Iraqi News Early Tuesday Afternoon 3-1-22
Iraqi News Early Tuesday Afternoon 3-1-22
TLM724 Administrator BondLady’s Corner
Parliament Discusses The Repercussions Of The Dollar Exchange Rate In The Presence Of The Minister Of Finance
Tuesday 01 March 2022 167 Baghdad: Muhannad Abd al-Wahhab The House of Representatives, in its session held yesterday, Monday, in the presence of 288 deputies, discussed the repercussions of the dollar exchange rate, in the presence of Finance Minister Ali Allawi, and the House voted on 25 permanent committees, and also voted on the formation of two temporary committees, one to amend and define the tasks of the committees in the rules of procedure and another to investigate facts regarding demonstrations. October.
At the beginning of the session, a number of deputies took the constitutional oath to fill the membership of the House of Representatives, then the Speaker of the Council, Muhammad al-Halbousi, who chaired the session, directed all parliamentary blocs to expedite the formation of parliamentary committees by distributing their members equally among all committees due to the importance of their oversight and legislative tasks, pointing out that so far, no Parliamentary blocs present their choices accurately.
The parliament voted by majority on the parliament’s presidency proposal to make the number of permanent parliamentary committees 25. It also voted to form a temporary committee headed by the first deputy speaker of the parliament, Hakim al-Zamili, and the membership of 4 deputies to amend and define the tasks of the committees in the rules of procedure and then present them to the parliament.
The council, during its hosting of the Minister of Finance, discussed the rise in the dollar exchange rate and its repercussions on the market through the rise in prices and the damage to the poor segment, as well as the discussion of the public debt and the financial policy of the Ministry of Finance and the proposed treatments.
In a detailed explanation, the Minister of Finance reviewed the reasons for changing the exchange rate and its relationship to economic reform, which was according to an extensive study in which concerned parties participated and was not an individual decision by the Ministry of Finance, and Allawi stated that “the benefits of devaluing the Iraqi dinar increased government revenues by 23%, including maximizing funds.”
Which is allocated to finance reconstruction projects and allowed the government to respond to the increase in the needs of citizens and contributed to strengthening the balance of payments for the country and averted risks.
The Minister of Finance suggested "supporting the vulnerable segments of society by allocating a direct grant to be distributed through the ration card or social welfare and supporting small and medium-sized enterprises, especially in rural areas, as a result of the financial abundance resulting from the increase in oil prices."
In the session’s interventions, a number of deputies demanded to know the possibility of restoring the dinar exchange rate to its predecessor to reduce price inflation, address currency smuggling outlets and delay payment of farmers’ dues, while Parliament Speaker Muhammad al-Halbousi called on the Ministry of Finance to work on presenting a new vision to address the negative effects that resulted from the change The exchange rate to be submitted to the Council within a period of two weeks.
In turn, Finance Minister Ali Allawi explained that "it is not possible at the present time to change the exchange rate, as it has achieved stability in the Iraqi economy, and its change is linked to the rise in financial abundance that meets ambition."
On the other hand, the Council voted to "cancel the cabinet decision to assign the Minister of Oil the duties of the director of the National Oil Company at the request of 100 deputies, because of his violation of the law." The council also voted to "form a parliamentary committee to investigate the facts and search for the missing demonstrators in the events of the October demonstrations, the disappeared, the security services, the victims and the wounded among them, and the follow-up of the file of the killers of the demonstrators."
Al-Halbousi announced that the next session would be set to elect the president of the republic and vote on the parliamentary committees, after which it was decided to adjourn the session. Meanwhile, the head of the Euphrates Parliamentary Bloc, Muhammad Shiaa al-Sudani, said in an interview with “Al-Sabah”:
“Hosting the Minister of Finance discussed the exchange rate and its effects, but it was a comprehensive discussion of economic reforms and the white paper submitted by the government and adopted by the Minister of Finance,” noting that LINK
A Noticeable Increase In The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:23 - 01/03/2022 Baghdad - Mawazine News The dollar exchange rates recorded, on Tuesday, a remarkable 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 147,250 dinars, for each $100 bill.
The prices of buying and selling the dollar also increased in banking offices and local markets in Baghdad, where the selling price reached 147,750 dinars, for each denomination of 100 dollars, while the purchase prices amounted to 146750 dinars, for each paper denominations of 100 dollars. https://www.mawazin.net/Details.aspx?jimare=186001
An Increase In The Central Bank's Sales Of Hard Currency
Economie| 02:53 - 01/03/2022 Baghdad - Mawazine News, the central bank's sales of the dollar rose, today, Tuesday, to record 183 million dollars.
And the Central Bank auction for the sale and purchase of foreign currencies witnessed a rise in dollar sales to reach 183 million and 922 thousand and 980 dollars, which was covered at a base exchange rate of 1460 dinars per dollar.
Most of the sales went in the form of external remittances, which amounted to 129 million, 302 thousand and 980 dollars, while the remaining amount of 54 million and 620 thousand dollars went in cash, while 22 banks met requests to enhance balances abroad, and 19 banks to meet cash requests, in addition to 292 companies mediate. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=186026
Oil Prices Rise, Brent Records $100.99 A Barrel
Economie| 08:27 - 01/03/2022 Oil prices rose today, Tuesday, after a volatile start to the week, as the market weighed down a coordinated international release of crude stocks in exchange for Russian supply disruptions in the wake of Moscow's invasion of Ukraine .
