Zig’s Place Chat and News Friday AM 5-21-21
Zig’s Place Chat and News Friday AM 5-21-21
Zig: Welcome to zig's place, a chat room for dinar speculators and others....discuss any topic that you wish here
Butterfly 2021-05-21 04:20 Shafaq News/ The dollar hovered around recent lows on Friday and was set to notch a modest weekly drop as traders' concerns about taper talk in Federal Reserve minutes faded, though a pullback in commodity prices and nervousness about virus outbreaks kept losses in check.
The dollar has given back a bounce it made after a mention of possible future discussions on paring back stimulus, in minutes from the Fed's April meeting, prompted fears of early rate rises. Investors now figure that any action remains a long way off and that the path might again be clear for a resumption of April's downtrend as the U.S. trade and account deficits weigh.
A loosening of COVID-19 restrictions helped surveys of German services activity and French business activity come in better than expected in May, although they didn't appear to have a noticeable effect on the euro.
Against the single currency the dollar was parked at $1.2211, not far above the four-month low $1.2245 it hit earlier in the week and close to testing major support around $1.2345.
The dollar index was held below 90 and was last at 89.869.
butterfly The index, which measures the greenback against six major currencies, is down about 0.6% for the week so far. Against the Japanese yen the dollar held at 108.74, for a weekly loss of roughly 0.5%.
"All of the worry around talk of even talking about a taper, that was revealed in the Fed Minutes from earlier this week, is now apparently a thing of the past, with investors once again focused on the persistent underlying message that policy isn't changing anytime soon," Joel Kruger, currency strategist at LMAX, said in a morning note.
In crypto currencies, the recovery from Wednesday's crash lost some momentum. Bitcoin traded around $40,000 in Asia, which is more than 30% above the week's low point, but it struggled to hold on to early-session gains. Ether likewise found gains tough and fell back to flat at $2,786.
Both are on course for weekly losses deeper than 10%.
Lingering doubts about the Fed as well as worry about new COVID-19 outbreaks and curbs to contain them in Malaysia, Thailand, Taiwan, Vietnam and Singapore held most of the majors steady in Asia.
Pullbacks in commodity prices after measures to curb speculation in China weighed gently on the export-exposed Australian and New Zealand dollars. Each fell about 0.2%.
Sterling last traded 0.1% lower at $1.4172, although it hit the $1.42 mark once more after stronger than expected UK retail sales data.
Left behind in all the recent focus on inflation, tapering and future hikes has been the Japanese yen. It is near its weakest in three years at 133.02 per euro and is poised for a fifth consecutive weekly loss against the common currency.
Against the dollar, the yen has slid 5% for the year to date and is the worst performing G10 currency. It has fared even worse on some crosses, shedding nearly 10% on the Canadian dollar and nearly 9% on the pound.
butterfly "Overall, unless we see a meaningful shift towards more aggressive Fed tightening...and the subsequent reversal in the USD front-end rates dynamics (currently most negative in the G10 FX space), the USD rebound episodes are likely to be should be short-lived, as we have seen this week," ING said in a note to clients. Source: Reuters
butterfly Here again if all did not see this:...................................... 2021-05-20 15:13
Shafaq News / Iraq’s Parliamentary Economic and Investment Committee confirmed, on Thursday, that the exchange rate of the Iraqi Dinar against the US Dollar will remain the same until 2025.
"It was supposed that the new exchange rate will remain for one year, but the agreement of the political forces and the government breached the agreement that said the exchange rate of the dollar remains the same until 2025." the Committee member Nada Shaker Jawdat said.
“For this, the prices rose by 25%." She said “Prime Minister Mustafa Al-Kadhimi, the Minister of Finance and the Governor of the Central Bank have dared to change the exchange rate because they have a political approval," Jawdat continued.
Last December, Iraq’s central bank increased the sale price of U.S. dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to compensate for a decline in oil revenue due to low crude prices.
The central bank of Iraq said the key reason behind the dinar’s devaluation was to close the gap of widened 2021 budget inflation after a collapse in global oil prices, a major source of Iraq’s financial resources.
