Zig’s Place Chat and News Monday PM 6-7-21

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

butterfly   The Central Bank feeds electronic payment cards at the official rate of the dollar

The Central Bank sells the dollar at the official price for several categories

Banks   Economy News _ Baghdad  The Central Bank of Iraq announced, on Monday, that it provides facilities to citizens wishing to obtain foreign currency for the purposes of travel, study and treatment abroad, by selling it at the official price.

The bank said in a statement that "Economy News" received a copy of it, that "for the purpose of facilitating the procedures for citizens to obtain foreign currency (dollars) for the purposes of travel, study and treatment abroad, the Central Bank of Iraq announces that all their requests to buy dollars for the above purposes will be met."

He added, "The process is carried out by feeding electronic payment cards (MasterCard and Visa Card) at the official price set by the Central Bank of Iraq."   Views 7 Date added 07/06/2021

https://economy-news.net/content.php?id=25327

NORV   The above article on the CBI using Visa and Mastercard to issue dollars is a violation of the IMF's liberalized exchange rate regime. This will prevent them from acceptance into Article VIII if desired. It will though help curb corruption. So it's a catch 22... violate rules to curb corruption or continue with the corruption and meeting IMF conditions.

NORV  :Float:   :Float:   :Float:

Dave   ......wonder whom was suggesting that Iraq was even near ready to go art VIII.......further thought they fell out of compliance with their devalue..........?

NORV  No the devalue was not relevant. Any country has the right to adjust their exchange rate either up or down as it wishes. In fact,doing so, it put them in compliance with the 2% rule for a while.

NORV  As for Article VIII, the IMF charter requires countries that are in Article XIV to be striving for acceptance into article VIII. So they should always be trying to meet conditions and approval.

NORV  Of course this is a grey area but doing so only benefits Iraq by engaging with the world banking system.

Dave  no ninety day rule on changing the rates....?

butterfly  The Minister of Finance chairs the tenth session to prepare the federal budget strategy for the years 2022-2024    Monday 07, June 2021 16:54 ........Minister of Finance Ali Abdul-Amir Allawi chaired the tenth session of preparing the federal budget strategy for the years 2022-2024.

During today's session, the minister stressed: "Continue to link long-term goals with future budgets, stressing the need to pay attention to the education and education sectors."

Butterfly   Parliamentary Finance reveals to / NINA / details of preparing next year’s budget: No change in the currency exchange rate

Monday 07, June 2021 16:57....The Parliamentary Finance Committee revealed the details of preparing the draft federal budget law for the next year 2022.

In a statement to the National Iraqi News Agency ( NINA ), a member of the committee, Representative Jamal Kougar, said, “According to the Financial Management Law, the Ministry of Finance must decide on the budget in June and ask all governorates and ministries to submit their budgets to mid-August, and at that time the ministries of Finance and Planning are supposed to prepare the draft The priority for the budget law is to be submitted to the House of Representatives on October 15.”

He added, "The government has formed a ministerial committee to prepare the next year's budget with the participation of members of the Finance Committee within the budget law's meetings and discussions," noting that "if the elections are held on October 10, the next government will arrive until the formation of the new legislative session, assigning the largest bloc and granting confidence to the new cabinet, we will arrive."

Until next March, the discussion of the budget law will be automatically delayed at that time, "calling on the current government to submit the draft budget 2022 and be ready for discussion in the House of Representatives, if elections are held on schedule and a new government is formed.

And about the possibility of changing the exchange rate of the currency in the next year’s budget, he explained that “the current economic conditions do not allow the government to resort to such an option, and it is the exclusive prerogative of the Central Bank and no one else.”

butterfly  The Minister of Finance chairs the tenth session of preparing the federal budget strategy for the years 2022-2024 / expanded

Monday 07, June 2021 16:59 ............Minister of Finance Ali Abdul-Amir Allawi chaired, on Monday, the tenth session meeting of the committee for preparing the federal general budget strategy for the medium term 2022-2024, in the presence of the Prime Minister's advisors, the Undersecretary of the Ministry of Finance, the Ministry's advisor, and the general managers of the ministry and relevant ministries.

A statement by the Ministry of Finance said, "The committee discussed the strategic vision for the education sector for the medium term for the years (2022-2024) by the Ministry of Education."

