Zig’s Place News Late Friday PM 6-4-21

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butterfly  An economic specialist for / Nina /: devaluing the dinar is an economic crime that will not bring economic benefit to the country, but rather the opposite

Friday 04 June 2021 11:57..........The specialist in managing economic crises, Ali Al-Fariji, confirmed that devaluing the dinar is an economic crime that the people have been victims of, indicating that it will not achieve economic benefit for the country, but rather the opposite.

Al-Fraiji said in a statement to the National Iraqi News Agency / NINA / that "the Central Bank and the Ministry of Finance justify the decision to raise the value of the dollar against the Iraqi dinar to achieve an increase in the value of cash in Iraqi dinars (to reduce the salary bill and some operating budget bills), and to raise the value of the Iraqi state's reserves of foreign exchange. , by reducing the rates of selling currency from the currency sale window, and to support economic development in Iraq by encouraging Iraqi industrialists instead of importing.

Al-Fraiji stressed that "there was not a great benefit from raising the value of cash in Iraqi dinars, as the operating budget was spent in dollars, indicating that the foreign exchange stock rose very temporarily at the beginning of the first two months, and no significant result was achieved due to the return of the currency sale window from selling the dollar at rates of 200 million." dollars per day, which are rates that raise a lot of doubts, and nothing has been achieved from the issue of supporting the industry and limiting import rates, on the contrary, consumption rates have increased, as well as the prices of the importer, who constitutes more than 95% of the assets of local markets.

butterfly  Al-Fariji indicated that behind this economic crime (the power parties + The Central Bank + The Ministry of Finance (the government) + Parliament) and the victim cannot be considered the victim as the people or the individual absolutely, because of his participation in (their choice + silence).

He stressed that the solutions to this economic crime lie in "the adoption of raising the price of the dollar (if insisting on it), for a temporary period and its expiration date (for example until the end of 2021). And the initiation of compensatory and incentive strategies for the private sector (small businesses) as well as those affected by individuals and families through cash or in-kind aid for months. Supporting the labor market and reducing economic shocks, including (controlling real estate market rates and not allowing unjustified rises, pumping foodstuffs and other materials to support the purchase movement and controlling consumer prices).

butterfly  An economic specialist to / Nina /: The silence on the black dollar market proves the involvement of the / executive and legislative authorities / in it

Friday 04 June 2021 14:06.....The specialist in economic affairs, Durgham Muhammad Ali, confirmed that the silence of the executive authorities, in their monetary, financial and legislative capacity, in their supervisory capacity, about the farce of the dollar auction is an involvement in its black market.

Muhammad Ali said in an exclusive statement to the National Iraqi News Agency ( NINA ) that "any country with a law-abiding government would have referred the governor and departments of the Central Bank concerned with currency auction corruption to the judiciary and investigated the Minister of Finance over his allegations of dealing with currency smuggling by raising the exchange rate."

He pointed out that "the involvement of political blocs in Parliament, as they own most of the banks that contribute to the black dollar market to achieve illegal gains by creating a black market for dollars and smuggling foreign currency with government collusion, which led to the absence and disruption of the oversight role of Parliament, and among them was the prevention of questioning the governor of the Central Bank."

Butterfly   And he added, “The judiciary, which is Iraq’s safety valve, is required through the public prosecution to file lawsuits against the saboteurs of Iraq’s economy and its currency smugglers, and to hold the Al-Kazemi government, its Minister of Finance and the Governor of the Central Bank accountable, after the corruption of the currency auction became open and not to make any effort, even with statements, to stop this crime.” The largest right of the Iraqi economy."

And he said, "The current government, with its financial policies, which has robbed Iraq's economy of its most sensitive joints, and increased poverty rates within a few months to unprecedented levels, without a conscience, will be written on it to be the worst government in the economic performance record, and this allows its people to be tried as soon as they leave power."

butterfly  Parliamentary Energy: The oil and gas law will be transferred to the next legislative session

Fri 04 June 2021 15:02............The Parliamentary Oil and Energy Committee confirmed that the oil and gas law will be carried over to the next legislative session.

Committee member Amjad Hashem Al-Uqabi said, according to the official agency, that "the House of Representatives cannot initiate the oil and gas law," noting that "this law is still present in the parliament and can be voted on during the next legislative session."

He added that "the Council will vote in its next sessions on the draft law of the National Oil Company."

With regard to the issue of electricity, Al-Uqabi explained that "the coming days will witness the operation of the Al-Jasiyah station," noting that "the opening of this station is an achievement for the Ministry of Electricity."

