Zig’s Place Chatroom News Thursday Afternoon 5-26-22

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Butterfly   2022-05-26 07:03   Shafaq News/ On Thursday, the Central Bank of Iraq (CBI) auctioned more than $210 million in foreign currency (forex).

Shafaq News Agency correspondent said that the CBI foreign currency sales in today's auction amounted to $210,116,617. The transactions were made at a weighted average of 1460 dinars to one dollar.  Our correspondent explained that nine banks and 89 exchange companies cashed out $19,400 million. The remaining $190,716,617 went to boost funds in the form of credit and non-cash transactions, with 32 banks meeting those requests.

butterfly   2022-05-26 06:27   Shafaq News/ Basra's heavy crude exported to Asia on Thursday inched up 1.77%, equivalent to $1.82, settling at $104.60 a barrel.

The Saudi Arab light crude rested at $111.53 a barrel, while UAE's Murban Mixture and the Algerian Saharan blend registered $111.56 and $117.74 a barrel, respectively.

A barrel of Bonny light (Nigeria) settled at $117.86, while Angola's Girasol registered $113.74.

butterfly   2022-05-26 05:52 Shafaq News/ Iraq is one of the leading countries in the Middle East in terms of economic development, caretaker Prime Minister Mustafa al-Kadhimi said on Thursday.

Speaking in the inauguration ceremonials of the National Strategy for Early Childhood Development 2022-2031, al-Kadhimi said, "this government took over amid tough and complicated conditions and had premeditated mission: holding a fair and impartial election. We took the initiative to create better economic and security conditions. We succeeded and pulled the government off the verge of collapse."

Al-Kadhimi said that Iraq's economy "has the fastest development rate. It is one of the leading countries in the Middle East in terms of economic development."

"We overcame many challenges with the capabilities under our disposal. Other challenges require more work and cooperation between the state departments, the political blocs, and the Iraqi community."

butterfly   The governors of the Iraqi and English Central Banks discussed monetary policy in facing economic challenges.

A statement by the Central Bank stated that "the Governor of the Central Bank, Mustafa Ghaleb Mokhief, met the Governor of the Bank of England, during his visit to London to participate in the Conference on Sustaining Economic Growth, which was held by the Iraqi-British Business Council."

"The two sides stressed the importance of central banks and monetary policy in facing economic challenges, ensuring macroeconomic stability and supporting economic growth," he added.

The Governor of the Bank of England welcomed the training of Central Bank of Iraq staff in various fields, stressing the "importance of developing banking relations between the two countries."

Zig   "Shafaq News/ Iraq is one of the leading countries in the Middle East in terms of economic development".........I like that....See butterfly? I actually do glance at some of the stuff you post....

butterfly   Minister of Finance, Ali Allawi, confirmed today, Wednesday, the increase in cash reserves with the Central Bank to 90 billion dollars by the end of this year, while setting the ratios of commercial debts to Iraq.

Allawi told the official agency that "the devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached in late 2020," noting that "the recovery in oil prices and wise financial management helped the reserves become $70 billion by April.

He added, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq," noting that "the depreciation of the Iraqi dinar against the US dollar in December 2020 contributed to the decline of Demand for the US dollar, while the current demand for the dollar is higher than the declines seen in 2020, it is much lower than the period before 2020.”

He pointed out that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues, and the increase in the government's provision of goods and services to citizens," stressing that "the increase in the Ministry of Finance's sales of US dollars in return for the decrease in demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank."

And on the commercial debt of Iraq, the Minister of Finance said, "The only real commercial debt of Iraq is two of three Eurobonds with an interest rate of 5.8% and 6.72%, while the third at an interest rate of 2.149%, which is guaranteed by the US government. He

butterfly   stressed that all other debts are on conditions Very easy,” noting that “the external debt does not include the debts of the former regime, which amounted to 57.8 trillion dinars, or the equivalent of 39.9 billion dollars, and it has been frozen since 2003 without interest or repayment as part of the Ministry of Finance’s work to reduce debt.”

And Allawi stated, "The ministry has reconfigured all local debts as follows: The balance of all local debts has medium or long-term terms, after the government agreed with the Central Bank and public banks in 2020 to convert all current treasury transfers (bonds) into loans for 10 years and for 20 years, With the payment of installments starting from March 2021 and an interest rate reduced to 2%, "while the total external and internal debts amount to more than 99 trillion dinars."

He continued that "the Council of Ministers agreed, in its session held on Tuesday, (April 5, 2022) to adopt a payment strategy. The internal public debt for the years (2022-2024), which was prepared by the Public Debt Department / Ministry of Finance within the draft federal general budget bill for the Republic of Iraq for the fiscal year / 2022.

Allawi stressed that “inflation in Iraq is lower than that of the emerging economies and the group of countries .” Oil exporter.

