Iraqi News Early Tuesday AM 3-1-22
Iraqi News Early Tuesday AM 3-1-22
TLM724 Administrator BondLady’s Corner
Al-Nusairi: He Dedicates His New (Tenth) Book To The Central Bank And The Iraqi Banking Sector
Money and business Economy News _ Baghdad Recently, in the Association of Iraqi Private Banks, the new book of the Association’s advisor, Professor Samir Al-Nusairi, entitled (The Central Bank of Iraq in Facing Crises and Stimulating the Economy), is the tenth book in the series of books authored by the author. Adopted by the Central Bank and the Egyptian sector in overcoming crises and stimulating the economy.
Al-Nusairi dedicated his book to the Central Bank and the banking sector, and presented what was mentioned in his new book in a special interview to the "Economy News" agency today, Monday, reviewing my belief that the future of Iraq and its proud people must be a prosperous future despite the challenges, repercussions and suffering that its national economy has suffered during the course of nineteen years. years ago.
With continuous effort and hope that does not fade, I continued with enlightened scientific giving with the background of experience and expertise, and daily living with the reality of our dear country, especially in the economic and banking aspect.
Since 2003 until the present time, the Iraqi economy has suffered greatly from the loss of the curriculum, the lack of economic planning, the weakness of strategies, the dispersion of policies and chaos in the management of the affairs of the economy and its various productive sectors, which led to a weak contribution to the gross domestic product. The focus was on oil as the main resource for economic resources, where it formed within limits (60%) of the gross domestic product and (93%) of the total revenues of the general budget.
What contributed to the exacerbation of Iraq's problems is the mismanagement and distribution of public money, which encouraged the exacerbation of financial and administrative corruption, marginalization and failure to give the appropriate opportunity for national economic cadres and expertise to manage effective economic institutions.
In addition to this, the effects of external economic conditions, including instability in oil prices, their rise and decline, and the inability of successive governments that assumed responsibility to establish a sovereign fund when oil prices rise, like other oil-producing countries. Pointing out that what confused the
economic process in Iraq and increased its complexities, is the structural imbalance in the economy and the challenges that led to instability in the monetary system and the financial system and thus the inability to achieve complete economic stability due to the deficit in non-oil revenue, the deficit in the balance of payments and the deficit in the general budget. so no
Stimulating, encouraging, supporting and involving the private sector in making economic decisions, with the vision confused and the financial policies unclear. He also stressed the shortcomings in the legal environment regulating economic life issued in 2004.
Experience has proven that they are deficient laws and need to be reformulated and amended, and that the set of challenges and repercussions above, despite Iraq's high oil resources and the growing numbers of public budgets, has not achieved anything at the level of reform and sound economic construction, and that it is currently going through severe and stifling economic, political and epidemiological crises due to the spread of the Corona virus in most Countries of the world, including Iraq, and this unfortunately is the reality of the current situation.
Al-Nusairi explained that the strategy for the advancement and reform of the Iraqi economy after all these years needs exceptional efforts, programs, mechanisms and government measures in partnership with the private sector and competent national competencies, and the most important is the sincere and real intentions of change towards the desired economic reform. Drawing and implementing a strategy for economic transformation and reform during the next ten years in accordance with Iraq’s 2030 vision.
With a focus on finding quick solutions and treatments to enable the elements of implementing economic reform, and that these treatments have a quick effect to create relative stability in the financial and monetary system and restore control over the distribution of public money and get rid of Mismanagement and choosing the right man in the right place will facilitate the way to implement the reform strategy as a central goal that achieves sustainable development.
Therefore, the Central Bank had its vision and procedures in facing challenges and crises, stimulating and supporting the national economy, through which it adopted clear policies, plans, programs and specific instructions during the years 2020 and 2021 that were analyzed and documented their success paths to revitalize the economic cycle and try to address the repercussions of decreasing the exchange rate of the dinar and its effects on the low-income groups. And revitalizing the economic cycle through a series of lending policies and initiatives.
Al-Nusairi concluded his speech for this, as the book included two chapters and (25) chapters with a number of (196) pages of medium pieces and an appendix to official documents and regulatory and regulatory instructions to facilitate the implementation of the financing and lending initiatives launched by the Central Bank based on diligence and transparency in presenting the results and achieved achievements.
