WOTS MON MAR 22 21
These are the articles I discussed on the My FX Buddies podcast at: https://anchor.fm/dashboard/episode/et9mcs
The budget parties are preparing for a new round of negotiations
It is hoped that a new round of negotiations will begin between the Shiite forces and a delegation from the Kurdistan region at the end of this week, in preparation for the presentation of the draft federal budget bill to vote next Saturday.
Those parties are trying to settle their differences, which revolve around the settlement of financial dues between the two parties, and the mechanism for exporting oil.
The recent agreement between the delegation of the Kurdistan region and the Shiite parties in Parliament included the delivery of 460 thousand barrels of oil per day to the National Marketing Company (SOMO), and then the recovery of 30 thousand barrels to cover domestic consumption and electricity production, as well as 180 thousand barrels to pay the costs of production and export, in addition to 20 One thousand barrels as petrodollars dues for the benefit of the region.
Nada Shaker, a member of the Economy and Investment Committee in the House of Representatives, confirms that "the postponement of the vote on the draft federal budget law for 2021 until next week, due to differences between the delegation of the Kurdistan region and the political blocs and forces." The region’s share and the export of oil, money, dues and debts accumulated on both sides.
The Presidency of the Council of Representatives decided to postpone the vote on the budget law until next Saturday after the collapse of the initial agreement that was announced on Friday between the Shiite parties and the delegation of the Kurdistan region regarding the passage of the draft budget. The differences between the political parties revolve around the text of the oil agreement concluded between the federal government and the Kurdistan Regional Government last December, included in Article 11 of the draft federal budget bill.
Shaker adds that "a delegation from the Kurdistan region will arrive in Baghdad before the voting session on the budget in order to complete its dialogues with the parliamentary blocs in order to pass the budget by political consensus," expecting the two parties to reach an agreement on the differences.
For his part, Jassim Al-Bakhati, a deputy from the Parliamentary Wisdom bloc, confirms that "the political blocs agreed to continue negotiations with the Kurdish forces until an agreement was reached to end all disputes that hinder the passage of the budget law in Parliament.
The Shiite forces propose to abolish the first paragraph of Article (11) that calculates the dues of the Kurdistan region for the previous years from 2014 to 2019 despite not handing over the oil and non-oil revenues and obligating the region to hand over 460 thousand barrels per day to the SOMO company, and in the case of non-commitment of the region, the expenses of the region are not reimbursed. The violator of this text bears legal responsibility.
However, the Kurdish forces reject this proposal and insist on the need to adhere to the oil agreement signed with the government, which provides for the delivery of 250,000 barrels and fixing it in the budget with the settlement of the money owed by the government from 2014 until 2019.
Al-Bakhati continues that "there are fragile paragraphs in the budget that need review and agreement, which concern the exchange rate of the dollar," noting that "the new price of the dollar has met with objections from the Iraqi street and even the majority of political forces."
He points out that "there are political blocs demanding to reduce the price of the dollar from 1450 dinars to less than that in order not to harm citizens," expecting the Minister of Finance and the blocks objecting to the selling price of the dollar to reach an agreement to reduce the price of the currency to 1350.
The Al-Fateh Parliamentary Bloc called on the government to return the exchange rate to the old price of 1190 dinars, stressing that the only victim from the current price is the simple and poor citizen, and as for those who demand to raise the price, he is the one who benefits at the expense of the sustenance of the poor.
For its part, the Finance Committee in the House of Representatives refuses to hold it responsible for making a decision to reduce the exchange rate of the dollar, and confirms that it is within the jurisdiction of the Central Bank, warning against taking such a step. Because it will be subject to appeal and it has been decided to increase the deficit by 20 trillion dinars, in addition to that it requires a complete reconsideration of the budget bill, indicating that relying on the rise in oil prices is not correct at the present time, and cannot be taken before six months of stability.
The committee's rapporteur, Ahmed Al-Saffar, says that "the exchange rate of the dollar has been set in the draft budget at 1450 Iraqi dinars and cannot be reversed."
Al-Saffar added, "Determining the exchange rate is the exclusive authority of the Central Bank of Iraq in accordance with the constitution and legislation in force, and the House of Representatives has no right to intervene in monetary policy."
