Zig’s Place Chat Room Discussion and News Monday 12-21-20
Zig’s Place Chat Room Discussion and News Monday 12-21-20
Zig: Welcome to zig's place, a chat room for dinar speculators and others....discuss any topic that you wish here.
NORV wooohooo conference call this Sunday!
Zig DinarAlert Year-End Conference Call...Sunday December 27th 2020 6pm PT, 7pm MT, 8pm CT, 9pm ET....hosted by Enorrste and Kaperoni (NORV here)...This call will wrap up the year including the currency devaluation...Focus will be looking forward to next year...Q & A afterwards..... Dial in Number (712) 770-5603 Access Code 296983
Xyz A statement issued by the Central Bank of Iraq regarding the exchange rate adjustment https://ijrmm6hiwf4oeyp2iv4326nyq4--cbi-iq.translate.goog/news/view/1624
During the last months of this year, intense deliberations took place with the Prime Minister, the Minister of Finance and the Legislative Authority, regarding the general economic situation and the financial crisis that the public finances are going through due to low oil prices and production, and the economic and health challenges. The Board of Directors of the Central Bank held a number of meetings, some of which hosted the Minister of Finance for the same purpose. The Central Bank of Iraq would like to show the following:
1- The structural distortions in the Iraqi economy impoverished public finances and restricted the ability of reform sought by the government and the Ministry of Finance. It is not a coincidence that the financial situation is this bad, nor is it the product of the current or the previous year, but unfortunately it took root more than a decade and a half ago due to the policy leadership of the economy and the preference for political thinking and the priorities of politicians over economic thought and development priorities and the rules of the relationship between economic policy on the one hand and fiscal and monetary policies On the other hand ... the fiscal policy lagged behind, and the monetary policy was busy repairing the outputs of the confused fiscal policy.
2- The subordination of the economic and financial policy to the aspirations and concerns of politicians resulted in the last acceptable models of financial management in Iraq, and the role of that administration was limited to the distribution of oil resources to life-sustaining requirements such as salaries and operational requirements, and the Ministry of Finance did not address its roles and leadership position in economic affairs. In addition to the fact that it lacked many economic and financial information that
xyz In addition to the fact that it lacked many economic and financial information that could facilitate it and the decision-maker in the country to direct short and medium-term goals. This calls for an active approach to build economic and financial databases that facilitate decision-making and serve forecasts. 3- Because of all these conditions, the Central Bank had no choice but to intervene on more than one occasion to support public finances and save critical public spending requirements .. However, this does not mean that these interventions remain open without restrictions or endings.
4- On the other hand ... the Central Bank understands the difficulties facing the reform intentions that the government is heading to undertake, but this does not prevent any steps that the monetary authority can take with effective steps to implement reforms that inevitably affect the institutions of the financial authority, especially the effective collection institutions. Customs, taxes, and other public collection institutions, and that spending be leaned and rationalized, all of which depends on the political will of the supreme state institutions that support the direction of the financial authority to achieve this. The government needs to support the vulnerable groups that will inevitably be directly affected, especially by any measure to change the exchange rate.
5- The legislative authority will have an important role in supporting the direction of the Central Bank to adjust the foreign currency exchange rate, as failure to take such a decision may make us forced to take difficult decisions that may put Iraq in a situation similar to what happened to neighboring countries. It should also be emphasized here that this change (reduction) in the value of the Iraqi dinar will be one-time only and will not be repeated, and the Central Bank will defend this price and its stability with the support of its foreign reserves, which are still at solid levels that enable it which are still at solid levels that enable it to do so.
6- The financial crisis that Iraq was exposed to due to the Corona pandemic and the resulting deterioration in oil prices and the decline in oil revenues, this led to a large deficit in the general budget and forcing the Ministry of Finance to borrow from banks and re-deduct it with the Central Bank in large sums, for the purpose of paying salaries And meeting other spending needs related to services provided to citizens, and the continuation of the current exchange rate, which is not in any way commensurate with the rates of exchange rates in other countries, has become a major obstacle to conducting real development and enhancing competitiveness for local production, which prompted the Central Bank to think seriously about responding to financing requirements.
Budget at the exchange rate that allows providing adequate resources to cover these needs and ensure the smooth payment of salaries and the critical requirements of government spending, and in order for the bank to avoid depleting its foreign reserves, which represent the main financial leverage for monetary stability in Iraq,And his keenness to support the public finances, as he is the advisor to the government and responsible for keeping its accounts.