The minister said: The interest in the education sectors of all kinds and levels, and the provision of a supportive and stimulating environment to raise the educational level will be among the priorities of the strategy of the upcoming budgets.

Allawi also stressed, "the need to pay attention to the education sectors and to discuss the challenges and difficulties facing the implementation of projects in the two sectors and ways to address them within the available financial resources and find solutions to address the delay in vital projects for the educational sector."

He added, "We will proceed to link long-term goals with future budgets to provide tools and procedures for preparation for financial departments and to prioritize activities to achieve the strategic objectives of the projects in proportion to the country's financial revenues."

Butterfly    Baker Talabani: Inviting Iranian companies to the Kurdistan region to coordinate and produce in the field of agricultural and water projects

Monday 07, June 2021 21:21 ......The Minister of Agriculture and Water Resources of the Kurdistan Regional Government, Bekird Talabani, called on Iranian companies to the region to coordinate and produce in the field of agricultural and water projects.

The website of the Patriotic Union of Kurdistan said: "A high-level delegation from the Ministry of Agriculture and Water Resources of the Kurdistan Regional Government met with prominent Iranian agricultural officials, regarding the drought and the problem of the waters of the Sirwan River and the Little Zab, whose source is Iran.

The Minister of Agriculture and Water Resources of the Kurdistan Regional Government, Bekird Talabani, said that during the meeting, which was attended by the Iranian Deputy Minister of Agriculture for Animal Products, Mortada Rezaei, and the majority of general managers, emphasis was placed on developing relations, coordination and marketing products, especially in the areas of agricultural production, animal husbandry, research on animals, and more. The level of production in terms of milk, red meat, poultry fields, honey, canned goods, and agricultural production projects through greenhouses.”

The minister added that, in another aspect of the meeting, there was talk about drought and the problem of the waters of the Siwan River and Little Zab, where they originate from Iran, referring to the invitation of Iranian companies. To the Kurdistan region for coordination and production in the field of agricultural and water projects.

butterfly  Digital Media Center: Digital wars start early among Sunni politicians in Iraq

Monday 07, June 2021 21:36..........The Digital Media Center (DMC) team monitored dozens of publications / paid for / and / funded / pages on the most famous social networking site Facebook, which include promotion and praise of a politician or a party or an attack, mockery and denigration of another politician from the political spectrum / Sunni / who They will participate in the upcoming parliamentary elections.

The center explained in a statement that: These pages and publications, on which thousands of dollars are spent, come in the context of a Sunni-Sunni struggle over positions in the next government, battles that are likely to appear also in the coming days between Shiite politicians.

The Center pointed out that: These pages are mostly run by offices and teams affiliated with politicians and large parties because they require financial spending and special budgets, and it is unlikely that they will be carried out by independent parties or young people who are financially incapable, because of their clear organization and lavish funding.

The Center pointed out that: The activity of these electronic armies, which represents a clear reflection of the Sunni-Sunni political dispute, had begun early in Iraq and five months before the elections, and therefore the projection digital election campaigns are premature.

The Center indicated that: The activity of these armies has preceded its Shiite counterpart, and it is expected that it will begin in the next few weeks, during which the platforms will be full of funded political advertisements.

On the second of last May, the Digital Media Center (DMC) called on Facebook and Twitter to cancel political advertisements on their platforms before the Iraqi elections in order to prevent voter misleading and contribute to the success of the Iraqi elections scheduled for next October 10.

PM butterfly   Iraqi Dinar/US Dollar auction results for 6-8-2021 executed today

25k Iraqi Dinar notesThe results of the foreign currency sale window for Tuesday 6/8/2021 and implemented today    Announcement No. (4425)    Sale date – Tuesday 6/8/2021 and executed today the details  the amount

Total sale for the purposes of strengthening balances abroad (remittances, credits)

165,845,875  Total cash sale    42,850,000   total total sales   208,695,875

Note that:   The selling price of the amounts transferred to bank accounts abroad is ( 1460 ) dinars per dollar.The cash sale price is ( 1460 ) dinars per dollar.    cbi.iq/currency_auction/view/1040

