Iraqi News Monday Afternoon 6-27-22

TLM724 Administrator BondLady’s Corner

Al-Hakim Calls For Preparing The Budget According To The Proportions Of The Deprived And The Number Of The Population To Achieve Justice And Equity

Monday 27 June 2022 13:53 | Economic Number of readings: 145  Baghdad / NINA / - The head of the National Wisdom Movement, Ammar Al-Hakim, called for preparing the budget according to the proportions of the deprived in addition to the number of the population in order to achieve justice and equity.

Al-Hakim said during his meeting with the governor of Diwaniyah, Zuhair Al-Shaalan, in his office: “The level of deprived people in the governorate of Diwaniyah must be taken into consideration, and the budget should be prepared according to the proportions of the deprived in addition to the number of the population in order to achieve justice and equity, and the need to pay attention to agriculture, support farmers in the governorate, pay their dues, support them with modern mechanization, fertilizers and seeds, and raise The prices of the products marketed by them to the state in order to turn agriculture into a profitable process that sustains the land, perpetuates the production process and achieves food security.”

After listening to the governor about an explanation of the nature of projects and services provided to citizens, Al-Hakim stressed the importance of upgrading the service and urban reality in the governorate./End of 9

https://ninanews.com/Website/News/Details?key=984679

Parliamentary Finance: Changing The Exchange Rate Generates Compensation Claims By The Owners Of Investment Projects

Sunday, June 26, 2022 7:23 PM   National News Center/ Baghdad   On Sunday, the Parliamentary Finance Committee denied what was recently reported about Parliament’s efforts to restore the dollar exchange rate to its previous level, 1200 Iraqi dinars for every US dollar.

Committee member Jamal Cougar said in an interview with the National News Center that it is “difficult to restore the dollar exchange rate to its previous era, and this matter is not a task of the House of Representatives, nor is it true according to a number of reasons, including that changing the exchange rate is one of the powers exclusive to the Central Bank of Iraq and the Ministry of Finance.

He added, "The economic situation is not as some are talking about, that is, despite the financial surplus achieved from the rise in oil prices, there is a debt owed by Iraq in favor of external and internal banks of no less than 100 trillion dinars, in addition to some hateful debts as a result of the Gulf War."

He pointed out that "the rise in oil prices is not stable, but rather came as a result of the war crisis between Russia and Ukraine, meaning when the war stops and things return to their normal state, oil prices will drop."

Cougar continued, "As a government and parliament, we failed to limit the excessive increase in reducing the operating budget, meaning that most of the state's resources go to the operational, and therefore no matter how much our financial resources increase, they are not enough to fill the operating budget and allocate a good part to the investment budget, and if we change the dollar exchange rate, this means Adding 23% to the state budget as a difference in the exchange rate, will also create an unnatural state of confusion in the market.”

And he added, "Changing the exchange rate will generate compensatory claims by the owners of some investment projects contracted for the benefit of the state, meaning that the affected investor will demand compensation, and therefore what some are promoting about the possibility of the House of Representatives issuing decisions that restore the dollar exchange rate are nothing but auctions and titillation for the feelings of the Iraqi street."

On the Emergency Support Law for Food Security and Development, Cougar explained, “The Food Security Law, in accordance with the article included in it, which requires the implementation of the law on the same day it is voted on and at 50% of the total amounts allocated to it, and therefore it has entered into force and according to the exchange sections that included it.”

Cougar ruled out passing the country's general budget law without forming a government, and that the latter is still subject to the consensus of the political forces on its formation, because the withdrawal of the Sadrist bloc from the political process confused the matter, and therefore it is difficult to predict how the mechanism of forming the next government will be.    https://nnciraq.com/137456/

Parliamentary Finance Denies The Trend To Reduce The Exchange Rate

Posted On2022-06-27 By Sotaliraq   Yesterday, Sunday, the Parliamentary Finance Committee denied the existence of a tendency to return the dollar exchange rate to its previous position, stressing that the current conditions do not allow such a step.

Committee member Jamal Cougar said, "Changing the exchange rate by increasing it or returning it to what it was in the past is outside the jurisdiction of the House of Representatives."

Cougar added, "The process belongs to the Ministry of Finance and the Central Bank, as they are responsible for monetary and fiscal policies."

