other hand, the private sector is frozen and unable to function properly."

"The recovery of oil prices must compensate for the people, address the deficit, and provide job opportunities for unemployed youth. This will reinvigorate the market, put an end to corruption, and activate the private sector," he said.

butterfly   Gradual Revaluation

Economist Dhurgham Mohamed Ali said that revaluating the dinar shall be contingent upon several factors, "The exchange rate of the dollar should be gradually reduced to 1,300 dinars while keeping an eye on the cash transactions to preclude creating a black market, dollar smuggling, and tighten the control over imports."

"The outcomes of the devaluation were detrimental. The inflation rates grew, poverty rates soared, while development rates remained static and foreign currency smuggling exacerbated," Ali added.

Butterfly   Neglecting the private sector

"The government has not contributed to reducing the poverty gap and unemployment after raising the dollar rates that inflicted all the strata of society," trader Amir Mohammed al-Hasani told Shafaq News agency, "Its concern was how to pay the salaries of officials and ministers without considering the negative aspects of the devaluation."

"The government should have combated the widespread corruption in the Iraqi state, revived the private sector by eliminating the obstacles hindering its growth and activating laws that would provide support and protection to this important sector," al-Hasani said.

"The rise in the dollar has hurt us as foodstuff prices have risen to more than 30% despite the steady salaries we earn," Hussein al-Khafaji, an employee of the Ministry of Education, told Shafaq News agency.

"My salary ends by the middle of the month, forcing me to look for another job to meet the needs of the family," he said, calling on the government to revaluate the dinar.

For its part, a government source told Shafaq News agency that the dollar rates will remain unchanged in the fiscal year 2022.

"There is no change or incident that causes the exchange rate to change," the source said, adding, "the Ministry of Finance has confirmed this."

"Over the previous nine months, the ministry has constantly followed the indicators of devaluation against the dollar," the Ministry of Finance stated on October 5, 2021.

The exchange rate alteration has contributed to a rise in the Central Bank's foreign reserves to 60 billion dollars in April 2021, up from 54 billion dollars in December 2020.

According to the Finance Ministry, the currency rate shift also helped "reduce the demand for foreign currency, lower the dependence on imports, and enhance local production."

"In the context of the crisis, there has been a clear recovery in corporate activity in the last nine months of this year," the Finance Ministry stated.

butterfly   According to the ministry, it is working to "reinvest the revenues of the funds achieved to build a target production base outside the oil sector and rely on other sectors, which will contribute to the decline in demand for the dollar as a result of compensating some of the goods produced."

Since the current government's formation, the ministry has adopted plans and mechanisms to reform Iraq's fiscal policy, culminated in adopting the "White Paper", which outlined future economic and financial policy steps to promote domestic production and reduce imports for the country.

butterfly   https://www.shafaq.com/en/Report/Demands-to-revaluate-the-dinar-the-government-responds

16 Nov 21, 10:09 AM butterfly  What are the new expectations for the cryptocurrency market at the end of the year?

Hours ago 3 ............... The digital currency market is witnessing a clear growth, and expectations indicate that the price of Bitcoin could reach $ 80,000 by the end of this year, while the Ethereum currency may reach $ 6 thousand, and on the morning of the ninth of November, Bitcoin set a record Its price crossed the $68,000 mark, and the Ethereum coin settled at $4.7 thousand.

In a report published by the Russian newspaper Izvestia, Rosa Almkonova says that the rise in cryptocurrency prices is driven by the popularity that these digital assets have gained and the positive expectations of financial regulators, as well as high inflation rates around the world.

Given the observed rise in their prices within a month and a half, the capital of the digital currency market may range in the future between 3.5 and 3.7 trillion dollars, while it does not currently exceed 3 trillion dollars, however, analysts warn of digital currency fluctuations and unpredictable risks. out.

The price of Bitcoin approached 68.4 thousand dollars on the morning of the ninth of November, but it declined after that, and since the beginning of this year, the price of this digital currency has increased by about 133%, and 13% during this November.

Bitcoin’s performance was not the best in the digital currency market, as it was outperformed by other currencies that recorded a noticeable growth during this month, such as the Solana coin, whose price increased by 20%, the Binance Coin (18.4%), the Cardano coin (15.5%), and the X coin RB (13.6%).

The writer indicates that the capital of the cryptocurrency market for the first time in its history exceeded 3 trillion dollars on the eighth of this November, but it declined after that.

butterfly   ccording to the strategist at Exante Investments, Janis Kivkolis, the development of the bitcoin price was slow between the spring and last October of this year, in light of the decline in the market’s performance, so no new records were set.

But things changed last month with the market returning to recovery after the launch of Bitcoin futures trading, and as a result, the price of Bitcoin reached 68 thousand dollars, and in the footsteps of Bitcoin, the Ethereum currency broke a record and is currently trading at a price that hovers around 4.7 thousand dollars.

The role of inflation rates

Among other factors that contributed to the growth of the cryptocurrency market, the possibility of allowing the US Securities and Exchange Commission to allow the registration of Bitcoin exchange-traded funds, and statistics proved that these investment tools generate greater profits and a positive decision on them will enhance the growth of the cryptocurrency market.

Financial expert Aaron Chomsky says cryptocurrencies continue to establish themselves as a new asset class after the launch of Bitcoin futures ETFs and rising inflation expectations.

According to Chomsky, inflation rates continue to rise, especially in light of the increase in consumer prices in the United States for the first time in 13 years from 5.4% to 5.7%.

butterfly   Chomsky believes that in the midst of the difficult economic situation in which various countries of the world are floundering, and taking into account a number of other indicators, including the behavioral analysis of large Bitcoin owners who do not intend to sell what they have at the moment, the digital asset market is expected to continue in growth.

Expectations and Risks

In addition to the mentioned factors, the popularization of NFT games and Blockchain helps sustain the growth of the cryptocurrency market, and thanks to this strategy, the number of cryptocurrency users could rise from 200 million at the moment to one billion users, Chomsky forecasts.

For his part, financial expert Artem Arzamasev points to regulatory issues that may prevent the rise in the value of digital currencies in light of the opposition of a number of countries to the flow of their funds to digital assets that are not under their control. Its lack of intrinsic value.

The writer advises the necessity of following the digital currency trading platforms, diversifying the investment portfolio, and focusing on reliable digital assets.   Source: Izvestia https://rawabetcenter.com/archives/138042

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