Zig’s Place Early Wednesday AM 5-26-21
Zig’s Place Early Wednesday AM 5-26-21
Zig: Welcome to zig's place, a chat room for dinar speculators and others....discuss any topic that you wish here
BobbyC So per that article, floating the Dinar is of no benefit....duh. Either way they go, stay pegged
NORV BobbyC They will not float until the conditions are appropriate. But floating is what countries do. So Iraq will float...the questions is when are the conditions appropriate? First they need to diversify and launch a private sector, then they need pressure create on the CBI's capital account from investment. They need laws to encourage this investment. In other words, they are not ready.
NORV :Float: :Float:
BobbyC NORV I get the fact that they are not ready. Some say that if they were going to re denominate, why not just do it. Reasoning is they still have to have a monetary and economic policy that supports such a move. Monetary wise ya have to look at the weakness of the Banking Sector and amount of currency in and out of those Banks. Economy wise look at the dependency on oil revenue and no economic growth. So if they were to place the IQD as a currency reserve why a Peg?
BobbyC Oil exporters – even if they are economically advanced – often peg their exchange rate – and especially to the global reserve currency (i.e. US dollar).
Every Gulf Cooperation Council (GCC) country anchors its exchange rate to the oil-pricing currency (the US dollar).
The lone exception is Kuwait, which pegs to a basket of currencies.
There are several key justifications for oil exporters wanting to maintain a peg, particularly to the US dollar.
First, they receive revenues from oil sales in US dollars.
Second, if they are developing countries they can import the monetary credibility of the anchored nation.
Third, if they are small countries, adopting a floating currency may lead to greater vulnerabilities to large swings in the exchange rate.
BobbyC Now could they Float once they see stability within the exchange rate? Of course they could, countries do it all the time.
BobbyC Both the CBI and the IMF have stated a Peg to the USD is working and in my opinion, will work if and when the IQD becomes a reserve currency. Now just like the ISO discussion, does it really matter if they Float or Peg once they become a reserve currency? No. Once that happens we will see 2 options in front of us and our decision will be made. A re denomination, or as you have spoke of, a gradual increase. Question has always been......W
BobbyC What currency will they take InternationalNORV http://newsabah.com/newspaper/252188
BobbyC GM Pete and you're welcome. Discussing the complexities of this is mind boggling to me and I appreciate what everyone brings to the discussion. It's not about right and wrong, it's just a discussion. It's also not about swaying anyone to buy or sell, it's just trying to understand how this really works away from all the nonsense. We have 1 goal in mind and we wait
BobbyC butterfly Thanks for the articles and have a great day
butterfly BobbyC You are welcome and there are talks about four years, but they can't decide on a one year, two year, four year, etc. All I can see is that they are "trying" to get it together. Baby steps from way back when all of this started.
butterfly The inauguration of a project to produce "Baghdad" batteries, and the industry promises to operate stalled factories soon
05/26/2021........{Local: Al Furat News} The Ministry of Industry and Minerals opened, on Wednesday, a project to produce batteries {Baghdad}, while noting that the Ministry of Industry promised to operate stalled factories soon.
The ministry stated in a statement that Al-Furat News received a copy of it, that “the Minister of Industry and Minerals, Manhal Aziz Al-Khabb, inaugurated the production of SMF non-permanent batteries (The Magic Eye) in Babel (1) in the batteries factory affiliated to the General Company for Automobile Industry and Equipment with a capacity of (500) A thousand batteries annually marked (Baghdad) with capacities (62, 74, 90 and 100) amperes, which satisfy part of the market and Iraqi citizen's need for this type of batteries with European specifications and a real guarantee for a period of (6) months at very competitive prices and the project that was created works out of allocations The investment plan for the years (2013-2017) according to the latest international technology and contains advanced, environmentally friendly machines and equipment from the Italian company Sofima. The produced batteries are distinguished by their high efficiency, long service life, and their use in various types of cars.
butterfly The minister said in a press conference, "This is one of the happy days in the Ministry of Industry and Minerals with the inauguration of this project after extraordinary and great efforts by the factory cadres for a period of (8) consecutive months and continuous work outside official working hours to complete the installation and operation by Iraqi hands and with the Ministry's capabilities to produce batteries in four different capacities.
With a capacity of (500) thousand batteries annually, with an added value exceeding (90%), which will be increased to (100%) through the manufacture of the plastic container that is imported only while all the contents of the battery are manufactured and the production process is managed with the efforts and hands of pure nationalism.
The efforts of the general manager of the company and the factory cadres that have succeeded in operating the project despite the difficult health conditions.
