News, Rumors and Opinions Wednesday Afternoon 7-1-2020
KTFA:
Don961: The Zimbabwe Stock Exchange decides to suspend trading until further notice
June 29, 2020 03:47 PM
Direct: The Zimbabwe Stock Exchange has officially decided to suspend trading as a matter of urgency, after a ban on the part of the Central Bank on the back of allegations of economic sabotage
Justin Beguni, CEO of the Zimbabwe Stock Exchange, said during a statement issued on Sunday that the decision to suspend operations was taken after consulting the relevant government ministries
He added: "While we are awaiting guidance from our regulators on the operational methods of moving forward, we have informed our shareholders in the stock exchange that the trading has been suspended until further notice"
On June 26, the Minister of Information, Advertising and Broadcasting Services issued a statement calling for the suspension of activities on the local stock exchange in Zimbabwe.
The Zimbabwean government blames the local bourse for fueling the collapse of the Zimbabwean dollar
According to the data available on the Zimbabwe Reserve Bank website today, the US dollar averages 57.3582 Zimbabwe dollars
At the end of last week, "Pguni" wrote in a tweet on his account on Twitter that the stock index "ZSA" ended the week's trading, up by 4.38 percent, with reference to the market value of the stock market currently stands at the level of 259 billion Zimbabwe dollars
And about the monthly performance in the current June to this date, it achieved an increase of about 1.9 billion Zimbabwean dollars, bringing the gains in the current year so far to about 733 percent
DELTA: FROM IRAQI TV: Finance is finalizing its procedures. Employees' salaries tomorrow.
MarkC: Delta..u gave a outside window of the 15th of July on a recent ub 2b..we will see...hope your right brother
DELTA: THAT's CORRECT MARK ........IMO
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Courtesy of Dinar Guru
Pimpy Looks like the dinar rate is in review. Article: "The National Business Council calls for a review of the exchange rate based on the impact of the oil price decline". I told you I seen some minutes between the IMF with the Central Bank of Iraq...the Government of Iraq wanted their exchange rate reinstated at $3.22...the IMF along with the Central Bank of Iraq was saying no that would be too big of a shock to the economy and they wanted something around $1.13 to $1.34. The reason is they wanted a sweet spot. They wanted it to be high enough where they had more purchasing power but they wanted it low enough where they could be competitive against other countries importing and exporting...I thought that's what the rate would be...nonetheless it looks like it's going to be reviewed. This looks like what we were hoping for...
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TNT:
Cutebwoy: Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to heal its economy
July 1, 2020’
Iraq is seeking a loan from the International Monetary Fund and Saudi investments to overcome its economic woes
Highlighted a report told Bloomberg the US, highlighted the efforts of Iraq ‘s efforts to address the acute crisis plaguing the country ‘s economy, as a result of falling oil prices and exacerbate infections Corona emerging.
The report, published on Wednesday, indicated that Al-Aqq is in talks with the International Monetary Fund to obtain a loan, while seeking to attract Saudi investments to its natural gas fields.
The report quoted Iraqi Finance Minister Ali Allawi as saying that the International Monetary Fund and Iraq are conducting “intensive” negotiations on a loan that could reach a maximum of $ 5 billion. However, in an interview in Baghdad on Tuesday evening, he did not specify additional details about the nature of the loan:
“There is no official proposal from the Iraqi government and there is no official response from the International Monetary Fund, but we are moving in this direction.”
Allawi said that the Iraqi government also suggested that the Saudis put money in the crutch gas field in the west of the country or Mansourieh in the east. Allawi said that they can also invest in extracting gas from Ratawi’s oil stocks in the south.
Allawi added that “Saudi Arabia is very ready to support our energy projects. At the end of the day, they will choose one field. They are also interested in solar energy.”
It is noteworthy that Allawi had made a tour to Saudi Arabia and Kuwait in late May, and observers ruled out that Iraq would receive financial support from Kuwait, or perhaps alleviate the burden of its debts owed to Kuwait, which amounted to about $ 2 billion in compensation for the 1990-1991 Gulf War.
The IMF and Saudi Arabia talks come at a time when Iraq is trying to support its financial resources. Allawi said that the economy will likely shrink from 7 percent to 9 percent in 2020. This is more than the expectations of the International Monetary Fund by 4.7 percent.
Riyadh is pressing Iraq to cut oil production sharply to meet its share in OPEC, placing more pressure on Prime Minister Mustafa al-Kazemi, who came to power in May.
Baghdad had initially refused to limit production, like other OPEC members, but retreated after intense pressure from Saudi Arabia and Russia.
Allawi said that Iraq’s monthly oil revenues are about 2.7 billion dollars. This is less than the $ 7 billion Iraq earned in 2019. The budget deficit will reach 22 percent of GDP this year, which is higher than anywhere else in the Middle East and North Africa, according to the International Monetary Fund.
Allawi ruled out that the Iraqi government would resort to issuing new Eurobonds to finance the gap, arguing that it was too expensive.
And yields of Iraqi bonds, worth a billion dollars, fell about 60 basis points on Wednesday, after news of a possible International Monetary Fund loan. And the interest rate of these bonds is estimated at 10 percent, which is the highest of any issuer of Eurobonds in the Middle East, with the exception of the defaulting Lebanon.
Iraqi Finance Minister Ali Allawi said, “We are not ready to pay 10 percent” interest on new bonds in Iraq.
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ALERT! July Silver Deliveries are HUGE! Biggest Since the Hunt Brothers in 1980!! (Bix Weir)
RoadToRoota: Jul 1, 2020
COMEX Silver Delivery Notices are ALREADY the biggest since 1980 when the Hunt Brothers tried to corner the silver market!
Back then the price of silver was closing in on $50/oz but today (after 40 years of price suppression) the price of silver is only $18/oz...WHAT GIVES MR. REGULATOR?!
Iraqi Dinar News 07/01/20 - Big Month
Pimpy’s Investment Chat: Jul 1, 2020