Iraqi News Sunday AM 1-16-22
Iraqi News Sunday AM 1-16-22
TLM724 Administrator BondLady’s Corner
Financial Adviser: The White Paper Is An Economic Constitution That Must Be Respected
Economie Saturday, January 15, 2022 9:39 PM Baghdad/National News Center Today, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified the fate of the 2022 budget and the course of the white paper.
Saleh said in a statement to the official agency affiliated with the "National News Center", that "the white paper is an economic constitution, which respects economic life in the future, it must respect what was stated in the paper."
He pointed out that "the white paper needs an appendix to the policies and for the future on how to implement them. It is a correct and reform path, and for the first time it becomes an understanding and belief that the economy is reformed on the basis of a document that we call the economic constitution."
He ruled out that "the next government will cancel the white paper and reforms and may amend and improve them or add other policies because they were established correctly."
On the fate of the 2022 budget, Salih explained, "The budget awaits the integration of the legislative body and its committees, and I think that the first project that the new Iraqi parliament will study is the budget."
He continued, "The budget is now with the Ministry of Finance and is awaiting the formation of the legislative and executive bodies to send it to Parliament," stressing that "the vision exists and the next government will study it, and the next parliament will set its vision under the constitution."
On the first of last November, the Ministry of Planning revealed the features of the 2022 budget.
The Undersecretary of the Ministry, Maher Hammad, told the official agency, "The general budget for the year 2022 has positive points, including unifying customs fees and working on preparing an investment budget for (3) years and not for one year to ensure the continuity of projects."
He continued, "The budget also included addressing the deficit that might occur if it is approved, by preparing a budget that is not dependent on a large amount of oil, because oil prices are usually variable." https://nnciraq.com/112991/
Specialist: The Necessity Of Discussing The 2022 Budget As The First Law Of The House Of Representatives
Saturday 15 January 2022 10:33 | economic Number of readings: 206 Baghdad / NINA / - The specialist in economic affairs, Durgham Muhammad Ali, called on the new parliament to receive the 2022 budget law as the first draft law to discuss.
Muhammad Ali said in a statement to the National Iraqi News Agency ( NINA ) that "the timing of the first session and the procedures for selecting presidencies and the government should not distract the parliament from the budget law for the year 2022, because the time period for its legislation will be narrow."
He added: "Approving the budget early will allow it to be implemented in its correct form, especially in the investment aspect."
And he stated: "Its delay may lead to its failure to approve it, as happened in the 2020 budget, which was not approved at the time, which will lead to spending without the presence of final accounts, which will impede investment spending and lead to an increase in the possibility of corruption in spending and deprive the oil provinces of petrodollar shares. ./End 8 https://ninanews.com/Website/News/Details?Key=950670
A Slight Decrease In The Exchange Rates Of The Dollar In The Local Markets
Economie| 11:19 - 16/01/2022 Baghdad - Mawazine News The dollar exchange rates recorded, on Sunday, a slight decline in the main stock exchange and local markets in the capital, Baghdad.
The exchange rates of the dollar fell on the Central Kifah Stock Exchange in Baghdad, today, recording 148,100 dinars, for each $100 bill.
The prices of buying and selling the dollar also decreased in exchange companies and local markets in Baghdad, where the selling price amounted to 148,500 dinars, for each denomination of 100 dollars, while the purchase prices amounted to 147,500 dinars, for each paper denominations of 100 dollars. Ended 29/A 4
https://www.mawazin.net/Details.aspx?jimare=181770
The Central Bank’s Stimulus Initiatives For The Economy In 2021 And 2022 Are A Continuation Of The Reform Approach
Samir Al-Nusairi* The Governor of the Central Bank emphasized on a field tour of the strategic and development projects financed by private banks in accordance with the Central Bank’s development and economic stimulus initiatives in 2021.
These initiatives will continue in the current year in order to achieve the central bank’s methodology for economic reform. The bank had previously announced in a specialized symposium held by the Association of Iraqi Private Banks in the presence of the Secretariat of the Council of Ministers, the National Investment Commission, the Insurance Bureau, the Board of Directors of the Central Bank, university professors and representatives of various media about the detailed results achieved from the initiatives Central Bank lending in 2021 and focus on the stimulus and development dimension of the initiatives that achieved the operation of more than 9000 projects and the employment of up to 40,000 unemployed citizens and the implementation of 90% of the one trillion dinars initiative only allocated to private banks, and a trillion new dinars were allocated for the current year and another trillion dinars for renewable energy projects. The total amount of initiatives from 2015 to 2021 is (15) trillion dinars.
