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Zig’s Place Chat News Tuesday AM 3-30-21

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

Butterfly   Sabah Al-Aqili to / Nina /: The budget will go through this week

Tuesday 30, March 2021 11:41 Member of Parliament for the Alliance, Sabah Al-Ugaili, confirmed that: It is not possible to accept any delay in approving the state budget for another time.

He told the Iraqi National News Agency ( NINA ) that: Discussions are continuing to proceed with a solution to the remaining points of contention in order to proceed with the approval of the budget during the current week.

Al-Aqili added that: The Sairoun coalition is very keen to implement what was mentioned in the tweet of the leader / Muqtada al-Sadr / that the budget must be approved as soon as possible.

The leader of the Sadrist movement, Muqtada al-Sadr, advised the political forces to forget their differences, and warned of the consequences of postponing the vote on the budget bill.

Al-Sadr said in a tweet on Twitter yesterday: “Once again, we see the House of Representatives being unable to vote for the budget due to political, partisan, sectarian and national differences, forgetting the suffering of their people.”    https://ninanews.com/Website/News/Details?key=896120

butterfly  https://ninanews.com/Website/News/Details?key=896172

Al-Kazemi: We look forward to speeding up the passage of the federal budget law

Tuesday 30, March 2021 15:32 During the Cabinet session held today, Tuesday, Prime Minister Mustafa Al-Kazemi said: “We look forward to speeding up the passage of the federal budget law, and the paragraphs it contains that address the needs of the poorest classes and support service projects that affect the citizen’s life.”

butterfly   https://ninanews.com/Website/News/Details?key=896087

Saudi Arabia announces its willingness to support the extension of oil cuts to the months of May and June

Tuesday 30, March 2021 09:38 An informed source said that Saudi Arabia is ready to support the extension of oil cuts implemented by OPEC and its allies to include May and June, to prevent prices from falling.

The source stated / according to Reuters / that: The Kingdom is also ready to extend its voluntary cuts, to boost oil prices amid a new closure wave to curb the spread of the Corona virus.

butterfly  https://ninanews.com/Website/News/Details?key=896107

A slight increase in the price of buying and selling the dollar

Tuesday 30, March 2021 11:05 The price of buying and selling the dollar rose slightly in the local market today, Tuesday.   The selling price of the dollar was 145,500 thousand dinars per 100 dollars.

While the purchase price was 144,500 thousand dinars per 100 dollars.

Yesterday the selling price of the dollar was recorded at 145.250 thousand dinars per 100 dollars and the purchase price was 144.250 thousand dinars.

Butterfly   https://ninanews.com/Website/News/Details?key=896133

Hazem Al-Khalidi: We will initiate procedures to withdraw the powers of those who are not qualified in the event of continuing insistence on the decision to raise the price of the dollar

Tuesday 30, March 2021 12:52 The head of the Parliamentary Committee for Monitoring the Implementation of the Governmental Program and Strategic Planning Hazem Al-Khalidi affirmed that the committee will initiate procedures for withdrawing the powers of those who are not qualified in the event of continued insistence on the decision to raise the price of the dollar.

He said in a press statement: The government has admitted on more than one occasion the damages and negative effects of the decision to raise the price of the dollar against the Iraqi dinar, including the report of the Central Bureau of Statistics of the Ministry of Planning, which approved an increase in annual inflation rates continuously from November 2020 until February 2021 to nearly The 5% means that the price of consumer goods will continue to increase in the Iraqi local market.

He added: A paragraph was added to the budget that included allocating compensation to contractors affected by the decision of the dollar exchange rate of about 500 billion dinars, which is a clear recognition of the damages of the decision, so the government goes to compensate contractors and neglects millions of Iraqis who live below the poverty line.

butterfly   Al-Khalidi explained that: The Ministry of Planning’s emphasis on the rise in poverty rates to about 25% means that there are about 10 million poor citizens inside the country, especially in the central and southern governorates.

