More Iraqi News Monday PM 12-7-20
More Iraqi News Monday PM 12-7-20
TLM724 Administrator BondLady’s Corner
In Numbers ... The Cumulative Loss Of The Currency Auction Since 2004
Time: 12/07/2020 11:42:46 Read: 2,899 times {Baghdad: Al Furat News} The Future Iraq Foundation for Studies and Economic Consultations revealed the cumulative loss of the currency sale window in the Central Bank of Iraq during the past years. The institution said in a statement, according to "an analysis of the Central Bank's sales figures for dollars through the foreign currency sale window and the average market price.
The amount of Iraq's loss from the difference between the two prices amounted to more than 20.7 billion US dollars from 2004 to September 2020 depending on the amount of foreign currency from the bank."
The central bank and the rate of the private selling rate from the central bank and the domestic market rate. "
He explained that "this value represents 3.57% of the total central bank sales, which amounted to more than $ 582 billion over the past years."
The statement pointed out that "the highest ratio between the amount of loss as a result of the price difference and the value of the currency sold was in 2016, where the ratio was 8%, with a loss of 2.64 billion dollars out of the 33.5 billion dollars that were sold through the auction window."
"As for the highest value of the loss, it was in 2013, when the loss amounted to about 3 billion dollars out of the 53 billion dollars that were sold through auction."
He noted that "this loss came as a result of the existence of two prices, the first is the official selling price from the central bank and the other is the market exchange rate," indicating that "whenever the exchange rates rise in the local market with the stability of the selling exchange rate from the central bank, the difference represents a loss to the central bank." He won for exchange companies and banks dealing in speculation between the two rates. "
The statement indicated that "this process of loss will continue as a result of the existence of two official prices and a local price or a speculative price, and that work must be done either on floating the dollar or imposing on exchange companies, money transfers and banks to unify the selling price according to the numbers set by the Central Bank in order not to create this large fluctuation." ".
He pointed out that "the loss percentage has decreased during the past three years, as it reached 1.2% of the total window sales in 2019, but it has returned and increased during 2020 to more than 2.84%."
Iraqi experts warn of "currency leakage" outside Iraq due to "corruption" in the currency auction in the country.
The Public Prosecutor had opened an investigation into the auction upon a request submitted by the Parliamentary Finance Committee to stop the waste of hard currency and its smuggling abroad. LINK
Parliament Raises Its Meeting To Next Wednesday
Monday 07, December 2020 17:29 | Political Views: 102 Baghdad ( NINA ) The House of Representatives decided to adjourn its session to next Wednesday, at twelve in the afternoon.
The House of Representatives completed the report and discussion of the draft law on retirement rights for the deceased in the medical and health professions as a result of the response to the Corona virus. / End 5 https://ninanews.com/Website/News/Details?key=874848
He Revealed The Proposals Of The Region’s Delegation To Baghdad About Oil And The Budget
Time: 12/07/2020 16:28:23 Read: 1,573 times {Baghdad: Al Furat News} The Parliamentary Finance Committee confirmed that there is good convergence between the Kurdistan Regional Government and the federal government to deal with the outstanding financial files.
A member of the Parliamentary Finance Committee, Sherwan Mirza, said in a press statement, "There is good convergence between the Kurdistan Regional Government and the federal government to deal with the outstanding financial files."
A delegation from the Kurdistan Regional Government visited the capital, Baghdad, recently, which included Finance Minister Awat Sheikh Janab, Minister of the Region for Negotiations Affairs with Baghdad Khaled Shawani, and the official of the Coordination and Follow-up Department in the Council of Ministers, Abdul Hakim Khusraw.
Mirza added: The Kurdistan government submitted two proposals to the federal government. The first is to deliver 250 thousand barrels of oil per day to the National Oil Marketing Company (SOMO) and half of the imports of the border outlets in exchange for the Kurdistan region’s share of the federal budget is 12.67%, provided that the regional government bears Kurdistan, the expenses of the oil companies. "
He explained, "The other proposal provides for the delivery of all oil extracted from the Kurdistan region to the federal government in return, the federal government bears the cost of oil companies and provides financial dues to the Kurdistan region."