He pointed out that "the central bank is solely responsible for determining the monetary mass, the interest rate, the national currency, and other matters related to this issue."
Al-Saffar stressed that "the House of Representatives has its powers known in the budget law, which is reduction and transfer, and it does not have to add financial burdens to the government without consulting with it."
And, and that "the signatures campaign that is conducted continuously by MPs for the purpose of raising the issue and discussing it, I find it, I believe, is not correct. Rather, it constitutes a violation of the powers of the Central Bank."
Al-Saffar believes that "the parliamentary move was supposed to take place before the exchange rate was officially changed, especially since the public opinion knew what the Central Bank intends to take early."
He emphasized, "The current price was set in coordination with the International Monetary Fund and the World Bank, and through an agreement with the Ministry of Finance, where the budget was built on it."
Al-Saffar went on to say that "making a representative decision to change the price will face difficulty, even as the pressure of expenditures and the development of new materials in this regard will be subject to cancellation after being challenged before the Federal Supreme Court."
For his part, a member of the committee, Representative Jamal Cougar, said, "The House of Representatives cannot restore the exchange rate to its previous state, but we do not want the street to understand that we are against the devaluation of the dollar compared to the Iraqi dinar."
Cougar continued, "Parliament can not, no matter how many signatories to the reduction, to override its powers and override the decisions of the Central Bank."
He explained that "making an unconstitutional decision to return the exchange rate, and accepting it from the relevant authorities, means that we decide to increase the deficit of 22 trillion dinars, and this is against the improvement of the economic situation."
Cougar stressed, "Iraq does not have the resources to cover the new deficit expenditures, especially since the total cash reserves present at the Central Bank at the present time is $ 20 billion, and we have been informed that it cannot help us with an amount of more than $ 8 billion."
He continues, "The budget has been designed and distributed in terms of revenues and expenditures, on the basis of the current exchange rate, and changing it means a complete restructuring of the law."
Cougar added, "The defenders of the idea of restoring the exchange rate are citing the rise in the oil market, and this is misplaced dependence, especially at the present time because we are not safe from a decline at any moment."
He stated, "The current rise in the price of oil came after two decreases in quantities, the first of which was the outcome of the OPEC and (OPEC Plus) agreement of reducing each country by (20-22)%."
Cougar said, "Iraq was to export 4 million and 300 thousand barrels, but according to the international agreement, the budget stipulated that the amount of exports is 3 million and 250 thousand barrels."
He pointed out, "The second decrease in quantities is a decision that the Kingdom of Saudi Arabia has taken voluntarily by one million barrels, and when it retracts its decision, oil prices will decrease again."
Cougar concluded, "that going to reduce the exchange rate must be preceded by stability in the oil market price, as it is now, for a period of not less than six months in order for us to have the financial capabilities through which we can deal with the deficit.
Central Bank: Changing the exchange rate of the dinar against the dollar contributed to enhancing financial sustainability
The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, stated, Sunday, March 21, 2021, that the Corona pandemic has led to an increase in bad debts by 18% during the year 2020, while changing the exchange rate of the dinar against the dollar contributed to enhancing financial sustainability.
In a statement, the bank said, “Its governor participated in the symposium on” The Impact of Covid 19 on Financial Institutions “, which was organized by the Iraqi Private Banks Association, along with the Governor of the Central Bank of Jordan, Ziad Fariz, Chairman of the Bahrain Banks Association, Adnan Youssef, and the head of the Iraqi Private Banks Association, Wadih Al-Handal, which he attended. A number of Iraqi and Arab specialists and experts.
In his intervention, the governor emphasized that “the Central Bank of Iraq has taken a series of measures to confront the effects of the Corona virus on the economy, indicating that the pandemic has led to an increase in bad debts by 18% during the year 2020, which requires taking treatments that simulate the data of the Iraqi reality, especially security and legal.”
He explained, “Changing the exchange rate of the dinar against the dollar contributed to enhancing financial sustainability as a result of the high volume of foreign reserves and the strengthening of public finances, which increases the reliability of investors, low production costs, increases the competitiveness of local goods, and the balance of payments balance through a decrease in the volume of foreign imports.”
