Iraqi News Wednesday PM 9-29-21
Iraqi News Wednesday PM 9-29-21
TLM724 Administrator BondLady’s Corner
A source for “Economy News”: The Bonds Are Worth A Trillion Dinars And Will Go To Fill The Budget Deficit
Banks Economy News – Baghdad An official source confirmed that the construction bonds offered by the Central Bank in favor of the Ministry of Finance will support the deficit in the 2021 budget.
On September 26, 2021, the Central Bank decided to offer bonds in two categories: “a bond of a category of 500 thousand dinars with an annual interest rate of 6% and for a period of two years, and a bond of a category of one million dinars with an annual interest of 7% for a period of 4 years.”
According to the 2021 budget, the Ministry of Finance will issue national bonds worth 8.5 trillion dinars to finance the budget deficit.
The source, who preferred not to be named, told "Economy News", "The bonds launched by the Central Bank are worth a trillion dinars, and the bank will deduct them for the benefit of the Ministry of Finance."
He added that the interest on the offered bonds is very excellent, and will contribute to the development of the local financial market, noting that the Ministry of Finance will use these funds to support the deficit and may go to support the operating budget or the investment budget.
And he indicated that the problem that stands in the way is the difficult timing in which it was presented, which is turning the current government into a caretaker government and thus these bonds may fail, adding that many owners of money will invest in these bonds.
He pointed out that in the event of the success of these bonds, bonds worth another trillion dinars will be issued. Views 261 Date Added 09/29/2021 https://economy-news.net/content.php?id=26454
Today, The Central Bank's Dollar Sales Recorded A Remarkable Increase
Economie| 01:13 - 29/09/2021 Baghdad - Mawazine News: The Central Bank of Iraq's sales of hard currency, on Wednesday, increased significantly, to record more than 219 million dollars.
Today, the Central Bank auction for the sale and purchase of foreign currencies witnessed an increase in its sales by 4.78% to reach 219 million and 476 thousand and 461 dollars, covered by the bank at a base exchange rate of 1460 dinars per dollar.
The purchases amounting to 166 million and 896 thousand and 461 dollars went to strengthening balances abroad in the form of remittances and credits, while the remaining amount of 52 million and 580 thousand dollars went in cash.
33 banks responded to requests to enhance balances abroad, and 18 banks to meet cash requests, in addition to the participation of 20 exchange companies, and 254 mediation companies. Ended
https://www.mawazin.net/Details.aspx?jimare=169214
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad The dollar exchange rates are still maintaining their stability in the local markets. Today, Wednesday, the selling prices of the dollar were 147,500 dinars per 100 dollars, while the purchase prices of the dollar were 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 100 Date Added 09/29/2021 https://economy-news.net/content.php?id=26456
Economic Policies
Thursday 30 September 2021 20 Abdul-Zahra Muhammad Al-Hindawi 18 years have passed since the comprehensive transformation that Iraq witnessed, a transformation that included all aspects of life, including the economic aspect, as our economy was supposed to transform from a totalitarian, unilateral rentier socialist, to a free, diversified, competitive and sustainable economy,
in which the private sector would have a leadership and leadership role for the wheel Development, while reducing dependence on oil to its lowest levels, and achieving diversification of the sources of GDP formation, by achieving the required balance between the productive sectors.
But that required transformation was not achieved as it should have been, as oil still dominates the financing of the budget, and the governmental public sector is still in control of all the joints, and until this moment, our economy is still a one-sided rentier economy, and the levels of real growth have not seen an increase in its pace.
It is slowing down year after year, and the contribution rates of the basic sectors have not seen an increase in the composition of the gross domestic product, except for the agricultural sector, whose contribution rate reached about 7%, while the contribution rate of the industrial sector is hardly negligible, as is the case with the tourism sector, and the rest of the sectors that constitute Combined, about 40%, while oil alone accounts for 60% of GDP.
So how can the economic recovery we want be achieved?
The question may seem very broad, and therefore the answer to it will not be logical, given the plans and strategies that were developed during the past years, but they did not succeed in achieving this advancement, due to the gravity of the economic, security, social, environmental, institutional and financial challenges, all of which naturally led To a lot of repercussions on the economic scene in particular.
Among these repercussions is the weakness of directing government spending towards labor-intensive projects, accompanied by a great neglect of the private sector, and the absence of the banking sector from the development scene. .
Here, it can be said that we have always tried the medium-term (five-year) plans. There are three plans. The first was 2010-2014, which was not completed. Then came the 2013-2017 plan, and the last was the 2018-2022 plan.
Those plans did not achieve their goals, so we have to take another path. , commensurate with the challenges facing development in Iraq, and resorting to short policies may have a greater positive impact, as such policies may build a more powerful economy, as well as increase the level of ability to predict future paths, and thus help to formulate policies that stimulate growth, allowing The opportunity to address the growing development gaps, leading to long-term economic growth
https://alsabaah.iq/55286/%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%B3%D8%A7%D8%AA-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A-%D8%A9
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