Zig’s Place Chatroom News Thursday Afternoon 12-23-21
Zig’s Place Chatroom News Thursday Afternoon 12-23-21
Zig: Welcome to zig's place, a chat room for dinar speculators and others....discuss any topic that you wish here
Butterfly Federal Court sets deadline to hear election appeals
2021-12-23 Federal Court sets deadline to hear election appealsThe Federal Court decided to postpone the special session to consider the cases submitted regarding the cancellation of the results of the legislative elections until the beginning of next week, and the court set the twenty-sixth of this month as the date for definitively ruling on the appeals submitted by the Al-Fateh Alliance regarding the polling results.
The matter with which you will be asked, this was confirmed by the lawyer of the coordination framework after the conclusion of the pleading session in the case against the election results, and after the conclusion of the framework, waiting for the decision, as the Federal Court set next Sunday the twenty-sixth of next week as the date for issuing its decision in the case.
The coordinating framework hopes that the Federal Court’s decision will be in two directions: the first is either to recount and comprehensive manual counting of all electoral districts, or to go towards canceling the current election law while preserving the votes of voters and counting them with a new mechanism, such as returning to the previous law. burathanews.com
butterfly More Than 100 Billion Dollars.. The Financial Advisor Reveals In Numbers The Size Of Iraq's Debts
Economic Last Update 12/23/2021 | 6:40 PM The appearance of Muhammad Salih, the financial advisor to the Prime Minister, revealed the total external and internal debts of Iraq, indicating that it exceeds 100 billion dollars.
Saleh said, in an article published on the website of the Iraqi Economists Network and seen by the "Information" agency, that "Iraq made some external borrowings due to financial hardship after 2014 as a result of the war on ISIS terrorism and the drop in oil prices and its direct impact on the country's public budgets, but the total public debt Today, the external subject to payment obligations does not exceed $20 billion.”
He pointed out that “there are debts still pending on the Paris Club Agreement, which requires writing off by 80% or more, but it has not been settled and belongs to some Gulf countries and other countries, and it is estimated at about 41 billion dollars and represents the burdens of the Iraq-Iran war era, and is usually mentioned among the total debts before Some international organizations without considering the issue of their settlement and submission to the Paris Club settlements by removing 80% or more.”
The financial advisor to the government explained that "the internal public debt is the largest today and approaches about 50 billion dollars, but it is still a debt exclusively among government financial institutions, and its settlement is considered within the internal economic policies. It is a low-risk debt and its settlement falls within the scope of the institutions of state sovereignty."
He cautioned that "the increase in oil revenues will provide high financial leverage to settle the residual debts, with truly easy options." https://almaalomah.me/2021/12/23/572568/
Hal My wife and I both have foreign currencies, Zim, Dinar, Dong, Bolivar. We'd like to redeem our currencies at the same time, yet have separate/different accounts in each of our names.Possible?? Thank you.
Doug_W GOOD luck
Bobby Cahill DIvy it up, 1 for you 1 for me, and do what ya do. Are you waiting for a "revalue" on all those?
Zig Bobby Cahill : If you click on the name in the post it will show as Hal in your post addressing him....Welcome to the chat Hal
butterfly Iraqi Dinar/US Dollar auction results for Monday 12-27-2021 executed today 12-23-2021
25k Iraqi Dinar notesThe results of the foreign currency sale window Monday 27/12/2021 and executed today
Announcement No. (4555) Sale date – Monday 27/12/2021 and executed today
the details Amount
Total sales for the purposes of strengthening balances abroad (remittances, credits) 162,331,890
Total cash sale 50,810,000 total total sales 213,141,890
Note that: The selling price of the amounts transferred to bank accounts abroad is ( 1460 ) dinars per dollar.
The cash sale price is ( 1460 ) dinars per dollar. cbi.iq/currency_auction/view/1182
butterfly A year on the rise in the value of the dollar
Dr. Bilal Al Khalifa 2021-12-23 Dr . Bilal Al-Khalifa || A year has passed since the Iraqi government decided to raise the value of selling the US dollar against the Iraqi dinar, so the selling price of the US dollar was 1182 Iraqi dinars and it became 1460 Iraqi dinars, and it is noteworthy that the official responsible for the exchange value and monetary policy is the Central Bank of Iraq, because it is the one who sells dollars and hard currency to banks and companies Banking and brokers.
