Iraqi News Highlights Late Wednesday Evening 10-26-22
Iraqi News Highlights Late Wednesday Evening 10-26-22
Tlm724 Administrator Bondlady’s Corner
Economist: The Drop In The Dollar Exchange Rate Against The Dinar Is An Exceptional Case
Today 18:04 information / special The economic expert, Hashem Al-Habboubi, attributed, on Wednesday,
the reason for the decline in the exchange rate of the dollar against the Iraqi dinar in the local stock exchange to the anticipation of the vote on the ministerial cabinet, explaining that
the decline is an exceptional case and will return as it was a few days ago.
Al-Haboubi said in a statement to “Information” that
“the drop in the exchange rate of the dollar against the Iraqi dinar on the local exchange from 147 thousand dinars per 100 dollars to 145 thousand was caused by
anticipation of the vote on the cabinet and the
submission of a parliamentary request to re-exchange the dollar to 120 thousand dinars per 100.” dollar".
He added that "this case of decline is exceptional and
the exchange rate will return to what it was a few days ago," noting that
"the central exchange rate is from the policy of the central bank and
it is not easy to manipulate the price because the Iraqi economy is currently built on an exchange rate of 1460 dinars per dollar, and if this is done, the decline will be gradual".
It is noteworthy that the stock market for buying and selling hard currency witnessed a decline during the past two days, as the exchange rate of the hundred dollar denomination reached 145,000 dinars.
https://almaalomah.me/news/economy/اقتصادي:-انخفاض-سعر-صرف-الدولار-امام-الدينار-حالة-استثنائية
Blessing Or Curse? .. An Expert Explains The Possibility Of Reducing The Dollar And Its Repercussions On The Internal Debt
874 Economy 2022/10/26 14:44 Baghdad today- Baghdad The economist Nasser Al -Kinani, today, Wednesday, explained the economic repercussions in the event that a decision was taken to return the dollar to its previous price against the dinar. Al -Kanani told (Baghdad today),
"Returning the price of the dollar against the dinar at the present time will cause major economic problems that are not in the interest of the country."
He added, "It is difficult to return the exchange rate due to the
state's obligations and debts of the private sector and the public sector, as well as
computational transactions between the state departments as well as
debts between people, as
this will result in major problems."
Al -Kinani continued, "The Iraqi market has settled on the current exchange rate,"
noting that "any change will cause confusion in the market and
prices have come back, as
the poor class at the present time is not largely affected by raising the price of the dollar, as the
prices are stable, especially agricultural crops".
https://baghdadtoday.news/news/204372/نعمة-أم-نقمة-خبير-يوضح-إ
Barzani Looks Forward To Approving The Oil And Gas Law After The Start Of The New Government
275 Politics 10/26/2022 16:49 Baghdad today – Erbil Today, Wednesday, the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, accused some parties of interpreting the constitution according to their whims and personal interests, calling for the enactment of a new oil and gas law.
Barzani said in a speech during the opening of the Lanaz refinery in Erbil and followed by (Baghdad today), that
"the region hopes to establish a new oil and gas law that will serve Iraq and the region, after the new Iraqi government begins its work in Baghdad."
He added, "We were waiting after the constitution was ratified that the constitution would be implemented without discrimination and that the government in Baghdad would implement the constitution as it is,
but that did not happen," noting that
"some people interpreted the articles of the constitution according to their whims and they were implemented in some situations according to the interests of some people. away from the interests of Iraq and the Kurdistan region.
He pointed out that "a large part of Iraqis in different regions of the country are deprived of basic services, and
this does not mean that Iraq lacks natural resources,
but rather that it possesses great wealth, but it is poorly managed," stressing that
"contravention of the constitution still exists until now.".
https://baghdadtoday.news/news/204383/بارزاني-يتطلع-لاقرار-قان
The Association Of Private Banks Explains The Reasons For The Slight Decline In Dollar Prices
Economy Yesterday, 13:02 Baghdad - conscious - Mustafa Al-Hashemi The Association of Private Banks announced, today, Wednesday, that
the return of dollar prices will negatively affect the economy,
noting that the slight decline in the exchange will not reduce the prices of materials in the markets.
The economic and banking advisor in the association, Samir Al-Nusairi, told the Iraqi News Agency (INA), that
"the current little decline in the dollar exchange rates is a kind of confusion practiced by speculators in the currency trading market, by exploiting rumors to achieve narrow interests."
Al-Nusairi added, "This decline confuses the stability of the market, which is supported by the Central Bank,
because the process of raising the value of the local currency will not lead to a significant decrease in prices, because the economic principle confirms (the flexibility of prices in the rise is limited in the decrease)."
