Iraqi News Monday AM 4-12-21
Iraqi News Monday AM 4-12-21
TLM724 Administrator BondLady’s Corner
Economist: The Continued Rise In The Dollar Heralds A Humanitarian Disaster
Economy Monday 12 April 2021 | 09:08 a.m.| Views: 66 The economist, Wissam Al-Tamimi, explained that there is a noticeable increase in the exchange rate of the dollar in the local markets, pointing out that this rise will lead to a major humanitarian disaster in Iraq unless it is remedied by the responsible authorities .
Al-Tamimi said, "The government, through its decisions, will achieve success in bridging the budget deficit, but at the same time it will create a humanitarian catastrophe and a significant rise in the level of poverty ."
He added, "The government has not dealt with a problem, but rather created a new crisis, the results of which will be reaped by the poor, especially the earning segment and those with limited income ."
And that "the continuation of the high exchange rate of the dollar will lead to results that do not succeed, and large demonstrations may start for the segments demanding equity and appointments as well as the poor to stand against the government and its decisions that imposed starvation on the people."
https://aynaliraqnews.com/index.php?aa=news&id22=146171
Adapt To The Exchange Rate
Monday April 12, 2021 197 Muhammad Sharif Abu Maysam On the sixteenth of last March, the Central Bank of Iraq explained, through a statement, the reason for the decline of the dollar exchange rate in the parallel market - especially in February - from the official selling price after changing the price by the bank at the end of December of 2020, and the central explained This retreat in what he called "the domestic market shock" which required a period of adjustment to make the settlements that occurred between each of the merchants (wholesale, retail, singular) and the settlements of wholesalers with banks, as imports decreased to severe levels, and then the demand for currency decreased. Foreign ».
But this interpretation based on the market mechanism did not take into account the impact of the political space on this mechanism, as the apprehension of many of the public, including many traders and speculators, remained rising at times and decreasing at other times,
according to the statements and promises regarding the influence of the central decision and the intention to retreat in favor of Slogans, which were employed to win positions, without taking into account the nature of the variable that requires the introduction of the influx of foreign investments and the establishment of an investment climate led by the capital allied to the capital of globalization in the region,
which requires working on several axes in order to achieve this trend, and the exchange rate has not increased in the parallel market Only after approving the budget, and making sure that the relevant authorities proceed with their policies without return, to create a competitive environment that protects the local product from the decline in the prices of goods produced in the geographical neighborhood countries and to pave the way for monetary stability that encourages foreign capital to enter the Iraqi arena in a security, legal and monetary environment. stable.
But adapting to the exchange rate will not take its attractive form for investment, except by liberalizing the exchange rate and creating monetary stability in an atmosphere of freedom of exchange and circulation to ensure the movement of capital into and out of the Iraqi interior, without any effect on the difference in the value of the exchange rate with currencies. Other.
And to ensure investment accounts in the feasibility studies prepared by the investors, as they are keen in the financial feasibility studies to ensure that the price does not change in the parallel market, during the life of the project to achieve the feasibility of establishing the project, as well as the importance of competitiveness to protect the local product, which is likely to adopt the method of "floatation."
Al-Madar »in the next step, in conjunction with the increase in the central reserves, which will contribute to giving more freedom to maneuver those in charge of monetary policy, and to ensure adaptation to the fluctuations of the parallel market up to For stability.
https://alsabaah.iq/44465/%D8%A7%D9%84%D8%AA%D9%83%D9%8A-%D9%81-%D9%85%D8%B9-%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D8%B5%D8%B1%D9%81
During The Month Of March, The Stock Market Traded 64 Billion Shares
Monday April 12, 2021 85 Baghdad: Hussein Thahab
The report of last March for the Iraq Stock Exchange indicated the number of shares traded by shareholders, which exceeded 64 billion shares, with a value that exceeded the barrier of 34 billion dinars, during (19) trading sessions organized throughout the aforementioned month.
The Executive Director of the Iraq Stock Exchange, Taha Ahmed Abd al-Salam, said: The total of the deals executed by the dealers are (12,488) deals, the number of companies whose shares are traded (65) joint-stock companies.
The ISX60 market index for the price of traded shares in the first session of the month closed at 563 points. It closed at the last session of the month at 566 points, achieving an increase of (0.53%).
Foreigner shares
Concerning the trading of shares of foreign investors, Abd al-Salam pointed out that «the number of shares purchased by foreigners is 19 billion shares, executed through 820 purchase deals, amounting to 12 billion dinars from the circulation of shares of 23 joint-stock companies listed», pointing out that «the number of shares sold from Foreigners, 15 billion shares were executed through 374 sales transactions, and they were valued at 8 billion dinars from the circulation of shares of 17 joint-stock companies Listed ».
Equity value
He indicated that «the most important characteristic of foreign trading during the current month is the number of shares traded from foreigners, such as 55 percent of the total shares traded during the month, and the value of shares traded represented 61 percent of the total value of shares traded during the month, and the executed contracts represented a percentage 9 percent of the total contracts executed in the market.
