Iraqi News Friday AM 1-29-21
Iraqi News Friday AM 1-29-21
TLM724 Administrator BondLady’s Corner
A Deputy Explains To {Al Furat News} Parliament's Position On The Dollar Exchange Rate And Salary Deductions
Time: 01/29/2021 16:36:29 Read: 2,795 times {Baghdad: Al-Furat News} The representative of the Sairoun Alliance, Amjad Al-Oqabi, said, Friday, that "the budget includes raising the dollar exchange rate and deductions for employees' salaries, and this will be the position of Parliament from them."
"The monetary authority’s decision to increase the dollar’s exchange rate to 145,000, as well as tax deductions from employees within the law to increase state resources, did not find admissibility in the House of Representatives,” Al-Aqabi said. "The House of Representatives will reject this decision, and it will not be voted on, because the government imposed a tax on citizens from the basis of its decision to raise the exchange rate, and this decision will be rejected altogether." LINK
With Documents ... The Parliamentary Proposal To Protect The Poor And Middle Groups Within The 2021 Budget
Political| 05:15 - 29/01/2021 BAGHDAD - Mawazine News, on Friday, Mawazine News obtained documents issued by the office of the independent member of the House of Representatives, Muhammad Shaya al-Sudani, containing a parliamentary proposal supported by the signatures of members of parliament, to protect the poor and middle classes within the 2021 budget.
The proposal included rejection of any deductions for employees' salaries And retirees, with the exception of (senior employees ... a general manager and above), and increasing the social protection subsidy while expanding coverage for those below the poverty line to (2) million families during 2021, and securing the entire ration card items for (11) months, in addition to setting the minimum For salaries of employees and retirees. https://www.mawazin.net/Details.aspx?jimare=139747
Representative Economy Reveals The Reasons For The Delay In Establishing Industrial Cities
Political| 03:59 - 29/01/2021 BAGHDAD - Mawazine News The Parliamentary Economic and Investment Committee revealed, on Friday, the reasons for the delay in establishing industrial cities.
A member of the committee, Deputy Mayada Muhammad Al-Najjar, according to the official agency, said that "the most prominent laws that were legislated by the Economic and Investment Committee is the Industrial Cities Law," noting that "the law guarantees that every governorate has a complete industrial city that contains a housing complex and housing for workers." And reduce the number of unemployment. "
Al-Najjar pointed out that "this law remained on the shelf and was not implemented," indicating that "the authorities responsible for implementing these cities attributed the reasons for the delay in implementing the industrial cities to the current conditions in the country, including the demonstrations, the economic crisis, and the Corona pandemic."
She explained that " The Ministry of Industry and Minerals had previously announced a plan to establish five industrial cities. The advisor at the Ministry of Industry, Ammar Abdullah, said that the ministry has a plan to establish five industrial cities, pointing out that there are three industrial cities that have reached their final stages, and also there is a joint economic industrial zone with the Jordanian side that only needs to support the infrastructure of water and electricity, as well as The fuel is from the Ministry of Electricity, and also the Ministry of Oil. ”
Al-Jubouri added that these five industrial cities are integrated, and it is possible to own for industrial projects or industrialists in four governorates in Najaf, Basra, and Dhi Qar, and there are two industrial cities, one in Anbar and the other joint. With the Jordanian side. Ended https://www.mawazin.net/Details.aspx?jimare=139742
Political Analyst: Large Files On The Central Bank And The Governor Are Not Independent
Time: 01/28/2021 23:14:35 Read: 6,058 times (Baghdad: Al Furat News) Political analyst Salam Al-Zubaidi confirmed that there are large files on the Central Bank of Iraq, and its governor is "not independent."
Al-Zubaidi said (to the Euphrates News) that "the central bank has very large indicators, specifically in the recent period, after the high exchange rate."
He added, "There are large files on the central bank, including corruption in the currency market, but we did not find anyone to hold it accountable."
Al-Zubaidi described the statements of the governor (Mustafa Ghaleb) as "irresponsible and that it lost the independence of the Central Bank ... when he stated that the raising of the dollar was not from the bank but from the Ministry of Finance."
The policy of the Central Bank of Iraq to raise the dollar exchange rate caused great losses for the owners of the shops and their reflection on the purchasing power of citizens.
On the 19 of last month, the Central Bank of Iraq announced the raising of the price of selling and buying the dollar, as part of the austerity measures adopted by the government, despite warnings of high prices of foodstuffs and commodities offered in the markets.
The Central Bank decided that the amount of 1450 dinars per dollar would be the price of buying foreign currency from the Ministry of Finance, 1460 dinars per dollar, the price of selling foreign currency to banks, and 1470 dinars per dollar the price of selling foreign currency to the public.
And calls have escalated to dismiss the governor of the Central Bank of Iraq, Refinery Ghalib, due to his lack of "eligibility" in managing the bank and monetary policy.
The House of Representatives was scheduled to question the Governor of the Central Bank by the head of the Parliamentary Wisdom bloc, Faleh Al-Sari, after parliament was not convinced of the first’s answers during its hosting of one of the parliamentary sessions last November, but he announced that it was submitted to another notice LINK
The Ministry Of Electricity Responds To A Proposal To Sell And Privatize Stations
Time: 01/29/2021 13:09:24 Read: 4,550 times {Baghdad: Al Furat News} The Ministry of Electricity responded to the proposal to sell and privatize electric power stations.