After that, Parliament approved the Federal General Budget Law for the fiscal year 2021, No. 23 for the year 2021, which included the exchange rate of the US dollar at the new value, in Article (I-B), and where the objection of some deputies to the exchange rate was rejected, considering that changing the price is not within the powers of the House of Representatives.
Rather, the Central Bank has complete independence in formulating and implementing its monetary policy, according to its new Law No. 56 of 2004, which allowed it financial, administrative and legal independence.
butterfly Where the law stipulates in Article (16-b) as follows: Formulating policies that would achieve the main objectives of monetary policy, including the exchange rate policy, restrictions imposed on the operations carried out by the Central Bank of Iraq in the open market, the interest rate policies that are imposed on the procurement of funds for the banking sector, and all forms and levels of reserves that are required from diaper banks.
However, the Council does not have the authority to join a fixed exchange rate system such as a monetary union or a currency council) • The jurisdiction of the Federal Court over it. As for Article (63-4) a stipulation that the Federal Court does not have jurisdiction over the Central Bank’s procedures regarding the exchange rate, and the text is:
(The court does not have the jurisdiction to review the decisions or procedures of the Central Bank of Iraq regarding the development and implementation of monetary policy, including foreign exchange rate policy). • The relationship of the House of Representatives with the Central Bank of Iraq The Central Bank of Iraq Law No. (56) for the year 2004 stipulated in appointing the governor that he should have " At least a university degree, and he should have long professional experience, and he is specialized in the fields of banking, economics, finance, commercial or law (M 12/1).
He is at the rank of Minister and is appointed upon the proposal of the Prime Minister and the approval of the House of Representatives (Article 13 / A). This means that the House of Representatives has the decisive role in deciding who will manage the Central Bank of Iraq.
butterfly As there is no explicit text about the subordination of the Central Bank to the House of Representatives, but the governor of the bank is in the position of a minister and is treated as a minister, and the House of Representatives can vote on him and hold him accountable as well. Thus, the House of Representatives can hold accountable for deviation or bad decisions, if any, by the Central Bank of Iraq. •
Among the points that are important to clarify here are: The decision came at a request from the Ministry of Finance to the Central Bank of Iraq, it came at the request of the Iraqi government, and this means that the government interfered in the work of the Central Bank of Iraq and this contradicts Article (16-b) that we mentioned above. . The decision was taken between the government and the active political forces. The Iraqi constitution spoke of multiple bodies, some of which linked the executive authority.
butterfly As for the central bank, it is supposed to be subject to a certain authority, especially the parliament, that is, the legislative authority represented by the House of Representatives, because its connection with the government is incorrect and as we have seen in the eras. past.
But a member of the Finance Committee, Rep. Magda Al-Tamimi said on Tuesday 16/3/2021 that changing the dollar exchange rate is not within the authority of the Finance Committee. Everyone noted that the decision left clear damage to important segments of the Iraqi people, especially the middle and poor classes, and this led to an increase in the prices of consumer goods in the local markets and increased the suffering of the simple citizen due to the increase in the value of materials in the local market by 23%, and thus it harmed more than 60% from the Iraqis.
At the time, the Iraqi government had several justifications, namely: 1- Strengthening the financial budget by providing 23% of the salaries of employees who receive salaries from the government, such as retirees and daily wage earners.
butterfly 2- The government could save between 20 to 23 trillion dinars as a result of the decrease in the real value of the employees’ salaries, which rebounded to the benefit of the country’s operational and investment budget. 3- An increase in the size of the monetary reserve in the Central Bank or the maintenance of the current reserve. 4- Supporting industry and agriculture. 5- Reducing sales of hard currency in the banknote auction and thus reducing the exit of hard currency outside Iraq. •
As for the negative aspects of the decision:
1- The rise in overall prices in the country, for example, that real estate prices rose by about 50%, in addition to the fact that some foodstuffs increased their prices by more than 23%.
2- The high rate of unemployment and the level of inflation of large numbers that Iraq has not witnessed since 2003.
3- The annual inflation rate increased by 8% last November compared to the same month last year 2020.
4- Iraqis lost confidence in the government, which was reflected in the rise in consumer prices by a much greater rate than the exchange rate change.
5- The value of the revenues of the Iraqi people in the public and private sectors decreased by 23%
6- The return of the sales rate in the banknote market to its previous era, as the Central Bank announced that sales in dollars for the day 21/12/2021 reached 197 million dollars. •
Discussing Topic 1 - It should be noted that 90% of Iraq's consumer needs are imported, and that the government should have exempted raw materials (which are not available locally) entering the local industry from taxes and customs, thus reducing the burden on the Iraqi citizen.
