Zig’s Place Chatroom News Thursday AM 7-1-21
Zig’s Place Chatroom News Thursday AM 7-1-21
Zig: Welcome to zig's place, a chat room for dinar speculators and others....discuss any topic that you wish here
Butterfly A scientific study at the University of Karbala discusses the impact of the dollar exchange rate on achieving banking stability
Thursday 01 July 2021 13:45.......The College of Administration and Economics at the University of Karbala discussed the scientific study entitled "The role of the exchange rate in achieving banking stability (Iraq Case Study 2010-2019)". The study presented by the student Saif Muhammad Reda Al-Asadi aims to examine the role of the exchange rate in achieving banking stability in Iraq and its impact on the national economy.
The study dealt with the importance of the exchange rate as one of the means through which monetary policy objectives can be achieved, represented in reaching monetary stability in any national economy.
It showed that the central bank, through the exchange rate channel, can maintain the general level of prices and the level of income within the economy, and controls the level of exports and imports by controlling the exchange rate and the amount of currency sold at auction 2019 )
Toouselt study to a number of conclusions , notably that there is a positive correlation between the window exchange rate and some banking stability indicators, there is no correlation with the rest of the indicators,
and recommended the need to study the role of monetary policy of the Central Bank of Iraq can influence through it on the increase in the banking sector Banking stability and it has to increase monetary stability, maintain the official exchange rate, as well as the need to monitor the flow of foreign currency to eliminate money laundering and currency smuggling.
butterfly Exporting more than (86) million barrels, during the past month, with revenues amounting to more than (6) billion dollars
Thursday 01 July 2021 14:07.....The Ministry of Oil announced today the export of more than (86) million barrels, during the past month, with revenues of more than (6) billion dollars.
A statement by the ministry stated that, "according to the preliminary statistics issued by the Iraqi Oil Marketing Company SOMO, the amount of Crude oil exports during the last month amounted to (86) million (765) thousand (589) barrels, with revenues amounting to (6) billion (141) million and (77) thousand dollars.
” The statement added, that “the total quantities of oil exported Crude for the month of June from oil fields in central and southern Iraq amounted to (83) million (690) thousand and (352) barrels. As for the fields of Kirkuk through the port of Ceyhan, the exported quantities amounted to (3) million and (75) thousand and (237) ) barrels. "
He noted that" the daily average volume reached two million and 892 thousand barrels per day, while the price per barrel average (70.778) was $ ".
butterfly Iraq wins membership of the Executive Office of the Arab Aviation Organization
Thursday 01 July 2021 14:56...........The Ministry of Foreign Affairs announced that Iraq has won the membership of the Executive Office of the Arab Aviation Organization.
And the spokesman for the Ministry of Foreign Affairs, Ahmed Al-Sahaf, said in a statement that the National Iraqi News Agency / NINA / received a copy of it: "Iraq has won the membership of the Executive Office of the Arab Aviation Organization."
He added, "This came under the guidance of the Minister of Foreign Affairs and the follow-up of the competent departments in the center of the ministry and the Civil Aviation Authority, in coordination with the embassies of the Republic of Iraq in the world."
butterfly Now that is news.....good news!
butterfly 2021-07-01 04:37 Shafaq News/ The Central Bank of Iraq (CBI) sales in the currency auction registered about $195 million today.
Shafaq News Agency correspondent reported that CBI sales settled at $195,064,000. The weighted average rate of the dinar to the U.S. dollar was specified at 1460.
Our correspondent explained that 7 banks and 6 companies cashed out 19,720,000$, while the $155,344,000 went to boost funds abroad in the form of non-cash and credit transactions, with 32 banks meeting those requests.
butterfly 2021-07-01 02:21 Shafaq News/ Oil prices edged higher on Thursday, supported by lower U.S. inventories, as investors waited for a decision from key producers on whether they would maintain or ease supply cuts in the second half of the year.
