Zig’s Place Chatroom News Sunday AM 11-14-21

Zig’s Place Chatroom News Sunday AM 11-14-21

Zig: Welcome to zig's place, a chat room for dinar speculators and others....discuss any topic that you wish here

butterfly   Economist: Saudi Arabia And Kuwait Are Forcing Iraq To Pay $40 Billion Without A Reduction

The economic expert, Nabil Al-Marsoumi, revealed, on Sunday, that the size of the Iraqi external and internal debt exceeded about 100 billion dollars, while noting that Saudi Arabia and Kuwait are forcing Iraq to pay 40 billion dollars without reduction.

Al-Marsoumi said in a statement to "Al-Maalouma", that "the effective foreign debt on which Iraq pays annual interest amounts to 20 billion dollars."

He added, "There are other frozen foreign debts amounting to 41 billion dollars, for which Baghdad does not pay interests at the moment to Saudi Arabia, the Emirates and Kuwait, and they refuse to treat their debts as the Paris Club countries did, which extinguished 80% of their debts on Iraq."

Al-Marsoumi indicated that “the internal debt reached 60 trillion dinars, while Iraq paid during the first eight months of this year 4.465 trillion dinars for its debt service installments.” https://almaalomah.me/2021/11/14/564403/

butterfly   Iraq Seeks To Recover Two Billion Dollars Of Its Smuggled Money

11/14/2021 | 9:20 AM   The Integrity Commission announced, on Sunday, its quest to recover more than two billion dollars of smuggled Iraqi funds, in which court rulings were issued, as well as 14 real estate and 5 stakes in various companies.

The Director General of the Recovery Department at the authority, Moataz Faisal Al-Abbasi, said in a statement reported by the newspaper, "Al-Sabah" and seen by "The Information", that "the authority has a database that classifies funds according to the functions and competencies of the recovery department under its federal law on corruption funds, and it is necessary to refer to the recovery mechanism, which It begins with issuing a judicial decision that includes the damage to public money, and when it is proven that the convict or the wanted person has money in another country, it requests that it be seized by virtue of a request for legal assistance. money.”

Al-Abbasi added, "Those funds that have filed lawsuits to recover them amounted to 17.7 million dollars, while the authority was able to seize funds in various countries amounting to 4.17 million dollars, and work is underway to recover them, in addition to seizing 14 ) real estate and (5) stakes in different companies,” explaining that “the sums of which judicial rulings have been issued and are being worked on, amounted to approximately two billion and two hundred million dollars.”

butterfly   He explained that "the smuggled assets are divided into before 2003 and after that date, and the recovery department and the Iraq Money Recovery Fund are concerned with recovering them," noting that "financial assets dating back to before 2003 generally include money belonging to people or front companies that were put in place to circumvent sanctions.

The international community, the financing of the former regime for security purposes, the financing of external activities and their use of carrots and sticks, such as protecting the regime and trying to implement its own policies outside Iraq.”

Al-Abbasi pointed out that “these assets, whether they are money, real estate, or various assets, are within the jurisdiction and work of the Iraq Funds Recovery Fund, and they are funds classified by the law establishing the Fund as illegal funds, and relates to the time period before (2003), and the recovery department is concerned with funds.” Smuggled as a result of corruption, for which judicial rulings were issued after the establishment of the Integrity Commission and granting it this jurisdiction.” https://almaalomah.me/2021/11/14/564324/

butterfly   2021-11-14 04:52  Shafaq News/ The Central Bank of Iraq (CBI) auctioned more than $182 million in foreign currency today, Sunday.

Shafaq News Agency correspondent said that CBI's foreign currency sales in this week's third auction amounted to $182,458,226. The transactions were made at a weighted average of 1460 dinars to every dollar.

Our correspondent explained that 12 banks and 188 exchange companies cashed $32,60 million, while the $150,398,226 went to boost funds abroad in the form of credit and non-cash transactions, with 23 banks meeting those demands.

butterfly   2021-11-14 04:11  Shafaq News/ The devaluation of the Iraqi dinar was opted to boost the domestic product, protect the Central Bank's reserves of hard currency, and bolster the budget, Iraq's Ministry of Finance said in a statement on Sunday.

The statements said that the stifling financial crisis that struck the country impeded the state's capacity to accommodate the inflated expenditure rate and growing salary invoice amid a stagnant oil market and perilous public health situation.

The Ministry said that the budget mediates the need for a rational financial administration and a safety net for the vulnerable groups.

"The Ministry's policy was endorsed by the International Monetary Fund and the World Bank, who both admitted the hardships of current financial situation," the statement said.

Earlier in October, the Ministry said that the devaluation halted the freefall of the national reserve of foreign currency and boosted the importation capacity.

In December, 2020, 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.

The devaluation decision came as a preemptive move to prevent "draining Iraq's foreign reserves" and help government to secure public servants' salaries.

But in Iraq's largely dollar-denominated economy, lowering the value of its dinar by a significant rate, which was the highest devaluation rate since 2003, immediately raised the price of goods, hitting living standards. https://www.shafaq.com/en/Economy/Iraq-s-Finance-Ministry-dinar-devaluation-was-the-right-choice

butterfly   2021-11-14 07:01  Shafaq News/ The Iraq Stock Exchange (ISX) traded more than three billion equities valued at more than two billion dinars last week.

A report of the market obtained by Shafaq News agency said, "42 publicly traded companies cast out of 105 enlisted companies," indicating, "42 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."

"3,437,000,000 equities were traded this week, up by 29.23% the previous session, at a value of 2.719 billion dinars, up by 44.99%, via 1,272 transactions made last week."

"ISX60 index closed at 588.71, 1.26% 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-2-billion-dinars-worth-of-equities-7

butterfly   2021-11-14 06:05  Shafaq News/ The head of al-Hikmah (Wisdom) Movement, Ammar al-Hakim, called today for "immediate intervention" to solve the high food prices crisis.

Al-Hakim said, "The government is supposed to address the issue which has negatively affected the citizens, especially those with limited income, through immediate intervention and price control."

"The rise in oil prices diversifies the government's options and solutions."

Flour prices suddenly rose throughout Iraq, as the price of one bag exceeded 45 thousand Iraqi dinars from 28 thousand dinars, which increased the prices of bread. https://www.shafaq.com/en/Iraq-News/Al-Hakim-calls-on-the-government-for-immediate-intervention

Zig If you access this chat via https://my.cbox.ws/ZIGPLACE

You can make the box much bigger by clicking this link ZIGPLACE - Cbox