Zig’s Place Chatroom News Monday  6-14-21

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butterfly   Gold prices are at their lowest level on the back of a strong dollar

Monday 14 June 2021 10:42............Gold prices fell, today, Monday, to their lowest levels in more than a week, affected by the strength of the dollar, while investors awaited signals from the monetary policy meeting of the US Federal Reserve.   And spot gold fell 0.6 percent to $1,864.58 an ounce, its lowest since June 4.

US gold futures fell 0.6 percent to $1,867.60 an ounce.  The dollar rose 0.1% to hover near a one-week high against its rivals, making gold more expensive for holders of other currencies.

The focus now turns to the Fed's June 15-16 meeting for more clarity on the view of policy makers on rising inflation and future monetary policy.

On the other hand, silver fell 0.3% to $ 27.80 an ounce, palladium fell 0.2% to $ 2771.31, while platinum fell 0.6% to $1,143.71.

butterfly   The dollar is rising again on the main stock exchange and banking shops

Monday 14 June 2021 11:50...........The exchange rates of the dollar recorded, today, Monday, a new rise against the dinar in the main stock exchange in the capital, Baghdad, and the exchange shops.

Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad today recorded 150.200 Iraqi dinars for every 100 US dollars, after it registered yesterday, during its opening, 150.100 Iraqi dinars for 100 dollars.

Selling prices in money exchange shops in the local markets in Baghdad rose to 150.750 Iraqi dinars, while buying prices amounted to 149.750 dinars per 100 US dollars.

butterfly   Iraq and France are discussing cooperation in the field of investment and facilitating the work of French companies in the country

Monday 14 June 2021 14:20......Minister of Finance Ali Abdul-Amir Allawi met today, Monday, at the ministry's headquarters, Renault Hubert, the Ambassador of the Republic of France in Iraq and his accompanying delegation.

A statement of the Ministry of Finance said, "The two sides discussed many regional and international issues of common interest, cooperation in the field of investment, mutual support between the two countries and facilitating the work of French companies in Iraq."

For his part, "the French ambassador expressed his country's support for Iraq in various fields, especially the financial and economic fields."

At the conclusion of the meeting, the two sides stressed the importance of joint coordination to ensure the common interests of both countries.

butterfly  In the document.. the hand of officials in the Oil Exploration Company was withdrawn

Monday 14 June 2021 15:19..........The Ministry of Oil decided to withdraw the hand of the Director of the Oil Exploration Company (Nashwan Muhammad Nuri) and the Director of the Contracts and Materials Department in the same company (Ali Harith Hekmat), based on the provisions of Article 17 of the amended State and Public Sector Employee Discipline Law No. 14 of 1991.

butterfly  The Kurdistan Parliament discusses the region's budget and employee salaries in its next session

Monday 14 June 2021 11:53...........The Kurdistan Parliament will discuss, in its next session, the region's budget and employee salaries.

Rewaz Fayek, Speaker of the Kurdistan Parliament, said in a press statement: "The next session of the Kurdistan Parliament will be devoted to balancing the region and the salaries of employees."

For his part, Ziad Jabbar, head of the Finance Committee in the Kurdistan Parliament, said: “A number of deputies submitted two memoranda to the parliament’s presidency to discuss the budget and the continuation of deductions from the salaries of employees in the Kurdistan region,” noting: “The parliament presidency sent the two memos to the government and it is waiting for its response to be held.” The Kurdistan Parliament held its session to discuss salaries, the budget and the financial situation in the region.

butterfly  2021-06-14 05:46   Shafaq News/ The Central Bank of Iraq (CBI) sales in the Foreign currency auction inched up by 2.27% on Monday.

Shafaq News Agency correspondent said that the CBI sales at the Foreign currency auction rose by 2.27% to $223,373,250 at a cut-off price of 1460 dinars, compared to $218,442,159 on Sunday.

Our correspondent explained that 21 banks and 20 exchange companies cashed $36.75 million, while $186,623,250 went to boost funds abroad in the form of transfers and credits, with 34 banks meeting those requests.

butterfly   2021-06-14 00:20  Shafaq News/ Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs.