On March 2021, the Iraqi parliament voted on the first article of the budget law, which included to adopt the dollar exchange rate of 1450 dinars per dollar.
butterfly 2021-05-21 05:41 Shafaq News / Iraq still suffer of corruption and deep political turmoil, whether at the governmental, parliamentary, or governmental levels.
A political source revealed to Shafaq News Agency that prominent political forces are seeking to disrupt holding the Parliament sessions until October when the elections will be hold.
According to the source, these parties direct their representatives to boycott the sessions, so the parliament is unable to taking decisions, the most important of which is lifting the immunity of 20 deputies due to corruption cases revealed by the Anti-Corruption Committee.
On the other hand, the leader in the Al-Fatah Alliance, Ghadanfar Al-Battikh, on Friday sent a message to the three presidencies, the Iraqi judiciary, the Public Prosecution, the Elections Commission, the Integrity Commission, the Financial Supervision Bureau and the Agencies of the Intelligence regarding the actions of some governors.
Al-Battikh demanded these authorities to "monitor the violations and abuses of some governors by using public money for electoral and political purposes."
"Some governors are exploiting their positions and the state resources for their own candidates’ benefits…this is a defect in the integrity of the electoral process and an unpleasant exploitation of power.”
Iraq still suffers from a chronic lack of job opportunities, power and water supply and other basic services four years after the war against ISIS ended.
butterfly Iraqis hoped better security would offer the respite needed to fix infrastructure. Roads, hospitals, schools and much else were hurt by years of war and neglect, including U.N. sanctions, a U.S.-led invasion and toppling of the former president Saddam Hussein in 2003, civil war and most recently the fight against ISIS.
They feel their country should be well on the road to recovery by now. But corruption and economic mismanagement have worsened conditions even further for many, leading to a new round of unrest and anger at a government that has been in power almost a year.
Politicians say Iraq needs an extended period of stability and calm for reform to take root. They argue Iraq’s internal security is held to ransom by bigger powers like the United States and Iran, which are engaged in a destabilizing regional showdown over sanctions and influence.
PeteV thanks butterfly
butterfly PeteV Not much out there but killings and the Covid. They are finding ISIS and killing them, but nothing else of importance I can see. Maybe later in the day, but nothing new from the two I posted.
PeteV many thanks butterfly
Zig butterfly :If we believe nothing will happen with the Dinar until 2025 I wonder how many of us will stick with it....I do not think I will keep this room open until then.....lol
Butterfly Zig I can only post so much but that article sure did put a damper on things.
Zig Depressing
butterfly Well the IMF gave a big hint several months back about 2024.
butterfly Steps are being taken.....baby ones, but it sure has changed from when I was posting articles way back then.
PeteV Coffee with MarkZ https://youtu.be/jTuYWa3seac
butterfly There was an article earlier that I saw and it reminded me of the transition our country is going through. I had to laugh, maybe they are listening to our country on how to do things and the troubles they will have to go through with their country.
butterfly Many years back it was said (can't remember now) keep buying the dinar because it is helping Iraq's economy.
butterfly can't remember "who" said
PeteV never heard that butterfly
Butterfly I was totally involved, checked every corner to get info and the one thing a dealer told me, still sticks with me.........DO NOT LISTEN to the stuff that is being said because when or if the dinar revalues/etc. it will be international news.
butterfly That is why seck closed his site and I stopped posting articles until Zig asked me to come and post articles.
Zig butterfly : Good advice but very difficult for most of us to do...lol
sheila Zig hope
Zig sheila : Yes, Miss Optimist....lo
Sheila Zig I wasn't always like this. Had job which required me to approach with worst case scenarios. Paid to find holes in the plans. Negative approach was required. Since retiring, decided to stay on the sunny side as much as I can.
Zig sheila : That's great....I envy your optimism....lol....seriously
Sheila Zig happy to be here. good thoughts, good words, good actions
Butterfly I remember my friend telling me about a currency he had, and at this point I can't remember which currency. He had a lot of it and said, he gave up on it and totally forgot he had a lot of it. A friend came to his home told him that it went international....NO WAY etc etc. Well when he heard that it was true, he exchanged it and make a LOT of money off of it. I wished I could remember what currency it was, but this was many years ago.
