Iraqi News Sunday AM 5-30-21
Iraqi News Sunday AM 5-30-21
TLM724 Administrator BondLady’s Corner
Parliamentary Finance Reveals The Reason For The High Exchange Rate Of The Dollar In Iraq
Economy Sunday 30 May 2021 | 01:08 PM| Views: 302 On Sunday (May 30, 2021) the Parliamentary Finance Committee revealed the reason for the high exchange rate of the dollar against the Iraqi dinar in banking .
Committee member Jamal Cougar said, "This increase is normal, because the Ministry of Finance sells dollars to the Central Bank of Iraq for (1450), and the Central Bank sells to (42) banks by adding (10) numbers, and these banks sell to local banks also with an addition of (10) ) Numbers, and then the circulation between the citizen and the local exchange, adding some numbers to them, and for this we find that the increase is normal .
Cougar believed that "the great fear of a large rise in the exchange rates of the dollar against the Iraqi dinar is not true, and it is very unlikely, especially since there is control by the competent government agencies over the exchange rate in the Iraqi market, and therefore there is no fear of any major rise in the Dollar exchange rates . "
It is noteworthy that the exchange rates of the dollar have increased slightly during the past days, approaching 150 thousand dinars per 100 US dollars, although the Central Bank of Iraq has identified 11450 dinars per dollar, or 145 thousand dinars per 100 dollars. https://aynaliraqnews.com/index.php?aa=news&id22=147997
Baghdad And Erbil Are Discussing Three Files, The Most Important Of Which Is The Application Of Customs Tariffs
Sunday, May 30, 2021 2:48 PM Baghdad / National News Center Today, Sunday, Baghdad and Erbil discussed three files, the most important of which is the application of customs tariffs.
A statement by the Ministry of Agriculture, received by the National News Center, stated that its Minister, “Muhammad al-Khafaji, met today, during his visit to Erbil, the President of the Kurdistan Regional Government, Masrour Barzani, in the presence of a number of officials in the region.”
The statement added, "Al-Khafaji discussed the outstanding issues with the region, and how to control border crossings to reduce smuggling and apply the single customs tariff, and the need for the region to adhere to the agricultural calendar, to protect the local product and support the national economy in the country." https://nnciraq.com/66982/
Parliamentary Energy By / NINA /: For These Reasons, The Vote On Amending The National Oil Company Law Was Postponed
Sunday 30, May 2021 16:42 | Economical Views: 110 Baghdad ( NINA ) - The Parliamentary Oil and Energy Committee disclosed the justifications for withdrawing the first amendment bill to the Iraqi National Oil Company, which was included for a vote on the agenda of the parliament session yesterday, Saturday.
A member of the committee, Representative Ghaleb Muhammad Ali, said in a statement to the Iraqi National News Agency / NINA /: “The draft law was withdrawn due to the presence of technical notes submitted by the Office of Financial Supervision, and other proposals adopted by some representatives regarding the mechanism for forming the company's board of directors and managing its financial revenues and its financing fund. Until "most of the new observations and proposals are non-political technical issues."
He added that "the new draft amendment will be passed during the current week’s sessions after reformulating the amendments to the seven articles in the draft law," noting that "the parliamentary committee will meet next Wednesday with the oversight body at the Ministry of Oil and representatives of the Financial Supervision Bureau to agree to pass the law."
It was decided that the House of Representatives would vote in its session yesterday, Saturday, on the draft law of the first amendment to the Iraqi National Oil Company Law No. (4) of 2018./5 End
https://ninanews.com/Website/News/Details?Key=907125
Deputy: The Articles Of The Contested Budget Law Have Nothing To Do With The Share Of The Kurdistan Region
Money and business Economy News – Baghdad A member of the Finance Committee in the House of Representatives, Sherwan Mirza, announced that the articles of the federal budget law that the federal government challenged have nothing to do with the Kurdistan region’s share of the budget, indicating that the federal government can implement the law, "but that requires a visit by a technical delegation from Erbil to Baghdad." .
Mirza said, "The Iraqi government has problems with the law, and has challenged ten articles of it while awaiting a decision on these appeals, and the contested articles have nothing to do with the share of the Kurdistan region, so Article 11 is not among them. But there is a need for a technical delegation from the Kurdistan Regional Government." He visited Baghdad and met with the prime minister and the technical delegation of the Iraqi government and decided on the method of implementing Article 11, "according to Rudaw.
On May 9, 2021, Prime Minister Mustafa Al-Kazemi announced that there is a committee working to disburse the Kurdistan Region’s share from the federal budget and said: “The agreement on the draft budget law was very good, and Article 11 of it was good.” The Kurdistan Region declared its readiness to implement its obligations and commitment. By law.
Shirwan Mirza, a member of Parliamentary Finance, said: “It is true that Iraq has not spent the Kurdistan Region’s share yet, but the Budget Law has entered into force, and it has no political or legal problems in front of it. ".
The Kurdistan Region needs 895 billion dinars to secure the salaries of salary recipients, which means that salary coverage needs 10.74 trillion dinars annually.