He pointed out: The High Commission for Human Rights warns of the continued increase in food prices and the rise in poverty rates, and the government’s call to declare a state of humanitarian emergency.

Al-Khalidi continued: Despite these admissions and warnings, the government, backed by some political forces, continues to insist on this decision despite its negatives and risks, as well as the absence of all government justifications for taking it, which is surprising after the popular campaign launched by the citizens to cancel the decision.

And he indicated: In the event that the government and the Central Bank continue to insist on this decision, we will initiate a parliamentary campaign to amend the laws of the Central Bank and the Ministry of Finance and withdraw these powers from those who are not qualified.

butterfly  https://ninanews.com/Website/News/Details?key=896185

Kuwait receives the remains of one of the missing Iraqis in Iraq    Tuesday 30, March 2021 16:12 The Undersecretary of the Ministry of Foreign Affairs for Legal Affairs and Multilateral Relations, Dr. Qahtan Al-Janabi, signed, on Tuesday morning, the receipt of the remains of an Iraqi soldier who had been found on Bubiyan Island earlier.

In a statement received by the Iraqi National News Agency / NINA / a copy of it, the Ministry of Foreign Affairs stated : “The report was signed by the Kuwaiti side, Chairman of the Committee for Prisoners and Missing Persons Affairs, Rabih Al-Adasani, in the presence of the ambassador and a number of embassy employees, where the ceremony of receiving the remains took place at Kuwait International Airport, under the supervision of The International Committee of the Red Cross, and the remains will be transported by military aircraft to Iraq butterfly  Lordy Lordy can you imagine going through this year after year after…………………………………..During the Cabinet session held today, Tuesday, Prime Minister Mustafa Al-Kazemi affirmed that all ministries must work with all their efforts to support the Ministry of Trade in order to distribute the ration card items to citizens and not give some traders an opportunity to exploit the citizen’s needs.

butterfly  https://www.shafaq.com/en/Economy/Kuwait-s-Treasury-the-remainings-from-the-Iraqi-compensations-are-2-099billion

Kuwait’s Treasury: the remainings from the Iraqi compensations are $2.099billion 2021-03-30 05:19

Shafaq News/ The Minister of Finance, Minister of State for Economic Matters and Investment, Khalifa Hamadeh, revealed that the remaining amount from the Iraqi compensation for Kuwait is 2.099 billion dollars, stressing that Iraq did not request, neither directly nor through mediators, to abolish the remaining balance.

Hamadeh clarified in response to the Kuwaiti parliament that the remaining amount is paid quarterly.

He added, “the payment process will continue this way until the remaining amount is fully paid. The compensations are expected to be fully paid in mid-2022 If the oil price settled at 60 dollars per barrel since the amount is related to the international prices of oil and the Iraqi oil sales”.

Iraq must deposit 5% of oil and gas export revenues in an international fund established under the name of the United Nations Compensation Fund.

In 1991, an international compensation committee was formed, which obligated Baghdad to pay 52.4 billion dollars as compensation for individuals, companies, governmental organizations, and others that inflicted direct losses from the Iraqi invasion and occupation of Kuwait.

Zig  FYI: In case anyone reading does not know this: NORV who posted last evening is Kaperoni

butterfly  https://www.shafaq.com/en/Iraq-News/Al-Kadhimi-Dollar-exchange-rate-against-Dinar-is-based-on-meaningful-vision-and-strategy

Al-Kadhimi: Dollar exchange rate against Dinar is based on “meaningful vision and strategy” 2021-03-30 08:18

Shafaq News / The Iraqi Prime Minister Mustafa Al-Kadhimi confirmed, on Tuesday that the dollar exchange rate against the Iraqi dinar was decided according to a vision and a strategy.

The PM said during the cabinet session which held today, the decision was taken by a “meaningful vision and strategy.”  He added that this step affected positively on the cash reserves, and on Iraq’s international credit rating.

