Iraqi News Early Thursday Afternoon 2-10-22
Iraqi News Early Thursday Afternoon 2-10-22
TLM724 Administrator BondLady’s Corner
Parliamentary Inquiry About The Reasons For Raising The Price Of The Dollar And Keeping It In The 2022 Budget
Posted On2022-02-10 By Sotaliraq On Wednesday, the representative of the Al-Fateh Alliance, Faleh Al-Khazali, asked the Governor of the Central Bank of Iraq, Mustafa Ghaleb, about raising the exchange rate of the dollar.
In a letter addressed to the governor of the Central Bank, Khazali called for a statement of the reasons for raising the exchange rate of the dollar against the Iraqi dinar, and the effects of this matter on the salaries of retirees and other classes of people with limited income in Iraq in light of the rise in food prices and the burden resulting from the increase and transferring it to the poor citizen.
Khazali also asked about the continuation of the dollar exchange rate in its current form in the federal general budget for 2022 and the monetary policy that the Central Bank is following.
The Central Bank of Iraq decided to adopt the new exchange rate of the Iraqi dinar against the US dollar at (1450 dinars to one dollar), and the government evaluated the 2021 budget under the new exchange rate of the dinar and canceled the old exchange rate, which was up to (1,190 dinars).
It is noteworthy that the price of the dollar rises and falls from time to time, but it did not fall less than what the Central Bank set at 145 thousand dinars against 100 dollars, and did not rise to more than 150 thousand dinars against 100 dollars, while the prices recorded in the main stock market in Baghdad today 148,050 dinars each 100. LINK
Iraq Pays Its Debts Of Kuwait And Sets A Date For Dissolving The Compensation Committee Between Them
The United Nations committee charged with overseeing the process of Iraq paying compensation to Kuwait ended its mandate 30 years after its formation and paid $52.4 billion, while the Security Council in New York is scheduled to approve on February 22 the dissolution of the committee, according to the Iraqi News Agency.
The Committee was established in May 1991 under Resolution No. 692 of the UN Security Council, and was responsible for managing financial compensation to Iraq, which is deducted at a rate of 5% imposed on sales of oil and petroleum products from Iraq.
During its mandate, the committee decided about 2.7 million compensation requests, of which $52.4 billion was paid out of about $352 billion claimed, the last of which was on January 13, with a value of about $630 million, according to the committee’s report.
The final report confirmed that “this amount represents” the end of the commission’s mandate after more than 30 years, and while this period of time appears to be long, it is important to note that the settlement of 2.7 million applications, with a total amount estimated at $352 billion during this period, is unconstitutional. Prefixed "for this type of action". https://www.radionawa.com/all-detail.aspx?jimare=27951
Economic Development And Media
Thursday 10 February 2022 141 Dr.. Hamed Rahim Economic development can be described as a revolution of economic change, as it includes a set of short, medium and long-term plans and policies aimed at transforming the course of economic activity from the structure of underdevelopment and the accompanying indicators to other horizons based on new foundations that express a different image from what came before.
In addition to the literature and school differences that have been theorized, especially in the post-World War II era to this day, the practical and applied aspect provided us with a clear conception of the meaning of the economic revolution and the fundamental transformations, including the state of Malaysia, which is one of the important developmental experiences as indicators were Poverty in 1970 was more than 52%, and its exports of rubber and raw wood did not exceed a few million dollars,
and it was a country mired in conflicts, ignorance and class discrimination, but now the poverty rate is very low, reaching 5% in 2019 and the rate of its exports after 2000 until now. Over $200 billion, more than 65% of them are industrial exports, and no less than 46% are industrial exports.
They are goods with high technological content, and they are now urbanly developed, and a destination for global tourism, and occupy a very advanced position in the human development index and their universities are in advanced rankings. and others, and all of this was the result of discreet planning coupled with the will Political and effective performance on the ground, and then the difference between the structure of underdevelopment and the developmental transformation that they desired, and this practical application of the essence of the idea of the economic revolution.
