Friday, May 31, 2024
A parliamentary committee determines the main reason for not approving the oil and gas law.. What is Kurdistan’s relationship?, 31 MAY
A parliamentary committee determines the main reason for not approving the oil and gas law.. What is Kurdistan’s relationship?
The Parliamentary Oil, Gas and Natural Resources Committee confirmed that there were legal violations committed by the Kurdistan region that prevented the approval of the Oil and Gas Law.
Committee member MP Kazem Al-Touki said, in an interview followed by Al-Eqtisad News, that “the oil and gas law does not suffer from technical obstacles, but the main obstacle to its approval in the House of Representatives is the Kurdistan region. ”
He added, "The region has problems regarding some points related to the rate of deduction of amounts for each barrel of oil produced in Kurdistan, in addition to the fact that the regional government has had contracts since the 1990s with companies to extract oil in violation of the law."
He stated that "the region violated the laws by contracting with companies to extract oil at high costs, unlike what is happening in other governorates, and these companies should be reconsidered in terms of contracts and financial costs for extracting oil." link
"SHORT VERSION OF BRUCE CALL" VIA RV HIGHLIGHTS TELEGRAM ROOM, 31 MAY
5/30. BRUCES BIG CALL- SHORT VERSION- SUE IS GIVING INTEL FOR BRUCES ABSENCE.
High Sources says 800 numbers Today or Tomw. She feels reg Trumps situation this could kick off June 1st. She has very little info regarding dates due to the Silence. She said keep eyes on emails.
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MAY 28, 2024
BRUCE'S BIG CALL
ONLY INTELLIGENCE
**WHERE ARE WE NOW???**
Sue to sort and clarify and make it possible what this information is pointing to and Sue thinks it would be wise to take everything and filter it, and one problem that Sue has seen is that people are confused, distracted and have conflicting doubts, but you have to get different perspectives . . So keep in mind that you hear something from us and then you hear that it won't happen until the 4th of July - there are two things happening and we have boots on the ground and on the front lines, RC heads and people giving us very high level information . but understand that we're in a covert war, so an X and O team and stuff happens in the background, so,
Wouldn't we love to be in the War Room for this and help them? So if you are not part of the solution, you are part of the problem, so please put your energy behind this information and hold the intention to see the 800 NOW; reality is our focus and our consciousness is incredibly powerful, so hold onto this INTEL, see it NOW and declare. do it NOW – it will help you maintain positive energy. So PLEASE DO THIS. You have to be Clear – WITHOUT A DOUBT – THE BEST YOU CAN DO .
We are in this covert war and not everyone can see it so we have to support the conclusion and our number one man says: 1. call from one of the oldest and biggest guards of this event and said that the cleanliness is not to be believed what's happening. So get all excited about taking out the trash onto a clean, fresh field to play on and may you do better than you thought. So this is very, very COOL.
And then he told our guy: we could wait for midday and early afternoon to receive notifications and go from tomorrow to the weekend. And maybe swap from Thursday to weekend.
Then another call from a very important and strategic person, so look for anytime from tomorrow until June 4th, which is next Tuesday. Sue has been in this alongside Bruce for 9 and a half years and Sue is very grateful to know these people and there is a lot going on behind the scenes and these people are shoulder to shoulder with us so in this war it is always on a state of flow. There is a lot going on so the best thing you can do IS HOLD THE LINE AND THE 800 NUMBERS ARE COMING SOONER THAN YOU THINK - DON'T LISTEN TO THOSE WHO PUSH THIS - THOSE PEOPLE ARE MAKING ASSUMPTIONS -
SO EXPECT THIS BEFORE WE THINK AND WALK WITH THE EXPECTATION THAT THIS IS GOING TO BE SOON - SO MAGNITIZE IT FOR US - So Sue says let's see 800 from TOMORROW TO SATURDAY call the Light of God and bring it to US NOW. Sue I am sure she will pray for the calling so please pray for the calling with her and keep praying like we always do every day because all our prayers are very important and also very powerful so we will help everyone PRAY THIS NOW. - KNOW THIS IS THE TRUTH. So my love to ALL of you Gem. Sue is still chatting, but you can see him listening to the recording. Maybe even Friday will just be a CELEBRATION CALL – how happy Bruce would be to hear that. I know how happy we would ALL be.
