Zig’s Place Chatroom Tuesday AM 3-9-24

Zig’s Place Chatroom Tuesday AM 3-9-24

NORV   great article the other day..this is big news...

NORV   Advisor to the Association of Banks: The Central Bank is following a consistent approach to achieving banking reform

NORV   Economy News _ Baghdad

Advisor to the Association of Iraqi Private Banks, Samir Al-Nusairi, explained today, Wednesday, that the Central Bank is following a consistent approach to implementing its strategy for banking reform, with the cooperation and support of the Prime Minister and the government, as the management of the Central Bank of Iraq plans to gradually cancel the window for selling foreign currency during the year 2024, until it leaves it completely.

NORV   "the management of the Central Bank of Iraq plans to gradually cancel the window for selling foreign currency during the year 2024, until it leaves it completely."

NORV   this is huge news

 NORV   Iraq cannot end the auctions unless they have an alternative to the auctions. which means they plan to float the dinar by the end of the year.

NORV   The reason if two fold, the auctions provide the method the maintain stability with the dinar to the dollar.

NORV   the auctions provide a source of dollars to pay for imports

 NORV   with either of these, the dinar exchange rate could get out of control

NORV   and they would not be able to pay for goods outside Iraq.

NORV   That is why they will float the dinar. floating the dinar will give them a new mechanism to maintain the dinar, the CBI will buying and sell blocks of dinar like other central banks do to maintain their currency.

NORV   They will also have to use dinar to pay for goods and services which will make the dinar internationally traded

NORV   These are all steps that other central banks currently use. so the CBI is trying to become a big boy with the world.

NORV   Here is another quote...

NORV   "in an effort to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full compliance with international banking standards and their requirements."

NORV   Confirmation of what I just stated above that they want the banks and Iraq to establish relationships around the world with International standards and full compliance which means that means IMF Article XIV.

NORV   Another quote...

NORV   "He said that the strategy of the Central Bank of Iraq for this year is to gradually cancel the electronic platform in line with its procedures and negotiations with the US Federal Reserve and international banks to regulate foreign trade financing. "

NORV   "The advisor to the Iraqi Private Banks Association concluded his speech by saying that the regulatory and reform steps that he is working on this year are to control the exchange rate of the cash dollar in the parallel market and return it to the equilibrium price in the cash trading market.

And to open dealing in local currencies to countries with which Iraq has important trade exchange, such as China and Turkey.

The UAE and India in light of special agreements concluded with them and currently being implemented."

NORV   This seems pretty clear and excellent news. We very well see that Iraqi dinar float on the global market at the end of this year or early next year.

Again it all depends on Iraq to get their decks in order, get the spread of the dinar in line and hold it for 90 days or longer, Etc in order to make that transition but it sounds like they are announcing that that is the plan.

The plan to use the dinar to start paying for things globally which would end the auction and they would need an alternative which would be floating the currency allowing it to rise based on the success and growth of their own economic situation. I think it's very promising

NORV   https://economy-news.net/content.php?id=41434

NORV I don't think people understand the significance of those statements in that article. For them to want to end the auctions this year, how it ties in with monetary policy. I tried to explain it in my comments but I don't know if I emphasized it enough. But it definitely is very good news

Zig   So NORV are you saying that it's  :Awesome: news???.....lol

Zig   Should we be :Joyous:  woooowhoooo   ??

NORV   It's not very often that you get tidbits that have a significant impact on monetary policy. This is this was a very clear statement on what their plan is to do with the auctions over the next several months. And anyone who understands how the auctions work knows that what they intend to do can't happen without something to take his place. Therefore, yes, it is huge news.

NORV   :Floating:

NORV   And more importantly another step in the direction of what I've been saying would happen for years.   :Yes:

 Sah:   NORV I am excited as it means they need to go international to get rid of the auctions. Besides floating they will also be able to dock onto the basket of currency for a more stable environment for their currency while also being able to float their currency to raise the value.

NORV   Of course anything that would get buyers of dinar excited. Just because this article came out doesn't mean it's going to happen, it means that's a step in the plan.

NORV   People need to remember, just because they're making monetary policy changes doesn't mean the dinar is going to go up significantly. In fact just the opposite in my opinion until Iraq passes the laws to encourage investment the dinar will remain weak. So it could still be several years before it raises to a level that people are encouraged about.

NORV   An exchange rate is a reflection of the economy. Iraq's economy is still very very weak

Maybe more here later – stay tuned and check back to Recaps Blog ………

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Zig’s Place Chatroom News Friday Evening 3-8-24

Zig’s Place Chatroom News Friday Evening 3-8-24

butterfly  Seck would know what the rate was, I believe it was 2.85 when they had the downfall of Saddam. Ask yourself, why would they not go back to that same rate, not 3+. It just does not make sense. IF they do go back to the rate, I truly believe it will be even lower then the 2.85.

Seck  By the way the Iraqi dinar real rate was around a $1.80 before saddum then the rate was around 2.80 then after the first gulf war saddum hiked it up to $3:22

Seck  butterfly lol

Sah  Seck I knew it was not that high.

butterfly  Seck there ya go giving the information I forgot years ago.

butterfly  I remember it was a David you talked with.

Seck  But the whole time of these rates was while a dictator was in power.

Seck  butterfly yes David Braggs

Sah  There had to be an original rate further back that the IMF claimed.  Can't just state a rate for your country without going thru the steps makes an illegal rate. Has to be approved by the IMF, BIS, World Bank and UN first before approved. Otherwise it is an illegal rate.   Can not be used Internationally.

Seck  The Iraqi dinar was put into circulation in 1932 and replaced the Indian rupee, which was the national currency since the British occupation in World War I. The Iraqi dinar remained tied to the British pound until 1959, after which it was pegged to the United States dollar at a rate of 1 IQD = 2.80 USD, without a change in value.

Iraqi dinar did not follow the devaluation of the US currency in 1971 and 1973 and increased to 3.38 USD before the value of the IQD reduced to 3.22 USD due to a 5% devaluation. The rate continued until the Gulf War, though the black-market rate was about six times higher in late 1989.

Sah  I heard during that time that the Dinar had really devalued.

Seck   Sah that is not totally correct. Any Central Bank of a country can dictate what their currency rate of exchange can be.

Sah  Seck But they can not use that rate outside of country unless approved by the IMF. The will never be international.

butterfly  Seck I am over looking for that post you made talking to David Braggs. I remember he told you that all CBI makes the value of their currency.

Sah  In country only. Not international they have to go thru the hoops.

butterfly  I found this one Seck seck Tue May 02, 2023 4:38 pm

The governor of the Central Bank, Ali al-Alaq, said that floating the dinar is difficult to apply in Iraq because the government monopolizes the dollar, indicating that the reserves of Iraq is $48bn. Al-Alak said in an interview with Al-Arabi African newspaper that “the oil countries usually rely on a fixed exchange rate, or fixed with flexibility, and do not resort to the float method, unless their reserves are controlled to a level that is insufficient, which did not happen either in Iraq or countries.

Seck  ok heard on occasions

butterfly  seck Tue May 02, 2023 4:49 pm

The Iraqi dinar refers to Iraq’s national currency and is represented by ISO code IQD. Iraq’s Central Bank issues the Iraqi dinar, which earlier consisted of 1000 fils. However, fils are no longer used because inflation has rendered them obsolete, and now dinars have become the smallest currency unit in use.

Seck  butterfly Thanks for finding that.

butterfly  I have a long one to bring over, so if folks would hold off, it will be good information to read.

Butterfly  Revaluation of Iraqi Dinar is the Center of Latest Iraq News

By Idrees Khan -February 29, 2016

Revaluation of Iraqi Dinar is the Center of Latest Iraq News Index

The infrastructure of Iraq is badly affected by the invasion of US armed forces in 2003. Everything was destroyed because of surgical attacks made by US Army and its alliance. Since then the country is the center of sad news. We hear bad news of killing and bomb blast on almost every day. Moreover the ISISI has become one of the worst terrorist organizations operating in Iraq against the government. Iraq is facing heavy losses because of these attacks on the government machinery and they are therefore the center of latest Iraq news.

Current Economic Conditions

Along with all those critical situations in the country the economic condition of Iraq is improving with the every passing day. Some massive investments have been seen for the last 6 years in the country.

The Iraq is now free from international sanctions imposed by United Nation. After free from chapter 7 sanctions 7, Iraq has authority to do any kind of business with the any other country.

Oil is the backbone of Iraq economy. Now the country is free to sign any contract with the any other country to search or export their crude oil anywhere in the world. Large number of oil exploring companies is operating in the country in the different areas to find the new oil fields.

Special Authorities to Governor to Sign any Contract

There was a time when making investment in Iraq was more than a tough job. You had to fulfill too many requirements and legal formalities to open a new business in the country. But now the situation is completely different. The government of Iraq has given special authorities to the governor of the province to sign any oil and other business contracts without prior permission of the government.

All of these soft conditions are to ensure the foreign investment in the country. These special authorities have attracted many of the international investors to the country to make heavy investments in different sectors of the country.

The cottage industry of Iraq is also improving with the heavy investments in the domestic industry of Iraq. This is one of the biggest point and addition in the latest Iraq news that cottage industry of the country is also improving very fast.

Revaluation of Iraqi Dinar

Butterfly  People have made heavy investments in the Iraqi dinar with the expectations that it will be revalued in the near future and they will be billionaire. The investors in Iraqi dinar include not only common people but the retired army officers of Iraq war. They believe that Iraqi dinar will be revalued in the next few years and they will earn more than anyone else in the world.

The best example of Iraqi dinar revaluation is the Kuwaiti Dinar revaluation that occurred in 1990 and people who invested in the Kuwaiti dinar became billionaire over night. Many of the international banks are also interested in Iraqi dinar purchase and they are the big investors of Iraqi dinar as well. The Noor Al Maliki administration was major hurdle in the revaluation of Iraqi dinar because of dispute with Kurdistan.

Kurdistan has major role in the revaluation of Iraqi dinar and its resolution to pass. The supreme leader of Iraq has taken action against Noor Al Maliki and the government was dissolved. Now new administration is now in the power and they are taking initial steps to complete revaluation process.

This can be very big and latest Iraq news. People are waiting for the completion of this procedure for revaluation of Iraqi dinar in next few months. The dinar gurus believe that revaluation of Iraqi dinar will surely occur at the end of 2016. We must have to wait if we have some dinar to be billionaire in the next few months.

http://www.financialprospect.com/world/revaluation-of-iraqi-dinar-is-the-center-of-latest-iraq-news-23548.html

butterfly  Notice the date of that post

Seck  2016

butterfly  seck Mon Feb 29, 2016 12:57 pm

butterfly  Sat Dec 12, 2015 9:34 pm

In light of the suffocating financial crisis plaguing the Iraqi economy following the sharp decline in oil prices, experts and concerned parties are discussing the most appropriate option to fix the exchange rate.

Summary  In light of the decreasing oil prices that led to an economic crisis in Iraq, the Iraqi government has been discussing options to reduce the dinar-dollar exchange rate.

Author Zakaa Mokhles al-Khalidi Posted December 11, 2015

TranslatorCynthia Milan   Original Article اقرا المقال الأصلي باللغة العربية

The Iraqi Parliament had discussed the possibility of reducing the dinar-dollar exchange rate by 10% to reach 1,300 dinars per dollar to supply the general budget with 5 trillion dinars ($4.2 billion), or by 20% to reach 1,400 dinars per dollar to supply it with 9 trillion dinars (about $8 billion).

There is no doubt that a reduction of the dinar exchange rate would provide additional resources for the general budget. It will increase the quantity of Iraqi dinars obtained by the Ministry of Finance in return for converting into the dinar its oil revenues or foreign loans it received through the Central Bank of Iraq in dollars.

However, this method increases government resources at the expense of citizens. The losing parties are ordinary citizens, especially those with limited incomes. The purchasing power of their income will drop, especially with the rise in prices of imported goods. The creditors in local currency will also be affected, including those holding Iraqi treasury bonds.

butterfly  Moreover, Iraq’s almost total reliance on oil revenues, its poor resources such as goods and services other than oil, the existence of financial investments abroad and large foreign reserves and the high cost of external borrowing all indicate a lack of available options to address the current shortage of government foreign-exchange resources.

This means that the only solutions are cutting spending, trying to increase some types of direct taxes and fees and issuing treasury bonds in the local market.

The Iraqi dinar’s exchange rate was equal to $3.3 before the outbreak of the Iran-Iraq War. Then $1 became equivalent to 3,000 dinars during the economic blockade from 1990 to 2003. Anyone who has followed the dinar will realize that the problem lies in the difference between the dollar’s supply and demand and the dinar’s supply and demand.

It is a simple equation that controls not only the currency prices, but also the prices of all kinds of goods and services. So, for the state to control one side of the equation, it has to control the other side to ensure that the exchange rate will be stable.

When Iraq’s oil resources were limited before OPEC first raised prices in 1973, the country relied on the currency law, a remnant of the gold standard. This law necessitated that 70% of exported currency be backed with gold and foreign currencies to control the dinar supply through government spending.

After the Iran-Iraq War, the currency law was abolished, disturbing the balance between the supply and demand of foreign currency with increased military and civilian government spending.

Seck  butterfly yes 5 years from when I invested

butterfly  The government allowed the private sector to directly import goods from producers and sell them at prices that were not subject to its control. Thus, there were two exchange rates: an official rate that maintained the $3.3 price and was used for official expenses, and a parallel rate determined by the supply and demand of foreign currency.

The difference between the two rates widened in the wake of the economic embargo on Iraq in 1990. As a result, the parallel exchange rate rose to 3,000 dinars at points.

After the occupation and after the export of Iraqi oil was allowed again and deposits were unfrozen, Iraq was expected to undergo monetary reform, whereby surplus banknotes would be withdrawn from circulation.

However, it used the daily currency auction, in which specific amounts of dollars are sold to the banks and the private sector to meet the domestic demand for foreign currency, especially for the purposes of importation. The steady increase in oil revenues led to a gradual improvement in the exchange rate until it reached 1,220 dinars to the dollar.

Many politicians and analysts believe that the daily currency auction is a way to smuggle the dollar through private banks under the pretext of importation, and their criticism has increased in light of the current financial crisis.

butterfly  The question asked by those concerned in Iraq is: Does the daily currency auction have to continue despite the claims made about it? Or should we abandon it and turn to other means so that the process of buying and selling the dollar is free, without restrictions, as some suggest?

Choosing the appropriate exchange rate for any state is a critical scientific process that depends on the state’s economic and financial situation as well as its economic ideology.

The states that choose a free floating exchange rate for its currency and make its buying and selling a free process without restrictions are usually powerful, developed economies that have important and multiple foreign currency sources and currencies of importance in international trade and investment flows, as well as large reserves of international currencies.

To preserve the exchange rate, a country that pegged its currencies to a foreign currency such as the dollar or to a currency basket has two options. The first is to have large foreign currency and gold reserves to support the pegged exchange rate when necessary, as the GCC countries do.

 The second is to maintain the exchange rate through the management of the monetary authority, which influences the factors determining the demand for foreign currency. This is what Iraq was doing prior to the first oil boom.

Presently in Iraq, the government does not have an official Iraqi dinar to dollar exchange rate, or a currency basket. The $3.3 exchange rate is no longer used for any currency, although it has not been officially canceled.

butterfly  Accordingly, in light of the limited foreign currency resources and difficulty to go beyond oil resources, it is imperative that the state manages the current exchange rate through the development of a foreign exchange budget by the Central Bank, which will determine the allocation of imported goods, services and transfers without charges.

This way, it is possible to maintain the current exchange rate's stability and to limit expenditures in foreign currency to the available resources until the circumstances are favorable for monetary reform and the adoption of an appropriate official exchange rate.

Read more: http://www.al-monitor.com/pulse/business/2015/12/iraq-foreign-exchange-rate-economy-crisis.html#ixzz3u9lZmiWj

Butterfly  Now tell me things have changed.

butterfly  Tue Dec 15, 2015 9:45 pm

The term “free,” however, is a misnomer when referring to the Iraqi Central Bank. This is because the new Central Bank of Iraq, now known as the Trade Bank of Iraq, was completely restructured and privatized as early as 2003. Slightly more obvious than the privatization of the Afghanistan banks, it was openly announced that none other than J.P. Morgan was chosen by the Coalition Provisional Authority to “set up” the new bank.

butterfly  Here is more from that short blurp: In the energy area [crude] – J.P. Morgan was ‘granted’ the rights to, effectively, set up the Central Bank of Iraq in Dec. 2003:

J.P. Morgan Chase was chosen by the Coalition Provisional Authority [CPA] to ‘set up’ the NEW Central Bank of Iraq [specifically, the Trade Bank of Iraq ]. Take note how this TRADE BANK only became operational in December of 2003:

• Trade Finance. The Trade Bank of Iraq (TBI) was established in July 2003 to facilitate trade of goods and services to and from Iraq by providing irrevocable letters of credit. The TBI officially became fully operational in December 2003 and has a services contract with a multi-international banking consortium led by JP Morgan Chase.

Since opening in December , the Trade Bank of Iraq has issued or has pending 183 letters of credit, totaling $708.9 million in imports from thirty-one countries. Letters of credit have been issued on behalf of Iraqi Ministries as well as several state-owned enterprises.

In that capacity, Morgan was charged with developing the framework of collateralizing movable and immovable property for the nation of Iraq.

The fact is that one of the largest derivatives facilitators in the world is one the principal architects of the Trade Bank of Iraq, plus it is also well-known that J.P. Morgan has a direct connection[3] to the Rothschild banking dynasty;[4] a trend that is to be seen in virtually every central and major bank in existence across the planet.

Sparky  ... what are the odds IQD will roll to 5 cents in the next five years ? ... anybody ...

Seck  Sparky we need to ask Kap on that one

Sparky  ... Kap mentined two to three ... imu ...

Seck  Seck if that was to happen I woul be a billionaire

Sah  Sparky When the dinar goes down to 1146 then ask that question where it is going and when they are going to be international.

Seck  Sah I bought when it was 1170

Seck  i think Butter was the same

butterfly  Interest rates are going to come down, so perhaps @Sah will sell that snow covered house.

Sparky  ... I bought at 1170 ... then Shabs' rrevald to 1166, thought I was sitting pretty ...

Sparky  ... 2011 ...

Sparky  ... and, I hope that I still have a Warka digital bank account ..

Seck  butterfly maybe to a Eskimo

Sah  I bought in 2008. I would have to go look at receipts to see what I bought at.

Seck  Sah do you dust the off once in awhile?

Sah  It opens your eyes to the world more after you invest if you do the research.

Sah  Seck It is sealed air tight, no dust. LOL

Sparky  Sah ... true, it opened my eyes to the world ...

Sparky  ... greed and corruption ... and where to go where it is less so ...

Sah  Sparky It was a really good history and economics lesson.

Seck  Sah I would say I was blind going it and still blind on if and when it could happen.

Sah  Sparky I am planning on smaller town next to a bigger one not too far away with an ocean close by and antique shops everywhere and a low crime rate.

Seck  Sah Key West

Sah  Seck Paso Robles, CA. Google it, wine country.

Sparky  ... Philippines ... WW2 version ...... my Dad's dog tags tell me so , go ...

Seck  Sah one million dollars in Key West can last 20 years

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Zig’s Place Chatroom News Friday Afternoon 3-8-24

Zig’s Place Chatroom News Friday Afternoon 3-8-24

Dave   Wow!...FOREX IQD 3.12 BUCKs..... WE BE RICH......LOL

Zig   Dave : LOL....Sheila told me that that is futures trading of the IQD.....never heard of that before

PM Dave   FUTURES SELLING? 3.12 bucks....SOLD!!!

Dave   Zig Sell you all mine fer a dime...

Zig   Dave : I do not understand that platform futures trading that sheila has mentioned.....I would ignore those rates.....lol

Dave   how aqbout a nickle?

Sparky   Dave ... you and me both ...

Dave   Sparky Should be ASKing shelia orTWW fer a nickle then?

Zig   Dave : Kap thinks we could see a nickel in 6 months after the float starts.....lol

Dave   LOL

Sparky   ... I thought it was $3.28 yesterday ...

Dave   Sparky Forex don't lie?

Sparky   ... oh, shucks ...... I must have missed it by a day ...

Dave    Sparky back down to0.0007 ?

Sparky  ... .0006404 ...