Zig There ya go....HOPE....lol
Butterfly Al-Rafidain granted loans for construction and restoration amounting to 50 million
05/21/2021 13:36..............{Economical: Al Furat News} Al-Rafidain Bank decided to grant employees and employees of the security forces stationed their salaries at the bank 50 million dinars to build on a residential plot of land or renovate residential homes.
Al-Mukhtasar al-Mufid .. In important news, you can find it on the Al Furat News channel on the Telegram .. To subscribe, click here
The bank’s media office said in a statement that the Al Furat News Agency received a copy of it, that "applying for these loans is exclusively for employees and employees of the Ministries of Interior and Defense who hold a MasterCard card."
He pointed out, "The submission is through the bank's branches, according to the geographical area."
Butterfly Learn about the exchange rate of the dollar and a number of other currencies
05/21/2021 ...........{Economic: Al Furat News} The exchange rate of the dollar against the dinar for the day was 149,000
Al-Mukhtasar al-Mufid .. In important news, you can find it on the Al Furat News channel on the Telegram .. To subscribe, click here
The price of the dollar against the Iraqi dinar Exchange offices prices:
The sale price of the dollar is 149,000 The purchase price of the dollar is 148,000 approximate
The price of the dollar against the Iranian Toman
Baghdad 100 USD 2,220,000 Toman approximate
butterfly Global foreign currencies 100 € 122.24 dollars 100 pounds 141.74 dollars $ 100 837.48 TL
Minerals The price of an ounce of gold worldwide $ 1874.05
Oil The price of a barrel of Brent crude oil $ 64.88 The price of a barrel of US crude oil 61.88 dollars
Butterfly "The US Treasury targets cryptocurrencies to increase its "revenue"
05/21/2021..............{Economic: Al Furat News} The US Treasury Department has called for a tax on transfers of cryptocurrencies between companies, as it looks to increase revenues to finance a proposed $ 1.6 trillion plan aimed at expanding education and social insurance.
Al-Mukhtasar al-Mufid .. In important news, you can find it on the Al Furat News channel on the Telegram .. To subscribe, click here
This idea is part of a larger effort to fund a plan to support American families, including raising taxes on the wealthy, and stipulates that “companies that receive crypto assets with a fair market value of more than $ 10,000” must be declared to the “Internal Revenue Service” responsible for taxes. .
The Treasury Department clarified that accounts or payment services that use cryptocurrencies such as Bitcoin are also covered by the new reporting requirements.
butterfly The ministry said in a presentation of the proposal that “although it constitutes a relatively small portion of business income now, the importance of cryptocurrency transactions is likely to increase in the next decade, especially in light of the existence of a large-scale system for preparing financial accounts reports”.
The taxation of digital assets is part of a larger plan by the Treasury to increase the number of employees and law enforcement authorities at the IRS aimed at bridging the gap between what the government owes and what it actually receives.
The ministry estimated that the gap amounted to about $ 600 billion in 2019 and will rise to nearly $ 7 trillion over the next decade if not addressed.
The plan to support American families is one of two huge proposals by President Joe Biden. The second is the US jobs plan aimed at renewing the country's infrastructure at a cost of about $ 2 trillion.
With Democrats controlling Congress by a narrow margin, Biden is under pressure to find ways to fund both plans and get the necessary votes from Republicans to pass them.
Bitcoin, Dogecoin, Ethereum and other digital currencies have increased in popularity and value over the past year as a result of the economic turmoil caused by the Covid-19 epidemic and the promotion of these currencies by some companies.
The Federal Reserve is studying the creation of its own digital currency, and Thursday said that it will publish this summer a study discussing the impact of this on payment systems and the possibility of issuing a digital currency backed by the United States.
butterfly Trade in Baghdad and Kurdistan discuss the marketing season and the work of the joint supervisory committees
05/21/2021.........{Economic: Al Furat News} The Director General of Commercial and Financial Supervision at the Ministry of Trade, Muhammad Hanoun, met with the Deputy Minister of Trade and Industry in the Kurdistan Regional Government to discuss the creation of a joint working mechanism for supervisory work, the participation of the supervisory teams affiliated with the center and the audit of the work of the branches of companies in the region As well as checking the mechanisms of the marketing season for 2021.
