Zig’s Place Chatroom News Tuesday AM 6-29-21
Zig’s Place Chatroom News Tuesday AM 6-29-21
Zig: Welcome to zig's place, a chat room for dinar speculators and others....discuss any topic that you wish here
Sandyf @Dave nor can one exchange iqd at any forex kiosk - As an Art 14 currency the IQD is a non convertible currency and would not be recognised by international exchange facilities. That does not mean it cannot be used for trade under bilateral arrangements.
If Iraq were to adopt the obligations of Art 8 then the currency would become partially convertible and as such Iraq would be obliged to redeem the currency. It would then be recognised by the exchange facilities. Under normal circumstances only fully convertible currencies are used for international trade.
Butterfly The Parliamentary Strategic Planning and Government Program Follow-up Committee meets with the Governor of the Central Bank and managers of some banks
Tues 29 June 2021..The follow-up committee for the implementation of the government program and parliamentary strategic planning held a meeting with the governor of the Central Bank and directors of housing, real estate, Rafidain and Rashid banks.
butterfly A parliamentary committee reveals to / Nina / the details of its meeting with the governor of the Central Bank and managers of government banks
Tuesday 29 June 2021 14:35.............The Parliamentary Strategic Planning and Government Program Follow-up Committee disclosed the details of its joint meeting with the Governor of the Central Bank and the directors of housing, real estate, Rafidain and Al-Rasheed banks.
Committee member MP Alia Nassif stated, in a statement to the National Iraqi News Agency ( NINA ), that "the joint meeting is related to the ministerial curriculum submitted by the government and the evaluation of the implementation of its work for the past year, which obligated the Parliamentary Committee to summon all ministries and government sectors, including the Central Bank."
She added that "the meeting discussed the issue of the currency exchange rate and the failures of banks related to the activities of banks, as well as housing loans, the mechanism for their implementation and their obstacles," noting that "many questions were directed to the governor of the Central Bank about the feasibility of a high currency exchange rate in light of the financial abundance achieved by the rise in oil prices."
She explained that "the government's justifications for raising the exchange rate at the time were related to securing the salaries of employees, and today we have a clear financial abundance, so why continue to increase the exchange rate and not control speculation in the currency rate in the local market."
Today, Tuesday, the committee to follow up on the implementation of the government program and parliamentary strategic planning held a joint meeting with the governor of the Central Bank and directors of housing, real estate, Rafidain and Rashid banks, on evaluating the performance of banks and general financial and monetary policy.
Butterfly Parliamentary legal reveals to / NINA / new details about the joint meeting with the Governor of the Central Bank
Tuesday 29 June 2021 15:12........The Parliamentary Legal Committee revealed new details of the parliamentary meeting with the Governor of the Central Bank and the directors of the housing and real estate banks, Al-Rafidain and Al-Rasheed.
Member of the committee, Representative Hussein Al-Aqabi, said, in a statement to the National Iraqi News Agency ( NINA ), that "there are major gaps in the work of banks, some of which exist because of the banks themselves, and others are linked to government agencies and other institutions, including border crossings, customs, the Real Estate Department, the Companies Registrar and the Ministry of Trade."
He added, "These loopholes create noticeable confusion and corruption operations, especially in the currency auction," noting that "the meeting discussed the repercussions and damages of the currency auction, as we proved its economic futility and the need to search for other mechanisms in marketing the currency to real "field" traders.
He explained, "We confronted the governor of the Central Bank with facts and evidence that the currency auction is supported by parasitic banks and banks whose function is only investment, and therefore we are waiting for the bank's governor's actions regarding it."
Today, Tuesday, the committee to follow up on the implementation of the government program and parliamentary strategic planning held a joint meeting with the governor of the Central Bank and directors of housing, real estate, Rafidain and Rashid banks, on evaluating the performance of banks and general financial and monetary policy.
Butterfly Italy Increases Iraq Funding by $2.4m.........29th June 2021 in Construction & Engineering In Iraq, Iraq Industry & Trade News,,,,,,,,,,,,,,,The Ministry of Foreign Affairs and International Cooperation of Italy, represented by the Italian Agency for Development Cooperation (AICS), is supporting the United Nations Development Programme (UNDP) with an additional EUR 2 million (US$2.4 million) to assist communities affected by the Islamic State of Iraq and the Levant (ISIL).
Italy's contribution will be channelled through UNDP's Funding Facility for Stabilization (FFS), which implements fast-track initiatives in areas liberated from ISIL. Italy has generously provided more than US$18 million, since the Facility was set up in 2015 with the objective of returning Internally Displaced Iraqis to their homes.
"We appreciate this timely support from Italy. Thanks to our partners, the FFS can continue its work to improve conditions in the Liberated Areas and assist those who remain displaced to come home in safety and with dignity," says UNDP Resident Representative Zena Ali Ahmad.
"With this important contribution Italy reaffirms its commitment to support displaced return to their communities to rebuild their lives," adds Ms Ali-Ahmad.
The Ambassador of Italy to Baghdad, Bruno Pasquino, commended the additional contribution of the Italian Government as another concrete step towards a more stable, secure and safe Iraq. "This initiative is in line with the priorities of the Italian cooperation towards improving gender equality and contributing to conflict prevention and mitigation, » says AICS Amman Director Michele Morana.
