Iraqi News Wednesday AM 6-23-21
Iraqi News Wednesday AM 6-23-21
TLM724 Administrator BondLady’s Corner
The Central Bank Refuses To Reduce The Exchange Rate Of The Dollar And Is Heading Towards A New Policy For Its Stability
Posted on 2021-06-23 by sotaliraq The Finance Committee in the House of Representatives decided to host the Minister of Finance against the background of raising the exchange rate of the dollar and its instability in the local markets, stressing that it had agreed with the Central Bank to develop a mechanism to reduce the repercussions of changing the exchange rate by regulating the sale of hard currency.
And the Parliamentary Finance Committee indicated in a statement that (Al-Mada) received a copy of it, that it discussed, while hosting the Governor of the Central Bank, Mr. And ways to preserve and invest them properly.
The statement added that “the meeting discussed projects, plans and loans that the bank promised to implement after changing the currency exchange rate,” noting that the committee stressed the need to adhere to those promises and the speed of their implementation, in particular those that contribute to the employment of unemployed youth and support the housing, industry and agricultural sectors, support the local product and ease restrictions and procedures routine on it.”
In the federal budget bill for 2021, the value of the dinar was reduced to 1446 per dollar, after it was 1182 dinars per dollar over the past years. The proposal sparked widespread resentment among the people. The statement continued, "The meeting touched on the issue of electronic linkage between the ministries of commerce and finance, the customs and tax authorities with the Central Bank, as well as the automation of procedures at border crossings," adding that the Parliamentary Finance called for the government to perform its duty towards this, as indicated by the Finance Committee and the House of Representatives from During the 2021 budget law.
In its statement, the Parliamentary Finance called on the Central Bank to take the strongest strict measures regarding banks that violate the controls, stressing its support for the bank in this regard, because the current period requires concerted efforts between all authorities, pointing out that it was directed to host the Minister of Finance to discuss what was presented in the hosting and discuss a number of issues that concern economic reality.
For his part, the Governor of the Central Bank provided clarification on what the bank has taken and the steps it seeks to take to reduce the negative effects of changing the exchange rate, revealing at the same time the launch of an initiative worth 5 trillion in addition to contributing to moving the housing sector to complete the residential complexes that were suspended, as well as close Issuing bonds that enable citizens to invest their money.
For his part, Mahmoud Dagher, an economic expert, confirms in a statement to (Al-Mada) that reducing the dollar exchange rate or returning to its previous price is not possible and will not be achieved, indicating that the Central Bank has the ability to control the stability of the dollar exchange rate and not to increase it from time to time.
A while ago, the Central Bank confirmed “the stability of the dollar exchange rate and the absence of any intentions to change,” and that what is being circulated is not true, as the price chosen at the end of 2020 for the dollar exchange was based on in-depth studies of the requirements of the economic and financial situation and the objectives of monetary policy. He pointed out that his foreign currency sales are based on the stability of his foreign reserves at excellent levels, as those sales were increased to meet all legitimate requests, "and the price will stabilize as a result of the measures taken by the Central Bank recently and which it will take."
The bank pointed out that the statements related to the exchange rate are being promoted for speculators to benefit from, and that the Central Bank has communication channels that represent official sources of information.
The price of the dollar rose gradually during the current week, bringing the price of the dollar on the main stock exchange in Al-Kifah to 149.900 dinars per 100 dollars, and selling in exchange shops to more than 150 thousand dinars. Dagher adds that “in the event that the central bank provides the demand for the dollar in an orderly manner, it will be able to control and maintain the stability of selling the dollar in the local markets,” noting that the continuation of the central bank’s current policy may enhance the stability of the dollar exchange rate.
On December 20, the Central Bank decided to reduce the value of the dinar against the dollar to 1450 instead of 1184, to contain the financial crisis, but the decision caused stagnation in the economic movement and a rise in commodity prices in local markets.
