KTFA Members "Friday News" 12-11-2020
KTFA:
Samson: Parliamentary Finance: The Council of Ministers votes tomorrow on the budget and it arrives in Parliament on Tuesday
12/11/2020 15:58:06
A member of the Parliamentary Finance Committee said that the draft federal budget law for 2021 is long overdue and the House of Representatives needs at least a month to legislate it.
MP Sherwan Mirza said in a press statement today, Friday, that "the draft federal budget law for 2021 has been long overdue and the House of Representatives needs a month to legislate the law."
He added, "The Federal Cabinet has a session to discuss and approve the budget tomorrow, Saturday, and I think that the budget will be before the House of Representatives at its next session scheduled for next Tuesday."
He explained, "If the parliament is able to legislate the law before 1/20/2021, the government will be able to disburse the employees' salaries on the specified date, but if the legislation of the law is delayed more than that, the government will need to return to the previous law and spend 1/12 of the total budget." LINK
Don961: The price of the dollar is still high
Thursday 10 December 2020Baghdad: Al-Sabah
the dollar market in Baghdad recorded an increase in the exchange rate, which reached 127 thousand dinars per hundred dollars, while in the rest of the provinces ranged between 126 thousand and 127 thousand dinars per hundred dollars in it.
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, identified two reasons for the rise in the dollar’s exchange rate, stressing that they are temporary bubbles affected by speculative rumors to reap profits.
Saleh told the Iraqi News Agency (INA): "The exchange market, as it is known, is one of the most affected by information. Rather, all its decisions depend on the available information and its level of credibility, but there are two reasons for the price fluctuation slightly above its usual rates of stability in the parallel market."
He added that "the first reason is that the budget bill is close to being approved, and the conflicting, colored, and confused information was raised about correcting the exchange rate, which generated vague signals that the market adopted for speculation and hedging in the short period."
He continued, "As for the second reason, it is the approaching date of the legislative elections, the political strife, and the signals and information they generate regarding political gains, or the reasons for preparing for the elections, which give a high state of uncertainty among market makers regarding the political and economic situation of the country."
He pointed out that "all these factors lead to anxiety in the decisions of buying and selling in foreign currency, and maintaining a price slightly higher than the market's balance and its stability levels."
He stressed that they are "temporary bubbles affected by speculative rumors, to reap emergency profits from the price differences," indicating that "correcting the exchange rate will remain part of the monetary policy actions of the Central Bank of Iraq, which is the only source." For information. "
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DeepWoodz: Imo...SET YOUR PEOPLE FREE!!! What does it take? How long is long enough for the corruption to continue? Just like ours,,,,it’s disgusting how long it takes for justice to prevail.
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Samson: Deputy: Changing the dollar’s exchange requires severe penalties for currency auction manipulators
12/11/2020 17:18:57
MP for the Sairoun bloc, Burhan Al-Mamouri, said today, Friday, that the instability of the currency price will lead to confusion in the market and undermine confidence in the national economy.
In a statement, Al-Furat News received a copy of it, Al-Mamouri said, "The exchange rates of the Iraqi dinar against the dollar are witnessing clear instability in the market, while we notice them steady in the currency auction, which indicates greedy speculation by parties that do not want good for Iraq and its people."
He added, "The big difference between the official price of the dollar and what is being traded in the local markets confused the market and raised citizens' fears of high prices of goods and foodstuffs, which causes a new burden on the Iraqi individual."
Al-Maamouri called for "reconsidering the currency auction, monitoring exchange rates in local markets, and punishing all those who manipulate the currency rate with severe penalties to protect the national economy, which is suffering greatly as a result of the absence of a strategic vision in managing the country's financial file." LINK
Samson: Baghdad Trade: The Central Bank has failed to save the dollar exchange ... and a warning of disaster
12/11/2020 15:42:45
President of the Federation of Iraqi Chambers of Commerce Abdul Razzaq Al-Zuhairi criticized the performance of the Central Bank of Iraq in maintaining the exchange rate of the dollar against the dinar, which is rising in the local market.
Al-Zuhairi said in a press statement, "The Central Bank has two basic points, the first is to maintain the exchange rate, and the other is the development process. The bank has not succeeded in the exchange rate process or the development process, and this is a big problem."
"Now, over the past two years, in light of the collapse of oil prices, we have had to withdraw the central bank’s treasury, and this is not a positive situation, and if we are forced to withdraw larger sums in the end, an economic disaster will happen, and we cannot maintain the dollar," he added.
He said, "In my opinion, when the Iraqi government started in 2003, it set an exchange rate for the dollar of 1500 against the Iraqi dinar, and this was a positive stage, but the intervention of some ministers in a small country like Iraq, which is struggling with the dollar exchange rate, is a non-positive situation.
The stronger the dinar, the better the economy. On the contrary, it is possible for the Gulf countries to have a fixed exchange rate, but we are now in a diversified and liberal economy and we must build an industry, because the current exchange rate keeps pace with and serves neighboring countries.
And between "the more we have a low currency, the more it contributes to serving the industrial and agricultural sectors, so that there is no competition from neighboring countries." LINK
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Samson: The global economy is on the cusp of the best growth in 40 years in 2021
17:59 - 10/12/2020
With the approaching clearing of Corona clouds amid successive announcements of highly effective vaccines to eradicate the virus, the global economy is preparing to record the best annual growth rate during the next year since the year 1979, or about 40 years, with expectations of steady growth for all sectors of the economy that affected the pandemic, according to a recent research note Published by Oxford Economics.
The memo said, "With the support of Covid 19 vaccines, we believe that the pace of global economic growth during the next year will be the fastest over the past forty years, but it will not look like a big surge in growth, as growth will be uneven and determined by various factors."
The research company believes that growth next year will be characterized by three main features, the first of which is the accounts of winners and losers in the battle to obtain the vaccine. The memo said, “We expect a successive easing of precautionary measures and restrictions in developed markets by March or April, which will cause a jump in the economies of these countries by the middle of next year, while the distribution of the vaccine in emerging markets will be slower than its counterpart in developed markets, but after markets specifically, they will benefit. Of economic recovery in developed countries ”.
Oxford Economics does not expect the distribution of the vaccine to dramatically revive the travel and tourism sectors, although these sectors will witness a recovery from the effects of the pandemic, but the recovery of long-distance travel and transportation remains slower than the pace of domestic travel.
On the other hand, the report believes that the industrial sector will be a bright spot in the global economic scene next year. "In the short term, the sector enjoys preferential conditions while continuing to respond to high rates of demand and build stocks," the memo said, "but the second half of the year may witness difficult conditions for the sector as consumers' habits change and turn towards the service sector."
The memo expected the return of momentum to the private sector, to lead the world economy scene again after recovering from the effects of the pandemic.
"The growth stick will shift from the hands of the public sector to the private sector as was the case, but this transition will not be smooth," the memo said. "The mistakes of the past regarding the rapid move towards austerity measures will be avoided, but economic policies will not be regulated at the global level and the risks of lax governments are great, so we do not believe that core inflation will rise during the next year." LINK