More Iraqi News Monday PM 10-4-21
More Iraqi News Monday PM 10-4-21
TLM724 Administrator BondLady’s Corner
Al-Kazemi’s Advisor Proposes Solutions To Reduce The Value Of The Dollar
Economie| 08:50 - 04/10/2021 Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, determined today, Monday, the extent of the possibility of relieving pressure on the operating budget and addressing the financial situation in the country, while proposing solutions to support the private sector, reduce unemployment and reduce the value of the dollar against the dinar.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said, "It is possible to benefit from the recovery in oil prices by moving stalled projects, attracting a workforce, and solving the problem of unemployment, which averages 450 thousand work force willing to work, and this results in an entire society."
He pointed out, "The importance of spending additional rentier resources on projects to relieve pressure on the operating budget," noting that "the operational budget includes dozens of decisions and laws and bears financial burdens, and needs to double the 2021 budget to implement all its requirements."
Saleh explained, "There is poor planning, as well as the accumulation of unemployment, and treatment cannot take place unless the state sets laws for the private sector, such as the Social Security Law, which grants privileges to its workers, including guaranteeing his retirement rights or transferring an employee from the private sector to the government and others."
He added, "The additional resources of oil cannot be benefited from without directives to manage them," noting that "the private sector has the ability and leadership, and money must be disbursed to it within a specific plan and be in the form of soft, recoverable loans to preserve wealth, as for the disbursement of amounts as consumption. It's just a big loss for the future."
And he continued, "The government today is shackled by thousands of decisions and laws that carry consumer spending burdens par excellence, and cannot be applied even if the price of a barrel of oil reaches $ 160," referring the reasons to "the adoption of legislation without studying the financial burdens and thus costing the state to carry out a review of those legislation, and therefore Today, the Ministry of Finance is unable to implement dozens of legislation due to the financial burdens.
And he indicated, "The transfer of problems from one cycle to another has caused a major imbalance, and long-term plans must be developed and adhered to, governed by laws, to rebuild the country properly,"
noting that "Iraq in recent years has followed a policy of deportation and it must be replaced by a policy of communication, meaning that the government is changing With the continued implementation of the drawn plan, an example of this is the electricity sector, which has spent about 120 billion dollars and so far the country is unable to produce 20 thousand megawatts per day.
And on the extent of the possibility of reducing the value of the dollar against the dinar, the financial advisor said, "The monetary policy depends on the amount of foreign reserves supporting the Iraqi dinar, that is, the efficiency of the reserves and their escalation towards safe lines."
He added, "There are expectations that the Iraqi dinar will improve with the development of reserves, and this is up to the monetary policy, especially since the timing is appropriate and the opportunity is appropriate, provided that there is financial discipline and correct development, and without them there is no value for any attempts."
He pointed out that "the 2022 budget will be subject to great pressure, especially since the 2021 budget is built on a deficit," stressing that "the improvement in oil prices will reduce the deficit in the 2022 budget, but there is an expansion if it is achieved, the spending ceiling will be fixed, meaning that the increase in revenues with The increase in operational spending does not achieve anything.” Ended 29 / h
https://www.mawazin.net/Details.aspx?jimare=169868
Central Bank Sales Of Hard Currency Increased
Economie| 02:37 - 04/10/2021 Baghdad – Mawazine The Central Bank of Iraq's sales of hard currency rose, on Monday, to record more than 112 million dollars.
And the Central Bank auction for the sale and purchase of foreign currencies today witnessed an increase in its sales by 0.95% to reach 212 million and 636 thousand and 44 dollars, covered by the bank at a base exchange rate of 1460 dinars per dollar.
The purchases amounting to 159 million, 346 thousand and 44 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 53 million and 290 thousand dollars went in cash.
42 banks responded to requests to enhance balances abroad, and 18 banks to meet cash requests, in addition to the participation of 19 exchange companies and 327 mediation companies. Ended
https://www.mawazin.net/Details.aspx?jimare=169812
Last Month, The Central Bank's Hard Currency Sales Exceeded $4 Billion
Economie| 09:32 - 04/10/2021 Baghdad - Mawazine News The Central Bank of Iraq's sales of hard currency, during the month of September, amounted to more than four billion dollars.
And statistics seen by / Mawazine News / indicated, today, Monday, that "the Central Bank sold 4 billion and 448 million and 900 thousand dollars in its auction last September, at a rate of 211 million and 852 thousand and 394 dollars per day."
