Zig’s Place

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Zig’s Place Chat Room Discussion and News Saturday 1-2-21

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

xyz   In the past weeks, government banks intensified calls for citizens to deposit their money in their bank branches instead of hoarding it at home. https://www.iraq-businessnews.com/2020/12/31/iraqi-banks-undertake-overdue-reforms/

Iraqi banks have undertaken reforms, coinciding with the Iraqi government’s measures to reform the economy. Dec 28, 2020   The Central Bank of Iraq announced in a statement Dec. 19 the devaluation of the Iraqi dinar to 1,450 to help reduce the country’s fiscal deficit in the state budget for 2021 from 70 trillion to nearly 30 trillion dinars.

Simultaneously, Iraqi banks have undertaken additional measures to optimize the Iraqi economy. In the past weeks, government banks intensified calls for citizens to deposit their money in their bank branches instead of hoarding it at home.

Local media published calls by Rasheed Bank and Rafidain Bank along with the interest rates they pay for deposited money.

In less than a week, state-owned Rafidain Bank raised the interest rate on deposited money from 4% to 5% so as to encourage people to deposit funds in Iraqi branches.

Rasheed Bank, however, is paying a 7% interest rate on fixed deposits for 2.5 years. Rasheed Bank’s offer involves individuals, businesses, associations and other sectors.

According to the Central Bank, funds citizens have hoarded at home are estimated at 77% of those circulating in the local market. https://www.al-monitor.com/pulse/originals/2020/12/iraq-banks-economy-reform.html

xyz   Economists: Lowering the dinar throws 60% of Iraqis into poverty

Economists believe that the poverty rate in the country will rise to above 50% after the decision to reduce the value of the dinar LINK

xyz   On October 15, 2003, Iraq began to distribute new dinar bills, graced with the likeness of an ancient Babylonian ruler and a tenth-century mathematician. By January 15, 2004, new dinars replaced the two types of notes that were in circulation. Old Saddam dinars were swapped for new dinars at a one-to-one rate, and each so-called “Swiss” dinar fetched 150 new dinars. Bank accounts and contracts were converted at the same rates, and Iraqi salaries began to be paid in crisp new notes. The new currency became convertible into foreign currencies at market rates.

Iraq’s currency swap was heralded with great fanfare in Baghdad and Washington. As President George W. Bush put it: “The new currency symbolizes Iraq’s reviving economy.” https://www.nationalreview.com/corner/another-junk-currency-the-iraqi-dinar-bites-the-dust/

Dave   Security Council Sanctions Committee concerning Iraq Removes One Entity from Its Sanctions List

December 31, 2020 Walter   PRESS RELEASESC/14390 16 DECEMBER 2020

SECURITY COUNCIL

On 16 December 2020, the Security Council Committee established pursuant to resolution 1518 (2003) approved the removal of the following entity from its List of Individuals and Entities subject to the assets freeze set out by paragraphs 19 and 23 of Security Council resolution 1483 (2003) adopted under Chapter VII of the Charter of the United Nations:

  1. Entities and other groups

IQe.003 Name: RAFIDAIN BANK

A.k.a.: AL-RAFIDAIN BANK F.k.a.: na Address: Rashid Street, Baghdad, Iraq Listed on: 21 Nov. 2003 Other information: Activity: General purpose bank

The names of individuals and entities removed from Committee’s Sanctions List pursuant to a decision by the Committee may be found in the “Press Releases” section on the Committee’s website at: www.un.org/sc/suborg/en/sanctions/1518/press-releases.

https://www.un.org/press/en/2020/sc14390.doc.htm

xyz  Deputy: Parliament Will Begin An In-Depth Reading Of The Budget In The Coming Days

On January 1, 2021  Al-Mustaqilla / – The head of the Parliamentary Committee on Agriculture, Water and Marshlands of the Saeron Alliance, Salam Al-Shammari, confirmed that Parliament will begin, through its relevant committees, an in-depth reading of the current year’s budget in the coming days.

