Iraqi News Wednesday AM 12-15-21
Iraqi News Wednesday AM 12-15-21
TLM724 Administrator BondLady’s Corner
The Central Bank Announces The Preparation Of A Study Of The Currency Structure
Tuesday, December 14, 2021 8:01 PM Baghdad/National News Center
Today, Tuesday, the Central Bank of Iraq announced that it had prepared a draft currency structure study, while determining the negative effects when the dollar was re-exchanged to 1200 dinars.
The bank said in a statement to the official agency, followed by the “National News Center”: “The Central Bank has completed the preparation of a draft currency structure study,” noting that “the timing of the implementation of the project depends on the bank’s policy and the political and economic conditions of the country.”
He added, "The bank has no intention of issuing new denominations of the currency," noting that "continuing to provide new banknotes to compensate for the damaged banknotes."
And about the negative effects caused by re-exchange of the dollar to 1200 dinars in the event that the next House of Representatives issues a decision to do so, the bank confirmed that “this will affect negatively and will lead to the exchange rate in the parallel (local) market getting out of control and consequently sharp fluctuations in the exchange rate that lead to to harm the interests of citizens and projects,”
noting that “this will cause a destabilization of confidence in the stability of the financial system in Iraq, and such a decision will lead to the exit of local investment and production projects from competition, and thus exacerbate the unemployment crisis as a result of those projects stopping work.”
He continued, "The increase in the exchange rate led to an increase in the competitiveness of the local product and thus an increase in its market share, as well as a reduction in expenditure pressure on the Ministry of Finance by 23%, which enabled the Ministry of Finance to overcome the crisis resulting from the drop in global oil prices during 2020 and the first months of 2021." He explained that "this also led to an increase in the flexibility of public finances to carry out the necessary structural reforms to achieve financial sustainability in Iraq."
And on the central bank’s foreign currency reserves, the bank stated that “the volume of the total foreign reserves during the month of December 2021 amounted to 63.793 billion dollars,” noting that “the volume of net foreign reserves during the current month reached 59.980 billion dollars.”
https://nnciraq.com/109015/
By More Than 60%... Iraq's Holdings Of US Bonds Have Declined
Wednesday 15 December 2021 11:25 | economic Number of readings: 251
Baghdad / NINA / - The US Treasury announced that Iraq's possession of US bonds decreased by more than 60 percent in ten years to reach $17.954 billion during the month of September.
The Treasury said in its table: that Iraq's possession of bonds decreased during ten years by 61.34%, indicating that "Iraq bought US bonds in 2012 at an annual rate of 46.316 billion dollars, to decrease in 2013 to 42.1 billion dollars as an annual rate, while it reached In 2014, an average of $28.2 billion.”
She added, "The bonds purchased by Iraq for 2015 amounted to an annual rate of $25.6 billion, and in 2016 these bonds became an annual rate of $15.3 billion, to rise slightly in 2017 as an annual rate to $16.6 billion."
And she continued, "The annual rate of bonds purchased by Iraq for the year 2018 amounted to 27 billion dollars, and in 2019 it reached an annual rate of 34 billion dollars."
She indicated that the annual rate of purchased bonds for the year 2020 amounted to 24.7 billion dollars, and to reach 17.954 billion dollars as an average during the nine months of the current year 2021. / End 8
https://ninanews.com/Website/News/Details?key=944948
An Economist Describes The Procedures For Supporting The Ministry Of Agriculture For The Agricultural Sector As Shy..And Calls For Real Support For It
Wednesday 15 December 2021 11:18 | economic Number of readings: 238
Baghdad / NINA / - The expert in economic affairs, Malath Al-Amin, described the Ministry of Agriculture's support measures for the agricultural sector as "shy", while calling for providing real support to agriculture represented by granting loans, providing agricultural supplies, encouraging greenhouses, plastic and drip irrigation.