He pointed out that "the technical and engineering cadres in the Ministry of Electricity are able to address the problems that may occur in electric power during the summer and high temperatures, despite the presence of financial austerity," noting that "in the event that Iranian gas arrives, the electric power stations will work fully, The rate of supplying citizens with electricity will be 4 hours of operation compared to two hours of firefighting.

butterfly  Oil prices are advancing towards $72 a barrel, supported by demand expectations/expanded

Friday 04 June 2021 16:29 ......Oil prices rose towards $72 a barrel today, Friday, to trade near its highest level in two years, as the OPEC + plan on supplies and the recovery of demand overshadowed concerns about the irregular activity of vaccinations against Covid-19 globally.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies said they were going ahead with the agreed supply restrictions. Thursday's weekly supply report showed US crude inventories fell more than expected last week.

Brent crude rose 33 cents, or 0.5%, to $71.64 a barrel. Yesterday, it reached its highest level during the session at $71.99, its highest level since May 2019. US West Texas Intermediate crude rose 22 cents, or 0.3%, to $69.03. On a weekly basis, Brent is heading for an increase of more than 2.8 percent and WTI is heading for a rise of 4%.

butterfly  The French President confirms by phone to Al-Kazemi his country's support for Iraq and its support for the UN resolution to send observers to support the work of the Electoral Commission / Expanded

Friday 04, June 2021 20:37......Prime Minister Mustafa Al-Kazemi discussed, by phone, from French President Emmanuel Macron, bilateral relations between the two countries and aspects of joint cooperation between Baghdad and Paris.

Al-Kazemi stressed, according to a statement by his office, Iraq's close historical relationship with France, and its positive attitudes towards regional issues, praising France's role and support for Iraq in the war against ISIS terrorist gangs.

He indicated the importance of developing bilateral cooperation between Iraq and France in various fields, especially economic and cultural, as well as providing the appropriate environment for French companies to work and invest in Iraq.

For his part, the French President renewed his support for the Iraqi government, and Iraq's democratic experience in light of the challenges it faces.

He affirmed France's readiness to provide the various aspects of support that the Iraqi government needs in preparing for the early elections, and France's support for the UN resolution to send observers to support the work of the Electoral Commission.

Macron praised Iraq's regional role in converging views, expressing his optimism that Iraq's growing role in this field will have a sustainable impact in achieving stability, whose effects will be positively reflected on all parties.

The two sides agreed to continue communication between them, in order to coordinate positions towards regional and international challenges and crises, in a manner that serves the endeavors to resolve conflicts and bring views closer.

butterfly  Anxiety prevails among Iraqis for fear of the deterioration of the purchasing value of the dinar

03:59 – 04/06/2021   IraqDinarDenomsBaghdad – Mawazine News  The Iraqi local markets witnessed a new rise in the exchange rate of the dollar against the Iraqi dinar, as the value of one dollar reached 1500 Iraqi dinars, a clear difference from the rate set by the Central Bank, which is 1450 dinars to the dollar.

And the new value of the rise was recorded in the Baghdad Stock Exchange for hard currencies and exchange companies in the Al-Kifah and Al-Harithiya areas in Baghdad, as well as Erbil, and in the event that the rise continues until the end of the day, this means that the price will remain unchanged until next Sunday, which is the date for the resumption of official working hours and the Central Bank offering new amounts of hard currency Within the policy of preserving the value of the dinar.

So far, the competent authorities have not provided any explanations for this rise, but experts and specialists attribute this to speculation within the market, which is carried out by merchants, businessmen and private banks.

The rise is not the first of its kind, but it is the highest, as the past days recorded a slight increase at 1460 and 1470 dinars to the dollar.

butterfly  The reason for the rise in the exchange rate of the dollar in Iraq during the last period is a rise in the prices of goods, especially foodstuffs, and the markets and commercial centers in Iraq have been almost devoid of shoppers, for several days, due to the economic confusion from the high exchange rate of the dollar and the new rise in food prices and others.

And the Iraqi Ministry of Planning confirmed, earlier, that poverty indicators in the country had risen to 27%, due to the increase in prices, against the background of several government measures to bypass the financial crisis, including raising the dollar exchange rate, as the Al-Kazemi government raised the exchange rate from 1200 dinars to 1450, per dollar.

