More Iraqi News Monday PM 12-21-20

More Iraqi News Monday PM 12-21-20

TLM724 Administrator BondLady’s Corner

Legal Expert: Iraq May Return To Chapter Seven If The Political, Security And Economic Crises Continue

Monday 21, December 2020 11:30 | Political Views: 326   Baghdad ( NINA ) - The legal expert, Ali Al-Tamimi, confirmed that if the political, security and economic crises continued, the Security Council might return Iraq to the international trusteeship.

Al-Tamimi said in a statement that the Iraqi National News Agency / NINA / received a copy of it, "There is a money laundering agreement for the year 2005 related to the recovery of smuggled money in accordance with articles 55 and 56 thereof, and Iraq signed it in Law 35 of 2007," indicating: "The value of smuggled money is estimated With 500 billion dollars. "  It is clear that "the US Federal Bank has $ 65 billion belonging to the former regime, and it is the property of the Iraqi people that Iraq can demand in accordance with Article 28 of the Iraqi-American Strategic Agreement of 2008, which allows Iraq to request economic aid from America."

Al-Tamimi stated that: "According to Article 50 of the United Nations Charter, countries that are fighting parties, which are under Chapter Seven, may request economic assistance from the Security Council, and Britain and France have declared their readiness to help."

He pointed out: "Iraq is still under Chapter VI of the UN Charter because of the existence of financial belongings with Kuwait worth 4 and a half billion dollars, and if the political, security and economic crises continue, the Security Council in Iraq may return to the international trusteeship, that is, Chapter Seven of the United Nations Charter." / End 9 https://ninanews.com/Website/News/Details?key=877515

Dozens Of Najaf Residents Demonstrated, On Monday, To Demand The Dismissal Of Al-Kazemi And The Governor Of The Central Bank.

  Author: AhadNA4 On 12/21/2020 - 5:03 PM  52  The demonstrators emphasized that the government had failed to manage the country and failed to face all crises, the most recent of which was the financial crisis and the collapse of the value of the Iraqi dinar.

The demonstrators expressed their refusal to raise the price of the dollar and hit the Iraqi dinar, calling on Parliament to take immediate action to dismiss Al-Kazemi and his ministers.

https://alahadnews.net/145806/%d8%a7%d9%84%d8%b9%d8%b1%d8%a7%d9%82/%d9%85%d8%ad%d9%84%d9%8a%d8%a7%d8%aa/

Demonstrations In Babylon To Protest The High Price Of The Dollar

Monday 21, December 2020 17:38 | General Views: 100   Hilla / NINA / Hundreds of people from the city of Hilla demonstrated today, Monday, in front of the Babil Governorate building, condemning the decision of the Central Bank and the Ministry of Finance to raise the price of the dollar against the Iraqi dinar.

Protester Silwan Al-Agha said, "Hundreds of people from Hilla demonstrated in front of the Babil Governorate building today, Monday, to denounce the high prices of food and services as a result of the Central Bank and the Ministry of Finance raising the exchange rate of the dollar against the dinar. They also condemned financial and administrative corruption that was the cause of the loss of billions of money that caused With this financial distress that Iraq is going through now,

he added that the high price of oil, in addition to the government’s control over the ports and borders, and the reduction of special grades salaries, will contribute significantly to providing cash liquidity, and therefore the demonstrators are determined to escalate protests in the event that the government continues this approach. https://ninanews.com/Website/News/Details?Key=877595

Economic Institute Demonstrates The Positive Aspects Of Raising The Price Of The Dollar

Time: 12/21/2020 11:10:56 Read: 4,069 times  {Baghdad: Al Furat News} The Iraqi Institute for Economic Reform explained the positive aspects of raising the dollar’s ​​exchange rate against the Iraqi dinar.

The institute described in a statement, the Euphrates News Agency, a copy of it, the government's move to reform the exchange rate of the dinar as "courage, which has long been awaited, as the price of the Iraqi dinar over the past period was higher than its real value, causing some damage to the Iraqi economy."

The central bank decided the day before yesterday, Saturday, to amend the dollar exchange rate, as follows:

1450 dinars per dollar, the price of buying foreign currency from the Ministry of Finance.

1460 dinars per dollar the selling price of foreign currency to banks.

1470 dinars per dollar is the selling price of foreign currency to the public.

The Ministry of Finance attributes the reason for the increase in the dollar exchange rate to reducing the large deficit in the 2021 budget.   LINK

The Dollar Is Dropping In Baghdad

Time: 12/21/2020 14:18:13 Read: 23,530 times   {Baghdad: Al Furat News} The exchange rate of the dollar fell again, today, Monday, in Iraq.

The selling price in Baghdad was 1450 dinars, and the purchase price was 1385 dinars, after this morning it was 1430 dinars {sale price}.   It decreased in the north of the country to 1,385 dinars (selling) and 1,365 dinars (buying).