He said in a press statement that the Independent received a copy of it, that all political blocs are bent on approving a budget that meets the needs of the people without deducting percentages from the salaries of lower grades.

Al-Shammari added that approving the budget will not be delayed for long and will be approved during the current month or early next month at most.

He stressed the importance of ratifying it as soon as its law is approved and without any governmental objections, indicating that Parliament will legislate the budget according to the requirements of the reality of the country and its people.    LINK

Dave  Security Council Sanctions Committee concerning Iraq Removes One Entity from Its Sanctions List……seems more entities to go……

Dave   https://search4dinar.wordpress.com/

Dave   Kap told me days ago Iraq CH 6

Dave   not SURE who to believe Kap or UNSC?

Dave all the bantor regarding a RV fer us all MOOT to me while under Sanctions…..?

Sheila  waiting to see what happens between January 5, 2021 and January 20, 2021

Dave  sheila UNSC pulling the PLUG on Sanctions?

Xyz   After the central bank was hit by a surprise .. Iraq may move to change the dollar exchange rate

2020-12-29 07:02  Shafaq News / As soon as the devaluation of the dinar against the foreign currency, especially the US dollar, came into effect, the people’s willingness to buy those currencies decreased, which created alarm for the Central Bank of Iraq, which is responsible for issuing the decision that sparked popular discontent, because of the consequences it may have on the middle class and people Limited income in society.

The Central Bank of Iraq had decided to raise the price of selling the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration of oil prices.

Iraq relies on 90% of its income on oil revenues, and the last time it devalued the dinar was in December 2015 when it raised the selling price of the dollar to 1182 dinars, compared to 1166 dinars in the past.

And for the third consecutive day of this week, the Central Bank’s sales decreased by more than 55%.

Review the exchange rate

A source in the Ministry of Finance told Shafaq News Agency, “The decline of the Iraqi dinar against the US dollar and the increase of the exchange rate from 119 thousand to 146 thousand dinars per 100 dollars caused a rapid decrease in the value of sales at the Central Bank in the foreign currency auction.

The source adds, saying that “the Central Bank is upset, and in light of this several proposals have been submitted to determine the exchange rate of the dollar against the Iraqi dinar, including that it be 135 thousand per 100 dollars instead of the current price.”

The central bank launched its decision regarding the new pricing for selling the dollar in the auction for the currency on December 20, and since then, the bank has witnessed a decline in currency sales.

The dollar sold down to unprecedented levels  For his part, the economic expert       LINK

xyz   Parliamentary Finance reveals to {Al Furat News} the fact that the Central Bank intends to change the dollar’s exchange rate

Time: 01/02/2021 12:31:58   {Baghdad: Al Furat News} The Parliamentary Finance Committee revealed, on Saturday, the fact that the Central Bank intends to change the exchange rate of the dollar again.

Committee member Jamal Cougar told {Al Furat News} that “it is not possible for the central bank to re-price the dollar again,” stressing that “do not retreat from the new exchange rate and it is unrealistic for the monetary authority to circumvent itself.”

Cougar added, “There will be no retreat from changing the exchange rate and no new rate may be adopted because it will confuse the entire market,” noting that “we need two weeks to overcome the crisis of changing the price so that citizens adapt to the new price.” LINK

xyz   Parliamentary Committee: Questioning the Minister of Finance and the Governor of the Central Bank has become an urgent necessity

Political| 12:27 – 02/01/2021  BAGHDAD – Mawazine NewsThe Parliamentary Finance Committee warned, on Saturday, of a future economic disaster in the country, in the event that the Minister of Finance and the Governor of the Central Bank remain in their positions, confirming that their questioning in Parliament has become a popular and political demand.

“The questioning of the Minister of Finance and the Governor of the Central Bank has become a popular and political demand, because of the continuous failures in managing the financial crisis,” said a member of the committee, MP Thamer Theban Al-Hamdani, in a press statement, seen by Mawazine News.

He added, “The next sessions of Parliament will witness the questioning of Finance Minister Ali Abdul Amir Allawi, as a first reform step for the work of state institutions.”

