Iraqi News Sunday AM 10-31-21
Iraqi News Sunday AM 10-31-21
TLM724 Administrator BondLady’s Corner
Clear Optimism About An Economic Recovery After The Formation Of The New Government
Sunday 31 October 2021 77 Morning: Kazem Al-Hinnawi There is a clear state of optimism among economists and observers in Iraq regarding a significant recovery of the Iraqi economy, thanks to the indicators that herald a new economic start.
After the year 2021 full of developments, which was marked by the start of economic recovery following the crisis of the Corona pandemic, many parties seem optimistic, with expectations of higher growth at the beginning of next year as a result of high oil prices and the increase in the percentage of tourist delegations heading to Iraq.
Expectations indicate an improvement in the growth rate by the end of the current year, reflecting the growth of the added value after providing water for the grain crop, and the increase in the number of workers in this sector.
Some economic observers, whom Al-Sabah met, confirmed that the improvement in the growth rate is also a result of the tangible progress made at the level of the vaccination campaign against the Corona virus, and the fiscal stimulus policy followed, in addition to the trend to facilitate loans in the real estate market.
In turn, the International Monetary Fund expects to record an enhanced recovery of the Iraqi economy thanks to the rise in oil prices, the good performance of the agricultural season and the results of the policies that have been implemented to confront the repercussions of the pandemic.
According to the latest report of the International Monetary Fund on "Regional Economic Prospects", Iraq's performance was average at the level of the vaccination campaign and investment in the future to get out of the crisis more robust, as the region faces chronic structural issues that have become a focus recently with the onset of the pandemic.
The economist, Ali Abu Khamisi, had confirmed in a statement to “Al-Sabah” that the assumptions on which the International Monetary Fund was based, if a new budget law was prepared close to these directives, would be realistic and ambitious expectations, and take into account future developments at the local and international levels.
Adding, there is no doubt that the cloud of the Covid-19 crisis has begun to clear, as indicated by the improvement in the epidemiological situation and the remarkable progress that has been made at the level of the national vaccination campaign, indicating that this depends on imposing the stability of the security situation and settling the pre-political blockage.
A situation that motivates investment companies and workers in all sectors to resume their activities to contribute to raising the economic level, which also depends on the performance of the new government, which will have to move forward with the implementation of various major projects. LINK
Controversial Laws Await The Fifth Parliament
Sunday 31 October 2021 155 Baghdad: Shaima Rashid The fourth parliamentary session completed its tasks and included important and controversial laws that were not voted on despite reading the first and second readings such as the Oil and Gas Law and the Information Crimes Law as well as the Federal Council Law and others, and these laws were automatically moved to the fifth session of the House of Representatives, which will have a new position on these laws either by returning them To the government or vote on it after reading it.
The winning member of the House of Representatives for the fifth parliamentary session, Majid Shankali, told "Al-Sabah": "All laws that were not voted on in the previous session are carried over to the new session, re-read for a first and second reading and discussed, and may be returned to the Council of Ministers to be reformulated."
He explained that "when the legislative term ends, the law that was transferred to the new parliament must be re-read before voting on it, because the laws that came to vote and were not voted on are considered as if they were not read, so they are re-read again, whether by returning them to the Council of Ministers, reformulating them, or reading them in the existing form. Currently, it is discussed and then voted on, and it proceeds as a new bill.”
He added, "If the new parliament is not convinced of the law, it is either returned to the party from which it came, or a draft law is presented parallel to it, and if there is conviction, the law will proceed," noting that "controversial laws such as the oil and gas law, the law of the Federation Council and others have their own status and Parliament will work on study and vote on it.
In turn, a member of the House of Representatives from the previous session, Abbas Al-Atafi, indicated that "these laws will be within the power of the next prime minister or cabinet by withdrawing them from the House of Representatives or giving them importance and priority so that there is a role for the new parliament in legislating and completing them."
Al-Atafi told "Al-Sabah": "The concerned committees in Parliament, which will be formed, will open all these laws and complete the path they ended in the fourth session, vote on and pass them, and this is possible, or they will be re-examined because each parliamentarian has a vision that differs from the other. , but the same laws are prepared by the executive governments, so there will be simple amendments and preparation of workshops in order for them to mature and be voted on.” LINK
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad Today, Sunday, the dollar exchange rates remained stable in the local markets.
The selling prices of the dollar were 148,000 dinars per 100 dollars, while the purchase prices of the dollar were 147,500 dinars per 100 dollars.
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. Views 93 Date Added 10/31/2021 https://economy-news.net/content.php?id=26685
Central: Launching A Strategy That Advances The Reality Of Electronic Payment
Sunday 31 October 2021 93 Baghdad: morning Economists and specialists unanimously agreed on solidifying the banking system in Iraq to be an effective supporter of the economic development process, and at the same time the Central Bank confirmed the imminent launch of a payment strategy, in addition to the stability of the current exchange rate of the Iraqi dinar against the dollar.
This came on the sidelines of the "Miri" conference, which was organized by the Middle East Research Foundation, and dealt in its economic detail with the role of the financial sector in achieving development and standing up to the challenges it faces.
President of the Middle East Foundation d. Dlawer Aladdin said: {Iraq is important to the countries of the region and contributes to achieving balance, which requires maintaining its stability}, indicating {the importance of benefiting from the experiences that despite the epidemic managed to achieve success in its economic sectors.}
As for the Deputy Governor of the Central Bank of Iraq d. Ammar Hamad Khalaf indicated that the Central Bank is heading to launch a strategy for payments aimed at upgrading payment mechanisms to global and shifting from cash to electronic payment in cooperation with specialized international organizations, pointing out that “the citizen is interacting with this trend after the base of beneficiaries expanded from the settlement of salaries, for employees and retirees.
Khalaf said, "There are no trends to change the exchange rate and reduce the value of the national currency, and changing the exchange rate during close periods destroys the economy and has significant negative effects."
And he said, "Since 2015, the Central Bank has provided lending initiatives to reach the real beneficiaries, and during the two years it has loaned 2,000 citizens to purchase housing units."
The Lending Process
As for the head of the Association of Private Banks in Iraq, Wadih Al-Handal, he addressed the reality of the Iraqi economy, describing it as rentierism, and depositing 90% of revenues in government banks, pointing out that “banks cannot lend half of their capital.”
He pointed out that the initiatives of the Central Bank activated the lending process to the beneficiaries of the society groups, especially the youth,” noting that “the youth have orientations that serve the country through pioneering projects that have a positive impact on the economy and can benefit from successful experiences.”
He focused on “the training detail and its role in refining young talents in various disciplines, in addition to paying attention to education, developing its tools and curricula, and stabilizing all its pillars, as well as instilling the spirit of performance as a team to achieve success in the job".
Liquidity Management
The money specialist, Hamila Abdul-Sattar Kurdi, confirmed that “the banking system operates according to the instructions of the Central Bank of Iraq and faces a number of challenges, foremost of which is the lack of public confidence in the banking system, as strengthening the public’s relationship with banks is an important step to raise the capabilities of banks.”
She pointed out that "communicating with the global financial sector represents an important step and creating an advanced banking sector capable of providing the best services to the audience of beneficiaries, pointing to the importance of advancing the reality of financial liquidity management in Iraq".
And she cautioned that «creating a database of the public of borrowers is necessary and enhances the financial services provided to the public». LINK
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