The minister affirmed that "the ministry is proceeding in sound and serious steps to achieve real competition in the local market that is witnessing dumping of imported goods," expressing his hope that the battery product will be exported in the name of our beloved capital (Baghdad) to be a new Iraqi pride, announcing many openings of factories and factories that were suspended for periods. Long to achieve the slogan raised by His Excellency the Prime Minister, "Made in Iraq."
On the sidelines of the opening, he met with a number of employees working in the battery factory and listened to their requests regarding the payment of the salaries of contract employees, the distribution of land parcels and the most important problems facing them, and his Excellency directed to overcome the obstacles and meet the demands.
butterfly The International Monetary Fund approves financing an Arab country with more than one billion dollars
05/25/2021 23:11....... {Economist: Al Furat News} The International Monetary Fund announced that it had reached an expert-level agreement with Egypt to complete a final review of a conditional credit arrangement.
The fund said in a statement that the agreement needs approval from the Executive Council, after which Egypt will get about $ 1.16 billion, indicating that it will provide additional financing to Egypt of $ 1.6 billion after the approval of its Executive Board in the coming weeks.
The fund also announced the completion of the second and final review of a 12-month conditional credit arrangement for Egypt, adding, "Egypt must undertake deep and broad structural reforms."
butterfly Top Iraqi militia commander arrested after attacks on US troops
The reason behind the arrest is still unclear, but warrant stipulates terrorism charges...........May 26, 2021.........
Iraqi security forces arrested a senior Shiite paramilitary leader on Wednesday in a move that will raise tensions with powerful Iran-backed militias accused of attacks on international forces and the killing of hundreds of protesters and activists.
The arrest places the prime minister's loyalist security forces in the army and counterterrorism services directly at odds with the militias that make up an organisation of state-sanctioned groups.
Qassim Musleh, leader of the Popular Mobilisation Forces (PMF) was arrested in the western province of Anbar, reportedly by forces from the Interior Ministry.
The reason behind Mr Musleh’s arrest is still unclear, but an arrest warrant, widely circulated on social media and confirmed by a court official, says he is wanted over terrorism charges. Security officials told Reuters the arrest was in connection with a recent rocket attack against the Iraqi-US base at Al Asad. Mr Musleh's forces are stationed not far from the base.
Mr Musleh also runs a militia group called Al Tufuf, which worked alongside Iran-backed groups in Al Qaim, a strategically important town on the border with Syria.
Since taking office in May, Iraqi Prime Minister Mustafa Al Kadhimi has tried to rein in militias backed by Tehran, but has so far failed.
On Tuesday, security forces killed two protesters in Baghdad who were demanding justice for scores of assassinated activists, shouting "who killed me?" and carrying pictures of the dead.
Mr Al Kadhimi repeatedly promised investigations into protester deaths.
In June 2020, the country's counter-terrorism forces arrested 14 militiamen from the radical Iran-backed group Kataib Hezbollah, which has a prominent role in the PMF.
butterfly The men were accused of planning a rocket attack on Baghdad's Green Zone, but they were released days later and the case was dropped. In December, security forces arrested Hamid Al Jazairi, the former deputy commander of Al Khorasani Brigades, another prominent Iran-backed group, and more than a dozen of his followers.
The following day, the group’s commander, Ali Al Yassiri, was arrested. Then, officials said they were arrested over corruption charges.
butterfly When Iraqi security forces crumbled in mid-2014 as ISIS swept through northern and western Iraq, Shiite volunteers and militias answered a call from the country’s influential Shiite cleric, Grand Ayatollah Ali Al Sistani, to join the fight.
Some of those groups were newly formed and loyal to the quietist Ayatollah, and refrained from attacking international forces or killing protesters.
But those groups have since moved closer to Iraq's Defence Ministry leaving other, more powerful, groups like Kataib Hezbollah and Al Tufuf to continue operations on Iran's behalf.
As major military operations ended and ISIS was declared defeated in late 2017, many Shiite militias scrambled to win lucrative government reconstruction deals in the liberated areas, many of which were in ruins.
Some of the Iran-allied faction within PMF are accused of assassinating activists and protesters since 2019 when pro-reform rallies broke out that also denounced Iran’s growing influence in Iraq.
butterfly Iraq unveils massive anti-corruption project
Iraq has lost $150 billion to corruption since 2003, according to Iraqi President Barham Salih. orruption and nepotism
May 25, 2021 Following remarks from Iraqi President Barham Salih, who admitted on Sunday that Iraq has lost $150 billion since 2003 to corruption, a new international project launched on Monday aims to curb embezzlement and bolster transparency in Iraq’s public sector.
The 15 million-euro ($18.3 million) initiative, led by the United Nations Development Program Iraq in partnership with the European Union Mission in Iraq, was designed to support Iraqi institutions and enable Iraqi civil society to play a more active role in identifying and fighting corruption.
