Iraqi News Early Monday AM 3-7-22
Iraqi News Early Monday AM 3-7-22
TLM724 Administrator BondLady’s Corner
Nabil Al-Marsoumi To / Nina /: Raising The Dollar Exchange Rate Is Wrong.. Demanding Its Return To Its Previous Rate Is A New Mistake
Sunday 06 March 2022 12:12 | economic Number of readings: 320
Baghdad / NINA / - The economic expert, Nabil Al-Marsoumi, confirmed that raising the dollar exchange rate was a wrong decision... and demanding that it return to its previous price is a new mistake.
He told the National Iraqi News Agency ( NINA ) that after more than a year of raising the price of the dollar and its stability somewhat, we find that there is an attempt to change its price, meaning that the wrong decision taken by the government is demanding some people today to take a new wrong decision to return it to the previous level.
Al-Marsoumi added: The exchange rate of the national currency is considered the king of prices, and accordingly the ability of the local market, competitiveness, exported goods, imports and foreign cash reserves depend.
He explained: Re-linking the national currency to the price of oil, which is a depleted resource, cannot achieve the desired results because the rise of commodities enjoys high flexibility and is "sticky" in its concession and is not linked to the decline in the price of the dinar, but is linked to other factors such as the rise in commodities globally and shipping costs.
Al-Marsoumi stressed that it is not within the authority of the caretaker government to take such a fateful decision.
And the House of Representatives began in a session on Monday, February 28, to discuss the exchange rate and its repercussions on the market through high prices and the damage to the poor segment, as well as discussing the public debt and the financial policy of the Ministry of Finance and what are the treatments for that, in the presence of Finance Minister Ali Allawi and agents and advisors of the ministry.
The head of the Al-Fateh Alliance bloc, MP Abbas Al-Zamili, revealed that the government is determined to maintain the current exchange rate, and there is no change in the exchange rate on the near horizon, because the 2021 budget law can be adopted in the current year 2022 due to the delay in forming the new government./End 3 https://ninanews.com/Website/News/Details?Key=961296
Dollar Exchange Rates Against The Dinar
Economie| 11:05 - 07/03/2022 Baghdad - Mawazine News The dollar exchange rates witnessed stability, today, Monday, in the local markets.
And the selling prices of the dollar were 147,250 dinars per 100 dollars, while the purchase prices of the dollar were 147,000 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=186532
Urgent Solutions To Confront The Crazy Rise In Prices And Protect The Consumer
Samir Al-Nusairi*
Before the intensification of the Russian-Ukrainian war, we warned and warned economists and financial experts of its effects on the global economy, especially on the Iraqi economy. The poor and low-income groups were affected by the high prices of foodstuffs and basic commodities globally due to the impact of the ongoing war and locally with the greed of traders, weak government control over the commercial market,
and the inadequacy of the trade policy of the Ministry Trade in securing the ration card in quantities, qualities and items, and not committing to distributing it on the specified monthly dates, in addition to not keeping a strategic stockpile of basic foodstuffs within a minimum of three months, which is not disposed of except in circumstances of emergency, crises and wars.
We have also previously warned that the political tensions that are sweeping US and European relations on the one hand and Russia on the other hand because of Ukraine and its reflection on expectations of international changes that may arise because of it and directing major economic sanctions against Russia will affect the global economy, starting with the rise in oil prices to large percentages as prices exceeded With the start of the Russian military escalation to more than 105 dollars per barrel and the price escalation to more than 130 dollars per barrel and may reach 185 dollars,
as the specialized global research and forecasting centers expect in the event of this conflict escalation, on the one hand, and on the other hand, the rise in food prices in the countries of origin at rates that exceeded 100% in addition to the high global prices before the Russian-Ukrainian war, and the movement of global trade was confused and affected the economies of countries that depend on imports and do not have a national production that covers the consumer needs of their people. And our country is one of them
What concerns us here is the extent of the effects of international variables on the Iraqi economy, its financial and commercial policies, and how to maintain balanced rates of inflation and poverty, and not to harm Iraqi citizens from the effects of this war, as well as maintaining our foreign currency reserves and the target exchange rate of the Iraqi dinar.
Therefore, I think it is necessary, in this circumstance, for the relevant ministries, especially the Ministry of Trade, Agriculture, Industry and Planning, and in coordination with the Ministry of Finance and the Central Bank, to take charge of the economic expectations and challenges that will sweep the world in the event of a large-scale war, God forgive, and to take quick and clear measures and solutions. Mitigating and confronting the harm that citizens are exposed to.
Therefore, I suggest the following:-
First - The Ministry of Commerce secures two ration quotas to be distributed at once before the blessed month of Ramadan. Second - Strengthening the food storage in the stores of the Ministry of Commerce as strategic storage for a period of three months as a minimum, and allocating special funds for that.
Third, the Ministry of Commerce grants merchants licenses to import foodstuffs, and coordinates with the Central Bank to urge banks to prefer and give priority to the requests of merchants importing foodstuffs through the currency window with the aim of increasing their offer in the commercial market, reducing prices to the consumer, and tightening control over prices by commercial control and economic security.
Fourth - Securing industrialists' requests to cover imports of raw materials for local industries for the purpose of compensating similar imported goods.
Fifth - Emphasis on the Industrial Bank, the Agricultural Bank and the private banks to take advantage of the allocations allocated to them within the initiative to finance small, medium and large projects for the purpose of supporting the local product.
* Economic and banking consultant
Views 295 Date Added 07/03/2022 https://economy-news.net/content.php?id=27280
Trade Reassures Citizens: There Is No Crisis And Price Hikes Are Commercial Speculations
Money and business Economy News _ Baghdad Today, Monday, the Ministry of Commerce reassured about the increase in prices recorded by local markets two days ago, confirming that there is no crisis in the storage of grain and the continuation of flour processing, while attributing the reason for the rise in prices to "commercial speculation."
And the trade media, in a statement received by Al-Iqtisad News, quoted the Director General of the General Company for Grain Manufacturing, Atheer Daoud Salman, confirming, during his presidency of the crisis cell meeting, the flow of flour processing and the absence of a crisis or scarcity of grain stocks.
He added that his company is committed to distributing flour to all beneficiaries covered by the ration card system according to the timetables specified in the plans of the Ministry of Commerce, noting that the Ministry of Commerce supplies families with flour at symbolic prices and has nothing to do with commercial flour, which is subject to commercial speculation and is affected by global market prices.
He pointed out that his company provided citizens with ten rations of flour last year, while it provided agents during the last period of this year with a quantity of (7.5) million bags of flour, noting that the cutting centers started launching lists of preparing agents for the second quota, and work is underway in all operating mills. To produce and equip families with flour according to the marketing plan and the time periods specified for each meal.
For his part, the First Deputy Speaker of the House of Representatives, Hakim Al-Zamili, chaired this morning an important meeting with the Minister of Commerce, the Head of the National Security Apparatus and the Director of Economic Security regarding the crisis of rising food prices in the markets, according to his media office.
Yesterday evening, Sunday, Prime Minister Mustafa Al-Kazemi chaired an "emergency" meeting to discuss food security in the country and measures to confront price hikes, and issued directives to the ministries of finance, trade and agriculture.
During the past two days, the Iraqi local markets witnessed a sudden rise in prices, especially basic foodstuffs, amid news that the Iraqi economy was affected by the developments of the Russian-Ukrainian confrontation, with the approach of the month of Ramadan.
Views 160 Date added 07/03/2022 https://economy-news.net/content.php?id=27283
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