Iraqi News Tuesday AM 9-7-21
Iraqi News Tuesday AM 9-7-21
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Parliamentary Finance Calls For A Review Of The Exchange Rate: All The Justifications For Raising The Dollar Have Not Been Met
Posted On 2021-09-08 By Sotaliraq Baghdad/ Firas Adnan The Finance Committee in the House of Representatives says that all the justifications for changing the exchange rate of the dollar compared to the Iraqi dinar have not been achieved, denying the existence of a decrease in the sales of the Central Bank so far, stressing the continued flow of hard currency out of Iraq.
The committee stated that considering the decision is premature and will be with the draft budget law for the next year, which is still in the custody of the government, and talked about the parliament’s having the authority to intervene and address the severe economic effects it left on the simple citizen, by reconsidering or amending it.
Committee member Naji Al-Saidi said, in a statement to Al-Mada, that "the proposal to set the dollar exchange rate is a governmental and executive matter, before it falls within the competence of the House of Representatives."
Al-Saidi, a representative of the Sairoon bloc, added, “An article in the budget laws that comes from the government in the form of a project, in which the exchange rate is set, and is discussed with the rest of the budget items in the House of Representatives.”
He pointed out, "Knowing the total government revenues is done in light of determining the price of the dollar compared to the Iraqi dinar, and setting an appropriate price for a barrel of oil, and here the parameters of the budget will become clear to us in terms of revenues, expenditures and the amount of the planned deficit."
And Al-Saidi, "The Finance Committee in the House of Representatives has not yet received the draft budget law for the next year, and we do not know anything officially about the price of the dollar."
And while he saw that “talking about setting a new price or maintaining what it is currently is, it is still premature.” next.”
Al-Saidi denied that "the main and only reason behind changing the exchange rate is to cover the budget deficit as it is promoted in the media."
The member of the Finance Committee explained, "The goal was much further than that, and in light of this, the so-called white paper related to reforming the economic and financial system in Iraq was issued."
Al-Saidi finds, "None of the objectives of raising the exchange rate has not been achieved, whether at the financial level related to the deficit, or the monetary related to reducing the sale of reserves of hard currency, in addition to achieving development," stressing that "all these justifications have no effect on the ground." Reality".
And he added, "The House of Representatives, whether it is in the current or subsequent session, has the right to exercise its constitutional powers and amend the dollar exchange rate and return it to what it was in the past, especially with the absence of its justifications."
Al-Saidi went on to say that “the functions of the House of Representatives regarding the budget are clear and defined by Article 62 of the constitution, which is reducing the total amounts or transfers between chapters, and changing the exchange rate if it comes within these two frameworks, then it is considered a project, whether by amending the government’s orientation or returning to what it was in the past.” .
And Finance Minister Ali Abdel Amir Allawi had stated in a dialogue session last month, with a number of journalists and media professionals, attended by (Al-Mada), that “the exchange rate of the dollar against the Iraqi dinar will not change in the next budget, as it reflects many issues and raises it to the benefit of some economic sectors.” “.
Another committee member, Abdel Hadi Al-Saadawi, agreed with Al-Saeedi, that “changing the dollar exchange rate did not achieve any of the goals that the government promised.”
Al-Saadawi, a representative of the State of Law coalition, added, in a statement to (Al-Mada), that "the government had promised that it would encourage the national product and provide job opportunities for the unemployed."
He regrets that “all those promises were not implemented. On the contrary, the decision contributed to increasing the burdens on the citizen, especially the poor and middle classes.”
Al-Saadawi finds that “talking about providing funds to the government as a result of this decision is scientifically inaccurate, as it contributed to obtaining sums temporarily and not permanently.”
He noted, "This comes at a time when the Central Bank continues to operate through the currency sale window in an unthought manner, and this contributed to the exit of large quantities of hard currency abroad."
Al-Saadawi added, noting "the importance of reconsidering these decisions in the next budget, and that they meet the aspirations of the Iraqi street, and do not contribute to increasing the burdens on it."
And he spoke, “It is not possible to complete the discussion of the budget during the remainder of the parliament’s life, and its legislation will be postponed until next year due to the approaching date of the elections.”
Al-Saadawi concluded, “The need to resort to other available resources to secure important revenues for the state away from pressure on the citizen, and at the forefront of those revenues are the revenues of border crossings, customs and fees.”
The budget for the current year had raised the dollar's exchange to 1450 dinars, but this price did not remain fixed, but witnessed a change in the market, sometimes reaching 1490 dinars or a little less. LINK
Deputy Secretary-General Of The Council Of Ministers Discusses With The World Bank The Indicator Of Improving The Business Environment
Economie| 10:44 - 07/09/2021 Baghdad - Mawazine News Deputy Secretary-General of the Council of Ministers, Farhad Nematullah Hussein, discussed with representatives of the World Bank in Iraq indicators of improving the business environment.