Among the most prominent results of the initiative was the achievement of 30% of the cash credit granted to the private sector, 8% of the gross domestic product, and 18.4 of the total actual investment spending for the years (2016-2021), and the percentage of financial inclusion increased to 25%, and it contributed to the financing of important strategic projects and achieved success experiences. It is evident in pioneering small and medium projects with great economic and societal returns.
What matters to us is the success of the Central Bank’s initiatives in 2021, as the strategic measures adopted by the Central Bank within its plan to revitalize the economy to restore confidence in the banking sector, as private banks have proven that they are committed to implementing and succeeding lending initiatives in accordance with the controls, regulations and banking instructions issued by the Central Bank in the governorate. on financial stability. The development of small and medium enterprises and focus on housing projects.
And that the observer and observer of banking affairs in 2021 clearly notes the primary role played by the Central Bank with its executive, supervisory and control measures on the banking market in Iraq, according to what was targeted in its second strategy, which it began to implement since the beginning of 2021.
Assets, deposits, capital and cash credit granted have increased at advanced rates compared to the previous two years, and the competent departments of the Central Bank and the Association of Banks and Banks have worked to proceed according to the programs set to reach the goal, of which the large percentage was achieved, and we hope to achieve the goals set in the stability strategy by 100% in 2022.
What confirms the correctness of the Central Bank’s actions is the increase in foreign cash reserves to more than 64 billion dollars, which is an indicator that confirms its success in maintaining its foreign reserves despite the economic and financial challenges that Iraq has suffered.
In revitalizing the economic cycle, overcoming the state of economic depression and achieving stability, thus restoring confidence in the Iraqi economy and international banking transactions and its commitment to international banking and accounting standards, especially with regard to combating money laundering and terrorist financing. As a stabilization bank for the national economy in 2022, aiming to achieve the following -:
1 - Developing the Iraqi banking system and allowing it to be a lever for the economy and encouraging it to lend to stimulate the economy
2- Converting banks to their main function and real work, which is lending for development.
And that banks that do not provide loans and banking facilities that help in development lose their meaning as banks, which requires a specific stance towards them from the Central Bank.
3- Dealing with defaults in some banks and finding ways to rehabilitate them in accordance with the recent board of directors’ decision and giving them the opportunity and the time period to do so.
4- Seeking to move from the paper currency economy to the digital economy and launching the electronic payment strategy, which is currently under discussion.
Withdrawing the money outside the banking cycle and entering it into the banking system.
Enhancing financial inclusion, launching a financial inclusion strategy, and spreading banking services over the widest geographical area in all governorates. * Advisor to the Association of Iraqi Private Banks
Views 212 Date Added 01/16/2022 https://economy-news.net/content.php?id=27119
The Central Bank Announces An Increase In The Allocations Of Its Initiative To Small And Medium Enterprises
Banks Economy News_Baghdad Today, Sunday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, announced that the Central Bank has increased the amount of its initiative to lend to small and medium enterprises by an amount of one trillion dinars, bringing the total amount allocated for this goal to two trillion dinars.
In a statement received by Al-Iqtisad News, Makheef said, "The central bank's lending initiatives contributed to supporting the industry, agriculture, housing and trade sectors, and came to constitute nearly 30% of the total credit granted to the private sector, and contributed an important percentage to the gross domestic product," noting He pointed out that there are some loans provided by the Central Bank that are granted without interest but in return for an administrative commission only, and that the one trillion dinars initiative has contributed to creating thousands of job opportunities and financing nearly three thousand housing units throughout Iraq, and its implementation rate has exceeded 90%, Which prompted us to increase its amount by an additional trillion dinars.
He added that "the monetary policy tools have greatly contributed to supporting the economy and overcoming the financial crises that occurred in the country.
It is noteworthy that the Central Bank launched multiple lending initiatives, including the initiative to finance small and medium projects and the initiative of large projects amounting to five trillion dinars to finance specialized banks, as well as three trillion dinars to support the real estate sector, and finally the clean energy initiative in the amount of one trillion dinars, bringing the total amounts allocated to development initiatives more of fifteen trillion Iraqi dinars.
Views 198 Date Added 01/16/2022 https://economy-news.net/content.php?id=27120
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