Mirza pointed out that appealing to other articles of the Federal Budget Law does not legally prevent the implementation of the rest of the law’s articles, and it is natural for the government to challenge the law and continue its implementation until the Federal Court’s decision in the appeal case is issued, so there are no problems preventing the implementation of the law.
Regarding whether there are political problems between Baghdad and Erbil that hinder the implementation of Article 11 of the Iraqi Federal Budget Law for the year 2021, Mirza said: “We in Baghdad do not see that there is a political problem between Iraq and the Kurdistan region, so that the implementation of this article is used as a pressure card. Only laziness on the part of the Iraqi government. The Kurdistan Regional Government must insist on resolving this issue quickly, because it has a relationship with the sustenance of the citizens of the Kurdistan region. "
Under Article 11 of the Iraqi Federal Budget Law for the year 2021, the Kurdistan Region must produce from its fields 460 thousand barrels of oil per day, and after deducting the expenses of extraction and transportation and the quantities necessary to meet the local need, it must deliver 250 thousand barrels of oil per day at the price of the SOMO company to the federal government . The Kurdistan Region should also hand over 50% of its non-oil revenues to the federal government. Then Baghdad will spend the Kurdistan Region’s share of the budget.
Number of observations 191 Date of addendum 05/30/2021
https://economy-news.net/content.php?id=25228
Parliamentary Integrity: SOMO Wasted $ 140 Million In One Contract
Energy Economy News – Baghdad A member of the Parliamentary Integrity Committee, Youssef Al-Kalabi, said that the Parliamentary Integrity Committee had proven a waste of $ 140 million by SOMO in one of the contracts.
Al-Kalabi added, during his intervention in the parliament session, which was seen by "Al-Eqtisad News", that the committee handed over the files of this contract to the Minister of Oil, Ihssan Abdul-Jabbar, who confirmed that he would withdraw the hand of the General Manager of SOMO, stressing that the committee wanted to host the oil minister around the Mansouriya field And the pipeline to export oil to the port of Aqaba.
He noted that government figures during the period before the Eid and until now, conduct corruption deals, calling on the House of Representatives to stop this corruption.
Number of observations 164 Date added 05/30/2021 https://economy-news.net/content.php?id=25227
The Saudi Fund For Development Grants A 5-Year Financing Line For The National Bank Of Iraq
Banks Economy News _ Baghdad The Saudi Fund for Development signed a revolving financing line agreement worth 10 million dollars with the Iraqi National Bank of the Capital Bank Group for a period of 5 years, in the Jordanian capital, Amman.
The agreement was signed by Sultan bin Abdul Rahman Al Morshed, CEO of the Saudi Fund for Development, and Chairman of the Capital Bank Group in the name of Khalil Al Salem, in the presence of a number of senior employees from both sides. For the Central Bank of Iraq.
Under the agreement, the Saudi Fund for Development will grant the National Bank of Iraq a revolving financing line of $ 10 million to import various goods and services of Saudi origin for the benefit of the bank’s clients from companies importing these goods and services, with a financing rate of 100% of their value, and a payment period of up to 36 months depending on the type of imports and the nature of the operation.
Following the signing of the agreement, the Chairman of the Capital Bank Group, Basem Khalil Al-Salem, expressed his appreciation for the efforts made by the Saudi Fund for Development by supporting and financing development projects in Iraq and stimulating trade relations between the two brotherly countries, noting that the role of the fund reflects the historical orientations of the Kingdom of Saudi Arabia and its continuous support. To march joint Arab action and contribute to achieving Arab economic integration.
Al-Salem added, "This agreement will undoubtedly contribute to increasing trade exchange between Iraq and Saudi Arabia by providing credit facilities to importers to import Saudi products and services of high quality at competitive prices to the Iraqi market." Stimulating the financial and commercial sectors.
For his part, the CEO of the Saudi Fund for Development, Sultan bin Abdul Rahman Al-Morshed, affirmed that this agreement confirms the brotherhood bonds between the Kingdom of Saudi Arabia and the Republic of Iraq and a desire to enhance cooperation between them in various fields.
This agreement is part of what has been allocated by the Kingdom's government to support the reconstruction and development in Iraq, which exceeds an amount of (1.5) billion US dollars. It is also consistent with the objectives of the fund to diversify sources of national income and increase the volume of non-oil exports of goods and services of Saudi origin, indicating that The agreement will open new markets for Saudi producers to promote their high quality and competitive goods and products.Number of observations 156 Date of addendum 05/30/2021
https://economy-news.net/content.php?id=25230
Dollar Exchange Rates In The Local Market Today
Market Economy News _ Baghdad "Economy News" publishes the exchange rates of the dollar in local markets on Sunday (May 30, 2021). Baghdad - Al-Kifah Stock Exchange 149,150 The price is in the exchange 148,500 149,500
Number of observations 60 Date of addendum 5/30/2021
https://economy-news.net/content.php?id=25222
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