He pointed out, "The economic situation in Iraq does not allow the dollar to return to its previous price," noting that "oil revenues have increased, but in return there are debts owed by Iraq of no less than 100 trillion dinars, both internally and externally."

Cougar called, "not to rely too much on the current rise in oil prices and plan on it," warning that "this rise was caused by the war between Russia and Ukraine, and with the end of this crisis, oil may return to its previous state."

Cougar finds, "Any change in the exchange rate will lead to economic problems. There are investors who have contracted according to the current price and by reducing it, they will demand compensation."

For his part, a member of the Wisdom Movement, Fadi Al-Shammari, said in a statement received by Al-Mada that "talking about changing the exchange rate is unrealistic and a media bid to lure people's emotions at the expense of the truth."   LINK

The Results Of The Foreign Currency Sale Window Tuesday 06/28/2022

Announcement No. (4675)   Sale date - Tuesday 06/28/2022   the details   the amount

Total sale for the purposes of strengthening balances abroad (remittances, credits)  205,606,267  Total cash sale   50,550,000   total total sales   256,156,267

Note that:  The selling price of the amounts transferred to bank accounts abroad is ( 1460 ) dinars per dollar.

The cash sale price is ( 1460 ) dinars per dollar. » The Central Bank of Iraq’s foreign currency sales schedule, Tuesday 06/28/2022    https://cbi.iq/currency_auction

The Central Bank Announces The Increase In Its Gold Reserves To More Than 130 Tons

Political | 05:05 - 27/06/2022  Baghdad - Mawazine News  The Central Bank of Iraq announced today, Monday, that Iraq has advanced ten ranks in the table of the most countries in gold reserves, bringing its total possessions to (130.39) tons, ranking thirty in the world and fourth in the Arab world.

And the Central Bank of Iraq confirmed, in a statement received / Mawazine News / a copy of it, that “the purchase of new quantities of gold, amounting to approximately 34 tons, with an increase of 35% over what was in its possession, and this increase came within the framework of the Central Bank’s strategy to manage its assets, including It achieves the highest levels of stability and ability to face local and international economic changes.

He pointed out that "gold is one of the most important assets held by central banks and international financial institutions, and a safe haven in conditions of uncertainty, due to its acceptance at the international level." Ended 29/h    https://www.mawazin.net/Details.aspx?jimare=197796

Association Of Banks: More Than 14.9 Million Bank Cards In Iraq

Economie| 12:47 - 27/06/2022  Baghdad - Mawazine News   The Association of Iraqi Private Banks announced that the percentage of users of electronic payment tools in Iraq has increased, confirming that there are more than 14.9 million active bank cards.

The Executive Director of the Association, Ali Tariq, said in a statement received by Mawazine News, that "the policy of the Central Bank of Iraq is working to increase electronic payment tools, which contributes to increasing confidence between the citizen and the banking sector, in addition to raising the percentage of financial inclusion."

He added, "The year 2021 witnessed a growth in bank cards by 26.87%, as the total number of activated cards owned by citizens amounted to 14.9 million cards of all kinds, in addition to the presence of 2.1 million active mobile payment wallets."

He stressed that "there are 1,566 ATMs spread throughout Iraq, until the end of the year 2021, in addition to the presence of more than 14.7 thousand financial payment points and more than 8.3 thousand electronic payment points."

He explained, "The activation of bank cards and the dissemination of electronic payment tools will contribute to facilitating the payment process when purchasing from inside and outside Iraq, in addition to reducing dependence on banknotes and increasing the volume of electronic commerce in Iraq, which contributes to achieving greater revenues for merchants, regulating and reducing losses in electronic commerce." ". Ended https://www.mawazin.net/Details.aspx?jimare=197774

Interior Minister: We Seek To Move Permanently To Electronic Work Instead Of Paper

Today, Monday, Minister of Interior Othman Al-Ghanimi affirmed the quest to permanently move to electronic work instead of paper to keep pace with global development.

Al-Ghanimi said in a statement that "the planned work, according to solid scientific foundations, will certainly have positive results."

He continued, "We look with appreciation at the continuous series of achievements by the Directorate of Civil Status, Passports and Residence, after it worked to open the new building of the National Card Department in Al-Madina District, Basra Governorate."

He stressed, "We will continue our endeavor to move permanently from electronic work instead of paper to keep pace with global development," noting that "we are present in all security and service fields."

https://www.radionawa.com/all-detail.aspx?jimare=30082

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