Zig’s Place Chatroom News Early Sunday Afternoon 12-12-21

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Butterfly   Signing a banking memorandum of understanding between Iraq and the UAE

Sunday 12 December 2021 The Central Bank of Iraq signed a memorandum of understanding with the Central Bank of the United Arab Emirates on strengthening cooperation and developing banking relations between the two brotherly countries.

According to a bank statement, the two sides stressed the importance of developing banking relations, training cadres, facilitating the transactions of the private banking sector on both sides, and opening opposite accounts in a way that ensures compliance with international standards and taking due diligence in accordance with anti-money laundering and terrorist financing laws. https://ninanews.com/Website/News/Details?key=944360

butterfly   A Country Neighboring Iraq Is Preparing To Launch Its Own Digital Currency

ECONOMIC   12/12/2021 | 3:38 PM  The Governor of the Central Bank of Iran, Ali Salehabadi, announced today, Sunday, that "the national digital currency will be launched soon on a trial basis."

During a meeting with the heads of missions of the Islamic Republic of Iran in neighboring countries, Ali Salehabadi said: "With regard to liberating our sources of hard currency, good measures have been taken, and the capabilities of the Central Bank to manage the foreign exchange market have doubled."

Abadi added: "The Central Bank is working seriously to facilitate the securing of foreign exchange from small exporters, in cooperation with the competent authorities and through specific mechanisms." https://almaalomah.me/2021/12/12/570393/

12 Dec 21, 10:19 AM butterfly  An Economist Explains The Most Important Ways To Get Rid Of Internal And External Debts

Economic  Last Update 12/12/2021 | 9:15 AM  The economic expert, Dr. Safwan Qusay, explained that Iraq has the possibility to get rid of internal and external debts by relying on public and private sector companies and transfer part of the debt towards these companies and internal and external investments.

Qusay told Al-Maalouma, "Iraq does not currently need internal or external borrowing, and it should work at the present time to gradually reduce and zero its debts over the next five years."

He added, "The next government, if it thinks of paying, can transfer a portion of the indebtedness to the private sector and profit-oriented public companies, as a path to repay these internal debts."

And he indicated that "Iraq can pay off foreign debts by forcing the investor to buy debts for specific investment opportunities, especially at the level of profitable opportunities in the petrochemical industry or other industries."

He pointed out that "if the government adopts the method of investing in exchange for debt purchase, or reducing the indebtedness of the Ministry of Finance in some public companies in exchange for transferring this internal indebtedness to the profitable oil and transport companies, it is possible to zero the debts." https://almaalomah.me/2021/12/12/570267/

butterfly   2021-12-12 09:00   Shafaq News/ The U.S. dollar (USD) exchange rates against the Iraqi dinar (IQD) stabilized in Baghdad today evening.

Shafaq News Agency correspondent said that the Central al-Kifah and Al-Harithiya exchanges are trading the USD at a rate of 148200 IQD to 100.

Our correspondent said that the buying and selling rates of 100 USD in the local markets of the Iraqi capital stood at 148750 and 147750 IQD, respectively. https://www.shafaq.com/en/Economy/USD-IQD-exchange-rates-stabilize-in-Baghdad-2

butterfly   2021-12-12 08:13  Shafaq News/ The Iraq Stock Exchange (ISX) traded more than seven billion equities valued at more than seven billion dinars last week.

A report of the market obtained by Shafaq News agency said, "47 publicly traded companies cast out of 105 enlisted companies," indicating, "36 did not cast out for buying and selling prices disparity. In addition, 22 companies were delisted by the Iraqi Securities Commission for violating the disclosure regulations."

"7,810,446,000 equities were traded this week, down by 13.52% the previous session, at a value of 7,367,953 billion dinars, down by 5.67% compared to the week before, via 4054 transactions made last week."

"ISX60 index closed at 561.57, 0.28% above last session's closure," the report added.