Member of the Economy and Investment Committee in the Iraqi parliament, Salem al-Tufaili, said, “The main reason for the continued rise in the dollar exchange rate is the lack of real government control over the Iraqi market, as well as the work of private banks and exchanges, which manipulate prices according to their interest without any oversight or accountability.”

Al-Tufaili indicated that “the rise in the exchange rate of the dollar, as well as foodstuffs and other materials, is behind some greedy traders, bank owners and money transfer companies, among the influential figures, who have relations with some parties and political figures, who control the market as they wish according to government silence.”

He added that ”  A member of the Finance Committee in the Iraqi parliament, Muhammad Al-Shabki, said, “The next few days will witness hosting the competent authorities in the Ministry of Finance and the Central Bank, to discuss the repercussions of the rise in the dollar exchange rate, above the amount decided in the 2021 budget.”

Al-Shabki indicated that “the Iraqi Parliament’s Finance Committee will present many proposals for the control of the competent government agencies over the exchange rate of the dollar, as well as to prevent traders from manipulating the prices of foodstuffs and others, this matter will lead to humanitarian disasters in Iraqi society, especially with the high rate of poverty and the rate of The unemployed are largely unemployed.

The Iraqi MP warned that “the economic situation in Iraq does not allow the continued rise in the dollar exchange rate and foodstuffs, as this matter will have major and dangerous repercussions, including the explosion of popular demonstrations as well as the increase in crime rates in Iraqi society, especially the lack of job opportunities in the government and private sectors, and the continuation of The unemployment rate among young people is high.

On the other hand, the economic expert Younis Al-Kaabi said, in press statements, that “the currency auction did not decrease in its sales, nor did the poor class improve its living conditions, and most importantly, it left an important segment of society under the weight of poverty, namely the employees and retirees.”

Al-Kaabi explained that “the monthly income of employees and retirees has declined as a result of the change in the exchange rate on the one hand and on the other hand the increase in the prices of goods, medicines and basic commodities in the local markets.”

Butterfly  The Iraqi expert revealed that “the data of the Ministry of Planning indicate that the poverty rate in Iraq has risen from 25% to 28%, and this is the biggest indication of the failure of fiscal and monetary policy in Iraq.” Ended 29 / h    mawazin.net

butterfly  How will the 2022 budget be .. The Prime Minister’s financial advisor answers?

06-04-2021 09:54 AM    How will the 2022 budget be .. The Prime Ministers financial advisor answers  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected today, Thursday, that the federal general budget for the fiscal year 2022 will be different from the current year’s budget by two paragraphs.

Saleh said, “The draft federal general budget for 2022, in my opinion, will differ slightly from the budget for the current year 2021 in two paragraphs. The first relates to the nature of oil revenues, as the price of a barrel of oil and the exported quantities must be adjusted in light of the positive indicators in the energy market and the entry of the economy.”

The global stage (after the Corona pandemic), especially the high degrees of international economic openness, the flourishing of trade and investment exchange between the countries of the world, and the high overall growth rates in the global economy.

He added, “There is a strong link between the escalation of economic growth in the world and the escalating demand for crude oil, the boom in energy markets and the rise in oil prices.”

butterfly   He continued: “As for the second paragraph, it is that the draft general budget for the coming year will reduce the borrowing space at the lowest point, while the area of ​​investment projects and their allocations will expand significantly and according to development priorities, which will lead to better growth and overall employment in the national economy, especially the high contribution The market is in the movement of the economy due to the high state of certainty that will be available to market makers,” explaining that “this is due to the market’s dependence on recovery indicators in the government economy.”

And he added: “Despite the foregoing, the issue of submitting the draft federal budget to take its legislative path will remain a primary concern and according to its constitutional timings, subject to the speedy formation of Parliament after the tenth month’s elections. New Elect.

He explained, “Otherwise, entering the year 2022, without legislating the general budget law, will make the public finance resort to the application of the effective financial management law, through disbursement of 12/1 of the actual ongoing expenditures in the 2021 budget without new investment projects.” dijlah.tv

butterfly Al-Kazemi: Some are trying to (demonize) the prime minister

2021-06-04 05:22   Al-Kazemi - Some are trying to demonize the prime ministerShafaq News/ Prime Minister Mustafa Al-Kazemi renewed his pledge to hold “fair and fair” elections on the tenth of October in Iraq, and at the same time confirmed that he would not run in that process and would not support any alliance.

Al-Kazemi came in an interview with a number of Iranian correspondents in Baghdad, which was published by Iranian official Iranian media today, Friday.