Last December, Iraq’s central bank increased the sale price of U.S. dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to compensate for a decline in oil revenue due to low crude prices.

The central bank of Iraq said the key reason behind the dinar’s devaluation was to close the gap of widened 2021 budget inflation after a collapse in global oil prices, a major source of Iraq’s financial resources.

Political blocs, including the Al-Fatah, the State Of Law and Al-Nasr are rejecting lifting subsidies on the dollar, which is one of the main reasons that delay approving the 2021 federal budget.

butterfly  https://www.iraq-businessnews.com/2021/03/30/iraq-signs-4-major-energy-deals-with-total/

Iraq signs 4 Major Energy Deals with Total 30th March 2021 Iraq’s Ministry of Oil has signs an agreement of principles with the French company Total for four major energy projects in the country:

Plants to collect and refine associated natural gas at the fields of Artawi [Ratawi], West Qurna 2, Majnoon, Tuba [Subba] and Lahais [Luhais]. This will include a Central Gas Complex at Artawi;

Development of the Artawi field;

The integrated seawater project [Common Seawater Supply Project (CSSP)?], which the ministry has been trying to implement for more than ten years; and,A 1,000MW solar energy plant.

Butterfly   https://ninanews.com/Website/News/Details?key=896190

The head of the Basra Investment Commission is discussing with the Canadian ambassador investment opportunities in the province

Tuesday 30, March 2021 16:37 The head of the Basra Investment Commission Alaa Abdul Hussein ” is ready to maintain to receive Canadian companies to set up projects in various sectors in the province.

He said Abdul Hussein during his meeting with Canada ‘s ambassador in Iraq Ulric Shannon on Tuesday .jry During the meeting , discuss the situation of investment in Basra with the development mechanism of the relationship between Iraq and Canada , in addition to the most important investment opportunities and future plans and Aleh facilitate procedures for Canadian companies.

For his part, Shannon stated that he is looking forward to promising opportunities in Basra, especially in the new sectors, the most important of which is environmental protection, emerging energy, oil and gas, and trade sectors, explaining the importance. The strategy in which Basra enjoys its location, geography and raw materials.

During the meeting, the importance of Canadian companies starting their projects at the present time was explained due to the lack of competition in the Iraqi market, especially in Basra Governorate, in addition to the availability of investment opportunities in the renewable energy sector.

butterfly   https://ninanews.com/Website/News/Details?key=896192

The Secretary-General of the Council of Ministers discusses with the Iraqi Banks Association the project to develop Al-Mutanabi Street

Tuesday 30, March 2021 16:51 The Secretary-General of the Council of Ministers, Hamid Naim Al-Ghazi, discussed with the Iraqi Banks Association the mechanism of the Mutanabi Street development project, within the framework of the “Tamkeen” initiative launched by the Central Bank and the Association of Iraqi Banks.

The Secretary-General was briefed on the graphic display of the implementation stages of the project, which turns Al-Mutanabi Street into a unique cultural and heritage edifice at the country level, and includes the unification and numbering of its facades, as well as optical engineering that mimics the Sumerian and Babylonian cultural heritage, as well as the establishment of modern entrances to the street, as a source of cultural and literary radiation in Iraq.

The Secretary-General called during his chairing the meeting of the Coordinating Committee of the “Tamkeen Fund” financed by private banks, to expand the initiative to include more regions and cities, praising the initiatives launched by the Iraqi Banks Association, with the support of the Central Bank of Iraq, in coordination with the General Secretariat of the Council of Ministers.

butterfly   He emphasized directing the ministries and relevant authorities to facilitate the implementation of the initiatives of the Central Bank and the Association of Iraqi Banks, and to lift administrative obstacles and reduce any possible red tape. To complete projects on time.

