November 2nd 21 My FX Buddies Podcast Will the dollar exchange rate be changed? Maliki's coalition responds

November 2nd 21 My FX Buddies Podcast Will the dollar exchange rate be changed? Maliki's coalition responds 

Economic construction and serious reform

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 A consensus on the need to create serious reform during the coming period in light of the rising voices calling for changing the economic reality to a better stage, while rejecting all justifications. This came during a meeting of elected representatives with the private sector to discuss the requirements of the next stage, which requires directions that actually promote investment in light of the inability of the federal budget to feed the projects required by the country.

The specialist in economic affairs, Adham Al-Qahar, said: {This periodic meeting, which brings together the legislative and private sectors, comes in order to correct the performance paths and create a serious approach that serves the national economy.}

 He added that "everyone would like to know the direction of the national economy and the perceptions of the people's representatives about the next stage in light of the escalation of voices demanding the creation of real reform that would put the country on the track of real development." 

 

country need

Elected member of the House of Representatives Madiha Al-Moussawi said: "We realize the country's need for requirements that require real effort, to advance the economy, where there are idle industrial plants and they can be the first development step."

And she indicated that {the private sector represents an important axis that must be activated to address the total economic problems that the country suffers from, foremost of which is the provision of job opportunities, in addition to dispensing with foreign workers.}

 

building the country

In turn, the elected representative, Atwan Al-Atwani, said: "The responsibility for building the country is shared," pointing to "the constants of the budget cannot be touched, including the salaries of employees, retirees, social welfare and governorate benefits." 

He stressed the "importance of working towards a plurality of resources to reduce the shocks of crises facing crude oil prices, which represents the most important resource for the federal budget, which requires realistic plans for a plurality of resources, and investing the country's wealth must take into account the entitlements of future generations." 

Al-Atwani stressed that investment is disrupted in the country and that issuing an investment license requires a great effort and goes through complex stages, and here it is necessary to find solutions to this matter, and for everyone to realize that investment is an absolute necessity to develop the national economy, and that planning should be present.

He pointed out that "the country has the ingredients to achieve economic success, which can achieve a plurality of resources."

 

real pluralism

The elected representative, Alaa Al-Rubaie, said: “The country’s problems are now known to everyone, and this requires the development of housing, education and health,” pointing to “the need to correct performance paths, and adopt real solutions that help build a solid economy that is not affected by crises, and there is a real plurality of the country’s financial resources and contribute to to all sectors.

 

financial sector

The expert in economic affairs, Louay Al-Saeed, said: "Developing the country's economic performance requires an effective financial sector, and here it is necessary to have a sober banking law, as the process of sustainable economic development is linked to the presence of a banking system capable of financing."

He cautioned that {decisions concerned with the private sector should provide a fertile environment for work and push it to promote activity in a direction that serves the national economy}, stressing {the importance of allocating funds for projects}.

As for the captain of the Iraqi Engineers Syndicate, Dr. Azhar Al-Rubaie, said: {The country suffers from a defect in all sectors, and here we must know and renew where to start}, pointing to {the need to address the administrative imbalance in the country and create a solid legislative oversight institution that does not realize the importance of its legislation. For the future, as the reality of the country requires us to create a secure political and economic environment to activate the wheel of development.”

Investment Bank: A barrel of oil will rise to $ 120 in 2022

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Investment bank "Bank of America" ​​has improved its forecast for oil prices in 2022, expecting oil prices to rise in the middle of next year to $120 a barrel

This was reported by the agency.Bloomberg On the US bank, the bank indicated that the global energy crisis led to a sharp rise in gas and coal prices around the world, which contributes to a rapid recovery in oil futures prices

the increasing demand for gasoline, diesel and jet fuel, along with restrictions on refining capacity, is also contributing to the acceleration of the rise in oil prices in 2022.

For comparison, oil prices are currently trading at the level of $85 a barrel, and this is accompanied by an increase in demand for black gold

Planning reveals the features of the 2022 budget and the groups affected by the delay in its approval

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Today, Monday, the Ministry of Planning revealed the features of the upcoming 2022 budget, while specifying the categories whose salaries will be affected when the budget is delayed.

