Zig’s Place Chatroom News Wednesday AM 1-12-22

Jan 12

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

Butterfly Deputy: The Federal Court Has The Final Word On What Happened In Parliament

POLITICIAN 01/11/2022 | 3:45 PM Member of Parliament Hussein Nima considered, on Tuesday, the first parliament session "unsuccessful", indicating that the Federal Court will have the final word on what happened during the session.

Nima said in a statement to the "Information" agency, "The first parliament session did not come up with anything new and brought the scene back to the fore since its inception, and we are in the framework and we will go to file a lawsuit with the Federal Court."

He added that "the coordinating framework will submit a case to the Federal Court to challenge the parliament session and the law is the one who will say his word in the end."

He pointed out that "what happened in the parliament session was the objection of one of the blocs to adjourning the session for deliberation, while the objection was enough to expose the head of the age to a health problem due to the violence he was exposed to and was transferred to the hospital, which made the attendees resume the parliament session and vote for Al-Halbousi."

And the representative of the State of Law coalition, Alia Nassif, had confirmed, earlier, that the mechanism for choosing the prime minister is heading towards “exclusion” and going to the opposition, expecting the issuance of a state order to cancel the course of the first parliament session. https://almaalomah.me/2022/01/11/575980/

RML I have come to realize that in life if you do not all think like me then i'm wrong.

Zig RML : :Welcome: to the chat

Zig butterfly : I can see that @Sam read my message at Dinar Daily but he did not reply....hopefully he will drop by....

butterfly CBI sales inched up today 2022-01-12 05:59

Shafaq News/ The Central Bank of Iraq's (CBI) sales climbed today, Wednesday.

Shafaq News Agency correspondent said that the CBI sales of foreign currency in today's auction amounted to 212,727,200. The transactions were made at a weighted average of 1460 dinars to every dollar.

Our correspondent explained that 20 banks and 284 exchange companies cashed out $81,380 million, while the remaining $313,347,200 went to boost funds abroad in the form of credit and non-cash transactions, with 25 banks meeting those demands. https://www.shafaq.com/en/Economy/CBI-sales-inched-up-today-0

butterfly Iraq boosts oil production as OPEC+ loosens cuts 2022-01-12 02:03

Shafaq News/ The gap between OPEC+ crude oil quotas and production has widened, as the group’s steady loosening of its pandemic cuts once again outpaced actual output gains in December, according to the latest S&P Global Platts survey.

OPEC’s 13 countries pumped 28.04 million b/d of crude, up 190,000 b/d from November, while nine non-OPEC partners pumped 13.98 million b/d, an increase of 120,000 b/d, the survey found.

Gains by Venezuela, Kazakhstan, Saudi Arabia, Iraq and Angola far outstripped losses by Libya and Nigeria, making December the 10th straight month that OPEC+ output increased.

However, 14 out of the 18 members with quotas fell short of their targets, including even its largest producer Russia, whose compliance rose above 100% for the first time since February, when severe winter temperatures shut in wells and reduced pipeline flows.

Total OPEC+ quota compliance climbed to 116.5%, the highest since the alliance instituted record output cuts in spring 2020, the survey found, with the 19 members subject to production targets pumping some 620,000 b/d below their combined caps.

The bloc has been hiking its quotas by a collective 400,000 b/d each month, which would put it on pace to restore production to pre-pandemic levels by late 2022.

RML Zig Thank You

butterfly But many countries are already maxing out their output levels or are close to it, lifting trader sentiment that was once quite bearish for the first quarter in anticipation of a major supply glut.

Platts Analytics still expects the market to be oversupplied in the first quarter but estimates OPEC+ sustainable spare production capacity will shrink to 800,000 b/d by June if it maintains its monthly quota rises, creating “an uncomfortably thin market buffer in the second half of the year.”

Platts assessed Dated Brent at $82.25/b on Jan. 10, a near 20% surge in three weeks, supported by outages in Libya, Nigeria and Kazakhstan in recent days, as well as waning worries about the impact of the omicron variant on the global economy.

The alliance is scheduled to next meet Feb. 2 to decide whether to proceed with another 400,000 b/d quota increase for March.

OPEC members Iran, Libya and Venezuela are exempt from quotas under the agreement, while non-OPEC Mexico quit the deal in July 2020 and thus is not included in the Platts survey, though the country continues to send a representative to the group’s meetings.

Russia, which co-chairs the OPEC+ alliance with Saudi Arabia, pumped 10.01 million b/d in December, a slight rise from November, to lead the group, according to the survey.

Saudi Arabia, meanwhile, produced 9.95 million b/d, hiking output by 60,000 b/d.

Both countries had December quotas of 10.018 million b/d, though Saudi Arabia has typically been the readier of the two to restrain supply to support the market.