Earlier, the Central Bank said that the main reason behind the devaluation of the dinar is to fill the inflation gap in the 2021 budget after the collapse of global oil prices, which is a major source of financial resources. LINK
Deputy For The National Approach: The Surplus From Oil Revenues Covers The Expected Surplus From Raising The Price Of The Dollar
Wednesday 23 June 2021 16:26 | Economic Number of readings: 80 Baghdad / NINA / - The representative of the National Nahj bloc, Mazen Al-Faili, confirmed that the surplus achieved from oil revenues covers the expected surplus from raising the price of the dollar.
Al-Faili said in a statement received by the National Iraqi News Agency / Nina / a copy of it: “The revenues from selling oil for the month of May amounted to six billion dollars, which is more than one billion and 700 million dollars over the oil revenues expected to be collected according to the oil price fixed in the budget, which amounts to 45 dollars per barrel. ".
He added, "The total actual oil revenues in the first five months of 2021 amounted to 27 billion dollars, which is five billion and 500 million dollars more than the total oil revenues expected to be collected for the same period according to the price fixed in the budget, 45 dollars per barrel."
Al-Faili indicated that this increase in oil revenues resulting from the difference in the price of oil between what is actually sold in the market and what is fixed in the budget, for a period of five months only, is equal to or more than the revenues resulting from the decision to raise the exchange rate of the dollar, which is at the highest estimate seven trillion dinars.
Al-Faili called on the government and parliament to “retreat from the wrong and harmful decision and return the dollar exchange rate to what it was before, especially if we know that the majority of the difference between the two prices of selling the dollar from the bank and selling it by parasitic banks goes to an undeserved profit to strengthen unjust, selfish parties that live in the most horrific way.” Pictures of parasitic behavior on the suffering and tragedies of millions of Iraqis.”/ End 7
https://ninanews.com/Website/News/Details?key=911678
Al-Fili: Surplus Oil Revenues Cover The Expected Benefit From Raising The Dollar Price
Political Wednesday 23 June 2021 | 04:09 PM| Number of readings: 66
On Wednesday, the representative of the National Nahj bloc, Mazen Al-Faili, demanded that the dollar exchange rate against the local currency be returned to what it was, stressing that the surplus achieved from oil revenues covers the expected surplus from raising the price of the dollar .
Al-Faili said in a statement, that the revenues from selling oil for the month of May amounted to six billion dollars, which is more than one billion and 700 million dollars over the oil revenues expected to be collected according to the oil price fixed in the budget, which amounts to 45 dollars per barrel .
He added that the total actual oil revenues in the first five months of 2021 amounted to 27 billion dollars, which is five billion and 500 million dollars more than the total oil revenues expected to be collected for the same period according to the price fixed in the budget, 45 dollars per barrel .
Al-Faili indicated that this increase in oil revenues resulting from the difference in the price of oil between what is actually sold in the markets and what is fixed in the budget, for a period of five months only, is equal to or more than the revenues resulting from the decision to raise the exchange rate of the dollar, which at the highest estimates is seven trillion dinars .
He pointed out that "while noting the increase in oil prices globally and at different rates of up to 1.6 more than the price fixed in the budget, and the increase in oil revenues within only five months, exceeding the planned collection from raising the price of the dollar, all these data prove the absence of the need to raise the price of the dollar and show They are weak and the justifications promoted by those who agreed and supported this wrong decision .”
Al-Faili called on the government and parliament to “retreat from the wrong and harmful decision and return the dollar exchange rate to what it was before, especially if we know that the majority of the difference between the two prices of selling the dollar from the bank and selling it by parasitic banks goes to an undeserved profit to strengthen unjust, selfish parties that live in the most horrific way.” Parasitic behavior depicted the suffering and tragedies of millions of Iraqis. https://aynaliraqnews.com/index.php
After News Of The Exchange Rate Of The Dollar Against The Dinar, The Hundred Dollars Settled On 148 Thousand Dinars
Wednesday 23 June 2021 10:46 | Economic Number of readings: 301 Baghdad / NINA / - The exchange rates of the dollar against the Iraqi dinar stabilized, today, Wednesday, in the local markets.