Dave  missed that boat yet again too    Sparky LOP that!

Sparky  ... we need to be careful, what they lop ...

Dave  6 mos of wheel barrows.......

Zig  Dave : Your last conversation with Kap was fairly decent.....lol

butterfly  Honestly I don't know where these people are getting these amounts. Remember back with the rate was in the "teen".

butterfly  I believe the IQD was 2.85 before the invasion.

butterfly  Iraq can't match these numbers.

Zig  butterfly : Sheila said that it was "futures" trading.....so just anticipated future rates being traded

Sah  The Forex futures are by 1000. So if Europe is 1096 that is equal to 1000 USD. Move the decimal over to the left by three digits and more like .000328 Dinar to $1 USD.

butterfly  I could not find anything, nada, zilch from the .0007 rate. Long time ago it was .0009

Dave  CBI yrs and yrs AGO delete 3 zeros and Restore purchasing power of the IQD....

Sah  Dave Not if it is a lop. The value would not change, just smaller bills.

Dave  each note costs aleast a nickle to print

Sparky  Sah ... then slow rise ... makes sense to me ...

butterfly  It has been several years back that silvergreetings took back my 250 OR 50, I can't remember which it was and replaced them equal. I haven't looked at my dinar in yrs so I have NO clue what I have now.

Dave  Sparky with notes with have 3 less zeros

Sparky  Dave ... yup ...

Sah  They won't lop because they would have to print all that money to replace the three zero currency.

Dave   :wheelbarrow with money:

Butterfly  I believe, just me, this will all be done digitally.

Sparky  ... Shabibbi had articles out about the new, lower denoms back in 2013 ... same coloration ...

Sparky  butterfly ... I agree ...

Sah  It will go international and float from where it is otherwise we will have problems exchanging our currency for the new all though they could both be used for a limited or unlimited time together just take three zero off and will be the same.

Dave  butterfly Yes...ONCE all Iraqis have bank accounts

Sparky  Sah ... yes, transition ...

Dave  CBI had 5 or ten yrs to exchange

Sparky ... accounting purposes, mainly ...

Sah  Dave Kuwait had 30 days.

Dave  CBI mentioned 5 or ten yrs to exchange notes

butterfly  Again, Abraham said to STOP listening to the so-called gurus, everyone will know at the same time. I live by that bc he has proven to be right.

Sparky  ... yup, I recall that ...

Sparky  ... above directed at Dave ...

Sah  What we need is three decimal points off of the value of the currency not off the currency it self.

Sparky  Sah ... in a perfect world ...

Sah  No doubt.

Dave  Sah   :wheelba:

butterfly  Seck would know what the rate was, I believe it was 2.85 when they had the downfall of Saddam. Ask yourself, why would they not go back to that same rate, not 3+. It just does not make sense. IF they do go back to the rate, I truly believe it will be even lower then the 2.85.

Sparky  ... prolly will be a slow ride ... imo ... a few more years ...

Sparky  ... 17 ... ? ...

Dave Sparky NO laws.... aint happening until bench marks achieved

Sparky  Dave ... hence, Iranian influence ... imo ... since saddam, Iran took over Iraq ...only Saudi stops them ... and, both of them are enemies of the United states ...

Sah  It has to float first and hold it's own before any miracle can happen, also there is a problem with how many notes have been printed since then that decreases the value of the currency.

Sah  Iran is complaining because Iraq is building a high fence between their borders. Farmers are complaining on both sides as the river is there and their animals can not get to it if they leave a safe border on each side.

Dave  CBI 3 pilliars...social economic and political stability

Sah  With Sudani at the helm this is coming about.

Sparky  ... phone call ...  ...

Dave  Sah More about getting the Kurds on board imo

Dave  passing foreign investment laws....

Butterfly  Not going political here, but Iraq and Kurdistan reminds me of our D's and R's.

Dave  EXACTLY ......TRUE HURTS  that dialogue has not changed fer almost 20 yrs............IN IRAQ!

Dave Big oil ran away due to their disputes

butterfly  Government efforts to ease US sanctions on banks an expert in financial affairs, Mahmoud Dagher, confirmed that the Iraqi government and the Central Bank are dissatisfied with the nature of the US Treasury’s dealings with Iraqi banks, pointing out that there is an effort to lift the sanctions in light of a difficult political framework and a more difficult regional atmosphere.

Dagher said in a televised interview followed by Mawazine News, “The current government administration and the Central Bank are dissatisfied with the nature of the Treasury’s dealings with Iraqi banks and are making an effort within a difficult political framework and a more difficult regional atmosphere,” noting that the Iraqi ambassador in Washington visited the US Treasury and there is work to resolve or Reducing the severity of sanctions.

Regarding the public sector’s control over projects, Dagher stated, “The largest government bank possesses a capital of 130 billion dinars and controls all state deposits, while the smallest bank in the private sector possesses a capital of 300 billion dinars in light of a clear government restriction on the expansion of the sector’s work.” private".

The financial expert described the expansion of the public sector as “ownership, not performance,” noting that “the reason is due to the Ministry of Finance’s monopoly on the labor and investment market in the country.”

Dagher stated, “The public sector needs a sovereign fund, not a fund within the budget.” https://mawazin.net/Details.aspx?jimare=243415

Dave  :  {Central Bank are dissatisfied }

butterfly  Al-Sudani: The step of paying the salaries of Kurdistan employees directly from Baghdad means canceling the region Prime Minister Muhammad Shiaa Al-Sudani confirmed, on Friday, the Kurdistan Regional Government’s commitment to the budget items during the past two months, indicating that paying the salaries of the region’s employees directly from Baghdad means canceling the region, its entity and its government.

Al-Sudani said in a televised interview followed by “Al-Maalouma” that, “If we want to say that Baghdad is the one that pays the salaries of Kurdistan employees, as there is no constitutional entity called the Kurdistan Region,” indicating that “if the region agrees to that step, we are ready to change the law and pay salaries.” employees directly.

He pointed out that "there is a misunderstanding about the powers of the region at the media, popular and elite levels, as the region has a constitution, parliament and government, and it receives 12% of the budget and has the right to distribute it among projects and the salaries of its employees."

https://mawazin.net/Details.aspx?jimare=243430

Dave  butterfly Kurds want 17 ish%

butterfly A Kurdish lawmaker calls on Baghdad to expedite the localization of the salaries of the region's employees Member of the Parliamentary Finance Committee, Jamal Ahmed, on Friday called on the federal government to expedite the completion of the nationalization of the salaries of the region’s employees.

Ahmed said in an interview followed by Mawazine News: “The region’s employees will not receive any salaries after the Federal Court’s decision without nationalization, stressing the need to expedite the resolution of the salary localization file during the current month.”

He added, "The government must accelerate the opening of bank branches in the region, noting that, "There is only a branch of the Iraqi Trade Bank."

He urged the government to "accelerate the provision of information and data on employees urgently in order to solve the issue of nationalization and resolve it completely.”

He explained . He added, “The Federal Court set broad guidelines and emphasized the importance of localizing the salaries of employees in the region at the Rafidain, Rasheed, and Iraqi government banks for trade.”

He continued, “The localization of salaries requires the governments of Baghdad and Erbil to exert their utmost efforts in order to end this file during the current month of March, in particular.” The court blocked the payment of any salaries to the region outside the framework of resettlement.” https://mawazin.net/Details.aspx?jimare=243442

Dave  with art 140 included

Dave  ERBIL court VS Baghdad court

Sah  Dave Has nothing to do with article 140. Kurdistan not sending oil for budget. Iraq not giving Kurdistan budget money and employees were not getting paid. Money paid to Kurdistan for employees went in higher ups pockets while Kurdistan was supposed to send oil. Iraq decided to pay the poor employees there not getting paid so set up digital payments right now to pay the employees direct and Kurdistan wants the money to go to them first. Where is the oil per day you promised for years. CBI digitized banks in Kurdistan and is working on all employees vetted and signed up for salaries.

Sah  All salaries there are going digital and paid by Iraq.

To Be Continued ………………….

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Zig’s Place Chatroom Discussion Late Tuesday Evening 3-5-24

Zig’s Place Chatroom Discussion Late Tuesday Evening 3-5-24

Sheila   THOUGHT THIS MIGHT BE OF INTEREST FOR YOU TO CHECK OUT AND VERIFY: VIDEO: FOREXLIVE.COM -- ForexGirl comes into video about 1 hour into video --- WATCH THE ENTIRE CONVERSATION WITH ForexGirl and Frank26 -- https://www.youtube.com/live/L69tLJTL0ZU?si=0KK0_P9uTOxijeZ6   --- https://www.forexlive.com/LiveCharts  USD/IQD CURRENTLY TRADING @ 2.80  - MARCH 5, 2023

Sheila   gotta get off to work, later all

Zig   Trading at $2.80?...that makes no sense but I will investigate further.. Nothing to corroborate that

butterfly   Zig It would be all over the news. CNBC would stop and report.

Zig   Yeah

Dave  2.80.....CBI fails to mention that?

Dave  do enjoy reading about a lop.......  :wheelbarrel: that would be how monetary policy werks.....,.lol  just checked EU sanction map....IRAQ...UN's updates from yesterday  https://sanctionsmap.eu/#/main

Zig  Dave : I miss your little chats with Kap....lol

Dave  deleting 3 zeros with no increase in value of the IQD when 1 iqd is worth less than 1 tenth of a cent...each 1 dollar note costs 5 cents to mint..would be economic suicide fer CBI

Dave   them fils cost even more to produce - do agree with most everything else Kap states   odd how Baghdad states them Kurds are corrupt and yet Kurds state much of the same.....similiar to them dems vs reps......

Zig  lol....true

Dave   just find me a nickle....i be happy

Zig   Make that 25 cents....lol....not greedy but that's not asking for a fortune....

Dave   1/15th of a cent to a Nickle.....very good profit

NORV   sheila nonsense

Zig   NORV : It is amazing that Frank has thousands of followers of his videos

Zig   Look at this: FRANK26….3-4-24…….FOREXLIVE.COM

24K views Streamed 17 hours ago............................................24,000 views!!!!!!!!   :Thud:

NORV   You can go to that link or any other and enter IQDUSD and you will the dinar valued where it should be.

Zig   That rumor about the Dinar trading at $2.80 on Forex.....LOL    That sucks people in

NORV   I can post the dinar is $3 and everyone would post it as well. Doesn't mean it's true.   Cbi.iq

NORV   people need to realize the dinar will never RV. If it does anything at all, it will rise gradually over time as a result of Iraq's economic growth and success.  And that can't happen until Iraq passes laws and significant investment and growth begins

NORV   IMO, is it's very likely that it could reach a nickel or a dime over the next few years if Iraq quits dragging their feet.  People need to stop reading that BS though from idiots like Frank 26 and others.   What's Dave going to say when Iraq goes fully digital? There'll be no wheelbarrows needed LOL

Zig:  NORV is Kaperoni ...You can still access some of his recent conference calls at https://www.youtube.com/ @TheAdminBob and also follow him at https://twitter.com/kaperoni   

Dave   NORV we have more atms in my small city than all of Iraq -   digital.....here too, i like cash........  what nation is devoid of all cash?

NORV   ATMs are not that important in Iraq they only need to have ATMs if you want physical cash. They are going digital..that mean paperless. Swipe 💳 and go.

Dave   we swipe here also

NORV   Yup      I can't remember the last time I carried dollars.  💰

Dave   POS exclusively?   i deal in cash

NORV  Nah, I do almost everything digital. Buy food, clothes, gas on my phone.  GOOGLE pay works great. 👍

Dave  folks sometimes pay me in cash.....means i dont have to answer to my wife

NORV   The best part is you get better deals buying digital

Dave   doubt it 1/2 of iraqis have bank accounts

NORV   I get .35 cents gal off on gas  😆

Dave   barter with a pos?

NORV   Restaurants love digital purchase. Give great food discounts

Zig   That's point of sale....not piece of shit.....lol.....POS

Dave   not here

NORV   It's everywhere Dave

NORV   .the apps are the same. You just don't know about it.

Dave   wife pays when we go out

 Zig   I like cash too but it's becoming old fashioned.....lol

NORV   Go to the App Store and download an app for whatever you're going to do or restaurant or store and you will notice that every one of them apps have discounts when you pay through their mobile app

Dave   will inform the MRS.

NORV   I just went to Arby's the other day and got a French dip for $3. LOL everyone else pays $8

Zig   Wow

NORV   McDonald's has a whole bunch of discounts when you use their mobile app two for one sandwiches, two for one shakes, free fries Etc

Dave   MacDonalds aint food?

NORV   I just bought baseball tickets the other day for $7 a piece through MLB app. Lol. No chance of that price using paper   ......HOW?

NORV  It takes time Dave

Dave   What nation has done this

NORV   50% in last year is good

Dave   guessing not sure   Dave  was about 1/3rd

NORV   Give them another 2 years, everyone in Iraq will be digital

Dave   too many mattress stuffers   2 yrs?  guessing?

NORV   Once convenience catches on people will convert just like here. Everybody got a smartphone in the matter of about 12 months

Dave    Iraq has accomplished NODDA in terms of anything

NORV   That's not true. They just do everything at a very slow pace

Dave   Banking laws fer foreign investments?     HCL art 140? WTO?    close....lol

NORV   Just because they are not laws enacted does not mean they are doing nothing.

Dave   yadda yadda

NORV   When your rebuilding an entire country from the ground up and you've got tribes that don't want progress, of course it's going to take a long time

Dave   NORV Just checked UNs website IRAQ still be ch7   really slow updating that  banking freeze  updated yesterday

NORV   . I wouldn't know. I haven't been to the UN website in quite a while. Or do you mean IMF?

Dave   https://sanctionsmap.eu/#/main    scroll down to Iraq   Which nation affiliated with IMF while under sanctions?

NORV   NORV don't see anything on UN chapter 7   In fact what I do see is no restrictions   And their financial system is under the IMF and I don't see any restrictions there either except for them still being in Article 14 by choice which is not a restriction.

NORV   It's a decision Iraq's Central Bank has made which does affect their ability to do business with other financial institutions but that technically is not a restriction

Dave   https://www.un.org/securitycouncil/sanctions/information

Dave   page 10   https://www.international.gc.ca/world-monde/international_relations-relations_internationales/sanctions/iraq.aspx?lang=eng

NORV   From the general info page it shows Iraq (2) meaning they must have two outstanding issues still.

Dave   arms embargo asset freeze on banking

NORV   There may very well be arms embargo and there may be assets frozen of individuals within Iraq but there is no restrictions on their banks except for the possibilty of doing business with Iran. IMF Article 14 is their own choice and has nothing to do with UN chapter 7

NORV   If there were investors that wanted to move money into Iraq there would be no problem I can assure you that. The problem is is that they need laws To support Investment otherwise nobody's coming to the party.

NORV   And as long as Iraq continues to struggle to move forward the dinar will remain weak. I've been saying for many years only with the success and growth of Iraq's own economy can the dinar ever go up in value.

NORV   I gotta go. See ya.

Dave    By paragraph 19, the Council decided that the Committee shall identify individuals and entities referred to in paragraph 23, by which the Council decided that funds or other financial assets or economic resources of the previous Government of Iraq or its state bodies, corporations, or agencies, located outside Iraq as of the date of the resolution, or funds or other financial assets or economic resources that have been removed from Iraq, or acquired, by Saddam Hussein or other senior officials of the former Iraqi regime and their immediate family members, including entities owned or controlled, directly or indirectly, by them or by persons acting on their behalf or at their direction, shall freeze, without delay, those funds or other financial assets or economic resources.

butterfly   IMF: Iraq Economic Growth "to Continue amid Fiscal Expansion" An International Monetary Fund (IMF) mission met with the Iraqi authorities in Amman during February 20-29 to conduct the 2024 Article IV consultation.

Some key data from their report:

1. Economic Growth:

Non-oil GDP growth: 6% in 2023.

Overall growth projected to rebound in 2024.

2. Inflation:

Declined from 7.5% in January 2023 to 4% by year-end.

3. Fiscal Position:

Deficit: 1.3% of GDP in 2023, down from a surplus of 10.8% in 2022.

Projected deficit for 2024: 7.6% of GDP.

Public debt: Expected to nearly double from 44% in 2023 to 86% by 2029.

4. Policy Priorities:

Need for fiscal adjustment to stabilize debt and rebuild buffers.

Focus on reducing current expenditure, increasing non-oil revenues, and improving revenue administration.

5. Monetary Policy:

CBI raised policy interest rates and reserve requirements.

Efforts to reduce excess liquidity and improve monetary policy pass-through.

6. Structural Reforms:

Comprehensive employment strategy needed.

Financial sector reform to improve credit access.

Urgent pension reform required.

Combat corruption and improve governance.

Hurdles to private sector development need to be removed, including in the electricity sector and business registration procedures.

7. IMF Support: The IMF staff team stands ready to support reform efforts.

Full statement from IMF:

butterfly   An International Monetary Fund (IMF) mission, led by Mr. Jean-Guillaume Poulain, met with the Iraqi authorities in Amman during February 20-29 to conduct the 2024 Article IV consultation. The following statement was issued at the end of the mission:

Economic growth is projected to continue amid fiscal expansion. Meanwhile, medium-term vulnerabilities to oil price volatility have increased significantly. Reducing oil dependence and ensuring fiscal sustainability while protecting critical social and investment spending will require a significant fiscal adjustment, focused on controlling the public wage bill and increasing non-oil tax revenues.

In parallel, higher economic growth will be needed to absorb the rapidly expanding labor force, boost non-oil exports and broaden the tax base. The authorities should therefore seek to enable private sector development, including through labor market reforms, modernization of the financial sector and restructuring of state-owned banks, pension and electricity sector reforms, and continued efforts to improve governance and reduce corruption.

Economic Outlook and Risks

butterfly   Growth in the non-oil sector has rebounded strongly in 2023 while inflation receded. Supported by increases in public expenditure and solid agricultural output, real non-oil GDP is estimated to have grown by 6 percent in 2023 after stalling in 2022.

Headline inflation declined from a high of 7.5 percent in January 2023 to 4 percent by year-end, reflecting lower international food and energy prices, and the impact of the February 2023 currency revaluation. The current account is expected to have recorded a surplus of 2.6 percent of GDP and international reserves increased to US$ 112 billion.

These positive developments were supported by the normalization of trade finance and the stabilization of FX market. After some initial disruptions following the introduction of new anti-money laundering and combating financing of terrorism (AML/CFT) controls on cross-border payments in November 2022, the improved compliance with the new system and the Central Bank of Iraq (CBI)'s initiatives to cut processing time led to a recovery in trade finance in the second half of 2023. This ensured private sector access to foreign exchange at the official rate for imports and travel purposes.

In the meantime, the fiscal position worsened. Although the expansionary budget was under-executed due to delayed Parliamentary approval, the fiscal balance still declined from a surplus of 10.8 percent of GDP in 2022 to a deficit of 1.3 percent in 2023, due to lower oil revenues and an increase in expenditures by 8 percentage points of GDP, of which salaries and pensions contributed 5 percentage points as the authorities started hiring in line with the budget law.

butterfly   Overall growth is projected to rebound in 2024 and risks are tilted downwards amid heightened uncertainty. Non-oil growth momentum will continue in 2024. Larger declines in oil prices or extended OPEC+ cuts could weigh on fiscal and external accounts.

If regional tensions escalate, a disruption of shipping routes or damage to the oil infrastructure could result in oil production losses that could outweigh the potential positive impact of higher oil prices. In case of a deterioration in domestic security conditions, this could lead to a decline in business sentiment and suspension of investment projects. Over the medium term, non-oil growth is projected to stabilize around 2.5 percent given existing hurdles to private sector development.

 Furthermore, vulnerability to oil price declines has increased as higher expenditures are projected to push the fiscal break-even oil price above $90 in 2024. Absent new policy measures, the fiscal deficit is expected to reach 7.6 percent in 2024 and widen further thereafter as oil prices are projected to gradually decline over the medium term. As a consequence, public debt would almost double from 44 percent in 2023 to 86 percent by 2029.

Butterfly    Policy Priorities

An ambitious fiscal adjustment would be required to help stabilize debt in the medium term and rebuild fiscal buffers, while protecting critical capital spending. Most of the fiscal adjustment would have to come from reducing current expenditure, especially controlling the wage bill by limiting mandatory hiring and gradually introducing an attrition rule.