It is noteworthy that Iraq Stock Exchange installed Central Depository and Electronic Trading Systems in 2009. It organizes five weekly sessions and lists 105 public companies from different economic sectors. https://www.shafaq.com/en/Economy/ISX-traded-7-billion-dinars-worth-of-equities-last-week-report

butterfly   2021-12-12 06:21  Shafaq News/ The Governor of the Central Bank of Iraq (CBI), Mustafa Ghaleb Makhif, inaugurated on Sunday the activities of the Iraqi Banking Week in Iraq's pavilion in Expo Dubai 2021.

The inauguration ceremonials were attended by the head of the Arab Monetary Fund (AMF) Abdul-Rahman al-Abidi, the head of Iraq's Private Banks Association Wadi' al-Handhal, a group of CBI senior officials, and board directors of private banks.

"The activities of the Banks week in Iraq's pavilion significantly contributes to opening the Iraqi banking sector to the Arab and international world," Makhif said in his keynote speech, "CBI's supervision contributed to its development."

Makhif added that Iraqi banks have been expanding outside the country, which boosted their credit rating by specialized agencies.

"Iraq has become an attractive arena for investments, which requires an efficient banking sector to keep up with that," he continued.

The head of AMF appraised the successful policy of CBI and Makhif's efforts to ensure the openness of Iraq's banking sector to the world.

The Iraqi Private Banks Association chair, Wadi' al-Handhal shed light upon the centrality of the banking sector for economic progress and the role of this event in revitalizing the ties with the banking sector in the world. https://www.shafaq.com/en/Economy/Expo-Dubai-hosts-Iraqi-Banks-Week-CBI-governor-Iraqi-banks-are-expanding-overseas

Sparky  ... anybody listen to Kap's call ?

Dave   Iraq soon out of Ch7........Federal court gonna hopefully ratify election results hopefully as soon as tomorrow.......

Sparky   Dave ... what about antiquities and bodies returned ...

Dave  yep   just to pay kuwait now   antiquities and bodies returned ...DONE

Sparky   Dave ... when did that occur ?

Dave   1-2 yrs ish

Sparky   ... hmmmm ....... ok ...

Dave   hmmm?

Sparky  ... thought that was still a CH 7 issue ...

Dave  peeps been arguing with me about Iraq being out of Ch7

Dave  missing bodies was an issue...no longer

Bobby Cahill   Actually it's still an issue and will continue to be. Is it CH VII worthy, nope. But it hasn't gone away. CH VII isn't that big of a deal since 2013

Dave   Bobby Cahill CBI could have cleared that up in a heart beat?

Bobby Cahill   Well they received their $8, or so billion, so that helped. Iraq has had clear sailing for 8 years

Dave   No WTO while Ch7

Bobby Cahill  $82 oops,,,   Dave Why's that?

Dave   Sanctions..... being spanked by UN   fer not playing nice

Bobby Cahill   So all the Trade agreements with the US, China, Saudi, Turkey, Jordan Europe are sanctioned?

Dave   MOUs......

Bobby Cahill   Oh and Kuwait :)

Dave  plenty of Mous

Bobby Cahill   And plenty of Trade

Dave  Big Oil.......restarting negotiations...Chevron…    had pulled out

Bobby Cahill  Iraq's Oil Industry, one of the most corrupt in Iraq, won't see full capacity and returns without a HCL

Dave  yep..... White Paper....    :Fingerscrossed:

Bobby Cahill   I think Dinaro World, not including yourself, jump pn CHVII likes it the automatic event/trigger for a revalue. That will come and go just as it did in 2013

Bobby Cahill  2013 told us there are no restrictions on Iraq and the Global Community

Dave   CBI aint ready as it is now

Bobby Cahill   CBI has to wait on a viable economic policy and results

Sparky   ... we're at the same place as jump street ..

Dave  Who would invest in Iraq currently....

Bobby Cahill   Not A lot because there's rally no 1 window policy

Bobby Cahill  That said, they are rebuilding and using the IQD

Dave  Kuwaiti/Baghdad conference was a bust

Bobby Cahill  Dave That was a hopeful time

Sparky   Bobby Cahill ... as it devalues ...