He pointed out that “the biggest challenge is to reinvest the revenues generated from the process of reducing the exchange rate, which should contribute to building a production base outside the oil sector to act as a financial lever for the Iraqi economy and rid it of the problem of unilateral financial resource.”
An Iranian report warns of Iraq's insistence on the decision to amend the dinar exchange rate!
An Iranian report warned that the Central Bank of Iraq would proceed with the decision to adjust the exchange rate of the Iraqi dinar against the dollar, while it included a list of tweets transferred from accounts related to the factions, calling for a reduction in the price of the dollar inside Iraq
The report published by the semi-official Iranian channel Al-Alam, which was followed by "People" (March 22, 2021), citing economic experts - whom he did not name - that the decision to amend the exchange rate of the dollar "restructured banks because they do not participate in the currency auction and that the coming period may witness a merger process." For banks with each other. "
The report used tweets from accounts and "mob" figures who organized a campaign against the decision to amend the Iraqi dinar exchange rate against the US dollar.
Officials in the Iraqi government say that the decision to adjust the exchange rate has harmed the interests of many parties that were exploiting the auction of selling dollars to inflate their fortunes by using "banking interfaces" accused of facilitating the exit of hard currency outside Iraq.
The government is also betting that the decision will, in the medium term, contribute to the recovery of agriculture and national industry, and reduce imports from neighboring countries and others
Al-Jabri announces the date for the approval of a very important law and the transfer of the oil and gas law to the next session
A member of the Parliamentary Oil and Energy Committee for the Alliance of Iraqis, Sattar Al-Jabri, announced, on Sunday, the date of the vote on the Iraqi National Oil Company law after its second reading by the House of Representatives.
Al-Jabri said {to Euphrates News} that “the Iraqi National Oil Company law, which has been read {first and second}, will be submitted for a vote after the approval of the federal budget law for 2021,” describing it as “very important.”
He added, “As for the oil and gas law, the committee has sent a letter to the oil ministers, asking him to speed up sending it to the cabinet for the purpose of voting on it, and then transfer it to the parliament for preparation, maturation and passing it after the first and second reading.”
Al-Jabri also pointed out “the importance of the law prepared since 2007 in regulating oil revenues and revenues, which represents approximately 90% of the budget, and that in order to achieve justice in the distribution of wealth, this law, which has been delayed for years, must be approved.”
While he stressed “the committee’s keenness to complete this law and follow it up by the Ministry of Oil,” noting that “the law has many disagreements and differences and needs a long time to complete it,” suggesting that it will be transferred to the next parliamentary session.
The Speaker of Parliament, Muhammad al-Halbousi, confirmed the existence of stalled laws that the parliament will proceed to legislate, such as the oil and gas law, which is one of the laws stipulated in the constitution, and which will address the mechanism of dealing between Baghdad and Erbil and between Baghdad and the rest of the oil-producing provinces, and the law will be one of the council’s next priorities.
For its part, the Ministry of Oil stressed on the 25th of last February the importance of expediting the passage of the Federal Oil and Gas Law, noting that the law will work to regulate the management of oil and gas wealth in Iraq.
It is noteworthy that the Oil Ministry’s sudden announcement of the draft oil and gas law coincides with marathon negotiations between Baghdad and the Kurdistan region regarding the latter’s share in the 2021 budget and the mechanism for managing his oil file.
Printing new currency notes or deleting 3 zeros .. Expert: There is a problem for the "Iraqis" that prevents going to the two options
link this is a bit tricky to read because of the translation issues but look at the last sentence I think that is very clear.
Economic expert Rasem Al-Akidi said, today, Saturday, that printing more Iraqi currency notes, or canceling three zeros of them, will
not support the budget of Iraq which suffers from lack of liquidity.
Al-Aqidi said in an interview with (Baghdad Today), "I do not imagine that printing more currency denominations, pumping more currency notes, or canceling 3 zeros will benefit the Iraqi financial situation, in light of the current crisis, as it does not support the ".budget
And that "printing the currency is not a solution to the economic crisis in Iraq, because the main problem is the lack of state control ".over the monetary mass
Al-Aqidi added, "80% of those who receive salaries or benefits, or who work in the private sector, have their monthly income ".earmarked for their full spending, that is, they do not save
He added, "There is only 20% of the Iraqi population saving large sums of currency represented by merchants, importers and contractors, who have large activities, and the largest proportion of those who have savings are in private banks, affiliated with political ".blocs and managed by partners, men of money and hopes
He pointed out that "any process of printing more Iraqi dinar notes will contribute to increasing the leakage of the monetary mass, in ".the same way
He said the process of raising the zeros from the Iraqi currency will eventually reduce it's value.