Electronic systems
Abdul Salam pointed out that «the Iraq Stock Exchange organized 19 trading sessions during the last month of March to deal in shares of listed joint stock companies using electronic systems for trading and deposit and in accordance with the rules and instructions for securities trading, and in compliance with the decisions of the Supreme Committee for National Health and Safety issued on Monday 3/8 / 2021 And later, the Board of Governors decided not to organize the trading sessions on Sunday 3/7, Sunday 3/14 and Sunday 3/21, due to the existence of a comprehensive curfew, and the failure to organize the trading session on March 10, 2021 to declare it an official holiday, to extend the closing of the investor hall until 3/22/2021 '.
He indicated that the brokerage firms will continue to trade from their headquarters through the electronic system for remote trading, and to follow preventive measures and safety conditions by using masks, sterilization and spacing continuously.
He cautioned that “trading focuses 95 percent of the total monthly trading on the shares of the banking sector as it represents 79 percent of the number of listed shares, the high share prices of 28 companies and the decline in the share prices of 19 companies, while 18 companies maintained their average prices.Prevailing". LINK
The Role Of The General Budget In Solving Economic Problems
Monday April 12, 2021 82 Dr . Star Al Bayati Known to economists that the general budget: is the plan of financial Speculative state for the next period as long on the identified financial year, they include within them the two aspects , namely: public expenditures and public revenues, and thus the public finance science as one of the most important economic science deals with attention and study four topics are:
expenses The general budget, public revenues, the general budget, and then the final accounts, which is the mission of the Office of Financial Supervision, which must submit its report on the budget six months after the start of its implementation.
Although the general budget is an economic issue in form and substance, this does not negate the political, legal and social dimensions that characterize it in its various aspects, and accordingly it can be said that the budget has an important role in addressing many economic problems, the first of which is the rate of economic growth, Which should express the performance of the various economic sectors, which constitute the gross domestic product and not be limited to the extractive (rentier) oil sector,
and this is the task of the general budget, which determines a target rate for economic growth, in order to be a catalyst for activating the role of the various sectors, and not limiting it to the sector The rentier economy alone, because this matter made it distorted as in its current situation, which confirms the saying of the economist, Mahboob al-Haq: (It is time to turn economic theories upside down as long as economic growth rates do not address the problem of unemployment).
The budget has a very important role in treating or reducing unemployment, the deadly problem that the Iraqi economy and society suffers from, which has become exacerbated by the impact of the crises that Iraq has gone through and political problems, and the role of the budget here is through setting the necessary financial allocations, creating job opportunities for the unemployed, and activating The role of the private sector in order to assimilate the entrants into the labor market with their various specializations,
as well as through the mechanism of deletion and creation in government institutions, and moving from the concept of (appointment), which is in fact burdensome for the state with the evidence of what state institutions suffer, to emphasizing the concept of (employment) in what it means. By encouraging small enterprises that are distinguished by their generation of added value and their active participation in diversifying the national economy
In this field, the private sector is extremely important in supporting the gross domestic product through active participation with the public sector in supporting the economy and creating job opportunities, and without the private sector it is not possible to advance the national economy, and the state should re-characterize the roles and jobs between its public sector and the private sector.
And giving up the central role of the state, the dominating and dominating dictatorial role over the economic movement, and this does not in any way preclude its abandonment of its planning role for the entire movement of life and the economy, which we do not wish the state to abandon, as long as it legislates laws and regulates economic and social life, which It always needs follow-up and guidance away from monopoly and harm to the fragile living standards that remain in need the support.
In this regard, we stress that it is not necessary in order to activate the role of the private sector and give it the role that deserves to be approved in the economy, the adoption of privatization, and then the state randomly and ill-considered abandoning many of its facilities and companies, but rather it is necessary to describe and classify these establishments and companies and study their economic feasibility in light of the changes of today's reality.
And the state’s orientations and its economic philosophy, and addressing some of its affairs such as surplus labor, all of that before placing this issue in the general budget that could have a role in solving some of its problems, after preserving the state’s economic rights and the rights of the employees of these companies.
Among the problems that cast a shadow over the living reality and class disparity in society, the issue of income inequality and support for the poor and low-income class, which can be addressed by the budget through redistributing income between different social groups in different ways, including imposing progressive taxes on high incomes, and increasing Social benefits allocations and reorientation of government support in favor of the social groups that deserve it
It is worth noting here to refer to operational and investment expenditures. In the event of crises, especially financial, and the endeavor to bridge the budget deficit by resorting to borrowing, we find it necessary to adopt austerity budgets that focus in their contents on the necessary expenditures, but in normal circumstances it is necessary.
By focusing on investment expenditures through which many economic problems can be solved. Through it, the reconstruction process takes place, and it has the primary role in implementing important strategic projects in the country that lead to supporting and activating the economy.
There is no economy without infrastructure, and these projects do not deny their role. In addressing the unemployment problem by creating job opportunities and revitalizing the Iraqi market.