Al-Kazemi said, “The Iraqis desperately need elections, and there is a crisis of confidence between the political blocs and the street, and there is a schism and real disagreement.. Why did you come to the prime ministership? I did not come as prime minister with elections, but as a result of a social crisis. And we need to establish elections,” adding that some are trying to (Demons) The Prime Minister is everything.

And he added: From the first moment of the government program that was voted on in the Iraqi parliament, I said I will work to establish early, fair, and early elections very soon, and I called for elections within a year, and I mentioned the date of June 6 of this year, i.e. a week after the election date. How can they say I am not serious, and I have no will for elections?

Al-Kazemi noted that “the political blocs met and the commission met, and I think that this date is very early, and reflects a response to the accusations, and whoever claims that I do not want elections, this is my answer to him: I requested that the elections be on June 6, 2021.”

butterfly The Prime Minister continued, saying: The will is there, and after negotiations with the Commission and the political blocs, we agreed to announce October 10 of this year as the deadline for elections. The government is serious, and we worked hard by asking the Security Council to support Iraq with international observers to give confidence to these elections in front of the political blocs, and in front of the Iraqi people. We are serious about having a single space and protecting the elections from any process of questioning or fraud.

He also said: Certainly, I will not run for elections in order to send a real message, and I care about the Iraqi national identity and that we create a distance or the principle of justice for all. ); For this reason, I will not enter the elections, and I will not run for the elections in order to work with all efforts to make the elections a success;

For this reason, we have worked to provide all the support to the Commission and what the Commission requires and provided, and now we have the last stage, to provide the conditions and a safe and secure environment for these elections, and with all this we are taking steps to provide these appropriate conditions for these elections.    shafaq.com

Butterfly   Al-Rafidain: Increasing the interest rate on deposits

06/04/2021 09:15:17   Al-Rafidain - Increasing the interest rate on depositsRafidain Bank announced that it will continue to open savings and current accounts for citizens to deposit their money in the bank instead of hoarding it in homes and obtaining rewarding financial returns.

The media office of the bank said in a statement that {Euphrates News} received a copy of it that it was decided to increase the interest rate on deposits for a period of six months to become 4.5 percent. As well as increasing the interest rate on fixed deposits for a period of one year to 5.5 percent. The statement added that the interest rate on deposits for two years was increased to 6.5 percent.   alforatnews.com

butterfly  After exceeding 150 thousand dinars, the shock of the dollar paralyzes the Iraqi markets

2021-06-04   After exceeding 150 thousand dinars the shock of the dollar paralyzes the Iraqi marketsThe rise in the exchange rates of the dollar against the dinar, very significantly, until the exchange rate of the paper reached from 100 dollars to 150 thousand dinars, directly affected the local market and the prices of food and construction commodities and the rest of the goods,

causing a state of resentment and anger among citizens and political elites. In which a parliamentarian indicated that the government and the political forces that supported its decision to raise the price of the dollar are standing by and watching and unable to stop this collapse.

A parliamentarian stressed that the market situation today confirms the government’s inability to address and instead of progress and economic prosperity, we live today in stagnation in the markets.

Member of the Parliamentary Committee on Economy and Investment, Nada Shaker Jawdat, indicated that the government and the political forces that supported its decision to raise the price of the dollar are standing by and unable to stop the collapse of the local currency and the suffering that is paid for by the simple citizen from the middle and poor classes as a result of these ill-considered policies.

butterfly  Jawdat said in an interview with Alsumaria News, “The abnormally high exchange rate of the dollar, and the price of 150 thousand dinars for the 100-dollar bill, has become more than the necessary for the poor and middle classes,” noting that “the prices of goods and goods rose to 30% of the Its natural price, at a time when there is no increase in salaries or the living situation of citizens, on the contrary, things are getting worse at the standard of living and the government is watching without any measures to limit this deterioration.

Jawdat added, “In the House of Representatives, we repeatedly demanded that the Minister of Finance and the Governor of the Central Bank be held accountable, but we did not find deaf ears, and there were hidden agreements to obstruct these interrogations,” noting that “the political forces that agreed to the proposal to raise the price of the dollar against the dinar, Today I became responsible to the public for justifying the reasons for its acceptance at the time of the government’s proposal, which today itself stands today as an obstacle to questioning the Minister of Finance and the rest of those responsible for this file.”

