Zig’s Place Chatroom News Saturday Afternoon 10-15-22
Sah The Central Bank: Changing the exchange rate is in agreement with the next government
October 12 18:38 Information / Baghdad..The Central Bank of Iraq announced, on Wednesday, that any efforts to change the dollar exchange rate will be in agreement with the next government.
And the bank’s advisor, Ihsan Shamran al-Yasiri, said in a statement to the Iraqi News Agency, which was seen by “the information”, that “the Central Bank of Iraq is an independent body, and the exchange rate adjustment is done in agreement with the government, and there are no efforts now to change it.”
Al-Yasiri added, “The pressures exerted to change the exchange rate are populist, and if the change takes place, it will destroy the economy and stability, because financial and economic transactions and investors built their projects on the new price, and it is incorrect to seek to change the exchange rate.”
He continued, “Changing the exchange rate raised the competitiveness of the local product, and although there are some disadvantages to the consumer, the change process enabled the government to pay the employees’ salaries after the state budget was empty.”
Sah In detail.. Biography of the Prime Minister-designate
Time: 10/13/2022 18:29:04 Our agency publishes the biography of Prime Minister-designate Muhammad Shia Al-Sudani, succeeding Mustafa Al-Kazemi, the outgoing term.
The useful summary.. In important news, you can find it in the Euphrates News channel on the telegram..
He was born in the city of Baghdad in 1970, and when he reached the age of ten in 1980, the ruling regime under President Saddam Hussein executed his father and five members of his family for belonging to the banned Islamic Dawa Party at the time. He participated in the popular uprising in 1991, and because of the security conditions and harassment, he moved to Baghdad for three years until he completed his university studies. He is married and has four children.
He holds a Bachelor’s degree in Agricultural Sciences from the College of Agriculture, University of Baghdad, and a Master’s degree in Project Management.
Here are some personal and professional information of the Sudanese:
– Maysan Governorate was born in 1970.
Bachelor of Agricultural Sciences.
– Secretary General of the Euphrates Movement.
Positions he held:
– Mayor of the city of Amarah 2004.
– Governor of Maysan 2005.
– Minister of Human Rights 2010.
– Head of the High Commission for Accountability and Justice, 2011
– Deputy Minister of Agriculture 2013.
– Head of the Political Prisoners Foundation, acting 2014.
– Minister of Migration and Displacement, 2014 Acting Minister of
Minister of Labor and Social Affairs 2014.
Acting Minister of Commerce 2015.
Acting Minister of Industry 2016.
Also, Al-Sudani is considered one of the internal leaders, and he has never worked in the opposition, does not have a Western residency, and has never had Work in security positions.
Sah The new PM seems to be well educated and is well rounded for the job.
Sah How Does the Government Regulate Exchange Rates?
By Kimberly Amadeo Updated on May 31, 2022
Reviewed by Robert C. Kelly The government indirectly regulates exchange rates, because most currency exchange rates are set on the open foreign exchange market (forex). In some countries, like China, the exchange rate is fixed, and the government directly controls it. This control of the yuan, in turn, affects the U.S. dollar. The yuan is loosely pegged to the U.S. dollar. Government Influence
The U.S. government has various tools to influence the U.S. dollar exchange rate against foreign currencies. The nation’s central bank—known as the Federal Reserve (Fed)—is an independent arm of the government. It indirectly changes exchange rates when it raises or lowers the fed funds rate—the rate banks charge to lend to each other.
For example, if the Fed lowers the rate, this drives down interest rates throughout the U.S. banking system and increases the supply of money, which tends to weaken the dollar relative to other currencies, given the anticipated inflationary pressure. The diminished rates also tend to weaken demand for dollar-denominated assets, which can have a knock-on effect on the value of the currency. Treasury Department Role
The Treasury Department is a government agency that also indirectly affects the exchange rate. It prints more money. This printing increases the supply and weakens the dollar. It can also borrow more money from other countries. That’s done by selling Treasury notes, which increases the supply of money and increases the U.S. debt, and both will send the dollar’s value down.