Most of these sales went in the form of remittances abroad to finance foreign trade, while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, amounted to 1460 dinars per dollar. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=169760
Exchange Rate Hymn
Monday 04 October 2021 219 Mohamed Sharif Abu Maysam With the escalation of the electoral campaigns, the hymn of returning the exchange rate to what it was in accordance with the requirements of mobilizing votes related to the citizen's livelihood escalated, and the rhythm of this hymn is based on the failure to achieve the declared goals of this Action.
Competitiveness was the slogan and the declared goal of this step, which was approved in the white paper and then in the budget law for the year 2020, as well as the protection of cash reserves by limiting the flow of hard currency, through the Central Auction under the pretext of financing foreign trade,
but some of the forces and political figures see {The reasons for this decision have been negated after the disappearance of all the justifications for taking it through the high sales of the Central Bank of hard currency in the currency auction and the swinging of mechanisms to protect the local product, after opening the import of a number of goods and merchandise from time to time, the last of which was the opening of the import of table eggs.}
While the concerned government agencies confirm that this measure contributed to controlling the expenditures that were reflected in the state’s revenues, after oil prices fell during the escalation of the repercussions of the Corona pandemic, and the state’s safe exit from the difficult economic situation.
And it is a necessary reform measure in the context of a process of change to reform the entire economic system, with the aim of creating a balance between oil and maximizing other resources, through a competitive environment that guarantees the local product to confront the importer.
Between these two views, the inflation rate increased by 8.1% compared to August 2020, based on the measurement of 333 items, goods and services. Here, the voter has the right to wonder about the meaning of competitiveness without the presence of a base of small and medium-sized enterprises, which contribute to covering the local demand for 333 items, goods and services linked directly or indirectly to foreign imports,
which means the urgent need for the existence of such projects and others In order to support the economic reform process, as financial reform cannot be isolated from the total reform in the economic system, the executive apparatus and the labor market.
Otherwise, high inflation rates will contribute to more deflation, which may lead to more economic and security problems, as well as to devote the activities of the economy. Shadow illegal and shrouded in a lot of negative manifestations under the umbrella of confusion.Bids.
https://alsabaah.iq/55490/%D8%AA%D8%B1%D9%86%D9%8A%D9%85%D8%A9-%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D8%B5%D8%B1%D9%81
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad The exchange rates of the dollar stabilized, today, Monday, in the local markets.
And the selling prices of the dollar were 148000 dinars per 100 dollars, while the purchase prices of the dollar were 147,500 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 81 Date added 10/04/2021 https://economy-news.net/content.php?id=26499
The Real Estate Bank Grants 500 Billion Dinars In Loans To Citizens
Monday 04 October 2021 205 Baghdad: Tariq Al-Araji In the past few years, the Real Estate Bank provided loans worth 500 billion dinars, benefiting more than 12,000 citizens to build housing units.
The Director General of the Real Estate Bank, Abdul Mohsen Alwan, told “Al-Sabah” that “the bank is currently working on loans for the Central Bank of Iraq initiative (purchase loans) for housing units from investment housing complexes or outside residential complexes,” noting that “building loans and adding a building work in it ( Housing Fund), and in the event that it requires us to work with it, the bank has a long history in it.”
He pointed out that "the main goal of the bank's work is to facilitate the task of building housing units for citizens," stressing that "the total amounts provided by the bank within the initiative of the Central Bank amounted to 500 billion, and the number of beneficiaries of it 12554 citizens."
He added that "the Central Bank's initiative includes loans to purchase a housing unit within residential investment complexes and a loan to purchase a housing unit outside residential complexes," explaining that "the bank provides loans to purchase a housing unit directly without building, provided that the area of the property is not less than 100 meters."
Alwan added that "the number of transactions awaiting completion in the bank amounted to 14,127 transactions for residential complexes, and 83,789 for outside complexes, meaning residential units," noting that "the number of transactions completed by the bank amounted to 1619 for residential complexes and amounted to 10,935 for housing units, and that the number of applicants The purchase of vertical housing units amounted to 14,127," stressing that "the time limit for the housing initiative depends on the amount provided by the Central Bank of Iraq, being the owner of the initiative."
And he indicated that "there is no difficulty in applying for loans, as there is an electronic link that guides the applicant to the electronic form or by writing on the website of the Iraqi Real Estate Bank, which includes the electronic form and contains the information required for applying for the loan, after which the (special code) will be granted.
In the applicant, after the success of the information that was filled out in the form, and after a short period, a notification comes to the applicant to review the bank to complete the remaining information, and demands a bond (real estate 25) provided that its area is not less than 100 meters, and open a statement in the real estate registration department,” and explained, “As for the sponsor It is a basic condition for accepting the transaction if the borrower is a gainer (not an employee), in addition to seizing the property in order to preserve public money and not waste it.” LINK
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