2 - The increase in reserves by an estimated 15 billion dollars during the current year did not come as a result of the exchange rate change, but rather due to the recovery of oil prices globally, and therefore one of the justifications used by the Central Bank has vanished.
3 - As for the point of support for industry and agriculture, it has two parts. A - Part of the industry is dependent on raw materials that are imported from abroad, and therefore the decision has harmed the local industry. B - The exemption of goods from customs and tax, and I mean the agreement with Jordan, has harmed the local industry and made it unable to compete with the importer.
4 - One of the goals of this decision is to reduce the deficit, and one of the ways of that process is to maximize revenues, especially non-oil revenues, and that repeated exemptions on goods and commodities from composting and tax have violated this goal.
5 - The decision was made by the government and with the approval of most of the political blocs and parliament's approval of the federal general budget, which included the new price, and therefore they are the ones who bear the responsibility for that.
6 - The affiliation of the central bank to the government is incorrect and does not exist, but whether it is subject to the control or supervision of the Iraqi parliament, the issue is not clear and this must be determined. •
The conclusion is that the decision had some benefits for the government, such as raising the hard currency reserve to 64 billion dollars, as well as negatives in the Iraqi economy, such as the rise in inflation to 8.4%, according to a statement by the Ministry of Planning on 12/22-2021, but at the same time it greatly harmed of citizens, who are from the poor and middle classes, and increased in unemployment and poverty. https://burathanews.com/arabic/economic/404833
butterfly After the end of paying the 'bill' for Saddam's invasion, will Kuwait demand other compensation from Iraq?
2021.12.23 - 21:39 Kuwaiti lawyer and former deputy, Suleiman Al-Fazi', confirmed that Kuwait will not demand Iraq again for compensation or financial belongings, after the end of paying the compensation due for the events of 1991.
Al-Fazia said, during his participation with his colleague, SaadounMohsen Damad, and “Nass” (December 23, 2021): “I do not think that the State of Kuwait will demand Iraq again, to pay any compensation, but Kuwait seeks more stability for Iraq, and the achievements of previous governments managed to bring about a rapprochement in the Iraq file.” – Kuwait, where we have reached mutual support, and we have reached a great result in this path.”
He added that "the last four years, there was an important achievement, with regard to the file of Kuwaiti victims, and the delivery of their remains to their country in cooperation with Iraq.
And the Central Bank of Iraq announced, on Tuesday, the completion of the payment of compensation for the State of Kuwait.
The bank stated in a statement, of which “Nass” received a copy, (December 21, 2021), that “the payment of the last remaining installment of the State of Kuwait’s compensation amounting to (44) million US dollars has been completed, and thus Iraq has completed the payment of the full compensation amounts approved by The United Nations Compensation Committee of the UN Security Council pursuant to Resolution No. (687) for the year 1991, with a total of (52.4) billion US dollars for the State of Kuwait.
butterfly The statement indicated that "it is hoped that ending the payment of compensation will contribute to removing Iraq from Chapter VII, as well as its impact on re-integrating the Iraqi banking system with the global banking system and benefiting from the financial abundance that will be achieved."
The legal expert, Ali Al-Tamimi, confirmed, on Thursday, that Iraq has fulfilled all the financial benefits that it accumulated due to the invasion of Kuwait, stressing that this matter has positive repercussions on the economy in the coming years.
Al-Tamimi said in an exclusive statement to "Nass" (December 23, 2021), that "Iraq was placed in Chapter VII of the Charter of the United Nations after entering Kuwait, according to UN Security Council Resolution 666 in 1990, and that this decision came after warnings, warnings and an economic siege imposed On Iraq, then international sanctions came to place it under Chapter VII, which means that Iraq’s character at the international level has become weak, so it is not permissible for it to contract and conclude import and export agreements.
butterfly He added, "Iraq exited from Chapter VII in 2017 under Resolution No. 23/90 - but entered Chapter VI due to the presence of related matters with Kuwait worth 4 and a half billion dollars (compensations), and after it fulfilled these financial obligations, the Iraqi government and its representative at the United Nations must Notifying the Security Council in order for the Council to issue its decision that Iraq has completely completed Chapter VI and VII. https://nasnews.com/view.php?cat=76785
butterfly @Dave There is a good article for ya.
