Iraqi News Early Friday 6-4-21
Iraqi News Early Friday 6-4-21
TLM724 Administrator BondLady’s Corner
Economist To / Nina /: The Financial Situation Of The Country Needs Accurate Economic Plans To Revive It
Friday 04, June 2021 10:39 | Economic Number of readings: 364 Baghdad / NINA / - An expert in economic affairs, Raad Twij, confirmed that the Iraqi economy needs accurate economic plans to be developed by economists to revive the country's financial situation, calling for investing in the democratic political system in Iraq and adopting the principle of broad participation of the private sector to advance the country's economy.
In a statement to the National Iraqi News Agency ( NINA ) , Twig said, "In the past fifty years, half a century, Iraq has passed the most difficult and fiercest political conditions, including political volatility, wars and various conflicts. The economic rise, on the contrary, had an impact on the economic decline.”
He added, "Iraq was and still is at the level of middle-income countries and in the ranks of countries such as Malaysia and Algeria, and its conditions are similar to those of these countries, but these countries were able to reach advanced stages and that the per capita share of the GDP of their members has reached 50% of their GDP and now the Iraqi per capita share of The GDP is 18%,
and Twij stressed, "We need to invest in the democratic political system in Iraq and adopt the principle of broad participation of the private sector in order to produce the most fertile economic ground, revive economic alternatives, benefit from economic areas close to the oil sector, and expand the domestic product resulting from non-oil sectors, especially that Estimates of experts and international organizations indicate that the time period for Iraq’s oil depletion is close, and therefore industrial and agricultural investment must be made and investment in intellectual capital.” / End 8 https://ninanews.com/Website/News/Details?key=908005
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 | Economic Number of readings: 307 Baghdad / NINA / - 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 no significant 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 reducing 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 the local markets. Al-
Fraiji pointed out 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 ending with it (for example until the end of 2021) and initiating 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 prices and not allowing unjustified rises, pumping foodstuffs and other materials to support the purchase movement and controlling consumer prices). / End https://ninanews.com/Website/News/Details?Key=908026
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 | Economic Number of readings: 315 Baghdad / NINA / - 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, "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."
And he continued, “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."
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 record of economic performance, and this allows its people to be tried as soon as they leave power." / End 8 https://ninanews.com/Website/News/Details?Key=908044
Concern Prevails Among Iraqis For Fear Of The Deterioration Of The Purchasing Value Of The Dinar
Political | 03:59 - 04/06/2021 Baghdad - 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 of resuming 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.
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, as this matter will lead to humanitarian disasters in Iraqi society, especially with the high rate of poverty and the Unemployment is high.”
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."
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 https://www.mawazin.net/Details.aspx?jimare=155767
After Exceeding 150 Thousand Dinars, The Shock Of The Dollar Paralyzes The Iraqi Markets
Pratha News Agency139 2021-06-04 The 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 stand by and are 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.
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.” .
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."
He stressed, "The repercussions of raising the exchange rate today are paid for 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.” http://burathanews.com/arabic/economic/393737
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