More Iraqi News Monday PM 11-30-20
More Iraqi News Monday PM 11-30-20
TLM724 Administrator BondLady’s Corner
An Economist Calls For Deleting The Three Zeros From The Dinar To Strengthen The Local Currency
Baghdad Post Monday, November 30, 2020 01:19 PM Economic expert Raad Twig called , the central bank to delete the three zeros from the dinar to strengthen the local currency.
Twig said: It is known that the monetary mass in circulation is about 60 trillion dinars, which is not available at the Central Bank of Iraq, the banks and the public, and it is a large monetary block compared to the economic transactions of the Iraqi economy and that a large proportion of this block suffers from compactness and therefore this does not help the Central Bank of Iraq in drawing a policy Effective cash calling on the central bank to delete three zeros or gradual deletion of zeros to make the value of the dinar appear at a higher value and that the processes of evaluation and monetary balance will be formed quickly in the market economy. "
He added: The monetary mass can become approximately 15 to 25 trillion dinars, and the value of the new dinar converges to the value of the dollar, which facilitates the process of calculation and allows small and new denominations of cash to appear in the money market. LINK
Representative Economy: Bank Profits From The Currency Auction Are Sufficient To Support One Million Iraqis Per Month
Time: 11/30/2020 14:27:00 Read: 2,067 times {Baghdad: Al Furat News} A member of the Parliamentary Economic and Investment Committee, Mazen Al-Faily, called for a halt to the depletion of hard currency in the currency auction, in which "hundreds of billions of dinars are wasted as profits for banks belonging to their pure ownership or in partnership with influential political parties."
"We reiterate our call to stop the depletion of hard currency in the selling auction in which hundreds of billions of dinars are lost every month in illegitimate profits acquired by banks that retaliate many indications of their pure ownership or in partnership with influential political parties," Al-Faily said in a press conference held in the Parliament Building.
He added, "Because of the lack of transparency and clarity in publishing the amount of dollar sold to each bank daily, the available information indicates that some banks profit more than eighty billion dinars per month, meaning that this bank alone acquires enough monthly salary of (400) thousand dinars for more Of (200) thousand citizens and if we calculate the average family of five people, it is sufficient to support one million Iraqis per month.
Al-Faily presented proposed solutions to this crisis that drains public money, namely:
1- Putting the currency selling activity in all its stages under the eyes of the public opinion and the supervisory authorities to prevent manipulation and end the illicit profit by banks that are dependent on the depletion of public money.
2.- That the central bank takes clear measures by directly selling dollars to actual traders and citizens without going through intermediary banks that do not provide any economic development activity.
3- Profits tax can be calculated in advance to ensure that additional revenues are collected from the sale of the dollar in the currency auction. LINK
Representative Integrity: Suspicions Of Corruption Behind The Difference In The Selling Price Of The Dollar By The Central Bank
12:59 - 11/30/2020 The information / Baghdad ..Member of the Parliamentary Integrity Committee, Khaled Al-Jushami, criticized the Central Bank, on Monday, for its insistence on selling the dollar at a price (119) despite its rise in the local market to 125,500, indicating that this difference goes to the pockets of the corrupt bank owners
“The rise in the dollar’s exchange rate in the local market rose to 125,500, while the central bank is still selling it at its fixed price of 119 ″, suggesting that“ the bank raises its selling price or prevents its rise in the local market ”.
He added that "this abuse in the local market stands behind corrupt parties so that money goes into their pockets and this is a disaster," noting that "this banking imbalance is borne by the Prime Minister because he chose an acting governor who has no experience in money and banking and is a man of law."
He explained that “Article (13 A) of the Central Bank Law forces the Prime Minister to choose a personality for the position of the governor with financial and banking experience, and these conditions are not provided by the central bank governor, but he is a legal man.” The central bank to vote on one of them, as well as to return the exchange rate of the dollar in the local market to 120, ie by one tiger. https://www.almaalomah.com/2020/11/30/507736/
Sumaisem For “Al Ahd News”: Most Of The Proposals And Explanations Of The White Paper Are Derived From The Recommendations Of The World Bank
Author: Ahad6 On 11/30/2020 - 3:21 PM 90 Economic expert Salam Sumaisem believed that if there were political pressures regarding approving the budget for next year, it would be approved, but she expressed observations and questions in the form of the budget that will be presented.
Sumaisem said, "to Al Ahd News", "The situation of the country is very hot politically and economically, which opens the door to many questions about the form of the budget that will be the budget of programs and not the budget of items."
She added, "Most of the proposals and explanations of the white paper are deduced from the recommendations of the World Bank and its recent study on the marginal sectors of the Iraqi economy, which means that support items such as the ration card, education, health, and others have stopped."
Sumaisem stressed the need for "the actual treatment through the stopping of multiple salaries and aliens, as there are those who have so far received 7 salaries since the Governing Council and so far, so should we implement spending programs to nourish this class or to activate the economy and reduce poverty rates?" https://alahadnews.net/139331/%d8%a7%d9%84%d8%b9%d8%b1%d8%a7%d9%82/
The Kurdistan Government Accuses Political Forces And Parties Of Trying To Undermine The Agreement Between The Region And The Central Government
Monday 30, November 2020 16:42 | Political Views: 75 Sulaymaniyah / NINA / Kurdistan Regional Government spokesman Jutiar Adel pledged the distribution of salaries for the region’s employees to the fate of the 320 billion dinars agreed upon with Baghdad, while noting that some political forces and parties want to undermine the agreement between Erbil and Baghdad.