Brent crude futures for May delivery rose by about $3.6, or 3.12%, to reach $100.99 a barrel.
The index touched a seven-year high of $105.79 after Russia's intervention in Ukraine last week.
US West Texas Intermediate crude futures rose for next April by about $0.86, or 0.96 percent, to reach $96.58, and this contract touched its highest level at $99.10 a barrel the previous day, and settled up by more than 4%. Ended 29/A4 https://www.mawazin.net/Details.aspx?jimare=185995
Frozen Iraqi Stocks Can Be Retrieved
Tuesday 01 March 2022 168 Baghdad: Hussein Thaghb Economic sources and expertise confirmed that the Iraqi assets frozen outside Iraq, whose values were not precisely determined, can be returned to the country by adopting legal contexts and international courts, and follow-up by the Integrity Commission, as there are financial balances and proven assets, including hotels, tea farms, shares in companies and advisory treasury bonds, and these Some of the properties that were frozen in 1990 due to the events in Iraq, and that activities may be intensified more than they have to in order to recover the funds and use them in development paths that benefit the Iraqi economy.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, told "Al-Sabah" that "talking about frozen Iraqi funds leads us to the fact that there are two types of funds, a small part, known and reserved.
In lawsuits, it returns directly to the government and is still stuck, which is the money that Security Council Resolution 1483 in May 2003 excluded from liberating, to be deposited if it is cash in the form of deposits to be deposited for the interest of Iraq in the account of the Development Fund for Iraq opened at the Federal Reserve Bank in New York according to the above resolution.
Smuggled Money
He added: "As for the other personal funds, they are smuggled money and belong to the former regime's lords and entities, either in the form of deposits with banks or in the form of real estate or securities, some of which were collected and deposited in the government's account in New York, and another section is still the departments of the National Integrity Recovery Fund. You pursue it through lawsuits filed in the jurisdiction areas of foreign countries, and it depends on the degree of availability and accuracy of the information, as much of it is registered in the names of other parties.”
Salih stressed that "unless there are lawsuits submitted to judicial seizure, the funds of the Government of the Republic of Iraq are protected under Security Council Resolution 1483 in May 2003... State funds abroad are not subject to seizure or freezing unless there is a judicial decision issued by a foreign court or the so-called region of the jurisdiction." Judicial.
Development consultant Amer Al-Jawahiri said: "First of all, we need a non-large national team that includes the most important basic bodies in the Iraqi state, tasked with the task of following up on frozen and smuggled Iraqi funds over several decades to previous regimes and assets outside Iraq, and that this team is selected according to national and professional standards, follow-up experience and insistence. With action plans and a central high-level follow-up to his work, his capabilities are constantly developed and his activities are closely intertwined with the opinion of international consultants.
He stressed, "the need for the team to devote itself to this task with broad powers by instructing all governmental and judicial institutions to respond to it and assign it with information accurately and quickly and by providing advice to it, and the team's work is in a closed circle to avoid confusion and intersections, which may confuse
It complicates its work, and that the duration of the team’s work is open and may take long and long years in order to achieve results, so it is necessary to strengthen it every period and establish a second line always that can complete the journey after years of hard work as an alternative to retirees.”
Support Required
He cautioned against “non-compliance with the age requirement for the workers in this team, and the use of international legal consultants without hesitation and obtaining international political and logistical support and support through bilateral and multilateral relations and agreements, and an absolute avoidance of naming team members, work activity, policies, international contacts, and follow-up on political interference and all forms of intersections, to enable him to achieve his accomplishments.
Al-Jawahiri recommended "not to declare unless results are achieved, and there is a need to follow up on the results quarterly. We suggest that the recovered funds be transferred to a special account for the implementation of strategic productive projects and in the infrastructure sectors."
The Amount Of Money
Economist Dr. Imad Al-Harsh Al-Tamimi said: "Despite the passage of nearly two decades, we do not have accurate statistics on the volume of frozen and unfrozen Iraqi funds that were seized by some companies and some people outside Iraq, and that some indicate that The amount of this money is not less than (2.7) billion dollars, and that the issue of recovering it is still far from being achieved despite the fact that it drained the wealth of the country, and despite the fact that the Ministry of Justice has filed lawsuits against many companies and people who refuse to hand over these funds. He concluded that some countries refuse to cooperate with Iraq in this field at all.
The expert on economic affairs, Mustafa Akram Hantoush, stated that “the frozen balances outside Iraq include torrents, and it is easier because they are spread with international banks. It does not represent 20%, as it is expected that the frozen amounts range from 50-60 billion dollars in the form of treasury bonds and gold and others".
He pointed out that "there are proven assets, including hotels, tea farms, shares in advisory companies and treasury bonds, and these are properties in 1990 that were frozen due to the events that took place."
Iraq witnessed," noting that "now the Ministry of Foreign Affairs and Justice and the relevant ministries can work to recover these funds or part of them." LINK
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