In the south, it also decreased to 1,390 dinars (selling) and 1,370 dinars (buying).

The price of the dollar this morning in Basra Governorate was 1425 dinars, and in Erbil, 1420 dinars.

It is noteworthy that the Iraqi Central Bank decided the day before yesterday, Saturday, to amend the dollar exchange rate, as follows:

1450 dinars per dollar, the price of buying foreign currency from the Ministry of Finance.

1460 dinars per dollar the selling price of foreign currency to banks.

1470 dinars per dollar is the selling price of foreign currency to the public. LINK

* Mr. Al-Kaabi Responds To The So-Called “Moein”: I Challenge Him To Present An Explicit Document That I Forbid Questioning The Governor Of The Central Bank. * * Al-Kaabi: We will take all legal measures as stated by the so-called “Muin”, and the judiciary will be the determinant *

20/12/2020   In response to a statement attributed to “Moein Al-Kazemi” to a local media ... that there is an interrogation of the Governor of the Central Bank and that Mr. Hassan Al-Kaabi, First Deputy Speaker of Parliament prohibits this questioning.

We would like to inform the so-called “Maeen” that the House of Representatives has a committee formed for the purpose of interrogations in which any deputy out of 329 members submits a request for interrogation.

* And we challenge that “Moin” presents an explicit document of what he said *, noting that Mr. First Vice President since the day he took office and is still up to the moment, as he defends the rights and funds of the Iraqi people that were wasted during the receipt of the previous and current federal governments, and previous and current local administrations, including the “administration The governorate of Baghdad *

When the “invited” Moein was head of its governing council, where millions of dollars were wasted in fake projects and deals, * as it was better for him to follow them and accomplish them and not to engage in the political projection of a character who devoted himself to defending the rights of the Iraqi people and did not stain his hands previously and now The forbidden permission of the people's money.

* We will take all legal measures, and the independent Iraqi judiciary will be the determinant and the ruler between the sincerity of what the so-called “Maeen” claims and the dismissive statements through the media. The Media Office of the   First Deputy Speaker of Parliament  12/20/2020   LINK

An Economist Warns Of Huge Inflation In The Iraqi Market As A Result Of The High Exchange Rate Of The Dollar

Monday 21, December 2020 11:01 | Economical Views: 395   Baghdad / NINA / The specialist in economic affairs, Hussein Shaker Tahilo, warned of a large economic inflation in Iraq as a result of the high exchange rate of the dollar and the depreciation of the Iraqi dinar.

In a statement to the Iraqi National News Agency ( NINA ) , Tuhilo said : "Governments may resort to increasing the foreign exchange rate, if there are idle production capacities, with the aim of increasing exports, but their local currency will be damaged in the absence of quality export goods, and this What we are witnessing in the Iraqi economy because of dependence on the oil resource, as economists consider that the exchange rate is a mirror that reflects the country's commercial center with the outside world, through the relationship between exports and imports.

He stressed that: "After the government agreed to raise the exchange rate of the dollar to 145 thousand dinars per hundred dollars, the value of the local currency decreased and thus there was a decrease in the real income of the Iraqi citizen and the wages of workers, and this will lead to a large inflation in the Iraqi economy, and thus the deterioration of the standard of living." .

The economic specialist continued: "The increase in the value of the dollar is a clear targeting of the Iraqi citizen and a cover for the failure of the government to face the deficit and the citizen's use of a human shield in the face of the current crisis."

According to the Federal Budget Law for 2021, it included fixing the dollar exchange rate on the basis of 1450 dinars and a deficit exceeding 58 trillion Iraqi dinars, and the estimated revenues from exporting crude oil were calculated on the basis of the price of 42 dollars per barrel, and the rate of exporting 3 million and 250 thousand barrels per day. Including 250 thousand barrels, exported from the Kurdistan region. https://ninanews.com/Website/News/Details?key=877504

The Central Bank Of Iraq: The Previous Dollar Exchange Rate Is Very Cheap

Central Bank Governor, Mustafa Ghalib   Banks  Economy News – Baghdad

The Governor of the Central Bank, Mustafa Ghaleb Makhif, said that the exchange rate of the dollar in Iraq is very cheap, and that the attraction of neighboring countries and our inability to compete with their products has contributed.

He added, in an interview with Al-Iraqiya TV and Al-Iktissad News, that the local product cannot compete with the foreign product because of the previous dollar exchange rate. Suspect

He stressed that the Central Bank launched a 3 trillion dinars initiative, targeting non-employees, by granting loans at 1% interest, noting that the loans are to support housing and job opportunities.

The governor pointed out that the dollar will not rise and will remain within the specified levels.