Based on the foregoing, the Central Bank of Iraq decided to amend the foreign currency exchange rate as follows:
1450 dinars per dollar The price of buying foreign currency from the Ministry of Finance
1460 dinars per dollar The price of selling foreign currency to banks
1470 dinars per dollar The price of selling foreign currency to the public
asking God Almighty He is the most gracious to take into the hands of our country and our people because of the goodness, generosity and honor that it contains. The Central Bank of Iraq, December 19, 2020
xyz Representative economy: a parliamentary approach to restore the exchange rate to its normal position
BAGHDAD - Mawazine News The Parliamentary Economic and Investment Committee confirmed today, Monday, that there is a representative tendency to restore the dollar exchange rate to its normal state, indicating that the high exchange rate has affected the poor segment.
Committee member Falah Al-Khafaji said, "We, as members of Parliament, have a tendency to return the exchange rate of the dinar against the Iraqi dollar to 120 or a little more."
He added that "the increase in the exchange rate of the dollar against the Iraqi dinar, the target of which is the very low, poor segment of the population, who are affected by this rise."
He pointed out that "there is an increase in the prices of foodstuffs, and all other prices that will affect the poor classes of citizens in society." Ended 29 https://www.mawazin.net/Details.aspx?jimare=135084
Xyz An Expert Warns Of Iraq's Return To International Trusteeship
On December 21, 2020 The Independent / - Legal expert, Ali Al-*Tamimi, warned of the return of Iraq to the international trusteeship, “Chapter Seven” of the United Nations Charter.*
Al-Tamimi said that Iraq is still under Chapter VI of the United Nations Charter, and that there are financial assets with Kuwait worth 4.5 billion dollars.
He added that according to Article 50 of the United Nations Charter, states that are fighting parties under Chapter VII may request economic assistance from the Security Council. Britain and France have declared their willingness to help, and Iraq has fought ISIS, which is placed under Chapter VII under Resolution 2170 of the Security Council.
He pointed out that there is a money laundering agreement for the year 2005 related to the retrieval of smuggled money in accordance with Articles 55 and 56 of which there is a fee for recovering these funds. Iraq signed it in 2007 by Law 35 of 2007, and the value of smuggled money is estimated at $ 500 billion. LINK
And he indicated that in the US Federal Bank, $ 65 billion belong to the former regime, and it is the property of the Iraqi people, which Iraq can claim in accordance with Article 28 of the Iraqi-American Strategic Agreement for the year 2008, which allows Iraq to request economic aid from America. https://mustaqila.com/%d8%ae%d8%a8%d9%8a%d8%b1-%d9%8a%d8%ad%d8%b0%d8%b1-%d9%85%d9%86-%d8%b9%d9%88%d8%af%d8%a9-%d8%a7%d9%84%d8%b9%d8%b1%d8%a7%d9%82-%d8%a5%d9%84%d9%89-%d8%a7%d9%84%d9%88%d8%b5%d8%a7%d9%8a%d8%a9-%d8%a7%d9%84/
Xyz 12-21-2020 Newshound Guru Kaperoni As we watch events unfold the past week in Iraq, it appears that Iraq has decided to finally float the dinar. Today's initial devaluation appears to be the first step in this process. Many asked me if they floated what would the rate be? I said...right where it is right now! This devaluation hopefully will be the beginning of good things to come. With the initial devaluation to 1460, it should clear the way for Iraq to launch the private sector. And in doing so, begin to create a market economy. The result hopefully will raise the value. Only time will tell. The next several months should tell a story as to whether or not Iraq's economy is going to rebound and take off. Today was the first step...
xyz @Kaperoni Director of the Asian Fund in Iraq: Reducing the price of the dinar without gradual is the right decision https://2knsuevick5ssh3o5gtxcrrfwi--economy-news-net.translate.goog/content.php?id=23252
Zig xyz : @Kaperoni sounds pretty optimistic IMO..."This devaluation hopefully will be the beginning of good things to come."....
Zig xyz : LOL....Only YOU would compare @Enorrste with @Chattels in a post....
Zig Actually @Chattels used to be very active at Dinar Alert....that is where I originally sent him a PM inviting him to come to the other chat.....now years ago....
Professor Dinard Zig why no chattels come over here?
Zig Professor Dinard : He no longer participates at any Chat or Forum....grew tired of the whole thing....
Zig And you can blame my buddy @Z for chasing him away....LOL....Kidding @Z :P
Professor Dinard Zig understandable lol
Zig @sheila: Has @Jeff commented about the "Devaluation?"