The Undersecretary of the Ministry, Maher Hammad, told the Iraqi News Agency (INA), that "the continuous salaries of the\ employees are on the fixed owners and will not be affected in the event of delay in approving the next budget, or even not approving it, because the 1/12 ratio will cover the amounts," noting that "the delay in approving the budget." It may affect additional allocations at the end of the year for the purposes of bonuses or promotions, as well as new job grades. 

He added, "The Financial Management Law stipulates that in the event that the budget is not approved, the current

expenditures will be spent at a ratio of 1 to 12 of the previous budget. As for investment expenditures, they are dealt with according to the percentage of completion for each project separately, and this is called the draft budget allocation proposal," noting that " The price of oil was set in the next budget at $60 a barrel.

And he indicated that "the budget is currently in the mini-committee to formulate a preparatory framework for the

government, but the current cabinet is not authorized to approve it, but it will be ready for the next cabinet after the formation of the new government in it," stressing that "the budget has positive points, including unifying customs fees and working on preparing an investment budget. For 3 years, not one year, to ensure the continuity of projects.

He continued, "The budget also included addressing the deficit that might occur if approved, by preparing a budget that

is not dependent on a large amount of oil, because oil prices are usually variable."

Will the dollar exchange rate be changed? Maliki's coalition responds 

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Today, Monday the State of Law coalition confirmed the possibility of reducing the  exchange rate  of the dollar against the Iraqi dinar

A member of the State of Law Coalition, Abdul Hadi Al-Saadawi, said in an exclusive statement to (Baghdad Today) that "raising the price of the dollar against the dinar did not achieve its goal announced by the government, including creating job opportunities for the unemployed and providing housing units for citizens who do not have housing units and other matters related to the recovery economic situation in .the country

He added, "Due to the high price of a barrel of oil, the exchange rate can be restored at a slightly higher rate than the previous one, to settle at 125,000 dinars per $100," noting that "this level will create a balance between the old price and the ”.new price, as it will not affect the economy of the poor classes." and fragile Al-Saadawi pointed out that "the decision to raise the price of the dollar was a political decision, not an economic one," noting that "lowering the price of the dollar needs a parliament that is serious in this matter and works to give priority to the ".national interest 

In light of the delay, will the 2022 budget see the light in the dome of the new parliament, or will next year be without a financial budget?

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Ministry of Planning revealed the features of the upcoming 2022 budget, while specifying the categories whose salaries will be affected when the budget is delayed.

The Undersecretary of the Ministry, Maher Hammad, said that "the continuous salaries of employees on the fixed owners will not be affected in the event of delay in approving the next budget, or even not approving it, because the 1/12 ratio will cover the amounts," noting that "the delay in approving the budget may affect the additional allocations at the end of the year." year for the purposes of bonuses or promotions, as well as new job grades.

He added, "The Financial Management Law stipulates that in the event that the budget is not approved, the current expenditures will be spent at a ratio of 1 to 12 of the previous budget. As for investment expenditures, they are dealt with according to the percentage of completion for each project separately, and this is called the draft budget allocation of the proposal," noting that " The price of oil was set in the next budget at $60 a barrel.

And he indicated that "the budget is currently in the mini-committee to formulate a preparatory framework for the government, but the current cabinet is not authorized to approve it, but it will be ready for the next cabinet after the formation of the new government in it," stressing that "the budget has positive points, including unifying customs fees and working on preparing an investment budget. For 3 years, not one year, to ensure the continuity of projects.

He continued, "The budget also included addressing the deficit that might occur if approved, by preparing a budget that is not dependent on a large amount of oil, because oil prices are usually variable."

Militias missiles target the Iraqi Prime Minister during his visit to the Intelligence Service

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Pro-Iranian militias in Iraq carried out an attempt to assassinate Iraqi Prime Minister Mustafa Al-Kadhimi with a missile launch.

Security sources said that more than four missiles fell in the Mansour district, which is one of the wealthiest neighborhoods And paper in the Iraqi capital, indicating that the missiles were targeting the building of the Iraqi intelligence service, which remained Al-Kazemi His president even during his tenure as prime minister.