From the foregoing, it can be said that the general budget is of great importance, and its objective organization takes into account the country's need for spending without waste or corruption, giving a positive meaning, a message of reassurance for construction and investment, and the importance of collecting public revenues, away from all problems that do not take into account the interest of the economy and society. LINK
Details Of The Joint Five-Year Economic Cooperation Document Between Iraq And Iran
Time: 04/12/2021 09:18:05 Read: 3,822 times {Local: Al Furat News} The official Iranian news agency {IRNA} revealed the details of the joint five-year economic cooperation document between Iran and Iraq.
The Iranian Minister of Cooperation, Labor and Social Welfare, Muhammad Shariatmadari, visited Iraq yesterday to discuss common issues and expand cooperation and relations in areas related to the ministry. During his meeting with his Iraqi counterpart, Adel Al-Rikabi, he signed a joint document for bilateral cooperation.
This joint document, which was drawn up from 2021 to 2026 and signed by the two countries' labor ministers, will work to develop joint cooperation in the fields of technical and vocational education, entrepreneurship, employment, labor relations, social welfare and insurance.
The axes of the five-year document include the holding of a joint committee between the two ministries within the framework of the exchange of delegations or virtually, cooperation in the field of technical and vocational education and the skills system, the development and localization of educational resources and standards for trainers and trainees based on international standards and the needs of the Iraqi labor market.
The document also affirms cooperation and participation in national competitions for skills in the two countries, holding training courses for Iraqi trainers, and exchanging trainers in the required fields. LINK
Al-Sistani's Office Expects The First Days Of Ramadan
Political| 03:50 - 12/04/2021 Baghdad - Mawazine News The office of the religious authority, Ali al-Sistani, expects, on Monday, that the crescent of the month of Ramadan will be visible on Tuesday evening.
The office stated in a statement that Mawazine News received a copy of, that “it is expected that the crescent of the month of Ramadan will be visible on Tuesday evening (30 Shaban 1442 AH) corresponding to (April 13, 2021 AD) in the horizon of the holy city of Najaf at sunset at (6:30 pm) ), And in this case it is expected that the crescent will be clearly visible and raised, and therefore Wednesday (April 14, 2021 AD) will be the first day of the month of Ramadan.
He added, "The crescent will have an altitude of 14 degrees and 16 minutes above the horizon, and the duration of its stay after sunset is (1 hour) and (12 minutes), and the proportion of the illuminated portion of it is (1.70%), as stated in the expectations that “The crescent moon on the night before (the night of Shaban 29) is not expected to be seen with the naked eye.” Ended 29 / h
https://www.mawazin.net/Details.aspx?jimare=149336
Monday: A Slight Increase In The Exchange Rates Of The Dollar In The Local Market
Economie| 10:10 - 12/04/2021 BAGHDAD - Mawazine News The exchange rates of the dollar witnessed, on Monday, a slight increase in the main stock exchange and local markets in the capital, Baghdad.
The exchange rate of the dollar on the Al-Kifah Central Stock Exchange in Baghdad was 147,300 dinars, for each $ 100 denomination paper.
The selling and buying prices of the dollar in the exchange offices and local markets in Baghdad witnessed relatively stable, as the selling price reached 147,750 dinars, for each $ 100 bill, while the purchase prices amounted to 146,750 dinars, for each 100 dollar bill.
On Sunday, the Central Kifah Stock Exchange in the capital, Baghdad, registered 147,200 dinars, for each $ 100 denomination paper. Ended 29 / https://www.mawazin.net/Details.aspx?jimare=149294
Iraq Pledges To Pay Back Iranian Debts Soon
Money and business Economy News – Baghdad Finance Minister Ali Abdul-Amir Allawi pledged to pay Iran the debts owed by Iraq soon.
The Iraqi Minister of Finance, Ali Abdul Amir Allawi, received the Iranian Minister of Cooperation, Labor and Social Welfare, Muhammad Shariatmadari, on Sunday (April 11, 2021) in Baghdad, according to the Iranian IRNA Agency.
Shariatmadari highlighted in this meeting the many common denominators and foundations of good neighborliness between the two countries He stressed Tehran's readiness to share its experiences, especially in areas related to work and social welfare, with Baghdad.
In his turn, the Minister of Finance referred to the "good and valuable experiences" that Iran enjoys in various fields, especially the development and training of human resources. Welcome to benefit from these experiences with the aim of growth, prosperity and advancement of the Iraqi economy.
On the other hand, Allawi referred to the Iraqi debts due in exchange for importing gas and electricity from Iran; He assured that these debts will be paid soon.
In this meeting, the Iranian and Iraqi sides reviewed ways to enhance bilateral cooperation in the field of information exchange, social security and customs, in addition to signing a memorandum of understanding on "avoiding double taxes" between the two countries. Number of observations 150 Date of addendum 04/12/2021 https://economy-news.net/content.php?id=24791
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