Sah   @Butterfly When Iraq informed the IMF they wanted to increase the rate back to it was the year before when they devalued it. They said what Iraq did when they devalued it was not supposed to be done. Iraq two months ago wanted to raise their rate back to what it was and the IMF told them they can't just do it like they did before. So when we look at how the amount of dinar per dollar is gradually going down, are they on a managed flloat?

butterfly   Senators set to leave town for 10-day recess without action on gun violence crisis https://rawstory.com/senators-set-to-leave-town-for-10-day-recess-without-action-on-gun-violence-crisis/ this country is in crisis and you want to leave?

Sah   @Butterfly A managed float to get back to where they were before only now they have a better reserve.

butterfly   Sah I wished I could post the information I know, but was told not to post anything. I just know that people will be happy.

Dave   Sah 2 types of floats free and managed

Dave   Dave CBI suggested managed float yrs ago

Sah   @Dave Correct Free float is a lot of risk and can also devalue as well as revalue currency. Managed float. Each day currency can only go up or down I think it is still 3 percent. If it were to go up 10 percent it will normally can only go up 3 percent, same as if it were to go down 10 percent in one day it would reset to only 3 percent.

Dave   Sah yep   90 days....before any changes beyond that   3 % every 90 days

butterfly   My friend in CA said that her bank is already making changes.

Sah   @Dave My dong has almost tripled in value since I bought it.

Dave  slightly ahead with my dinar

butterfly   As I posted many weeks ago they have to conform to the Basel only two countries haven't yet.

Dave   butterfly butterfly butterfly

Dave   IRAQ is not fully in with the IMF

Dave   observation status only

Sah   @Dave Same with mine, Indonesia rupee dropped half in value since I bought from inflation getting too high in country but now it is back up to what it was before.

Sah   @Dave IMF and World Bank have many loans out to Iraq. Go to IMF.com and read about Iraq. They have been with IMF for a long time.

Dave   Once Iraq goes International with its currency we shall see

Dave   not art 8 yet

butterfly   The CBI is the boss as it is in every country

Dave   observation status not a full member of the IMF...Kap would AGREE!

Dave   butterfly CBI just needs to sign up then......

butterfly   Dave lol

Dave   aint ready yet

Sah   @Dave IMF can only give referral that they are ready. BIS is above IMF and they give the final nod and then the UN prints out the beginning and middle of the month if they revalue after being approved for International and a new rate.

butterfly   Sah bingo

Dave   CBI needs to join ...been given its blessing to do so    from the imf

Dave   IMF not holding IRAQ from doing so

butterfly   2022-05-26 10:48   Shafaq News/ The U.S. dollar (USD) exchange transactions against the Iraqi dinar (IQD) closed at a slightly lower rate in the markets of the Iraqi capital, Baghdad, today, Thursday.

Shafaq News Agency correspondent said that the USD closed at a rate of 148150 IQD to 100 in al-Kifah and al-Harithiya Central Exchanges.

The selling and buying rates of the USD in Baghdad's local markets stood at 148500 and 147500 IQD for 100 USD, respectively.

Dave  CBI yet to feel the social economic and political stability

Dave   Wow.....1 dinar on a buck.....LOL    pip    10 yrs to see a dime at that rate

butterfly   1 IQD = 0.0007 USD   1 Iraqi Dinar = 0.0007 Dollars   The IQDUSD rate as of 26 May 2022 at 10:41 PM

Dave   oop...10 dinar on a hundred

Sah   @Dave CBI has had to go thru lot of loops in order to qualify for loans and was held back because of the corruption and new laws that had to be made. Their problem when they got done with the laws, they did not implement them. They are now. Corrupt people are being arrested, The government is separate from CBI.

Dave   CBI calls the shots    no one else independent

Tebow   I've got some information I can't post.

butterfly   Q: What is 50 Iraqi Dinar in Dollars?  A: 50 Iraqi Dinar buys 0.035 Dollars at interbank exchange rates.

butterfly   https://www.exchangerates.org.uk/Iraqi-Dinar-to-Dollars-currency-conversion-page.html

Dave   Sah Foreign banking laws fer international investment have yet to pass

Sah   @Dave IMF calls the shots to be released to go international and they do different formulas to what amount that the think they can hold it's value. The IMF then hands the completed file to the BIS to review and approve.

Dave   50.00 Iraqi Dinar =  0.034 US Dollar

Dave   Sah heard CBI sets their rate

Sah   @butterfly When they devalued Iraqi Dinar during the war, they made a law that Dinar could not be used outside the country. They have to amend this law for it to go international. It was amended I think about two years ago but was not implemented. US made an agreement that US government and citizens could legal hold the currency until it revalued or reinstated.

Dave   Sah Ch7 sanctions...cant trade curreny

Dave   globally

Sah   @Dave correct you are getting it. IMF suggest what rate is best for country to CBI with in reason. They have to have reserves in bank and in ground to go higher, other wise they will float. If they reinstate they can go to the rate that was devalued and add inflation increase to it for new rate.

Dave   IQD deemed exotic currency

butterfly   Sah Dave something you might want to listen to and then draw your own conclusions. https://www.simonparkes.org/post/bonds-process-of-compliance-part-of-the-qfs it is 23.31 mins long

Dave   butterfly will do gotta go to work...laterz

Sah   @Butterfly Thanks I will listen to it tonight.

Dave   you too Sah

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