He noted that the number of banks operating in Iraq is 78, and three others are under establishment, noting that money transfer companies have transferred to Islamic banks.

Number of observations 734 Date of addendum 12/20/2020  https://economy-news.net/content.php?id=23229

Director Of The Asian Fund In Iraq: Reducing The Price Of The Dinar Without Gradual Is The Right Decision

Money  and business  Economy News _ Baghdad  Ahmed Tabgali, an expert in capital markets and director of investment in the Asia Frontier Capital Fund, confirmed that the repercussions of the gradual devaluation of the dinar are more "painful" than the direct devaluation, considering that the country faces "an opportunity that leads to the recovery of Iraqi industry and agriculture and reform," after hours of Iraq set a new price for selling the dollar to the public, amounting to 1470 dinars, which was directly reflected in the list prices of imported and even local goods.

"Reducing the exchange rate of the Iraqi dinar against the US dollar should not be gradual, because it causes greater (economic pain) than if it happened directly, and this experience is constant everywhere in the world," said Tabgali.

In addition to being a chief investment officer at the Asia Frontier Fund, Iraq, Tabakjali held executive positions in economic institutions in several countries, including the United Kingdom and the UAE.

He added that "what is going on now and frequently is the negative effects of devaluation, but no one is talking about the harm we suffered because of the Iraqi dinar in the last 17 years," noting that "the most important countries that we deal with and import goods from are Turkey and Iran, and the currency has decreased Turkish by 60% and the Iranian currency fell by 80%. This means that Iraqi industry and agriculture - albeit - simple, but they were negatively affected greatly during this period.

"The government sector provides employment for 40% of the people, while the agricultural sector can provide job opportunities for 20% of the people of the country," he said, explaining that "30% of the Iraqi people live in agricultural areas and have been negatively affected in light of the presence of the foreign product." In abundance in the Iraqi market. "

He continued, "There are certainly negative effects from devaluation, such as an increase in the price of living, but for imported goods to prevail on the Iraqi market is a failure in and of itself, and the last decision will gradually lead to the revival of local Iraqi industry and agriculture, which will compete with imported goods and contribute to the transformation from a consumer country." To a productive country.

Tabakjali pointed out that "Iraqi companies in the Iraqi stock market, which compete with international companies, their prices rose from 5% to 10%, and this support for these Iraqi companies will lead to providing job opportunities for Iraqis," indicating that "these positive effects will take time." To be tangible.

He said, "Iraq has lived in an accumulation of wrong policies and we must change them today, otherwise the situation will become much worse after months," adding, "We do not have the luxury of choice. We are forced to take this step, which could be harmful now but will lead to reform."

With regard to the 2021 budget, Tabgali said that "the budget contains a paragraph, stipulating the allocation of 5 and a half trillion Iraqi dinars to the poor classes to help them during this period," indicating that "the devaluation will save 12 and a half trillion Iraqi dinars for the budget."

Number of observations 116 Date of addendum 12/21/2020   https://economy-news.net/content.php?id=23252

The Fluctuation Of The Price Of The Dollar In Exchange Offices And The Currency Market Is Experiencing Lethargy

Monday 21, December 2020 10:42 | Economical Views: 430  Baghdad ( NINA ) - The exchange rate of the US dollar in exchange offices witnessed fluctuations and instability this morning.

One of the owners of the exchange offices said: "The dollar exchange rate currently on the Kifah Stock Exchange is 1430 dinars, while its price in offices ranges between 1430 and 1440 dinars, which is not fixed and may change at any moment."   He added, "The market in general is witnessing lethargy, fear and little demand for currency circulation." / Ended     https://ninanews.com/Website/News/Details?key=877508

Al Kaabi Calls For An Emergency Session In The Presence Of Al-Kazemi

Time: 12/21/2020 12:22:26  Read: 2,548 times   {Baghdad: Al Furat News} The First Deputy Speaker of Parliament, Hassan Al-Kaabi, called for an emergency session of the House of Representatives.

A statement of his office, a copy of which was received by the Al Furat News Agency, stated that Al-Kaabi called for an emergency session of the House of Representatives in the presence of the Prime Minister {Mustafa Al-Kazemi}, Minister of Finance {Ali Allawi} and the Governor of the Central Bank of Iraq {Mustafa Ghaleb} to stand on the repercussions of the sudden rise in the exchange rate The dollar and provide the necessary guarantees to protect the vulnerable, poor and low-income classes. "

The Central Bank of Iraq began yesterday to raise the exchange rate of the dollar against the dinar and set it at 1450 dinars.