“Combating corruption requires a joint and unified effort from the Iraqi government, state institutions and the Iraqi society,” said the Ambassador of the European Union Mission to Iraq Martin Hutt in a release.
The project is scheduled to roll out over four years across both federal Iraq and the northern Kurdistan Region. Coordinating across dozens of agencies, however, could prove a major challenge.
Why it matters: Corruption is rampant across Iraq. The country is ranked 160 out of 180 on Transparency International’s Corruption Perceptions Index.
In October 2019, protests erupted across the country demanding reforms to curb corruption and hold security forces accountable for killing or unjustly detaining protesters. The United Nations estimates that 490 people were killed and 7,783 injured during demonstrations from October to May.
In response, Iraqi Prime Minister Mustafa al-Kadhimi announced the formation of an anti-corruption committee reporting directly to his office. In one of the committee’s first actions, it arrested the former governor of Nineveh province, Nawfel Akoub, who along with other officials was accused of embezzling about $64 million of public funds.
butterfly In response, Iraqi Prime Minister Mustafa al-Kadhimi announced the formation of an anti-corruption committee reporting directly to his office. In one of the committee’s first actions, it arrested the former governor of Nineveh province, Nawfel Akoub, who along with other officials was accused of embezzling about $64 million of public funds.
Last September, three senior Iraqi financial officials were arrested and charged with corruption, including Bahaa Abdul-Hussein, the director of the Qi Card company that is responsible for distributing payments to employees and retirees. Also arrested were Agricultural Bank Director Adel Khadr, head of Iraq’s retirement fund Ahmad al-Saedi and the head of Baghdad’s Investment Commission, Shaker al-Zamili.
In total, the committee has arrested 31 figures linked to militias and political parties. Some have been tried in court and others have been banned from traveling.
But Kadhimi has been criticized by some activists for making little progress on his campaign promise to address corruption, no easy task as corruption is a deep-rooted issue in the country. In late April, calls for protests against corruption were renewed when a fire at the Ibn al-Khatib Hospital in Baghdad killed at least 82 people and injured 110 others.
“The Iraqi people have taken to the squares to demand effective action against corruption,” said Zaina Ali Ahmed, the resident representative of the United Nations Development Program in Iraq, in a press release. “Citizen voices are louder than ever before and should no longer be ignored. … We aim to strengthen the rule of law and restore popular confidence in the institutions that serve them.”
What’s next: A new bill submitted to parliament aims to equip the country’s legal system and other state institutions with tools to fight corruption, according to Salih. The bill is “a measure to strike the dangerous scourge of corruption that has hindered the building of the country and deprived the people of their w
Raul What’s up with the zim?
Sheila Nicks Intel Update, May 21, 2021: Cheat Sheet for Appointment -- https://nicksintel.wordpress.com/2021/05/21/05-21-2021-cheat-sheet-for-appointment/
Butterfly The lowest since 2003 … Gallup: 78% of Iraqis do not trust Al-Kazemi’s government
Wednesday 26 May 2021 | 10:34 a.m. The lowest since 2003 ... Gallup: 78 percent of Iraqis do not trust Al-Kazemis governmentA Gallup poll conducted by the Washington Institute and published in a report, Tuesday, confirmed that 78% of Iraqis are dissatisfied with the performance of the current government, stressing that the Al-Kazemi government must act quickly if it is to avoid a possible popular uprising among dissatisfied Shiites in Iraq .
The report stated that “according to the poll, the Iraqi Shiites showed particularly high rates of dissatisfaction, distrust and unhappiness with regard to their political system, compared to the Sunnis and the Kurds .”
He added, “The Gallup International project is a long-term project to assess the state of public opinion in Iraq towards democracy and governance in the country, and the overall goal of the project is to determine whether the state of public opinion in the country is on a path that leads to a well-functioning, sustainable pluralist democracy. While the first survey in the project was conducted in April 2021, the project will periodically track key situations in Iraq in order to better understand the societal foundations of the existing political system .