The third government tool is the use of expansionary fiscal policies. Generally, these policies weaken the dollar, because they increase the supply of money. However, these policies can also improve economic growth, which tends to attract domestic and foreign investors to dollar-denominated assets.
Sah This demand can often overshadow the expansion in the supply of dollars. Regulations on Foreign Exchange Trading
The Chicago Futures Trading Commission regulates forex brokers. It oversees all U.S. forex brokerage companies, enforces its regulations, and prosecutes outright fraud. Its authority was strengthened in 2010 with the Dodd-Frank Wall Street Reform Act.1
Approximately 95% of the $5.1 trillion traded daily on forex markets changes hands via spot currency transactions rather than futures transactions. Since these consist of two-day delivery rather than cash, they are considered the same as futures contracts. For this reason, a broker must register as a commodity trading advisor, a futures commission merchant, an introducing broker, or a commodity pool operator with the Commodity Futures Trading Commission and become a member of the National Futures Association.
The U.S. National Futures Association (NFA) is a self-regulating association. All U.S. forex brokers operating on behalf of other U.S. clients must register. The NFA’s objective is to protect the integrity of U.S. markets and to protect investors from fraud, but the association doesn’t get involved with the value of any particular currency.2
The U.S. Treasury Department is always on the lookout for any price-fixing in forex trading.
Dave Sah Sudani may be well educated but affiliated with the SLC/Maliki and prolly sighing with relief that his diplomatic immunity is maintained……..
Sah Dave I was hoping that Maliki would not get vice president again. Sadr did not want him in office at all and might cause an uprising. Hopefully maybe he won’t have him in office but he is at least qualified to keep the economy up and a clean office. Iraq is up for one of the best economies in the middle east for 2023. I posted an article two days ago. If the economy is up and gets even stronger is good for our currency to rise in value.
Butterfly Sah read the last article I just posted for tomorrow.
Sah butterfly Thanks I did. Nice to see the IMF and World bank and Iraq all meeting in W.ashington
Sheila good evening all… long week. many good articles, videos, stories out there these last few days.
Sah sheila Anything you found interesting?
Sheila Nothing more than what you have posted here. Listening to other calls and reading recaps, etc. All good signs.
Sheila Hoping @TWW or @Mike will post some tidbit tonight, this weekend.
Sah Did you catch the last article butterfly posted on iqd news about the World Bank and IMF and Iraq financial minister meeting in Washington. You will have to check it out. Everything in the right direction.
Sah I like my article two days ago about Iraq out ranking other Middle East countries for Economy growth and will be at the top for 2023. That has to be an excellent sign.
Sheila Sah Yes, scanned that one. Optimistic. Faith and Prayers.
Sah I am just waiting for it to all line up and a miracle happens.
Sah I would love to prove Norv wrong. I think it is all just around the corner.
Sheila Sah Yes, miracles happen.
Sah I would like to see them claim a rate when they take it International. I don’t see anymore road blocks in the way if they can just keep a stable government and corruption down to a minimum.
Sheila Sah Well said.
Sah With their economy picking up and money in the bank. It is time to invest more in their country to bring it way up to speed, would also help the people in their country.
Sah When they get the two new plants uo and running to make fresh water from the ocean. They also have a couple more for processing oil, as they need water to bring it up from the ground and process it.
Sheila Didn’t know those facts. All sounds good.
Sah They need lots of fresh water and hardly have enough for crops, if that. Would love to see this next year all those plant taking water from the Ocean to cover all their needs. They have a company coming in to build two gas processing plants for capturing their gas instead of burning it off and buying less from Iran.
Sheila Excellent projects. Some of the money needs to be freed up from the new government to vote on it. Just around the corner.
Sheila Keep hearing October 29th in calls and articles. Have no idea why that date/
Sah The UN releases the currency rates on the 15 and the 30 of each month. If there is a new rate it will be there. It is usually posted the day before. That may be it.
