Zig’s Place Chatroom News Wednesday AM 10-27-21

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 allocates funds to support renewable energy

Wednesday 27 October 2021 The Board of Directors of the Central Bank of Iraq decided, during its meeting today, to allocate funds to finance the purchase of renewable energy generation units.

And the bank’s media said in a press statement: “The Central Bank will enhance the liquidity of banks, which in turn will grant soft loans to citizens and projects to acquire renewable energy generating units, according to high specifications and with long sustainability.”    https://ninanews.com/Website/News/Details?key=935586

butterfly   The dollar is declining against the dinar on the local stock exchange

Wednesday 27 October 2021 The exchange rates of the US dollar fell against the Iraqi dinar, today, Wednesday, on the main stock exchange and banking shops in Baghdad.

Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded this morning 147,650 Iraqi dinars, compared to 100 US dollars.

While the price of the dollar recorded on Tuesday morning 147,800 Iraqi dinars, compared to 100 US dollars.

While buying and selling prices decreased in banking shops in the local markets in Baghdad, where the selling price amounted to 148000 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 147,000 Iraqi dinars per 100 US dollars.    https://ninanews.com/Website/News/Details?key=935533

butterfly   https://ninanews.com/Website/News/Details?key=935502

Oil prices fall due to rising fuel stocks in the United States

Wednesday 27 October 2021 Oil prices fell today, Wednesday, after industry data showed that crude oil stocks rose more than expected and fuel stocks rose unexpectedly last week in the United States, the world's largest oil consumer.  Brent crude futures fell to $86.15 a barrel, after closing at a seven-year high on Tuesday.

West Texas Intermediate (WTI) crude futures fell to $84.39 a barrel after rising 1.1% in the previous session. Gasoline stocks rose by 500,000 barrels and distillate stocks rose by 1 million barrels, compared with expectations for both declines./End 8

Reuters quoted market sources, quoting American Petroleum Institute figures late on Tuesday, as saying that crude oil inventories rose by 2.3 million barrels in the week ending October 22. This was more than expectations for a rise of 1.9 million barrels.

butterfly   https://ninanews.com/Website/News/Details?key=935493

An economic specialist assures Nina of the importance of investing the oil price difference to rebuild the infrastructure

Wednesday 27 October 2021 The specialist in economic affairs, Durgham Muhammad Ali, stressed the need to invest in the rise in oil prices in the best way for the reconstruction of infrastructure.

Ali said in a statement to the National Iraqi News Agency ( NINA ) that "the revenue growth resulting from the increase in oil prices should be directed as an investment to rebuild the dilapidated infrastructure in the health, education, roads, bridges, electricity and water services."

He added, "The reconstruction of the infrastructure must be in a well-planned and well-prepared manner, and not only on gifts, panic and campaigns."

He pointed out that "the failure of the state in the reconstruction of the infrastructure resulted from severe corruption that society can no longer bear with the end of the life span of most public service facilities, stressing the need to establish an operations room for reconstruction supported by the highest levels of government with wide powers and tightly monitored to start real reconstruction of the country."

butterfly   https://ninanews.com/Website/News/Details?key=935490

The government's financial advisor to / Nina /: The rise in oil prices will cover the fiscal budget deficit

Wednesday 27 October 2021 The expert government financial advisor, Mazhar Muhammad Salih, confirmed that the rise in oil prices will contribute to covering the current budget deficit of 29 trillion dinars at a rate of 100%, provided that the planned non-oil revenues achieve a rate of approximately 90-100%, not 30%, as is expected. Her, to widen the fiscal deficit gap in the general budget.