She said that what was rumored about missiles targeting the Green Zone, and the US Embassy in particular, is untrue, because those The rockets landed in areas far from the Green Zone, and that one of them exploded near the Red Crescent Hospital, which It is only hundreds of meters from the Iraqi intelligence building.

And she indicated that intelligence information was available to those militias, according to which Al-Kazemi was at the moment the missiles were launched A working visit to the intelligence service and that the rocket fire was a failed assassination attempt on the Iraqi prime minister.

A spokesman for the Iran-backed Hezbollah Brigades had called for Al-Kazemi to be tried.

Abu Ali Al-Askari said that Al-Kazemi should be referred to trial, in an explicit reference to his accusation of complicity With the Americans in the assassination of Qassem Soleimani and Abu Mahdi Al-Muhandis near Baghdad Airport, by a drone, and the militias fear Shiites are of two things:

The first is to dry up its sources of financing by removing its control over some important joints in the state.

The second is the dissolution of the Popular Mobilization Forces, in which most of the armed factions are involved.

A member of the Iran-backed Al-Fateh Alliance, Hussein Al-Yasari, said that there are fears of targeting and dissolving the popular crowd .

He added that the upcoming parliament and government may work to obtain a legislative decision from Parliament to integrate the popular crowd With government forces, this is what we warn of.

And he indicated that such attempts were made during the past few years, and if those parties succeeded in their endeavours The factions have a word that you will say at the
appropriate time.

There\ was no WOTS "Word on the Street" report today

WOTS MON NOV 1 21Strategic partnerships create income-generating projects

 WOTS MON NOV 1 21

Strategic partnerships create income-generating projects

No My FX Buddies Podcast today

Monday, the dollar exchange rates maintained
their stability in the Iraqi markets.
And the selling prices of the dollar were 148,000 dinarsper $100.
And the purchase price of the dollar was 147,500 dinars per 100 dollars.

The Markets:

The Asian markets closed mixed NIK up by 2.61% HSI down by .88% SHANG down by .08%

The UK markets are currently trading in the green  from .53% to 1.24% 

Our futures are currently trading upward 

Precious Metals:

Gold is green at 1788 Silver is green  at 23.95 Copper is green at 437 Platinum is red at 1036 

Brent 84 WTI  81   Bitcoin: 62,116  10 yr yield: 1.57

Favorite Currencies Forex Quotes

Favorite Currencies Major Currency Pairs Major Crossrates USD / Major Currencies Euro / Major Currencies --- Australian Dollar / Majors Canadian Dollar / Majors Swiss Franc / Majors British Pound / Majors Japanese Yen / Majors New Zealand Dollar / Majors South African Rand / Majors Metals --- Favorite Currencies Manage Favorites

Symbol	Bid	Ask	High	Low	Open	Change	Time
USD/IQD	1445.3000	1497.2000	1457.6000	1457.5000	1457.5000	0.6000	12:51
USD/VND	22750.0000	22760.0000	22740.5500	22735.4800	22735.4800	6.0400	22:56
USD/CNY	6.3958	6.3978	6.4058	6.3955	6.4046	-0.0088	05:27
USD/KWD	0.3013	0.3023	0.3013	0.3013	0.3013	0.0000	05:15
GBP/USD	1.3655	1.3656	1.3688	1.3643	1.3687	-0.0017	05:31
USD/IRR	74.8000	74.8000	74.8000	74.8000	74.8000	-42138.5000	00:00
USD/IDR	14269.0000	14269.0000	14307.0000	14197.0000	14223.0000	42.0000	05:30

Things in the News:

Dow futures rise more than 150 points on first trading day of November as investors await key Fed...

Japan's Nikkei 225 surges nearly 3%; data shows mixed Chinese factory activity in October

European markets kick off November trading on a positive note

Iraqi Articles:

Strategic partnerships create income-generating projects

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The economist, Manaf Al-Sayegh, urged the government to adopt a set of directions that would revitalize the economy, employ the workforce, and increase development rates, calling for creating strategic partnerships between the public and private sectors, seeking to establish efficient income-generating projects, and directing the establishment of cities and free markets. At the same time, he stressed the importance of developing a quick plan to establish tourism and entertainment projects.

