MilitiaMan, Frank26, FootForward and more ...Late Sat. PM/ Early Sun. AM
KTFA:
MilitiaMan: So if you reduce the dollar exchange rate, it takes more dollars to buy the Dinar! That my friends is the whole enchilada.. That is what they are reeling to do! imo Be happy... ~ MM
Don961: Deputy Finance: The government cannot solve the economic crisis without harming the citizen
2020/10/03 18:09 Baghdad Today - Baghdad
A member of the Parliamentary Finance Committee, Ahmed Hama, confirmed, on Saturday (October 3, 2020), the lack of accurate data at the Ministry of Finance to know the amounts of money the government needs to meet the deficit in revenues.
Hama said in an interview with him (Baghdad Today), "The government until now has not been able to properly and properly resolve the economic crisis, without harming citizens or employees in the Iraqi state."
He added that "the Ministry of Finance does not have accurate data on the amount the government needs to meet the current crisis. Rather, there are only media statements that the government needs approximately $ 6 billion per month to secure the necessary needs, including the salaries of employees and retirees."
Earlier in the day, the Parliamentary Finance Committee warned that the government and the Ministry of Finance would resort to a method to secure the salaries of employees.
Committee reporter Ahmed Al-Saffar said in an interview with (Baghdad Today), "Resorting to savings, deducting part of salaries, or reducing the exchange rate of the dinar is not in the interest of the Iraqi government."
He added, "Reducing the exchange rate of the Iraqi dinar against the dollar means reducing the salaries of employees indirectly because it will lead to inflation and thus high prices and make employees unable to purchase goods of the same value," stressing that "it is not in the government's interest to take any of these alternatives in light of Current conditions. "
Al-Saffar pointed out, "the necessity for there to be a crisis cell representing specialists in the Finance Ministry to discuss possible means to secure salaries."
Yesterday, an informed source in the Ministry of Finance stated that the employees ’salaries for the month of September will be paid at the end of next week.
The source said in an interview with (Baghdad Today), "The Ministry of Finance has worked on transferring the revenues of some departments in addition to borrowing from the Central Bank to provide funds for the disbursement of salaries."
He added, "The current month of October indicates difficulty in distributing salaries, and the date of disbursement may be delayed until next November."
The source explained that "the self-financing departments are surprised by the decision of the Ministry of Finance to stop paying their salaries and to include them with the central departments in the distribution mechanism, even though they have their own funding and are not among the central departments."
Media and social media reported that the government is moving towards saving or reducing the dollar exchange rate, in order to secure employee salaries for the coming months, with the continued decline in oil prices. LINK
Frank26 Article after article after article in the last 5 days, actually even more, telling us that they're going to raise the value of their currency... Article " Iraq: the government is compelled to "delete the zeros" from the dinar currency...more than "3 scenarios" are expected that will affect salaries and living" the translation IMO is trying to tell you that they have 3 zeros that they're going to lift from their exchange rate...they decided on one option... quote "the government is now obliged to reduce the value of the Iraqi dinar against the dollar...without printing more and thus preserving the currency from collapsing." Without printing more...when you remove the 3 zeros you're left with about a dollar...and you didn't print any new currency because you got the new small category notes already in the banks ready to come out. When they come out with the new exchange rate this is all calculated to be 1 to 1 with the American dollar.
Footforward [I just heard from a friend of mine who is friends with an international CPA here in Scottddale (originally from Iraq) state that we will have 30 days to exchange...His brother is in Parliament, so I think he gets a lot of his information from him ...What are your thoughts?] I'd love to know what they base that off of. I do think there is a window. 30 days seems rather tight to me. ...If covid restrictions are in place and people have to make appointments to go to the bank to exchange, 30 days seems tight to me. I don't doubt that is what they want. But Trump will make a deal that works for everybody. Iraq doesn't really have alot of say here. But if that is the case we will make it work. I wasn't planning to wait super long anyways. My sources have said because they felt that would be decided once an RV has happened...And that so much is so fluid right now...
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Vietnam Dong News 10/03/20
Pimpy’s Investment Chat: Oct 3, 2020
Gold Reserves Down 50% As Peak Gold & Lack Of Exploration Pressures Supply, Interview David Garofalo
Silver Report Uncut: Oct 2, 2020
"We have experienced peak Gold" is one of the most profound themes of our day as we watch our fiat currencies fail at a time when the available gold supply is dwindling.
We ask David Garofalo what's next for the gold market and He explains about http://goldmining.com or Goldmining inc's new company and how they plan to take Goldmining to the next level and fundamentally transform their current business.
Another major factor in gold price is inflation and as our guest alluded to during the Interview we are about to experience inflation in a very meaningful way and there's no sign of money supply slowing anytime soon.
David believes the bull market in Gold and Silver are far from over and He is even more bullish on silver and said if you believe the calls for $3,000 an ounce Gold then $100 silver seems like a reasonable price.
The big subject is peak gold as David mentions that Gold reserves are down 50% over the past several years and Gold companies have been focusing on returning value to shareholders in the form of share repurchases or dividends and less on exploration which has led many producers into a corner in regards to the supply of physical gold.
That's why they formed Gold Royalty Corp. https://www.goldmining.com/gold-royal... and wanted to begin development of the resources held in goldmining inc because producers quite simply do not have the reserves and will need to purchase them in order to raise capital or continue operating.
Fascinating insights into our economy and what's next for the gold market from industry experts like David who have graced numerous leadership positions in the Gold and silver mining industry.