Brent crude was up 35 cents, or 0.47%, at $71.22 by 0543 GMT. It rose 1.1% last week and hit the highest since May 2019 of $73.09 on Friday.

U.S. West Texas Intermediate was also up 14 cents, or 0.2%, at $71.22 a barrel, after reaching the highest since October 2018 at $71.24 on Friday and rising 1.9% on the week.

Vehicle traffic is returning to pre-pandemic levels in North America and much of Europe and more planes are in the air as lockdowns and other restrictions are being eased, driving three weeks of gains for the oil benchmarks.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, need to increase output to meet recovering demand, the International Energy Agency (IEA) said in its monthly report on Friday.

The OPEC+ group has been restraining production to support prices after the pandemic wiped out demand in 2020.   "OPEC+ needs to open the taps to keep the world oil markets adequately supplied," the IEA said.

Goldman Sachs said last week it expects Brent to rise to $80 per barrel this summer as the rollout of inoculations boosts economic activity around the world.

U.S. oil rigs rose by six to 365, the highest since April 2020, energy services company Baker Hughes Co said in its weekly report.

It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.     Source: Reuters, Oil prices updated by Shafaq News Agency

butterfly   2021-06-13 06:07   Shafaq News/ A member of the Parliamentary Committee for Finance said that the Central Bank of Iraq (CBI) allocated three billion dollars to control the market and harness skyrocketing exchange rates.

Committee Member, MP Jamal Kocher, said in a statement to Shafaq News Agency, "the Central Bank sells more than 200 million dollars in the currency auction daily to control the market. However, the recent rise in the dollar exchange rate came as a result of supply and demand for foreign currency."

On March 31, 2021, the Iraqi parliament voted on the first article of the 2021 budget bill, which pegged the Iraqi dinar to the U.S. dollar at rate of 1 to 1450.

Goldman Sachs said last week it expects Brent to rise to $80 per barrel this summer as the rollout of inoculations boosts economic activity around the world.

U.S. oil rigs rose by six to 365, the highest since April 2020, energy services company Baker Hughes Co said in its weekly report.

It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.    Source: Reuters, Oil prices updated by Shafaq News Agency

Butterfly   Parliamentary Finance: The coming days will witness an improvement in the dollar exchange rate

09:33 – 14/06/2021   Parliamentary Finance - The coming days will witness an improvement in the dollar exchange rateInformation/Baghdad.

A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed, on Monday, that the coming days will witness further improvement in the dollar exchange rate, pointing out that speculators in the strongholds of the black market are behind the scheduled rise in the price.

Cougar said in a statement to “Al-Maalouma”, that “the stability of the natural exchange rate as stated by the government and the absence of any intentions to change it,” noting that “there is a monopoly by some traders for some basic materials, including the dollar.”

He added that “the dollar is a commodity, like all commodities, rising due to the monopoly of some people and companies,” stressing that “the coming days will witness more improvement in the dollar exchange rate.”

On Sunday, Representative Mansour Al-Baiji confirmed that the unprecedented rise in the exchange rate, which we have always warned of its repercussions, has negatively affected the lives of citizens during the current situation due to the significant rise in food and medicine prices. finished/ 25 h    almaalomah.org

butterfly   Proposals to limit the repercussions of the dollar’s ​​rise and warnings of “parasitic” banks

2021-06-14 | 04:12   Proposals to limit the repercussions of the dollars ​​rise and warnings of parasitic banksReport: Alsumaria News

The issue of the dollar exchange rate and its impact on the local market is still a concern of the political class and those who follow the economic situation in the country. He is behind the rise in the price of the dollar and “parasitic” banks have benefited from it.

Member of Parliamentary Finance Committee Jamal pumaHe stressed that dealing with the rise in prices in the markets as a result of changing the exchange rate is through four steps.

And he said puma In an interview with Alsumaria News, “The concerned authorities can proceed with four steps to address the rise in prices in the markets and ease the crisis on the citizen after changing the exchange rate of the dollar against the dinar,” noting that “the first step is to control the market prices of imported materials on the grounds that they were affected in a way. More than local goods due to the high exchange rates.