 

Al-Sayegh recommended that, in the coming periods, the government should start contracting with solar energy production companies, on a large scale, and work on contracting with international companies to modernize and establish modern railway networks, and link the Faw port with Turkey to enhance the efficiency of its work. The speaker called for directing the construction of the Baghdad metro with more transport lines than was announced, and to be the first next government step to ease the transport crisis in the capital, as well as directing the neighborhoods of the railways between the governorates by contracting with international companies, to manufacture fast and comfortable trains that include all international specifications. The economic expert also urged the need to “initiate the maintenance of internal and highway roads, to ensure the efficient transportation of goods and services, with attention to their accompanying services,” proposing that “external roads are managed according to investment by international companies working on the development, maintenance and provision of services to roads.”

 

Tourism projects

Al-Sayegh pointed out the importance of “developing a quick plan to contract with international companies with the aim of establishing tourism and entertainment projects, especially cities overlooking the rivers,” stressing the need to “invite international hotel companies to establish tourist and recreational resorts, to enhance the quality of community life and provide various entertainment and services.” .

 

Labor market

Among the proposals that would move the wheel of the economy, the expert stressed the need to “regulate the labor market, through coordination between universities and institutes on the one hand, and government institutions and the private sector on the other,” noting that “this coordination would ensure the provision of the competencies you need.” business environment,” calling at the same time “to work with civil society organizations related to economic affairs, the private sector, and specialists, to provide advice and suggestions to the government, with the aim of enhancing the performance of its institutions in providing the best services for market activity and the business environment and improving the quality of business.”

 

tax system

Al-Sayegh sees the importance of “the government seeking to reconsider the tax system, with the importance of taking into account the going of tax dues to provide services that enhance the efficiency and quality of society’s life,” as well as “the government’s work within the thinking and mentality of the private sector, and seeking to facilitate procedures and remove the redundant rings from it.” To achieve the best services and shorten the completion time,” he pointed out, noting that these steps could “enhance society’s efficiency in production, revitalize the economy and produce new work patterns that enhance the ability to diversify sources of income and raise spending capacity.

 

A drop in oil prices after Chinese action on gasoline reserves

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China said yesterday that it would release its reserves of gasoline and diesel to increase supply and stabilize prices in some areas. This came in a statement that analysts said was enough to bring down oil prices today.  

  

Brent crude fell 0.2 percent and US West Texas Intermediate by 0.4 percent, after rising on Friday after the National Food and Strategic Reserves Administration in China announced on Sunday the release of gasoline and diesel reserves, in what some market watchers described as the first A statement of a kind aware of memory.  

It is one of a number of attempts by Beijing to cool commodity price hikes that have slashed manufacturers' profit margins. Earlier this year, China released other commodities from the reserves, including a rare release of crude oil and base metals, to cool prices.  

"Rationalizing (oil) production should be more common than releasing oil reserves," said Sunjik Te, an analyst at Beijing-based SIA Consulting.  

He pointed out that Sunday's move may be the first time that Beijing has announced the release of oil reserves.  

"Words are greater than actions, China learned that from (OPEC +)", he added, referring to supply contacts from the alliance of major oil producers in the world, which could have an impact on lowering market prices. 

CBI Update:  Just  a note:

They have been having auctions and the ISX has been trading regularly; the sites just don't update in time to put the information in this report, unless it is 
here.   

http://www.cbi.iq/

Click on the link above for the latest update.

The CBI for rate is 1460

The currency auction For November 1st, 2021 total sales amount $ 170,879,478. 

including   $51,460,000. CASH 

ISX Update:   

www.isx-iq.net/

Shares Traded: not updated for today

Value Traded: not updated for today 

Weekend TNT UPDATE for October 30-31, 2021

So far, only this bank story to share....

 

While speaking to my bank manager today from one of the top tier banks, I asked about key points at the exchange meeting. He was adamant that they would be looking for sharp, short and shiny appointments, not drawn out confused meetings. The exchange is not to discuss or bring up investments, options etc, rather to save that for the wealth manager of our choosing.

