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Zig’s Place Chat Room Discussion and News Friday 9-18-20

Zig  Dinar Perspective Round table Conference Call recording….9/17 LINK

Xyz   The first move of the new Iraqi central bank governor

The Governor of the Central Bank of Iraq, Mustafa Ghaleb Al-Kitab, announced, on Thursday, the development of a studied banking plan to develop the bank’s work and strengthen the national currency.

The bank said in a statement, “Nass” received a copy of it, (September 17, 2020), that “the Governor of the Central Bank of Iraq, Mustafa Ghaleb Al-Kitab, met with the President of the Supreme Judicial Council, Judge Dr. Faiq Zaidan.”

“During the meeting, the governor of the Central Bank confirmed that a deliberate banking plan had been developed that would develop the work of the central bank, strengthen the national currency and deal with negatives, in cooperation with the courts specialized in joint work with the central bank,” Al-Baya added.

During the meeting, the President of the Supreme Judicial Council stressed, according to the statement, that “the selection of independent personalities from among the employees of state institutions to manage these institutions gives an indication of the government’s seriousness in pursuing the professional institutional approach in building the state as well as emphasizing the importance of preserving the independence of the Central Bank in accordance with the constitution and the Central Bank of Iraq law.”

Zidan stressed “the necessity of adhering to banking laws, the anti-money laundering and terrorist financing law, and the instructions issued pursuant to them, to build a solid banking sector capable of facing financial and economic challenges and providing real opportunities for development.”

On Monday, Prime Minister Mustafa Al-Kazemi made changes to a number of important positions, which included 16 personalities in senior positions. https://www.nasnews.com/view.php?cat=40530

xyz   The new central bank governor: We have put in place a deliberate plan to develop work and strengthen the dinar

The new Central Bank Governor, Mustafa Al-Kuttab, revealed, on Thursday, that a “deliberate banking plan” has been developed to develop the bank’s work, strengthen the national currency and address negatives, while the President of the Supreme Judicial Council, Judge Faik Zaidan, stressed the need to adhere to banking laws and the anti-money laundering and terrorist financing law.

The media office of the Central Bank said in a statement that Alsumaria News received a copy of, that “the Governor of the Central Bank of Iraq, Mustafa Ghaleb Al-Kitab, met with the President of the Supreme Judicial Council, Judge Faik Zaidan.”

The statement quoted the book as saying that “a deliberate banking plan has been developed that will develop the central bank’s work, strengthen the national currency and address negatives in cooperation with the courts specialized in joint work with the central bank.”

For his part, Zaidan said, “The selection of independent personalities from among the affiliates of state institutions to manage these institutions gives an indication of the government’s seriousness in pursuing the professional institutional approach in building the state, as well as emphasizing the importance of preserving the independence of the Central Bank in accordance with the constitution and the Iraqi Central Bank Law.” LINK

Xyz   Parliament will proceed to include borrowing in the General Budget Law 2020

Baghdad / The Parliamentary Finance Committee disclosed that the House of Representatives has proceeded to include borrowing in the Federal Budget Law 2020, which was recently approved by the Council of Ministers.

The committee’s rapporteur, Ahmad al-Saffar, stated in a statement to the Iraqi National News Agency -, that “the House of Representatives decided to stop external borrowing in the 2019 budget, but the Finance Committee was forced to pass a law on domestic and external borrowing for the purpose of paying salaries, and we stipulated not to agree again to borrowing.”

He added that “there are trends with the inclusion of borrowing in the general budget law 2020, within the limits of the necessary expenditures related to the payment of salaries, ration card items and medical drugs only,” indicating that “the only issue that may delay discussions to approve the general budget law is the rate of internal and external loans that the government wants.”

He explained that “the authority of the House of Representatives, according to the constitution, is to reduce the total amount of the budget or the transfer between the chapters, except for the increase that should be in coordination with the government and its approval.”

