Iraqi News Monday Afternoon 12-13-21
Iraqi News Monday Afternoon 12-13-21
TLM724 Administrator BondLady’s Corner
Because Of The Devaluation Of The Dinar, Iraq Has The Fifth Highest Inflation Rate In The Arab World
Economie| 01:09 - 13/12/2021 Follow-up - Mawazine News Iraq ranked fifth with the highest inflation rates in the Arab world, according to Forbes Middle East magazine.
The magazine said in a report today, Monday, that Sudan ranked first with the highest average inflation rates in the Arab countries for 2021, at 194.6%, compared to 163.3% during 2020, after the value of the Sudanese pound fell against the dollar since the beginning of the year by 695. %".
She added that Yemen ranked second in terms of the highest Arab inflation rates this year at 40.7% compared to 23.1% in 2020, followed by Libya with 21.1% in 2021 from only 2.8% during the past year, and then the fourth Arab country with an average annual inflation of 6.5% in 2021 compared to 2.4% last year.
She pointed out that "Iraq ranked fifth in the ranking of the highest inflation rates in the Arab countries, where inflation will rise to 6.4% this year 2021 from 0.6% in 2020, while inflation for 2022 will decrease to 4.5%," noting that "the rise in inflation in Iraq resulted in On the recovery of domestic demand in Iraq, the decline in the value of the local currency and the occurrence of inflationary pressures in the country, although the past eight years had witnessed the stability of inflation from low levels due to the decline in import prices and weak demand. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=178240
The Central Bank Of Iraq's Reserves Rise To 64 Billion Dollars
Economie| 09:47 - 13/12/2021 Baghdad - Mawazine News, a senior source in the Central Bank of Iraq revealed, on Monday, the rise in Iraq's reserves of hard currency.
The source said, in a statement to the official newspaper, that the hard currency reserves held by the US Federal Reserve rose to 64 billion dollars, due to the rise in the oil markets.
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, had confirmed in previous statements that Iraq "will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests its foreign reserves in the United States, which provides the highest returns and lower risks." Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=178219
Central Bank Sales Of Hard Currency Increased For Today
Economie| 02:33 - 12/13/2021 Baghdad - Mawazine News, the Central Bank of the dollar sales rose slightly, on Monday, to reach more than 195 million dollars.
Today, the Central Bank auction for the sale and purchase of foreign currencies witnessed an increase in dollar sales by 0.52% to reach 195 million and 284 thousand, and 750 dollars, which the bank covered at a base exchange rate of 1460 dinars per dollar.
Most of the bank's sales went to enhance balances abroad in the form of remittances and credits, reaching 149 million and 594 thousand and 750 dollars, while the remaining amount of 45 million and 690 thousand dollars went in cash.
Moreover, 25 banks fulfilled requests to enhance balances abroad, and 17 banks to meet cash requests, in addition to 187 intermediary companies. https://www.mawazin.net/Details.aspx?jimare=178250
Relative Stability Of The Dollar Exchange Rates In The Local Markets
Economie| 10:30 - 13/12/2021 Baghdad - Mawazine News The dollar exchange rates witnessed, on Monday, relative stability in the main stock exchange and local markets in the capital, Baghdad.
And the dollar exchange rates have stabilized on the Central Kifah Stock Exchange in Baghdad, today, recording 148,250 dinars, for each $100 bill.
The prices of buying and selling the dollar also stabilized in exchange companies and local markets in Baghdad, where the selling price amounted to 148,750 dinars, for each denomination of 100 dollars, while the purchase prices amounted to 147,750 dinars, for each paper denominations of 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=178223
The Central Bank: The Volume Of Exchange With The UAE Exceeded 15 Billion Dollars During 2020
The Governor of the Central Bank of Iraq, Mustafa Ghalib, during his speech at the Iraqi-Emirati Banks Forum
Banks Economy News – Baghdad Organized in Dubai, the Iraqi-Emirati Banks Forum, in the presence of the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhaif, and a large number of Iraqi and Emirati banks.
In his speech on the sidelines of the audience attended by "Al-Iqtisad News", the Governor of the Central Bank, Mustafa Ghaleb Makheef, said, "This meeting aims to strengthen partnership and cooperation between Iraq and the UAE, as the UAE is the main gateway for cargo ships to Iraqi ports and the main financial and commercial partner in the import movement. and export to Iraq.
He added that "the volume of trade exchange between the two countries exceeded $15 billion during the year 2020, in addition to settling a large part of Iraq's imports through commercial institutions in the UAE, which necessitates the need to regulate the movement of funds and foreign trade between the two countries."
He noted that "there are a number of Iraqi and Emirati banks operating in the two countries, and we look forward to strengthening the presence of Iraqi and Emirati banks by licensing branches in both countries to attract mutual financial operations and contribute to supporting the economy."