For his part, the head of the Iraqi Banks Association, Wadih Al-Handal, reviewed the association’s role in the projects that were implemented through the Tamkeen Fund financed by private banks, and future projects planned within the subsequent periods, the most important of which are the development and rehabilitation of Al-Mutanabi Street and the Institute for Leadership Development, as well as the inclusion of a number of governorates. The process of development and rehabilitation and the association’s contribution to treating critical cases outside Iraq.

butterfly  https://ninanews.com/Website/News/Details?key=896193

The Saudi ambassador: Al-Kazemi’s visit to Riyadh is important and at an important time

Tuesday 30, March 2021 16:49 The Saudi ambassador to Iraq, Abdulaziz Al-Shammari, said the upcoming visit of Prime Minister Mustafa Al-Kazemi to Riyadh tomorrow, Wednesday, is important and at an important time.

Al-Shammari said, in statements reported by Saudi media today, Tuesday, that “Al-Kazemi’s visit to the Kingdom of Saudi Arabia tomorrow is important and at an important time,” noting that “Al-Kazemi will discuss political, security and economic issues in his visit to the Kingdom.”

It is scheduled that Prime Minister Mustafa Al-Kazemi will conduct an official visit to the Kingdom of Saudi Arabia to discuss several files.

butterfly  https://ninanews.com/Website/News/Details?key=896191

Parliamentary Finance reveals to / NINA / the details of the proposal to change the price of a barrel of oil in the budget from the dollar to the dinar

Tuesday 30, March 2021 16:48 The Parliamentary Finance Committee revealed the details of the proposal to change the price of a barrel of oil in the draft General Budget Law 2021 from one dollar to a dinar. “The change in the price of a barrel of oil in the draft General Budget Law 2021 from the dollar to the Iraqi dinar is not much different nor an obstacle,”said a member of the committee, MP Muhammad al-Shabaki, in a statement to the Iraqi National News Agency ( NINA ).

He added, “Changing the price of a barrel of oil is $ 45, equivalent to about 65,000 Iraqi dinars. It does not differ technically, and constitutionally is the best because it is a national currency.” A barrel of oil is in dollars or dinars. “He explained that “And on the proposals to change the exchange rate of the dollar in the draft budget bill, a member of the Parliamentary Finance Committee confirmed that “Parliament has not received any official response from the government so far.”

Parliament was unable to resolve the outstanding differences in the draft budget law after the Presidency of the House of Representatives decided that the voting session on the draft budget law would take place on Sunday evening, given the continuing discussions on the draft budget law and the need for final formulations of the articles of the budget bill.

butterfly  WORDS MATTER

butterfly  https://ninanews.com/Website/News/Details?key=896195

Businessmen and banking in Baghdad are protesting against the dollar’s price cut

Tuesday 30, March 2021 17:09 Dozens of businessmen and banking and bank exchange offices gathered in front of the Baghdad Chamber of Commerce building, to protest the failure to reduce the exchange rate of the dollar against the dinar, demanding that they be removed from responsibility for the high prices in the local market.

butterfly  https://ninanews.com/Website/News/Details?key=896204

The security forces find an ISIS den in the Albu Dor area in Salah al-Din

Tuesday 30, March 2021 17:23 While providing protection to the engineering effort, Salah al-Din Police found an ISIS den in the Albu Dor area in Salah al-Din.

A statement of the Ministry of the Interior, which the Iraqi National News Agency ( NINA ) received a copy of, stated, “The Police Directorate of Salah al-Din Governorate and the facilities continues to secure protection for the engineering effort that is clearing the edge of the Tigris River from the western side in the Albu Dor area, and during the clearance, a den of ISIS gangs was found by The tactical regiment was destroyed by the regiment

butterfly  https://ninanews.com/Website/News/Details?key=896199

The Assistant Chief of Staff of the Army is discussing with the NATO mission raising the capabilities of the Iraqi army in various specializations

Tuesday 30, March 2021 17:20 The Assistant Chief of Staff of the Army for the Department, Lieutenant General Abdul Amir Al-Zaidi, met at the new headquarters of the Department with the Head of the North Atlantic Treaty Organization (NATO) Lieutenant-General Per Olsen and his accompanying delegation.