He cautioned that "there are no controls from the World Bank, or from the International Fund, in determining the amount of printed ".currency in any country, including Iraq, but printing more will lead to inflation, meaning the devaluation of the currency
He pointed out, "Therefore, countries adhere to 3 basic criteria when thinking about any attempt to print, which is the monetary mass, the volume of transactions, and the volume of circulation, and many countries adopt the electronic payment card, governance and automation, in the process of cash movement and control of funds, because it is an important method that enables any country to pay .The salaries of its employees, the wages and entitlements of the private sector, regardless of its financial crisis
A few days ago, proposals were put forward to reduce the effects of reducing the value of the dinar against the dollar, which was set by a decision of the Ministry of Finance, which fixed the exchange rate at 1470 dinars against the dollar after it had stabilized for more than 15 years, up to 1,200 dinars, which had bad effects on citizens, raising the prices of basic materials and reducing the value of .salaries
A member of the Parliamentary Finance Committee, MP Abd al-Hadi al-Saadawi, revealed the opinion of his committee about deleting 3 zeros from the Iraqi according to the proposals presented.
Al-Saadawi said in an interview with (Baghdad Today), that "the monetary policy in Iraq is one of the exclusive powers of the Central Bank and the financial policy is subject to the authority of the Ministry of Finance and the government, which is concerned with it, and it is not the prerogatives of the House of Representatives and the Finance Committee, meaning that changing the exchange rate or " .deleting zeros from the currency is not relevant The House of Representatives absolutely does not
Al-Saadawi added, "We do not see any tendency at the present time to delete zeros from the Iraqi currency by the central bank," pointing out that "even the exchange rate of the dollar is subject to the powers of the central bank and was recently raised after a " decision within the bank. up to her turn,
Safwan Qusay economic expert in an interview (Baghdad says today), said that" there is no urgent need for the issuance of paper currency a new category of 100 thousand Iraqi dinars or more, and the proposal to delete the zeros needs to be a bank effort and the " .withdrawal of currency in circulation
On the other hand, he added, "the level of circulation of the Iraqi dinar is very easy, therefore printing a large currency in denominations of 100 thousand Iraqi dinars or more will facilitate the process of large financial exchange," noting that "the ".responsibility and task of issuing these categories of currencies rests with the Central Bank He continued, "The process of issuing money needs financial cover in hard currency or gold, in addition to the market’s need for time to ".absorb the level of devaluation of the local dinar that the government has recently undertaken
Qusay pointed out that "the step of deleting zeros from the currency raises the level of confidence in the dinar and reduces the burden of transferring cash as well as calculations, but conducting it now may confuse the market because it needs to withdraw the dinar from ".traders and inject a new currency
The Central Bank adds a new feature to the Iraqi banknotes
The Central Bank of Iraq announced, on Monday, that it has added a feature to protect banknotes from bacteria and viruses to the national currency.
The Central Bank said in a statement received by "Al-Eqtisad News", that it "added the feature of protecting banknotes from bacteria and viruses, including the Corona virus strain," indicating that the protected currency "will soon be put into circulation."
They revealed that the currency had been added to "the biological pesticide developed by international companies specialized in printing banknotes in coordination with the competent .authorities
The WOTS report is below here:
145,650
....