Brent crude for September gained 17 cents, 0.2%, to $74.79 a barrel by 0508 GMT while the U.S. West Texas Intermediate crude for August was at $73.68 a barrel, up 21 cents, or 0.3%, close to its highest since 2018 of $74.45.
WTI rose more than 10% in June while Brent added over 8%, touching highs since 2018, as summer travel picked up and more people got vaccinated.
Analysts had forecast a wider supply deficit globally in the second half as the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, maintained production cuts while demand rises.
OPEC+ is easing supply cuts between May and July by 2.1 million barrels per day and will meet on Thursday to decide whether to leave production unchanged or boost output, possibly by more than 1 million bpd or by a more modest 0.5 million bpd in August. The group is expected to also discuss whether to extend the supply reduction deal to beyond April 2022.
"Sideline discussions indicate that Russia is proposing to boost supply while Saudi Arabia wants a more cautious approach," ANZ analysts said in a note.
Analysts at Citi bank said global oil market fundamentals should be robust enough to justify an easing of production cuts, adding that they were factoring a 1 million barrels per day (bpd) surge in OPEC supplies in August.
Even after accounting for higher OPEC+ production, Citi expects the market to remain in a deep deficit of more than 3 million bpd through the third quarter with a high probability of Brent hitting around $85.
However, outbreaks of the Delta virus variant are raising concerns demand recovery may falter. Renewed lockdowns and rising costs have already weakened momentum in Asia's factory activities in June.
butterfly In the United States, crude stockpiles fell last week for the sixth straight week in response to rising demand, data from the Energy Information Administration showed.
A drop in crude inventories at Cushing, Oklahoma, the delivery point for WTI, to the lowest since March 2020 also underpinned the U.S. benchmark, squeezing its discount to Brent to the narrowest since June 2020 on Wednesday.
Brent was seen averaging $67.48 a barrel this year and WTI $64.54, both up from forecasts in May, a June Reuters poll showed.
butterfly 2021-07-01 05:29 Shafaq News/ The Iraqi Ministry of Electricity held on Thursday an "expanded urgent meeting" in the wake of the Electricity crisis striking the country this summer in the Ministry's headquarters in Baghdad.
According to readout by the Ministry, the meeting was headed by the undersecretary for Production Affairs, Adel Karim, and attended by the undersecretary for Transmission and Production, Nezar Qahtan al-Tamimi, among other senior officials in the Ministry.
The attendees exchanged views on the situation of the national grid and the challenges it is facing, according to the Ministry, "the meeting suggested devising an action agenda to review the plans, address production issues, as well as transmission and distribution later."
"The action agenda also included addressing blackouts and holding the responsible accountable, reviewing the liquid fuel plan, which is generally superior to the natural gas, and the problems in our gas power plants."
The Ministry's undersecretary instructed bypassing bureaucracy, establishing channels directly with the citizens, and abiding with the instructions to avoid accountability.
The meeting laid emphasis on the vitality of the "societal security" in deterring the offensives against the country's infrastructure, by cooperating with the dignitaries, tribal Sheikhs, and clerics.
butterfly 2021-07-01 07:27 Shafaq News/ Kurdistan’s Minister of Electricity pledged to boost the power supply hours as soon as the five new production units enter into service.
On the sidelines of his visit to the Hydropower plant established in Diraluk, Duhok Governorate, Minister Kamal Muhammad Salih said, “until June 15, the power supply hours in the entire Region amounted to at least 18 hours a day. However, between 15 and 21 of the same month, a technical failure downplayed it to 15 hours.”
“Kar company wrapped it up and mended the power supply. The latter will be increased after adding five production plants,” he said.
butterfly Iran Stops Energy Exports to Iraq......1st July 2021 in Iraq Industry & Trade News, Politics....Iran has reportedly suspended the supply of gas and electricity to Iraq, at a time when the country is struggling to cope with with soaring temperatures.
According to AP, Iraq already owes Iran $4 billion for energy imports, and Iran is pushing to have the debt paid.