The authorities should also seek to increase non-oil revenues by broadening the personal income tax base and making it more progressive, reviewing the customs tariff structure, and considering new taxes on luxury items. In parallel, efforts to make revenue and customs administration more efficient should continue. Further savings could be obtained through better targeting social support and increasing cost recovery within the electricity sector. These adjustment measures should provide room for the expansion of the targeted social safety net.

The authorities should also strengthen public financial management and limit fiscal risks. The mission welcomes initial steps towards the establishment of a Treasury Single Account (TSA), which is crucial to improve cash management. Further progress is needed and close cooperation between the CBI and Ministry of Finance will be essential.

The next steps are to define TSA design options and complete the bank account census. In future years, overall ceilings on the issuance of guarantees should be specified in the budget law and be enforced. The mission advise against the use of extrabudgetary funds and highlights potential fiscal risks associated with their use.

 As a second best, it would be important to ensure the Iraq Fund for Development has appropriate governance arrangements, including governing board independence while ensuring transparency of the Fund's activities including by publishing its investment plans in the annual budget documentation and restricting its ability to borrow.

butterfly   The mission encourages the authorities to build on the CBI welcomed efforts to reduce excess liquidity. The CBI appropriately raised the policy interest rate and reserve requirements, introduced a 14-day CBI bill facility last summer, and scaled back its subsidized lending to the real estate sector.

However, monetary policy pass-through has been muted, hampered by large excess liquidity and lack of market incentives in financial intermediaries, especially at state-owned banks. The CBI's ongoing efforts should be supported by consolidating idle government deposits in a TSA, refraining from procyclical fiscal policy, reducing the reliance on monetary finance, and improving public debt management.

 In parallel, efforts to develop an interbank market with the help of IMF technical assistance should continue. The mission also welcomes the authorities' steps to speed up the digitalization of the economy, reduce the reliance on cash and enhance financial inclusion.

Wide-ranging structural reforms are needed to foster private sector development and economic diversification. Iraq needs higher and more sustainable non-oil growth to absorb the rapidly growing labor force, increase non-oil exports and government revenue, and reduce the economy's vulnerability to oil price shocks.

 Key reform priorities include:

Adopting a comprehensive employment strategy aimed at phasing-out mandatory hiring in the public sector, leveling the playing field between public and private jobs, addressing mismatches between educational curricula and the skills needed in the private sector, and strengthening labor market institutions. The strategy should also aim at reducing informality and addressing legal, social, and cultural impediments to women's participation in the workforce.

butterfly   Accelerating financial sector reform to improve access to credit. The authorities are committed to modernizing the banking sector and supporting banks' ability to secure correspondent banking relationships and have taken steps towards consolidation of small private banks.

Efforts to restructure the two largest state-owned banks should intensify, including by expediting certification of past financial statements and implementation of core banking systems, and enhancing corporate governance in line with best practices.

Implementing a comprehensive pension reform. This is urgently needed to reduce the overall projected fiscal costs of the public pension scheme, better align the benefits and rules across the public and private schemes, ensure adequacy of pensions and intergenerational equity, and increase the ratio of workers participating in the private pension scheme.

Combating corruption and improving governance, particularly by strengthening the institutional and legal frameworks needed to ensure the independence of the Integrity Commission and the Board of Supreme Audit, enhancing the publication of assets and conflicts of interests declarations for top level officials, and adopting an updated anticorruption strategy.

Further, public procurement and business regulations should also be enhanced. The authorities should also continue to strengthen the AML/CFT framework and its effectiveness, including in the banking sector, guided by the priority actions identified in the MENAFATF Mutual Evaluation that will be concluded in May 2024.

Removing other hurdles to private sector development by reforming the electricity sector to improve efficiency, cost recovery, and reliable access; simplifying procedures for business registration; and upgrading critical infrastructure.

The IMF staff team stands ready to support the authorities in their reform efforts and would like to thank them for constructive and productive discussions during this mission.   (Source: IMF)

Sheila   @TWW You were blessed.  Rumor has it there about 7M dinar/foreign currency holders here in USA. Other rumtel says 10M worldwide.

Sheila   TWW lower numbers than rumtel... various holdings from one 25K dinar note up to what might be considered whale - like they have "pallet"

TWW  sheila we'll have to wait to see how that works out, hummm

Sheila  TWW yes we will. Heard tonight on CC that we should record our Zim serial numbers. Why only Zim, is what I want to know? They didn't give basis for that tidbit.  - from Holly

Sheila   @TWW two hours later here,,, gotta sleep now

Zig  :Hi: Readers....This Chat Room is now a gated community https://my.cbox.ws/ZIGPLACE

:Security: where an invitation is now required in order to participate

Zig’s Place Chat and News Wednesday Evening 9-13-23

Zig’s Place Chat and News Wednesday Evening 9-13-23

NORV  Article:  The most important reasons for currency floating - the benefits and harms of currency floating

What is meant by currency float?

NORV   Benefits of floating currency

There are several benefits to currency flotation, the most prominent of which are:

Is floating currency harmful?

Floating a currency is not necessarily completely harmful or beneficial, but rather depends on the economic and political conditions in the country in question.

What are the types of currency flotation?

There are two main types of currency floats:

1. Free floating currency

The exchange rate of a currency is determined entirely by supply and demand in global markets without interference from the government or central bank.

2. Managed currency float

This type of float allows the government or central bank to intervene in setting the exchange rate of the currency and limit market volatility.

This type of float is usually used when the government has difficulty controlling inflation or in cases of financial crises.

What are the economic effects of floating the currency?

If the currency is floated well, it may have a positive impact on the economy, but if it is floated ineffectively, it may lead to negative repercussions on the local economy.

Can floating the currency affect local prices of basic commodities?

NORV   Yes, floating a currency can affect local commodity prices.

If the value of the currency rises, imported goods will become cheaper, while exported goods will become more expensive.

Conversely, if the value of the currency declines, imported goods will become more expensive, while exported goods will become cheaper.

Therefore, floating the currency can affect the local prices of basic commodities, such as: food, fuel, clothing, and other basic products.

Which countries follow a floating currency policy?

Many countries around the world follow a floating currency policy, and among these countries are:

1. United States  The US dollar is considered one of the most free-floating currencies in the world, and its value declines according to supply and demand factors for the currency.

2. European Union  Floating the currency is implemented in all EU member states, leaving the value of the euro to market factors.

3. Japan  Japan uses a managed float policy for the Japanese yen, where the central bank intervenes in the market to adjust supply and demand for the currency.

4. Canada  Canada uses a free-floating Canadian dollar policy.

5. Australia  Australia uses a free-floating policy for the Australian dollar.

6. China  China uses a managed float policy for the Chinese yuan, where the central bank intervenes in the market to adjust supply and demand for the currency.

7. India  India uses a managed float policy for the Indian Rupee, where the central bank intervenes in the market to adjust supply and demand for the currency.

8. Britain  Britain uses a free-floating policy for its pound sterling.

9- Russia    Russia uses a managed float policy for the Russian ruble, where the central bank intervenes in the market to adjust supply and demand for the currency.

There are many other countries that follow a policy of free or managed floating of their local currencies, and the monetary policies of each country differ based on its needs and economic conditions.

Dinar Recaps Note: Only snips from article above are here so please follow LINK to read from  the original in full detail thank you

NORV   https://iraqkhair.com/2023/05/02/%D8%A7%D9%87%D9%85-%D8%A7%D8%B3%D8%A8%D8%A7%D8%A8-%D8%AA%D8%B9%D9%88%D9%8A%D9%85-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9-%D9%81%D9%88%D8%A7%D8%A6%D8%AF-%D9%88%D8%A7%D8%B6%D8%B1%D8%A7%D8%B1-%D8%AA%D8%B9/

NORV   HI Chattels!    good read there  I got another good one to read...

Chattels   I see and very “current”, but “timeless”.

NORV   Iraqi economy, dollar, Iraqi dinar, Iraq crises

8/8/2023   Iraqi economic experts agree that the US President’s protection of Iraqi oil revenue funds in the two accounts opened in the US Federal Bank for the benefit of Iraq is a type of protection required for creditors, individual and collective legal persons. Such an agreement between experts raised questions about the reality of the authority of the US Federal Reserve and the Treasury. American influence on generating the dollar crisis and the depreciation of the Iraqi dinar against it.

These experts, professors of economics, such as Dr. Mazhar Muhammad Saleh, Dr. Mahmoud Dagher, and Dr. Nabil Al-Marsoumi... agree that this reality is the product of an Iraqi-American agreement... but Dr. Turhan Al-Mufti settled the controversy that Iraq does not have an electronic banking management system that deals with digital transfers... so he resorted to... To deposit oil revenue money with the US Federal Reserve in special accounts that are later transferred as paper currency, arriving periodically to Iraq via US military aviation... for the Central Bank to resell it through the currency sale window and convert it into Iraqi dinars.

Everyone agrees that the crux of the crisis is the US sanctions on Iran, Syria, or other individuals or entities, as the US Treasury Department refuses to transfer the dollar currency it issues as a sovereign currency to any party on which sanctions are imposed.

The other matter is that the US Treasury and the US Federal Reserve are applying money laundering standards to the dollar currency in all parts of the world, including Iraq. There is greater stringency due to the presence of clear violations in transferring the dollar currency to such parties without official American approval.

In addition to this, the role of the United Nations Agency to Combat Drugs and Organized Crime, as well as the World Bank and the International Monetary Fund, in putting forward

NORV   First: Direct solutions begin by determining the volume of imports from neighboring Iraqi countries according to the rule of importance, both horizontally and vertically. For example, the priority of importing medicines and medical equipment in exchange for a complete ban on all luxury goods and finding a balance for the type of goods between them, both horizontally and vertically. The value of financial transfers can be determined at the minimum possible level. For every type of commodity... this will be done through a direct agreement of the leaders of the parties opposing the government in the State Administration Alliance coalition... controlling all border crossings and imposing strict penalties on violators.

Second: Opening the doors to rapid investment by transferring commercial services from neighboring countries to free zones that control border trade, prevent smuggling, and regulate taxes and quality of goods on both sides of the border... by dealing through the currencies of each country against the currency of the other country within a reasonable ceiling that confronts the possibilities of speculation in the Iraqi dinar. Or through commercial barter, including barter for oil and its derivatives, especially those surplus to the needs of the Iraqi market, such as black oil...or minerals such as phosphate and sulfur, for example, but not limited to...and excluding dealing in dollars through these free trade border areas.

Third: Immediately establishing nucleus departments for electronic banking management and linking them to guarantor banks regionally and internationally, thus establishing the emergence of branches of government and private banks capable of accessing international platforms for banking transactions, all the way to listing financial transactions for the sale of Iraqi oil on these Iraqi platforms that are managed by several banks under the supervision of the bank. Iraqi Central Bank.

NORV   Fourth: Canceling the currency auction platform and returning to assigning these multiple banking departments as alternative platforms for electronic dealing... and issuing bank transfer bonds for import and export in accordance with applicable legal principles... and organizing an Iraqi national education campaign on this subject in exchange for activating the enforcement of the maximum penalties for any violations of these procedures. In Iraq's obligations before international agreements.

Fifth: Serious consideration of floating the Iraqi currency in favor of deleting 3 zeros and considering one Iraqi dinar equal to one US dollar denominated in gold and a multilateral basket of international currencies in the balance of the Central Bank of Iraq after fulfilling all requirements to cancel American protection for revenues from the sale of oil.

This is the tip of the iceberg of what could happen if the requirements of political will are met in the state administration alliance... or the continued cries of the hungry people due to the generation of dollar crises and the decline in the value of the Iraqi dinar... and the exploitation of crises by economic fronts for this or that party... in application of the saying ( The prayer is behind Ali Atm and the performance is with Muawiyah Adsam)...and it remains to say that God has affairs in His creation!!!

https://annabaa.org/arabic/authorsarticles/35914

NORV   Both good reads   They will float. when? when they have passed the laws, created the conditions for investment and they begin to diversify their economy. Until that day, the dinar will remain weak!

Chattels   I do not k ow rmthat I have see Iraq - Murdis relations so unstable since the “independence

NORV   :Floating:

Chattels   Kurdish relations since the “independence movement” some years ago.

NORV   They got a 3 year window with the tripartite budget, let's see if they can accomplish anything.

Chattels   Nothing else to do but wait.

NORV   Sheila should read what I posted, may learn something.

NORV   Chattels nope

NORV   wait and watch them

Chattels   preferred narratives these days with the Dinar and in American politics is irrepressible.

Chattels   People.are going to believe what they want to believe. Reason plays no role anymore.

NORV   Chattels yes, but I feel better warning them lol

Chattels   Add the element of desperation and voila, you have a Dinar chat room.😊

Chattels   Understood. There are people of conscience and integrity left, but they are not popular.

Chattels   ”Voices crying in the wilderness.”   Keep the faith.

NORV   Of course I'm not popular, but I know the truth.  :HaHaHa:  gotta run, have a good night!

Sah   NORV So if a country is on a managed float it has usually been up or down 3 percent a day. If they loose more than 3 percent for the day they start only 3 percent lower the next and not more or visa versa for if the currency goes up more than 3 percent a day the next day it is only 3 percent higher. Has a managed float always been at 3 percent daily or can that be changed to a different percent.

Chattels   Looking for discernible progress in Iraqi politics is like watching paint dry.

Sah   I was shocked to learn that after 2003 that Kurdistan supplied arms to ISIS and help them get a foot in the country. Kurds were shocked when ISIS turned on them. Barzani is just plain evil,

Chattels   If true, it is another good reason for the US not to involve themselves in a region more corrupt than our own politics.

Chattels   I doubt that thee are many people on the planet more used and discarded

Sah   The US is still paying most of the military salaries for Kurdistan.

Chattels   than the Kurds.

Sah   If the Kurdistan military gets out of hand the US will with draw their salaries. Probably why they backed off so fast from Kirkuk.

Chattels   Self determination is a notion almost laughable. The powerful trot ot out for their own purposes.   It is an ideal to be embraced only when it suits the purposes of the powerful.

Chattels   Shameful really.

Sah   Barzani has a large ego to satisfy. He has to prove himself superior to his people, and then walks all over them. He wants the poor to stay poor and bow down to the elite.

Chattels   But liberty comes at a price that few are able and willing to pay.  All the more reason that we zealously houses our own freedoms purchased at so great a price over generations.

Chattels   * guard our own

Sah   There is no liberty in Iraq for Kurdistan. They are like a large province that is part of Iraq. The own no mineral or gas or oil rights on their land.

Chattels   What is and what should be are not always the same.

Sah   Iraq controls the whole country and the CBI controls all the banks including Kurdistan. All is under one Iraq. It is the tribes that need to all get along.   Each one wants to show superiority over the others.

Sheila   @NORV - Who are you to say I need to learn something? LOL

NORV   sheila because you live in dinar fantasy-land!

Sheila   NORV LOL -- you are back for the personal attacks. Go ahead, get it off your chest.

NORV   not happening!

Sah   NORV You left and did not answer my question!

NORV   sheila not personal attack, just educating!

Sheila   greatest wealth transfer in history... now go ahead, jump

NORV   Sah ok me look

 Sah   thanks

NORV   Sah tribes?

Sah   NORV So if a country is on a managed float it has usually been up or down 3 percent a day. If they loose more than 3 percent for the day they start only 3 percent lower the next and not more or visa versa for if the currency goes up more than 3 percent a day the next day it is only 3 percent higher. Has a managed float always been at 3 percent daily or can that be changed to a different percent.

NORV   Sah floats vary depend on the criteria, if they free float, it could go up or down significantly, managed floats may be built with specific criteria. If managed the CBI will control the pace.

Sah   NORV How come for the last decade that the managed float have all been at 3 percent that I have been researching.

NORV   Sah If the central bank ends the auctions, they will float and manage it more than likely by the buying and selling of the dinar. They control how much, the pace etc. There are many articles on how this is accomplished. Remember, the CBI makes money on the currency auction, they will also do so when they float by the sale of dinar.

NORV   sheila i already posted it above long articles

Sah   I thought he IMF controlled the managed float of 3 percent and that they at least have to do it for five days when the do it before the country can cancel out if they want to stop.

Sah   I guess I will have to research this more.

NORV   When they do decide to exit the peg, they will have a plan. This article is pretty good to learn...

NORV   https://www.imf.org/external/pubs/ft/issues/issues38/ei38.pdf

Sah   NORV Thanks for the direction to go. I will read it tonight.

Sah   NORV 19 pages and looks interesting and there is two pages of the economic series that I may find a few interesting reads. Thanks!

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Zig’s Place Chat and News Monday Evening 9-11-23

Zig’s Place Chat and News Monday Evening 9-11-23

Butterfly   The dollar resurfaces with a UN call to amend “Brighton Woods”

It controls international transactions despite the difference in the size of economic power Published: 15:42-21 May 2023 AD .....    The Dollar Resurfaces With A UN Call To Amend “Brighton Woods”

It controls international transactions despite the difference in the size of economic power

Cairo: Sabry Najeh  Published: 15:42-21 May 2023 AD - 02 Dhul-Qi’dah 1444 AH

International calls to reduce dependence on the dollar in trade exchange between countries have increased, in the wake of global unrest (most notably: Covid-19 and the Russian war), which raised the price of the US currency to record levels, which contributed to the scarcity of its presence in emerging markets, and created the need for an alternative. Some countries began In formulating his idea.

However, reducing dependence on the US currency, which has dominated the largest proportion of the global economy for more than 75 years, may require returning to the system before dependence on the dollar.

The Brighton Woods Agreement stands out here, which was held in July 1944 in the American city of Brighton Woods, New Hampshire, in the presence of representatives of forty-four countries, to develop plans to stabilize the global financial system and encourage trade after World War II.

It was agreed at the conference to stabilize foreign currencies against the dollar, as the dollar was set at a price of $35 per ounce of gold, with the aim of establishing international financial stability that prevents the exchange of currencies between countries, and limits speculation in international currencies.

The participating countries have already agreed to maintain the value of their currency within a narrow margin against the dollar, and a similar price of gold. So that the American currency becomes a major reference currency for countries around the world. The conference submitted its plans to two international organizations: the International Monetary Fund and the World Bank.

Russia has already moved to consolidate its economic relations, through bilateral cooperation with countries, which relies primarily on the use of national currencies, to reduce dependence on the dollar, and to circumvent American sanctions. There are trade exchanges between China, the second largest economy in the world, and Russia, already in national currencies.

In addition, the need for the US dollar will decrease in light of the expansion of developing countries to sign bilateral agreements to adopt trade exchange in national currencies, to solve the crisis of the scarcity of the US currency in them, which will increase the pressure on the dollar, or rather the United States of America, to sit at the table with the effective parties and agree on a global system.  LINK

Sah   The article above is worth reading translated that butterfly posted.

The dollar resurfaces with a UN call to amend “Brighton Woods”

It controls international transactions despite the difference in the size of economic power International calls to reduce dependence on the dollar in trade exchange between countries have increased, in the wake of global unrest (most notably: Covid-19 and the Russian war), which raised the price of the US currency to record levels, which contributed to the scarcity of its presence in emerging markets, and created the need for an alternative. Some countries began In formulating his idea.

However, reducing dependence on the US currency, which has dominated the largest proportion of the global economy for more than 75 years, may require returning to the system before dependence on the dollar.

The Brighton Woods Agreement stands out here, which was held in July 1944 in the American city of Brighton Woods, New Hampshire, in the presence of representatives of forty-four countries, to develop plans to stabilize the global financial system and encourage trade after World War II. It was agreed at the conference to stabilize foreign currencies against the dollar, as the dollar was set at a price of $35 per ounce of gold, with the aim of establishing international financial stability that prevents the exchange of currencies between countries, and limits speculation in international currencies.

The participating countries have already agreed to maintain the value of their currency within a narrow margin against the dollar, and a similar price of gold. So that the American currency becomes a major reference currency for countries around the world. The conference submitted its plans to two international organizations: the International Monetary Fund and the World Bank.

Sah   The value of the dollar in gold has been adjusted more than once under the Brighton Woods Agreement. There are many countries that have named their currency the dollar, such as Canada, Australia, and New Zealand.

