Zig’s Place News Monday AM 6-7-21

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butterfly  Oil prices reach $72 a barrel

Monday 07, June 2021 09:21........Oil continued its gains to reach its highest level in several years, today, Monday, supported by more optimistic economic prospects and expectations of a rise in demand for fuel.

Brent crude futures for the month of August rose 28 cents, or 0.4 percent, to reach $72.17 a barrel. The price of US West Texas Intermediate crude, for the month of July, rose to about $70 for the first time since October 2018, recording $69.91 a barrel.

Analysts expect that global demand for oil will exceed supplies in the second half, despite the gradual easing of supply cuts by OPEC + producers.

butterfly   The Central Bank feeds electronic payment cards at the official rate of the dollar

Monday 07, June 2021 10:18.............The Central Bank of Iraq announced, today, Monday, that all requests to purchase the dollar for the purposes of travel, study and treatment abroad will be met by feeding electronic payment cards (MasterCard and Visa Card) at the official price specified by the bank.

butterfly  The dollar continues to rise against the dinar on the local stock exchange

Monday 07, June 2021 10:52.....The dollar exchange rates rose today, Monday, on the main stock exchange in Baghdad and the Kurdistan region.

And the dollar exchange rate on the Central Kifah and Al-Harithiya Stock Exchange in Baghdad recorded 149,900 Iraqi dinars, compared to 100 US dollars.

The Central Kifah Stock Exchange recorded 149,600 dinars when it opened yesterday morning.

The selling price of the dollar in the local market in Baghdad was 150,500 dinars, and the purchase price was 149,500 dinars for every 100 US dollars.

The price of the dollar also recorded an increase in the Kurdistan region, as the selling price reached 150,200 dinars and the purchase price was 150,000 dinars for every hundred US dollars.

butterfly  Gold prices in the Iraqi market are approaching the barrier of 400 thousand dinars per weight

Monday 07, June 2021 11:42....Gold prices have stabilized in the local market, to record the selling price of one 21 carat weight of Gulf, Turkish and European gold at 393 thousand dinars, while the purchase price reached 388 thousand dinars.

While the selling price of one 21 carat weight of Iraqi gold reached 363,000 dinars, while the purchase price was 358 thousand dinars.

The gold prices in the goldsmithing shops ranged between 395 thousand and 400 thousand dinars for the weight of 21 karat Gulf gold, between 365 thousand and 375 thousand dinars for Iraqi gold.

It is equal to one mithqal of gold (five grams).

butterfly  Al-Rafidain Bank announces the disbursement of a new batch of the predecessors of employees and members of the security forces

Monday 07, June 2021 11:50 .........Al-Rafidain Bank announced the disbursement of a new batch of the advances of employees and members of the security forces.

The media office of the bank confirmed that the advances will continue to be granted to employees and members of the security forces through the bank's branches located in Baghdad and the provinces.

butterfly  Finance announces the start of the release of the entitlements of farmers marketing the wheat and rye crops for the current year

Monday 07, June 2021 14:11.......The Ministry of Finance announced today, Monday, the start of releasing the entitlements of farmers marketing the wheat and rye crops for the current year.

The Ministry's media office stated in a statement that under the guidance and follow-up of Minister of Finance Ali Allawi, the Accounting Department has begun procedures for disbursing the entitlements of farmers marketing the wheat and rye crops for the year 2021.

butterfly   British Foreign Secretary to visit Baghdad tomorrow / Expanded

Monday 07, June 2021 14:24.........Spokesman for the Ministry of Foreign Affairs, Ahmed Al-Sahaf, announced today, Monday, that the British Foreign Secretary will visit the capital, Baghdad, tomorrow, Tuesday.

Al-Sahaf said in a statement, "The British Foreign Secretary Dominic Raab will arrive tomorrow, Tuesday, in Baghdad for an official one-day visit.

