TNT

  In TNT 

Tishwash: The statements are not out all in one place et so I am posting them here as I find them

Finance Minister Interviewed breaking news right now

Watch out for caution in the markets, with the dollar exchange rate nearing 1450 dinars

We want to restore confidence in the saved Iraqi dinar, not in circulation

The volume of spending in the budget is 150 trillion dinars and the deficit is 58 trillion

We will stop the appointments except for those approved at the end of last year and early 2020

The 2021 budget bill will arrive in parliament within a week

Minister of Finance: We will issue a statement to raise the exchange rate of the dollar to 1450 dinars per dollar

Finance Minister: The budget has not been leaked, and I categorically deny this

Finance Minister: The budget is the beginning of reform, and there will be other steps in the future to implement the paper

Finance Minister: We got the support of all the major countries, the IMF and the World Bank for the reform paper

Finance Minister: The Central Bank will add a margin to the fixed price of the dollar

Tishwash:  The Ministry of Finance decides to raise the dollar exchange rate to 1450

Finance Minister Ali Allawi revealed that the ministry will issue a statement regarding raising the dollar’s exchange rate to 1,450 dinars.

The minister said, “We will issue a statement to raise the exchange rate of the dollar to 1450 dinars to one dollar.”

“We will stop appointments, and there is an exception for those that took place at the end of last year and early 2020, ” he added.   link

************

Tishwash:  Urgent A source for the Euphrates News: The Central Bank sets a new price for the dollar, starting from Sunday

A private source revealed that the Central Bank of Iraq will soon set a new price for the dollar exchange in Iraq.

The source told that “the central bank, starting next Sunday, will adopt a new price for the dollar, at a value of 1450 dinars for one dollar {ie 145 thousand dinars for one hundred dollars}”.

It is noteworthy that the Central Bank of Iraq is currently selling dollars for 1190 dinars.
The Parliamentary Finance Committee hosted, yesterday, the Governor of the Central Bank, Mustafa Ghaleb, to discuss the economic crisis and the implications of the high exchange rate of hard currency on the Iraqi market situation.

The central bank governor explained to the committee, according to a statement that “the bank is preparing to launch a package of measures that will achieve a comfortable balance in the exchange rate for the year 2021, including launching an initiative in the amount of 3 trillion to support low-income people, doubling the provision of hard currency in the market, and increasing interest rates on the Iraqi currency deposited in Banks. ”

According to the leaked draft of the federal budget law for 2021, it included fixing the exchange rate of the dollar against the Iraqi dinar on the basis of {1450} and a deficit that exceeded 58 trillion Iraqi dinars. The estimated revenues from exporting crude oil were also calculated on the basis of the price of 42 dollars per barrel, and the rate of exporting 3 million And 250 thousand barrels per day, including 250 thousand barrels exported from the Kurdistan region.

The former Undersecretary of the Ministry of Finance, Fadel Nabi, attributed the decline in the value of the Iraqi currency against the dollar to banks and currency dealers who are working to raise the price of the dollar in order to achieve profits.

The leakage of the draft budget to the media and social networking sites caused widespread controversy and turmoil in the foreign currency market in Baghdad, as the exchange rate of the dollar rose in the local market in a frenzy and exceeded 1340 dinars before it fell to 132 thousand dinars after government and parliamentary assurances that the draft is not final and subject to modification. link

************

Shybaby:  The conflict between the dinar and the dollar in Iraq is “promised” by “decisive” actions by the Central Bank: the government is the reason

Yes Iraq – Baghdad   2020-12-18

The parliamentary finance committee confirmed friday that the governor of the central bank will take action on the exchange rate of the dinar.

“The leaked budget project is unofficial, and no one knows who leaked it, what is the purpose of leaking it, and what is meant by the leak,” said Ahmed al-Saffar, a member of the committee, according to state television.

Al-Saffar added that “the Finance Committee met with the governor of the central bank, and that there are some measures that the governor will take,” pointing out that “the committee continues to follow up on the matter, and waiting for the arrival of the draft budget so that it has its own opinion in this regard.”

For his part, mp Naji Saidi, a member of the parliamentary finance committee, said: “The governor of the Central Bank and during his hosting by the committee on the repercussions of the rise in the exchange rates of the dollar against the Iraqi dinar, pointed out that this rise was caused by the government, not the central bank, considering that the dollar comes from the sales of Iraqi oil, which falls in the Iraqi Development Fund in the United States of America, so the real owner of the dollar is the Ministry of Finance, which sells the dollar to the central bank as the government.