The second step is by addressing the fluctuation in the exchange rates of the dollar against the dinar in the local market, and the Central Bank promised to pump at least three billion dollars during the current year to the market in order to address this matter and control prices and not allow the collapse of the local currency. He pointed out that “the third step will be through initiating projects to support the private sector and provide job opportunities with at least one billion dollars to build schools and two billion dollars to support small projects for non-employees.”

butterfly   He continued, “The other step is to raise the level of the oversight role of the House of Representatives and the bodies for integrity and the judiciary to control things, but without this and in the event that things are left to go as the greedy crisis dealers desire, then prices will remain high and the crisis will further suffocate the citizen.”

representative of national approach block Hussein Al-Eqabi He emphasized that the people’s strength and capabilities IraqOver the past seven months, it has been controlled by a group of parasitic banks that drain people’s money through currency auctions, noting that there is a political decision in the Iraqi state that is behind the raising of the exchange rate.

Al-Aqabi said in an interview with Alsumaria News, “The people’s strength and capabilitiesIraq It has been controlled over the past seven months, with great regret, by a group of parasitic banks that drain people’s money through currency auctions.

Therefore, raising the exchange rate is in the interest of those banks that do not have any economic or commercial activity or activity, but rather subsist on the capabilities of the people and the state, which is what we were warning of. Over the past period,” he said, noting that “these banks know very well who is behind them, and they are influential political forces, and there are influential political forces behind the failure to hold those responsible for raising the exchange rate accountable.”

butterfly   Al-Uqabi added, “There is a political decision in the Iraqi state that is behind the raising of the exchange rate, which is of no economic benefit to it, as it provides the state with an amount not exceeding seven or eight trillion dinars, but the cost of it is very high, harsh and severe, and the loser is the Iraqi citizen.”

Pointing out that “the reform system was supposed to go on several aspects, but unfortunately, the authorities holding power, we see them move and move from one failure to another failure, as they cannot maximize state revenues or fight corruption and secure the state’s needs, but rather go to the fragile class, whether by external borrowing And the internal, deduction, taxes, or raising the exchange rate, and this is the weapon of the incapable, the failure, and the corrupt at the same time, because the beneficiary party is the parasitic banks, and the victim is the citizen.”

He pointed out that “the government must retreat quickly and correct this equation, because the parties holding power are complicit with these banks, most of which are not accountable for taxation, do not submit import statements, and there is no transparency in their work, and a large number of them have completely non-existent formation and classification procedures. better than an invalid class.”   alsumaria.tv

butterfly   Parliamentary Finance reveals the reasons for the rise of the dollar .. and warns

Posted, 06/14/2021 20:52:30  Parliamentary Finance reveals the reasons for the rise of the dollar .. and warnsThe Parliamentary Finance Committee revealed the reasons for the rise in the dollar exchange in local markets from the rate set by the Central Bank of Iraq.

And the exchange rate in the markets rose to more than 1500 dinars.

Committee member Muhammad Al-Shabki said in a televised statement this evening: “The rise of the dollar in the market is currently not worrying,” attributing the change in price to “currency smuggling and the creation of a profit margin between the Ministry of Finance and the Central Bank on the one hand and private banks on the other.”

And he warned against “parties trying to stir up problems that the price is going to increase to raise the profit margin in the exchange rate.”

Al-Shabki stressed that “the current exchange rate cannot be exceeded” from the official rate.

And the Central Bank of Iraq, confirmed last Friday, “the stability of the dollar exchange rate and the absence of any intentions to change, and that what is being circulated is not true, as the price that was chosen at the end of 2020 for the exchange of the dollar was based on in-depth studies of the requirements of the economic and financial situation and the objectives of monetary policy.” .

He pointed out that his foreign currency sales are based on the stability of his foreign reserves at excellent levels, as those sales have been increased to meet all legitimate requests, and “the price will stabilize as a result of the measures taken by the Central Bank recently and which it will take.”

The bank pointed out that the statements related to the exchange rate are being promoted for speculators to benefit from, and that the Central Bank has communication channels that represent official sources of information.

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