He added that the British minister will meet with the President of the Republic, Barham Salih, Prime Minister Mustafa Al-Kazemi, Speaker of Parliament Muhammad Al-Halbousi, in addition to the Minister of Foreign Affairs." Fouad Hussein./End of p

Butterfly   Alia Nassif: Three people get the largest share of dollar sales in collusion with some corrupt people

Monday 07, June 2021 13:03......Representative of the State of Law coalition, Alia Nassif, warned against the continuation of the sabotage role played by the currency auction, indicating: "A group of traders acquires the lion's share of dollar sales and achieve insane profits at the expense of the Iraqi people, calling on the Governor of the Central Bank to implement The campaign to reform and root out spoilers, and said in a statement today: "The rise in dollar prices, despite the high sales of the daily auction of the Central Bank, is caused by the monopoly of dollar sales by three people who own well-known banks, and these get the largest share of dollar sales in collusion with some corrupt." .

And she indicated: “The sales of the Central Bank, for example, for the period from 4/11/ to 6/4/2021 amounted to (6162125) dollars and for 33 working days (excluding holidays), and the three merchants acquired most of these sales, as the first (which Three banks) owned $850 million of the six billion sold by the Central Bank, the second (bank owner) received $264 million, and the third (the owner of a Kurdish bank) received $200 million,” noting: “These three controlled the auction.

The currency in the last three months of last year that preceded the rise in the price of the dollar because they were aware that it would rise, and therefore they hit their strike and their banks got nearly two billion dollars, to resell it after raising its price by the state, that is, they bought the dollar for 119 dinars and sold it for more from 140 dinars.

butterfly   Nassif added: “Since holding these merchants and employees accomplice to them is almost impossible because they are an octopus that extends even to Parliament, to the point that dismissing a minister or dismissing a government is easier than holding them accountable, the alternative solution is for the governor of the Central Bank to implement a campaign to reform and eradicate the corrupt and stop the wheel of corruption In the currency auction in one way or another, and to stop this attrition that destroyed the Iraqi economy, and if it is not stopped, poverty will increase to reach dangerous levels, knowing that the high price of the dollar serves all the corrupt and burdens the poor.”

butterfly  The Station announces Collaboration with Baghdad Legal Firm.......7th June 2021 in Iraq Industry & Trade News.............The Station Foundation for Entrepreneurship announces a collaboration with the law firm Al Muhamoon Al Mutahidoon.

According to a statement from The Station, this collaboration arose from the two parties' desire to collaborate in an effective manner in order to support startups, particularly those located in The Station's coworking space, for the necessary and best compliance with the effective laws in Iraq, as well as developing and organizing the legal documents required by these companies and startups.

The agreement was signed by Ammar Al-Khatib, Executive Director of The Station Foundation for Entrepreneurship, and Hiba Basim, Partner and Management and Accounts Manager at Al Muhamoon Al Mutahidoon. https://the-station.iq/blog/75

butterfly   Petrel Resources' Focus will be Iraq......7th June 2021 in Iraq Oil & Gas News......In its preliminary results for the year ended 31st December 2020, Petrel Resources made the following statement on its interests in Iraq:

"Meanwhile Petrel continues to push its interest in Iraq and Ghana. For the foreseeable future oil will play a major part in world economic development.

"Iraq has some of the best oil deposits in the world. In a stable era Iraqi oil production would be 2 or 3 times the current under 4 million barrels a day.

"For more than 20 years Petrel has been in Iraq. Activities have languished in year past but the addition of an Iraqi director, Riadh Mahomud Hameed and the contact of French investors led to a re-opening of contacts.

"It has been, and remains a difficult and dangerous place to explore. Led by Riadh we are putting exploration proposals to the authorities. We are particularly keen to revisit the Merjan field where we earlier produced development proposals ..."Our focus in the immediate future will be Iraq"  (Source: Petrel Resources)

butterfly  LUKoil announces Plans for Iraq's Block 10..............7th June 2021 in Iraq Oil & Gas News.........The head of Russia's LUKoil has said that the company plans to start production at Iraq's Block 10 at the end of 2022 or in 2023.   Vagit Alekperov (pictured) told a Reuters that output will start at 30,000 barrels per day (bpd). The field is being developed by LUKoil (60%) and Inpex (40%)   (Source: Reuters)

Butterfly   Revealing the new Internet packages in Iraq and their prices

06/07/2021 ..............{Economic: Al Furat News} The Ministry of Communications revealed the new supported Internet packages.

