More Iraqi News Friday PM 10-16-20
More Iraqi News Friday PM 10-16-20
TLM724 Administrator BondLady’s Corner
The Appearance Of Muhammad Saleh To / Nina /: The Intervention Of Rafidain Bank In The Activities Of Buying And Selling May Provide Stability In The Exchange Market
Friday 16, October 2020 16:22 | Economical Views: 225
Baghdad / NINA / The Economic Advisor to the Prime Minister Mazhar Muhammad Saleh confirmed that the intervention of the Rafidain Bank in the activities of buying and selling may provide stability in the exchange market.
He told the Iraqi National News Agency / NINA / that: The development of windows for selling the dollar through the first governmental commercial bank, i.e. Al-Rafidain Bank, is an embodiment of the money market operations that the bank practices to buy and sell dollars with its customers from banking companies on behalf of the monetary authority.
Saleh added that: This matter is a new direction to develop the operations of the (wholesale) money market for foreign currency. The intervention of Al-Rafidain in the activities of buying and selling may provide stability in the exchange market, but depends on meeting the new window for the total foreign cash demand (from outside the remittance market) because it is feeding Demand by way of remittances is still one of the tasks of selling and buying foreign currency for the Central Bank of Iraq, which constitutes more than 90% of the need for foreign exchange in order to finance foreign trade for the private sector.
He explained: There is a correlation in the formation of the exchange rate and its movements in the secondary market between the remittance market and the dollar cash market. The latter market is highly correlated and highly sensitive to the information market and is affected by it quickly, so the cash dollar market is considered one of the most sensitive markets in driving the price in the parallel market for exchange, but it is encouraging at the same time to form an effective and highly flexible offer from outside the Rafidain monetary window.
And Saleh continued that: By virtue of the current monetary behavior of individuals in the local economy that is semi-dollarized and the composition of the demand for foreign currency, which is based on individuals ’hoardings in foreign currency or their bank deposits in the same foreign currency,
we find that there is a foreign reserve (latent) and prepared for an effective supply in the cash dollar market estimated by Some, in total, about not less than 7-10 billion dollars, which are saturated sums and are kept with individuals, most of which are outside the local banking system, and are sometimes used in settling large internal transactions such as dealing with real estate, land, transport, gold, and others. / End 3 https://ninanews.com/Website/News/Details?Key=863168
Hussein Al-Aqabi: The Deficit Coverage Project ... A Mini-Budget ... And Governmental Confusion In Managing The Financial And Economic File
Friday 16, October 2020 15:18 | EconomicalViews: 175
Baghdad / NINA / Member of the Parliamentary Legal Committee, Hussein Al-Oqabi, considered the deficit coverage / borrowing / mini-budget project ... and government floundering in managing the financial and economic file.
He told the Iraqi National News Agency ( NINA ) that the government, unfortunately, is floundering in the management of the financial and economic file in the country, and it has clearly failed and failed to manage these files.
Al-Oqabi added that: The government does not have a vision for managing crises and is unable to do anything to cover the deficit and meet the necessary expenses. What it only thinks about is borrowing. / End 3 https://ninanews.com/Website/News/Details?key=863159
Parliamentary Economic Committee: The Sinjar Agreement Has An Economic Goal
The effects of destruction in the Nineveh Plain Money and business Economy News – Baghdad A member of the Parliamentary Economic Committee, Hamid Al-Mousawi, said that the recent Sinjar agreement between the governments of Baghdad and Erbil is economically aimed at.
Moussawi added that the Nineveh Plain area contains more than 25 billion barrels of oil, in addition to gas, noting that the issue is also related to the Silk Road, which China wishes to establish for the arrival of its goods to European countries. Number of observations 100 Date added 10/16/2020 https://economy-news.net/content.php?id=22284
Agriculture: Make Millions Of Dollars In Profits From The Local Product
Money and business Economy News _ Baghdad On Friday, the Ministry of Agriculture confirmed that it achieved financial revenues from the local agricultural product, as well as saving and preserving hard currency inside the country and not losing it by importing, while it vowed strongly against those who bulldoz agricultural orchards.
The spokesman for the Ministry of Agriculture, Hamid Al-Nayef, said, “The ministry has managed to save millions of dollars of local agricultural product from the wheat, barley and vegetable crops for this year,” indicating that “there are about one million tons of barley and six hundred thousand tons of wheat, which are surplus to local needs And it has financial benefits that support the national economy. ”
Al-Nayef added that “the agricultural crops that were produced locally contributed to the provision of hard currency inside the country by not importing agricultural products from abroad, and also led to the employment of many workers, as well as the increase in green areas, and that this has positive returns on the economic level and national income. For the country ”.
He stressed that "the Ministry of Agriculture adopts deliberate contexts to protect and support the local product to prevent the import of agricultural products, and to avoid the exit of hard currency from the country."
Al-Nayef stated that “the Ministry of Agriculture has filed dozens of lawsuits against some people who bulldozed orchards, and that the security authorities strike with an iron hand on everyone who tries to raze the orchards,” stressing that “the percentage of bulldozing orchards has decreased due to deterrent measures, and that the ministry will not stand idly by about the operation Shoveling this ”. Number of observations 198 Date of addendum 10/16/2020 https://economy-news.net/content.php?id=22280
Kurdish Party: For This Reason, Kurdistan Does Not Use The Mastercard System For The Distribution Of Salaries
Pratha News Agency125 2020-10-16 The leader of the Islamic Group, Soran Omar, accused the Kurdistan Regional Government of covering up thousands of space employees.
Omar said in a press interview that "thousands of space employees are used by the ruling parties in Kurdistan to consolidate their power and influence within the region."
He added, "The government refuses to distribute the salaries of employees through the Master Card, as is the case in Baghdad and all countries of the world, for fear of revealing the satellite numbers, which do not exist in the first place."
He explained, "Each ministry has thousands of aliens, especially in the security services of the Peshmerga, Asayish and the police, and these are with the knowledge of their parties, so the numbers of employees in the region reach a staggering number far above the absorptive need." http://burathanews.com/arabic/news/378538
Parliamentary Law Defines Parliament's Options In Enacting Federal Court Law
Pratha News Agency88 2020-10-16 On Friday, the Parliamentary Legal Committee identified the Parliament's options for legislating the Federal Court law.
A member of the committee, Hussein Al-Oqabi, according to the official agency, said, "The only solution in this situation is the completion of the Federal Court Law, as we now have two laws. The first is a bill to amend Ordinance 30 of 2005, and this is on holders, the first is to proceed with broad amendments that do not have it." Feasibility, as we will get into problems indispensable. "
Al-Oqabi added, "The second factor is for Parliament to make narrow amendments that fill the gap in the Federal Court, and determine the mechanism for choosing the alternative, and voting takes place inside Parliament, and a new paragraph is drawn up which is the presence of three reserve judges for any emergency that occurs in the future."
He pointed out, "There is another option, which is to go to the second original law that was enacted based on the text of Article 92 that was delayed 15 years ago," stressing "the need to go ahead with one of the two proposed laws to legislate the Federal Court law as soon as possible."
He pointed out that "this crisis revealed the defect in the performance of the legislative authority, and this issue is within its responsibility, and the area of disagreement is limited and narrow," stressing that "there is no way but to proceed with the legislation of the Federal Court law." http://burathanews.com/arabic/news/378548
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