The decision raised citizens' fears of its repercussions on the rise in the prices of goods and goods, especially with the leakage of a draft of the 2021 budget that is being discussed for the third day in the Council of Ministers and included a reduction in allocations and salaries for employees.   LINK 

Al-Kaabi Calls For An "Emergency" Session Of Parliament In The Presence Of Al-Kazemi, The Minister Of Finance And The Governor Of The Central Bank

Monday 21, December 2020 12:30 | Political Views: 325   Baghdad / NINA / Hassan Karim Al-Kaabi, First Deputy Speaker of Parliament, called for an "emergency" session of the House of Representatives in the presence of Prime Minister Mustafa Al-Kazemi, Minister of Finance and Central Bank Governor, to find out the repercussions of the "sudden" rise in the dollar exchange rate and to provide the necessary guarantees to protect the vulnerable and poor classes and families Limited Income. / End 9     https://ninanews.com/Website/News/Details?key=877534

The Central Bank Launches The 3 Trillion Dinars Initiative To Buy Apartments And Homes For Non-Employees

Banks  Economy News – Baghdad Central Bank Governor Mustafa Ghaleb announced the launch of an initiative to buy apartments and houses for non-employees, while noting that the increase in the dollar exchange rate came at the request of the Ministry of Finance.

"The Corona crisis has affected the economies of countries, including Iraq," Ghalib said in an interview conducted by state television and seen by "Al-Iktissad News", pointing out that "the Central Bank has, during the past two months, held several meetings with the government and the legislative authority regarding the budget items."

He added: "The Ministry of Finance requested by an official letter to increase the exchange rate of the dollar to 1450 dinars," stressing that "the oil revenues are deposited into the account of the Ministry of Finance at the Central Bank."

He pointed out that "the vulnerable social classes will be affected by the high exchange rate of the dollar," noting that "the appointments during the period of the demonstrations imposed an increase in the exchange of salaries."

He explained that "the Ministry of Finance will double the sums granted to social care in the 2021 budget," stressing that "there will be an electronic link between customs, tax and the currency sale window."

He pointed out that "the cheap exchange rate of the dollar in Iraq has led to the attraction of neighboring countries."

The governor emphasized that "the central bank launched an initiative of 3 trillion dinars for non-employees," indicating that "the initiative includes loans that do not need a guarantor and will reach 150 million dinars to buy apartments or houses."

Number of observations 106, date of addendum 12/21/2020   https://economy-news.net/content.php?id=23237

The National Investment Commission: The Implementation Of Strategic Projects Gives A Positive Impetus To The Economy

Reconstruction and building  Economy News _ Baghdad The National Investment Commission confirmed, on Monday, that the implementation of strategic investment projects, including the Karbala International Airport project, gives a positive impetus to the Iraqi economy.

A statement of the Commission received by "Al-Iqtisad News" stated that "the head of the National Investment Commission, Suha Dawoud Najjar, confirmed that the implementation of strategic investment projects, including the Karbala International Airport project, gives a positive impetus to the Iraqi economy and encourages investors to enter the current investment process, indicating that the commission supports all Efforts to implement these projects in all Iraqi provinces.

He added that "Najjar praised the progress of the completion rate in the project's work stages," indicating that "it is at the core of what the Iraqi economy needs in terms of infrastructure and strategic projects to advance the Iraqi economy, and that this project will serve the region in general and the holy Karbala Governorate in particular."

He pointed out that "the inspection tour included a visit by the head of the commission to the headquarters of the Holy Hussaini shrine, where she met its Secretary General Sheikh Abdul Mahdi Al-Karbalai and appreciated the role of the holy shrines in establishing large projects that benefit citizens in Karbala Governorate."

For his part, Karbalai praised the role of the Commission in moving the wheel of investment in Iraq and its importance in economic development, pointing to the importance of establishing large strategic projects in Karbala, especially Karbala International Airport and Al-Hussein Hospital for treating cancerous diseases, and the distinguished role of these projects in creating job opportunities for youth. And the maintenance service. "

The statement continued, "The project manager, Mustafa Agina, revealed that the completion rate in the project has reached 32%," noting that "the percentage will increase directly with the receipt of the first installment of the loan granted to the project, amounting to 150 billion dinars, out of the total amount of 300 billion dinars, which will be Giving the amount in the form of payments according to the percentage of achievement that will be evaluated by an engineering committee from the Rafidain Bank that granted the loan.

He indicated that "the airport is prepared according to the designs of the French company specialized in this field and has a capacity of 2.5 million passengers per year after completing it within a maximum period of two years in the event that there is a smooth flow of financing by the Rafidain Bank, provided that the absorption rate increases to 20 million passengers during the twenty The coming year,

indicating that there are five consulting companies of different nationalities, including Portuguese, French and American, monitoring the work of the project, which is being carried out under the supervision of Engineer Manhal Al-Haboubi, the former Secretary General of Baghdad.

Number of observations 152 Date of addendum 12/21/2020  https://economy-news.net/content.php?id=23248

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