A statement by the ministry stated that the Al Furat News Agency received a copy of it, "There is some confusion about the issue of selling the two stations of Shatt al-Basra and Rumaila for the production and privatization of electrical energy, and therefore we would like to clarify some things in this regard:
First: The topic in question is nothing more than a proposal submitted by One of the investment companies that deal with the Ministry of Electricity, and that this proposal is under study, as are other proposals to find solutions necessary to provide electric power to citizens.
Second: The known mechanism of work in the production sector to generate power is (generation by what is called the simple cycle), which is by which energy is generated as a result of the combustion of gas or fuel and its derivatives, and thus the work of generating units to generate electricity, and the generation in what is called (the combined cycle), which is to take advantage of hot air The resulting fuel and exhaust combustion, which is at a temperature of 540 degrees Celsius, to operate the steam boilers and rotate the generation turbines.
Third: There are government contracts signed with the Car Investment Company in 2014 to install combined cycle equipment and units with a simple cycle operation and maintenance contract. Prices are agreed upon before operating the combined cycle at the Rumaila and Shatt al-Basra stations, and the company has completed the installation of these equipment (combined cycle).
Fourth: The General Company for Energy Production in the South did not reach an agreement with the company about the price of operation and maintenance, as it is not appropriate, and given the near completion of the combined cycle owned by the Car Company and the failure to reach an agreement on the price of operation and maintenance of the simple cycle owned by the ministry, the company suggested building a similar simple cycle Exactly and in any other site suggested by the Ministry with the same specifications and generating capacities due to the inconsistency in the price of operation and maintenance, as well as to avoid the interference that will occur as a result of the work of two parties in the same work site.
Fifth: In the event that the ministry performs operation and maintenance, in this case the ministry must adhere to and ensure that the simple cycle is run at full capacity throughout the year, and this requires provision of funds to perform maintenance at their specified times for the Shatt al-Basra and Rumaila stations and address all technical problems that appear during operation and as a result of the lack of financial allocations, it is not possible Fulfill these obligations.
The Ministry of Electricity pointed out that "the station is the property of the ministry, in its simple and combined cycle, it is for the CAR company, so it is not possible for Kar to operate the combined cycle without operating the simple one, and therefore the Kar company submitted the proposal, as the Prime Minister directed the approval (to study this proposal) by the legal department only. Instructions and controls. " LINK
Parliamentary Finance Reduces The Total Budget Expenditures And Raises The Price Of A Barrel Of Oil To $ 45
Political| 06:13 - 29/01/2021 BAGHDAD - Mawazine News The Parliamentary Finance Committee announced, on Friday, that the price of a barrel of oil in the budget will be raised to $ 45.
The committee's reporter, MP Ahmed Al-Saffar, said, according to the official newspaper, that "the committee reduced total expenditures from 164 trillion dinars to less than 130 trillion, in the draft federal budget bill for the fiscal year 2021," noting that "the committee continues its sessions daily and for nearly two weeks The first review of all the articles included in the draft budget has been completed, and the final reading has begun.
He added, "The committee has reached Article 12 and there are clear changes in the overall, and there are also proposals, as well as maximizing public revenues according to raising the price of a barrel of oil from 42 dollars to 45, and thus the deficit was reduced to more than 57%, which is less than 30 trillion." .
He pointed out that "there are other articles that have remained pending, and usually remain for the last days in relation to the reduction and the transfer between the chapters and the inclusion of the budget in functional grades, if any, and the share of the region." https://www.mawazin.net/Details.aspx?jimare=139751
Stability In Oil Prices
Time: 01/29/2021 12:17:00 Read: 2,509 times {International: Al Furat News} Oil prices stabilized today, Friday, in the ranges recorded over the past three weeks, while investors are looking for supply and demand indicators.
The Saudi reduction in oil supplies and the decline in crude stocks in the United States contribute to dispelling the impact of price pressures caused by the decline in fuel demand.
Demand for fuel is slowing due to a slowdown in distribution of anti-coronavirus vaccines and new, more severe strains of the virus.
Brent crude for March delivery rose four cents, or 0.1%, to $ 55.57 a barrel by 0520 GMT, after falling 0.5% in the previous session.
The March Brent contract expires on Friday. April's most active contract rose 13 cents, or 0.2%, to $ 55.23.
US West Texas Intermediate crude futures fell 7 cents to $ 52.27 a barrel, after falling 1% on Thursday.
Saudi Arabia is set to cut production by 1 million barrels per day in February and March, and compliance with production restrictions by the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as the OPEC + group, improved in January.
Vivek Dahar, an analyst at the Commonwealth Bank, said the Saudi cut effectively means that reducing OPEC supplies will increase from 7.2 million barrels per day in January to 8.125 million barrels per day in February.
"The OPEC + strategy remains viable, and hopes are high that the Johnson & Johnson vaccine will be approved sometime next week," said Edward Moya, an analyst at Oanda.
Johnson & Johnson said on Tuesday that it expects to announce data for its COVID-19 vaccine early next week.
The market is also receiving support from a 9.9 million barrel drop in US crude inventories and expectations of a limited decline in US oil production in February.
But market gains are being curbed by concerns about disrupted distribution of vaccines and the spread of new strains that are more contagious than the virus. LINK
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