Zig’s Place Chat and News Tuesday AM 4-13-21

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

 Butterfly  Central Bank Governor Mustafa Ghaleb Mukhaif discussed with a delegation from the French Development Agency (AFD) ways of joint cooperation.

According to a bank statement, the governor emphasized the importance of international technical support to implement the financial and economic reforms presented in the white paper, proposing a meeting between the French Development Agency and the private banking sector to define the area of​​joint cooperation.

For its part, the French Development Agency expressed its desire to establish a branch in Iraq to increase cooperation, as well as to provide loans for service and productive projects of the Iraqi government, and to provide funding for the public and private sectors.

It is noteworthy that the French Development Agency (AFD) is a public institution for development financing that works to combat poverty and promote economic growth in developing countries.

Butterfly   .His info is the military & Trump are not shutting anything in the RV release down for Prince Philip’s funeral.................can someone explain that to me?

Sheila  butterfly I am not understanding your posts. One about French and one about military/T./Prince.Philip.funeral? Please help me make the connections.

Sheila  @butterfly only have few minutes before I really have to go away from laptop.

butterfly   sheila the last post I made was from a guru and I would like to know how the military and Trump are connected with the Revaluing of the dinar.

Sheila  butterfly okay,,, that's makes sense. Thx

Butterfly  As my people I talked with last night they have heard nothing

Butterfly   The only thing they have heard is that countries are having open arms to Iraq and to the USA. Also that DJT is not receiving any intel on anything, he has been cut off on getting any information. So my question is, since no one here can answer that question, where is Nick getting his information about the military and DJT relating to the dinar.

butterfly   As it has been stated over and over the CBI of Iraq controls the decisions made on the dinar.

Dave  :Morning: .......but CBI is controlling it in the opposite direction lately?

butterfly  Really Dave ?

butterfly  They are controlling it how they want to control it, not for us.

Dave  Made 10 billion in 1 month aint bad......

Dave......the countries around them are now hugging them

Butterfly   When have we heard that other countries dusted off the dust from their eyes and can see it ain't profiting them to be covered in all that dust.

Dave  A boom in the exchange rate of the dollar in Iraq after the invitation of the World Bank   April 13, 2021 Walter

butterfly  I will say my oldest brother got his girl friend pregnant so he would not have to sign up....now that is tellin' ya it was way back. My other brother signed up and served.

butterfly  Dave WHAT?

Doug_W  69 or 70?

butterfly  Way before that. Remember I am an old broad. LOL

Doug_W  I aint no spring chicken

Dave  On Tuesday, the Central Bank identified ways to improve the ration card items, while noting the need for the government to support local industry and agriculture.

The Deputy Governor of the Central Bank, Ihssan Shamran Al-Yasiri, said in a statement to the official agency, which was followed by “Nass”, (April 13, 2021), that “one of the demands of the World Bank during negotiations to raise the exchange rate of the dollar is to reform the public financial departments, which are taxes, customs, levies and financing part of the financial savings Achieved in favor of the vulnerable classes, “stressing” the need to improve the ration card items to reduce the damage caused by adjusting the exchange rate. ”

He added that “it is possible to improve the ration card items by fighting corruption, and to reduce the waste of Iraqi money in corrupt deals, because most of the ration items are national production such as rice, sugar, flour, oil and tomato paste,” pointing out that “the government can invest the initiative to adjust the exchange rate.” Through more support for the local industry and agriculture after it obtained a competitive advantage of more than 23% against the importer of the products, and thus the importer is facing difficulty in competing with the local product. ”

He continued, “The World Bank suggested to the Central Bank of Iraq to amend the dollar exchange rate to 160 thousand dinars per 100 dollars, as it is the real price that the local market can settle on compared to neighboring countries,” noting that “the central bank, through its study of the market and the living situation, found that The current value of the exchange rate is 145,000 suitable, and has actually achieved the desired results in monetary policy.

https://www.nasnews.com/view.php?cat=57776

butterfly  That is for Iraq Dave

butterfly  When the dinar goes international, then we can get a few more heart beats.

Dave  yep......an invitation in that headline

butterfly  I need to get a new keyboard........grrr

butterfly  Dave did you see the one I posted earlier?

Dave Nope?

butterfly   Central Bank Governor Mustafa Ghaleb Mukhaif discussed with a delegation from the French Development Agency (AFD) ways of joint cooperation.

According to a bank statement, the governor emphasized the importance of international technical support to implement the financial and economic reforms presented in the white paper, proposing a meeting between the French Development Agency and the private banking sector to define the area of​​joint cooperation.

For its part, the French Development Agency expressed its desire to establish a branch in Iraq to increase cooperation, as well as to provide loans for service and productive projects of the Iraqi government, and to provide funding for the public and private sectors.

It is noteworthy that the French Development Agency (AFD) is a public institution for development financing that works to combat poverty and promote economic growth in developing countries.

butterfly  baby steps..................... importance of international technical support

Dave  What do the IMF and World Bank have in common?