And the failures and the opinions of international and local organizations, although we have reservations about some of the visions and treatments contained therein.
I hope that the contents of the book will be discussed and studied by academics and experts in the government and the private sector, and the analysis, visions, proposals and treatments contained in it will be discussed and studied to overcome our economic and banking crises on the desired path of reform. To receive their copies of the book as a gift from me. Views 120 Date Added 02/28/2022 https://economy-news.net/content.php?id=27244
A New Jump In Oil Prices, And Brent Crude Exceeds 105 Dollars
Economie| 08:34 - 28/02/2022 Follow-up- Mawazine News Oil futures rose more than 5%, and stocks in the Asia-Pacific region were mixed on Monday.
And US West Texas Intermediate crude futures recorded gains of more than 5% to reach $ 99.10 a barrel in Asian trading, retreating slightly after rising 6% earlier.
Brent crude rose more than 7 dollars to reach 105.07 dollars a barrel.
Brent crude crossed the $100 level last week, even touching $105, before paring gains. Both oil contracts settled down more than 1% on Friday. https://www.mawazin.net/Details.aspx?jimare=185895
Hatem's Leave For The Sale And Purchase Of Foreign Exchange
February 28, 2022 Based on the decision of the Board of Directors of this Bank No. (25) for the year 2022.
In view of the violation of Hatem Company to mediate the sale and purchase of foreign exchange for the provisions of the regulations of the work of the work of media profiles to sell and buy foreign exchange No. 1 of 2018.
It is decided to withdraw the company's leave and confiscate the 50,000,000 dinars (50,000,000) dinars (fifty million dinars) and cancel the incorporation certificate granted by the Ministry of Commerce / Corporate Registration Department and provide us with a write-off book from your records, record and written books. https://cbi.iq/news/view/1959
The Minister Of Finance Confirms That The Dollar Exchange Rate Will Not Change And Proposes A Grant For Vulnerable Groups
Political | 07:09 - 28/02/2022 Baghdad - Mawazine News , the House of Representatives hosted, in its session today, Minister of Finance Ali Abdul-Amir Allawi, to discuss the dollar exchange rate and its repercussions on the local market.
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.
The Speaker of the Council welcomed the attendance of Finance Minister Ali Abdul-Amir Allawi and the Undersecretary of the Ministry to the session at the request of Deputy Burhan Al-Maamouri, accompanied by the signatures of 100 deputies.
For his part, Allawi reviewed in a detailed explanation 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, noting that
the exchange rate change at that time was against the background of the deterioration of global oil prices due to the impact of the Corona pandemic.
A decline in the volume of Iraqi oil exports, estimated by the International Monetary Fund, amounted to (4.9%), as well as the failure to approve the 2020 budget due to the resignation of the government, which led to a stifling financial crisis that prevented the payment of salaries of employees and retirees, which prompted the House of Representatives to pass a law financing the deficit in the amount of 27 trillion dinars.
The Minister of Finance indicated that the 2021 budget, which was developed according to reform plans, contributed to developing solutions, addressing the financial situation and working to develop the long-term financial strategy by presenting the white paper that restored balance to the Iraqi economy, provided economic stability for people with limited income and corrected local investment, indicating that the imbalance
The Iraqi economy is due to negative accumulations and direct and indirect state control over the economy since the seventies of the last century.
He noted that reconsidering the exchange rate of the currency in an unconsidered manner leads to financial chaos similar to some countries,
so the trend was to set the exchange rate of the Iraqi dinar comfortably to protect it from any external changes,
a proactive and correct step in coordination with the Central Bank and study it with the Prime Minister and heads of political blocs And other parties in addition to the support of the International Monetary Fund on changing the price at a reasonable rate.
The minister explained that the draft budget law for the year 2021 focused on protecting vulnerable groups in society, applying some elements of the white paper, increasing non-oil imports, and the ministry's treatment of these groups by allocating more than 9 trillion dinars to help increase social protection allocations, improve the effectiveness of the ration card, and support small and medium enterprises.
For young people, in addition to increasing the pensions of retired people and the allowances for martyrs and political prisoners.