Price in exchange (approximate)
145,000
146,000
——————————————
Najaf / Bursa
145,700
—————————
Sulaymaniyah / Bursa
145,700
—————————
Basra / Stock Exchange
145,500
—————————
Mosul / Stock Exchange
145,600
————————-
Diyala / sentence
145,750
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1435.4000 | 1485.8000 | 1435.1000 | 1435.1000 | 1435.1000 |  -21.9000 | 21:00 |
| USD/VND | 23076.0000 | 23078.0000 | 22824.3800 | 22784.3000 | 22784.3000 | -224.0600 | 22:43 |
| USD/CNY | 6.5094 | 6.5114 | 6.5107 | 6.4990 | 6.4990 | 0.0009 | 04:57 |
| USD/KWD | 0.3016 | 0.3026 | 0.3015 | 0.3015 | 0.3015 | -0.0003 | 04:57 |
| GBP/USD |  1.3850 | 1.3850 | 1.3873 | 1.3817 | 1.3846 | -0.0016 | 04:57 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14411.0000 | 14414.0000 | 14444.0000 | 14398.0000 | 14401.0000 | 41.0000 | 04:57 |
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Economic center: Parliament cannot change the exchange rate of the dollar
In a statement, Al-Furat News received a copy of it, Al-Hilu said, "One of the main tasks of the Iraqi Central Bank is to determine the exchange rate in coordination with the Ministry of Finance and the government, and that the House of Representatives has no right to determine the exchange rate."
And he indicated that "if the parliament insists on changing the exchange rate in the budget allocated for the year 2021, the Central Bank of Iraq will appeal the budget."
Al-Hilu added, "What is happening in the corridors of the House of Representatives is nothing but electoral gain among specific blocs in order to gain the friendliness of the Iraqi street," calling for "strengthening state revenues and customs, controlling all border outlets and supporting sectors affected by the change of the exchange rate and finding quick economic solutions that enhance the Evaluating the Iraqi private sector and supporting small enterprises with bank loans that enhance the labor market in Iraq.
With Arab and local participation, the Central Bank participates in a seminar on the impact of the Corona pandemic on the financial sector
The Central Bank of Iraq announced, on Sunday, the participation of its governor, Mustafa Ghaleb Makhaif, in a symposium on "The Impact of Covid 19 on Financial Institutions", organized by the Iraqi Private Banks Association, along with the Governor of the Central Bank of Jordan, Ziyad Fariz, President of the Bahrain Banks Association, Adnan Youssef, and the President of the Association of Private Banks. Iraqi Wadih Al-Handal, which was attended by a number of Iraqi and Arab specialists and experts.
The central bank said in a statement received by "Al-Eqtisad News", that Kharif confirmed that "the Iraqi Central Bank has taken a series of measures to confront the effects of the Corona virus on the economy," noting that "the pandemic has led to an increase in bad debts by 18% during the year 2020, which requires Taking solutions that mimic the facts of the Iraqi reality, especially security and legal. "
He explained that "changing the exchange rate of the dinar against the dollar contributed to enhancing financial sustainability as a result of the high volume of foreign reserves and the strengthening of public finances, which increases the reliability of investors, lower production costs, increased competitiveness of local goods and the balance of payments balance through a decrease in the volume of foreign imports."
The governor stressed that "the biggest challenge is to reinvest the revenues generated from the process of lowering the exchange rate, which should contribute to building a production base outside the oil sector to act as a financial lever for the Iraqi economy and rid it of the problem of a single financial resource."
On the other hand, the head of the Iraqi Private Banking Association, Wadih Al-Handal, said, "The Central Bank of Iraq has taken effective steps to confront the impact of the Corona virus, including donations to support the health sector, delay payment of loan installments, reduce interest, and increase loans to move the economy to all small, medium and large enterprises in addition to To home loans. "
He stressed that "the Iraqi banking sector has taken a series of measures that alleviated the problems that faced those dealing with it," explaining that "the Association of Private Banks is working with the Central Bank to develop the banking sector."
This symposium comes in light of the international and local endeavor to find effective solutions that can support the various sectors to contribute to sustainable development
Al-Zamili: Al-Kazemi's government falls short with the demonstrators
The leader of the Sadrist movement, Hakim al-Zamili, confirmed, on Monday, that the current government headed by Mustafa al-Kazemi is too inadequate towards the demonstrators.
Al-Zamili told "Tigris" that "the demonstrations went out to demand reform and the provision of services and job opportunities," stressing that "the government did not provide any satisfactory solutions."
He added, "Iraq is not a poor country, but rather a country that possesses many ingredients such as oil, gas, sulfur, phosphates, agriculture and industry, in addition to border outlets that attract millions of dollars," he asked, "Where is the government's white paper?"