Dave butterflyThanx..... LOL......Iraq could have completed this a while ago.....and now are required to tell the UNSC that they are finally done........seems that they have not been in big hurry
butterfly Dave We, as of this date, don't know if they have told the UNSC.
Dave Figure being Free could force their hands in doing something that they my not be quite ready for?
butterfly The articles are somewhat late in reporting what is going on or has gone on. Again they speak different than we do.
Dave in the coming days......
Dave 1 major benchmark almost completed
butterfly How do we know if all has been completed? We don't.
Dave UN will announce it Check their website
butterfly Holiday season now
Dave You in a Hurry?
butterfly Heck yes
Dave Then the UN tells the IMF.......then they tell the WTO......then they tell....customs....then they telll....
butterfly on and on and on lol
Dave Sorry......
Dave Next benchmark 26th....with Courts.........make it or break it.....
butterfly Remember the articles saying that Iraq would pay Kuwait, final payment, in 2022. Bam we read articles that they paid them off without a warning.
Dave Have yet no GOVT to inform UNSC that they be out of CH7
butterfly That we know of.
Dave Interim.....
Dave cant make major decisions
Dave If Sadr can find another 91 non corrupt MPs.........Things could go down quickly......but Maliki is not going down without a fight is my worry
Dave Egad.......sounds vaguely familiar
butterfly Sadr won't put up with shit from Maliki
Dave recollect when sadr refused to bathe due to Maliki's games?
Dave went a few months i seem to remember
Dave butterfly Allawi Barzani Amiri etc all on SADr's hit list
butterfly He has always been a mean *
Dave will have some teeth if he can get another 91 mps
Dave Sadr has made his intensions clear.....going after ALL corrupters....
Dave included in that White Paper.......Everything they require to get er done......
Dave My question Can Sadr find 165 non corrupt Mps????
butterfly Never! All governments have corruption.
Dave butterfly not paid billions and billions
Dave butterfly yeah had a bald politician claimed 125.00 fer his haircuts......
Dave butterfly Even better.......Once Fully out of CH7......the COI can now get that 280-350 billiion usd out of those frozen foreign accounts
Dave fergot that.......Wippy......
Dave Figured a whoopow on that one.....oh well over quadrupling CBI's reserves sounds nice enough
Dave that would help out with Kaps 100 trillion.......
Dave add that to CBI's gold and current reserves would add up to about 500-600 trillion IQD????
Bobby Cahill Those are some whacky numbers lol
Dave did not even require a calculator
Bobby Cahill Apparently
Dave just alittle something to chew on
Dave numbers work????
Bobby Cahill Not those. Iraq's funds have already been released per CH VII
Dave COI's frozen 350 billion not yet released?????
Bobby Cahill That's where the Oil for Food and Development Fund for Iraq come into play. Now the monies smuggled since 2003 could be in the bil;lions but that needs to be adjudicated 1st
Bobby Cahill what 350 billion?
Dave COI mentioned several weeks ago that they could not touch that money until out of CH7
Bobby Cahill Iraq did say billions would be saved but that's because they no longer have to deduct from monthly oil revenue
Dave COI....has frozen money
Dave Thats different
Bobby Cahill No the money held back was from those 2 funds which were already released
butterfly https://www.washingtonpost.com/archive/politics/2003/03/21/us-seizes-14-billion-in-frozen-iraqi-assets/98cbb395-ec84-422e-b825-7a864eea340d/President Bush ordered the Treasury Department yesterday to seize more than $1.4 billion in Iraqi government money frozen in U.S. banks since 1990.
The money, plus an additional $600 million frozen by Britain and 10 other countries, will be used to help defray the costs of rebuilding Iraq after Saddam Hussein's regime is toppled, Treasury Secretary John W. Snow said in announcing Bush's order.