The dollar currently occupies the largest percentage of currencies in foreign exchange reserves held by central banks around the world, with a share of 59.80 percent, followed by the euro with a share of 19.70 percent, then the Japanese yen with 5.30 percent, followed by the British pound with 4.60 percent, and the Chinese yuan comes with a share 2.80 percent, in addition to the fact that nearly half of international loans are denominated in dollars. Looking at the contribution rates of the current economic power around the world, it is clear that the seven major industrial countries: the United States, Britain, Germany, France, Italy, Canada, and Japan, their percentage in the global gross domestic product has shrunk in 2023 to about 30 percent, over the past 30 years, compared to 50.7 percent. percent in 1980, according to International Monetary Fund data.

In addition to expectations that China and India alone will account for about 50 percent of global economic growth during the current year, according to Pierre-Olivier Gorincha, chief economist and director of the research department at the International Monetary Fund.

In light of these facts, United Nations Secretary-General António Guterres called on Sunday for amending the current global financial system, saying that the time has come to reform the Brighton Woods system in line with “the reality of today’s world. In a speech during a press conference in Hiroshima, Japan, where the G7 summit was held, Guterres said that the Brighton Woods system reflects the balance of power in 1945 and needs to be updated. He said: “The global financial architecture is outdated, dysfunctional and unfair... and has failed to perform its basic function as a

Sah   global safety net in the face of the economic shocks resulting from the Covid-19 pandemic and the Russian invasion of Ukraine. Guterres also spoke of how at the G7 summit he felt a growing realization among developing countries that not enough was being done to reform outdated institutions or “to eliminate the frustrations” of countries in the Southern Hemisphere.

This international call is highlighted in light of the rise in the dollar, which raises the prices of goods and services denominated in it, for all countries that hold other currencies, reduces gold and oil, and creates financing crises for countries that rely heavily on imports.

The international call also came in light of Russia and China's efforts to establish a new "international order" that does not necessarily depend on the US dollar as the main currency in commercial and financial exchanges, in addition to international reliance on the BRICS countries.

Russia has already moved to consolidate its economic relations, through bilateral cooperation with countries, which relies primarily on the use of national currencies, to reduce dependence on the dollar, and to circumvent American sanctions. ‘

There are trade exchanges between China, the second largest economy in the world, and Russia, already in national currencies. In addition, the need for the US dollar will decrease in light of the expansion of developing countries to sign bilateral agreements to adopt trade exchange in national currencies, to solve the crisis of the scarcity of the US currency in them,

which will increase the pressure on the dollar, or rather the United States of America, to sit at the table with the effective parties and agree on a global system. New that takes into account the current economic strength in the global economy.

Sah   butterfly Nice find in this article. Let's see how they amend the Brighton Woods agreement.

Sah   It will change the way all financial institutions in the world going forward.

Butterfly   An Iraqi movement to recover money stolen from abroad Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, revealed an official government movement to recover Iraqi funds stolen from abroad.

Saleh told the official news agency, “Article 14 of the Money Recovery Law No. 7 of 2019 obligated the government, when it concludes investment or economic agreements with any country in which there is money for Iraq, to ​​include in the provisions of the Money Recovery Law, including money that escaped after the year 2003 due to operations.” Corruption and various economic and financial crimes.”

He added, "The article has come into effect, as the agreements stipulated in the aforementioned article are being followed with great care, whether through the policies and procedures of the Money Recovery Fund itself or its effective and important executive arm, which is the Money Recovery Department in the National Integrity Commission,"

 noting that "Iraq is an active member of the organization International Financial Action for the Middle East and North Africa region is a multilateral international organization that helps member states coordinate operations to combat money laundering, crime funds and terrorism in its various forms through the Anti-Money Laundering Office at the Central Bank, which is an important arm and the basis for national and international cooperation on the issue of money recovery.” .

He pointed out that "there is an ongoing official movement and efforts being carefully made to follow up and recover Iraq's stolen funds, specifically through the mechanism of the Iraqi judicial system and the foreign relations of Iraqi diplomacy, which provides means of defending our country's looted funds before the courts in the jurisdictional areas of various foreign countries."

butterfly   Saleh continued, "In addition to the effective role of Article 14 in the Recovery Fund Law, there is serious and ongoing cooperation between Iraq and the United Nations Development Program in providing legal and procedural means to recover funds through the United Nations Convention against Corruption."

He noted that "Iraq joined this year to become a member of the (Agmont Group), a group that includes 167 countries so far and works to facilitate the exchange of information on criminal proceeds, money laundering and terrorist financing at the international level by providing the Anti-Money Laundering Office with a secure communications network with countries."

The world, which contributes to monitoring the movement of funds internationally and strengthening financial investigation procedures to lead to the recovery of funds and assets.

https://economy-news.net/content.php?id=36237

butterfly   Iraq is ranked 122nd globally and ninth in the Arab world with the highest inflation rate]/b]

Iraq ranked 122nd globally and ninth in the Arab world with the highest inflation rate for the year 2022, according to CEOWORLD magazine, which specializes in statistics.

The magazine said in a report seen by Al-Iqtisad News, “Consumer prices are being distorted due to supply chain disruptions and high energy costs resulting from geopolitical tensions. As a result, inflation rates are rising in almost half of the world’s countries, with inflation rates reaching double digits or double digits.” Higher,” noting that “28 countries were not included in the table because there are no official statistics for them in the year 2022, such as Iran, Angola, and Lebanon, the latter of which inflation in the year 2021 reached about 155%.”

At the global level, “Sudan recorded first in the world in terms of inflation rates at 139%, followed by Zimbabwe at second at 105%, Turkey at third at 72%, Suriname fourth at 52%, Sri Lanka fifth at 50%, Haiti at 34%, Guinea at 31%, Moldova at 29%, and Sierra Leone at 27%.” The Lao Democratic Republic 23%, Malawi 21%, and Ukraine 20% are the highest rates in the world.”

She pointed out that "Iraq ranked 122nd globally out of 150 countries listed in the table and ranked ninth in the Arab world with the highest rate of inflation, as inflation in Iraq reached 5% in the year 2022, lower than the year 2021, in which it reached 6%, and higher than the year 2020, which was 1%."

In the Arab world, Sudan came with the highest inflation rate at the global and Arab level at 139%, followed by Egypt secondly 14%, Mauritania third 10%, then Algeria fourth 9%, Tunisia fifth 8%, then Morocco sixth 7%, and then Djibouti seventh 5 %, Qatar ranked eighth at 5%, Iraq ranked ninth, the UAE ranked tenth at 5%, and Jordan ranked 11th at 4%, according to the magazine’s report.

https://economy-news.net/content.php?id=36216

butterfly   Interesting: Al Janoub Islamic Bank provides good news to merchants and company owners regarding saving the dollar Economy- 03-02-2023 03:00 PM - Number of views: 25550 Al Janoub Islamic Bank for Investment and Finance provided good news for merchants and company owners regarding the provision of the dollar .

The bank stated in a statement that “South Bank is making an offer to merchants and company owners by providing foreign transfer services and documentary credits with a zero percent commission,” noting “the presence of a network of correspondents all over the world. ”

He added, "External transfers are at an exchange rate of 1,470 dinars to the US dollar, while documentary credits are at an exchange rate of 1,465 dinars to the US dollar. All the merchant has to do is visit its branches spread across Iraq or contact the telephone service center by calling 6009. " https://www.dijlah.tv/index.php?page=article&id=323817

Sah    butterfly butterfly That can not be good that they are exchanging at a rate of 1470 yo US dollar. I thought they were supposed to be selling at 1370.

butterfly   Sah look at the date of the article.

Sah   butterfly Still they should of been then at the rate that CBI is supposed to maintain.

butterfly   I know but they haven't used that rate since the CBI said it was 1320. It has been closing in the 1500 each day/week/month since they said

Sah   I wonder if they were one of the banks sanctioned that they can not sell the US dollar.

butterfly   I can't explain

Sah   CBI has cut out a bunch of banks to exchange if they do not sell at the same amount as on their platform.

butterfly   Here is another one: USD/IQD rate closes higher in Baghdad, Erbil 2023-09-10 09:57 Shafaq News/ The U.S. dollar (USD) exchange transactions against the Iraqi dinar (IQD) closed at a slightly higher rate in the markets of Baghdad and Erbil today, Sunday.

Shafaq News Agency correspondent said that the USD recorded a closure rate of 154,100 IQD to 100 in al-Kifah and al-Harithiya Central Exchanges, 100 IQD above the opening rate this morning.

The selling and buying rates of the USD in Baghdad's parallel markets settled at 155,000 and 153,000 IQD to 100, respectively.

In the capital city of the Kurdistan region, USD selling and buying rates stood at 154,850 and 154,750 IQD to 100, respectively. https://shafaq.com/en/Economy/USD-IQD-rate-closes-higher-in-Baghdad-Erbil-4-4

butterfly   I have not seen any article relating to the 1320 since the CBI put out that rate.

Sah   If they would play by the book we would get there faster to the end result.

butterfly

Saudi Arabia expresses its desire to increase the volume of economic exchange with Iraq Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani stressed, on Monday, the importance of strengthening and expanding the horizons of bilateral cooperation relations between Baghdad and Riyadh.

A statement by the ministry said, “Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, received today, Monday, a delegation of the Saudi Shura Council, headed by Ibrahim Muhammad Al-Qannas, Chairman of the Iraqi-Saudi Friendship Committee in the Council.”

The statement added that Abdul Ghani "welcomed the guest delegation, expressing the depth of brotherly ties between the two countries, and the mutual keenness to strengthen and expand the horizons of bilateral cooperation relations in all fields, including economics, oil and energy."

For its part, the Saudi delegation affirmed “the Kingdom’s keenness to strengthen and strengthen the bonds of relations between the two countries,” expressing its hope for “cooperation in implementing projects and investment opportunities and seeking to increase the volume of economic exchange between the two countries.” https://economy-news.net/content.php?id=36271

 Zig   If you access this chat via https://my.cbox.ws/ZIGPLACE   You can make the box much bigger by clicking this link  ZIGPLACE - Cbox

Zig’s Place Chat and News Friday Evening 9-8-23

Zig’s Place Chat and News Friday Evening 9-8-23

Butterfly   Be prepared to pay higher price for your gasoline: A recent report highlighted the control of the OPEC+ coalition over the oil market, after the decision to extend the Saudi voluntary reduction in production, as well as Russia extending the reduction of its supplies to global markets.

The report - a copy of which was obtained by the Specialized Energy Platform - explained that the cuts by the two countries are reviewed on a monthly basis to determine whether they will be deepened or reduced depending on market conditions.  This policy flexibility allows Saudi Arabia to maintain control of the oil market, according to the report issued by the Swiss investment bank UBS.

The report stressed the importance of Russia's participation, as it is the second largest producer in the OPEC+ alliance, and the agreement ensures close coordination between the producers.

The Swiss investment bank UBS report forecasts a market deficit of more than 1.

Therefore, the report expected that Brent crude oil would rise to US$95 per barrel by the end of this year (2023), with oil inventories expected to decline further in the coming months.

Giovanni Stanovo, a commodity analyst at the Swiss investment bank UBS, who prepared the report, said, “We still believe that Saudi Arabia will not reduce the size of the cut, except when it believes that the oil market is stable enough to justify it,” that is, when oil stocks are Universality is less than it is now.

With OPEC+ focusing on a “cautious, proactive and precautionary” approach, the alliance is likely to closely monitor data from China, whose economic recovery remains a source of concern, and the impact that aggressive monetary policy tightening may have on economic activity in Europe and the United States, according to a report. UPS.” https://www.ninanews.com/Website/News/Details?key=1076116  

A report suggests that oil prices will rise to $95 after the decision of Saudi Arabia and Russia

butterfly   Gold prices rose after trimming its gains for a short period, Thursday, as data showed tightness in the labor market in the United States, with focus on getting signals regarding raising interest rates by the Federal Reserve (the US central bank).

Gold rose in spot transactions by 0.1 percent to $1,918.68 per ounce after touching its lowest level during the first week yesterday, Wednesday, while US gold futures contracts fell at settlement by 0.1 percent to $1,942.50.

Gold prices rose despite the rise in the dollar, but the decline in 10-year US Treasury bond yields below the two-week peak that was recorded in the previous session provided some support for bullion.”

As for other precious metals, silver fell in spot transactions by about one percent to $22.95 per ounce, platinum by 0.3 percent to $905.75, and palladium by 0.1 percent to $1,214.11. https://www.ninanews.com/Website/News/Details?key=1076168  

Gold prices rise with anticipation of indicators from the US Central Bank

Chattels   The Central Bank of Iraq continues to struggle with trying to reduce the market rate spread. Dinar is priced around 1540, which is about 18%. - Kaperoni

Chattels   I applaud those who can be discerning about Iraqi news which I find to be more inscrutable than US News.

Chattels   I was fairly well acquainted with the Iraqi Constitution at one time.

Chattels   Not sure why. Prolly in an effort to inform myself against the guru rumor mill.

Sah   Chattels Good evening. I did a lot of research a long time ago. I knew it was not going to be over night but it had possibilities. It's kind of like a lotto ticket that you do not have to buy over and over again, it just keeps on giving. Stimulation to keep an eye on it.

Sah   I would of never thought I would be posting in a chat room. I just visited a bunch of them over the years and stayed anonymous and read a lot of different views on the subject. It made me explore what is fact and what is not. Haggling seems to be the key to getting somewhere for an agreement in Iraq. It is like a right of passage over there. It is hard to teach these people that some things are set in stone and can not be haggled.

Sah   A constitution with a good foundation and structure that everyone can abide by would be a dream come true. Can you imagine a world like that. In your dreams! Lol

Butterfly   The dollar is heading for its longest streak of weekly gains since 2014

The US dollar swept the currencies of emerging countries this week, as it fell by about one percent since the beginning of this week, recording losses for the fifth consecutive session against the dollar.

This paves the way for it to erase all the gains it has achieved since the beginning of this year, under pressure from the strong gains of the dollar, which rose towards its highest level in six months with increasing expectations of an additional interest rate hike this year. The emerging currency market was also exposed to strong pressure from the decline in the value of the Chinese yuan, which... It fell to its lowest level in 16 years against the dollar

Despite the dollar's decline on Friday, it is still heading towards achieving the longest series of weekly gains in 9 years, supported by a set of strong data on the US economy that also made the prospects of the Federal Reserve (the US central bank) ending the cycle of raising interest rates in doubt.

The Chinese yuan also declined in local trading to its lowest level since 2007, as it was exposed to pressure from capital outflow and the widening gap in returns with major economies.

The dollar index, which measures the performance of the US currency against a basket of major currencies, fell 0.1 percent to 104.93 points, but remained close to the highest level in 6 months recorded in the previous session at 105.15 points.

The index is heading to expand its gains for the eighth consecutive week, with an increase of 0.6 percent so far.

The euro witnessed losses for eight consecutive weeks, but in the latest trading it rose 0.1 percent to $1.0709 after falling to its lowest level in three months at $1.0686 yesterday, Thursday.

butterfly   “The relative divergence between the US and European economies is becoming a major topic again and the story of the dollar’s ​​decline has recently faded,” said Dean Sikov, chief macroeconomist and foreign exchange economist at Nordea Markets.

Data released this week showed that the US services sector unexpectedly gained momentum in August, and that unemployment claims reached their lowest level since February last week.

As for the euro zone, industrial production in Germany, the largest economy in Europe, fell slightly more than expected in July.

The pound sterling rose from its lowest level recorded in three months yesterday, Thursday, and reached $1.2496 in the latest transactions, although it is still heading to incur a weekly loss of more than 0.7 percent.

The yuan in trading inside China reached 7.3400 against the dollar at the opening today, Friday, and reached its lowest level since December 2007 at 7.3510 against the dollar. It also declined in foreign trading and fell to its lowest level in ten months at 7.3621 against the dollar.

The value of the Chinese currency has declined steadily since February as the faltering economic recovery after the Covid-19 pandemic and the widening yield gap with other economies, especially the United States, affected capital flows and trade.

The yen settled at 147.37 against the dollar.

The Australian dollar rose 0.2 percent to $0.6392 in the latest trading, but it is heading for a weekly loss of one percent.

Likewise, the New Zealand dollar is heading to record a loss approaching 0.7 percent during the week, and was traded in the latest transactions at $0.59.

https://takadum-news.com/archives/182120

butterfly   this is good news: Economist: The elimination of the dollar is on the horizon

20 hours ago Economist Peter Schiff, famous for his dire economic forecasts that also lead him to hold on to gold, once again warned of the looming risks for the US economy in a recent interview with NTD News.

Commenting on Commerce Secretary Gina Raimondo's recent statement that “decoupling (from China) is not part of our economic goals or national security goals,” Schiff asserted that the United States cannot “afford the costs of decoupling because we have to realize that China is our largest supplier.” “And our biggest banker.”

He added: “The Chinese lend us money to buy the products they produce that we cannot produce, and our entire standard of living depends on China’s support.”

The economist explained: “If we lose this support, everything will collapse.” We will lose, whether we like it or not. I also think that the Chinese realize that it is in their interest to push separation, and this is what is happening.”

He also touched on the issue of BRICS expansion and the possibilities of creating a common currency for the bloc in the future.

He said: “Look at what is happening with the BRICS countries. “They had a summit, they are growing, they are looking to get rid of the dollar, the praise of dependence on the US dollar and eventually eliminating it.” https://takadum-news.com/archives/182032

butterfly   Why did Erdogan postpone his visit to Iraq? An American newspaper reveals the reason

The American newspaper The Cradle revealed in a report the reasons it said were behind “postponing the visit” of Turkish President Recep Tayyip Erdogan to Iraq, which was scheduled for last month, noting that there were “disagreements in which Washington intervened.”

The newspaper said, “Sources from within Ankara confirmed to it that Erdogan “decided” to postpone his visit to Baghdad as a result of a request submitted by the latter to Washington to intervene and force the Turkish government to implement the decision of the International Disputes Court to impose a fine of one and a half billion dollars on Turkey as a result of its export of oil from the Kurdistan region without Her approval.”

She added, “Despite the continuation of the discussions, it is clear that the Turkish President will not visit the Iraqi capital, Baghdad, until obtaining a written agreement that he requested that guarantees Baghdad’s abandonment of compensation in addition to stopping the procedures for another lawsuit that it had filed against Ankara years ago and is still continuing.” the moment".

The newspaper also indicated that the news that the Turkish President postponed his visit until next month is “inaccurate,” confirming, quoting an Iraqi government official, that the Turkish authorities have not yet officially informed Baghdad of an exact date for Erdogan’s visit, indicating that the visit It is hoped that it will be held after resolving “a group of thorny problems, the most important of which is cooperation in the field of energy and resolving the dilemma of exporting oil from the region,” according to his description. https://takadum-news.com/archives/182151

Sah   butterfly I knew Turkey would be a pain about the $1.5 billion fine for selling illegal oil from Kurdistan. They could of been fined a lot larger fine. They are trying to haggle to remove the fine when the verdict has already been decided by an international court. Watch what is next, maybe Iraq will start shipping through a different country's port and go around Turkey. Turkey is holding Iraq hostage for shipping any oil through their country. Billions of dollars are being lost not shipping oil thru Turkey for Kurdistan with oil companies shutting down or already shut down. This is not helping for the oil and gas law to get passed. IMO Kurdistan is holding out for a resolution. These countries are so backward and petty. They do not want to pay the price for doing something illegal.

Dave   Sah Article 140  Article 140 of the 2005 Iraqi constitution vowed to place disputed areas under the jurisdiction of the Kurdistan Regional Government (KRG) by the end of 2007.[24] The three phases that were going to aid this process were normalization, census, and referendum. The normalization phase was supposed to undo the 'Arabization' policies Kurds faced from 1968 to 2003 that were designed to alter the demographic in the city of Kirkuk and other disputed areas to favor the Arab population.[24]

These policies included deportation, displacement, house demolition, and property confiscation.[24] Institutionalized boundaries as a result of past gerrymandering were also to be reversed. After this normalization process, a census would talk place and the populous would choose to be governed by either the KRG or Baghdad.[24]

Dave   Article 140 of the 2005 Iraqi constitution vowed to place disputed areas under the jurisdiction of the Kurdistan Regional Government!

Dave   what is a vow?

butterfly   IOCs urge oil and gas bill in Iraq include production sharing contracts 13 Aug 2023 | 11:06 The Association of the Petroleum Industry of Kurdistan, which represents companies including DNO, Genel Energy, Gulf Keystone Petroleum, HKN Energy and ShaMaran Petroleum, have called on Baghdad and Erbil governments to honor their contractual rights amid talks to draft a new oil and gas bill. The APIKUR also urged that their rights be incorporated into Iraq's budget and any future laws governing oil and gas in federal Iraq and Kurdistan, according to a statement issued by the association.