A trade statement said, "The Director General of Commercial Control at the Ministry of Trade, Muhammad Hanoun, met the Deputy Minister of Trade and Industry in the Kurdistan Region, and during the meeting, joint work mechanisms were discussed as well as joint work and a coordination mechanism for the control teams at the regional government and center level.
The statement added, "The meeting discussed the possibility of solving the problems found in the branches of the ministry's companies in the Kurdistan region, following up the mechanisms of the marketing season and scrutinizing the types of wheat marketed by farmers and farmers."
Hanoun stressed, during the meeting, "the readiness of the Ministry of Commerce and the Commercial and Financial Supervision Department to provide all means of support in the supervisory bodies in Kurdistan in order to perform their tasks of follow-up, auditing and control, as well as benefit from the expertise in the control teams in the Ministry of Trade and the possibility of benefiting in return from the supervisory teams in the region." .
butterfly The Director General of the Supervision Department pointed out, "Directing the Minister of Commerce, Alaa Al-Jubouri, to provide all support and attribution to the departments of the Ministry of Trade in the region, for the purpose of carrying out their tasks as well as solving all outstanding problems and finding unified work mechanisms that contribute to improving the level of work and achievement, especially within the limits of the work of the Commercial and Financial Supervision Department." And the creation of joint audit and oversight mechanisms that contribute to developing the work of the oversight bodies in the Ministry of Trade in the Kurdistan Regional Government.
For his part, the Deputy Minister of Trade in the Kurdistan Regional Government stressed "the importance of exchanging visits between employees of departments and companies in the Ministry of Trade with the regional government, for the purpose of benefiting from experiences as well as finding joint work mechanisms that contribute to improving work and uniting efforts to confront corruption."
He pointed out, "The importance of following up the mechanisms of the marketing season," stressing that "the Kurdistan region contributes greatly to the success of the marketing season by cultivating large quantities of wheat crop."
butterfly Parliamentary Finance expects the date for resolving government appeals in the budget
05/20/2021........{Economic: Al Furat News} The Parliamentary Finance Committee expected the date for deciding on the government's appeals to the 2021 fiscal budget law before the Federal Supreme Court.
Al-Mukhtasar al-Mufid .. In important news, you can find it on the Al Furat News channel on the Telegram .. To subscribe, click here
Committee member Naji Al-Saeedi said in a press statement, "The government has challenged some items of the current year’s budget that it considers to be an" absolute executive authority, "which concerns the committee's scrutiny of budgets before sending them to the Ministry of Planning, as well as items related to degrees of deletion and creation that were originally removed from the budget. That "these appeals are decided within the next two weeks."
He added, "The government has challenged the Finance Committee's deletion of paragraphs relating to funds that it deems to be surplus to need, while the government considers it to be key articles."
He noted that "it is not possible to amend the budget law because this means the need to legislate a new law, but appealing to the budget clauses is a legitimate right of the federal government, pointing out that" the budget is valid and the appeal does not affect that, except in the event of a judicial order. "
The federal government had confirmed its intention to challenge some of the budget items and considered that the amendments made to it by Parliament affect the health, electricity and other sectors, indicating that the appeal will also affect the article related to regional development projects, and it has also stressed the need to separate the authorities in the country.
Butterfly Advisor to the Prime Minister: 50 trillion dinars outside the control of Iraqi banks
05-21-2021 10:50 AM Advisor to the Prime Minister - 50 trillion dinars outside the control of Iraqi banksThe financial advisor to the prime minister, Mazhar Muhammad Salih, revealed the existence of 50 trillion dinars outside the control of the banking system, indicating that there are reasons that impede private investment and others that have caused the emergence of a “usurious” credit system.
Saleh said in a press statement that the parallel market is still granting its usurious cash loans to the public on very high-cost loan terms, as the annual interest in it is between 50-80%, (which is called obscene interest) and the usurious market is a parallel financial market (unorganized) ) Highly exploited with high risks, but at the same time it has high flexibility in dealing with stagnant cash liquidity by moving the interest-based tool.
Important and vital that is currently trading outside the control of the legal or official banking system, “explaining that”Both scenarios, whether in the formal financial or banking market, or the parallel interest-based market (informal and unorganized) have made it difficult for the public to obtain credit or loans, whether at reasonable costs or conditions, especially loans that are commensurate with the average income of the general social class that needs money.