Butterfly   Iraqi Dinar/US Dollar auction results 6-7-2021 -  United States DollarThe results of the foreign currency sale window for Monday 6/7/2021 and implemented today

Sale date – Monday 6/7/2021 and executed today the details   the amount

Total sale for the purposes of strengthening balances abroad (remittances, credits)

176,269,438  Total cash sale   35,900,000   total total sales   212,169,438

Note that:   The selling price of the amounts transferred to bank accounts abroad is ( 1460 ) dinars per dollar. The cash sale price is ( 1460 ) dinars per dollar.    cbi.iq/currency_auction/view/1039

butterfly   A deputy calls on the governor of the Central Bank to stop the “corruption of the currency auction”

2021-06-07 | 06:14   A deputy calls on the governor of the Central Bank to stop the corruption of the currency auctionToday, Monday, Representative Alia Nassif warned against the continuation of what she called the sabotage role played by the currency auction, and while she indicated that a group of traders acquires the lion’s share of dollar sales and achieve crazy profits at the expense of the Iraqi people, she called on the governor of the Central Bank to implement a campaign to reform and root out spoilers .

Nassif said in a statement received by Alsumaria News, “The rise in dollar prices despite the high sales of the daily auction of the Central Bank, is caused by the monopoly of sales by three people who own well-known banks, and these get the largest share of dollar sales in collusion with some corrupt.”

And she added, “The sales of the Central Bank, for example, for the period from 4 / 11 to 6 / 4 / 2021 are up to (6162125) dollars (six billion one hundred and sixty-two million and one hundred and twenty-five dollars) and for 33 working days (excluding holidays and holidays),” she pointed out.

The three merchants acquired most of these sales, as the first (who owns three banks) got 850 million dollars out of the six billion sold by the central bank, the second (a bank owner) got 264 million dollars, and the third (the owner of a Kurdish bank) got 200 Million dollars,

noting that these three dominated the currency auction in the last three months of last year that preceded the rise in the dollar price because they were aware that it would rise, and therefore their banks obtained approximately two billion dollars to resell it after raising its price by the state, meaning that they bought The dollar was worth 119 dinars and they sold it for more than 140 dinars.”  alsumaria.tv

butterfly   Parliamentary Committee: The Oil and Gas Law is clinically dead and awaiting revival between Baghdad and Erbil   2021-06-07 05:51  

Parliamentary Committee - The Oil and Gas Law is clinically dead and awaiting revival between Baghdad and ErbilShafaq News/ The Parliamentary Oil and Energy Committee confirmed, on Monday, that the oil and gas law is one of the important laws and difficult to pass in Parliament, while indicating that the law is clinically dead and will not see the vote.

Committee member Ghaleb Muhammad told Shafaq News Agency, “The oil and gas law is one of the important laws in the House of Representatives and has been suspended since the first session, and it is not possible to vote on the law in light of the differences and political conflicts between the federal governments and the Kurdistan Region.”

Muhammad added, “The oil and gas law is considered clinically dead in Parliament, and the vote will not be seen in either the current parliamentary session or the next session, given that the Kurdistan Region’s oil is the basis of the main problem with the law.”

He pointed out that “Article 111 of the constitution states that oil belongs to all Iraqis, and any new fields are managed in partnership between the local authority and the center, but this did not happen with the fields of Kurdistan.”

The ministries of oil and energy in the Erbil and Baghdad governments are keen on the need to expedite the passage of the oil and gas law because of its importance in regulating the management of oil and gas wealth in Iraq.

On May 22, 2021, the Kurdistan Democratic Party’s parliamentary bloc revealed the existence of a preliminary agreement for the political forces to resolve the oil and gas law in Parliament, before the end of its current session.

This came after political blocs, including Kurdistan, submitted their observations on some articles of the law to the Parliamentary Oil and Energy Committee, in preparation for its passage in Parliament.

butterfly   Adviser to the Prime Minister reveals to Al-Furat News the reason for the rise of the dollar… and warns    06/07/2021 09:55:53   Adviser to the Prime Minister reveals to Al-Furat News the reason for the rise of the dollar... and warnsThe Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, revealed the reason for the recent rise in the dollar exchange rate in local markets.