She pointed out that “when the government made its decision to raise the price of the dollar with the blessing and encouragement of some political forces, it was better for it to conduct a study after a month or two to find out the pros and cons of the decision, in order to continue with it or undo it,

but unfortunately, the government and the blocs that supported its decision look at the matter from One aspect is maximizing what it has of money away from the interest of the simple citizen,” noting that “the government, in case it was unable to open large corruption files or control the border crossings, or the tax, it must not throw its mistakes on the simple citizen to be the victim of any failures that occur.” .

butterfly  And she added, “The government does not want it to build new industrial projects or introduce advanced innovations, but all we wanted from it was to revive the factories that actually exist in the country and which have disappeared, by making allocations to buy new machines in them and sending training teams to workers in order to train them and work to move the wheel.” The local industry instead of leaving Iraq mired in imports from Turkey, Iran and others, and the continuation of unemployment and waste of hard currency.

Member of the Parliamentary Committee on Economy and Investment, Mazen Al-Faili, confirmed that all the justifications set by the government in order to raise the exchange rate have disappeared and no longer exist.

Al-Faili said in an interview with Alsumaria News, “The government had previously set reasons to raise the exchange rate and proceeded with its decision in the light of those justifications,” noting that “the first reason is the lack of financial liquidity to pay salaries as a result of the drop in the price of a barrel of oil, as this excuse ended with a rise in prices.” Globally, oil exceeds what is in the budget, which currently stands at $71 per barrel.

Al-Faili added that “the third justification was the attempt to prevent the smuggling of currency and forged invoices, but sales amounted to more than 200 million dollars per day, which means that the government has no third justification for raising the exchange rate,” noting that “if we wanted to compare the benefit achieved, we would support it.” Very few, they did not exceed eight trillion dinars, at a time when oil prices today globally have jumped to very good levels that cover normal expenses comfortably.”

Butterfly  He stressed, “The repercussions of raising the exchange rate today are paid by the simple citizen, but we find the government’s insistence on its position, without a real treatment, with insistence on not admitting the mistake and insisting on continuing with that policy that the citizen paid for, given that prices in the markets have doubled.” With the sharp rise in the price of the dollar,”

he said, noting that “the market situation today confirms the government’s inability to address, and instead of progress and economic prosperity, we live today in stagnation in the markets without finding any results from the white paper that the government talked about nearly a year ago.”  burathanews.com

butterfly   Somo: The Kurdistan region has not committed to exporting oil through our company

2021-06-04  Somo - The Kurdistan region has not committed to exporting oil through our companyToday, Thursday, the Director of the National Oil Marketing Company (SOMO), Alaa Al-Yasiri, confirmed that the Kurdistan region has not yet committed to exporting oil through our company, while he expected a rise in oil prices if two things were achieved.

Al-Yasiri said in a television statement, “Iraq’s oil exports currently exceed two million and 900 thousand barrels per day, and one million and 800 thousand through the ports of the south, and 100 thousand barrels from Kirkuk through the Turkish port of Ceyhan.”

Al-Yasiri added, “Iraqi oil is exported to all markets, and the Asian market is the most prominent, and we expect an increase in oil prices in the coming months after the return of commercial activity and global economic activity.”

With regard to the oil file in the Kurdistan region, he explained that “the federal general budget law for the fiscal year 2021 deals with the agreement with the Kurdistan region regarding oil, but the Kurdistan region has not yet committed to exporting oil through our company.”

The second paragraph of Article 11 of the 2021 Budget Law states that the Kurdistan Regional Government is committed to producing crude oil from its fields, at an average quantity of no less than 460,000 barrels per day.

Allocations of the region’s share of petrodollars, provided that the values ​​of the delivered quantities are not less than the amounts realized from the sale of 250 thousand barrels of crude oil per day at the price of SOMO. burathanews.com

butterfly Major UAE Firms want to Invest in Iraq..........4th June 2021 ..............The UAE's Ambassador to Iraq, Salem Issa Al Zaabi, has reportedly to the Federation of Iraqi Chambers of Commerce that several major Emirati companies want to invest in Iraq.

Salem Issa Al Zaabi added that he had a productive meeting with the Federation's President, Abdul Razzaq Al Zuhairi, who said that Iraq is keen to enhance relations with the UAE.  (Source: WAM)

butterfly Iraq Stock Market Report........4th June 2021 in Investment.....................Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 3rd June 2021).

The RSISX index ended the week at IQD896 (-2.3%) / $775 (-1.7%) (weekly change) (+23.5% and +16.9% YTD change, respectively). The number of week traded shares was 54.8 bn and the weekly trading volume was IQD57.6 bn ($38.4 mn).      http://www.rs.iq/companies

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