Knowledge about what we are doing is also being looked at…are we bumbling about, confused about interest rates vs exchange rates, etc? An interesting point  was about appearance….,if you go in "blinged up" in your fancy apparel, it will be assumed you are interested in appearances more than business and you will most likely not be given the best offers. You will most likely be considered someone who "spends" it all and the money will be gone in a short period of time. He advised being neat, clean , tidy and casual.

His team has been trained to look for calm, informed, and well organized people at the exchange, with long term prospects.

https://www.dinarguru.com/

10-31-2021   Newshound Guru  Breitling  We do an embargo on them. In other words their market share is shrinking.  We're taking away their wealth.  So that's what Iran will do to Iraq .  They will make sure their markets don't grow.  And that's why you want to get out if indeed that happens and it goes down that route.  You want to get out of that currency as quickly as possible.  Because...the first thing that comes is destroying their currency.  And then they have to be that much more dependent on Iran ... [Post 2 of 2]

10-31-2021   Newshound Guru Breitling  Question: "Can you clarify the statement you made regarding exchanging the dinar as soon as possible in relation to things going sideways because of Iran 's influence and the RV?  What should we as investors look for?"  If Iran starts to get heavy-handed in the region then Iraq is going to add value to their currency.  They will.  That's not going to stop.  But how does Iran take that power away from Iraq ?  What do they need to do?  What does the United States do to Iran ?  [Post 1 of 2....stay tuned]

10-31-21   Intel Guru Holly   ...We are so close to all things happening. We have never been this close...

10-31-2021   Newshound Guru BobTheTaxMan  Question:  "Will there be a time limit to exchange?"    Likely not.  It would be no difference than it is right here.

10-31-2021   Newshound Guru Kaperoni  I can't state it enough, never put your dinar in anyone else's hands to manage or exchange on your behalf you will never see it again.  Theft has been going on for years and this is just an attempt at stealing your dinar...crooks are relentless at making up scams to acquire your dinar dating back to flying people to Reno NV to meet with scam artists pretending they were bankers

10-31-2021  Newshound Guru Sandy Ingram  Article:  "Iraq election body soon to announce final results after recount"  Finally Iraq is almost ready to announce the results of the election after a recount.

10-31-2021   Newshound/Intel Guru Mnt Goat    "At the bank branch of the Central Bank in the province of Basra, the delegation was keen to meet the staff of the branch and discuss the most important organizational matters in the work of the branch. The branch displayed large images of past and current dinars...a 1947 Dinar note with King Faisal II was shown in the Basra branch of the Central bank display.  Why did they highlight this past dinar note?  Look at the rate for the dinar during that time period.  It's $4.86.  Go figure!  I do not believe in coincidences..." {see Iraqi dinar exchange rate history graph below}

Iraqi Dinar Exchange Rate History

Catnip's Corner:

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ARTICLE 1 (from PM Kadhimi's  website; posted only on Arabic side, not on English side)

The most important thing that Prime Minister Mustafa Al-Kazemi spoke during his visit to the Ministry of Electricity and his meeting with its advanced staff

 We meet with you today to anticipate the coming summer, by making plans that will overcome past mistakes with regard to electricity.

 The Ministry of Electricity, despite all the great challenges it faced last year, represented by terrorism and sabotage that targeted the towers, as well as other challenges, was able to overcome many of them. Indeed, Iraq recorded the largest energy production during the current year.

 There are many past mistakes in this vital file, without which factories, laboratories, and even life stop, and we will work with full force and responsibility to overcome the obstacles in this file.

The ministry has gone through many obstacles since its inception, represented by poor planning and corruption, as well as disruption due to administrative, bureaucratic procedures and laws.

 I personally followed up with executive officials in the Ministry of Electricity and other ministries energy developments, and directed the formation of a crisis cell to address the shortage of hours of electricity production in Baghdad and the provinces.

 We are working carefully and with well-thought-out plans for the future to diversify energy sources, and expedite the establishment of clean energy plants with the best international companies, and we have made great strides in this context...

 Energy rationalization is a civilized phenomenon, as well as the importance of activating collection to ensure the continuity of production and nutrition.

 Development of the ministry’s staff is one of the important matters that the ministry should take care of; To keep pace with the development in the fields of energy, administrative matters and others.