Dave   hearing from the WB .... been awhile......

Dave   An invatation to join....just clean up....thought that interesting

Dave   75% improved.......lil weak and dizzy when moving about

Butterfly   Prime Minister Mustafa Al-Kazemi attributed the reason for the high prices of commodities, especially foodstuffs, to the "greed" of some merchants, revealing at the same time the success of the Central Bank of Iraq in increasing the country's reserves of hard currency, the dollar.

During the Cabinet session held today, Al-Kazemi renewed the directives of the Ministry of Commerce to continuously work to provide more foodstuffs in the ration card and to make its best efforts, indicating: "The increase in commodity prices is mostly linked to the greed of some merchants and we have campaigns to prevent this price manipulation."

And he added, “We succeeded in increasing the central bank’s reserves of the dollar after the reform measures that we have taken.”

Regarding facing the Corona pandemic, he stressed: “The Ministry of Health has made an effort to provide vaccines for the Corona epidemic, and it is very important that there be encouragement for citizens to take the vaccine.”

butterfly   The exchange rate of the dollar against the dinar on the local stock market increased significantly this afternoon, Tuesday.

The dollar rose to 1,490 dinars, and in Erbil, it rose significantly to 1494 dinars.

The price of the dollar was recorded this morning, 1470 dinars.

butterfly   Oil prices rose on Tuesday, April 13th, after data from China showed an increase in the growth of imports of the second largest consumer of oil in the world.

By 7:00 Baghdad time, Brent crude futures were up 31 cents, equivalent to 0.5%, to $ 63.59 a barrel, while US crude futures increased 28 cents, or 0.5%, to $ 59.98 a barrel.

China's exports increased at the fastest pace in March, in a new impetus for the country's economic recovery with growing global demand in light of progress in vaccination with Covid-19 vaccines around the world, while import growth jumped to a four-year high.

Also, China's imports of crude oil jumped 21% in March from a low comparison basis for the same period a year ago, as refiners intensified activity amidst strong demand for fuel with a decline in the Covid-19 pandemic.

Doug_W   Silver:$25.47 +0.54

butterfly Transport Minister Nasser Hussein Al-Shibli confirmed that the Faw port is an important economic project that will save Iraq and supplement its budget.

butterfly   Central Bank: The importance of international technical support to implement financial and economic reforms

Central Bank: The importance of international technical support to implement financial and economic reforms

04-13-2021 01:04 PM The Governor of the Central Bank of Iraq, Mustafa Ghaleb, stressed the importance of international technical support to implement financial and economic reforms in the White Paper.

In a statement received by the Tigris, the central said, “His governor met with a delegation from the French Development Agency (AFD), and the two parties discussed ways of joint cooperation.”

The governor assured the delegation, “the importance of international technical support to implement the financial and economic reforms presented in the white paper, proposing a meeting between the French Development Agency and the private banking sector to define the area of ​​joint cooperation.”

For its part, the French Development Agency expressed “its desire to establish a branch in Iraq to increase cooperation, as well as to provide loans for service and productive projects of the Iraqi government, and to provide funding for the public and private sectors.”

It is reported that the French Development Agency (AFD) is a public institution for development financing that works to combat poverty and promote economic growth in developing countries.    dijlah.tv

Butterfly   Basra Governor Asaad Abdul Amir Al-Eidani discussed with the Emirati company / Emaar and the international technical delegation accompanying it, in the presence of the President of the Investment Authority "Suha Al-Najjar" and the Mayor of Baghdad, "Alaa Maan" in the Ziggurat Palace in Baghdad, important investment and reconstruction projects in Basra.

The governor of Basra , Asaad Alaidani Media Center: The UAE Emaar is determined to set up an important and large projects in Basra, and already toured with them in the city and we visited a lot of places, sites and projects established in the province, to consider the direct possibility of acts of urban and investment. "

The Emaar Real Estate is a real estate development company based in the United Arab Emirates, which is the constructor of the tallest building in the world in Dubai (Burj Khalifa) and has many projects at the global level.

butterfly  Prime Minister Mustafa Al-Kazemi chaired today, Tuesday, a regular session of the Council of Ministers, in which developments in the country were discussed, and the topics included in the agenda were discussed.

At the outset of the meeting, the Prime Minister extended his congratulations to the Iraqi people on the occasion of the blessed month of Ramadan, wishing that this holy month would be an opportunity for love and tolerance, calling for state institutions to double all their efforts in order to serve the citizen and meet his needs.

And Al-Kazemi said: "Following up on citizens' issues and needs and easing bureaucratic procedures are among the priorities of government work."

The ministers called for utmost efforts to provide for these needs.

The Prime Minister affirmed: "The government came to serve the citizens and face the great challenges facing the country and not for a political goal, and that it has succeeded in areas while others need increased follow-up and work," referring to the success of the reform measures taken by the government, some of which contributed to an increase The central bank reserves of the dollar.

He renewed his directives to the Ministry of Trade to work continuously to provide more food in the ration card, and to work with all its energy to achieve this matter.