More here. https://consent.yahoo.com/v2/collectConsent?sessionId=1_cc-session_3a9e878f-5b16-4237-a0aa-c584cca2a653 (Source: AP)
butterfly Northrop Grumman Wins $19m Iraq Contract,,,,,,,,,,,1st July 2021 in Security,,,,,,,,,,,Northrop Grumman Systems Corp., Fort Worth, Texas, has been awarded a $19,296,927 firm-fixed-price, cost-plus-fixed-fee, cost reimbursement contract for contractor logistics support of Iraq's C-172 & C-208 (Cessna) fleets.
The award provides for the exercise of options to extend the term of the contract for the continued services that may be needed in order to effectively maintain and operate a fleet.
The location of performance is Balad Air Base, Iraq, and work is expected to be complete by June 30, 2022. This award involves Foreign Military Sales (FMS) to Iraq.
This award is the result of a sole-source acquisition. FMS funds provided by Iraq in the amount of $19,296,927 will be obligated at the time of award.
Air Force Life Cycle Management Center, Legacy Training Aircraft Division, International Support Branch, Wright Patterson Air Force Base, Ohio is the contracting activity (FA8617-21-C-6237). (Source: US Dept of Defense)
butterfly Kurdistan 2020 Oil Business "Crashed due to COVID-19".........1st July 2021 in Iraq Oil & Gas News..........The Kurdistan Regional Government (KRG) has released its annual oil and gas audit report for 2020, which revealed several drops in production due to the COVID-19 pandemic.
The region's total exported and consumed oil for the year stood at 165,942,861 barrels, about 5 million barrels less comparing to 2019.
The average price of oil dropped to $28.1 per barrel as global markets crashed during the second quarter, with the gross value of crude oil sold via pipelines standing at $4,443,842,235.
As of Q4 2020, $294,315,126 of KRG funds remained held in a bank account in Lebanon due to restrictions on transferring foreign currency outside the country. (Source: KRG)The full 2020 audit report is available here:
https://gov.krd/english/information-and-services/open-data/deloitte-reports/deloitte-report-2020/
butterfly Iraqi Electricity Minister Resigns over Power Cuts............1st July 2021 in Iraq Industry & Trade News, Politics.........Iraq's Minister of Electricity, Majed Mahdi Hantoosh [Hantoush], has reportedly submitted his resignation, following protests over repeated power cuts.
Anadolu Agency says the resignation was accepted by Prime Minister Mustafa Al-Kadhimi.
Muqtada Al-Sadr, leader of the Sadrist movement, had recently called for the Minister to be sacked.
(Source: Middle East Monitor)
UNEEK I sure did enjoy reading sergio the other day - wish he would participate more often -- wonder what happened to BobbyC? - I guess folks are just frustrated?
butterfly UNEEK It is and has been amazing how many contacts Sergio has and that is why he closed his website and still has contacts. He is one busy busy business man. I don't know how he even has time to sleep.
UNEEK I do read the news - not word for word but most of it - I would not attempt to challenge any of it or explain what it all means lol but still like staying connected with it in hopes that peace will reign and Iraq will make changes and end the corruption -- heck I wish that for America !!
Butterfly From posting all the articles I did back then are much better, in Iraq's progress, so I hope they can proceed, but it is hard to get rid of how one has lived/been directed how to think and live.
UNEEK butterfly I have been holding dinar since 2009 - visited a lot of sites - and chat rooms
Butterfly As I was told many years ago by an IQD dealer to STOP listening to the so-called gurus because IF or WHEN the IQD will benefit us, it will be International news. That is why he and I stopped posting.
UNEEK butterfly I kinda agree since other currencies are in the news even today about going up or down in value - the Yuan and rupee for instance
Butterfly I have enjoyed how they have made some progress, but I personally feel it is way off to benefit us.
butterfly Once you have been under a dictatorship for decades, it is hard to change your mind......or even realize you have a mind.