Al-Amin said in a statement to the National Iraqi News Agency ( NINA ): Iraq has been considered a first-class agricultural country since time immemorial, due to the fertility of its land, the availability of water and the diversity of its climate, which allows it to diversify the production of crops in all seasons,
indicating that the confusion of agricultural plans in conjunction with opening the borders to import led to The deterioration of the agricultural sector after the availability of imported agricultural crops at cheaper prices than the local ones, and placing the Iraqi product in the category of weak competition, which led to great losses for farmers and peasants, which resulted in the reluctance of most farmers from agriculture.
Al-Amin stressed that “the measures taken by the current Ministry of Agriculture to support local production by preventing the import of locally available products are “shy”, calling on the ministry to provide real support for agriculture by granting loans and providing agricultural requirements such as machinery, seeds, fertilizers and pesticides at subsidized prices, in addition to encouraging greenhouses and plastics. and drip irrigation in order to improve the quantity and quality of agricultural crops.
He pointed out: that oil export revenues constitute more than 90% of Iraq's budget, but these revenues may disappear permanently during the next decade as a result of the ongoing developments in the field of clean energy and the trend towards inexpensive energy such as the sun, wind, waves and the earth, which requires that the Ministry of Agriculture develop plans Quality and boldness to develop and expand the agricultural sector and prepare it as an alternative to oil in the event that benefit from it ends.
Al-Amin continued: The Ministry of Agriculture took an excellent step a few days ago by issuing a directive to prevent the import of all kinds of vegetables because they are available locally and allowed the import of fruits, and this in itself constitutes support and encouragement for the local agricultural sector, and we hope that the Ministry will provide its support and encouragement towards the production of fruits in their seasons with the use of techniques to produce them In other seasons to be available throughout the year. / End 8 https://ninanews.com/Website/News/Details?Key=944939
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad Today, Wednesday, the dollar exchange rates witnessed stability in the local markets. And the selling prices of the dollar were recorded at 148,500 dinars per 100 dollars, while the purchase prices of the dollar were 148,000 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, while 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 177 Date added 12/15/2021 https://economy-news.net/content.php?id=26959
The Specifications Of The Next Parliament Speaker Await The Alliances
Wednesday 15 December 2021 126 Baghdad: Omar Abdul Latif Shaima Rashid
The newly announced "Azm" alliance, led by Khamis al-Khanjar, continues its efforts to form a "larger Sunni bloc", in preparation for it to be the one that nominates the speaker of parliament, while political experts confirmed that the current stage may be a point of separation between "Sunni" politicians.
A member of the "Azm" coalition, Mansour Al-Muraid told "Al-Sabah": "The alliance is capable of increasing in the coming days," noting that "the announcement of the alliance, which includes the active Sunni forces in the political scene, is the first stage in order to create a state of balance in the component, and to The Sunni decision is not monopolized by one party.
He added that "the second stage will be a call for discussion in order to reach the required qualities in the personality who is supposed to assume the presidency of the House of Representatives."
For his part, Professor of Political Science at the University of Kufa, Dr. Iyad Al-Anbar, said: "Sunni political forces are trying to redraw the map of their alliances through the nature of the new political leaders that have imposed themselves on the ground."
Al-Amber added to "Al-Sabah", that "on this basis, the Sunni conflict is limited to a basic issue, which is who will be the next Speaker of Parliament," noting that "the position will be a point of separation between Sunni politicians."
He added, "All moves are now heading towards the next stage before entering negotiations with other partners will be settled within the Sunni political house." In turn, political analyst Adnan Al-Sarraj told "Al-Sabah": "Disputes exist within the Sunni component, and all parties are trying to seize the presidency of the parliament. As for the candidate names that were leaked from the (Azm) and (Progress) alliances, they are inaccurate and subject to tripartite consensus "presidencies." Republic, Ministers and Parliament).
He continued, "After the formation of (Azm), the chances of Muhammad al-Halbousi for a second term became very weak," noting that "Sunni custom will not grant a renewal to any parliament speaker except for one term," according to Al-Sarraj's expression.
As for political analyst Jassem Al-Ghurabi, he indicated in his interview with "Al-Sabah", that "intersections between the Sunni component are more harmful than the Shiite intersections," expecting that the new "Azm" alliance will open up to the Shiite "coordinating framework", and form a "larger bloc and it is possible that They open up the chest bloc with this." LINK
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