Iraqi News Thursday AM 6-3-21
Iraqi News Thursday AM 6-3-21
TLM724 Administrator BondLady’s Corner
Mafias Of Traders Manipulate The Exchange Rates Of The Dollar In Order To Increase Goods In The Markets
Section : file and analysis Baghdad / Obelisk: The Parliamentary Committee on Economy and Investment revealed, on Wednesday, June 2, 2021, the reasons for the high exchange rate of the dollar against the Iraqi dinar in the markets, during the current period.
Committee member, Nada Shaker Jawdat, told "The Obelisk" that the high exchange rates of the dollar against the Iraqi dinar in the markets, due to the lack of strict and strict government control, towards those who manipulate the exchange rates among the influential bank owners, especially since most of them belong to influential parties and personalities. .
Jawdat indicated that there are mafias in the market as well that manipulate the prices of the extravagant dollar of greedy traders, and this is all in order to raise the prices of foodstuffs and others. government, and for this we find the dollar is rising day after day.
A member of the Parliamentary Economy and Investment Committee warned that the continued lack of government oversight means the continued rise in the dollar exchange rates against the Iraqi dinar, and this matter will cause new humanitarian and economic disasters for citizens, those with limited income or the unemployed.
The Central Bank of Iraq decided to raise the price of selling the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration of oil prices.
According to the estimates of the International Monetary Fund in its latest study, the boil in the dollar price often coincides with the beginning of a crisis in emerging economies.
The dollar price index rose to more than 98 points, an increase of more than 20 percent from what it was a year ago.
The Council Of Ministers Issues A Number Of Decisions To Implement The Commitments Contained In The 2021 Budget
Political Thursday 3 June 2021 | 02:43 PM| Number of readings: 101 The Council of Ministers issued a number of decisions regarding the implementation of the obligations set forth in the Federal General Budget Law for Iraq for the fiscal year 2021 .
According to a statement by the General Secretariat of the Council of Ministers; That the Council decided to form a committee of representatives of the Ministries of Finance and Planning, and the Federal Public Service Council, to agree on starting procedures for disengaging and restructuring departments and sections in ministries and entities not affiliated with a ministry that exercise, under its laws, tasks identical or similar to the tasks stipulated in the Federal Public Service Council Law. 4 of 2009) amended; To activate the role of the Council in the public service file, based on the provisions of Article (12/Second/B) of the Federal General Budget Law of the Republic of Iraq for the fiscal year/2021 .
The statement added; It was also decided that the ministries of (Finance and Trade) would automate the tax and customs system and import licenses, link all taxable units and customs with an electronic system, and collect customs duties for imported goods on the basis of what was sold in foreign currency through the currency sale window and documentary credits to importers of goods, provided that the differences are settled after Entry of imported and audited goods from the concerned authorities, based on the provisions of Article (16/4) of the Federal General Budget Law of the Republic of Iraq for the fiscal year 2021 .
He added that the decision stipulated that the Ministry of Finance allocate an additional amount of (500) billion dinars to support the ration card allocations and improve its vocabulary and provide it throughout the year, based on the provisions of Article (50 / b) of the General Budget Law / 2021 .
He pointed out that the decision adds to activating the work of the General Authority to monitor the allocation of federal revenues stipulated in Article (106) of the Constitution and approved in Law (55 of 2017) and entrusting the task of chairing the aforementioned authority to the Minister of State (Hiyam Nemat Mahmoud), based on the provisions of Article ( 54) of the General Budget Law/2021 .
on the other hand; The Council decided that the relevant authorities should prepare programs responsive to gender and women’s empowerment, based on the provisions of Article (28/sixth) of the General Budget Law for the fiscal year 2021, according to the statement .
He pointed out that the Ministry of Oil is responsible for providing the appropriate study on reviewing all oil contracts (signed with foreign companies for the exploration and transportation of oil and gas) throughout Iraq and in line with the principles of the constitution, based on the provisions of Article (56 / second) of the Federal General Budget Law for the fiscal year. / 2021, while the Ministry of Agriculture presents a study on the payment of compensation to farmers due to floods in Maysan governorate for the year 2018 and Abu Ghraib district for the year 2014, based on the provisions of Article (68-c) of the Federal Budget Law of the Republic of Iraq for the fiscal year 2021
Regarding job grades, the Council decided that the relevant authorities should take appropriate measures to create job grades, in accordance with the paragraphs approved in the general budget, provided that the concerned authorities bear the costs of implementing them from their allocations approved in the budget law, based on the provisions of Article (61) of the Federal General Budget Law for the year. Finance/2021, according to the statement.
https://aynaliraqnews.com/index.php?aa=news&id22=148179
Al-Kazemi And Talabani Confirm Commitment To The Budget’s Provisions
Prime Minister Mustafa Al-Kazemi and regional president Masrour Barzani Money and business Economy News – Baghdad Prime Minister Mustafa Al-Kazemi and Deputy Prime Minister of the Kurdistan Regional Government Qubad Talabani affirmed commitment to the terms of the financial budget for the current year, and solving the outstanding problems between Baghdad and Erbil.