Accordingly, we in Iraq need a lot for the development transformation that starts from the political variable downwards, and we would like here to highlight an important aspect of the economic movement represented by the large investments and projects that the government has embarked on or are under implementation (and it is assumed) that they are part of a comprehensive movement to change the structure of underdevelopment Al-Qathim for decades,
the transformations need a supportive effort, especially in our current complex situations, and finding this needs (a media discourse) that explains to the audience the reality of what is going on, and then obtaining support, support and positive interaction from the public, and all of this does not exist, but rather the loud voice in evaluating projects such as Al-Faw port, the Chinese agreement, and French, Korean and other investments are within reach of ideological channels, as well as some intruders without specialization reside and speak, and all of this has created a blurring of understanding and even indifference to large social segments, and this is shown through sensors such as social media and the comments it contains about those projects .
The transition towards implementing a new economic vision and new projects and others (if there is a tendency to do so) requires exceptional efforts, and one of these is the (media strategy) which is based on the establishment of an effective media (platform) that clarifies all things transparently and documents the ongoing works and contracts and their importance to the simple public as well as The competent elites, independence and discrimination are made for this platform, and this is a prerequisite for the economic revolution, and I repeat (if there is a trend So). LINK
A Slight Increase In The Exchange Rates Of The Dollar In The Local Markets
Economie| 11:26 - 10/02/2022 Baghdad - Mawazine News The dollar exchange rates recorded, Thursday, 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 denomination of 100 dollars, while the purchase prices amounted to 147,500 dinars, for each denomination of 100 dollars. Ended 29/A 4
https://www.mawazin.net/Details.aspx?jimare=184192
A Marked Decrease In The Central Bank's Sales Of Hard Currency
Economie| 01:24 - 10/02/2022 Baghdad - Mawazine News: Today, Thursday, the bank's sales of hard currency recorded a significant decrease, reaching 190 million dollars.
And the Central Bank auction for the sale and purchase of foreign currencies, today, witnessed a decrease in its sales to reach 190 million and 838 thousand and 267 dollars, covered by the bank at a base exchange rate of 1460 dinars per dollar.
Most of the bank's sales went to enhance balances abroad in the form of remittances and credits, which amounted to 165 million and 658 thousand and 267 dollars, while the remaining amount of 25 million and 180 thousand dollars went in cash.
27 banks responded to requests to enhance balances abroad, and 9 banks to meet cash requests, in addition to 99 mediation companies. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=184204
Deputy Speaker: The Religious Authority Has A Great Role In The Stability Of Society
Political | 03:33 - 10/02/2022 Baghdad - Mawazine News, Deputy Speaker of Parliament, Shakhwan Abdullah, affirmed, on Thursday, that the rational religious authority has a major role in stabilizing society and guiding towards reform and rejecting extremism.
A statement by the office of the Deputy Speaker of the House of Representatives stated, "The latter received in his official office in Baghdad today, Thursday, 02/10/2022, the representative of the religious authority, Sadiq Al-Husseini Al-Shirazi (in Najaf, Sheikh Maytham Al-Akaishi, and topics and issues of common interest were discussed and discussed, the most important of which is strengthening the role of state institutions and supporting Efforts and efforts to ensure security and stability and to provide services to citizens throughout the country.”
The Vice-President of the Council, in the context of his speech, stressed that “the rational religious authority has a major role in stabilizing society, guiding toward reform, rejecting extremism, and consolidating the concepts of tolerance, fraternity and peaceful coexistence among all components of the people.”
