Iraqi News Early Saturday AM 10-23-21
Iraqi News Early Saturday AM 10-23-21
TLM724 Administrator BondLady’s Corner
Allawi Talks About A Threat To The Iraqis: Raising The Dollar To 3000 Dinars
Political | 04:05 - 23/10/2021 Baghdad - Mawazine News, the former Minister of Communications and the former in charge of forming the government, Muhammad Tawfiq Allawi, spoke of a danger to the Iraqis, while indicating that the dollar exchange rate could be raised to 3000 dinars.
Allawi said in an article that Mawazine News received a copy of, "Our situation is like a sick person with a serious illness that may take his life, so he leaves the doctor's appointment and the hospital to fix his broken television, for example.
The collapse of the country’s economy, which we will face if the government situation continues as it was from 2003 until now, including the current Al-Kazemi government. Unfortunately, most of the political class is in a valley because of its personal interests, the country, its future, the interest of the Iraqi citizen, and the risks he will face in another valley and not a place
Their interest, therefore, I consider it my duty to clarify the real dangers that Iraq and the Iraqi citizen will be exposed to, as the priority is the country and the citizen, not the farce of elections and the interests of corrupt parties and the political class.
He added, "I will adopt the language of numbers, which has some complexity, but does not accept error.The whole world is heading towards clean energy (that is, transportation runs on electricity and not on gasoline), and in 2030 the gasoline-dependent car industry will stop in most, if not all, countries of the world, and this means that global oil consumption will shrink by two-thirds in 2030 because Two-thirds of the world’s oil consumption is car gasoline, and the reduction in consumption will take place gradually.
In other words, after four years, i.e. in 2025, global oil consumption will shrink by a third, meaning that Iraq’s oil resources will shrink by a third in 2025, add to that within four years. We will have nearly two million young people of working age, university graduates and others, and this will exacerbate the problem, as a result of these changes after four years.
The government will have to reduce the price of the dinar as it did at the end of 2020 so thatThe price of the dollar changes from 1500 dinars to 3000 dinars, of course this matter if we assume that the price of a barrel of oil is around 80 dollars, and if the price drops below 80 dollars, the percentage of pensions will be greater.”
He pointed out, "Here, the question will be asked (Was the government obliged to reduce the price of the dinar to 1500 dinars to the dollar about a year ago?) The answer is, that the government is not obliged, not before or after four years, to reduce the price of the dinar, but on the condition that it has alternatives.
About oil, but if it did not have alternatives to oil as is the case now, it was forced to reduce the price of the dinar about a year ago to 1500, and if it was unable to provide alternatives to oil, it would have to continue decreasing the price of the dinar in the future until the dollar price reached 3000 dinars in 2025, This is the language of numbers that does not accept error."
He continued, "In fact, if the government is forced to reduce the dinar to 3000 dinars, more than 90% of the Iraqi people will live below the poverty line. Unfortunately, this is not of interest to many politicians who have collected and are still collecting hundreds of millions of dollars that were stolen from money." This is the weak people.” Ended 29/H https://www.mawazin.net/Details.aspx?jimare=172176
A Slight Increase In The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:08 - 23/10/2021 Baghdad - Mawazine News The dollar exchange rates recorded, on Saturday, a slight increase in the main stock exchange and local markets in the capital, Baghdad.
The dollar exchange rate on the Central Kifah Stock Exchange in Baghdad rose today, recording 147,900 dinars, for each $100 bill.
The prices of buying and selling the dollar also increased in exchange companies and local markets in Baghdad, where the selling price reached 148,500 dinars, for each $100 bill, while the purchase prices amounted to 147,500 dinars for each $100 bill. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=172120
The 5 And 10 Thousand Dinars Denominations Disappeared From The Atms
Saturday 23 October 2021 219 Baghdad: Mustafa Al-Hashemi Recently, there have been cases that the citizen was not familiar with, since the spread of ATMs throughout Iraq, represented by the disappearance of small and medium groups (from 1000 to 10 thousand dinars), which may bring back to the scene the scene of mistrust between the public and private banks, precisely because of The latter's failure to provide all cash denominations in its ATMs.