UNEEK butterfly I am sure - I could elaborate on that more but will just agree for now :)
butterfly UNEEK You don't need to, I can read what you just said. lol
butterfly A slight change in the dollar exchange rate in the local markets
Thursday July 1, 2021 | 11:23 am A slight change in the dollar exchange rate in the local marketsThe exchange rates of the dollar against the Iraqi dinar on a daily basis, according to the variables of the currency exchange market in the capital, Baghdad, and the provinces of the country .
The selling price of the dollar is 147,300 per $100, compared to yesterday (147,100 per $100 )
The purchase price of the dollar is 147,200 per 100 dollars, compared to yesterday (147,000 per 100 )
The conditions that the country is witnessing, especially the economic and political, are reflected in the dollar exchange rate, despite the Central Bank fixing the price of 1145 dinars for each one country, but the exchange rates rose during the past days in the local markets, exceeding 150 thousand dinars for each paper of $100 denomination, later dropped. aynaliraqnews.com
butterfly Al-Kazemi: We seek to attract investors and secure an optimal investment environment by facilitating all procedures related to investing in Iraq
Thursday 01 July 2021 17:13......Prime Minister Mustafa Al-Kazemi affirmed that the government seeks to attract investors and secure an optimal investment environment by facilitating all procedures related to investment in Iraq. Al-Kazemi also stressed in his meeting that the Iraqi government is continuing to implement economic reforms, diversify investment and revive stalled projects, as it seeks to attract investors and secure an optimal investment environment by facilitating all investment-related procedures. He stressed that the government has made significant progress in combating terrorism and uprooting its roots, as well as confining weapons to its hands by supporting the security forces and restoring confidence between them and society, to address its role in confronting terrorism, uncontrolled weapons and crime gangs.
During his meeting with the President of the European Parliament, David Sassoli, at the Parliament headquarters as part of his visit to the Belgian capital, Brussels, Al-Kazemi said: “Iraq aspires to build distinguished relations with all European Union countries, in a way that helps Iraq overcome its crises, supports security and stability in the Middle East, as well as supports the role Iraq is pivotal in defusing crises in the region.
Al-Kazemi said: "He is counting on developing the relations of the European Parliament with the Iraqi Parliament, in the field of exchanging legislative experiences, promoting a culture of human rights, defending minorities and consolidating democracy."
butterfly He stressed the government's aspiration for European support in mobilizing the international effort to support the issue of mass graves and the missing people left behind by ISIS through organized mass killing campaigns, and joint work with the relevant Iraqi and international bodies. Iraq also looks forward to the European Union's support for its efforts to secure the stability of the liberated areas, from Through the provision of humanitarian aid and the promotion of stability and reconstruction.
For his part, the President of the European Parliament, Mr. David Sassoli, welcomed the Prime Minister and his accompanying delegation, and affirmed the European Parliament’s support for all government steps aimed at reform, and everything that would enhance security and stability in Iraq and the region.
Butterfly Parliamentary Security decides to host security leaders and officials to diagnose and remedy violations
Thursday 01 July 2021 17:42 ............The Parliamentary Security and Defense Committee decided to host security leaders and officials in the coming days, and to find out the reasons that led to the recent security breaches, for the purpose of addressing them.
And the Parliamentary Committee decided, during its emergency meeting today, Thursday, to discuss the security situation in Iraq in general, and the security breach that occurred in Sadr City in particular, that the members of the committee should pay field visits to the operations cutters and diagnose the kinks.
butterfly The House of Representatives decided, in its session held today, Thursday, to postpone the vote on the draft information crimes law, at the request of the relevant committee.
Zig "Prime Minister Mustafa Al-Kazemi affirmed that the government seeks to attract investors and secure an optimal investment environment by facilitating all procedures related to investment in Iraq. Al-Kazemi also stressed in his meeting that the Iraqi government is continuing to implement economic reforms, diversify investment and revive stalled projects, as it seeks to attract investors and secure an optimal investment environment by facilitating all investment-related procedures."..............I like that part..... :Yes:
butterfly Zig They have been going after all countries, which is very refreshing to see/read.
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