"It is essential to the future of the industry in these regions, and the many jobs it supports, that the outcome of the negotiations include the cost recovery and profit to which the (international oil companies) are entitled under existing production sharing contracts," it said.

The KRG and Iraqi government held a meeting on Aug. 5 to discuss drafting a new oil and gas bill. Since 2005, the Iraqi parliament has not been able to pass the bill and the Kurdistan region passed its own law and started its own independent exports through Turkey.

During the meeting they agreed to set up a committee to draft an oil and gas bill to help resolve a dispute over the Kurdistan' region's constitutional rights on oil and revenue.

A dispute between Baghdad and Erbil over oil exports escalated in March, when an arbitration court in Paris ruled against Kurdistan's independent oil exports under its own 2007 law, prompting Turkey to halt oil exports through the Iraq-Turkey Pipeline (ITP).

So far, talks between Baghdad, Erbil and Ankara have failed to find a solution to resume the oil exports. Moreover, according to Iraq's budget law, the Kurdistan region has to hand over 400,000 barrels of oil per day.

Contractual rights more in the article:  https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/081323-iocs-urge-oil-and-gas-bill-in-iraq-include-production-sharing-con

Dave   Agreed.....no consensus.....what was supposed to happen never did......Same story another day

Dave   Peshmerga forces defeat ISIS......never get paid.....;bc the kurds skimming oil to turkey

Dave   Kurds skim to Turkey.....Baghdad disavows Constitutional agreements and Arabicizes disputed territories to alter census......near war as a result

Dave   Recollect the good ole days of the HCL/140 being DONE DONE or soon to be done.... 

Dave   I have been waiting 15 yrs fer these Kurds to agree to the Budget.......still nodda.....Now Sudani going ....hmmm?????

butterfly   Dave The Kurds have been the problem from day one.

Dave   Used to be Maliki was the hold up and now the Kurds being Crooks

Dave   butterfly 140 was promised to the Kurds when they FRAMED this constitution?

butterfly   Dave both are crooks ie Maliki and Kurds

Dave   Prior there was a Shah followed by Saddam......followed by Maliki who Arabicized the region at the expense of the Kurdish population there

butterfly   Dave like I've said, it is going to take sometime b4 we see anything of value for our investment....but eliminating the dollar is a big hint, I was told.

Dave   butterfly Maliki net 64 billion...Talibani only 35 billion

Dave   butterfly TOLD...????

Dave   Big oil investments not going there now thats fer sure

Dave   I be ole school .. Economic, political and social stabity.......   stability oops

butterfly  Dave there you go again, one word then a lot of question marks.

butterfly   I am not a mind reader.

Dave   Ch7 HCI/art140,banking laws general amnesty,wto..etc my benchmarks

butterfly   my benchmarks are.........going to the bank!

Dave   butterfly I suppose we will await until the Gurus tell us when, and dismiss all that same ole same we have been waiting to actually occur......We got NODDA yet

Dave   lots of yadda yadda   --  Ch7 HCI/art140,banking laws general amnesty,wto..etc could all be tied together and all go down in a heartbeat

Dave   I am not getting remotely excited until my Govt webpage informs me UNSC sanctions been dropped

butterfly   Dave I still go by what Abraham told me years ago, if or when the dinar benefits everyone, it will go international and everyone will know at the same time. He stressed, strongly, stop listening to the gurus bc they don't know and have no clue. What I have enjoyed, is watching how they are trying their best to get out from under the dictator mindset.

Dave   unless sanctioned nations can have globally traded currency

Dave   butterfly AGAIN CBI my only Guru

butterfly   Dave CBI hasn't posted anything since August 24.

Dave   mentioned dropping 3 zeros not long ago too   still on their agenda

Sah   Dave he answer to your question is in the last sentence. After this normalization process, a census would talk place and the populous would choose to be governed by either the KRG or Baghdad.[24]. Kirkuk people that live their want to be governed by Baghdad.

Dave   After Saddam's and Maliki's Arabization which almost resulted in war.........YES.no doubt that!

Sah   butterfly This says it all, nice article. Since 2005, the Iraqi parliament has not been able to pass the bill and the Kurdistan region passed its own law and started its own independent exports through Turkey.. See it even says that Kurdistan passed its own law without the rest of Iraq. They started their own illegal export through Turkey which was deemed illegal to Iraq's constitution by Iraq's federal court.

butterfly   Sah It amazes me the connection Turkey and Kurdistan. Turkey bombs part of Kurdistan, and they are like buddy buddy.

Dave   Yeah......After Baghdad changes their agreement in their favour

Dave   butterfly Them OTTOMANS sure lost alot of their territory too....

Sah   Dave Drop it. Kirkuk and Nineveh are with Baghdad. Get over it. They do not want to be funded or controled by Kurdistan.

Dave   To this day some of these Kurds think that part of Tukkey belong to Kurdisan

butterfly   Remember this: The clashes at the Turkish Ambassador's Residence in Washington, D.C. broke out on May 16, 2017, between Turkey's Police Counter Attack Team and a crowd of protesters, some of whom carried flags of a Kurdish political party.[1] According to Turkey, Turkish bodyguards were acting in self-defense and the protesters were tied to a terrorist group.[2]

However, according to US officials the Turkish bodyguards attacked the protesters unprovoked.[2] A protest leader denied that any participants had ties to any terrorist group.[3] Turkish President Recep Tayyip Erdoğan was in Washington that day to meet with U.S. President Donald Trump and observed the clashes from a distance.[4]

The clashes were decried as a Turkish attack on American protesters exercising their First Amendment rights, which guarantees freedom of speech and assembly.[5][6] Turkey declined to apologize for the incident, blaming the protestors for provoking the response.

Of the 24 men who were filmed attacking protesters, nearly a month passed before any were charged with a crime.[7] However, on June 6, a U.S. House resolution unanimously passed calling for all Turkish security guards involved to be charged and prosecuted under United States law.[8]

On June 14, two men were arrested for assault in connection to the attacks, while arrest warrants were issued for the bodyguards.[9] The charges were dropped in March 2018, days before high level meetings between US Secretary of State Rex Tillerson and Erdoğan.[10] https://en.wikipedia.org/wiki/Clashes_at_the_Turkish_Ambassador%27s_Residence_in_Washington,_D.C.

Dave   Sah Just posting what the Kurds are feeling......Their grievances currently and what they have been arguing currently.......

Dave   and from way previously.......

Dave   You wish me to Drop it....Kurds are NOT! LOL

Sah    Dave You keep bringing the subject up and repeating it over and over. I heard you the first time but the Kurds are wrong to move in a few days ago to take back Kirkuk. The citizens their even bombed their building and warned them get out now and they ran out the building so no body was killed.

The protester from Kirkuk that blocked the road leading into Kirkuk to stop the military from Kurdistan were opened fire on. 15 injured and I think it was 4 dead. This is when Iraq federal military stepped in to protect Kirkuk and sent them back to Kurdistan. Iraq will leave military there to protect Kirkuk citizens.

Sah   Kurdistan needs to go by constitutional law with the oil and gas law and stop trying to take over other districts for their own. They do not care about the people in Kirkuk they only care about pumping oil out of it for themselves.

 Zig   If you access this chat via https://my.cbox.ws/ZIGPLACE   You can make the box much bigger by clicking this link  ZIGPLACE - Cbox

Zig’s Place Chat and News Tuesday Evening 9-5-23

Zig’s Place Chat and News Tuesday Evening 9-5-23

butterfly   The President Of The Republic Confirms His Support For Efforts To Pass The Oil And Gas Law

Earth News / President Abdul Latif Rashid on Monday reiterated his support for all efforts to pass the oil and gas law in a way that preserves the rights of all Iraqis.

His office said in a statement to Earth News that “the President of the Republic visited the building of Sulaymaniyah Governorate, where he was receiving the Governor of Sulaymaniyah, Haval Abu Bakr, to discuss the service and administrative conditions in the city.”

The President of the Republic stressed, according to the statement, “the need to make efforts to combat all forms of corruption and provide the best services to citizens, stressing his support for all efforts to approve the oil and gas law in a way that preserves the rights of all Iraqis.”

He pointed out “the importance of establishing cultural centers known as Kurdish culture and history, as well as preserving the antiquities in the province and paying attention to its museum.” https://earthiq.news/archives/275558  

Dave   Direct from UN...y paragraph 19, the Council decided that the Committee shall identify individuals and entities referred to in paragraph 23, by which the Council decided that funds or other financial assets or economic resources of the previous Government of Iraq or its state bodies, corporations, or agencies, locatedoutside Iraq as of the date of the resolution, or funds or other financial assets or economic resources that have been removed from Iraq, or acquired, by Saddam Hussein or other senior officials of the former Iraqi regime and their immediate family members, includingentities owned or controlled, directly orindirectly, by them or by persons acting ontheir behalf or at their direction, shall freeze, without delay, those funds or other financial assets or economic resources.

butterfly   Masrour Barzani: We Will Not Sacrifice Anyone Who Wants To Return Iraq To The Era Of Dictatorship

Earth News / The Prime Minister of Kurdistan, Masrour Barzani stressed today, Monday, not to give up the rights of the region or to acquiesce in any threat.

Barzani stressed, in a statement received by Earth News, that "the people of Kurdistan will never give up their legitimate and constitutional rights, nor will they succumb to any pressure or threat from parties that want to return Iraq to the era of dictatorship and suppress, subjugate and persecute the people of Kurdistan."

He explained that “the Kurdistan region has fulfilled all its obligations within the framework of the constitution,” expressing his concern and regret over the violation of the rights of the people of Kurdistan in an illegal manner and inconsistent with the provisions of the constitution, and the lack of respect for the agreement signed between the parties that formed the government and the ministerial platform that was approved by the Iraqi parliament by the majority. ".

https://earthiq.news/archives/275536

Dave   https://www.un.org/securitycouncil/sanctions/information    page 10....   Iraq.....

butterfly   The Federal Court Decides That Law 42 On Regulating Navigation Between Iraq And Kuwait Is Unconstitutional

Earth News / The Federal Court decided today, Monday, that Law 42 regulating navigation between Iraq and Kuwait is unconstitutional.

The head of the Parliamentary Rights Bloc, Saud Al-Saadi, stated, in a clarification received by Earth News, that "the Federal Court decided that Law 42 on regulating navigation between Iraq and Kuwait is unconstitutional."   https://earthiq.news/archives/275503

Dave   butterfly Link not found........Port of Faw....not werking out so well?

Dave   butterfly Ever see all that smoke...Lots of Co2 contributing to this warming effect....choke choke

Dave   must be my imagination

butterfly   Dave It is a shame that so much is being burned down. I use to get really upset when I heard of a fire, especially in a forest. My son corrected me and said that is nature taking care of itself so there can be newer forests. Well I said, maybe so but it is still very sad that a lot of people are losing their homes and everything in them.

Dave   How many acres have burned   To date, 3,063 fires have burned burned approximately 20 million acres (8.2 million hectares) this wildfire season.

The 10-year average for Canadian wildfire seasons around this time is 2,452 fires burning 1.3 million acres (around 540,740 hectares), per the CIFFC.  from 1.3 million acres to over 20 million acres...\

Dave   losing our planet...

Sah   Dave You did a good job on your homework with the UN. The sanctions from Sudan for freezing money and assets in other countries to be returned to Iraq. The Paris accord has only outstanding debt from the war left. Everything else has been paid back from Iraq. Everything before 2003 is left. That is why the Paris accord forgive over 80 percent of it and they only have about 9 billion to go for restitution to 4 countries. This was not held against them in Chapter Vll when it was cleared and the committee was dismantled. It was put in Chapter Vl.

Sah   Dave So sorry that so much has burned. This is the first year in the past 5 that we can see the lake clearly as before it was just a bowl of smoke here and to stay inside every summer and hope our town did not burn to the ground. We got lucky that they put the fires out before it got to the North Shore.

Sah   Here they put a small fire out and watch it for a day or two so it does not reignite. In Maui they put the fire out, watched it for a few hours and left. It reignited that afternoon and burned down the town. Bad call by fire department. They should of stayed and made sure it was out with the high winds they had.

Dave   Zig Fer yrs folks have been Stating no more Ch7 on Iraq.......been posting same ole same ole...Truth/facts that painful or you prefer fiction

Chattels    I suppose that I am a fourth generation unreconstructed rebel. “Winners” write the history books and pronounce the virtue of their cause, but it does not make them right. The better legal argument has always been in favor of the right of secession, IMO. Might makes for right it seems.

Chattels   Had any of the southern states believed that they had no right to leave the Union at a later date there would have never been a Union to begin with.

Sah  Chattels The US need all it's states.

Sparky   Chattels ... most of it was Mexico ...... how many states did we pick up in the mid 1800's ...

Chattels  “When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.”

Sparky  Chattels ... thats deep ...

Dave   Poor Galileo

Sparky   ... reminds me of Lincoln ...

Chattels   “ We hold these truths to be self-evident, ……”

Sah   Chattels Like Kurdistan trying to break away from Iraq but won't because they do not own the mineral, oil or gas rights to them, the Iraqi people do.

Dave   Sah Yeah Iraq come together after the war to Frame a Constitution

Sparky   ... that Benjamin rascal ...

Dave   did nor work out so well

Sah   Even California has republicans living with democrats. Breaking away and separating is not an option. United States is for all the people.

Chattels   I am a Kurdish sympathizer with respect to their right to a homeland and self determination. They have been “screwed” many times I believe.

Dave   Chattels Agreed

Chattels   Ask the American Indian about the benefits of immigration.

Sparky    Chattels ... touche ...

Sah   Chattels They are corrupt as ** and Barzani's have embezzled millions from their people and the Iraqi people selling illegal oil. They want their part of the budget but do not produce the oil for Iraq for their part of the agreement.

Sparky  Sah ... I used to follow the Maliki / Barzani clown show of corruption, I even invested in it ... lol ...

Sah   Dave They are free loaders. They want it all for themselves and are not willing to share with the rest of the country. They do not own the land under neath them. Iraq does.

Chattels   What is and what should be are  ….. all two is not one.

Chattels   Oops again.  Someone needs my undivided attention. Laterz all.

Dave  I blame them Brits.....they carved up regions as they wished esp in the Middle east

Sparky   ... funny read above, the predator becoming the prey ... lol ... just goes to show ... " control the media, control the population " ... .

Dave   Sparky No more news feeds on social media here anymore here

Dave   yes News feeds no longer.....,have to subscribe directly to the news channels to get the app

Sah   Dave You can catch news feeds on Utube.

Dave   maybe blocked here

Sah   Dave I try to post the article here so if the link does not work that you can read it.

Dave    https://www.cbc.ca/news/politics/online-news-act-meta-facebook-1.6885634   

Dave   News feeds in Canada     Canadians will no longer have access to news content on Facebook and Instagram, Meta says   Social Sharing   Facebook  Twitter  Email  Reddit  LinkedIn

Dave  Our News has Rules to follow.....CRTC.....BS news Not allowed  Canadian Radio and TV Commission

Sah   Canada does not like that Meta and Facebook and Instagram do not pay for the news they copy so they will not deal with them in their country if they do not pay their fair share to the news organizations.

Zig   Hey Kap....please answer Chattels' question:

"NORV, is it not possible that a “lop” could be a beginning point for a gradual increase in the value of the Dinar?"

Chattels   I wonder if the currency we have is replaced in a redenminarion?

Sah   IMO it takes years after a lop to see any value return to their currency.   IMO much better to float.

NORV   Tell chattels to read my tweets lol

Sah   NORV Do you have a link for your tweets?

Chattels   I follow your tweets.   Respectfully, none of them are dispositive of my question(s).

Chattels   You do say that you believe that talk of a “Lop” is calculated to discourage speculation.

Sah   Chattels Yes, I agree. If there is a lop it usually causes inflation and devalues the currency.

Zig   NORV AKA @Kaperoni twitter or X as it is now called https://twitter.com/kaperoni

Sparky   ... any who, IQD may gain a bit, but I'm certainly sure of one thing, I won.t cash in too late ...

Dave   Sparky Why not gain alot?

Sparky   ... gain ? explain ...

Dave   a nickel would be fun    you folks stuck 0n a lop     make currency worth less

Sparky   Dave ... there were notes about Shabs time that resembled the current notes, only one zero shorter ...  ... three zeros shorter ...

Dave   Sparky posted last week ...Delete 3 zeros still on CBI's agenda

Sparky   Dave ... they do that for scare tactics imo ...

Dave   words from CBI....    Scary .....how so?

Butterfly   cbi hasn't posted since 8/24

Dave   8/23.......its 9/23....2 weeks then oops

Butterfly   ooops sorry

Dave   aint I a pain!

Butterfly   Dave why do you say that? You don't like yourself?

Sparky   Dave ... a pain or a gain ... tell us ...

Dave   so you tell  or Sah

Dave   Sparky require compression on wheelbarrows?  comprehension,,,,,oops

Sparky   ... ok ...

Dave   1 dinar worth 1/15 of a penny now  delete 3 zeros.....providing fils.... floating in at the nominal rate.....     imagine having to make change from a 50k note after someone buys a coke....

Dave   having this lop seems counterintuitive

Sparky   ... I'm good with the fastest way to tune this profitable ...

Dave   recollect CBI mentioning INCREASING the DINAR"S PURCHASING POWER?

Dave   CBI awaiting a hassle free event.......same benchmark marks we been hearing about fer 15 yrs yet not met   ....rather tensions seem to be esculating    Kirkuk vs Baghdad......

Sparky   ... Bricksa plus may be adversary ..... Saddam wanted to mess up the USD back in the day ... same play ... accumulate for a long time ... then , dump together to have the most impact ..

Chattels   “The best argument against democracy is a five-minute conversation with the average voter.” - Winston Churchill

Chattels   The Founders saw the horrific consequences of letting the majority have total power, so they instituted a system that ensured that everyone’s opinion mattered.

The Electoral College ensures the interest of every state will be considered in our federal elections.

Chattels   The best proof of the perils of empowering an uninformed  popular vote is the election of Joe Biden.

NORV   :Rapper: what up Chattels?

Chattels   Good evening sir. Long time no see in a chat room.

NORV   Here I am   :)

Chattels    Not since the “BGG days”.  Misguided as I was.

NORV   yea, we go way back

Chattels   Mea Culpa.

NORV   Most are misguided and want to believe  But there seems to be some light at the end of the tunnel.

Chattels  You have been a voice of reason in a land of wishful thinking, make believe and self serving narratives of unscrupulous people.

NORV   if we dont croak before then. I been in this for 15+ years    Yea, that is why I love Twitter!

NORV   Bash them all the time

Chattels   Hoping for some benefit to my children at my advanced age.

NORV   @kaperoni

Chattels   I have followed you there for some time now.

NORV   well I am only 61. So some life left.  That's good

Chattels   You may see some ROI in your lifetime maybe.

NORV   The 3 year budget gives me some hope

Chattels   If the world does not self destruct.

Sah   Chattels No self destruct here, Have faith!

NORV   CBI moving into new building in 2025

Chattels   So I have read in your posts.

NORV   USA may self destruct for sure

Sah   NORV I am so happy about the three year budget. Too much wasted time doing it every year. They are finally implementing it now.

NORV   Sah yes, but most importantly it is specifically written around the white papers

Chattels   I read with interest your belief that the talk of a “lop” you believe to be calculated to discourage speculation.

NORV   which should significantly help them implement the economic reforms and create some momentum for the economy

Chattels   That was a poorly crafted statement by me.

NORV   lol

Chattels   I am glad of your optimism.

NORV   Chattels Well, I think at one point it was a real option for them. But over time they realized that was not the process that best serves Iraq and their economy

NORV   But they do often refer to it now to curb speculation.

Chattels   I have wondered aloud in here about the feasibility of an appreciation in the value of the IQD following a * redenomination

NORV   But be assured, delete zeros is a LOP. Which is not what we want to see. They gurus can claim otherwise (ie RV). but if they were to implement such, it would be a neutral event with minimal appreciation.

Chattels   But I am a confessed macroeconomic moron.

NORV   At best, if they did do such a thing, you may double your investment.

Chattels   But might it be a viable beginning point for a gradual appreciation that you speak of?

