Zig’s Place Chat and News Friday 6-4-21
Zig: Welcome to zig’s place, a chat room for dinar speculators and others….discuss any topic that you wish here
Dave Adviser to the President of the Republic: The money recovery law is implemented retroactively and an examination of suspicious wealth
Dave Baghdad / Obelisk: Abdullah Al-Zaidi, Advisor to the President of the Republic, explained, Thursday, June 3, 2021, the reasons behind the introduction of the “Stolen Funds Recovery” law.
Al-Zaidi said in a press statement, “Some provisions of the law are scattered here and there, but they were collected in one paper to achieve benefit from them, and the Ministry of Foreign Affairs will benefit from them and even intelligence.”
He added: “Whoever has wealth or accumulates and raises suspicion, he must show identification papers, and this does not start with the adoption of the law, but rather from taking office, such as special grades.”
And he continued, “The law gave the Ministry of Foreign Affairs the opportunity, and even obligated it, to conclude some agreements with other countries, and this power of attorney will be given to the government by the law, meaning that there will be a power of attorney to pursue funds outside or inside Iraq.”
And he went on: “It is our role to legislate the law and send it to the House of Representatives, as the President of the Republic is the protector of the constitution, and this allows him to follow up on the implementation of laws, and the prime ministers and representatives are the ones who have the authority to implement or follow up on laws.”
And the Presidency of the Republic announced, earlier, the full text of the bill to recover Iraqi funds from abroad.
The President of the Republic, Barham Salih, said that “the draft law includes subsequent steps to recover corruption funds, and includes supporting financial and supervisory institutions and activating their tools.”
He added: “Iraq has lost a lot of money because of corruption, with a value of one thousand billion dollars since 2003 due to corruption.”
He continued, “150 billion dollars have been smuggled from corruption deals abroad since 2003,” noting that “corruption cannot be dealt with locally.” http://almasalah.com/ar/news/210238/%D9%
Dave The money recovery law is implemented retroactively and an examination of suspicious wealth……….hmmm……???? Will have to ask Kap fer a translation on that!
Dave 150 billion usd……almost 200 trillion IQD……wonder how many semis that would be?
Dave consider if they could get back one thousand billion dollars since 2003 due to corruption.”…….a Quadrillion IQD……….just would feel sorry fer those that would have to count that out…LOL
BobbyC Hopefully they pass and implement that law
Dave implemented retroactively????
BobbyC Yep to 2003. Draft Law being key
BobbyC Question will arise as to what Parliament will do with it
BobbyC Once passed, that’s when the bureaucracy begins. Ya can’t just go to an out of country Bank and ask for your money back. Banks will require some type of legal document issued usually by a Court. Hell even a fraction of that money would be key for Iraq. Then we’ll see how it’s used
Dave BobbyC 150 billion abroad…..already frozen…….
BobbyC If there was a Court order issuing those funds be frozen, Iraq is 1/2 way there. Now they have to prove those funds were indeed stolen. Were they frozen?
Dave BobbyC been frozen fer awhile…..
BobbyC Cool I haven’t seen that
Dave old news….
BobbyC Would love to see it. I’ll look for it
Dave posted that news 6 months ago or more
BobbyC cool it should be easy to find Thanks
Dave :(………nobody ever believes me
BobbyC Lol I believe ya just would love to see how they did it
Dave TNT easier to believe…….
BobbyC The U.N and even our White House has issued orders on Corruption. Our WH did it in 2018, I believe, thru an Executive Order. Back then we were excited because of the corruption in Iraq
BobbyC If TNT said it, we got issues lol
BobbyC I do believe ya now we wait and see what Iraq does
Supreme leader dinard Dave they should try defrosting that money Or at least stop being corrupt
Dave seems like they require setting up some Embassies with foreign Nations
Supreme professor dinard Dave they probably have one in Iran lol
Dave Jordan was a major holder as i recollect 150 billion…….quite sure we will hear more on this……..just liked the word Retroactively……..translational difficulties with other languages…… esp with words like NO……
BobbyC Iraqi news is a tough one for sure. Whenever I see “law”, I always look to see what Parliament has done. Since most MP’s, and their Bloc leaders are corrupt, it will be a tough one to get passed verbatim. That’s why we saw the GOI challenge the 2021 Budget. Parliament chews it up to their liking
BobbyC GOI meaning the Executive Branch
Dave Just meeting Quorum……..
Dave at a cross road……….cant move forward……..