Regarding the increase in the prices of some commodities, Al-Kazemi stressed: "Most of them are linked to the greed of some merchants, and we have campaigns to prevent this price manipulation."

butterfly  On the Corona pandemic, he referred to the efforts of the Ministry of Health to provide vaccines against the Corona virus, stressing the importance of encouraging citizens and urging them to receive the vaccine.

The Minister of Health and Environment also presented a detailed report on the developments of the work of the Committee for the Promotion of Governmental Measures in the areas of prevention and control of health and awareness regarding limiting the spread of Coronavirus. He also reviewed the ministry’s efforts in the vaccination campaigns it carries out in the capital, Baghdad, and all governorates.

After the Council of Ministers discussed the topics on its agenda, it issued a number of decisions, including:

The two companies (Al Fakher for Commercial Agencies and Export Limited Liability, and Al Bashaer Commercial Limited) are considered dissolved by law, and the proceeds of the liquidation of the two aforementioned companies and their money devolve to the Ministry of Finance.

butterfly   It was approved to issue the system of the first amendment to the system of parents and teachers councils No. (1) for the year 1994, based on the provisions of clause (third) of Article (80) of the constitution, taking into account the observations of the legal department in the General Secretariat of the Council of Ministers.

butterfly  Iraq is poised to attract significant foreign investment into its energy sector, in tandem with expected higher revenues following the Opec+ decision to raise output that will help strengthen its weak fiscal position.

Baghdad, a founding member of Opec and the group's second largest producer, is forging ahead with a number of public and private sector transactions that the government hopes will shore up its finances after it was forced to devalue its currency last year.

Iraq's investment drive is in stark contrast to its fiscal position last year, when its economy was on the brink of collapse, with the public sector burning through $5 billion month on salaries for government servants.

Oil prices are nearly 50 per cent higher than six months ago and Iraq is allowed to increase crude output as Opec+ looks to bring 2 million barrels per day back in the markets by July.

The Covid-19 pandemic, combined with a decline in oil revenues last year from low global demand and Opec+ output cuts, dealt a severe blow to the country's rentier economy.

The economy contracted 10.9 per cent last year exacerbated by Opec+ curbs and is forecast to grow 1.1 per cent this year supported by a rebound in oil prices and higher Opec+ output quotas, according to the International Monetary Fund. The World Bank estimates the economy will grow slightly higher at 1.9 per cent this year, and expand 6.3 per cent over the next two years.

butterfly  The rebound in oil prices, the Opec+ output increases for Iraq and government policies are helping shore up the country's foreign exchange reserves, which were strained last year. On Monday, Prime Minister Mustafa Al Kadhimi said Iraq's foreign reserves rose to more than $60bn and credited the increase to his government's efforts to wipe out corruption.

Though its ability to borrow was constrained last year after it exhausted all domestic options, Iraq's credit out look has also improved.

“Progressing and maintaining the fiscal consolidation will be critical for the sustainability of the economy in Iraq, despite the improvement in the oil price,” Jihad Azour the head of the IMF’s Middle East and Central Asia department, told The National. “The higher oil price is an opportunity to advance on some of the structural reforms that will allow to achieve a higher level of inclusive growth.”

Last month, Fitch Ratings affirmed the country's long term foreign currency issuer default rating at B-, while adjusting Iraq's outlook to stable from negative.

Regional investors are cautiously eyeing Iraq as a possible investment destination this year.

The Arab Petroleum Investments Corporation is currently assessing Iraq for possible investments in the traditional energy space as well as in renewables, according to its chief executive Ahmed Ali Attiga.

butterfly   The multilateral lender, which is owned by the 10 members of the Organisation of Arab Petroleum Exporting Countries, is looking at financing projects in post-conflict oil producers such as Iraq and Libya and plans to disburse nearly $2bn this year.

"Iraq doesn't have the same credit profile [as the UAE or Saudi Arabia]. So they have to think of the mix of resources that they can mobilise including the support of other of multilateral financial institutions, particularly for larger projects in the energy space," Mr Al Attiga said in an interview.

Attracting private investments would be the most "sustainable source" of financing Iraq's government could possibly muster, he added.

On Sunday, Iraq's ministry of finance, General Electric and backers including the UAE's Etihad Credit Insurance finalised the terms on critical power infrastructure rehabilitation projects covering seven plants in the country.

The investment in repairs that will provide stable generation of up to 2.7 gigawatts, was backed by the UAE's export credit company, Etihad Credit Insurance. The ECI will insure GE's debt, provided by lender JP Morgan.

The announcement follows Mr Al Kadhimi's visit to the UAE last week, that saw the Emirates pledge $3bn in investment commitments to Iraq. Mr Al Kadhimi also visited Riyadh, which committed to a $3bn fund for development of critical projects in Iraq.

The regional support is crucial for Iraq, providing backing through the form of export credit financing for foreign investors looking to tap into the country's lucrative energy industries. 

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