According to a statement by the Ministry of Defense, the Iraqi National News Agency / NINA / received a copy of it, “During the meeting, the two sides discussed the support and support provided by the NATO mission to army units and units in the field of training and equipping, and the method of coordination and cooperation. Our army is in various specializations. ”

butterfly   https://www.aljazeera.com/economy/2021/3/30/bitcoin-for-babe-ruth-sports-auction-house-will-accept-crypto Bitcoin for Babe Ruth? Sports auction house will accept crypto

Goldin Auctions announced it will accept Bitcoin and Ether in its sports memorabilia auctions, becoming one of the first physical auction houses to embrace cryptocurrencies. , 30 Mar 2021

On Tuesday, the sports memorabilia auction house Goldin Auctions announced that it would accept cryptocurrency, making it one of the first brick-and-mortar auction houses to follow the runaway success of auction house Christie’s, which accepted Ether for a onetime, $69 million sale earlier this month.

Goldin, which is known for high-value items, including a Lebron James rookie card that sold for $1.8 million last year, decided to accept Bitcoin and Ether based on “demand from consumers,” says Ross Hoffman, Goldin’s chief executive officer.

butterfly  “Look, we think a big macro theme that we’re seeing is folks that are hedging,” he continues. “One, against inflation, and two, there’s interest in alternative investing.” Crypto currency and sports collectibles, Hoffman concludes, have “a pretty large overlap.”

The auction house has already accepted two payments in crypto, most notably for a Jay-Z card that sold for $103,200 on March 20. “It’s pretty amazing how easy the tech is to integrate,” Hoffman says. “We had the idea [to accept crypto] two weeks ago, did the integration, and accepted our first payment in Bitcoin last week.”

This isn’t Goldin’s first foray into blockchain-based technologies.

Earlier this year, the auction house partnered with Youtube star Logan Paul to auction off a box of Pokemon cards; winning bidders also received holographic trading cards paired to digital certificates of authenticity known as NFTs. “It feels like a long time ago, but I think it was January or February,” says Hoffman. “We’ve been experimenting in the space pretty early on.”

Crypto Boom

While Goldin might be among the first brick-and-mortar sports memorabilia auction houses to accept crypto, it’s following in the well-trodden footsteps of the digital-only platform NBA Top Shot.

butterfly  NBA Top Shot’s main commodity—short licensed video clips (“moments”) that are also tied to NFTs—is often described as a kind of digital baseball card. The popularity of these clips has soared over the last few months, with prices topping more than $200,000 for a single moment.

When asked if (perceived) crypto riches were a motivation, Hoffman says that Goldin’s decision to accept Bitcoin and Ether “won’t lead to lower prices, but I don’t know if it will lead to higher prices either.”

The key, he says, is that it will be “merchandise specific,” meaning he imagines that a crypto-paying audience might be more interested in one category of collectible than another.

“I don’t think we have enough data points yet to give a clear answer, but we should over time,” he says. “You can imagine that certain sports with a more global audience, like soccer,” might attract crypto collectors from around the world.

Possible Downside

The decision to accept cryptocurrency isn’t without potential pitfalls.

Auction houses are intermediaries, meaning that they receive payment from a buyer and then pass that payment on to the consignor. (Goldin has partnered with Gemini, the cryptocurrency exchange founded by the Winklevoss twins, to facilitate crypto payments.)

But given crypto currency’s rapid fluctuations, there’s a chance Goldin could lose money on the exchange.

“There’s some volatility there,” Hoffman acknowledges.

