Iraqi News Highlights Tuesday Evening 4-11-23
Iraqi News Highlights Tuesday Evening 4-11-23
Tlm724 Administrator Bondlady’s Corner
Central Bank Governor Meets A Delegation From Iron point Iconic In Washington
April 11, 2023 His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, met yesterday, Monday, with a delegation from the company (IronPoint Iconic),
which is one of the largest owners of data centers in the world, and operates in more than 26 markets in the United States, Europe and Asia, and the company owns data centers To the largest global technology companies with the development and operation of these centers, including Apple, Microsoft, Google, and Amazon.
After the meeting, His Excellency the Governor stated that he had received a presentation from the company regarding global growth trends in the data center market,
whose profits are expected to double in the next four years to reach about $720 billion, indicating that the company is looking forward to investments and development of data centers in Iraq to facilitate the transformation of the Iraqi economy. to digital.
His Excellency also stressed the desire of the Central Bank of Iraq to develop its infrastructure, and the need to store and operate data on Iraqi soil to protect national security, and in line with international best practices. Central Bank of Iraq information Office 4/10/2023 https://cbi.iq/news/view/2302
Minister Of Industry: We Have Obtained The Approval Of The Council Of Ministers To Legislate The Economic Reform Law
Economy 04-7-2023, 11:45 Najaf Al-Ashraf - Inform - Haider Farman Today, Friday, the Minister of Industry, Khaled Battal Al-Najm, counted the suspended factories in the country, and while he made clear the impossibility of restoring work in most of them, he announced obtaining the approval of the Council of Ministers to legislate a law under the name of economic reform.
Al-Najm said, during a press conference attended by the correspondent of the Iraqi News Agency (INA), that
"certain steps known to all have been taken in dealing with some contracts, and we have a review of all partnership contracts amounting to 177 contracts at the ministry's headquarters, in addition to stopping some contracts and trying to process some of them and referral Some of them are sent to the Inclusion Committee because of the waste of public money.” He added,
"The ministry works within a clear government program, and we adopt strategic industries in Iraq represented in iron and steel, fertilizers, petrochemicals, medicines, sulfur, phosphates, and electrical industries represented by transformers and electric cables." And he continued:
"As for other detailed industries, we leave room for the private sector to grow, especially as it is important in bringing about a shift in Iraqi industries, and the Ministry of Industry is not only concerned with government industries and companies, but rather sponsors, supports and cooperates with the private sector, but rather offers it over public companies in many cases." detail industries.
Regarding the stopped factories, Al-Najm said:
“The stopped factories amount to 104 factories, most of which cannot be worked in because they are outdated and outside the default age, as most of them date from the sixties and fifties,” noting that
“some factories began work in them in the fifties, but they are still working, including Babylon Cement Factory, which started work in 1954, and Al-Rafidain Cement Factory in 1957. And he added,
"The old factories cannot be re-worked, but we went towards restructuring some companies according to the government program, and we are currently working on restructuring (the General Company for Textiles and Leather, and the General Company for Food Industries), and
this does not mean canceling them or laying off workers, but we are studying the suspended factories It is workable, either we refer it to investment, or we stop it and dispose of it in accordance with the laws that allow that.”
With regard to the ministry's budget, the minister indicated that
"the ministry's budget includes two parts, the
first of which is the operational part through which salaries and other regulated operational expenses are covered, and the
second is the investment part, as there are projects under construction, and there are funds allocated for their completion, while new projects will not be completed."
We include, with the exception of important ruling projects,” stressing that
“the Ministry of Industry is supposed to participate and contribute to financing the budget and not take from it.”
Regarding the transformation from socialism and entering into privatization and capitalism, the star said:
"Part of this issue is related to the clear laws of the constitution, and our constitution in 2005 was working towards the market, but some laws are still represented by trademarks in 1957, and the industrial investment law in 1998, and others.” And he continued:
“Two weeks ago, we agreed in the Council of Ministers to work on legislating a law called (the Economic Reform Law). We take all the paragraphs from the various laws that have problems with implementation, and we try to put them in one law that goes to the House of Representatives to be legislated.” He pointed out that
"the holy shrines have industrial projects within the law, and they have industrial investment licenses," stressing that "the ministry deals with the shrines and all the private sector in a spirit of cooperation, as these factories contribute to the national economy."