NORV   But they won't so don't worry

Chattels   At times doubling does not sound too bad at my age.

NORV  no, they are going to just float they dinar from the current rate, whatever that might be at the time.  But they need to create economic pressure within Iraq.

Chattels   What do you see as a best case scenario as to ROI over a three year period post float?

NORV   privatize the economy.

Chattels   Prolly way too many variables to intelligently project, eh?

NORV   who knows, its up to Iraq   much need to get done first  still over 100 stalled economic laws  nobody coming to Iraq until they get passed  including a new ISX exchange law

Chattels   I over invested hoping for a 10 cent valuation.  Over invested I should say.  Well, I did say.

NORV   Well, that is possible. If you open a dinar denominated account once they begin to have economic growth, you might see it rise to .20 cents

Sah   I think Iraq is headed in the right direction for economic reform and they finally seem to be getting some laws passed and implemented. For years it was going no where.

NORV   That is why we have this 3 year budget. To see if they can be successful

Chattels   What a “ride” this has been.

NORV   yea

Sah   Most banks exchange the currence into US when you deposit here in the US. If I send money to China it changes from US to Chinese and then if money is sent back here it goes back to US. Where can you find dual currencies held in one bank?

Chattels   Thought of “stupid money” and attendant disappointment.

NORV   I just feel bad for all the people taken by the constant guru BS

Chattels   You still communicate with BGG?

Sah   I have not seen multi denominational accounts in banks here in the US.

NORV   Sah I think there may be a real possibility at some point that JP Morgan Chase will have some.

NORV   because we will need a brokerage account

Chattels   I.

NORV  I can tell you with pretty much certainty, nobody will be running to a bank to cash out.  :$$$:

Chattels   I believe that TD Bank has both US and Canadian if I comprehend why ya’ll are talking about ?

Sah   W.hen I move soon I am going to use Chase for a bank where I am going.

NORV   Not going to happen

NORV   Chattels ??

Chattels   The “spread” can be very high as I understand it.

Sah   There is a form that if the foreign currency one holds is valued at over $10,000 that it has to be reported to the government. Is that true?

NORV   I stated years ago, that I think the most likely scenario is that you will open a brokerage account in dinar or something similar. Then when they decide to float you will watch your dinar rise over time. increases gradually.

Chattels   The cost of converting exotic foreign currencies is what I am trying to articulate.

Sah   I hope so.

NORV   Chattels wont be an issue since your not exchanging or cashing out chattels sum of dinar for dollars. only brokerage fees will apply.

Sah   When I change Vietnamese Dong at my bank it is a $15 fee, no matter what you exchange. It just goes by the rate.

NORV   no bank will be exchanging dinar for dollars

Sah   It is hard right now to do as they are not international.

NORV   Spend your time learning about ECM's

Chattels   Thanks for stopping by Kap. My dogs seem to want my undivided attention. Laterz all.

NORV    JP Morgan may be that source     see ya Chattels

Sah   What is the meaning of ECM?   ECM Definition   Enterprise Content Management (ECM) is the strategies, methods and tools used to capture, manage, store, preserve, and deliver content and documents related to organizational processes.

NORV   no

Sah   What does ECM stand for?

NORV   ECMs are facilitators   Let me look  I wrote about them years ago

Sah  : someone or something that facilitates something. especially : someone who helps to bring about an outcome (such as learning, productivity, or communication) by providing indirect or unobtrusive assistance, guidance, or supervision. the workshop's facilitator kept discussion flowing smoothly.

NORV   ECN is the proper term  https://www.investopedia.com/terms/e/ecn-broker.asp

Sah   Thank you.

NORV   I believe JP Morgan will be taking this role  But we cannot say for sure until the dinar floats.

Sah   ECN broker. I will have to check my broker, he is with Swiss Bank.

NORV   https://tradersunion.com/interesting-articles/what-is-an-ecn-definition-and-best-brokers-for/

Sah   So basically it is a Forex broker.

Sah   I always enjoy learning something new. I will dig in, thanks.

NORV   yes, but they are also market makers for the currency

NORV   specialized

NORV   I wish I could share more. but it's best we all watch and learn together

NORV   Zig what up dude?   :Rapper:

NORV   ECNs are pretty much specialized traders

NORV   JP Morgan has pretty much announced they are doing that now with Iraq

NORV   time will tell

NORV   Zig you got no rap?

Sah   This is one of the top banks in the world so he might be able to give me some information. I do not trade on Forex in futures at all, so I know nothing about that.

Sah   Love the rap guy!

NORV   lol

NORV   One day, when conditions are right, the dinar will float and we all then can figure out how to manage the dinar we own.

NORV   off to never never land     Metallica    :Floating:

Sah   Forex Account: What It Means and How It Works

By Lucas Downey  Updated July 10, 2023   Reviewed by Samantha Silberstein  Fact checked by Vikki Velasquez  What Is a Forex Account?

Forex accounts give investors and traders the ability to trade all major currency pairs and some emerging market pairs. It provides access to the global currency market, enabling participants to buy, sell, and speculate on various currency pairs. Forex accounts can be opened with regulated brokers or financial institutions, facilitating the trading of currencies for profit or hedging purposes. Forex accounts provide access to the foreign exchange market for trading currency pairs.

They offer features such as leverage, trading platforms, and risk management tools.

Forex accounts cater to a range of traders, including individuals, institutions, and businesses.

Participants can speculate on currency price movements, hedge currency risks, and engage in international trade.

Forex accounts may be low-cost alternatives to diversify a portfolio, though they may result in losses or regulatory complications. Understanding Forex Accounts

A forex account is opened by an individual or business with a regulated broker or financial institution. The process involves completing an application, providing identification documents, and agreeing to the terms and conditions of the account. The account holder deposits funds into the forex account, which serves as the trading capital.

Forex accounts allow trading in currency pairs, representing the exchange rate between two currencies. Traders can choose from a wide range of currency pairs depending on their trading strategies and preferences. The forex account holder gains access to a trading platform provided by the broker, which allows them to monitor currency prices, execute trades, and access market analysis tools and charts.

Sah   Using the platform, traders can buy or sell currency pairs based on their predictions of price movements. Forex accounts often offer leverage, allowing traders to control larger positions with a smaller amount of capital. Account holders can place market orders to execute trades at the current market price or set limit orders to enter trades at a specific price level. https://www.investopedia.com/terms/forex/f/forex-accounts-managed-mini-demo.asp

Sah   I thought that Forex accounts was interesting.

Sah   Guide to Forex Trading Strategy & Education

ECN Broker: Definition, How It Works, Benefits, and Downsides  By James Chen

Updated January 01, 2022  Reviewed by Thomas J. Catalano

Thomas Catalano  Reviewed by Thomas J. Catalano  Full Bio

Thomas J Catalano is a CFP and Registered Investment Adviser with the state of South Carolina, where he launched his own financial advisory firm in 2018. Thomas' experience gives him expertise in a variety of areas including investments, retirement, insurance, and financial planning.

Learn about our Financial Review Board

What Is an ECN Broker?   An ECN broker is a financial intermediary that uses electronic communications networks (ECNs) to give clients direct access to other participants in equity and currency markets. Because an ECN broker consolidates price quotations from several market participants, it can generally offer its clients tighter bid/ask spreads than would be otherwise available to them.

An ECN broker only matches trades between other market participants; it cannot trade against the client. ECN spreads are often narrower than those used by conventional brokers, but ECN brokers still charge clients a fixed commission per transaction.

ECN brokers facilitate transactions that occur on electronic communication networks (ECNs).

These brokers help clients directly access stock or currency markets on ECNs that they would not have access to otherwise.

While they offer transparency and deep liquidity, ECN systems are more expensive as compared to traditional exchanges.

Sah   Understanding ECN Brokers

The use of an ECN allows investors a way to trade outside traditional trading hours, providing a mechanism for those who either can’t be actively involved during normal market times or who prefer the flexibility offered by wider availability. It also avoids the wider spreads that are common when using a traditional broker and provides overall lower commissions and fees.

For those concerned about privacy, the ECN can provide a level of anonymity to those who desire it. This can be particularly attractive to investors interested in making larger transactions.

ECN brokers are non-dealing desk brokers, meaning that they do not pass on order flow to market makers. Instead, they match participants in a trade electronically and pass the orders to liquidity providers.

An ECN broker facilitates trades for interested investors across the ECN. Working with brokers of this nature often results in lower fees as well as additional trading time availability because of how the ECN functions.

Understanding the Electronic Communications Network

The ECN provides an electronic system for buyers and sellers to come together for the purpose of executing trades. It does this by providing access to information regarding orders being entered, and by facilitating the execution of these orders. The network is designed to match buy and sell orders currently present in the exchange. When specific order information is not available, it provides prices reflecting the highest bid and lowest ask listed on the open market.

Sah   Benefits of Electronic Communications Networks

Price feed transparency is also a byproduct that many consider a benefit because of how the information is transmitted. All ECN brokers have access to the exact same feed and trade at the precise price that is provided. A certain amount of price history is also readily available, allowing for easier analysis of particular trends within the marketplace. This helps limit price manipulation, as current and past information are readily available to all, making it more difficult to act unscrupulously.

Additionally, no trader has a particular built-in advantage over the other, as they all have equal access to the information.

Disadvantages of Electronic Communications Networks

One of the biggest drawbacks to using an ECN is the price to pay for using it. Typically, the fees and commissions for using an ECN are higher as compared to non-ECN systems. Per-trade-based commissions can be costly and can affect a trader's bottom line and profitability. From Norv's link

Sah   https://tradersunion.com/interesting-articles/what-is-an-ecn-definition-and-best-brokers-for/

Sah   Happy reading!

Sheila   Sah Are you saying MCA in a USA bank or other banks located here in USA?

Sheila   Sah Here are links which I found interesting about MCA Bank Accounts: https://globalbanks.com/multi-currency-bank-account/ -- https://www.mybanktracker.com/checking/faq/us-bank-multicurrency-account-307916

Sah   sheila You are on the right track. Hard to find a bank here that does it other wise it would be opened in another country as a non-resident. The problems right now are that they can just close down the bank account. Safety and being secure is the number one thing to look for. I bank with my portfolio on an international bank that is secure and has branches in the US. As to handling foreign currencies to hold in an account, I have not asked. Right now it is send from US to another country and it transfers to that account in their currency and if I send it back it goes from their currency back into US in my bank account. I do not know if I could deposit Dinars and be able to hold it in my account as Dinars.

Sah   Is it insured and for how much would be my first question and second is it insured thru the US treasury.

 Zig   If you access this chat via https://my.cbox.ws/ZIGPLACE   You can make the box much bigger by clicking this link  ZIGPLACE - Cbox

Zig’s Place Chat and News Tuesday Morning 9-5-23

Zig’s Place Chat and News Tuesday Morning 9-5-23

Sah   Al-Sudani is preparing a "road map" on Kirkuk with important parties

Policy  | Baghdad today – Baghdad, the leader of the Al-Fateh Alliance, Raad Al-Tamimi, confirmed that Prime Minister Muhammad Shia Al-Sudani will meet with "important" parties in Kirkuk Governorate in order to develop a "road map" after the recent events.

Al-Tamimi told "Baghdad Today" that "Saturday's events are unfortunate and almost got out of control had it not been for the rapid intervention of the federal government in taking a series of urgent decisions to contain the situation and prevent clashes that lead to more bloodshed," pointing out, "All A drop of blood is a loss for all Iraqi components in Kirkuk."

He added, "The prime minister will meet important parties of political forces and currents in Kirkuk in the coming period for a road map that prevents the recurrence of Saturday's scenes and achieves a state of reassurance for all components without exception," stressing that "security and stability are a red line."

He pointed out, "All parties in Kirkuk are aware of the danger of any explosion in a city that constitutes a mini-Iraq," pointing out that "calm efforts and positive messages from many forces contributed to pushing things to a state of stability, and this prompted the lifting of the ban, the opening of roads, and the return of normal life." Back to town after difficult hours.

And last Saturday, the Kirkuk governorate witnessed unprecedented security tensions since 2017, when unknown persons opened fire on protesters who blocked the road linking Kirkuk and Erbil, killing 4 people and injuring 15 others, according to the Kirkuk police, and as a result, the security forces imposed a curfew. which was uploaded earlier Sunday morning.

Sah   And Prime Minister Muhammad Shia'a al-Sudani ordered to wait to hand over the forward headquarters for operations to the Kurdistan Democratic Party, after which the Federal Supreme Court issued a state order not to hand over the headquarters to the Democratic Party.

In the cabinet session yesterday, Sunday, Al-Sudani stressed his directives, which he issued last Saturday, to the competent authorities not to hesitate, to hold all those responsible for the casualties and the wounded accountable according to the law, after completing the investigations and revealing the circumstances of the unfortunate events.   LINK

Sah   Al-Iqtisad News" publishes the text of the decisions of the early session of the Council of Ministers

Economy News – Baghdad   Al-Eqtisad News publishes the text of several decisions in its thirty-sixth regular session, which was held today, Sunday.

Al-Sudani’s office stated in a statement, “Prime Minister Muhammad Shia’a Al-Sudani chaired today, Sunday, the thirty-sixth regular session of the Council of Ministers, during which the overall developments in the country’s general conditions were discussed, and the main files included in the government’s priorities were also dealt with, in addition to discussing issues.” on the agenda and make their own decisions.

According to the statement, "At the outset of the session, the Prime Minister reaffirmed the need for all political parties in Kirkuk to be committed to preserving civil peace, avoiding falling into any strife, and not relying on the logic of violence and clashes that negatively affect the general situation in Iraq."

Al-Sudani stressed, "his directives that he issued yesterday to the competent authorities not to hesitate, to hold all those responsible for the deaths and injuries accountable according to the law, after completing investigations and revealing the circumstances of the unfortunate events."

The statement added, "Within the framework of the procedures for the Arbaeen visit, the governorates, ministries, and entities not associated with a ministry were excluded from the provisions of Article (7/First) (purchase paragraph only) indicated in the third section of the instructions to facilitate the implementation of the General Budget Law for the fiscal years (2023-2024). – 2025) to purchase the basic necessary supplies, for the success of the rituals of the Arbaeen visit of Imam Hussein (peace be upon him), based on the provisions of Article (34) of the previously mentioned instructions, and the aforementioned parties bear the integrity and accuracy of contractual procedures.

Sah   The statement indicated, “In the field of energy, the recommendation of the Energy Ministerial Council No. (23067 I) for the year 2023 regarding the final settlement with Exxon Mobil was approved, according to the following: The Ministry of Oil’s approval of the final settlement agreement between (Basra Oil Company

and ExxonMobil) to resolve the outstanding contentious issues that arose from the service contract for the West Qurna field project, with the exception of the paragraph (tax disputes) indicated in paragraph (1-14) of the settlement agreement.

On the economic side, the Council approved the "recommendation of the Ministerial Council for Economy (230185 s), which included approval of amending the price of the vacuum distillation waste product (VR) to be at (65%) of the price of the fuel oil product, which is supplied to the oxidized asphalt coefficient calculated at (35%) ) from the price of the global bulletin, according to what was stated in the letter of the Ministry of Oil dated July 1, 2023.

According to the statement, the Council approved "the recommendation of the Ministerial Council for Human Development (23023 b) regarding the Iraqi Legislation Day, according to the following:

Amending paragraph (1) of the recommendation of the Ministerial Council for Human Development (8 of 2022) to be: Adopting the date of January 15 from Every year (Iraqi Legislation Day), which corresponds to the issuance of the first issue of Al-Waqa’i Al-Iraqi newspaper on January 15, 1922, in which ministries and entities not associated with a ministry and all governmental institutions, the Iraqi Bar Association and the Iraqi Jurists’ Union celebrate, and conferences and seminars are held dealing with the beginnings of legal legislation.

Sah   In the world, starting from Mesopotamia more than (4000 years ago) to the present day, hosting and honoring the pioneers of legal personalities in Iraq and university professors, experts or general managers, who have an impact on the legislation issued and in force, and honoring distinguished legal employees.

The Council voted, “to approve the amendment of Paragraph (1) of Cabinet Resolution (23299 of 2023), to become according to the following:

Oblige ministries and entities not associated with the Ministry and the security and military agencies to donate colored metals, weapons, and out-of-service military equipment to the Military Industrialization Authority without a price, with the exception of the companies of the Ministry of Industry and Minerals with regard to copper, and with regard to iron scrap, work will continue according to the decision of the Council of Ministers (42 of 2017).

And the statement continued, "In the field of supporting Iraq's hosting of football tournaments, the Council of Ministers decided to amend its decision No. (23215) for the year 2023, according to the request of the Ministry of Youth and Sports, by adding: (and the upcoming football tournaments for the year 2023)   LINK

Sah   Depositing about 60 billion dinars in the account of the Kurdistan Ministry of Commerce Economy News _ Baghdad

58 billion Iraqi dinars have been deposited in the account of the Ministry of Trade and Industry in the Kurdistan Region, financial dues to farmers for marketing the wheat crop for the year 2023.

Nawzad Sheikh Kamel, Director General of Trade, said in a statement followed by "Al-Iqtisad News", that an additional 58 billion dinars of financial dues to farmers have been deposited in the account of the Ministry of Trade and Industry, which is the financial entitlement of farmers for the year 2023.

He explained that the amount of money for the farmers of the Kurdistan Region is as follows: Sulaymaniyah 27 billion, Erbil 18 billion, Dohuk 13 billion.

He added that after completing the financial and administrative procedures, the amounts will be distributed, according to the day the wheat was delivered to the silos. https://economy--news-net.translate.goog/content.php?id=35579&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Sah   Kurdistan oil companies are challenging the center: We will not export even if Baghdad and Ankara agree

Economy News-Baghdad   Today, Thursday (August 31, 2023), the Kurdistan Petroleum Industries Union announced its refusal to resume production and pumping of oil from the region, even if the government reached an agreement with the Turkish authorities.

The union, which includes a group of foreign and local companies working in the field of oil production, said, according to statements to the American newspaper, "The Cradle," that "oil-producing companies refuse to return to work again within the region," stressing that "the production and export of oil will be stopped completely, even if they reach The Iraqi government has reached an agreement with the Turkish side to re-pump through the port of Ceyhan until the conditions are fully implemented."

And the Federation of Companies, according to what the newspaper showed, called on the Kurdistan Regional Government of Iraq to "provide guarantees that fully protect the rights of companies, including financial rights," stressing that they were "significantly affected" by the Kurdistan Regional Government of Iraq's breach of the official agreements governing the export of oil and the resulting suspensions. For export, it caused damages worth “billions” to companies, according to its description.

It is noteworthy that the threats of the companies coincide with continuous announcements from the Iraqi and Turkish government hinting that they are close to signing an agreement that guarantees the export of oil from the Kurdistan region of Iraq through the port of Ceyhan without problems, as the American newspaper confirmed that the companies’ implementation of their threat will mean the continuation of the current crisis even if Baghdad and Ankara reach an agreement agreement.

Sah   It is noteworthy that a responsible source in the Kurdistan region revealed, on (August 18, 2023), an arrangement for a meeting between Prime Minister Muhammad Shia al-Sudani and the Kurdish oil companies, with the mediation of the American Ambassador in Baghdad, Elena Romanowsky, for the purpose of ensuring her fate and financial dues after the entry of the oil sector in Kurdistan into an unknown tunnel.

The source told "Baghdad Today" that "the reason for the meeting is for Al-Sudani to preserve the financial dues of these companies and their wages in the new agreement between Baghdad and Erbil on oil."

The source confirms that "the Kurdish oil companies in the region have not received their financial dues as well as their monthly wages since September of last year."

He pointed out that "the work of these companies is distributed in the regions of Kurdistan by filtering, extracting, investing and selling oil, and they used to receive their wages from the regional government, but the wages stopped with the cessation of oil export business and the reduction of extraction, while they are now trying to guarantee the payment of their dues and wages in the event that the oil and gas law was enacted and also in If the oil export through Turkey resumes, or if the suspension continues for a longer period.

The official of the Foreign Relations Office of the Kurdistan Regional Government, Sven Dizyi, said on Tuesday, August 29, that Turkey supports the export of Kurdistan's oil, noting that the suspension of the region's oil exports "caused financial losses of more than $5 billion to the government.   LINK

Sah   IMO the sooner that the agreement to pump oil thru Turkey to the port is reestablished, Kurdistan will get on board or lose more money not selling there extra oil they pump over what is required 400 barrels a day to the Iraqi government. As long as this is not resolved they will fight the fight on the oil and gas law. As soon as the oil export resumes thru Turkey they will jump on board and the oil and gas law will pass.

butterfly   Has Iraq been removed from Chapter 7?