BobbyC 100% Depending on what’s being voted on, they will show up. Now most will be running for Election and showing up will become secondary
Dave BobbyC cancel Questioning of minister fer fear of an Insurrection…..news from last day
BobbyC * I’m still waiting on them to question the CBI on the devalue. That devalue made perfect sense but the reasoning’s behind it didn’t fit the political narrative. That narrative was to divert attention away from Iraq’s ineptness/corruption since 2003
Dave BobbyC All nations been clobbered………Iraq a very poor nation…….have to do what they have to do with all they got
BobbyC I’d love to see the CBI stand before Parliament and talk about corruption within the Auctions. Won’t happen because it would be political suicide for the Banking system.
Dave BobbyC Govt determines who attends CBI auctions not CBI
BobbyC Once you see a 60/40 split on the oil to non oil revenues, we might see what Delete the Zeros really means
BobbyC That’s not true. Attendees to the Auctions are “supposed” to submit a written request on what amount of funds they would receive thru the Auctions. The GOI would have a say within their Banks and IF the MOF took over the Auctions. The CBI is supposed to be independent of the GOI and it’s the CBI who controls and publishes those results
BobbyC I should’ve said those request go directly to the CBI
Dave once approved by GOI
BobbyC Now the MOF hold 1 to 2 Auctions a year and that’s GOI sponsored
Dave about 30 some companies involved
BobbyC Still having a hard time figuring out how the GOI controls the Auctions. They do go to the CBI and exchange USD for IQD. Maybe they do but that would cast shadow on the CBI’s independence
Dave CBI has argued looted funds from auctions not their fault……GOI determines who attends the auctions
Dave have posted this news also..numerous times…….:(……..
BobbyC Ok I just miss out lol
Dave missed the boat plenty of times also…….
BobbyC Actually it’s the before and after affect of the Auctions. Falsely submitted request to the Auctions beforehand and once they get the money, it’s the Currency Windows that fail to verify released funds for imports/exports
Dave CASH AUCTIONS……..
BobbyC If they CBI has true independence, they would do away with the Auctions and have the verification process go strictly thru the Banking System. That’s why the CBI has pushed the letters of credit program. Now the Auctions are bult into two tiers. Money for foreign obligations and cash sales
BobbyC Both are corrupt just on different levels
Dave BobbyC CBI has reserves near solely from these auctions on the spread .. would be broke without them
Dave Central Banks make money through banking…….1/3 of Iraqis actually have bank accounts currently…? little to no foreign investment currently…….Central banks make huge from mortgages/loans…..right off the top and can then leverage that loan amount 1000x…”.Fractional banking”
BobbyC Well look at what the CBI sales the USD per IQD for then look at what the Banks sell it to the Currency windows for, then look at what the Citizen buys it for. I haven’t checked lately but before there was a +30 or more before it finally settled to the Citizen. It’s called the volatility of money. That’s why if the CBI was truly independent, they would do away with all the middle men, thus the Auctions. For now they can’t because the IQD is not used in paying external debt and the Citizen loves the USD
BobbyC No doubt the Banks can use numbers to their advantage for on hand Capital. Just look at what they did to Basel III … Gold was bumped up as an asset to give the Central Banks more leeway … I say asset but it went from Tier 3 or something to Tier 1
Dave BobbyC LoL……..If i walked into a bank with only 1Million in cash……..betcha cops would be called????
BobbyC :HaHaHa: NO DOUBT Or the UST
Dave CBI likes transparency i hear…..so the story goes……
BobbyC CBI’s monetary policy is head and shoulders above the GOI’s economic policy. 2 separate identities but both run parallel. Once the GOI gets it’s house in order, Iraq will explode with riches
BobbyC economic ..oops economic/fiscal policies for the GOI CBI is hamstrung politically for now
Dave BobbyC yeppers…..CBI has done very well imo……
Dave inflation currently global…….at least we have credit cards to absorb that….Iraq not so much .. Tariffs on imported furniture from Asia up 274% from last week…..Food prices gone crazy here…..Coke and Doritos still cheap like borscht…… https://www.expatistan.com/cost-of-living/country/iraq
BobbyC It’s all part of the plan lol
Dave a pack of smokes…2100 dinar……? 1 liter (1/4 gallon) of gas 587 Dinar
BobbyC foreign exchange wise that ain’t bad … I’d go back to smoking for that price lol
Dave gas cheaper than what we pay fer water…….
BobbyC crazy stuff
Dave 2 liters of coca-cola 1,385 Dinar…….gas cheaper than coke…….lol…….
EYEGUY Howdy folks …………Hope your all well ?
BobbyC Wet on the Gulf Coast of Texasplace, zig's /