A statement by the General Secretariat of the Council of Ministers, received by Mawazine News, stated that "the Deputy Secretary-General of the Council of Ministers, Farhad Nematullah Hussein, chaired the second periodic meeting of the Diwaniyah Order Committee (52 for the year 2021), which is concerned with following up on reforms and addressing indicators for evaluating the business environment in Iraq that were reported by the World Bank.
In his annual report, by improving the regulatory environment for the private sector and its workers, as one of the basic items in achieving economic growth and motivating young people to engage in the local labor market and shift towards the private sector.
The representative of the World Bank indicated, according to the statement, that "the Bank is a key partner in supporting Iraq's aspirations to improve the business environment and implement strategic plans and programs to achieve economic growth, in implementation of Iraq's commitment to the terms of the white paper approved by the government earlier in this regard."
He added, "The meeting, which was held in the building of the General Secretariat of the Council of Ministers, dealt with the annual assessment prepared by the World Bank on doing business according to the axes (obtaining credit, settling price cases, enforcing government contracts, and protecting investors with the lowest percentage)."
It is reported that the matter committee Al-Diwani (52 for the year 2021) includes in its membership representatives of the relevant authorities from the Supreme Judicial Council and the State, and the ministries (Foreign Affairs, Commerce, Higher Education and Scientific Research, as well as the Central Bank of Iraq). https://www.mawazin.net/Details.aspx?jimare=166607
The Cabinet Secretariat Is Discussing With The World Bank An Indicator To Improve The Business Environment Inside Iraq
Tuesday 07, September 2021 22:38 | Economic Number of readings: 47 Baghdad / NINA / - Deputy Secretary-General of the Council of Ministers, Farhad Nematullah Hussein, discussed with representatives of the World Bank in Iraq indicators of improving the business environment.
This came while presiding over the second periodic meeting of the Diwaniyah Order Committee (52 for the year 2021) concerned with following up reforms and addressing indicators for evaluating the business environment in Iraq that the World Bank mentioned in its annual report through improving the regulatory environment for the private sector and its workers, as one of the basic items in achieving economic growth Encouraging young people to engage in the local labor market and shift towards the private sector.
The representative of the World Bank indicated, according to a statement by the General Secretariat of the Council of Ministers, that the Bank is a key partner in supporting Iraq's aspirations; To improve the business environment and implement strategic plans and programs to achieve economic growth, in implementation of Iraq's commitment to the terms of the White Paper approved by the government earlier in this regard.
It is noteworthy that the Diwani Order Committee (52 for the year 2021) includes in its membership representatives of the relevant authorities from the Supreme Judicial Council and the State, and the ministries (Foreign Affairs, Trade, Higher Education and Scientific Research, as well as the Central Bank of Iraq). / End 8 https://ninanews.com/Website/News/Details?key=926038
Mazhar Muhammad Salih To / Nina /: Diversification Of Revenue Sources Is Linked To Strengthening The Institutions Of The Financial System
Tuesday 07, September 2021 10:03 | Economic Number of readings: 373 Baghdad / NINA / - The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that: Diversification of revenue sources is linked to strengthening the institutions of the state's financial system.
He told the National Iraqi News Agency ( NINA ) that: The desire to diversify other non-oil revenue sources is linked to strengthening the institutions of the financial system and modernizing their accounting, control and administrative information tools.
Saleh added that: The Public Financial Corporation seeks, within the scope of its strategy, to adopt global standard procedures based on building coherent bases for financial information and developing its network between spending or exchange units, as well as with collection and revenue units.
He explained that: there is a time path that must be crossed during the next few years to reach a very acceptable stage of developing the movement of government revenues and the flow of resources to the public budget in a transparent and coherent manner. https://ninanews.com/Website/News/Details?key=925886
Last August, The Central Bank Sold More Than 4 Billion Dollars
Economie| 02:21 - 07/09/2021 Baghdad - Mawazine News The central bank's dollar sales during the month of August amounted to more than four billion dollars.
Data of a specialized center followed by Mawazine News stated, "The Central Bank sold 4 billion and 713 million and 204 thousand dollars during last August in its auction to buy and sell foreign currencies, at a rate of 224 million and 438 thousand and 290 dollars," noting that "most of these sales are I went in the form of remittances abroad to finance foreign trade."
The data indicated that "the selling price of the amounts transferred to bank accounts abroad and the cash was 1460 dinars per one dollar." https://www.mawazin.net/Details.aspx?jimare=166538
Dollar Exchange Rates In Local Markets Today
Market Economy News_Baghdad The dollar exchange rates are still stable in the local markets.
And the selling prices of the dollar recorded today, Tuesday, 147,500 dinars per 100 dollars, while the purchase prices of the dollar recorded 147,000 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 103 Date Added 09/07/2021 https://economy-news.net/content.php?id=26225
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