Dave      Bobby Cahill IRAQ GOVT has passed nodda in 15 yrs

Sparky   ... I thought 1170 was the bottom ...

Bobby Cahill   it could devalue to 1600 but still has value. All the devalue did was afford the GOI to undig it's grave and stop borrowing

Dave  HCL 140 private banking laws

Bobby Cahill   140 will NEVER see the light of day until they ammend their Constitution

Dave   Sparky Most nations in World facing inflation

Dave   Iraq does not have a buffer\

Dave   We all paying more.......fer everything

Sparky   ... blue moon or black swan ...

Sparky  ... I don't see this going anywhere quick...

Dave   Bobby Cahill you mean implement the articles of their constitution

Sparky   ... the corruption machine, with Iran ......Maliki's puppet for Iranian influence ...

Dave   Sparky Iraq needs to get electricity from somewhere

Sparky  ... they are like Texas ...

Bobby Cahill   Dave Yep and that's why 140 will never see the ligfht of day. It's impossible to implement

Sparky  ... full of it ...

Dave   Sparky seen pics of their power grid?

Sparky   ... nope ...... should have been done ten years ago ...

Dave   Bobby Cahill White Paper gives me hope....Sadr dont like to fool around...does not like Maliki

Bobby Cahill  Dave WP's are amazing and Sadr's still; an idiot

Dave   corruption tops on his White Paper reforms

Sparky  ... complete ... and suppling other neighbors ... the gas they flame could light up europe ...

Bobby Cahill   Sparky and save them billions

Sparky  ... and make them billions ...

Bobby Cahill  there ya go

Dave  provide them power too...lol

Sparky   ... it's a power grab ...

Sparky   ... kep the poor poor, and steal the wealth of their nation ...

PM Dave   780 billion usd disappeared   65 billion fer M........not bad......

Sparky  ... KC rollin' over LV ...

Dave   Allawi 33 billion....hes squawking now

Sparky  ... richest ... Barzani and Maliki ...

Dave  yepp

Dave   Richest politicians in the World

Sparky  ... hard to stay in this game, the more we learn ...

Dave   why those Conferences were a bust

Dave   invest in THAT?  Elections rigged??????    we be screwed is my take

Bobby Cahill   Strange thing is that if all that is true, why are those funds being frozen? Gotta look at it as it's either US or Euro right? So the US and EU can freeze those. I read an article the other day about Barzani owning a CVS in Miami lol. Corrupt protect the corrupt. Don't forget the US issued and official EO in 207 talking about do just that, freezing corrupt assets

Bobby Cahill  why aren't......oops

Sparky   ... Bobby Cahill ...I read that ...

Bobby Cahill   201 also. typing sucks

Bobby Cahill   2017 dang

Sparky  Florida ...

Bobby Cahill   Yeah they call him the Drugstore Cowboy lol

Dave   UNSC lists IRAQ....CH7....asset freeze on banking

Bobby Cahill   what assets?

Bobby Cahill   the 82 billion?

Dave   64 million now .....????

Dave   to be paid by 2022

Bobby Cahill   Well the 82 under sanctions was given back in 2013

Bobby Cahill   Along with the DFI monies

Dave   Bobby Cahill Butterfly posted some news on that days ago

Bobby Cahill  Yeah we have to look at these articles and go back historically and see how it relates. In this case they were talking about historical Iraq

Dave   COI cant collect on frozen accounts until out of Ch7......250 billion usd at least

Bobby Cahill   This is from the publication Diplomatic Courier and a Q & A with the Iraqi Ambassador

Bobby Cahill   [DC:] With the lifting of Chapter 7 sanctions in June 2013, $82 billion in frozen assets were released and Iraq once again has control of its oil revenues and policy. Specifically, where will this help Iraq’s economic development?

[LF:] For the first time in over two decades, Iraq participated in the United Nations General Assembly this year as a fully-fledged member of the international community, following its removal from Chapter 7 of the UN Charter. The lifting of sanctions gives Iraq and international companies the ability to do direct business, specifically in the areas where the sanctions had the most impact. For example, in an effort to rehabilitate its national carrier, Iraq recently purchased 30 Boeing planes.