Citizen B says: I (employee) “When I receive a message or a notification on my phone that my salary has been launched, I immediately go to the nearest ATM to withdraw the salary for the purpose of fulfilling my financial obligations that require cash.”
i added. To “Al-Sabah” that “the ATMs of the bank to which I settled my salary, are devoid of small and medium cash groups (1000 to 10 thousand dinars), and I do not know the reason, although withdrawing them as liquidity may differentiate among some who complain of the deterioration of their living conditions.”
And he added, "This case brings to mind the issue of citizens' trust in private banks, which has been shaky since the collapse of a number of them in previous years, which calls for a review of the issue of financial inclusion in the smallest details, especially the salary settlement clause."
For his part, the banker Hussein Najm believes that “these cases may occur in some private banks for accounting purposes or to facilitate the disbursement of the salary in the largest possible categories, and to facilitate filling the exchange with cash from those categories, as it will become lighter in weight when transferred.”
Negm pointed out that "this case can be explained by the fact that banks encourage the public to adopt a savings policy, which has been absent from the family economy scene since the nineties of the last century, or it may be one of the problems or challenges of settlement and the banking system in general."
In turn, the expert in economic affairs, Dr. Hussein Al-Khaqani, said that there is a source of individual financial waste, represented by the electronic payment card holders of employees and retirees, when a notification is received of the release of the salary, the card holder quickly resorts to receiving his salary in cash from the exchange offices minus the commission.
Al-Khaqani added, “Perhaps the most important reason for this is the lack of electronic payment card readers, which are supposed to be available at all official authorities and the private sector, to collect their debts, such as malls, large and small shops, even taxi drivers, stores selling vegetables and fruits, ovens, restaurants, and even traffic departments and the collection of water fees. Electricity, payment of transaction fees and tax collection.
He stressed that “the banking automation process in Iraq is deficient due to the imposition of electronic cash dealings on employees and retirees, in exchange for limiting cash withdrawal points to outlets and ATMs and not providing them in all shops and the aforementioned entities, which widens the cash gap between citizens and banks.” LINK
Planning Announces A Decrease In The Monthly Inflation Rate And An Annual Rise In Iraq
Economie| 10:57 - 10/23/2021 Baghdad - Mawazine News The Ministry of Planning announced, on Saturday, a decrease in the monthly inflation rate for the month of September by 0.7%, and an annual increase by 7.3%.
In a statement received by Mawazine News, the Ministry's Central Statistics Agency said that "the inflation rate for the month of September decreased by 0.7%, compared to the month of August before it," noting that "the annual inflation rate compared to September of last year." 2020, saw an increase of (7.3%).
He added, "The Central Bureau of Statistics prepares a monthly report on consumer price indices, which includes field follow-up of price changes, for more than (333) goods and services in all governorates, representing (88%) of the total expenditure of the Iraqi family on goods. and services.”
The Central Agency indicated that "the commodity totals that rose the most for the month of September compared to August of the year 2021, are restaurants and hotels, which recorded an increase of 0.2 percent.
The Department of Supplies, Household Equipment and Maintenance recorded an increase of 0.3 percent in the monthly rate of change, while the Department of Supplies, Household Equipment and Maintenance recorded a rise of 0.3 percent in the rate of monthly change, while the Department of Home Appliances and Equipment recorded a rise of 0.3 percent in the rate of monthly change, while the Clothing, shoes, entertainment and culture, an increase of 0.1%. Ended 29/A 43 https://www.mawazin.net/Details.aspx?jimare=172129
Exploiting The Rise In Oil Prices To Reduce The Decline In Purchasing Power
Saturday 23 October 2021 56 Baghdad: morning The economic affairs specialist, Jaafar Rasoul al-Hamdani, stated that “the recovery in oil prices came in recent weeks to between 80 and 82 dollars per barrel, to pump approximately 35 additional dollars for each barrel of oil produced by the state, which adopted a reference price set at 45 dollars in the budget law, while it benefited from The government recovered from this rise during the month of (June) and beyond.”