He pointed out that "the Kurdistan Regional Government is waiting for the response of the federal government, which is scheduled to be held tomorrow Tuesday, a cabinet session to discuss the federal budget for 2021." LINK
The Foreign Minister Stresses The Need To Increase The Volume Of Banking Cooperation Between Baghdad And Washington
Monday 07, December 2020 12:04 | Economical Views: 270 Baghdad / NINA / Foreign Minister Fuad Hussein stressed the importance of the joint relations between Iraq and the United States of America, and the need to upgrade them in various fields, especially the development of banking relations between the two sides, expressing his aspiration to benefit from the banking expertise of American banks.
A statement by the ministry stated, “Foreign Minister Fuad Hussein met with Kimberly Reed, President of the United States Import and Export Bank, on the sidelines of the Manama Dialogue Forum 2020, to discuss aspects of implementing the Memorandum of Understanding signed in 2019 between the bank and the Ministry of Finance, and how to benefit from the amount allocated in the memorandum in The fields of agriculture, investment, trade, etc.
The Minister extended an invitation to the President of the Bank to visit Baghdad to discuss cooperation files with the Iraqi government. / End 8 https://ninanews.com/Website/News/Details?key=874771
The Foreign Minister Stresses The Need To Increase The Volume Of Banking Cooperation Between Baghdad And Washington
Today, Monday, December 7, 2020, Foreign Minister Fouad Hussein stressed the importance of the joint relations between Iraq and the United States of America, and the need to upgrade them in various fields, especially the development of banking relations between the two sides, expressing his aspiration to benefit from the banking expertise of American banks.
A statement by the ministry stated, "Foreign Minister Fouad Hussein met with Kimberly Reed, President of the United States Import and Export Bank, on the sidelines of the Manama Dialogue Forum 2020, to discuss aspects of implementing the Memorandum of Understanding signed in 2019 between the bank and the Ministry of Finance, and how to benefit from the amount allocated in the memorandum in The fields of agriculture, investment, trade, etc. The minister invited the president of the bank to visit Baghdad to discuss cooperation files with the Iraqi government.
https://www.radionawa.com/all-detail.aspx?jimare=22658
The Council Of Ministers Chooses Tomorrow The Company That Will Implement The Great FAO Project
Monday ، 07 December 2020 The Ministry of Transport announced that the Council of Ministers will decide tomorrow in its weekly meeting the issue of contracting with a Korean or Chinese company to build the large Fao project. ”
The ministry’s spokesman, Faleh Hadi, said that the Minister of Transport had sent to the Cabinet the two offers made by the Korean company Daewoo and another Chinese company to construct the large Faw port . To choose one of them and start working after the end of negotiations with them. "
He indicated that the implementation of the project will be signed as soon as the Council of Ministers votes on one of the two companies LINK
The Stock Market Index Rose In Monday's Session
Iraqi Stock Exchange «Economy News» Market Economy News – Baghdad The stock market index rose in the Monday session, by 0.06%. 225.8 million shares were traded during the meeting, worth 334.1 million dinars.
10 shares contributed to the increase in the index, led by the shares of the Elaf Islamic Bank Company by 4.35% and the shares of Al Mamoura Real Estate Company by 2.63%.
Shares of 6 companies provided by the Islamic Al-Ataa Bank Company also decreased by 6.25% and the shares of the Elite Company for General Contracting decreased by 2.50%.
In turn, foreign investors sold 10 million shares, worth 10 million dinars, after executing eight deals on the shares of one company. Number of observations 128 Date added: 12/07/2020 https://economy-news.net/content.php?id=23045
The Dollar Is Rising In Iraq
Time: 12/07/2020 11:07:37 Read: 6,864 times {Baghdad: Al Furat News} Today, Monday, the exchange rates of the dollar in Iraq increased.
The exchange rate on the Kifah Stock Exchange was 1258.5 dinars to the dollar, or 125 thousand and 850 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 1256 dinars to a dollar. As for the selling price in the money exchange shops in Baghdad, it was 1262.5 dinars, and the purchase price was 1252.5 dinars.
On the Erbil Stock Exchange, the dollar’s price also witnessed a decline, as the selling price reached 1259 dinars and the purchase by 1257 dinars. LINK
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