Sheila Sah Maybe Saturday will be revealing.
Sah i always have hope the day before the UN posts.
Sheila Do watch Forex?
Sah sheila I watch Forex and and the world news for finance that has currencies and stock prices all over the world.
Sheila VIDEO… Keane: US could have solved oil production problem
Fox Business Oct 13, 2022 Fox News senior strategic analyst and a retired general weighs in US response to Saudi Arabia’s OPEC+ oil cuts on ‘Kudlow.’ https://www.youtube.com/watch?v=PsliZbzSR-8
Butterfly For the first time in its history, bank deposits in the Central Bank of Iraq approach 180 trillion dinars
Tebow But wait, the scammer says Iraq has 80 trilliondinars in circulation……… This can’t be
Sheila Wondering about that disparity?
NORV 84 trillion dinar is what is outside Iraq’s banking system Tebew
NORV 180 trillion dinar is what the is within the banking system in deposits. Which the CBI has control of and not a liability – If you read the article it is clear… the Central Bank’s assets from bank deposits amounted to 180 trillion dinars The value of the issued currency remained within the barrier of 82 trillion dinars This is why Iraq could never significantly RV the dinar..That is just to big of a liability
Zig NORV : People don’t like what you have to say because they are looking for overnight riches….heck I don’t like it either….lol….and people are hoping to say, “Told ya so, Kap”…..like @Sah posted:
“I would love to prove Norv wrong. I think it is all just around the corner.”
Zig When I first heard about this I was told I would be a millionaire quickly….so hurry up and buy Dinar….Gullible me….
Sparky … 180 T in bank deposits … 82T in circulation …what about gold and other assets of the country ? … 82T /180 T , plus other assets seems ripe for a reval to me …
Zig Sparky : So you still believe it could increase significantly overnight?? I no longer think that is possible….oh well….maybe someday we will profit from it….but
Sparky Zig … I still think it is within the realm of possibility ….. 22% increase, as it decreased approximately that amount overnight …
Zig Sparky : That’s like nothing….lol
Sparky Zig … slow and steady, as the economy improves …
Zig Sparky : I agree….but hope we are wrong and then surprised….lol I would love for Kaperoni (NORV) to be wrong….obviously….lol
Sparky Zig … the overnight wealth possibility was the reason that I got into this … lol …
Zig Sparky : Me too…and probably 99% of those that did as well…..
Sparky … then I learned more about al- Maliki …
Zig Kaperoni also believed that when he first got in….lol
Sparky … yes, I recall Kap thinking otherwise …… I liked Kap’s calls … theme song “… driving to Vegas ” … good tune …
Sparky … Ernoste … another good dude …
Sparky … they had an Australian dude on their calls back then …
Zig Enorrste….Yeah….I have invited him before but said he was too busy
Zig Sparky : Russell is the guy from Australia….wonder if Kap ever hears from him
Sparky Zig … yes, Russell … good man … interesting character — … I certainly believe Kap and friends believed at the time that the IQD had possibilities of strong, fast growth … they were / not con men …
Zig wdave1 : Well the promise of overnight riches was BS….but it’s a speculative venture that may profit…..
wdave1 Revalue their money and make it worth more who would buy their oil. Too expensive.
wdave1 Zig Not in your lifetime or my kids.
Zig Who knows
Sparky wdave1 … if they harness their energy, and not reley on their neighbors, they would thrive … minus of course corruption via Maliki / Iran …
Zig Sparky : So many variables….”IF” But that’s the nature of a speculation: Lots of “IFS”
wdave1 Sparky If they make their labor more expensive no one will buy their oil.
Zig Yeah….no guarantee
wdave1 Actually does not take much thought. 1+1=2
Sparky wdave1 … Europe will now with Putins’ BS … especially if they can figure out how to harness the gas that they flare off …
Zig Okay….I will hold on to my Dinar for now….who knows….I can’t read the future
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