He stressed that "the process of changing and returning to the previous price of the value of the dollar against the Iraqi dinar, will lead to high costs borne by the economy,
in addition to catastrophic damages that will be borne by the citizen because of the problems that will occur in the internal commercial and financial dealings between them,
as well as financial and economic problems that will put pressure on the relations with Countries of the world".
The Central Bank of Iraq confirmed, earlier, that there was no intention to change the exchange rate, and
called on citizens and all stakeholders to preserve the value of their money and stay away from what is rumored in the media. https://www.ina.iq/168697--.html
A Deputy Is Likely To Return The Tax Deposits To The Treasury Within A Month
Today 21:13 Information / Baghdad...Independent MP Hussein Arab expected that the judiciary and investigative bodies would finish the case of the theft of the century within a month, and
the money would return to the state treasury.
Arabs said, in statements followed by "Al-Maalouma", that
"the House of Representatives has begun to have a strike hand on all projects that are tainted by corruption, especially through the representatives who have properly devoted themselves to this file."
He revealed that there are ten accused so far in the theft of the century,
but there are big heads who will join them, and
many names will be in the accusation circle after completing the investigation with the first accused in this case.
He noted that the matters being investigated are not movable funds, but real estate and must be seized, adding that
it is impossible to seize all the looted funds, but what the accused confessed, and work is underway to obtain more information to return as much as possible.
From money to the state, especially since the theft is deep, and many large parties stand behind it. https://almaalomah.me/news/politics/نائب-يرجح-إعادة-امانات-الضرائب-للخزينة-خلال-شهر
Economic Center: Citizens Fell Victim To Speculators And Statements That Confused The Dollar Market
389 Economy 10/26/2022 16:10 Baghdad today – Baghdad Today, Wednesday, the Iraqi Political Economic Center accused the
statements of "non-specialists" in the economic field and political tensions of being behind the fluctuation of the dollar's price and confusing the situation in the market,
calling on citizens not to be drawn into rumors launched by speculators to push them to sell the dollar at a lower price than the official one.
And the director of the center, Wissam Hadmal Al-Helou, said in a statement that (Baghdad Today) received a copy of it, that
“the price of the dollar will not change suddenly and suddenly, and it is linked to the budget,” noting that
“the Central Bank has repeatedly confirmed that there are no intentions to change the price of the dollar, and
it is the only institution responsible for setting the price of the dollar.” exchange and
according to the assessment of global markets, the
economic situation around the world, and
commercial and financial dealings with specialized international institutions. He added that
"the 2023 budget needs months before its approval between sending it from the new government and discussing it in the House of Representatives before voting on it, and
the decision to change the exchange rate
is not easy and
requires political consensus and economic advice to prevent repercussions on the Iraqi economy." He pointed out that
"what is happening today in the local markets is speculation by spreading rumors and false news to push citizens to sell the dollar at a price below the official exchange rate.
Its official sources are represented exclusively by the Ministry of Finance and the Central Bank.
A number of deputies recently issued statements and mobilizations to change the dollar’s exchange rate and return it to its previous price,
which caused the dollar’s prices to drop in the market,
which was attacked by economists and considered that
these statements are in the interest of speculators and caused losses to citizens who own the dollar currency. https://baghdadtoday.news/news/204378/مركز-اقتصادي-المواطنون-و
An Expert Explains The Mechanism For The Control Of Private Banks On Loan Profits
Today 14:09 Payroll Information / Baghdad..The economic expert, Nabil Al-Ali, confirmed today, Wednesday, that private banks control the profits of loans by simply mediating between citizens and the Central Bank.
Al-Ali said in an interview with “The Information” that
“private banks take a percentage of the profits by simply mediating between citizens and the central bank,” noting that
“the percentage of profits is fixed in a contract with the central bank, and
this creates a lack of competition that leads to a reduction in the percentage of loan profits.”
Al-Ali added, "National banks control the highest percentage of profit from citizens and the Central Bank by doing only mediation."
He continued, "The granting of loans must be controlled and made exclusively by the central bank,
or the opportunity to change the interest rate must be opened in order to compete, which will reduce the benefits that burdened the citizens."
The economic affairs specialist, Muhammad Al-Saadi, earlier criticized the government loans granted to employees and citizens, pointing out that
these loans increased the suffering of the citizen due to the large profits imposed on loans, noting that
most of those profits received by banks do not interfere with the state treasury.
Rather, it is distributed to employees in the form of monthly and annual profits
https://almaalomah.me/news/economy/خبير-يوضح-آلية-سيطرة-المصارف-الاهلية-على-أرباح-القروض
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