Pushing the monetary policy to really go to (direct quantitative) intervention in the official credit market by adopting credit facilitation policies and supporting the market with very easy and low-cost loans, most of which were provided (within the initiative of the Central Bank of Iraq), whether in the form of housing loans through the government real estate credit apparatus (the Real Estate Bank and the Housing Fund) ) Or in the form of supporting economic activity with small, medium and large loans in various economic fields.
butterfly He concluded by saying, “The liquidity obtained from these bonds will help, as they are excellent debt instruments, in activating the granting of credit, especially to small borrowers, on easy terms through banks or digital financial companies and others. Small or microfinance. ” dijlah.tv
butterfly Influential forces disrupt parliamentary sessions to prevent the lifting of the immunity of some deputies
2021-05-21 01:18 Influential forces disrupt parliamentary sessions to prevent the lifting of the immunity of some deputiesShafaq News / Influential political forces are working to suspend the parliament sessions to be held during the coming days, in order to prevent the parliament from taking a number of decisions, the most prominent of which is lifting the immunity of some MPs.
The Iraqi parliament intends to lift the immunity of 20 deputies with the start of its sessions during the next few days, in response to a request made by the Supreme Judicial Council, to “lift the immunity of the deputies due to the presence of corruption cases and suspicions against them recently revealed by the Anti-Corruption Committee.”
The Presidency of the Iraqi Council of Representatives had postponed a number of its sessions earlier, due to the work of political forces and representative figures to break the legal quorum, fearing that the parliament would vote to lift the immunity of some representatives wanted for investigation of corruption cases, by the Diwani Order 29 committee on combating corruption.
Regarding these data, an informed political source revealed, to Shafaq News, that “influential (different) political forces do not want the Iraqi parliament to hold sessions for it, and seek to disrupt the parliament until the parliamentary elections.”
The source added, “These forces will work to thwart any session, by directing their deputies to boycott the sessions, to prevent parliament from taking several decisions, the most important of which is lifting the immunity of some deputies.”
shafaq.com
Dave Only 20 deputies......set a precedent.........more to go?
Dave Clean the house before the next election.......things could start happening before 2025?
butterfly Dave I'm the bad cop.....ain't gonna happen! LOL
Dave hehe no doubt.......if this happens though......may regain hopium
butterfly We have been hearing the same thing a couple of decades now
butterfly IMF pitches $50B plan to end coronavirus pandemic
The IMF said the world could end the COVID-19 pandemic by vaccinating 40 percent of its population by the end of the year and 60 percent in 2022.........................21 May 2021
The International Monetary Fund (IMF) on Friday unveiled a $50bn proposal to end the COVID-19 pandemic by vaccinating at least 40 percent of the population in all countries by the end of 2021 and at least 60 percent by the first half of 2022.
Doing so, IMF officials say, would inject the equivalent of $9 trillion into the global economy by 2025 due to a faster resumption of economic activity, with rich countries potentially benefitting the most.
butterfly The crisis has killed more than 3.5 million people across the world, and projections point to highly unequal health prospects well into 2022, which poses “severe risks for the world”, the IMF said.
IMF Managing Director Kristalina Georgieva told a health summit hosted by the European Commission and Group of 20 (G20) major economies that it made sense for rich countries to boost donations to ensure a faster end to the pandemic.
“Advanced economies – asked to contribute most to this effort – would likely see the highest return on public investment in modern history, capturing 40 percent of the GDP [gross domestic product] gains and roughly $1 trillion in additional tax revenues,” she said in her prepared remarks.
The proposal, drafted by IMF Chief Economist Gita Gopinath and Senior Economist Ruchir Agarwal, builds on efforts already under way by the Access to COVID-19 Tools (ACT) Accelerator, the United Nations, the World Health Organization and other groups.
Implementing the plan would cost some $50bn, with $35bn to be paid for by grants from rich countries, private and multilateral donors, and the remaining $15bn to be funded by national governments using low- or no-interest financing available from multilateral development banks.
butterfly G20 countries had already recognised the need for some $22bn in grants to tackle the crisis, leaving some $13bn in additional grants needed to reach the $50bn, the IMF authors said.