Clydesdale 12-21-2020 Newshound Guru Jeff Iraq just basically came out saying that the value of the dinar against the dollar has devalued...devaluing the currency, which is reducing purchasing power - it's a last-ditch effort to squeeze the three zero notes out of the citizens. That's all this is...a last-ditch effort to reduce the amount of dinar in the county of Iraq...it's nothing more than a distraction to mislead us, confuse us and to get us to get rid of our dinar... Personally I think Jeff is trying to distract people and keep the guru rhetoric churning.
Zig Clydesdale : Thanks
Clydesdale Going to be interesting to see how frank spins this later today. He will come up with something to get those memberships fees in for the month. Has a bigshot banker on his insider crew and the banker has no idea what is going on in Iraq but that has not stopped mister "no date, no rate" from making some bold statements of which the devaluation proves differently.
Clydesdale Zig YW
Professor Dinard Dang if they introduce a new currency series after inflation gets out of hand were all fcked lol
Professor Dinard They did that with zamundas currency a while back I believe
Professor Dinard Even ousted royalty from the country because of it
Zig Latest video from @Jeff AKA "Dinar Investor" regarding the "Devaluation" recorded on 12/20 https://www.youtube.com/watch?v=KT4W7CT3wiA
Clydesdale Here is another "Monday Morning Quarterback" who has all the answers now....... acting like he called this devaluation. MZ: How about that 1450? I know a lot of folks are concerned when they saw the dinar rate lowered…This is exactly what we have been waiting to see…it’s one of the signs that things are moving. We saw this in Kuwait…We saw this in China. We have seen this almost every time just before a revaluation or reinstatement…..this is good news.
MZ: The big news this weekend was the complete unpegging from Iraq ….we saw the dropping in value….which was expected and one of the signs I was told to watch for 15 years ago……I was told to watch it devalue before it starts moving up….. . I am personally very excited to see that change in value.
MZ: We have a great week to watch. It only took a week or so when they unpegged the Kuwaiti dinar before we saw a change in value…I think this week will be a big one for us as we watch this play out. We will at least have a good idea what our timing is this week.
NORV wooohooo conference call this Sunday!
sheila @Zig here's a possibility - Iraq moved the value to approx 1450 per 1USD... maybe when they move decimal point, dinar will revalue to 1.45 to 1usd. 1.45 would be amazing.
NORV sheila lmbo
Zig DinarAlert Year-End Conference Call...Sunday December 27th 2020 6pm PT, 7pm MT, 8pm CT, 9pm ET....hosted by Enorrste and Kaperoni (NORV here)...This call will wrap up the year including the currency devaluation...Focus will be looking forward to next year...Q & A afterwards..... Dial in Number (712) 770-5603 Access Code 296983
xyz NORV poor Z will call in ... better be nice and a gentleman :Ho Ho Ho:
Zig sheila : I invited @Jeff to return....he will not....Oh well.....
NORV There are two primary reasons for the devalue.
Sheila NORV you are not the boss of anyone but yourself. exactly how much are you getting paid to harass people on the dinar subject?
Zig xyz : Please call in....Yes!!!....would be great....not kidding.....
NORV sheila no I am the fact teller. learn about your investment..stop living in a fantasy world
NORV 1 reason to reduce the cost of the budget which is close to 50% state salaries
NORV 2 reason..and more important in my opinion...to raise the cost of imports. Doing so will create an environment for a private sector to begin manufacturing. Iraq needs to start making goods!
Dave The text of the invitation stated, “We, the undersigned, call on the House of Representatives to hold an emergency (exceptional) session on Wednesday 12/23/2020 at one o’clock in the afternoon in the presence of:
1- Prime Minister Mustafa Al– Kazemi 2- Minister of Finance Ali Allawi
3- Central Bank Governor Mustafa Al-Jubouri in order to discuss the following issues: –
1. The reasons for the decline in the exchange rate and the classification of banks
2. The fiscal policy followed
3. The Central Bank and Ministry of Finance agreements with the International Monetary Fund (IMF) conditions and obligations
4. The failure of government performance and the inability of the state to implement its government approach.
Dave like #4
Dave 76 signatories.......need another 76ish.......to recognize the failure of the GOVT yo actually do something?
Dave tp
Dave wow the UK completely shut down.......even all foreign trucking and shipping.......
Sheila @ Zig - sent email to TWW. no reply yet. may not hear anything until after hanukah from 22nd to 30th?
Zig Hannukah was from the 10th>>>18th........Google
Dave oops the EU stopped al shipping to the UK......
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