TRANSLATE IN SPANISH
28 MAYO 2024
Zimbabwe’s New Gold-Backed Currency is Blighted by Trust Issues, 31 MAY
Zimbabwe’s New Gold-Backed Currency is Blighted by Trust Issues
ZiG: Zimbabwe’s New Gold-Backed Currency Blighted by Trust Issues
Story by Jeffrey Gogo, Cryptopolitan
ZiG, the new gold-backed currency the Reserve Bank of Zimbabwe (RBZ) unveiled in April to contain high inflation, has been dogged by trust issues. Economists say that fixing broken trust, and not a new currency, will stabilize the economy.
The Southern African country has attempted to introduce a new currency six times in the past 15 years to replace the Zimbabwean dollar. Each attempt has failed, resulting in huge losses in savings for people.
What Is the ZiG?
In 2009, the Zimbabwe government legalized the use of several foreign currencies, including the U.S. dollar and the British pound, in everyday trade. The administration made the decision in an attempt to tame monthly inflation of 79.6 billion percent at the time.
Since then, however, Zimbabweans have been caught in a vicious cycle where a surrogate local currency is used to sponge away their U.S. dollar deposits before being decommissioned for a new currency.
Announcing the ZiG, short for Zimbabwe Gold, on Apr. 6, Reserve Bank of Zimbabwe governor John Mushayavanhu said:
“Banks shall convert the current Zimbabwe dollar balances into the new currency which shall be called Zimbabwe Gold (ZiG) to foster simplicity, certainty, and predictability in monetary and financial affairs.”
Remarkably, the new central bank governor’s tenure kicks off the ZiG era. His predecessor, John Mangundya, came with ‘bond notes’, pegged one-to-one with the U.S. dollar at the time, to ease cash shortages in 2016.
Mushayavanhu, who only became central bank governor on Mar. 28, 2024, revealed the ZiG is backed by $575 million in gold, foreign currency reserves, and other minerals. The new currency derives its name from a central bank-issued, gold-backed digital token now known as GBDT.
Video: https://twitter.com/i/status/1779472778174865782
Mushayavanhu says he introduced ZiG as a measure to contain inflation, which hit a seven-month high of 55% in March, according to official data. Its predecessor, the Zimbabwean dollar, lost 80% of its value since it was reintroduced in 2019. Eventually, the RBZ ditched the local unit.
Central Bank Wants to Rebuild Trust
Some experts believe Harare understates its inflation data. Steve Hanke is a professor of economics at Johns Hopkins University in the U.S. He has tracked the Zimbabwean situation for years. On Friday, Hanke measured the country’s annual inflation rate at 1,191%, making it the world’s highest.
Mushayavanhu said the Zimbabwe Gold currency will co-circulate with other foreign currencies that remain legal tender until 2030. According to the RBZ, the U.S. dollar dominates, accounting for more than 85% of transactions in Zimbabwe.
The central bank governor hopes that ZiG will help stem inflation and improve savings. He wants to allay the ghosts of 2008 when many lost their life savings. This refers to when the infamous 100-trillion-dollar notes of the local currency at the time, bearer’s cheques, were pronounced worthless.
Mushayavanhu is also keen to build trust and confidence around recently issued currency while avoiding a repeat of the 2019 chaos.
Then, the government unpaired the locally issued surrogate from the U.S. dollar into a standalone currency called the ‘Zimbabwean dollar or RTGS.’ All savings and debts before the fact were converted to the Zimbabwean dollar, which quickly lost value. ZiG will now replace the abandoned Zimbabwean dollar.
The new Zimbabwe Gold money was greeted by an explosion of memes even before it hit the streets on Apr. 31, from the congratulatory to the skeptical and the downright cynical.
The Transition to ZiG Has Been Chaotic
Several cartoons personified the currency as Ziggy Marley, the reggae heir whose name sounds like “ZiG Imali” (ZiG money). A local artist, Ras Caleb, made good on the wordplay with a PR song and got himself a car and $2,000 from a millionaire patron of the ruling Zanu PF party.