Muhammad Salih said in a statement to the National Iraqi News Agency / NINA/ That "although monetary policy has moved from the stage of challenges that accompanied the economic depression in the country to the stage of détente and the search for opportunities, which were confirmed by two things:

the first: the increase in the foreign currency reserves of the Central Bank of Iraq by 12 billion dollars during the current fiscal year 2021, and

 secondly, financing The deficit of the federal general budget from the influx of cash revenues accumulated by the financial buffer as a result of the growing oil price differences from 45 dollars in calculating oil revenues in the budget to 80 dollars currently and with an annual average of not less than 65 dollars, which covers the current budget deficit of 29 trillion dinars at a rate of 100%, provided that The planned non-oil revenues (also) achieve a ratio of approximately 90-100%, not 30%, as is expected, to widen the fiscal deficit gap in the general budget.

butterfly   He added: However, there are two other things that still represent the concern of the difficult Iraqi economic equation, which is the humility of the expected annual economic growth to (positive 1%), which is less than the population growth rate of 2.6%, which indicates the continued high levels of unemployment among young people by about 23%, in addition to the increasing levels of poverty that still take from the prosperity of life for about 40% of the country’s population, accompanied by creeping annual inflation that increased from 1% at the beginning of this year to rise to about 9.5-10% annually.

The government advisor stressed the need to exercise monetary policy with its available tools to address expected inflation and the problems of fluctuation in the stability of the real sector in the issues of growth and unemployment and how the central bank uses the exchange rate tool as a nominal stabilizer to reach a equilibrium exchange rate that targets imported inflation and leads to an improvement in the value of the Iraqi dinar purchasing through Reducing the increases in the degree of growth of inflation rates through the framework of a gradual policy, meaning a decrease in the incremental increases in price growth.

butterfly  https://ninanews.com/Website/News/Details?key=935591

Electoral Commission: We are ready to re-count completely in the event of an official request from the Federal Court

Wednesday 27 October 2021 A member of the media team of the Electoral Commission, Muhannad Mustafa, confirmed, in a statement to / NINA, the commission's readiness to completely re-count and sort, in the event of an appeal against the elections and the receipt of an official request for that from the Federal Court, which decides that.

butterfly  Khashan: The Sadrist bloc cannot form a government

2021-10-27   Khashan - The Sadrist bloc cannot form a governmentThe independent deputy, Basem Khashan, confirmed, on Wednesday, that the Sadrist bloc is unable to win allies and will not be able to form a government.

Khashan said in a press statement that “the Sadrist bloc is limited to 80 seats and is unable to form a government,” noting that “it is unlikely that one of the parties will impose its will on the others.”

He added that “the formation of the government will be from two parties, not one party, including the Sadrist bloc, and it is possible, after the announcement of the final results, that the number of their seats will decrease.”

He pointed out that “the Sadrist bloc is unable to add allies to it, and this will make it confined to the Sadrist bloc only and the number of their seats.”

It is noteworthy that the Sadrist bloc won 73 seats in the last legislative elections  burathanews.com

butterfly   Head of the National Investment Commission, Suha Al-Najjar, confirmed that: Iraq possesses non-oil economic resources that can be invested in various industries.

She said in a speech on the work of the Global Industrialization Forum in the Italian city of Chernobio / Como, which is held at the official invitation of the Global Manufacturing Corporation and the United Nations Industrial Development Organization UNIDO. That: Iraq, despite all the challenges it faced, is proceeding at a steady and sound pace of recovery and advancement and looks to the future in a spirit of openness towards successful experiences.

Najjar added: There are non-oil economic resources owned by Iraq and can be invested in various industries. Najjar pointed out that: There are non-oil economic resources owned by Iraq and can be invested in various industries.

And she stressed that: Iraq, despite all the challenges it faced, is proceeding at a steady and sound pace for recovery and advancement and looks to the future in a spirit of openness towards successful experiences and partnerships that enhance opportunities for the development of its sectors in the fields of cost, especially the industrial sector.

The head of the National Investment Commission invited all official bodies, companies and investors specialized in the industrial sector to consider expanding the horizons of cooperation with Iraq.

butterfly    Al-Najjar invited the specialized companies to visit Iraq, stressing the readiness of the commission, the Iraqi state institutions and the relevant ministries to provide all facilities to start their work, and to build partnerships with the Iraqi public and private sector for the reconstruction of its various sectors, as well as its interest in cooperation; To have access to modern and advanced knowledge and mechanisms in managing his projects, and his desire to support projects with developing skills, empowering workers, creating the appropriate environment for job opportunities for his children, developing national production and raising the efficiency of services.