The plan calls for upfront financing, vaccine donations and moves to ensure free cross-border flows of raw materials and finished vaccines, as well as some $8bn in investments to diversify and increase vaccine production capacity worldwide.
The IMF projected some one billion doses could be donated this year even if countries prioritised their own populations, and one billion additional doses should be produced by early 2022 to handle downside risks, such as new variants that require booster shots.
While the vaccine supply was still limited, it called for $30bn in spending on widespread testing, sufficient therapeutics and preparations for vaccine deployment, as well as $2bn to evaluate and implement dose-stretching strategies.
butterfly Bitcoin selloff resumes after China reiterates crackdown warning
Bitcoin fell again on Friday after China reiterated its warning that it intends to crack down on crypto mining, in what has been a tough week for crypto investors...............21 May 2021
Bitcoin resumed its selloff Friday after China reiterated a warning that it intends to crack down on cryptocurrency mining as part of an effort to control financial risks.
The largest cryptocurrency fell 4.8% to $38,165 as of 11:11 a.m. in New York. The statement late Friday after a meeting of the Financial Stability and Development Committee was the latest blow in a rough week for the cryptocurrency market, rattled by forced selling and a possible U.S. tax clampdown.
butterfly China has long expressed displeasure with the anonymity provided by Bitcoin and other crypto tokens, and warned earlier in the week that financial institutions weren’t allowed to accept it for payment. The country is home to a large concentration of the world’s crypto miners, or programmers who use massive computing power to verify transactions on the blockchain.
Friday’s selloff hit Bitcoin believers still fuming after onetime proponent Elon Musk did an about-face and criticized the token for its energy usage. Bitcoin is down about 20% since last Friday, though up from a Wednesday plunge to $30,000. Other coins have slumped too – Ether is down about 35% over the past seven sessions.
The sour stretch for digital tokens started with Musk suspending acceptance of Bitcoin payments at Tesla Inc. and trading barbs with boosters of the cryptocurrency on Twitter. China’s central bank added to the downdraft Tuesday after carrying a statement warning against using virtual currencies. On Thursday, it emerged the U.S. may require crypto transactions of $10,000 or more to be reported to tax authorities.
butterfly “Volatility of Bitcoin is to stay elevated,” said Ben Emons, managing director of global macro strategy at Medley Global Advisors in New York. Leverage that unwound in Wednesday’s tumble is already being replaced, he added in a note.
Friday’s selloff once again pushed Bitcoin below its average price over the past 200 days, which to some chartists and technical analysts suggests it could trend lower still to around $30,000, where it found support earlier this week.
butterfly Meanwhile, this week’s swings led to huge liquidations by leveraged investors and damaged the narrative that cryptocurrencies will become more stable as the sector matures. Musk’s actions showed how a few tweets can still upend the entire market.
Still, over a longer time horizon tokens like Bitcoin and Ether are sitting on big gains. Over the past year, Bitcoin is up roughly 300% and Ether about 1,100%.
Regulatory Threat
One takeaway from the past few days is a reiteration of the regulatory threat to the crypto market.
“Investors are underestimating the regulatory risk of crypto as governments defend their lucrative monopolies over currency,” said Jay Hatfield, chief executive officer of Infrastructure Capital Advisors in New York. The possible imposition of transaction reporting requirements could be the “tip of the iceberg” of potential Treasury rules on virtual currencies, he said.
The Bloomberg Galaxy Crypto Index is poised for a weekly tumble of more than 30%, the most since the market turmoil that accompanied the onset of the pandemic last year.
butterfly Despite downside risks and this week’s volatility — which saw Bitcoin slide about 31% and jump roughly the same percentage on Wednesday — crypto bulls are undaunted.
They are sticking to the narrative that Bitcoin offers a modern-day portfolio hedge and store of value, akin to digital bullion, and that blockchain-based financial services — so-called decentralized finance — are expanding.
“The institutional investors getting exposure to digital gold aren’t going away any time soon,” Paolo Ardoino, chief technology officer of crypto exchange Bitfinex, wrote in a note Thursday. “Decentralized finance will continue to grow. Developers will continue to build.”
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