He pointed out that "the Popular Mobilization Authority established the Engineer Company, but it has not yet started with actual projects, as it was established recently," stressing that
"there is no objection to cooperation with the Engineer Company, the Holy Shrines and the private sector, as long as each specialization is preserved and there is no overlap in Work and inclination to a company. He explained that
"Iraq has a large import from Turkey and Iran, not a commercial exchange, part of this import is related to industries that we can establish in Iraq," pointing out that
"there is an intersection of interests and problems in the Iraqi industrial sector for several reasons, including the lack of raw materials and
the other part is related to the lack of The availability of continuous electric power, as here there will be additional production costs on the factory, and
part of it is relatively related to the strength of the Iraqi dinar, as the merchant searches for a strong dinar and the industrialist searches for a weak dinar, and
the stronger the dinar, the more trade will increase at the expense of industry, and thus foreign trade will increase. https://www.ina.iq/182376--.html
Al-Sudanese Financial Advisor Identifies 5 Factors That Caused The Decline In Dollar Prices
April 10 15:12 Information / special. Today, Monday, the advisor to the Prime Minister for financial and economic affairs, Mazhar Muhammad Salih,
identified several factors that led to a decline in the exchange rates of the dollar in the Iraqi markets, while
confirming that the currency window sales reached their highest levels in imposing stability and sterilizing liquidity. Saleh said, in an interview with Al-Maalouma Agency, that
"the decline in the exchange rates of the dollar and its return to less than 1470 is mainly due to the decline in the hard currency in the parallel market, and the start of its creep towards the official exchange rate." He added,
"One of the most important factors that led to the decline of the dollar in the local markets is represented mainly by the success of the monetary policy of the Central Bank of Iraq in particular,
in addition to the role of supportive government policies and positive and effective engagement in meeting the demand for foreign currency." Al-Sudani's advisor pointed out,
"Facilitating and improving the procedures for necessary external transfers, as well as
selling cash dollars through international compliance channels that the private commercial community has adapted to,
which is today more flexible, transparent and broader in governance."
And between Saleh: "At the same time, it is supported by large reserves in foreign currency, which are the highest in the country's financial history," noting that
"these factors are gradually shrinking the gap between the two prices, i.e. (official and parallel)." He emphasized,
"Foreign currency window sales today have reached their high levels in imposing stability and sterilizing liquidity,
which generates accelerated competition in falling prices of goods and services, which is positive about stabilizing the general level of prices."
The exchange rates of the dollar witnessed, during the current days, a significant decrease in the Iraqi markets, as the 100 US dollars recorded 1470 thousand Iraqi dinars. Ended / 25R
https://almaalomah.me/news/economy/مستشار-السوداني-المالي-يحدد-5-عوامل-تسببت-بانخفاض-أسعار-الدو
The Decline In The Dollar Leads To Positive Repercussions For The People And The Government
Today 08:45 Information / Baghdad...The specialist in economic affairs, Muhammad Attia Al-Saadi, counted the decline in the price of the dollar on the local stock exchanges as a result of the nature of the package of measures that the government followed in facilitating entry to the electronic platform to buy the dollar,
pointing out that the decline will have positive repercussions at the level of the people and the government. Al-Saadi said in a statement to Al-Maalouma,
"The step of selling hard currency to merchants without mediation through banks will have many positives in the long term and will contribute to lower prices in the markets and raise the value of the Iraqi dinar." He added,
"The decline will lead the government to control dollar smuggling abroad with fake bills,"
calling for "development of the banking sector and taking steps to transition to the electronic transaction system, as
it will greatly contribute to reducing corruption and gaining citizens' confidence in depositing their money in government banks and abandoning saving it in government banks." houses.”
He expected the continuation of the decline in the exchange rate after it remained yesterday at the limits of 1400 dinars to the dollar, as the continuation of the decline may make it very close to the price set by the government. https://almaalomah.me/news/economy/انخفاض-الدولار-يقود-لتداعيات-ايجابية-للشعب-والحكومة
Trade: We Seek To Stop Importing Wheat And Become Self-Sufficient
Economy of the day, 11:23 Baghdad - Conscious - Hassan Al-Fawwaz Today, Tuesday, the General Company for Grain Trade affiliated to the Ministry of Commerce revealed a Cabinet decision regarding wheat production, while indicating that it
seeks to stop importing wheat and to be satisfied with self-production.
The general manager of the company, Haider Nuri, told the Iraqi News Agency (INA):
"A meeting was held between the Ministries of Commerce and Agriculture, to coordinate between them before the start of the season, to facilitate the process of the farmer's delivery of his dues from the marketed crops, in the presence of the managers of the agricultural branches in all governorates in addition to the managers of the company's branches." General for the grain trade in all governorates,” noting that
“all problems were resolved in the presence of me and the Director General of the Planning and Follow-up Department in the Ministry of Agriculture.” Nuri added,
"After facilitating the problems experienced by the farmer or managers of the branches of agriculture and grain trade,
we seek to make this season different from all other seasons," expressing his hope that "4 million tons of wheat will be received this year." He continued,
"We are serious about the production being local and self-made.
We do not want to import at all, but rather
we seek to support our Iraqi farmer." He continued,
"There was a decision by the Council of Ministers outside the plan.
The farmers who planted at their own expense and bought seeds and fertilizer and worked hard will receive all the quantities they produce,"
expressing his hope "to increase yields in the northern governorates such as Salah al-Din, Nineveh, Kirkuk, and the three governorates of the Kurdistan region." https://www.ina.iq/182657--.html
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