Former opposition MP Fadzayi Mahere discredited the new currency as the government’s latest unsustainable fix for runaway inflation, with a widely shared ZiG poem (see above) that stated, “The problems are big/But we always rig.”
In the Apr. 5 statement, Mushayavanhu said banks would accept deposits in the outgoing Zimbabwean dollar at a certain exchange rate for one ZiG. Businesses and individuals had 21 days to make deposits.
The transition was chaotic. Transport operators, retailers, and other traders rejected the old currency, making the U.S. dollar unofficially the only accepted currency for that period.
For a time, few downtown vendors accepted the older currency at more than double its value, taking advantage of an unbanked population that would otherwise be stuck with prematurely decommissioned dollars.
Now, dozens of illegal street forex dealers have been arrested, as the government jostles to contain the parallel market, whose rates traditionally dictate real-time transactions.
Whereas the official rate is just over ZiG13 for US$1, the greenback is going for up to ZiG17 on the parallel market. The Reserve Bank of Zimbabwe has frozen some businesses’ bank accounts for refusing to accept ZiG as payment or accepting it at their own exchange rates.
ZiG ‘Command Economics’ Under the Spotlight
Mahere, the former member of Parliament (MP), has questioned the selective punishments and queried why fuel stations, state universities, and the passport office are exempt from punishment for not accepting ZiG.
The government’s acquisitive reputation is not entirely in check in the ZiG era. With the launch of ZiG, Mushayavanhu directed that company funds held by the central bank towards a forex auction system be converted into a two-year ZiG-denominated bond at 7.5% interest per year.
A quarter of the foreign exchange companies earn from exports is surrendered to the Reserve Bank at a commission. The RBZ governor also demanded that outstanding payments owed to companies under this scheme be turned into one-year ZiG-denominated investments.
Economist Gift Mugano criticized the central bank directive, describing it as what he called “command economics.”
“This is a direct violation of property rights which is synonymous with appropriation of business monies,” Mugano wrote in a thread on X. “It raises despondency and worsens the trust and confidence levels which are required to foster the acceptability of the ZiG.”
Cryptopolitan Reporting by Jeffrey Gogo
" It is clear that the Iraqi Dinar is moving towards a credit valuation adjustment" BY GOLDILOCKS, 31 MAY
GOLDILOCKS
Professor Frank Gunter publishes a new paper commissioned as part of a series by IBBC's advisory council on the challenges of de-dollarisation for Iraq.
The Advisory Council members and IBBC members have actively contributed to the paper in the past 4 months. It will be presented online on the 18th June in a webinar and in person at the Spring Conference on 2nd July."
Professor Gunter shows an analysis on the drivers inside the market that impact the Iraqi Dinar exchange rate and how to close the gap between the Parallel Market and Official Rate of the Iraqi Dinar.
The Iraq Britain Business Council (IBBC) has been working closely with Iraq to help assess and meet the needs of the Iraqi private sector. These assessments inside this research paper will go a long way towards the implementation of meeting the needs of Iraq's private citizens through a determination of an exchange rate that can do so.
Practical policy initiatives are mentioned in this paper to carry forward new monetary policies. They are not calling this project a white paper, but it sure does have all the hallmarks of one.
These new measures are inclusive of budgetary needs for the Iraqi people. One of the items on the CBI website presented today are instructions on home loans. A mortgage is calculated with the inclusivity of an exchange rate to support it.
It is clear that the Iraqi Dinar is moving towards a credit valuation adjustment that can support the needs of their people and Government.
© Goldilocks
https://www.iraq-businessnews.com/2024/05/29/iraqi-dinar-ibbc-issues-major-new-paper-on-de-dollarisation-of-iraq/#google_vignette
https://www.investopedia.com/articles/forex/053115/understand-indirect-effects-exchange-rates.asp
https://iraqbritainbusiness.org/
https://iraqbritainbusiness.org/news/professor-frank-gunter-launches-a-new-white-paper-on-de-dollarisation-of-iraqi-economy
https://www.indeed.com/career-advice/career-development/what-is-a-white-paper#:~:text=What%20is%20the%20purpose%20of,solution%20on%20a%20particular%20issue.
https://cbi.iq/news/view/2596
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