“But this is going to make us the easiest and most trusted marketplace to work with. And whatever risk there is [will] be offset by the benefit of bringing in more members.”

butterfly  https://www.aljazeera.com/economy/2021/3/30/archegos-capital-fallout-may-wipe-6bn-from-global-banks-report    .Archegos Capital fallout may wipe $6bn from global banks: Report  Losses at Archegos Capital led to a fire sale of stocks on Friday after it failed to meet banks’ call for more collateral. .30 Mar 2021

Global banks may lose more than $6bn from the downfall of United States-based Archegos Capital, the Reuters news agency reported citing sources familiar with trades involving the US investment firm, as regulators and investors feared the episode would reverberate more widely.

Japan’s Nomura and Credit Suisse of Switzerland warned of big losses from lending to Archegos for equity derivatives trades, triggering a worldwide sell-off in banking stocks………….more in article

butterfly  https://ninanews.com/Website/News/Details?key=896213

Central Bank official: There is no return to the previous dollar exchange rate

Tuesday 30, March 2021 17:49 . The Central Bank of Iraq confirmed that there is no return to the previous exchange rate of the dollar against the dinar, and the price will not be reduced under any circumstances, and indicated that there is no intention to raise the price from 145 thousand per 100 dollars.

“The current price of the dollar is very reasonable and the bank has settled on it, and any decision to reduce it means that we are heading towards an economic massacre,” Ihssan Shamran, director of the bank’s accounting department, said in a press statement.

And the Central Bank called for “ending” what it called “the polemics calling for the return of the previous price,” noting that “this matter is not based on any economic vision, despite the sound intentions of those demanding that.”

Shamran, an advisor to the central bank governor, considered that “the process of raising the dollar against the dinar was long overdue because this matter contributed to protecting the domestic product, in addition to that the lifting process increased the financial costs of the exporting countries to Iraq by 22%, which contributes to increasing competition between the imported product and the producer.” the local”.

butterfly  He added that “suspicions of money laundering also ended with the raising of the dollar, and this is one of the most important benefits that Iraq obtained as a result of the process of changing the exchange process.”

And the Director of the Accounting Department at the Central Bank revealed, “the public finance obtained about 10 trillion dinars as a result of the process of raising the exchange rate of the dollar against the dinar, and therefore it is now assumed that the Ministry of Finance should allocate about 20-30% of the amount collected (10 trillion) for the purpose of distributing it to Citizens who are within the poverty line, whose number is about ten million citizens as financial grants, and this is part of the Central Bank’s understandings with the Ministry regarding the process of changing the currency exchange rate.

butterfly https://ninanews.com/Website/News/Details?key=896210

Al-Fateh Alliance to / NINA /: Include the return of those whose contracts have been canceled in the budget law and are obligated to attend the voting session

Tuesday 30, March 2021 17:38 . Al-Fateh Alliance reiterated its affirmation to proceed with including the clause of returning those whose contracts had been canceled in the draft General Budget Law 2021.

The deputy head of the National Sindh bloc affiliated with the coalition, Faleh Khazali, said in a statement to the Iraqi National News Agency / NINA / that “Cabinet Resolution No. 107 of 2019 stipulated the return of all those whose contracts were canceled in the Ministries of Defense and Interior, the Popular Mobilization and the Anti-Terrorism Agency,” indicating that “The majority of those sacrificed fighters have returned to service, with the exception of the people of the Popular Mobilization Forces, who have not been treated yet.”

He added, “The provision of the return of the members of the Popular Mobilization Forces was included in the general budget law, at the request of the Al-Fateh Alliance, which is keen on fairness to this segment and achieving its demands, although there are objections to the inclusion of the return of those whose contracts have been canceled.”

Concerning the date of the voting session on the budget law, Khazali clarified that “the Al-Fateh Alliance is committed to attending the voting sessions, with our reservations on some articles and paragraphs in the draft budget law in which we find exaggeration and lack of fairness, and there is a political agreement far from the financial sphere.”

butterfly  Parliament was unable to resolve the outstanding differences in the draft general budget bill, after the Presidency of the House of Representatives decided that the voting session be held last Sunday evening, given the continuing discussions and the need for final formulations of the articles of the budget bill.

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