It is noteworthy that the United Nations Industrial Development Organization is a specialized agency of the United Nations, headquartered in Vienna - Austria. The main objective of the organization is to promote and accelerate industrial development in developing countries and countries with economies in transition, and to enhance international industrial cooperation.   https://ninanews.com/Website/News/Details?key=935640

butterfly   The Electoral Commission announced that the results that will result from the manual counting of the contested stations will be the ones approved in the final results that will be officially announced in the coming days.

The assistant media spokesperson for the commission, Nibras Abu Souda, stated in a statement to the National Iraqi News Agency ( NINA ), that "the current manual counting of more than two thousand stations across the governorates is the result of the appeals submitted to the commission on the results of the primary elections, where we have more than 1,400 appeals from different provinces."

She added, "All appeals are decided by the judiciary, but the commission studies them and submits them to the judiciary through a package of recommendations, including the rejection of some appeals in form and substance because they are inconsistent with the law and are not supported by documented evidence, or that the contested stations were counted and sorted manually in advance and the result was identical to the sorting." Electronically, the appeals that are accepted are based on evidence and in accordance with the law.”

She explained that "the judiciary is the one who will consider all appeals and its order is binding on all parties regardless of the recommendation submitted by the Commission," noting that "otherwise, the Commission proceeds with the counting and sorting of the two thousand stations contested according to the votes in those stations."

butterfly   On the possibility of changing the final results from the initial, the commission’s media spokesperson explained, “The manual counting and sorting process has been developed to address certain cases according to the law, and the result may change if it differs from the electronic count, so the electoral law stipulates that the result of manual counting and counting is calculated as the final outcome.” .

And she added, "We are in the process of announcing the results of the contested stations only, which are the answers to the appeals received by the Commission, and this does not fall under the door of announcing new results for the elections."

Regarding the demands for comprehensive counting and sorting in all governorates, Abu Souda confirmed that "the current law stipulates electronic counting, manual counting of certain stations from each center on polling day, and manual counting and counting of contested stations only."

butterfly   On the possibility of conducting counting and sorting for new added stations, Abu Souda said, "If the judicial authority decides to open additional stations based on the appeals submitted to it," indicating that "the Commission decided to conduct manual counting of more than two thousand stations after studying the appeals, but if the stations were increased and added Other stations, the judiciary will be the one who decided to add the new stations."

And about the possibility of changing the seats of the blocs, she explained that “the change of seats came to add new votes after the completion of the preliminary results, and therefore the blocs did not lose votes, but rather the stations that were counted as “quarantine stations.”

Regarding the timing of the names’ ratification by the Federal Court, the Assistant Media Spokesperson for the Commission confirmed that “this depends on the completion of resolving complaints on appeals by a decision of the judiciary and then announcing the final results.” https://ninanews.com/Website/News/Details?key=935625

butterfly   India's TVS Motor Company, which makes motorcycles and three-wheeled vehicles, has signed an agreement to strengthen the company's presence in Iraq.

UAE-registered ARATA International FZC, a subsidiary of Oman's Bahwan International Group (BIG), will distribute TVS vehicles in Iraq.

The deal was signed by Sheikh Ahmed Bahwan, Chairman of BIG, and Mr Sudarshan Venu, Joint Managing Director of TVS in Muscat, Oman.

Mr Venu said:

"Iraq is an important market for us, and ARATA International FZC's extensive distribution network, along with our shared ethos and values, makes them the ideal strategic partner. This association with them is a significant step towards further expanding and bolstering TVS Motor Company's market presence in Iraq."

(Source: TVS) https://www.iraq-businessnews.com/2021/10/27/tvs-motor-signs-distribution-deal-for-iraq/

butterfly   Iraq reportedly plans to invest $3 billion annually to transition from burning liquids to burning natural gas in its power plants.

Deputy Prime Minister and Finance Minister, Ali Allawi (pictured), told the Middle East Green Initiative Forum in Saudi Arabia that Iraq will also end gas flaring by 2025.

He also recommitted Iraq to working towards a greener future.

More here.   (Sources: The National, Arab News) LINK

Zig If you access this chat via https://my.cbox.ws/ZIGPLACE

You can make the box much bigger by clicking this link ZIGPLACE - Cbox