Al-Hamdani pointed out, “The choice of the Minister of Finance and the Governor of the Central Bank was a wrong decision from the beginning, and it must be addressed before the situation deteriorates further.” Ended 29 / https://www.mawazin.net/Details.aspx?jimare=136532

Xyz   Parliamentary Committee: Questioning the Minister of Finance and the Governor of the Central Bank has become an urgent necessity

The Parliamentary Finance Committee warned, on Saturday, of a future economic disaster in the country, in the event that the Minister of Finance and the Governor of the Central Bank remain in their posts, confirming that their questioning in Parliament has become a popular and political demand.

A member of the committee, MP Thamer Theban Al-Hamdani, stated in a press statement. “The questioning of the Minister of Finance and the Governor of the Central Bank has become a popular and political demand, due to the continuous failures in managing the financial crisis.”

He added, “The next sessions of Parliament will witness the questioning of Finance Minister Ali Abdul Amir Allawi, as a first reform step for the work of state institutions.”

Al-Hamdani pointed out, “The choice of the Minister of Finance and the Governor of the Central Bank was a wrong decision from the beginning, and it must be addressed before the situation deteriorates further.” https://me3cqzp54k2jl4s233nr6undya–www-alliraqnews-com.translate.goog/modules/news/article.php?storyid=105774

Dakota  I’ve noticed that (repeatedly) Guru Jeff is saying Iraq is on a fiscal year, beginning April 1 (like Kuwait). ANY number of online resources show that Iraq is on a CALENDAR YEAR basis … and has been for at least a decade. Maybe two. I wonder why nobody is challenging Jeff on this point.

Zig  @Dakota : :Welcome: Jeff was here for a while in chat…I have invited him to return…maybe he will return sometime and answer this….I will email your post to him….

Sundog  Zig The bummer was I had this great answer for someone who was saying how Jeff keeps Iraq at the fiscal year of Kuwait and then I couldn’t post it….I hate passwords…

Zig  sundog : So answer it now….

sundog  My reason was that Jeff will not – under any circumstances believe that Iraq has a calendar year. He INSISTS that Iraq is following every single step that Kuwait did. You can list every single link that shows Iraqs fiscal year is the calendar year but he will not even entertain the possibility. Who else does that remind you of? Go ahead Guess….

sundog  Question: Where does Jeff post? Is it here then it is brought to the other sites? or does he post elsewhere – curious because of the challenge of the fiscal year and that no one does call him out in print..

Zig  sundog : Jeff does frequent videos….I invited him to return to the chat to address some things but he declined….

Sundog  Zig I wondered how it all works. As you can tell I do not get into all the online stuff. Honestly try to stay away from social media…it’s not very social..

Sundog   I hope to be collecting from this little rodeo

Tebow  sundog me too, plan to pass most of it to my kids

sundog  It is nice to be in a chat again – I have had dinar for years and years – I did not tell my family or my husband – they would not understand – so you can imagine the surprise that will be..

sundog  Tebow That’s nice…I don’t have kids. I have dogs. So there are a lot of no kill shelters who will be receiving some goodies.

Zig   REGISTERING: Register a username by clicking on “name” in the message box below…then hit enter or click the arrow at top right…pick a password, etc…POSTING: Log in the same way that you registered….Post by clicking into the message box and typing a message…then hit enter or click on the arrow at bottom right…. ADVANTAGES OF BEING REGISTERED: Registered members are able to password protect their names, post, delete their messages, and PM (Private Message)…  :coffee:

Zig    GUESTS MAY NOW POST….without registering….”anyone”…Just type any name where it says “name” below after clicking on it….Next click into the message box below and type a message….then hit enter or click on the arrow at bottom right….your name will appear in black with no star…. : Posting:

Zig   FOR NEW MEMBERS AND GUESTS Somewhere above you will find two posts I made with about navigating this chat room, with instructions included on how to do/access several things, etc….older members may also find them useful…I will make sure they are always visible somewhere above via scrolling up…and you can always ask in chat if you have questions or problems, etc….

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