In December 2010, the UNSC "voted to return control of Iraq's oil and natural gas revenue to the government on 30 June and to end all remaining activities of the [OFFP]". Iraq's Chapter VII obligations "concerning the return of Kuwaiti and third-State nationals" were rescinded in June 2013 by Resolution 2107.

butterfly   Is Iraq still under sanctions?

Most sanctions against Iraq were lifted by the adoption of Resolution 1483 on May 22, 2003, with the exception of an embargo against weapons and a prohibition on dealing in stolen Iraqi cultural property. Jun 19, 2023

Butterfly   Iraq announces completion date for multibillion-dollar oil and gas projects

July 18, 2023  An official Iraqi news agency revealed that TotalEnergies aims to complete the four multi-billion-dollar oil, gas, and renewables projects in Iraq in 2029.

According to Nusair Jabbar, the Studies and Planning Director at the Iraqi Oil Ministry, Phase 1 of these gas projects is expected to boost Iraq’s gas production by nearly 300 million cubic feet per day. During Phase 2, this quantity is set to double. The projects fall under a $27-billion agreement signed with TotalEnergies on July 10, with Iraq contributing $1.4 billion towards their realisation.

Jabbar confirmed that TotalEnergies is committed to completing these projects by 2029 in accordance with the agreement made with the Oil Ministry. However, he pointed out that the gas produced from these projects wouldn’t suffice to make Iraq self-sufficient in gas supplies.

The gas projects are estimated to cost around $1.6 billion, while an additional planned solar power plant is projected to require nearly $700 million in investment. Over the next 20 years, it is anticipated that the overall investment in all the projects will reach an approximate total of $13 billion.     LINK

Sah   butterfly I heard the first gas company would be done by summer of next year.

butterfly   That one I posted goes until 2029     That is six yrs out.

Sah   I am glad they are starting on it. They have to wean their dependency of Iran. On their other side of the coast Jordan is putting in a cable to sell and transfer electricity to them that has already been started. I have not heard anything yet about start date for desalination of ocean water yet or is that a different contract. The need more water to pump more oil and need to leave there fresh water supply alone. They should build a few just to use for drinking water. The ones for oil do not have to be as pure.

Sah   butterfly That is for four separate plants for 2029. I did not think it would go that long. I read the first one would be up and running next year.

Chattels     Sah, you are well read and Iraqi news conscious. My compliments. I used to do a lot of that myself.

Chattels   Norv, is us not possible that a “lop” could be a beginning point for a gradual increase in the value of the Dinar?

Sah   Chattels I hope there is no lop. When it happens it usually causes very high inflation in the country which would not be good for our investment. I am hoping for a controlled float to begin with that can only go up or down 3 percent a day. Until the can keep their currency stable there is no chance of it.

Sah   Chattels Thanks for the compliment. I research all investments I put my money in before I jump in. I have an portfolio in other things besides this. My friends back home got me into this years ago and they ran mostly on conspiracy theories and I am more into fact. I bought some after taking a look in a few different currencies and talked to them about holding reserves with a company that did not have a license to deal in futures. That is why a lot of Dinar dealers were arrested that had lay away plans and reserves. They had no futures license to deal in it that way. It should of been through a licensed broker.

Chattels   Sah, I foolishly took a beating on buying reserves at one time. Moreover, it all may be a “pipe dream”. Certainly it is not an overnight event, to wit the passage of time already.

Chattels   I am now invested for the long term or maybe my children rather.

Sah   Chattels I was given 4 million in reserves for my birthday for three months and then if I wanted to keep it I had to continue to pay $40 a month. At that time I bought some instead along with some other currencies that I thought might go up.

Chattels   I would have done far better to have invested my money in the stock market.

Chattels   I am a confessed macroeconomic moron.

Sah   For what it would cost me at $500 a year, I would of spent more than $6000 and had no currency to show for it and what happens if the company did not have any in reserve as it was not licensed.

Sah   I took economics classes in college as a minor, experimenting around till I found what interested me.

Chattels   Clearly, the reserves were a scam. BGG was a friend at the time and he was connected with one of the scammers somehow.

Chattels   Mea culpa.

Sah   It was better to buy some and sit on it. The investment interested me so I kept up on them, reading about the countries. I was a moron in high school with history. Boring as hell. I like to read romantic novels based on historic facts that got me interested after college in history and countries. If there was a love story based in it I read about it thru wars and destruction. It stayed with me so reading about different places now and how they run their governments and country interested me. Who knew!

Chattels   Kap/Norv has been very active posting at “X”. He posted “…….. redenominate LOP the dinar making 1,000 dinar equal to 1 dinar which is a neutral event and you'll make little to no profit.“

Chattels   At this point I may prefer a neutral event and start from “even” in hopes of rising from there.

Chattels   It occurs to me that one person’s rebellion can be another’s struggle for freedom and independence. “ I hold it that a little rebellion now and then is a good thing, and as necessary in the political world as storms in the physical.” Thomas Jefferson

Dave    butterfly On June 19, 2023, the Regulations Implementing the United Nations Resolutions on Iraq were amended to allow the provision, processing or payment of funds, other financial assets or economic resources or the provision of goods and services that are necessary to ensure the timely delivery of urgently needed humanitarian assistance or to support other activities related to basic human needs, if provided by specified groups. These changes are the result of United Nations Security Council Resolution 2664 (2022), which created a carve-out for the delivery of humanitarian assistance in all current UN sanctions regimes that impose asset freezes.

Dave  UNAMI comes to mind.....

Butterfly   John P. Flannery@JonFlan  LABOR DAY. If workers can't organize, they're like slaves, at a disadvantage with predator employers. Recently, the NLRB in Cemex Construction Materials Pacific, LLC, ruled for an organizing and recognition process to balance labor and capital.  https://prospect.org/labor/2023-08-28-bidens-nlrb-brings-workers-rights-back/

Dave   Arms Embargo and cultural property yet remain https://sanctionsmap.eu/#/main

Dave   https://www.international.gc.ca/world-monde/international_relations-relations_internationales/sanctions/types.aspx?lang=eng

Dave   Check that date stamp

 Zig   If you access this chat via https://my.cbox.ws/ZIGPLACE   You can make the box much bigger by clicking this link  ZIGPLACE - Cbox

Zig’s Place Chat and News Monday Afternoon 9-4-23

Zig’s Place Chat and News Monday Afternoon 9-4-23

Sah   points of contention between Baghdad and Erbil may plague the new draft oil and gas law.. What are they?

Policy  Alsumaria News – Politics  economist Nabil Al-Marsoumi revealed 6 differences between the central government of Baghdad and the Kurdistan region that may plague the new draft oil law.

Al-Marsoumi said in a post followed by Al-Sumaria News, “The first difference: Article 5 of the new draft oil and gas law stipulates the following.

1. Federal Minister of Oil

2. Federal Minister of Finance

3. Federal Minister of Planning

4. Governor of the Central Bank

5. Minister of Natural Resources in the region

6. Governors of three oil-producing provinces that are not affiliated with a region

7. Three experts

Second: Decisions are taken by the majority  while the region sees The Federal Council for Oil and Gas should include in its membership each of the following:

First: The Federal Council for Oil and Gas shall include:

1. The Federal Government (Ministers of Oil, Finance and Planning)

2. The Regional Government (Ministers of Natural Resources, Finance and Planning)

3. Governors of oil-producing governorates that are not organized in a region.

Second: The presidency in the council is periodic.

Third: Decisions are taken unanimously.

And between the expert, “The second difference: The draft law stipulates in Article 8 first the following: The Federal Ministry of Oil shall manage the oil and gas producing fields throughout Iraq in coordination with the region and the producing provinces. As for the region’s vision, it is summarized as follows: The federal government shall manage the oil and gas extracted from the fields. The current (which was extracted, developed, and commercially produced before the constitution expired in 2005) with the regional government and the producing governorates that are not organized in a region. commercial production after the expiry of the constitution).

Sah   And he continued, “The third difference: Article 11 of the serious draft oil law stipulates that the Federal Council is the one that grants approval for oil licensing contracts, while the region sees that it is the competent authority for exploration, development and production contracts or any other contracts with the contractor that is chosen and does not require This is the approval of the Federal Council.

He also indicated that "the fourth difference: in Article 16 of the draft law, the ministry is the supreme authority responsible for the obligations of the contractors, while the region believes that the competent authority in the region is responsible for the obligations of the contractors in the contracting areas within the region."

Al-Marsoumi explained, "The fifth discrepancy: In Article 24 of the draft law, the main pipelines are owned by the federal government, while the region says that the federal government, the regional government, and the producing provinces establish and own pipelines to transport oil and gas."

He added, "The sixth difference: Although the new draft oil law did not include any article indicating the marketing of oil and the party responsible for it, but as is currently in force and confirmed by the Federal Court, the Ministry of Oil represented by SOMO is the only party responsible for marketing all Iraqi oil, regardless of The site of its production, while the region sees that the Federal Council sets marketing and sales policies, and the sale process is carried out by marketing companies belonging to the government of the region or the producing governorates that are not affiliated with a region

Dave   Sah ARGG!

Sah   Despite the economic importance of the Iraqi Oil and Gas Law, which has been awaiting legislation in parliament since 2005, which stipulates that the responsibility for managing the country’s oil fields should be entrusted to a national oil company, which is supervised by Baghdad, the dispute over the issue of managing the fields of the Kurdistan region of Iraq remains. Oil has prevented it from being voted on for many years, as the law was passed many times during previous parliamentary sessions and was not included in parliamentary laws and legislation.

The stalled oil and gas law in the Iraqi parliament since its first session, in 2005, is one of the most prominent points on which a preliminary agreement was reached between the governments of Baghdad and the Kurdistan region.

On February 15 of last year 2022, the Federal Supreme Court issued a ruling that the oil and gas law of the regional government of 2007, which regulates the oil industry and its extraction in the region, was unconstitutional. This ruling came after the regional government concluded contracts with foreign oil companies. The Kurdistan Regional Government rejected the Federal Court's decision, relinquishing its control over oil exports.   LINK

Sah   5 differences between the center and the region will afflict the new draft oil law.. What are they?

Economy  | Baghdad today – Baghdad, economist Nabil Al-Marsoumi revealed 5 differences between the center and the region that may plague the new draft oil law.

Al-Marsoumi said, in a clarification received by "Baghdad Today", that "there are several differences between the center and the region that may plague the new draft oil law."

He added, "The first difference is represented by Article 5 of the new draft oil and gas law, which stipulates that the Federal Council shall be established under the chairmanship of the Prime Minister or whomever he authorizes, and includes in its membership each of the Federal Minister of Oil, the Federal Minister of Finance, the Federal Minister of Planning, the Governor of the Central Bank, the Minister of Natural Resources in the region, and the governors of Three oil-producing provinces that are not organized into a region and three experts.

He explained, "Decisions are taken by majority, while the region believes that the Federal Council for Oil and Gas should include in its membership both the federal government (ministers of oil, finance and planning) and the regional government (ministers of natural resources, finance and planning) and governors of oil-producing governorates that are not organized in a region. The presidency is in The council is rotating and decisions are taken unanimously.

Al-Marsoumi continued: “As for the second difference, it concerns (Article 8 First), which stipulates that the Federal Ministry of Oil shall manage the oil and gas-producing fields throughout Iraq in coordination with the region and the producing provinces. As for the vision of the region, it is summarized as follows: The federal government manages the oil and gas extracted from the fields.

Dave   Hence Big Oils departure from the region........Erbil and Baghdad have failed to implement their constitutional agreements.....

Sah   The current (which was extracted, developed, and commercially produced before the constitution expired in 2005) with the regional government and the producing governorates that are not organized in a region. commercial production after the expiry of the constitution).

And he added, “While the third disagreement is about Article 11 of the new draft oil law, as it states that the Federal Council is the one that gives approval to oil licensing contracts, while the region sees that it is the competent authority on exploration, development and production contracts or any other contracts with the contractor that The choice falls on him and does not require the approval of the Federal Council.

He pointed out that "the fourth difference is in Article 16 of the draft law, which stipulates that the ministry is the supreme authority responsible for the obligations of the contractors, while the region believes that the competent authority in the region is responsible for the obligations of the contractors in the contracting areas within the region, and the fifth difference is in the article 24 of the draft law that the main pipelines are owned by the federal government, while the region says that the federal government, the regional government, and the producing provinces establish and own pipelines to transport oil and gas.

He concluded by saying that "the sixth difference is that the new draft oil law did not include any article indicating the marketing of oil and the party responsible for it, but as is currently in force and confirmed by the Federal Court, the Ministry of Oil represented by SOMO is the only party responsible for marketing all Iraqi oil regardless of Its production site, while the region sees that the Federal Council sets marketing and sales policies, and the sale process is carried out by marketing companies belonging to the regional government or producing governorates that are not organized in a region. https://baghdadtoday-news.translate.goog/230178-

Dave   Sah Hearing reports of riots over all this

Sah   Kurdistan wants to sell their oil and not go thru SOMO and they want their own pipeline to Turkey not owned by the government of Iraq. This is against the constitutional judgement. All oil must be sold thru SOMO and government owns all oil pipelines. Kurdistan still thinks they can barter. There is no barter. Iraq owns all oil and gas and mineral rights in Iraq.

Sah   Kurdistan wants Kurds to know they are fighting for their rights. US will not back them on this because they have been in a court of law to be proved unconstitutional. Kurdistan is looking for any concessions the government might give like a Kurd guy as a second in command under the head guy. I do not think it is negotiable but if Iraq gives a little it might get done sooner. They will not give in for control of sales and oil pipeline.

Sah   Kurdistan still wants their pipeline back so they do not have to account for the oil they siphon off and sell separately. They do not want to share this with the Iraqi people which is against Iraq's constitution.

Dave   Kurds Semi -autonomous region or not really? Disputed territories...?

Sah   With documents.. Al-Sudani agrees to 7 Kurdish demands on Kirkuk - Urgent

Policy  | Baghdad today – Baghdad, the Commander-in-Chief of the Armed Forces, Prime Minister Muhammad Shia'a al-Sudani, approved 7 Kurdish demands on Kirkuk, after the recent events in the province yesterday.

Al-Sudani's approval came during his delivery of the demands in a meeting he held this evening with a number of parliament members from Kirkuk governorate, representing the various components, in the presence of the second deputy speaker of the parliament, Shakhwan Abdullah.

The Kurdish representative, Dylan Ghafour - one of the deputies who met Al-Sudani - said in a statement received by "Baghdad Today", that the meeting witnessed a discussion of the situation in Kirkuk and the submission of an official request to the Prime Minister that includes 7 demands concerning the Kurds.

And it appears in the official request of the deputies, of which "Baghdad Today" obtained a copy, that Al-Sudani was marginalized, directing Lieutenant General Abd Al-Karim Abd Al-Hassan, his personal secretary, to "take the necessary measures, inform him, and follow up on directives in this regard."

These demands were as follows:

1- The release of all those arrested in connection with yesterday's events.

2- Issuing an official directive not to pursue peaceful demonstrators and to stop inspection campaigns in the Kurdish neighborhoods in Kirkuk.

3- Compensating those financially affected by the events.

4- Considering the dead in the demonstrations as martyrs, compensating their families, and compensating the wounded as well.

5- Submit everything that proves his contribution or role in fueling the street and fueling the fire of sedition.

6- Allocating sums of money to repair the streets of the Kurdish neighborhoods affected by the recent events.

7- Opening an urgent investigation with security agencies and parties that deliberately discriminated between demonstrators on the basis of nationality and used excessive force against Kurdish demonstrators.

The media office of the Prime Minister had announced earlier this evening that it had received a number of Kirkuk deputies, representing the various components, and confirmed during the meeting that "the elements that committed the attacks and worked to stir up discord will receive their just punishment in accordance with the law," according to the statement.

Al-Sudani also indicated that "the security forces in Kirkuk, with their various types and names, are committed to protecting the people of the province and their rights to a decent life, expression of opinion, and the enjoyment of a safe environment dominated by tolerance and acceptance of the other, and this is what characterizes the people of Kirkuk."

Yesterday, Saturday, the Kirkuk governorate witnessed unprecedented security tensions since 2017, when unknown persons opened fire on protesters blocking the road linking Kirkuk and Erbil, killing 4 people and injuring 15 others, according to the Kirkuk police, and as a result, the security forces imposed a curfew. which was uploaded earlier this morning.    LINK

Dave   Al-Sudani's may agree but what about the rest of them?     We have a similar issue in Canada.....Quebec...

Sah   Kurds were uprising because Kirkuk is not part of Kurdistan. Sudani wants police to let protesters protest but no violence. Kirkuk has a minority of Kurds there. If anyone is violent, throw them in jail from now on and take out instigators. The problem is that some unknown persons opened fire on protesters blocking road linking Kirkuk to Erbil.

Sah   IMO could of been Kurds or Issis or Iranian militants that did this.

Dave   Recollect near war between Maliki and the Kurds over this...Maliki's Arabitization of this region

Sah   Kurdistan thought they could take over Kirkuk after they drove ISIS out. They wanted the oil fields which is a top producer in Iraq. Abadi had to eventually drive them out and back to the Kurdistan border. Kurdistan has no right to Kirkuk.

Dave   Prior to ISIS...

Sah   They never had a right to Kirkuk ever. They just keep trying to take it over because of the oil.

Dave   Iraqi constitution?   -    art 140 been in news since the getgo

Sah   Constitution says Kirkuk is under Baghdad rule not Kurdistan. Did you not read what I posted the other day on 140 for you.

Dave   had been agreed to but never implemented it

Sah   It is implemented when the jury said it was unconstitutional for Kurdistan. It does not have to be implemented, it is already law.

Dave   Sah According to Baghdad Erbil .....NEVER the Kurds  -   kurds going by the Original Story

Sah   According to the constitution Kurdistan has not control of anything Kirkuk does except for Iraq and under the jurisdiction of Baghdad.

Dave   according to Erbil or Baghdad

Sah   According to the Iraq Constitution.

Dave   the story still after 20 yrs looms

Sah   Kurdistan has been ruled by the federal court as unconstitutional.

Dave   Sah Which the Kurds never agreed to.....Being Semi Automomous

Dave   Still have a say.....?

Sah   Their land belongs to Iraq.    Their oil and gas and minerals belongs to Iraq.

Dave   Kurdish lands?

Sah   Belong to Iraq.

Dave   Just saying......Kurds will disagree?

Dave   obviosly...LOL

Sah   Same as Kurdish lands in Iran belong to Iran. Kurdish lands in Turkey belong to Turkey and Kurdish lands in Syria belong to Syria.

Dave   The BS will continue.....

Sah   Do you think that just because one of our states here is mostly say German that they do not belong to the US?

Dave   Sah 20 yrs still arguing about 140.....  WHY?  Big OIL not returning until settled?  why?

Sah   Dave Because they want the oil. 20 years ago Kurds kicked Arabs out of their homes in Kirkuk to take it over with Kurds and then tried to claim it as part of Kurdistan.

Dave   Sah Maliki's Arabitization of the region.

Sah   Dave Just like Russia did in Ukraine. They took over a state and chased the Ukrainians out of their homes and moved Russians in their homes and now they claim it as part of Russia because Russians lived there.

Sah   The Russians there were fighting a civil war to be separate from Ukraine and Russia thought a good time to take it over.

Dave   Sah Kurds not now Know of being Semi=Autonomous of which regions?

Sah   The word is Semi.

Dave   regions without borders

Sah   Kurdistan is like a state and Iraq is like Federal.

Dave   Kurds have a much different perspective

Sah   Iraq can not have different tribes infighting for land and oil in their country. It is against their constitution.

Sah   Kurds have always been out for themselves even if unconstitutional. As soon as they break the law they should be locked up and made an example of.

Dave   SahKurdish Story has never changed.....Sudani changing it maybe  163 votes ish

Sah   The international court fined Turkey 1.5 billion for taking illegal oil from Kurdistan that belonged to Iraq. That pipe line was shut down.

Dave   fer how long?   should have been shut down yrs ago

Sah   Now Turkey is trying to barter before it will let oil be shipped again. They do not like the fine they have to pay.