He added, "The religious authority in Iraq has a special status and enjoys popular and popular support, due to its national and humanitarian stances towards issues and events on the Iraqi arena." Ended 29 / h
https://www.mawazin.net/Details.aspx?jimare=184218
Central Between Supporting Projects And Initiatives To Eradicate Poverty And Inflation
Thursday 10 February 2022 106 Baghdad: Haider Falih Al-Rubaie
Specialists in economic affairs urged the need to create greater understandings between monetary and financial policies that would revitalize the Iraqi economy, indicating that the expansion of the cash reserve in the Central Bank should be invested in launching real initiatives that would support the development process and contribute to supporting industrial and agricultural projects. As well as allocating part of those reserves to finance the construction of infrastructure projects, and the adoption of other initiatives that reduce inflation and poverty levels.
And the Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, announced in a statement to the Iraqi News Agency (INA), that “the Central Bank’s hard currency reserves exceeded the $64 billion barrier at the beginning of February 2022, and the gold assets in the Central Bank’s possession exceeded 96 tons within the reserves. ".
Coordination between the two policies
Despite the great economic benefit that the volume of cash reserves can achieve, the economist, Manaf Al-Sayegh, believes during his speech to Al-Sabah that “central banks should have a monetary strategy that leads to strengthening the work of fiscal policy, as well as to create balance in terms of supplying Cash to deal with cases of inflation, as well as to activate investments, foreign trade and local industries, so I do not find a clear policy in these directions, and there is no strategy for coordinating with fiscal policy to build policies capable of reviving economic activity, creating job opportunities and revitalizing the private sector.
Al-Sayegh stressed the need for the Central Bank to adopt policies that would revitalize the reality of the private sector to achieve two benefits, the first is to create job opportunities, and the second is to increase various activities that can revive the economy and move the wheel of investments and its diversity, as well as creating financial savings that are added to the gross domestic product.
Lack Of Strategy
According to the expert Al-Sayegh, the previous initiatives of the Central Bank “did not achieve their goals” due to the absence of a clear strategy for the work of these initiatives, and the absence of follow-up with applicants for small and medium projects, indicating that the continuous follow-up ensures the success of these projects and knowledge of the extent to which the project has reached, as the most prominent benefit These loans are the realization of projects that have a real presence in the market and are able to provide job opportunities.
Al-Sayegh expressed his surprise at not specifying the type of small and medium-sized enterprises that should be granted financial loans, as the society’s needs for activities, goods and services must be determined in order to know the small and medium-sized enterprises that should be supported, noting that “initiatives are not in the amount allocated to them, but through the economic benefit that can be To achieve them, indicating that the economic reality has not seen any benefit from these initiatives since their inception,” he said speaker.
Industry and Agriculture
The speaker believes, the necessity of "activating small and medium industries, and activating agricultural projects to encourage workers in this sector, and then this will lead to the creation of important job opportunities in two important sectors," suggesting at the same time "the exploitation of part of the funds available with the Central Bank to redevelop the infrastructure." Through an agreement with international companies, this matter will achieve many achievements, including employing the unemployed and renewing infrastructure in line with the population expansion taking place in Iraq, as well as creating a huge and large economic activity.
Infrastructure
In turn, the economist, Manar Al-Obaidi, expressed his astonishment at the presence of high foreign reserves in a country where the exchange rate is fixed and non-floating and the central bank controls the quantity of the supply of dollars in the local market, describing keeping this large amount without moving it to revitalize the economy “a person hoarding gold while he is inhabited.” In a ruined house that does not have the basic services of life.”
Al-Obaidi believes that "it is more useful, instead of raising foreign reserves, to work on launching various initiatives that contribute to strengthening the Iraqi economy and work to build infrastructure projects for the country by financing these projects, and also work to adopt initiatives that reduce inflation and poverty levels."
Sustainable Economy
Al-Obaidi stressed the need for the Central Bank to provide financing for real industrial, agricultural and tourism projects, and to launch financing initiatives to support education and increase human capital, as well as other initiatives to support the poor and destitute classes, and that its goal is to work on building a sustainable economy and work on Reducing the level of poverty and illiteracy and reducing the level of inflation. LINK
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