Talabani said in a statement seen by "Al-Iqtisad News", "I discussed with Iraqi Prime Minister Mustafa Al-Kazemi the latest developments regarding relations between the Kurdistan Regional Government and the federal government, especially the mechanism for implementing the 2021 budget and ensuring the region's financial dues."
He added, "We reaffirmed our commitment to the budget law in order to solve outstanding problems in accordance with the constitution and the law to build a sustainable and long-term understanding."
A Kurdish delegation headed by the Vice President of the Kurdistan Regional Government, Qubad Talabani, is currently visiting Baghdad to meet officials in the federal government regarding the outstanding issues between the two parties. Views 150 Date added 06/03/2021
https://economy-news.net/content.php?id=25282
Central Bank Initiatives To Revitalize The National Economy And Support Citizens
Articles Samir Al-Nusairi* Indicators and official data indicate the success of the Central Bank’s economic and lending initiatives, which are a number of reform measures planned and put into practice by the Central Bank, which were accompanied by the decision to reduce the exchange rate of the dinar with the aim of alleviating the burdens that citizens with low incomes are expected to suffer and for the purpose of creating monetary balance in the market Trading and facing the repercussions that can occur as a general situation facing countries that reduce the exchange rate of their local currency and investing in positive cases to strengthen the financial position of the government, reduce the budget deficit and overcome the causes of internal and external borrowing, in addition to protecting and supporting the local product. Governmental and private banks have contributed to the implementation of the aforementioned Central Bank initiatives in the above.
The important question is what is the role of banks in implementing the plans of the Central Bank in supporting the national economy? And what do you actually check?
Despite the complex and accumulated suffocating financial crises due to the fall in oil prices and the decline in revenues from it by more than 70%, the spread of the Corona pandemic and the comprehensive and partial health urbanization imposed locally during the years 2020 and 2021, our banks continued to work and implemented the Central Bank’s instructions to continue providing banking services and products to individuals and companies and granting grants to individuals and companies. Loans to finance small, medium, housing and large projects, and interacted greatly with the Central Bank's lending initiatives to stimulate and stimulate the economy.
As 9,000 small and medium projects were funded, up to 17,000 unemployed people were financed, and 443 billion dinars were spent from the one trillion dinars initiative, while continuing to grant employees and citizens a loan, the recent Central Bank initiative of 15 million dinars, without interest and without a sponsor, in addition to the continuation of specialized government banks to lend to industrial projects.
The agricultural and housing sector is part of the five trillion dinars initiative, which constitutes an advanced lending rate, especially housing loans, with reference to the role of the central bank and banks in supporting the national economy in crises. It achieved a growth of about 44% in the new opened accounts, and the number of accounts reached (4.Cool million.
It also implemented the Central Bank’s strategy with regard to developing electronic payment systems and moving to the cashless society. The number of ATMs operating in our banks reached about (1170) tellers and points of sale with up to (4) thousand points of sale, and the number of activated bank cards reached about (11) million cards and activated electronic wallets with limits (3) One million and (500) thousand portfolios.
The other important aspect that our banks have done and played an active role in implementing is the commitment to international rules and standards for compliance, anti-money laundering, financial reporting and risk management.
Emphasizing that the results of the business of government and private banks, according to official data for the year 2020, have made progress compared to 2019 in cash credit by 19%, deposits by 4%, capital by 6%, and total assets by 2%.
*Economic and banking consultant Views 132 Date Added 06/03/2021
https://economy-news.net/content.php?id=25278
Parliamentary Finance: The State’s Resources Are Inconsistent With Its Expenditures, And The Difference In Oil Prices Will Be Used For Three Things
Money and business Economy News _ Baghdad Member of the Parliamentary Finance Committee, Representative Jamal Kougar, confirmed, on Thursday, that the state's resources are not in line with its expenditures, indicating that the increase in oil prices will be used in three matters.
Cougar said in a press interview, "The state's resources are not in line with its expenditures, and therefore oil prices so far are normal and there is no significant increase in them," noting that "setting the price of a barrel of oil in the budget by $45 is considered the net of these expenses that we receive, considering The cost of extracting oil is between 15 and 17 dollars per barrel, in addition to the price determined in the budget."
Cougar added that "Iraq has debts, as it borrowed internally and externally during the past years, and it also has obligations, so it needs large liquidity, and therefore this increase in oil prices is not sufficient to meet part of the state's need despite reducing the budget and making it a budget similar to the emergency budget."
Cougar pointed out, "If oil prices rise significantly, we will have several areas that we can benefit from. Either we go to a supplementary budget or adjust the bank reserve because it was 82 billion dollars, it fell to 56 billion dollars, now it began to rise to 65 billion dollars, and therefore We are trying to restore it to what it was, or we go to repay the debts owed by the state, including loans from Iranian companies, contractors' dues, and foreign loans."
Views 81 Date Added 06/03/2021 https://economy-news.net/content.php?id=25287
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