Snow said the United States has also asked other countries to freeze Iraqi assets so they can be used to help with the rebuilding. And he said Treasury has launched "a worldwide hunt" for an estimated $6 billion the United States believes Hussein, his family and aides obtained through kickbacks and illegal oil sales and have stashed in concealed accounts. This money would also be used for humanitarian aid in a post-Hussein Iraq........................an article from 2003
Bobby Cahill If Iraq wants those 100's of billions, they need to get it adjudicated . Those are the moveable and immovable assets
Dave the Integrity commission of Iraq has ear marked frozen accounts which was illegally obtained
Bobby Cahill Yes and those monies went into the Development Fund for Iraq
Bobby Cahill Yes and that starts the process of adjudication
Bobby Cahill so 2 different sets of monies
butterfly https://thearabweekly.com/tehran-says-iraq-release-125-million-frozen-funds-vaccines DUBAI – Iraq has agreed to transfer $125 million of frozen Iranian funds to a European bank for the purchase of 16 million COVID-19 vaccine doses, Iranian Energy Minister Reza Ardakanian was quoted as saying by state media on Saturday. Iranian energy ministry asserts the payments would go towards the purchase of vaccines from the World Health Organisation-sponsored global COVAX vaccine-sharing plan, state news agency IRNA reported. Monday 31/05/2021
Bobby Cahill Iran's gonna be happy :)
Bobby Cahill Iraq owes Iran billions
Bobby Cahill Notice it's not CASH
Dave COI just mentioned a few weeks ago.....money has been adjudicated and could not touch it until being removed from CH7
Bobby Cahill Ok
Dave you mean OK???LOL
Bobby Cahill lol I'll just leave it at ok
Dave butterfly you posted that one
Bobby Cahill I just don't know where those monies are coming from. US? UN?
Dave COI managed to seize some accounts
Bobby Cahill If the UN has it, it should have a name just like the Oil for Food, or in the US matters, Development Fund for Iraq
Dave Much of it was in Jordan
Bobby Cahill cool bring it in and lets check it out
Dave Bobby Cahill Had nothing to do with the UN
Bobby Cahill Ok but they'll receice 100's of billions?
Bobby Cahill was it 350?
Bobby Cahill Anyays it's Christmas and I'm sitting in 75 degree weather.....sucks
Dave Bobby Cahill we may get some snow fer Xmas
Dave Bobby Cahill Dang cant find those articles......
Dave butterfly ?
Bobby Cahill It's all good. Those numbers will throw ya for sure. We do know that an estimated 150 billion USD has been smuggled since 2003. Any assets prior to 2003, Sadam era, will be frozen forever lol He screwed a lot of people and those people have their claws in any funds
butterfly Dave what do you want? I am busy trying to get these afghans done for my great grand children.
Dave COI managed to seize a bunch of looted funds 280-350 billion usd....
Bobby Cahill you can reserch it if ya want
butterfly I think we all should take a deep breath and let it go for awhile bc it will happen. WE will all know at the same time, maybe a day late, like most of the articles, but WE all will know.
Bobby Cahill butterfly There ya go. Sit back n relax
Bobby Cahill I'm not trying to be confrontational, just adding to the conversation
butterfly Bobby Cahill yup that is me. Take a lot of ruffle my feathers or should I say my "angel" wings.....lol.....
23 Dec 21, 04:46 PM butterfly I can see the ones that can't stand me, are throwing up in their mouths about the "angel" wings comment. LOL
Bobby Cahill butterfly :Drinking:
Dave No problems....I am like you Show ME.....
butterfly We can beat ourselves up trying to figure this all out.
Bobby Cahill This investment is like the old high school cliques. You're either in, or you're out lol There is no in between
butterfly As Graham from silvergreets said, it will be international news when it happens. NO ONE will know ahead of time.
Dave Nuts......
butterfly I do find the latest articles quite interesting.
Bobby Cahill The fun part is figuring out can they :)
butterfly As with Kuwait being paid off.............no one knew.........as they said they would pay them off in the first quarter of 2022
Bobby Cahill I should've said can they in certain people's timelines lol
Dave butterfly Would be nice to have some moral support from you sometimes>>>>>>hehe
butterfly I will flap my wings your way Dave
Dave at least no broom
Dave https://www.mawazin.net/Details.aspx?jimare=166841
Dave found 1 article Bobby Cahill
Dave still cant find the one mentioning being out of Ch7 to recover it
Bobby Cahill Dave There ya go. Now again those are the smuggled funds and why it's important that Parliament tackles it. The hard part is tying the finances and that's why Iraq going Digital is so important from here on in. Good stuff
Bobby Cahill This is the part about adjudicating those funds ........The presidency stressed on "contracting with solid international investigation companies in order to investigate Iraq's money smuggled abroad and its revenues," pointing out the need for "the financial institutions, the Central Bank of Iraq, tobe notified of lists prepared with financial transactions whose value exceeds 500 thousand US dollars to conduct investigations about them."
Bobby Cahill Ya don't just ask a Bank for those monies and they give em to you. They will need a Court Order to do so
Bobby Cahill the immovable (property etc) will be much harder
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