And he indicated that the Iraqi banking sector is one of the promising sectors in terms of growth opportunities and its ability to attract financial operations and provide banking services to citizens,” noting that Iraq seeks to attract $100 billion in the transport, energy and agricultural sectors.
The governor stressed that Iraqi banks, under the guidance of the Central Bank of Iraq, have been keeping pace with international banking standards, applying institutional governance, attracting competent competencies and cadres, adopting compliance standards, combating money laundering and terrorist financing, applying international accounting standards, increasing accounting disclosure and transparency in providing information, and implementing the recommendations of the Basel II and III Committee.
On the other hand, the head of the Emirates Banks Federation, Abdul Aziz Abdullah Al Ghurair, said that Iraq is the sixth trading partner of the UAE, and we see a great tendency from the Central Bank of Iraq to support the relationship between the banking sector in the two countries, adding that the Banks Union is ready to exchange experiences with the sector Iraqi banker.
He stressed that the size of the UAE banking sector amounts to more than 1.65 trillion dollars, and this makes it very strong in the financial market, and supports the non-oil economy, indicating that Emirati banks are ready to work with Iraqi banks and achieve partnership to serve the two countries.
While the head of the Association of Iraqi Private Banks, Wadih Al-Handal, said that the Iraqi banking work is in continuous development under the supervision and guidance of the Central Bank of Iraq, which applies the highest standards of control and governance and creates a strong base of banks that serve the goals and strategy for the advancement of the Iraqi economy.
He added that we aspire, through this forum, to open a new door of mutual banking relations and open mutual accounts between the two parties, noting that Iraqi banks possess high-level systems in addition to their application of anti-money laundering and terrorist financing laws.
Number of Views 132 Date Added 12/13/2021 https://economy-news.net/content.php?id=26941
Finance Minister: Previous Governments Squandered The Financial Abundance In Appointments
Money and business Economy News – Baghdad Finance Minister Ali Abdul Amir Allawi confirmed that Iraq wasted its financial abundance in expanding its employee base, denying the existence of American pressures in imposing the white paper.
Allawi said in a televised interview, followed by "Al-Iqtisad News", that "Iraq enjoyed great financial abundance for the period between 2009 to 2013, but there are no clear economic policies to deal with this abundance."
He added, "The oil resources only turned into appointments in state institutions, and the projects that were established during that period, no one can mention them at the present time."
Allawi pointed out that "the projects that took place during the royal era still have their impact until the present time, such as dams and roads, unlike the projects that were established after 2003."
And he added, "The financial abundance was used to expand the base of employees within the country, and this method does not lead to positive economic results."
Allawi noted, "Those who object to the white paper adopted by the current government change their opinion as soon as they have a dialogue with them regarding its content."
He stressed, "The allegations that the white paper is to adopt projects that radically change Iraq's identity and are imposed on it by the United States are false and empty talk."
Allawi stressed that "the project is an Iraqi national, whose purpose is to strengthen the capabilities of the state as a whole, and to direct the economy on the right path."
He pointed out that "the main problem in Iraq is that the economy-based apparatus, which is the government, has failed to perform its duties for many reasons, and the issue is not only related to the political aspect."
Allawi spoke of the need for "the administration to self-develop and rise to responsibility, and therefore it can be said that the main goal of the white paper is to reform the state's public administration and then public finances."
He stated, "The economic situation in general is going through a phase that has not been seen in 100 years, because the world has begun to develop from fossil fuels to alternative energy."
Allawi added, "This transition does not happen every day, but can happen once in 100 years or more, as happened in previous eras when energy changed from wood to coal and then to gas and oil, and we are living today with a transition to alternative energy." ".
And he went on, "Oil is mainly relied upon to drive wheels through its derivatives, but after 2030 the wheels will work with electricity, which today began to change its hub from traditional fuel."
Allawi believes that "these indicators are dangerous for a country that depends entirely on oil exports." He added that "Iraq is the country most affected by the global economy, and any destabilization of oil prices has a negative impact on us."
Views 96 Date Added 12/13/2021 https://economy-news.net/content.php?id=26932
Iraq And India Discuss Developing Bilateral Relations In The Economic And Investment Fields
Monday 13 December 2021 14:53 | economic Number of readings: 213
Baghdad / NINA / - She met the Chairman of the National Investment Commission, Suha Daoud Najjar, the Ambassador of the Republic of India in Baghdad, Prashant Bisai.
A statement by the National Investment Commission stated, "During the meeting, a number of issues of common interest and ways to develop bilateral relations between the two countries in the economic and investment fields were discussed, as well as the possibility of increasing the volume of Indian investments in Iraq in various economic sectors and benefiting from the investment opportunities available in those sectors." https://ninanews.com/Website/News/Details?key=944588
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