Sparky   Bobby Cahill ... historical Iraq carried a $2.70 ... without so much Dinar in circulation ...

Bobby Cahill  Sparky And Iraq alsohad a differnt currency structure

Sparky  ... swiss dinar ...

Dave   Bobby Cahill Iraq still Ch7.......need the links......apparently UN has not changed that from 2013?

Bobby Cahill   Heck most of Iraq's debt is Sadam debt and most of the current sanctions are Sadam related

Dave  not sure what kinda of CH7 means?

Sparky   Bobby Cahill ... Sadam made up his own value ...

Bobby Cahill   Dave That's where we have to look at the overall picture in Iraq and what they are being allowed to do, and not do. So far there is nothing restricting Iraq as a country from entering the global markets. Just today they are participating in a banking expo

Dave  Sparky Swiss Dinar had a value

Bobby Cahill   Iraq's problem is tat they can neither support, or sustain an economy or currency value

Sparky   ... I don't even think he wanted to trade outside North Africa ... stole 100$USD notesnto try and subvert the USA economy ...

Dave   Bobby Cahill My take CBI dont want it it yet....could force their hand?

Bobby Cahill   Dave The CBI knows for a fact that there is NO way to take the currenct IQD to FOREX or international trade

Dave   pretty much

Bobby Cahill    Thjey are looking at the 4 numbers just like we are. Then there are the 4 stability's as well

Sparky   ... Sadams mission was to subvert the USA economy ... fact ...

Bobby Cahill   so 4 different set of stabilitys

Dave   social ecomomic and political

Bobby Cahill   and monetary  The monetary is leading the race towards stability .. BVut the Banking Sector needs help

Sparky  ... GWB placed him there when he washead of the CIA in the '70s ...

Dave  No private banking laws yet to protect foreign investment

Bobby Cahill   Well they have an Investment Law that provides protection, even a single window for investors, it's just not implemented properly

Dave   Bobby Cahill yes need to get folks to get to the banks and make loans

Sparky   ... sorry, not W ... his father ...GHB ...

Dave   Bobby Cahill need 3rdr reading...Done?

Bobby Cahill  On the Investment Law? It's already in the Gazette

Sparky   ... all the puppets in the middle east, we put there ...

Bobby Cahill   Some say it needs amending and that may be true, but on it's own, it's a sound law

Dave   Bobby Cahill ????? missed that boat

Sparky   ... if they even think of a golden dinar, they take a dirt nap ...

Bobby Cahill   Investors look at Iraq just as we do. They see potential, just no Political will. They also want to see those stability's

Dave   Bobby Cahill Bingo....Look at the UAE

Sparky   ... every oil transaction is in USD ... think about that ...

Bobby Cahill   https://investmentpolicy.unctad.org/investment-laws/laws/205/iraq-investment-law-

Dave   Sparky CBI converts it to IQD....how they make money on the spread?  Worlds currencies based on USD

Bobby Cahill   The 5 Majors (IMF SDR Basket) control the world of currencies

Dave   USD still KING?

Bobby Cahill   I saw where Billy Goat said Iraq would be in that Baskey. What a nutcase

Bobby Cahill    Still king but losing it's % in the SDR Basket

Sparky   Dave ... the exchange is how they survive ... as I know ...

Dave   and those infamous auctions

Sparky    ... but, then again, I know squat ...

Dave   Sparky dont listen to Kap then?

Bobby Cahill    That's another thing that if implemented properly, would be fine. But once the Banks get involved, so does Plitics ……..Politics ……. Maybe my keyboard needs new batteries

Sparky   Dave ... Kaps a good dude, and believes what he believes ...

Dave   Bobby Cahill 1 yr ago 30% of Iraqis had bank accounts

Bobby Cahill   The CBI has pulled it's hair out on Financial Inclusion. Trust issues for sure

Dave   must be surviving from all thoses notes stuffed in mattresses

Bobby Cahill   The only thing that will get all that into the Banks is a revalue or redenomination'

Bobby Cahill The devalues keep eroding that trust

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