During its extraordinary session held last Monday, the Council of Ministers voted on the Federal Budget Law of the Republic of Iraq for the fiscal year / 2020, and referred it to the House of Representatives based on the provisions of Articles (61 / Clause First and 80 / Clause Second) of the Constitution. https://ninanews.com/Website/News/Details?key=857003

Xyz   Governor of the Central Bank of Iraq meets with the President of the Supreme Judicial Council https://cbi.iq/news/view/1555

His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Al-Kitab, met with the President of the Supreme Judicial Council, Judge Dr. Faiq Zidan.

During the meeting, His Excellency the Governor of the Central Bank affirmed that a thoughtful banking plan had been developed that would develop the work of the Central Bank, strengthen the national currency and address negatives in cooperation with Courts concerned with joint work with the Central Bank.

In turn, the President of the Supreme Judicial Council stressed during the meeting that choosing independent personalities from among the employees of state institutions to manage these institutions gives an indication of the government’s seriousness in

Following the professional institutional approach in building the state as well as emphasizing the importance of preserving the independence of the Central Bank in accordance with the constitution and the Central Bank of Iraq law, stressing the need to adhere to banking laws, the Anti-Money Laundering and Terrorism Financing Law and the instructions issued accordingly to build a solid banking sector capable of facing challenges

Financial, economic, and real opportunities for development.

xyz   Parliamentary Finance pledges the country’s economic reform with a paper to be presented within weeks

Shafaq News / The Parliamentary Finance Committee pledged today, Thursday, to reform the financial system and address the problems of unequal salaries for state employees and retirees, on the implementation of the economic reform paper to be presented by it in the coming weeks.

Committee member Jamal Ahmed Cougar said to Shafaq News, “The contents of the economic reform paper agreed upon and decided by Parliament and the Ministry of Finance include amending the salary scale, ending the differences and discrepancies between the salaries of state employees, organizing retired payrolls and the Federal Service Law,” noting that “Parliament and the Committee Finance has not yet seen the economic reform paper due to be presented on the fifteenth of next month.

Cougar pledged “the application of the reform paper to the extent of the government’s seriousness in implementing it and within the 2021 budget or the 2022 budget at the farthest borders,” considering that “the reform paper is an end to the financial problems in the country and the problems of employees’ salaries that take over a large part of the federal budget . ”

He added, “Failure to implement the reform paper is a threat to the country’s financial system and exacerbate new problems in the coming years .” LINK

Xyz   Central Bank of Iraq (CBI). Mustafa Ghaleb has been named the CBI’s new governor after long service as its head of legal affairs. A nonpartisan figure with a history of resisting political pressure, he will now take the lead on implementing bank reforms and protecting the dollar auction process against interference from Iran, militias, and other corrupt actors. https://www.washingtoninstitute.org/policy-analysis/view/kadhimis-rolling-reshuffle-part-2-protecting-iraqs-economic-institutions-an

Xyz   100 US dollars is equivalent to 100 Iraqi dinars .. Is it possible? An economic expert answers.

Baghdad / Obelisk: The economic expert, Salam Sumaisem, said that the government is now obliged to reduce the value of the Iraqi dinar against the dollar in order to obtain greater quantities of Iraqi money against the dollar without printing more, and thus preserving the currency from collapse.

In an interview with the “obelisk”, Sumaisem said that the printing of the currency in the pre-2003 era was done without cover and in large quantities, and it was reduced without a balance. Today, it can be reduced with a balance, indicating that this reduction increases the amount of exports because it pays people who They import from abroad to the demand for domestic goods, which will lead to a devaluation of the currency and the demand for it becomes more.

Several countries resorted to writing off zeros of their currency, with the aim of restoring some confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value.

Sumaisem indicated that the time is not appropriate to manipulate zeros or the currency because its value will change, and with regard to removing zeros, this requires monetary stability and that was decided during the era of Sinan al-Shabibi administration of the Central Bank.