He explained that the Ministry of Finance two months ago refrained from selling the dollar in order to raise its price in order to raise the price of the Iraqi dinar to fill the budget deficit and achieve some development processes as the government sees, and therefore the central bank’s justifications that the rise of the exchange rate is a government decision, and was not a decision issued by the Central Bank,” pointing out that “the cabinet so far did not vote on the general budget, and that the Finance Committee did not receive anything official from the government in this regard.”

He pointed out that “it is not possible to deduct twice from the employee, the first deduction will be through the high exchange rate of the dollar against the Iraqi dinar, and the second deduction is the allocation of state employees, and I think from an economic point of view this is absolutely incorrect,” stressing that “the Finance Committee and the House of Representatives have the power to amend, delete or add what it deems appropriate during this period.” | Yes Iraq

Harambe:  Zimbabwe Mail: Zimbabwe launches a multi-billion mining company

(12/18/20)

A new mining group, Kuvimba Mining House, in which government has 65 percent shareholding, has been launched amid expectations that the country will benefit more from the venture.

Boasting of an asset portfolio of USD1.5 billion worth of minerals such as gold, nickel and chrome, Kuvimba Mining House, which was launched this Friday in Shamva alongside the re-commissioning of Shamva gold mine, is expected to be a game-changer towards achieving a middle-income economy by 2030.

Receiving share certificates from Kuvimba mining House Chief Executive Officer, David Brown, Finance and Economic Development Minister, Professor Mthuli Ncube said the company will generate funds that will go towards achieving inter-generational equity.

“Its value is estimated at 1.5 billion dollars. The mining assets will attract massive investment over the next years giving dividend to shareholders. It will benefit the youth, war veterans, pensioners, depositors whose monies were eroded. This is a way of achieving partial privatisation with the government owning 65% of the shares in the mining group while 35 % is held by a number of investors,” he said.

Mines and Mining Development Minister, Honourable Winston Chitando applauded extensive exploitation of the resource at Shamva Mine, while Provincial Affairs and Devolution Minister, Honourable Monica Mavhunga said the mine will boost the provincial Gross Domestic Product.

“What we are here to witness the fruits of Zimbabwe is Open for Business mantra which resulted in the i8nflow of capital and focus to witness direction of this particular mine. Focus by shareholders and support from the Executive, we are witnessing a five-fold increase in production at this mine. Had a 30 thousand tonnes record broken to 40 thousand tonnes and hope to increase to 150 thousand tonnes supported by exploration and funding,” he said.

Kuvimba Mining House Chief Executive Officer, David Brown outlined plans to produce 500 thousand ounces of gold from its various mines.

“The resumption of mining operations at this mine in May 2020 has brought the entire Shamva District back to life, and the local economy is now responding to the injection of capital into this business. We are firm believers in local involvement, which has seen companies in Mashonaland Central and from as far afield as Harare and Bulawayo benefitting from doing business with Shamva Gold Mine.

“In terms of employment creation, the situation prevailing today stands in stark contrast to that of 2018 when the mine was forced to retrench a third of its workforce due to viability challenges. The mine reengaged all its 800 employees who had been retrenched due to mine closure,” he said.
Brown further noted that in the next six months the mine will hit 40 000 tonnes while plans are on course for the refurbishment of Shamva gold processing plant.

“Currently we are processing 35 000 tonnes of ore at Freda Rebecca milling plants, which will increase to 40 000 tonnes of ore within the next 6 months. We are also assessing if we refurbish the Shamva gold processing plant but first need to ensure that we establish a new tailings facility which could be in construction by June 2022.

“Management is of the strong conviction that this is the right time to expand Shamva in order to reach its full potential because of its in situ resource which is estimated to be over 4 million ounces. “In order to achieve this objective, we have begun an extensive exploration program to evaluate the gold resource on Shamva Hill, with a view to establishing an open-pit mine, coupled with a 150,000 tonnes per month processing plant within the next two to three years. The drilling program of approximately 8100 metres will be completed during the third week of December 2020 with core sampling and assaying scheduled to be completed by the third week in January 2021,” he said.

It is believed that the success of this project will catapult Shamva Gold Mine into the largest gold mine in the country, producing an estimated 400 kg of gold bullion per month, which translates to 4.8 tonnes of gold bullion per annum.

The Kuvimba mining portfolio spans across Freda Rebecca Gold Mine; Shamva Gold Mine and; Jena Mine. The nickel operating mine is Trojan Nickel Mine trading under Bindura Nickel Corporation while the platinum asset is Darwendale Platinum project trading under Great Dyke Investments and the Chrome venture which is Zimbabwe Alloys Limited.

https://www.thezimbabwemail.com/business/zimbabwe-launches-a-multi-billion-mining-company/