Venezuela had the largest increase in the month, as imports of Iranian condensate gave it a significant boost to operations in its Orinoco Belt, where its ultraheavy crude requires diluent to extract. Still subject to US sanctions restricting its oil sales, Venezuela produced 750,000 b/d in December, the survey found, its highest since February 2020.

butterfly Angola also saw a sizeable increase to 1.15 million b/d, with production ramping up from several newer fields to allow a rebound from a historic low of 1.09 million b/d in November, though it remains well below its quota, which was 1.39 million b/d.

Iraq was also up 60,000 b/d in the month to 4.31 million b/d, continuing to exceed its quota, according to the survey, while non-OPEC Kazakhstan posted a 70,000 b/d gain to 1.68 million b/d, well above its quota, as loadings of its key CPC grade showed a marked rise.

Among the fallers, Libya dropped to a one-year low of 1.05 million b/d due to protests that shut down several key oil fields and a major terminal, while Nigeria suffered from more operational and technical issues that took production down to 1.38 million b/d.

Libyan output is expected to recover in short order to about 1.2 million b/d after authorities reached an agreement with militia to reopen and lift force majeure on the Sharara, El Feel, Wafa and Hamada fields, along with the Zawiya oil terminal.

But Nigeria’s prospects remain clouded, between civil unrest and deteriorating infrastructure that have seen all of its key export grades, including Agbami, Bonny Light, Forcados and Qua Iboe face severe production issues throughout the last year.

The Platts figures, which measure wellhead production, are compiled by surveying oil industry officials, traders and analysts, as well as reviewing proprietary shipping, satellite and inventory data. https://www.shafaq.com/en/Economy/Iraq-boosts-oil-production-as-OPEC-loosens-cuts

butterfly Al-Maliki discusses with Allawi the political situation in the country 2022-01-12 07:29

Shafaq News / The head of the state of law coalition, Nouri al-Maliki, stressed the Coordination Framework's position on the first Parliamentary session.

Al-Maliki's office said in a statement that he had received in his office today former Iraqi Prime Minister Iyad Allawi.

The statement said that the two parties discussed the latest updates in the political situation, and the first Parliamentary session held last Sunday.

Al-Maliki stressed the need for dialogue to settle the differences between Iraqi parties away from chaos.

"The Parliamentary session held on Sunday was tainted by legal and constitutional violations, which made challenging its outcomes at the Federal Supreme court Mandatory."

For his part, Allawi called on all parties to form joint commissions to find solutions for the current crisis. https://www.shafaq.com/en/Iraq-News/Al-Maliki-discusses-with-Allawi-the-political-situation-in-the-country

butterfly Son of former head of Kurdistan Islamic Movement announces bids of Presidency 2022-01-12 02:12

Shafaq News/ Khalid al-Sheikh Sadiq Abdul-Aziz Halabjayi, the son of the former leader of the Kurdistan Islamic Movement, said that he will be running for the Presidency of the Republic of Iraq.

Halabjayi said in his candidature announcement that he aims to extend outreaches between the political parties in the Kurdistan Region and Iraq "to settle the situation between both sides because it serves the best interest of the Kurdistan Region."

In addition to Halabjayi, two figures have announced their bid for the presidential race: the outgoing President Barham Salih and Judge Rizkar Mohammed Amin.

The Council of Representatives shall vote for a President by a two-thirds majority within 30 days from the first parliamentary session. https://www.shafaq.com/en/Iraq-News/Son-of-former-head-of-Kurdistan-Islamic-Movement-announces-bids-of-Presidency

Zig Lots of news articles are posted by butterfly daily....I realize that not everyone has interest in them but many do....just do your own thing in here....do what interests YOU....bring up whatever topics you wish whether related to speculative currency investing or not....you never know what will interest people in a chat room...

:Nice day:

RML At the moment, "speculative currency investing" is my favorite topic, so I will settle in nicely.

butterfly :Mask:

butterfly Fitch Rates Iraq's Gulf Commercial Bank 'CCC+' Fitch Ratings has assigned Gulf Commercial Bank (GCB) a Long-Term Issuer Default Rating (IDR) of 'CCC+'.

GCB is a privately-owned bank, headquartered in Baghdad and regulated by the Central Bank of Iraq (CBI).

More here. https://www.fitchratings.com/research/banks/fitch-rates-iraq-gulf-commercial-bank-ccc-11-01-2022

(Source: Fitch Ratings)

butterfly Iraq Announces Its Total External Debt After The Settlement Of The Kuwait Bill

Economic Last Update 01/12/2022 | 10:41 AM The Prime Minister’s economic advisor, Mazhar Muhammad Salih, announced, on Wednesday, that the total debts owed by Iraq amount to about 20 billion dollars, stressing that they are paid according to timetables and have allocations in the general budget, among the benefits of Iraq’s exit from the list of high-risk countries. in money laundering and terrorist financing.

Salih said in an interview seen by / the information /, that "raising Iraq's name from the list of high-risk countries is an important achievement for financial integration with Europe, because it is the global financial center, which will give Iraq an opportunity to have its financial dealings wider and reduce the costs of credit risks, and it will be Dealing with bank correspondents is easier.”