The economic expert called for improving the status of the dinar so that every 100 dinars would be equal to 100,000 Iraqis, and thus raising the zeros so that every 100 dollars equal to 100 Iraqi dinars, and thus the dinar would be equal to the dollar.

But Sumaisem believes that raising the zeros is not possible at the present time, due to the monetary and economic crisis that Iraq suffers from.

And deleting zeros from the currency is the process of replacing the old currency with a new one whose price is less than the old currency by the number of zeros that will be deleted, for example d

xyz   And deleting zeros from the currency is the process of replacing the old currency with a new one whose price is less than the old currency by the number of zeros that will be deleted, for example deleting three zeros from the Iraqi currency means that one dinar from the new currency is equivalent to 1000 dinars from the old currency.

The Iraqi Finance Minister suggested reducing the price of the Iraqi dinar as a measure to confront the financial crisis, as Sumaisem believes that this proposal will be the closest scenario .. and will prevent compromising the storage in the central bank. LINK

xyz   Is that float?

Zig   No, would be great!!….  :Yes:

Xyz   Iraqi political parties on Wedneaday rejected the new changes brought by Prime Minister Mustafa Al-Kadhimi to senior positions in the security, economic, administrative and financial government bodies.

In separate statements, the Sairoon Alliance, the Al-Fatah coalition and State of Law Coalition rejected Al-Kadhimi’s government reshuffle saying they were surprised by the new appointments.

The Sairoon Alliance, supported by Shia cleric Muqtada Al-Sadr, said in a statement that the new appointments are dominated by party and political frameworks which “represents a setback in the reform project”.

Hadi Al-Ameri, the head of Al-Fatah coalition, which includes most of the Popular Mobilisation Forces, also rejected Al-Kadhimi’s changes, saying they represent “a return to the quota system”.

The State of Law Coalition said the new changes radicalise the quota system, adding that it had warned of such changes since the inception of the current government.

Al-Kadhimi announced on Monday changes to 15 high-ranking positions, including the governor of the central bank, the head of the Shia endowment office and the head of the Public Integrity Commission. https://www.thebaghdadpost.com/en/Story/49771/Iraqi-parties-reject-PM-Kadhhimi-s-government-reshuffle

Xyz   Trump campaign plots winning maps without Florida (but insists they won’t be needed) https://www.mcclatchydc.com/news/politics-government/election/article245760810.html

Xyz   Republican Senator Ron Johnson, who was due to join President Donald Trump in Wisconsin on Thursday, has instead entered quarantine after being exposed to someone who tested positive for the coronavirus, his office said in a statement. https://www.yahoo.com/news/u-senator-johnson-quarantined-covid-202506485.html

Zig   To delete a post you have made:…Go to the far right within the post and you will see 3 dots stacked vertically…click on them…you will see a trash can…click on that to delete your post…To PM (Private Message): make sure both of you are logged in first and wish to PM…click on those aforementioned dots within any post the person with whom you wish to PM has made….you will see an envelope….click on it to send a PM….you will see a lock and check marks within a post that you have successfully PMd at the far right…..then the person replying does the same clicking on the envelope in one of your posts,etc…

Referrals: If anyone has someone to refer just make a post and address me telling me you wish to do so…and if I am not here I will find you later…then you will “PM” this to me: the username desired by your referral and the password desired….please tell the person you are referring to make it a short password….maybe a 5 digit number…Any questions about anything in this post, please ask in chat….

Zig   I may try something new soon but it will be short lived the VERY FIRST TIME that it leads to trouble…so anyone could sabotage it easily…but I like experimenting…and remember that if someone comes in here to cause trouble, name-call, insult me, etc., he/she will be quickly denied access…and I am good at recognizing people, their posting style, etc….lol….

I have an email that I created when I opened this chat…I may make it available soon to anyone wishing to become an ACTIVE member here…don’t bother if you don’t intend to post much….he/she would send me the name and password they desire…I would register them and then they could post…but I have a feeling that it would lead to trouble….lol…stay tuned….

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