Iraqi News Monday AM 9-27-21
Iraqi News Monday AM 9-27-21
TLM724 Administrator BondLady’s Corner
Achieving Stability Is An Urgent Necessity To Attract Investment
Monday 27 September 2021 112 Baghdad: Imad of the emirate Foreign capital moves according to the determinants of political and economic stability for countries that request investment, so achieving workers has become a necessity at the current stage, in addition to the existence of laws that guarantee the process of supporting stability through law enforcement and the reduction of corruption, which would achieve healthy heights in the investment environment to accelerate the flow of Foreign direct investment into the country.
Academic Dr. Abdul Karim Al-Issawi told Al-Sabah Al-Eqtisadi: “Iraq has tried to create an appropriate investment environment in efforts to overcome the difficulties of entering foreign direct investment into the economic sectors, and the political determinant in Iraq is an influential factor in directing the movement of foreign direct investment, given that the state is not Politically stable are not encouraged to enter those investments.”
He added, "Successive governments in the country have sought to achieve political stability and a peaceful exchange of power in the Iraqi state, and their attempt to control ethnic and religious conflicts with the expansion of the concept of freedom and democracy that the citizen enjoys, with the development of economic and commercial relations and the degree of integration of Iraq with its regional and international surroundings, all of which are Encouraging factors for the entry of foreign investments for the country.”
Economic determinants
Al-Issawi stated: “There are economic determinants related to the monetary, financial and accounting policies in the host country for investment, and among the most prominent determinants are the natural resources of the host country, and if we take Iraq, it possesses an enormous wealth of oil, sulfur and iron. And phosphates.
And he stated: “The reserve volume of the oil wealth is {115} billion barrels, with a production life of 130 years, and the costs of producing one barrel are approximately 1 to 2 dollars, and these are natural factors that are very stimulating to the entry of foreign investments. direct.”
Infrastructure
For his part, the expert in economic affairs, Dr. Shawkat Al-Talqani, stated that “the important determinants of entering foreign direct investment are the strength of commitment and implementation of laws, as well as infrastructure, including directed production capacity or the provision of services to increase the state’s production capacity, such as machinery and equipment, paving roads, bridges, airports and utilities. Public and public buildings, in addition to all additions to existing assets and repairs that have been made on her".
Al-Talqani continued, “Stability plays an important role in employing abundance and scarcity to the elements of production, labor and capital in particular, in attracting foreign direct investment appropriate to the economy, which contributes to the redistribution of income among the owners of these elements, and thus increase the social welfare of its people.” LINK
Mazhar Saleh Praises The Initiative Of The Central Bank To Use Solar Energy
Monday 27 September 2021 271 Baghdad: Shaima Rashid The economic advisor to the Prime Minister, Mazhar Muhammad Salih, praised the Central Bank's initiative to support clean energy, considering this step as a progressive project that reduces the waste of money spent on the electricity sector.
Saleh said in a statement to “Al-Sabah”: The policies of the central banks in the world witnessed changes after the global recession in 2008 and its continuation to the “Covid-19” pandemic, noting that the damage to the world’s economies prompted most banks to go to support the activities of development".
He added: that one of the big problems in Iraq is the electric power, which drained more than 120 billion dollars, indicating that the process of securing energy is still faltering due to mismanagement and waste.
He explained that the population of Iraq is increasing and the demand for electricity is increasing doubly so entering clean energy needed an initiative, noting that the Central Bank had taken this important step by providing financing to companies producing solar energy units, which would contribute to securing that energy for isolated villages and buildings.
The Central Bank had set an interest of no more than 1% for granting loans to purchase solar energy systems, stressing that “the year 2022 will witness a qualitative and clear shift in changing the behavior of the Iraqi individual in the use of renewable energy and solar energy not only at the level of state institutions, but also It will also include homes and even residential complexes with soft loans and all industrial activities agricultural, and others. LINK
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad The exchange rates of the US dollar against the Iraqi dinar decreased slightly today, Monday, in the main stock exchange in the capital, Baghdad, while it stabilized in the exchange shops and markets.
Al-Kifah and Al-Harithiya Central Stock Exchanges in Baghdad recorded this morning 147,200 Iraqi dinars against 100 US dollars, after they registered yesterday morning 147,250 Iraqi dinars against 100 US dollars.
Buying and selling prices have stabilized in money exchange shops in the local markets in Baghdad, where the selling price is 147.750 Iraqi dinars per 100 US dollars, while buying prices amounted to 146.750 Iraqi dinars per 100 US dollars. Views 60 Date Added 09/27/2021
https://economy-news.net/content.php?id=26431
Exchange Rate
Monday 27 September 2021 177 Mustafa Mohamed Ibrahim There is talk at the present time, whether in the academic, professional or market circles, that the exchange rate will return to what it was, i.e. to 1200 dinars per dollar, after the end of the elections period or after the approval of the budget for the year 2022 by the next Legislative Council (Parliament) However, these propaganda have two impacts on the economic situation in the country.
First, the citizen will be greatly affected when this news is promoted through his income and how his money will be used in the future, so waiting is the decision taken by the government.
The second is the economic stagnation that occurs in the market as a result of news like this, the goals of which are known to most citizens, especially about two weeks away from holding the parliamentary elections, after which the issue of the exchange rate is closed in a manner Final.
The budget for the year 2022, which is in the corridors of the Ministry of Finance, initially, so far, confirms that the exchange rate is 1450 dinars per dollar, which indicates that there is complete independence of monetary policy, which means that monetary policy continues to achieve its development goals to control the market, and that any amendment In the exchange rate again and in a close time, it will lead to an unfavorable economic situation its aftermath.
Despite all this, pressure continues on the Central Bank of Iraq and continues to bear public financial lapses, and this builds on the continuation of the economic crises of this country, which has not stabilized and improved economically since a year 2003.
The first objective of monetary policy is to achieve exchange rate stability, and this is what monetary policy achieved during the previous and current periods, in order to stabilize the market and maximize foreign reserves, so monetary policy turned to development goals through the housing initiative and support the health sector in light of the global epidemic as well as supporting developments and technologies Electronic banking work through the financial inclusion program, as well as financial and banking services provided to the customer to complete financial transactions as soon as possible Maybe.
In conclusion, the only determinant and controller of the exchange rate remains monetary policy, because it is the supreme goal of the Central Bank of Iraq, which achieves price stability in the market. Personal, and does not want to reform the economic situation in the future, which is awaited by future generations, in an economically prosperous Iraq that achieves sustainable development goals through the modern banking industry and keeps pace with global technological developments that characterize international banks.
https://alsabaah.iq/55099/%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D8%B5%D8%B1%D9%81
Suspension Of Trading In The Stock Market For One Day
Stock market. "Economy News" Market Economy News – Baghdad The Iraqi Stock Exchange (the Stock Exchange) announced, on Monday, the suspension of its activity for a period of one day only.
The market administration said in a statement seen by "Economy News", that "based on the decision of the Council of Ministers to declare an official holiday tomorrow, Tuesday, due to the presence of a religious occasion, the market will not organize trading sessions for tomorrow."
And she added, "The practice of activity will resume after the official holiday and starting next Wednesday, according to its official timings."
Views 606 Date Added 09/27/2021 https://economy-news.net/content.php?id=26436
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