"The Italian government fully supports the stabilization process in Iraq, by contributing to create better conditions for a sustainable and dignified return of displaced persons to their homes and reintegration into their communities, and effectively supporting their safety and security».
butterfly With the support of 27 partners and the Government of Iraq, the FFS has completed over 2,831 projects in areas liberated from ISIL, benefitting more than 13 million Iraqis with improved basic services, education, health and infrastructure. It has assisted 4.8 million internally displaced persons (IDPs) to return home. (Source: UN)
butterfly Iraq, Jordan and Egypt agree Energy Projects...........29th June 2021 in Iraq Industry & Trade News, Iraq Oil & Gas News, Politics, Security.......Egypt's President Abdel Fattah al-Sisi and Jordan's King Abdullah arrived in Baghdad on Sunday for a fresh round of talks aimed at strengthening cooperation between the countries.
It is the first visit by an Egyptian head of state to Iraq since Iraq's invasion of Kuwait in 1990.
The leaders agreed on the importance of the electrical interconnector project between the three countries, and linking the gas transmission networks between Iraq and Egypt through Jordan.
They also pushed for the completion of the Basra-Aqaba crude oil pipeline, which will provide a new outlet for the export of Iraqi oil through Jordan. (Source: Govt of Iraq)
butterfly 2021-06-29 07:18 Shafaq News/ Iraq's Basrah Gas Co. signed an agreement with the International Finance Corporation for a loan to fund a project to limit the flaring of natural gas, the state-run Iraqi News Agency reported on Tuesday.
Iraq continues to flare some of gas extracted alongside crude oil because it lacks the facilities to process it into fuel for local consumption or exports.
Gas flaring costs nearly $2.5 billion in lost revenue for the government and would be sufficient to meet most of the needs for gas‐based power generation, according to the World Bank.
IFC is investing in Basrah Gas Company (BCG) to support one of the largest gas flaring reduction projects globally, helping to improve energy access, prevent associated greenhouse gas (GHG) emissions and support a more resilient, sustainable energy sector in Iraq.
BGC is an Iraqi joint venture created to treat and process associated gas that would otherwise be flared. The project is expected to increase BGC's processing capacity, thereby avoiding more unnecessary flaring and associated GHG emissions by around 10 million tons per annum. It will support Iraq's transition to a lower-carbon path and improve access to a domestic energy source, helping the country meet its growing power needs.
butterfly IFC, a member of the World Bank Group, is the lead arranger of the five-year, $360 million loan to BGC.
'Signing the loan agreement reinforces the collective efforts to increase investment in associated gas flaring reduction using world-class technologies. It is in line with our objectives of turning flared gas into cleaner valuable energy and reducing the impact of the Green House Gas emissions on the environment,' said Ihsan Abdul Jabbar Ismail, Minister of Oil for Iraq.
'This loan opens new horizons for cooperation and collaboration that serve common purposes and interests, reiterating Iraq's commitment to increasing investment in associated gas flaring reduction and to achieving the objectives set by the Paris Agreement.'
'We are delighted to have successfully signed this loan with IFC, the first loan facility of its kind in the energy sector in Iraq-a milestone to be proud of,' said Malcolm Mayes, BGC Managing Director. 'The agreement demonstrates the strength of Iraqi companies and their ability to attract funding and trust from international banks.
This five-year loan intends to support BGC's growth project and turn the otherwise wasted flared gas into much-needed energy for the country. Our strategy is in alignment with the government of Iraq's vision to power Iraqi homes with electricity and create a more sustainable energy industry.'
'This pioneering project has the potential to deliver significant environmental and economic benefits, including lower GHG emissions and increased fiscal revenues, and will improve energy access and lower costs for Iraqi citizens,' said Sérgio Pimenta, IFC Vice President for the Middle East and Africa. 'The project comes after years of hard work and strong cooperation by all parties involved. We hope that it will send a strong signal to other investors and help drive more private investments to tackle climate change and support inclusive growth in Iraq.'
butterfly IFC's investment comprises a $137.76 million loan for IFC's own account, a $180 million loan in which participations were syndicated to eight international banks (Bank of China, Citi, Deutsche Bank AG, Industrial Commercial Bank of China, Natixis, Sumitomo Mitsui Banking Corporation, Société Générale and Standard Chartered Bank), and a $42.24 million loan through IFC's Managed Co-Lending Portfolio Program, a platform that allows institutional investors to participate in IFC's loan portfolio. The loan is without recourse to or guarantees from any of the shareholders.
Iraq is endowed with significant reserves of natural gas, mainly produced as a byproduct of legacy oil extraction. However, in the absence of adequate infrastructure to capture and process it, about 70 percent of all natural gas produced in the country is flared. Capturing associated gas for subsequent use can help Iraq reduce overall emissions.
The project benefits from long-standing engagements of the World Bank Group in Iraq's energy sector. Iraq joined the Global Gas Flaring Reduction initiative in 2011 and committed in 2013 to eliminate all routine natural gas flaring by 2030.
butterfly 2021-06-29 05:33 Shafaq News/ A source reported today that a meeting was held between the head of the Al-Fatah Alliance Hadi Al-Amiri and Prime Minister Mustafa Al-Kadhimi in the Green Zone.
The source told Shafaq News Agency that during the meeting, Al-Amiri stressed that the demands of the political forces and armed factions changed after the recent U.S. bombing from a scheduled to an immediate and complete departure of the U.S. forces from Iraq.
The source added that al-Kazemi confirmed to Al-Amiri that he would discuss this matter with the specialized Iraqi technical-military committees and the American side.
This action comes a day after U.S. aircraft targeted three sites belonging al-Hashd al-Shaabi brigades, in Al-Qaim, west of al-Anbar, killing our of its members.
Sheila hope gives us strength to carry on each day
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