Al-Hamdani stressed, "The bet remains on an additional 25 billion dollars in the event that the rise continues or prices remain the same until the end of the year."
Good Chance
Al-Hamdani said that “the recent rise to the limits of $82 a barrel will give the new government a margin of maneuver and a good opportunity to adopt economic dynamism by completing the stalled projects and launching others, such as the Faw port and the Silk Road, and the exploitation of natural gas in the south, and phosphates in the east.” Completing the railways from Al-Faw to Zakho, in addition to solving the liquidity problems in public institutions.
And he indicated that “the government depends in preparing the general budget on an estimated price of $45 based on data and studies of the international oil market, given that oil exports are the main resource for the public treasury, and oil taxation represents almost most of the revenues of the general budget, which gives this price a character of caution. ».
Shock Absorption
Al-Hamdani said: “The rise in oil prices will improve the financial oil revenues, which represent the lion’s share in the state’s general budget, as if this rise continues, it will inevitably help absorb the financial and economic shock experienced by Iraq, whose resonance is evident with the decline in the value of the local currency to 1470 The erosion of the exchange reserves, the continuation of the strong contraction in the economy, the clear slowdown in business and projects, and the almost complete halt of investments, especially foreign ones.
It is noted that “the rise in oil prices constitutes an oxygen dose for the government, but it is never a lifeline, and the authorities should not in any way rely on it, and go beyond reducing public expenditures and giving priority to economic reform, which calls for controlling the financial rhythm and confronting the continuous deficit in The state’s general budget, in a way that eases the burdens on the citizen who is facing inflation amid the decline in his purchasing power.” LINK
Calls To Take Advantage Of High Oil Prices To Bridge The Deficit
Saturday 23 October 2021 175 Baghdad: Shaima Rashid Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, called on the government to take advantage of the rise in oil prices, which may reach $100 per barrel, in order to have a budget reserve and fill the deficit and eliminate it.
Saleh said in an interview with "Al-Sabah": "Building the next budget on the price of 60 dollars is very reasonable, and it has a stable vision, and it reduces the deficit by 75%," explaining that "Iraq at these prices will fill all the budget deficit, even if it is planning."
He added that "there are two problems, the first is Iraq's non-oil revenues, which do not reach their goals and do not cover their costs, and therefore this causes an actual deficit as well. ".
He continued, "The second problem is that the higher the oil prices, the lagging projects must be operated, as we have 6,000 projects, some of which have been started and some of which have reached half, and these need to be re-implemented by contractors and contractors, meaning they need a cost to restore Construction is one of the remnants of disrupting the economy, but in general it is a positive thing because investments will expand and are supposed to reduce unemployment.”
Regarding the rise in oil prices to $ 100 a barrel or more, Saleh explained that “the rise in oil prices more than the current enables the government to benefit from it in various quarters, including that the government must have a reserve called budget stability, that is, in the event the budget is exposed to a decline and a deficit that is not It goes towards borrowing, but rather towards the reserves it has, so these funds must be in the budget reserve and have different aspects of allocation and start drawing from them for investment because it is he who provides job opportunities, raises growth and reduces unemployment and poverty.” LINK
The Governor Of The Central Bank Meets The Head Of The Arab Gulf Program For Development.. This Is What Happened Between Them
Economie| 06:35 - 22/10/2021 Baghdad - Mawazine News The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheef, met on Friday in Riyadh, Prince Abdulaziz bin Talal, head of the Arab Gulf Program for Development, during his visit to the Kingdom of Saudi Arabia.
A statement by the Central Bank's media office, a copy of which was received by Mawazine News, stated that Makhrib was accompanied by a delegation from the Iraqi banking sector.
The statement added, "The two parties discussed the importance of joint cooperation and the exchange of experiences between Iraq and Saudi Arabia."
It is noteworthy that the Arab Gulf Program for Development (AGFUND) works as a regional development donor organization that supports and encourages innovation in the fields of human development. Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=172073
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