Saleh told {Euphrates News}, that “many situations and factors are not easy in the rise in dollar exchange rates, and they are also factors related to market behavior,”

noting that “there are monopolistic factors and speculators that raise dollar prices, and there are no efficient markets, which are weak and deal in monopolistic ways, but the central bank has Of the sufficient precautions that intervene in the market and impose the stable price of 1450 dinars with simple deductions.”

He added, “These are additional downloads, and they are a simple commission that is allowed globally, and the local market always differs from the official dollar market by 2%, and it is a simple cost between the two prices of the central and local banks.”

Saleh warned against “reducing the sales of the Central Bank with the presence of such monopolistic incubators in the market because prices will rise a lot and affect the citizen, and if the bank’s sales increase, the voices will be louder than the presence of sales that exceed the needs.”

butterfly  He explained, “The cash cost issued by overrun is covered in foreign currency,” stressing “giving freedom and complete independence for the Central Bank from interfering with the matter of maintaining stability in the purchasing power of the Iraqi dinar.”

It is noteworthy that the local markets and stock exchange prices throughout the country have witnessed during the past few days a continuous rise of the dollar and sometimes exceeded 1500 dinars against one dollar, i.e. a difference of 500 dinars from the price set by the Central Bank of Iraq {1450 dinars} since the beginning of this year.    alforatnews.com

butterfly   Economist: The telecommunications sector can finance the budget by 4 trillion per month

Monday 7 June 2021 | 09:13 am   Economist - The telecommunications sector can finance the budget by 4 trillion per monthEconomic expert Wissam Al-Tamimi clarified, on Monday, that the government is far from the telecommunications sector, and did not invest it for its own benefit, pointing out that this sector will spare the country from oil imports and can supplement the budget with a maximum of four trillion dinars per month .

Al-Tamimi said, “Recent statistics indicated that mobile phone companies receive monthly, in total, approximately 6 trillion dinars, while Iraq does not receive any revenue from these companies, except for some taxes and licenses .”

He added, “If the government were able to control the telecommunications sector and the companies operating in it, it would be able to achieve a revenue of up to 4 trillion dinars, during the first years of controlling this sector, provided that it would reach 6 trillion dinars after exceeding the year or calculating the increase in the number of subscribers “.

Al-Tamimi explained, “The telecommunications stream is equivalent to oil or a little less than it, while the telecommunications companies are controlled by political parties and influential figures in the state, and thus the budget deficit continues and the dollar rises due to dependence on the almost only resource, which is oil.” aynaliraqnews.com

butterfly   The Iraqi Central announces an initiative to sell the dollar at the official price into three categories

Monday 7 June 2021 | 10:15 am    The Iraqi Central announces an initiative to sell the dollar at the official price into three categoriesOn Sunday, the Central Bank of Iraq announced an initiative to sell the dollar according to the official price into three categories .

He said in a statement, that “for the purpose of facilitating the procedures for citizens to obtain foreign currency (dollars) for the purposes of travel, study and treatment abroad, it is announced that all their requests to purchase dollars for the above purposes will be met by feeding electronic payment cards (MasterCard and Visa Card) at the official price specified by the before the Central Bank of Iraq .  

The exchange rates of the dollar in the Iraqi local markets are witnessing a remarkable rise, exceeding the official exchange rate     aynaliraqnews.com

Butterfly   The dollar recorded an unprecedented rise in the Iraqi local markets

2021-06-07   The dollar recorded an unprecedented rise in the Iraqi local marketsToday, Monday, the dollar exchange rates recorded an unprecedented rise in the main stock exchange in Baghdad and in the local markets.

And the prices on the Al-Kifah and Al-Harithiyah Central Stock Exchange in Baghdad rose today, 149.900 Iraqi dinars, compared to 100 US dollars, after recording yesterday 149.600 dinars.

While the selling prices in money exchange shops in the local markets in Baghdad increased to 150,500 Iraqi dinars, while the purchase prices amounted to 149,500 dinars per 100 US dollars.   burathanews.com

Sheila   @butterfly back today... Thank You so much for posting all these articles!

butterfly   sheila You are welcome and hopefully people take the time to read them.

Sheila  butterfly I certainly do. If I miss them here, I catch them reposted on DinarRecaps.

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