He added, "This positive plan has made Iraq a part of the international financial environment. As for Iraq's remaining on the list, it is evidence of the siege. Britain preceded last year by raising the name of Iraq and today the European Union, which is a great victory for Iraq and the financial and banking sector, and before raising the name of Iraq from the list, all of Iraq’s transactions were taken into account of usury and fear of it, which affected the cost of trade and finance and the disruption of financial transactions.”

Saleh pointed out that "the European Union had doubts, and they did not exist. Crimes and violations exist in all parts of the world.

butterfly As for Iraq's transactions, they are clean and subject to compliance, because the transfer of funds is subject to many criteria, and every amount that comes out of Iraq is informationally filtered," noting that "there is international cooperation between Iraq and the anti-money laundering bodies in the world and with the international financial team responsible for these issues, and Iraq is an important member of this team, and all these points are positive and are in the interest of Iraq and improve its integration into the global financial and banking environment.”

He explained, "Iraq has completed compensation for Kuwait and paid $52.4 billion, and all the million debts go back to the debts before 1990 and were resolved in the (Paris Club) agreement signed by Iraq in 2004 and it has written off 80% or more of Iraq's debts, and the countries that Its debts with Iraq were not settled prior to 1990, as these debts have eroded with the passage of time and 40 years have passed, noting that “some foreign debts were generated during the war on (ISIS), and the total debts owed by Iraq amount to about 20 billion dollars and are paid according to timetables and have Allocations in the general budget. https://almaalomah.me/2022/01/12/576083/

butterfly Economist: The Government Has No Justification To Continue Raising The Dollar Exchange Rate

Economic Last Update 01/12/2022 | 8:59 AM The economic expert, Ihsan Al-Kinani, confirmed that the government does not have any justification to continue to raise the exchange rate of the dollar in the local markets, pointing out that oil prices and financial abundance make it imperative for the next government to take measures to reduce the exchange rate.

Al-Kinani told Al-Maalouma, "Oil prices exceeded 80 dollars per barrel, at a time when Iraq was able to overcome the financial crisis that occurred in 2020, which pushed towards raising the exchange rate of the dollar, and today the need for that is no longer needed."

He added, "Iraq has all the financial capabilities and qualifications that necessitate a reduction in the exchange rate, especially after the completion of Kuwait's compensation and the rise in oil prices, as well as the increase in oil production by OPEC after its last meeting on Tuesday of last week."

And he indicated that "the next budget will be decisive, either to continue starving the people, or to return things to their previous status by reducing the exchange rate and specifying it in the budget." https://almaalomah.me/2022/01/12/576063/

butterfly Money Laundering Is The Reason.. Report: Baghdad Real Estate Prices Exceed Those In Dubai And Turkey

Economic Last Update 01/12/2022 | 10:36 AM

A report by the official “Al-Sabah” newspaper, on Wednesday, stated that real estate prices in Baghdad, especially vacant plots of land, are now superior to those in Dubai, Amman or Turkey, noting that money laundering operations are behind the high prices.

The report, which was reviewed by "The Information", stated that "the prices of real estate in Baghdad, especially the vacant plots of them, have reached numbers that are "beyond imagination", and some of them are now superior to their counterparts in Dubai, Amman or Turkey, and in the midst of the frightening frenzy of prices, especially In the capital, some analysts speculate that the reason is money laundering by some influential people.”

He added, "This comes at a time when specialists are calling for the formation of a special committee or committee to follow up the purchase of residential real estate, under the item (from where did you get the money to buy this or that property?")."

The newspaper quoted the owners of real estate offices as saying that "in some areas of the capital, the price of one commercial meter exceeded ten thousand dollars, after it was less than three thousand dollars two or three years ago."

They added, "This matter may reflect a large part of the money laundering operations of some influential people after tightening the screws on their transfers abroad, forcing them to direct them internally to buy real estate and speculate in their prices in this crazy way." https://almaalomah.me/2022/01/12/576081/

RML It has not been my experience to see ANY government respect ANY jurisdictional issue without first being forced then sued to subsequently force compliance, and then ONLY until no one was looking.

RML I know; I seem to be jaded, but that is incorrect ... I am "opaled".

RML That which I want to be, I cannot. That which I cannot be, I want. [Sigh]

Doug_W semitransparent and showing many small points of shifting color against a pale or dark ground.

Zig RML : You write very well and are interesting and thought provoking....you may not fit in well here....LOL

RML I am water ... I find the edges of my surroundings and mold to fit.

RML Did you hear the one about the Whale that bought the Las Vegas Casino so he could get free access to the Mini Bar in his room?

Doug_W ok I will "Bite"

RML He didn't like paying $15 for a bottle of Fiji Water, so he bought the casino to get the water free.

RML Now THAT'S thinking outside the box ... or uh... the bottle.

Doug_W that is one whale of a story

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

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