Iraqi News Monday 7-5-21
Iraqi News Monday 7-5-21
TLM724 Administrator BondLady’s Corner
A Slight Increase In The Exchange Rates Of The Dollar In The Local Markets
Economie | 10:27 - 05/07/2021 Baghdad - Mawazine News The dollar exchange rates recorded, on Monday, a slight increase in the main stock exchange and local markets in the capital, Baghdad.
Today, the dollar exchange rate on the Central Kifah Stock Exchange in Baghdad was 147,200 dinars, for each $100 bill.
And the prices of buying and selling dollars have stabilized in the banking offices and local markets in Baghdad, where the selling price reached 147,500 dinars for each paper denomination of 100 dollars, while the purchase prices amounted to 146,500 dinars for each paper denomination of 100 dollars. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=159423
Economist To / Nina /: Soon The Price Of The Dollar Will Return To What Is Decided In The Budget, 147 Thousand Dinars For 100 Dollars
Monday 05 July 2021 10:28 | Economic Number of readings: 422
Baghdad / NINA / - The expert in economic affairs, Safwan Qusay, suggested that the dollar exchange rate would return to its previous price, which was determined in the budget, 147 thousand dinars compared to 100 dollars, stressing the existence of efforts by the concerned authorities to return the price of the dollar.
Qusay said in a statement to the National Iraqi News Agency / NINA /: The Central Bank of Iraq and the alliance of professional syndicates of banks, doctors, pharmacists, lawyers and engineers showed their ability to restore confidence in the Iraqi dinar and control the exchange rate as approved in the federal budget at a price of 1470 dinars per dollar, despite the high amount of In foreign currency sales of more than $200 million per day, the Ministry of Finance is still meeting the demand for foreign currency, especially after oil exceeded the price of $75 a barrel.
He added, "It is possible that dollar sales will gradually decrease towards the consumer dollar with the high demand for the investment dollar, especially after the Central Bank financed the Housing Fund with trillion and 900 billion dinars to try to revitalize the housing sector and create job opportunities.
" He added: If the agricultural sector and the food industries sector succeed in expanding We will witness a decrease in the demand for the dollar,
and thinking about bilateral transactions in other currencies, such as the Chinese yuan, with some countries such as China, for example, may contribute to supporting the Iraqi dinar and reducing the risks of increasing demand for the US dollar for the purposes of financing foreign trade.He
stressed the need to maintain the official price of the dollar while supporting price stability for consumer goods. And controlling the inflation indicators that have severely affected the middle and lower classes. / End 8 https://ninanews.com/Website/News/Details?Key=913873
Parliamentary Finance: The Central Bank is facing the economic crisis with few solutions
Posted On 2021-07-05 By Sotaliraq Baghdad/ Firas Adnan Yesterday, Sunday, the Finance Committee of the House of Representatives revealed the Central Bank’s proposals to confront the economic crisis, pointing out that they are limited to pumping more dollars into the currency auction, as well as allocating funds to the private sector and building schools throughout the governorate.
The committee criticized the failure of the competent authorities to have a database on employees and the amount of change that occurred as a result of the recent developments in the economic situation.
In an interview with Al-Mada, a member of the committee, Representative Jamal Kougar, said that “carrying out an interrogation process for any official, whether Finance Minister Ali Abdel Amir Allawi or Central Bank Governor Mustafa Ghaleb Al-Kuttab is very difficult, as it will be subject to political criteria and break the quorum of the sessions.”
Cougar added, "The interrogations are ongoing, and it cannot be said that we have left these procedures, but we must be frank with the public opinion that achieving them is difficult in light of the current conditions in the Parliament and the heat of the electoral conflict."
He pointed out that "the best option is for Parliament to resort to solutions that would affect the living situation of the citizen through hearings and hosting officials, and this is better than going to interrogation and dismissing ministers because of the difficulty of achieving them at a time when the market is suffering from a great price."
Cougar finds, "The only person affected by all government measures taken at the economic level is the citizen, despite the high oil prices and in a good way."
He stated, "The Iraqi street is currently boiling from the political and service situation, to which the economic situation and the decisions taken, including raising the dollar exchange rate, were recently added."
Cougar diagnoses, “One of the problems facing the Iraqi state is that it does not have a database or studies that show us the amount of positive or negative impact that has occurred on the simple citizen specifically from the recent economic decisions, but we note through public opinion that there is great resentment and high prices in prices.”
He explained, "Both the Minister of Finance and the Minister of Planning spoke about not having the database on employees in state institutions, explicitly before the House of Representatives, which is a sin that is not borne by the current government, but by previous governments."
He regrets that “the state does not have prior studies of its economic decisions, as well as that it lacks scientific expectations for what it will produce in the future, with the exception of what some researchers and academics present.”
Cougar stated, "The central bank's solutions are few to confront the economic crisis, and they are limited to pumping more amounts into the currency auction to prevent a greater decline in the Iraqi dinar, as well as allocating one billion dinars to build schools in all governorates, and one billion dollars for small projects for workers in the private sector."
Cougar added, "The government cannot carry out a real reform of the economic situation. It is hardly able at the present time to manage its financial file and pay the salaries of employees."
Last month, the House of Representatives hosted Central Bank Governor Mustafa Ghaleb Al-Kitab and discussed with him a number of issues related to the economic situation, after he failed to question him due to the lack of a quorum in the ad hoc session.
The House of Representatives also hosted at a later time the Minister of Finance, Ali Abdul-Amir Allawi, who is also entitled to an interrogation request with the aim of discussing the implementation of the provisions of the budget law and the automation of customs and border crossings.
For his part, another member of the Finance Committee, MP Abdul Hadi Al-Saadawi, said in an interview with Al-Mada that "the economic situation is currently witnessing great confusion due to the ill-considered decisions taken by the government."
Al-Saadawi added, "The decision to raise the price of the dollar was among the incorrect policies pursued by the institutions concerned with the economic file, and its impact has become clear today from the cost of living and an uncontrolled rise in the markets."
He pointed out, "The evidence of the futility of this decision is the rise in the global oil price, and the revenues that can feed the salaries of employees, and the government's justification for resorting to raising the dollar exchange rate was its inability to secure these salaries during the current year."
Al-Saadawi finds, “The confusion clearly appeared in the preparation of the financial budget for the current year. Sometimes the project was sent with a very large amount and an unjustified deficit, and at other times there was a threat to impose taxes on employees’ salaries, and finally the dollar price was raised as if it were a devious way to impose financial burdens on the employees. citizens.”
And he indicated, "Everyone was waiting for the government to fulfill its promises it made before raising the dollar, so we did not find job opportunities that were provided to graduates and the unemployed, nor to encourage the national product, and the sums are still going abroad."
Al-Saadawi concluded that “solutions should not be immediate, but rather through developing a strategy through which we guarantee a stable economic situation that does not affect citizens, especially the middle and simple classes.”
Prime Minister Mustafa Al-Kazemi had conducted a European tour that included Belgium and Italy, in which he focused on a number of files, the most important of which were economic cooperation, investment, and mitigating the severity of the financial crisis. LINK
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