He continued, “The recent poll, which was based on a nationwide face-to-face representative sample of 1,200 interviews, remains pessimistic about Iraqis in general and the Shiites in particular about the government’s orientation. In January 2021, Iraqi Shiite confidence in the government reached 27 percent, while the confidence of Sunnis in the federal government by 46 percent and Kurdish confidence by 55 percent . ”
butterfly And he continued, “The level of confidence in the Al-Kazemi government is at its lowest level ever. In last April’s poll, 22 percent of Iraqis in total and only 17 percent of Shiites express their confidence in the government. The latest poll also showed that 75 percent of Iraqis in general believe that the country Going in the wrong direction, while this percentage rose among Shiites to reach 80 percent, which is the lowest level of optimism about the country’s future since 2003. ”
The poll showed that “while about 50 percent of Sunnis and Kurds believe that they cannot influence the decisions made in Iraq, the percentage jumps to 60 percent among Shiites, and by the same token, 60 percent of Sunnis feel that not all people are treated fairly and equally. By the government, while 70 percent of Shiites believe it too . ”
The report indicated that “there is a huge crisis of confidence in the Iraqi government, and since this is the largest rate among the Shiite community in Iraq, the most important group for the government for its political support, this means that the societal basis for the legitimacy of the government in Iraq is largely lacking, and this lack of community support. It may mean more political instability in the country, and it also means that many of the Iraqi public view its government as a cause of problems rather than a solution to many of the economic, social and political challenges in Iraq. aynaliraqnews.com
butterfly Parliamentary Integrity: Mafias behind preventing the opening of the currency auction file in Iraq
Wednesday 26 May 2021 | 12:30 p.m. Parliamentary Integrity - Mafias behind preventing the opening of the currency auction file in IraqThe Parliamentary Integrity Committee revealed, on Wednesday (May 26, 2021) the parties behind the auction of currency sale in the Central Bank of Iraq .
A member of the committee, Representative Taha Al-Dafa’i, said that “the file of the auction sale of currency in the Central Bank of Iraq, behind which are large political forces, mafias of corruption and private banks belonging to influential parties and personalities .”
Al-Defense said that “the most prominent axes of questioning the governor of the Central Bank, was the file of the auction of selling the currency, but these major political forces prevented this questioning and will continue to work to disrupt it for the continuation of hegemony and control of this auction .”
A member of the Parliamentary Integrity Committee confirmed that “most of the political forces have private banks and are benefiting from the auction of selling the currency, and this auction provides huge profits for these banks belonging to prominent political parties and personalities, and this auction continues until now .” aynaliraqnews.com
butterfly MP Al-Fatlawi: The government bears the responsibility of besieging the people economically
2021-05-26 MP Al-Fatlawi - The government bears the responsibility of besieging the people economicallyOn Wednesday, Fadel Al-Fatlawi, the representative of the Al-Fateh Alliance, held the government responsible for the deterioration of the people’s economic situation after the decisions it had made regarding the dollar and the curfew, pointing out that Parliament is currently moving to ensure the improvement of the economic situation and the elimination of poverty.
Al-Fatlawi said in a press statement, “The government bears responsibility for what the people suffer from the great deterioration of the living situation, especially after the measures it has taken regarding the comprehensive curfew during the past few days, as well as raising the dollar exchange rate.”
He added that “Iraq needs an economic rescue plan to improve the level of per capita income, eliminate unemployment, and reduce prices to an acceptable level, which is what the government must do.”
Al-Fatlawi explained, “There are moves within Parliament in order to ensure a change in the citizen’s economic reality, and to improve the living situation in line with the requirements of the stage.” burathanews.com
butterfly The dollar jumps and touches 150 thousand dinars in Baghdad and the Kurdistan Region
2021-05-26 00:26 The dollar jumps and touches 150 thousand dinars in Baghdad and the Kurdistan RegionShafaq News / The exchange rates of the dollar rose on Wednesday on the main stock exchange in Baghdad and Kurdistan Region.
The Shafaq News Agency correspondent said that the Al-Kifah and Al-Harithiyah Central Stock Exchange in Baghdad registered 149,150 Iraqi dinars, compared to 100 US dollars.
While the Central Kifah Stock Exchange recorded 148850 Iraqi dinars during its opening on Tuesday morning.
Our correspondent indicated that the buying and selling prices rose in the exchange shops in the local markets in Baghdad, where the selling price reached 149,500 Iraqi dinars, while the purchase prices reached 148,500 dinars per 100 US dollars.
As for Erbil, the capital of the Kurdistan Region, the price of the dollar also witnessed a rise, as the selling price reached 149,200 dinars per hundred dollars, and the purchase was 149,000 dinars per hundred US dollars.
butterfly Deputy: The original budget tables were withdrawn after the vote and what was sent to the Presidency of the Republic was tampered with
16:02 – 05/26/2021 Deputy - The original budget tables were withdrawn after the vote and what was sent to the Presidency of the Republic was tampered withInformation / Special …
A member of the Parliamentary Finance Committee, Abd al-Hadi al-Saadawi, revealed, on Wednesday, that the budget tables that reached the Presidency of the Republic have been tampered with.
Al-Saadawi said, in a statement to the agency / information /, that “the tables that have been voted on budget numbers have been placed before us, something that was sent to the Presidency of the Republic, another thing and there is great manipulation in it.”
He added, “The manipulation took place before its exit from Parliament, and this means the presence of some parties that have changed the numbers in the budget sent to the Presidency of the Republic.”
He pointed out that “the original copies of the budget, which were voted on, were withdrawn from all MPs, and there was no remaining original copy of the 2021 budget almaalomah.org
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