The selling prices of the dollar were 148,500 dinars per $100, while the purchase prices of the dollar were 147,500 dinars per $100.
Yesterday, Tuesday, the Parliamentary Finance Committee discussed the repercussions of changing the dollar exchange rate with the Central Bank, while the latter revealed the launch of an initiative worth 5 trillion dinars in addition to contributing to moving the housing sector.
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. / End 8 https://ninanews.com/Website/News/Details?key=911620
The Continued Decline Of The Dollar Against The Dinar In The Iraqi Market Today
Economie| 10:35 - 23/06/2021 Baghdad - Mawazine News publishes / Mawazine News /, the price of the dollar against the dinar in the Iraqi market for today, Wednesday (June 23, 2021).
Stock fight (147.550) dinars per 100 dollar exchange
Harithiyah (147.600) dinars per 100 dollars other Chierfat offices came sales (148,000 price) dinars, the purchase price (147,000) dinars.
Erbil Stock Exchange reached the price of $ 100 to (147.750) dinars
Basra Stock Exchange The price of $ 100 (147.700) dinars
Mosul Stock Exchange price of $ 100 (147.800) dinars
Sulaymaniyah Stock Exchange price of $ 100 (147.900) dinars
Exchange Duhok price of $ 100 record (147.850) dinars
https://www.mawazin.net/Details.aspx?jimare=158017
A Government Advisor Reveals The Goal Of The 5 Trillion Initiative For The Central Bank
Political | 02:49 - 06/23/2021 Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced, on Wednesday, the importance of the recent Central Bank initiative, and indicated that it aims to finance housing complexes for low-income classes, stressing that the initiative represents a strategic goal by moving the labor market.
Saleh said, according to the official agency, that "the monetary policy of the Central Bank of Iraq in recent years has accompanied the changes in monetary policies in the whole world, especially in the face of the long-term economic and technological stagnation that hit the economies of the world," noting that "the objectives of monetary policies have expanded in the world." In general, and the Central Bank of Iraq in particular, towards moving the real economy instead of focusing on the symbolic economy.”
He added, "The double crisis that Iraq witnessed in the war on ISIS terrorism and the decline in oil revenues between the years 2014 to 2017, prompted the Central Bank of Iraq to present a $5 billion initiative to support the real sectors (real estate, industrial and agricultural), including youth loans, with concessional financing terms. Long-term and low interest rates, which have recently reached the level of cancellation, especially for real estate loans.
Saleh pointed out that "fighting economic stagnation and unemployment has become at the core of the current monetary policy of the Central Bank of Iraq and is no less important than fighting the problems of hyperinflation that the bank adopted during the first decade of the third millennium," noting that "inflation and stagnation exhaust the national economy and lead to serious deviations in the economy." The issues of production and investment on the one hand and income distribution on the other hand."
Saleh pointed out that "the Central Bank's initiative today focuses on financing the construction of housing complexes for the low-income classes within the framework of systematic urban planning for future cities, away from the pressure of existing cities and the problems they may cause in the rise of real estate rents and pressure on existing infrastructure networks."
He continued, "The focus on real estate financing represents a strategic objective for monetary policy in moving the labor market, as the construction sector embraces at least 18 percent of the labor force, and it can move two hundred different work paragraphs at the same time."
He explained, "The back and front links of the housing finance sector from the monetary policy side are a carefully studied issue in addressing the crises of economic stagnation and unemployment in the national economy on the one hand, and the provision of housing supply within the goals of sustainable development on the other hand."
Yesterday, Tuesday, Central Bank Governor Mustafa Ghaleb Makheef revealed the launch of an initiative worth 5 trillion, in addition to contributing to moving the housing sector to complete the residential complexes that were suspended, as well as the imminent issuance of bonds that enable citizens to invest their money. https://www.mawazin.net/Details.aspx?jimare=158051
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