Sah   Dave It had to go thru the international courts first and judgement went for Iraq.

Dave   Yet Kurds supply it......

Sah   This should have been done a long time ago, but Sudani is getting things done, now. Atleast Abadi got Kurdistan to leave Kirkuk and go back to their border.

Dave   DONE DONE DONE.....LOL  DONE NODDA!!!   yadda yqadda...plenty

Dave   Just saying fer the last 20yrs HCL/140, Ch7,General Amnesty Foreign banking laws etc the SAGA continues..........................

Sah   We have moved faster than any body else in office with Sudani. He said Amnesty Law needs to be passed before parliament breaks and after he wants the oil and gas law done.

Dave   Said that with Abadi

Sah   Abadi fought ISIS and a more corrupt government and Kurdistan all at the same time. He got it headed in the right direction.

Dave   20yrs... HCL/140, Ch7,General Amnesty Foreign banking laws etc the SAGA continues....................Same benchmarks from when i 1st started following this soap opera

Sah   When Abadi left office he was the committee chair person for going after the corrupt and putting people in jail. He is tight with Sudani. He has a lot of evidence to jail top people in the country including high up people in Kurdistan. If they do not tow the line you will watch these people being called in front of the court. Not done by a long shot.

Dave   have yet to even really start  --    several hundred billion dollars being held by the courts

Sah   Abadi has already helped put a bunch of people in jail. He just gives Sudani the file and they are in court and if guilty pay a fine or return money stolen and go to jail.

Dave   not counting Malikis 64 billionusd

Sah   The past couple years they received permission to collect these monies that were stolen and impound them according to the international court.

Dave   Talabanis35 billion

Dave   Sah Still in escrow   heard as much as 700 billion

Zig   Sah : You're an "Iraqi Affairs" scholar

Sah   Zig lol. I like to read. The best thing for me was to buy 5 different currencies and research them all. It made me more worldly and up to date at what is happening outside the US..

Dave   Sah but never read the posts i provide from the UN....lol

Sah  Dave When you post crap in an article that was from years back and not updated I read it but it was out dated.

Dave   Sah sent updates YESSSS1   every time!!!

Sah   Dave There were no recent updates on that URL you posted. It did not even say that they were out of Chapter 7.

Sah   Everything else was moved to Chapter 6 when they close down the committee to run it.

Dave   Zig updates from 2023....    Been arguing this fer 6mons with the gals

Sah   If they continue to sell USD to sanctioned countries the UN has said they will not hesitate to put them back in Chapter 7.

Sah   Dave You have been a big pain in the about it.

Sah   If their currency in their country can not stay within 2 percent for 90 days they will not go into Article 8 and become international.

Dave   wagon before the horse......  International nodda while ch7    WTO   Paris accord now?

Sah   Right now they have dual currencies, meaning that in Kurdistan the price of Dinar to USD is different than the rest of the country. It need to stabilize all rates within 2 percent for 90 days before they can apply to go international and pass all requirements by the IMF before it goes to be approved and announced thru the UN.

Dave   Sah 90 day rule 90 days.......IMF not UNSC

Sah   At that time Paris accord could remove most of the fines because they happened during the war and agree to a settlement of about 9 billion.

Dave  all gets hazier...

Sah   UN would then decide in a vote to let them go international and pay over time or pay before they can be approved for international. It has to go thru the IMF first, then approved by the BIS and world bank before going to the UN.

Dave   CBI may not feel ready......Too much instability yet remains?  Banking laws between Erbil and Baghdad?

Sah   They are digitizing all of Kurdistan right now. Kurds said it would take years and they said no, now. That was two months ago. The CBI said all government offices for salaries and projects all has to be digitized. Kurds said in three years and CBI said now. The CBI is in there now with a couple other countries helping to get it done. No more corruption in the banking and government offices. All will be transparent and done in the next few months.

Dave   getting myself confused now

Sah   Dave CBI is supposed to control all of Iraq in banking. No more dual rates from Kurdistan coming up next.

Sah   One step closer to IMF request of no more corruption in banking system, everything transparent.

Sah   Sudani has Kurdistan over a barrel including the Barzani clan that has lined their pockets with billions.

sheila   @Chattels re: Your posting from 8:53 AM today: """ Beware the righteous. The hunter may have become the hunted. https://www.thegatewaypundit.com/2023/09/explosive-revelation-fani-willis-linked-massive-election-fraud/ """ ----- My reply: """ finally... amen """

Sah   Abadi has plenty of files on Barzani clan that he has given to Sudani. Both very smart people.

Dave   Sah ALL leaders corrupt.....

Sah   Dave Now that could be the story in every country,

Dave    richest politicians in the world ...billioaires

Dave   Abadi "where did you get that"  -  Iraq listed in the tops in most corrupt nation in the world

Sah  Now I think they are the tenth so they are doing better. Going digital will be of a great help because they can follow the money and prosecute.

Sah   Dave They just think that the corruption will never catch up with them but it usually does.

 Zig   If you access this chat via https://my.cbox.ws/ZIGPLACE   You can make the box much bigger by clicking this link  ZIGPLACE - Cbox

Zig’s Place Chat and News Sunday Evening 7-23-23

Zig’s Place Chat and News Sunday Evening 7-23-23 

Sah   Vietnam going all digital including banking and government and private sector offices.

Sah   Vietnam’s digital economy to continue booming

Vietnam’s digital economy is projected to grow fastest in Southeast Asia, reaching 50 billion USD by 2025, a report said.   VNA Friday, July 14, 2023 20:12 https://link.gov.vn/WpTSgkoR

HCM City (VNS/VNA) – Vietnam’s digital economy is projected to grow fastest in Southeast Asia, reaching 50 billion USD by 2025, a report said.  It would be aided mainly by growth in e-commerce, with platforms like Shopee and Lazada and top retailers like Co.opmart moving their businesses online, said a report of the HCM City People's Committee about e-commerce early this week.

The boom in e-commerce has accelerated the country’s digital transformation of businesses in logistics, delivery, tourism, finance, media, and entertainment.

Delivery services have grown rapidly thanks to super apps like Grab and Baemin.

Online payment systems like e-wallets, e-transaction gates and e-banking have also developed speedily following a surge in online services, with 61 per cent of online purchases used cashless payments last year.

But digital transition does face challenges due to underdeveloped digital infrastructure, especially the lack of a standardised, synchronised national database.

Besides, small and medium-sized enterprises have not capitalised on digital opportunities despite accounting for a lion’s share of the country’s businesses.

Sah   The outdated legal framework, with old policies still regulating digitised business models, also stymies the growth of businesses.

An inadequate regulatory regime poses challenges for authorities and affects customers’ benefits.

To tackle these problems, HCM City has laid out a plan for “Developing digital economy, sharing economy, and circular economy” that encourages enterprises to adopt technology and new operational methods to create sustainable goods and services, its People’s Committee said.

There are also several programmes to help start-ups and enterprises digitise their businesses, especially in key sectors like fintech (financial technology), edutech (education technology), smart agriculture, and smart tourism./. https://en.vietnamplus.vn/vietnams-digital-economy-to-continue-booming/256402.vnp

Sheila   VIDEO: Sunday Morning Futures With Maria Bartiromo 7/23/2023 -- https://www.youtube.com/watch?v=HsVDg_hVXsY

NORV   The Baghdad and Erbil stock exchanges closed at a new high in dollar prices

Baghdad Stock Exchange  2023-07-23 06:30  Shafaq News/ The prices of the US dollar continued to rise against the Iraqi dinar, on Sunday, in the markets of Baghdad and Erbil, the capital of Kurdistan Region, with the closing of the stock exchange.

Shafaq News agency reporter said that the dollar prices rose with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 153,700 Iraqi dinars against 100 dollars, while the prices this morning were 151,650 dinars against 100 dollars.

Our correspondent indicated that the selling prices in exchange shops in the local markets in Baghdad also increased, as the selling price reached 155,000 Iraqi dinars, while the purchase price reached 152,000 dinars for every 100 dollars.

In Erbil, the dollar also recorded an increase, as the selling price reached 153,650 dinars for every 100 dollars, and the purchase price was 153,550 dinars for 100 dollars.

NORV   That is like an 18% spread! Not good for IMF compliance. And don't look for Article VIII acceptance anytime soon.

NORV   Zig you better renew your chat for 5 years. lol You are going to be here for a while!    :Floating:

Dave   NORV It has been like 15yrs we have been waiting.....what is another 5 to wait?

Dave   NORV With USA sanctioning USD in Iraq...... 5 yrs before they run out of usd......Unless them Iraqis been stuffing usd into their mattresses as well

Zig   5 years??   :Thud: .....

Dave   Arrg... Zig Scared Kap away

Zig   Boo

Dave   5 yrs better than NEVER........

Sah   I knew it was coming from the articles I posted yesterday when the US sanctioned the day before14 more banks from dealing in US dollar and CBI could not control the rate. Not US fault when banks were selling US currency to sanctioned countries. CBI was warned 8 months ago this would happen if they did not do something about it.

eyeguy   5 years Just go 1 to 1 and I will be happy

Sah   Lets say that if a country revalued how would they be able to keep that rate steady. If they could not it would be a complete financial disaster for a country. The CBI in Iraq needs to do a better job of keeping their currency rate steady. The CBI needs to make all banks comply to selling at same rate. These banks were buying at government rate of 1320 and selling in the 1500 to make a profit for their banks instead of doing the work and making loans to new and old businesses that lifts the economy and brings in income to the bank from interest and investments.

eyeguy   okay then 50 cents to 1

Sah   eyeguy If the CBI can not hold the rate how will their currency hold it's value.

eyeguy   even .25 to 1 I would like to see it before I pass

eyeguy   I guess I`ll have to pass it down to my kids and grandkids

Sah   eyeguy Personally I was just hoping to get to a dime. If they can hold that steady the sky is the limit as it floats to a half dollar.

eyeguy   what the world be like in 5 years You can imagine

eyeguy   so what is a dime on a million   eyeguy   $100,000

eyeguy   just about pay off my mortgage not bad for $1000 and 20 yrs

Sah   Right now until their currency can hold it's value and float down to 1320 with out a major fight to get it there and stay within 2 percent spread we are stuck here.

Sah   If CBI could stop these dual rates then we will see progress.

Sah   I just want a swimming pool!

eyeguy   I just heard Blaino passed sorry to hear ,,,,I just want to see it in my lifetime

eyeguy   Swimming pools are great Heading off in a few to La Fitness pool been going 3 x a week

eyeguy   got to work off some calories taking my honey out for he BD

eyeguy   :Floating:

Sah   I think Iraq had a lesson to learn after they blew the IMF off a couple years back. They were in the mentality that if they did not need a loan from them they did not have to follow the IMF's plan. Now this last year they are following it to stabilize their currency. IMO they want to become international and now they find out all the rules to get there and they are still not compliant so to keep their rate within 2 percent. Dual rates over 2 percent will not get them international.

Sah   IMF states you must hold all rates in country with in 2 percent spread to be considered able to qualify to go international.

Sah   This latest governor of the bank is great at focusing on going digital thru out the country. He is working right now with bringing Kurdistan into compliance which will stop these dual rates and control them better. He is also working on bring all banking with kurdistan's government accounts digital also. This will stop the corruption and money laundering like it has been doing in the rest of Iraq that is now digital.

Sah   His one fault is relying on only US sales to keep the currency rate steady. All banks in Iraq must start to diversify their banks and invest more in the Iraq economy and not in just selling the US dollar for profit.

Sah   Here I was hoping that by next year I would have my swimming pool with a hot tub built into it. Guess I will have to hope my restoration business will make enough to afford it.

Sah   The Central Bank of Iraq confirms that it continues to meet the legitimate requests for the US dollar from the official outlets licensed by it and at the official rate set for the beneficiary, amounting to ( 1320 ) dinars to the dollar, and calls on the Central Bank to report the case of paying a price higher than the official rate decided above, and the account of the bank or the exchange company with this bank bears the compensation for those affected by the price difference, through the following e-mail:

( banking.awareness@cbi.iq )   Or call the following numbers:   07809224663  07853330555  07721111418   Central Bank of Iraq  Media Office

Sah   butterfly Nice post, I am glad to see they are cracking down on banks or exchanges not using the official rate.

Butterfly   Iraq Renews Deal to supply Lebanon with Oil  The governments of Iraq and Lebanon have signed a Memorandum of Understanding (MoU) wherein Iraq will supply Lebanon with quantities of fuel and crude oil.

The agreement, in line with Cabinet Decision No. 23265 in 2023, aims to support Lebanon's electricity sector and strengthen cooperation between the two countries, serving their mutual interests.

During the signing ceremony, Iraq's Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, emphasized the renewal of the agreement for another year with an increased quantity of gas oil based on mutual consent.

Additionally, a new contract for crude oil will be arranged, and technical committees from both sides will define the appropriate mechanisms for executing the agreement, including quantity determination, transportation, loading, unloading, and other logistical and technical commitments. Subsequently, both countries' cabinets will approve the joint committee's recommendations.

Lebanon's Minister of Energy and Water, Walid Fayyad, praised Iraq's support to overcome his country's fuel supply crisis for power stations. This gesture of support is deeply appreciated by the Lebanese government and people.  (Source: Iraqi Ministry of Oil)

Sparky   ... via al Maliki ... and the State of Law Co illation ...

butterfly   Washington is resuming the "dollar war" against Baghdad... American steps behind two things!

437 Despite the many decisions taken by the current government to reduce the exchange rate of the dollar due to its impact on the economic, security and political levels, Washington's countermeasures caused the continuation of the dollar crisis and the gap between the official and the parallel rate did not shrink. America once again manipulated dollar prices by punishing 14 Iraqi banks, a strategy pursued by Washington to wage economic war on the country.

America plans

And speaking of the re-rise in dollar prices, a member of the coordination framework, Ibrahim al-Sakini, accused the United States of trying to put the current government against the people by returning the dollar crisis to its destination, while the decision to remove 14 Iraqi banks from the electronic dollar selling platform was considered Washington's first step to raise the dollar exchange rate.

Al-Sukaini says in a press interview seen by “Takadum” that “America is trying to move the dollar crisis through many ways and methods that the latter works to create crises in the country,” noting that “Washington will not stop creating problems in front of the current government in view of the (Shiite soul) that controls it.”

And he added, “The government has worked to confront many violations and abuses by which the United States of America has been operating since the beginning of the era of the Sudanese government until now,” pointing out that “America continues to try to put the current government against the people by returning the dollar crisis to its destination.”

Regarding Washington's decision to punish Iraqi banks, Al-Sukaini confirms: "The decision to remove 14 Iraqi banks from the electronic dollar sale platform in the Central Bank is America's first step to raise the exchange rate of the dollar in the local markets."

Bank penalties

butterfly   In addition, the economic expert, Nasser Al-Kinani, criticizes the new sanctions imposed by Washington on 14 new Iraqi banks, stressing that imposing sanctions from America is tantamount to a response to the government after announcing a barter for the supply of Iranian gas.

Al-Kinani said in a press interview seen by “Takadam” that “the exchange rate of the dollar is expected to reach 175 compared to 100 dollars during the current month,” noting that “Washington’s recent sanctions will re-examine the recent dollar exchange crisis in the local markets.”

And he continues, “The Central Bank will work to increase its sales during the coming period in order to fill the deficit that will occur as a result of removing 14 Iraqi banks from the electronic dollar platform,” noting that “Washington deliberately imposed sanctions on large banks, which are considered one of the main resources for selling the dollar at the official price in the local markets.”

* Economic war

23 Jul 23, 03:05 PM butterfly   For his part, the leader of the State of Law coalition, Haider al-Lami, confirms the high exchange rates of the dollar to the pressures that the United States of America is working on the current government, while stressing that Washington is seeking in all ways and methods to prevent the stability of the Iraqi economy.

Al-Lami says in a press interview seen by “Takadam” that “all America’s decisions regarding the dollar are tantamount to an economic war on the country in view of the damage it left behind in the past period,” warning “the government against the plans that Washington seeks to implement through suspicious movements that the US ambassador to Baghdad is communicating with.”

And he added, “Washington deliberately moved the file of the exchange rates of the dollar after the decision to barter the supply of gas with Iran,” pointing out that “the United States of America is seeking by all means and methods to prevent the stability of the Iraqi economy through decisions that are against the work of the government.”

And he continues, “Washington is working to combat the stability of many political, social and economic files that concern citizens in order to embarrass the government to implement its own interests.”

It did not take long for the exchange rates of the dollar to stabilize in the local markets, until America returned with its counter-decisions regarding the dollar problem to the fore again, amid many extortions that the government overtook in the past period and will be confronted with it in the coming period, according to observers. https://takadum-news.com/archives/175176

Sparky   ... corruption ... 30% on top of any contract ... back ally thievery ...

butterfly   Sparky that is in every country.

Sparky  Sah ... is " the appearance of " Mohamed Saleh still financial minister ...

Sparky   ... Shab's right hand man, knew the workings ...  Sparky   ... et tu brutus ...

Sah   I read the blame in news articles but the bottom line is those 14 banks were sanctioned after the CBI was warned 8 months ago by US that banks exchanging dinar for US dollars need to not sell to sanctioned countries which is exactly why they were sanctioned. The banks were helping sanctioned countries buy US dollars that they used to in money laundering.

Sah   Sparky No Saleh was appointed temporary to straighten out the CBI and get rid of corrupt and stabilize the rate. There is a new governor this past year that is taking everything digital but should of kept Saleh on to monitor the corruption and help him learn to stabilize the rate.

Sparky   Sah ... I'd keep an eye on Saleh and Maliki ...

Sparky   ... Shab's VP went south ...

Sparky   ... he plays his cards, don't know enough to blame him ...

Sah   Sparky I agree but Saleh has the knowledge to run the CBI and keep the rate steady. He was one of the corrupt for earlier on but knows his financials will. He just needs to be kept an eye on. I would wish he would be a consultant for CBI same as he was before for the government financials to the prime minister.

Sparky   ... I do believe it's hard to get a Iraq contract, without a side deal ...

Sah   Every body wants a side deal and Sudani is trying to put a stop to it in Iraq. He has arrested people heading different government entities that put side deals in their pockets that Abadi found out about and he reports to Sudani.

Sparky   Sah ... Kurds are similar ... very difficult situation, for monetary value to increase in the near future, imo ...

Sah   After Sudani became PM, Maliki tried to get him to bend and he said no he was for all the people. It did not go over well with Maliki when he agreed to vote Sadani in. Too late, Maliki is not getting his way. If he does not behave Abadi has a stack of paperwork on him that Sudani can use to make his life rough.

Sah   Sparky Kurds are a big problem on making their own rates at the banks and corruption abounds. CBI stepped in to make bank digital last month. Kurdistan said it will be atleast three more years and CBI said no they were coming in now with England and France to help and would be done this year.

Then Kurdistan said it will be years before their government financials are all digital and CBI said no, they were doing it all now. Corruption when done will be easily found when they are digital. Kurdistan is fighting it every step of the way but the constitutional laws they have to follow so CBI controls all banks in Iraq and they have no choice.

Sah   Sparky The CBI has to make all digital to get rid of the corruption and money laundering. It has to stop or they will never go international without transparency.

Sah   The CBI and countries helping know what the are doing as the rest of Iraq is digital or close.

NORV   Sah To be honest, in the last 15 years I have only seen the CBI manage the spread consistantly and maintain it for at least 6 months like 3 times. This is why the CBI will not move to Article XIV anytime soon.

Sah   NORV I feel the same way. If they can not get this together and be able to hold the rate let alone it to increase in value is one problem. If they can not do this how would they keep the rate if it was worth more, they would be financially ruined. Until they can stop these dual rates in their country with in 2 percent this will never happen. Let alone for at least 90 days and then to keep it stable after that until IMF does their review. So sad that this part is happening. Governor of the CBI needs to get his act together.

Sah   There is more to stabilizing that rate than selling USD.

Zig Sorry to have to report that DinarAlert https://dinaralert.webs.com/ will be closing on 8/31....that is where @Kaperoni hangs out....He posts as @NORV here....I invite all the members there to participate here!!.

Zig    In case you don't know NORV is the well-known @Kaperoni Recently (June 24th) he and @Enorrste held a conference call regarding recent news about Iraq and the Dinar, etc....IMO it was very good....Recording links can be found at https://dinaralert.webs.com/conferencecalls.htm 

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