He said in press statements that the Council of Ministers of the Kurdistan Region sent a letter to the Iraqi government last Wednesday, to seek clarification about sending Baghdad 320 billion dinars agreed in advance to Erbil, and it expects to receive a response within the next two days, stressing that good steps have been taken and the region is ready to deliver 250 thousand barrels of oil. And 50% of the revenue from the border crossings to Baghdad.
Adel added that his government will distribute salaries, and this is one of the government's priorities, whether Baghdad sends 320 billion dinars or not, according to the decisions of the cabinet meeting last Wednesday, and the regional government will do everything possible to secure salaries. https://ninanews.com/Website/News/Details?key=873513
Economic expert for / Nina /: "Unemployment has approached 30% in Iraq ... and the government must address it
Monday 30, November 2020 11:58 | Economical Views: 262 Baghdad / NINA / The expert in economic affairs, Safwan Qusay, confirmed that the unemployment rate has approached 30% and the poverty rate is close to 20% in Iraq, and the government must address them, calling for building balanced regional relations and openness to regional and foreign investments that contribute to the exploitation of the idle potentials locally .
Qusay said in a statement to the Iraqi National News Agency / NINA / that "the government is financially unable to address the phenomenon of unemployment and poverty and the possibility of their increase, especially with the lag in proposing the 2021 budget and the possibility of financing the investment budget in light of the current bottlenecks in the financing process. Therefore, the investment budget needs To financing local, regional and international investment, in addition to the possibility of privatizing loss-making companies as an input to financing investment projects.
He stressed the need for a clear disclosure to be prepared of the projects that will be offered for sale, for the sale to take place under the supervision of the Federal Office of Financial Supervision, and the need to develop a clear disclosure to be attached to the federal budget to accurately identify the sources of deficit financing to facilitate the task of approving the federal budget at legal times. https://ninanews.com/Website/News/Details?key=873464
Oil Confirms Its Support For The National Effort In Developing The Oil And Gas Industry
Energy Economy News – Baghdad The Minister of Oil, Ihssan Abdul-Jabbar, confirmed, on Monday, the ministry's keenness to support the national effort and enhance its role in developing the oil and gas industry in Iraq.
Abdul-Jabbar said, while attending the signing ceremony of the two-dimensional seismic survey contract for the exploration block (12) in Najaf and Muthanna governorate between the two oil exploration companies and the Russian company Passeneft, in a statement received by "Al-Eqtisad News" that the ministry is continuing to implement its plans for optimal investment of hydrocarbon wealth from In order to maximize and develop oil reserves.
The statement added: "The objectives of signing the contract come to prepare a detailed study of the geological structure with the aim of determining the structural image of the exploration plot (12), estimating the hydrocarbon resources and preparing the goals of exploration drilling."
He pointed out that "the seismic explorations and surveys that the ministry are setting up are part of the ministry's plans to increase oil reserves and increase production of oil and gas, as well as provide job opportunities for the people of the two governorates."
The statement pointed out that the Petroleum Exploration Company "has allocated two seismic teams to carry out the seismic survey process in the governorates of Muthanna and Najaf to prepare a detailed study of the geological structure and determine the structural image of the (Salman) field."
He indicated that "the company, with all its human, technical and expertise capabilities, will move forward with seismic surveys to support the national economy and increase oil and gas reserves."
For his part, the director of the Russian company Passhneft "Sergey Shashkov" praised the cooperation with the Ministry of Oil represented by the Oil Exploration Company in implementing the seismic survey contracts (( 2D, 3D) by the Oil Exploration Company for the benefit of his company, expressing his hope for achieving the planned goals.
The statement quoted the ministry’s spokesperson, Asim Jihad, as saying that “the ministry has strategic plans and projects to develop exploration blocks that are implemented by the national effort in cooperation with international companies, in order to raise the treasury hydrocarbon energies and oil and gas reserves to high levels to raise Iraq's position globally.” The signing ceremony was attended by the Russian ambassador in Baghdad, Maxim Maximov.
Number of observations 95 Date added 11/30/2020 https://economy-news.net/content.php?id=22947
The Dollar Returns To The Decline In Iraq
Time: 11/30/2020 10:40:22 Read: 5,564 times {Baghdad: Al Furat News} The exchange rates of the dollar in Iraq recorded, today, Monday, a decrease after a two-day rise.
The exchange rate on the Kifah Stock Exchange was 1251.5 dinars to the dollar, or 125 thousand and 150 dinars for one hundred dollars, and it is the same price in the Al-Harithiya Stock Exchange in Baghdad.
Yesterday's price on the two bourses was 1255 dinars to a dollar.As for the selling price in the money exchange shops in Baghdad, it was 1257.5 dinars, and the purchase price was 1247.5 dinars.
On the Erbil Stock Exchange, the dollar’s price has also witnessed a decline, as the selling price reached 1252 dinars and the purchase by 1250 dinars. LINK
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