Al-Zamili stressed that "the government's actions with the demonstrators are not correct
CBI Update: Just a note:
The Central Bank of Iraq adds a new feature to Iraqi banknotes
including $0. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
3-21-2021 Newshound Guru Jeff There's conflicting news...you have some articles telling you that everything's kosher between Kurdistan and Baghdad and that they can resolve their differences and complete the budget next Sunday. Then you had another article telling you no no wait a second this political block says nope that until that exchange rate gets increased they're not going to be able to approve the budget...my gut is telling me...they're not going to change the rate at this time. There will be no budget approval...
3-21-2021 Newshound Guru Adam Montana The Budget was completed some time ago, and Baghdad and the Kurds were even in agreement on the original Budget that was preliminarily approved... the fact that there are now disputes, that are tied to the oil and gas law, tells us very clearly that they are not arguing over a few dinars... they are arguing over a LOT of dinars, which is also dollars. My friends, we are closing in on a spectacular finish! I'm looking forward to it. I know many of you are, as well. Hang tight! This might get bumpy before it's over, but OH BOY will it be worth it!!! GO RRRVVVV!!$!$!$!$!! [post 2 of 2]
3-21-2021 Newshound Guru Adam Montana I' m going to run through this one pretty quick, because it's very simple to explain. That's a good thing. Simple = easy to conclude, which also translates loosely to "soon"! OIL is slightly lower than in my last update [61.42], but it's still in the "good" range. Anything in the $60s is great, as far as I'm concerned! More importantly, however, is all the HCL talk...I can confirm this is true: Iraq is dealing with the HCL as we speak, and I think it's going to get done this time. Article quote: "It is noteworthy that the Oil Ministry’s sudden announcement of the draft oil and gas law coincides with marathon negotiations between Baghdad and the Kurdistan region regarding the latter’s share in the 2021 budget and the mechanism for managing his oil file." [post 1 of 2....stay tuned]
3-21-2021 Newshound Guru Pimpy I do expect they'll go back sooner or later to that fiscal period from the beginning of April all the way through March. Could it be this time around? Maybe. That's why they're stalling? Could be. But where are we? March 20th. There's 31 days in this month. If they're going to try to make that deadline they have got to get this over and done with ASAP...Can they retro? Of course they can. Is the rate change going to be in there [the 2021 budget]? There is a political block right now that is refusing to vote. They're boycotting unless the rate change is in there. But what they're demanding is it be restored to where it just was...1190 dinar per one dollar.
3-21-2021 Intel Guru Frank26 Taxes - they are raping us. They are going to destroy you. They're going to kill your investment. They are going to take your money. I pray to God you know what you're doing. [NOTE: Consult your tax professionals and financial advisors at the appropriate time.]
3-21-2021 Newshound/Intel Guru Walkingstick [via Guru Frank26] The [Saturday] meetings are concluded...next week they will add more meetings for the next phase.
3-21-2021 Newshound Guru Jeff Back in 1973 the value of the dinar against the dollar was $3.37...Iraq is the wealthiest country in the world...Iraq's worth more money than Kuwait...[The reason] Kuwait has the highest value currency in the world is when they changed their rate they unpegged their currency from the US dollar and re-pegged to the highest valued currency assortment basket...it's called the KUNA basket...the value of their currency against the US dollar is approximately $3.28. Iraq has more minerals in their soil. They've got gold, lithium, diamonds, natural gas. They're the wealthiest country in the world. There's a very good chance that when the rate changes Iraq could...do what Kuwait did and unpeg from the US dollar and peg to that same currency assortment basket called the KUNA the highest valued basket in the world...
3-21-2021 Newshound Guru Pimpy This is March 20th. Today was supposed to be the big day. What did these other youtubers say? 'Boom! Before you know it the budget was going to change. We would get the big rate change and we'd be skipping our way to the bank'...This is why I tell you don't get overly excited about good news, don't get overly down on bad news...I hear this all time and then I become the boogeyman. Why? Because I'm saying read...whether it's 'contract rates'...redemption centers... humanitarian projects...ridiculous 800 numbers. To me all those things sound like scams. They want you to send your dinar to that location. Where's your security? ...we all want the same thing...we want the RV to happen but there are other indicators out that we can watch for...slow down. Hang tight...
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