The communications said that "there are prices for Internet packages, which are (bronze) will be 35,000 dinars, (silver) 40,000 dinars, (golden) 50 thousand dinars, and the joystick 50 thousand dinars.

She stressed that "all these prices are subsidized by the Ministry of Communications."

The Ministry of Communications, last Thursday, denied the existence of an increase in the prices of Internet services.

Ministry spokesman Raad al-Mashhadani told {Euphrates News}, "The Ministry of Communications has previously noted that there is no increase in the fees of cards, whether for the Internet or optical cable, and that an Iraqi ministry works in Iraqi dinars and has nothing to do with the rise in the exchange rate of the dollar."

butterfly  Disclosure of an Iraqi car industry project

06/07/2021.........{Economic: Al Furat News} The Ministry of Industry and Minerals announced a competition for an external design for the manufacture of an Iraqi car.

A statement by the ministry said, "The General Company for the Automobile and Equipment Industry announces the organization of a competition for young people of both sexes to develop an exterior design for a car that has Iraqi specifications and touch."

She called on those wishing to participate to send designs via the company's official mail {click here } with personal data {name, address and contact numbers}, and there will be a rewarding reward and other incentives for the three winning designs.

The industry pointed out that "receipt of the designs will continue for a period of two months from the date of publishing the advertisement."

butterfly  The Central Bank issues a decision on the dollar

06/07/2021......{Economic: Al Furat News} Today, Monday, the Central Bank of Iraq issued a decision regarding the dollar in the country.

A statement said that the agency {Euphrates News} received a copy of it, “for the purpose of facilitating the procedures for citizens to obtain foreign currency (dollars) for the purposes of travel, study and treatment abroad, the Central Bank announces that all their requests to purchase dollars for the above purposes are met by feeding electronic payment cards (MasterCard and Visa). Card}".

And he indicated that the sale via cards will be "at the official price specified by the Central Bank of Iraq."

butterfly   ...........INTERESTING......... POSTING AGAIN.............The Central Bank reveals its total foreign currency reserves

03/16/2021.........{Baghdad: Al Furat News} The Central Bank of Iraq revealed that its total foreign currency reserves amount to approximately 56 billion dollars, stressing that it maintains the stability of exchange rates in the markets through the use of its various monetary tools.

An official source in the Central Bank of Iraq said in a press interview, that "foreign reserves are still within the limits of sufficiency," and indicated that "the total foreign reserves decreased by approximately 20% during the year 2020."

He pointed out that "gold holdings amount to $5.703 million, and there are no plans to increase investment in gold in light of the continuing impact of the crisis," explaining that "the Chinese yuan currency is one of the currencies invested in foreign reserves."

The source stated, "The Central Bank of Iraq maintains the stability of exchange rates in the markets by exploiting its various monetary tools, the most important of which is the foreign currency sale window, which aims to finance imports of goods and services, according to the provisions of the Central Bank of Iraq Law No. 56 of 2004 in Article 28/b (simple unconditional buying and selling of foreign currency), in a manner that maintains acceptable rates of inflation.

Butterfly  continued...............

The source attributed the reason for the decline in the price of the dollar in the markets, especially last month, from the price set in the bank, saying: “The decline in the exchange rate of the US dollar in the local markets from the official selling price approved after the price change by the bank at the end of December of the year 2020, due to the fact that the change in the exchange rate initially formed a shock to the local market that required an adjustment period to make the settlements that took place between each of the merchants (wholesale, retail, singular) and the settlements of wholesalers with banks, as imports decreased to severe levels, and thus decreased demand for foreign currency.

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