Media Office of the Prime Minister

31 - October - 2

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ARTICLE 2 (from Government of Iraq twitter account)

Government of Iraq - الحكومة العراقية

@IraqiGovt

10-31-2021 around 8:15 am Eastern

PM @MAKadhimi visits the headquarter of Ministry of Electricity and meets the staff. He praises its role in recording the largest energy production during this year and affirms the need to keep in line with the development in fields of energy, administrative matters and others.

Government of Iraq - الحكومة العراقية

@IraqiGovt

10-31-2021 around 2:45 pm Eastern

More than 10,500,000 students start their new academic year. We congratulate our dear students and wish them a successful school year. #BackToSchool

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ARTICLE 3

The Sadrist Movement: The next government will implement projects and services

06:04 - 10/31/2021

Baghdad - Mawazine News

The head of the political body of the Sadrist movement, Nassar al-Rubaie, confirmed today, Sunday, that the next Iraqi government will implement projects and services.

The political body said in a statement, "Al-Rubaie received the Japanese ambassador to Iraq, Kotaro Suzuki, at the commission's headquarters in Baghdad, and that the meeting came to discuss the course of the political situation in Iraq and the success of the electoral process in Iraq."

Al-Rubaie said, "The future will be better in the presence of a government that believes in fair and transparent procedures that are reliable in the work of the Iraqi government and the need to support the stability of the country and overcome current challenges by respecting the people's will for reform."

He added, "The joint cooperation in the field of providing support by the Japanese government to the efforts of the Iraqi government in all fields was discussed, because the next Iraqi government is a government to implement projects and services," stressing "the importance of relations between Iraq and Japan and ways to advance them in all fields, as well as benefit from Japanese experience in the reconstruction process.

For his part, the Japanese ambassador stated that: "We agree on what Muqtada al-Sadr and the head of the political body of the Sadrist movement indicated that Iraq should be sovereign without external interference, and that we seek to deepen relations with the new government."

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ARTICLE 4

Al-Hamidi: Reducing the price of the dollar is related to the economic plan of the next government

10/31/2021 - 5:42 PM 

The former deputy of the Al-Fateh Alliance, Mithaq Al-Hamidi, indicated on Sunday that the decision to reduce the price of the dollar will be in the court of the next government.

Al-Hamidi said in a statement followed by “Al-Ahd News” that “reducing the price of the dollar is related to the economic plan that the new government will come up with and oil prices, which if they remain at their current rates, it will be normal to reduce it.”

She added, "If oil prices fall with the increase in the fiscal deficit in the next budget, with the accumulated debts on Iraq, the dollar prices will remain at the same current rates."

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ARTICLE 5

Wild spiders invade a US state

2021-10-31 | 06:38

Spiders, up to 8 centimeters long, invaded the US state of Georgia, raising concern among residents about the impact of a rare environmental phenomenon on their lives.

And the "Guru spider", which has spread dramatically, is native to East Asia, and is common in Japan, China, Korea and Taiwan, and does not pose a threat to humans, but it can bite it if it feels threatened.

These spiders make giant webs of threads up to 3 meters in diameter, and their females have bright yellow, blue and red markings on their bodies.

Witnesses in the city of Winterfell said they saw hundreds of spiders, and one of them explained that large numbers nested on his balcony, which "has become unusable", according to the British "Sky News" network.

Guru spiders were first seen in Georgia in 2014, and later they were also found in South Carolina.

Will Hudson, an entomologist at the University of Georgia, believes that this type of spider will spread across the southern United States soon.

According to Hudson, it is not clear why there is such a significant increase in spider numbers this year, but it may be related to the amount of rain.

"We're seeing a decrease and an increase in the number of different species, and it may be related to local conditions, especially slight changes in rainfall," said Paula Cushing, a marine biologist at the Denver Museum of Nature and Science.

But on the other hand, Nancy Henkel, an entomologist at the University of Georgia, said that "Guru spiders" help reduce the spread of mosquitoes and flies, and they are one of the few species that catch and eat brown stink bugs, which are dangerous pests for many agricultural crops. .

She added, "This is cool and exciting. Spiders are our friends. They hunt all the pests we don't want around our house."

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