Allawi indicated that the benefits of devaluing the Iraqi dinar increased government revenues by 23 percent, including maximizing the funds allocated to finance reconstruction projects and allowing the government to respond to the increase in citizens' needs and contribute to strengthening the balance of payments for the country and avoiding risks, in addition to the International Monetary Fund's support for the reduction process as it would strengthen The financial situation of Iraq, especially the competitiveness of the private sector against cheap foreign imports.
Foreign investments have been revived as a direct result of the development of the financial and economic situation, which is witnessing a recovery and stability of markets.
Allawi pointed out that the rise in prices in the Iraqi markets was not only due to the decrease in the exchange rate of the dollar, but rather as a result of the increase in global food prices since 2020, explaining that the rise in global oil prices is beneficial for Iraq and at the same time affects its needs of foodstuffs and oil derivatives and the import of gas that is used To generate electricity by 30%, alluding to the reduction of the Iraqi external debt by 4 billion dollars in 2021.
The minister suggested supporting 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.
On the same subject, Representative Burhan Al-Maamouri asked about the results obtained from the decision of the Ministry of Finance and the Central Bank to change the exchange rate of the dollar and its repercussions on the livelihood of citizens in light of the rise in food prices in local markets and knowing the percentage of completion of the white paper and its impact on the work of government institutions,
in addition to his question about the lack of implementation The provisions of the budget for the past year by paying farmers’ dues, objecting to the establishment of the Petrodollar Fund, and depriving the producing governorates of additional amounts to improve their situation.
In his response, the Minister of Finance indicated that there is a global imbalance in the economy and a defect in the commercial, import and institutional situation in Iraq, especially the uncontrolled outlets, as well as the poor absorption of the agricultural, industrial and private sectors of the economic changes taking place in the world, indicating that the rate of paying farmers’ dues amounted to 65 percent with the presence of many backlogs. For the years 2019 and 2020.
He stated that the financial crisis that occurred in 2021 affected the possibility of implementing some of the items contained in the budget law.
He stressed that the percentage of completion of the white paper, which included 322 axes, reached 61%, declaring that 60% of the border crossings are not controlled, including those located in the Kurdistan region.
In the interventions of the deputies during the session, which was presided in part by Governor Al-Zamili, 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, in addition to the demand for the automation of border crossings and reservations on the government’s reliance on the policy of External loans, burdening the country with debts, putting in place actual reform steps without overburdening the citizen, and asking financial authorities to make denominations of small currencies to avoid price hikes due to the lack of middle classes.
For his part, Hakim Al-Zamili called on the government to work to impose its control over the financial sectors and to develop a basic solution with the commitment of the Ministry of Finance to support the simple classes in society.
In the same context, the Chairman of the Council called on the Ministry of Finance to work on presenting a new vision to address the negative effects that resulted from changing the exchange rate, provided that it is presented to the Council within a period of two weeks.
In turn, the Minister of Finance made it clear 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 satisfies ambition. https://www.mawazin.net/Details.aspx?jimare=185964
Allawi: Returning The Exchange Rate In An Unthought Manner Will Lead To Chaos
Monday, February 28, 2022 7:13 PM Baghdad / National News Center Today, Monday, Finance Minister Ali Abdel Amir Allawi resolved the controversy over the exchange rate change.
Where the Speaker of the House of Representatives, Muhammad al-Halbousi, called on Finance Minister Ali Abdul-Amir Allawi, during a session hosted by Parliament, to “work to present a new vision to address the negative effects that resulted from the exchange rate change.”
For his part, Allawi announced, "It is not possible at the present time to change the exchange rate," detailing that "the 2021 budget was drawn up according to reform plans that contributed to developing solutions and addressing the financial situation."
He added, "The benefits of devaluing the Iraqi dinar have increased government revenues by 23%, and that the rise in global oil prices is a benefit to Iraq."
Allawi indicated that "the Iraqi external debt will be reduced by 4 billion dollars in 2021, while the rate of paying farmers' dues amounted to 65%."
He stressed, "60% of the border crossings are not controlled, including those located in the Kurdistan region," proposing "the allocation of a financial grant to be distributed through the ration card or social care."
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