More Iraqi News Monday PM 2-15-21
More Iraqi News Monday PM 2-15-21
TLM724 Administrator BondLady’s Corner
Deputy: The Devaluation Of The Dinar Did Not Achieve Economic Feasibility And Its Consequences Are Serious
Time: 02/15/2021 09:38:46 Read: 3,679 times {Baghdad: Al Furat News} A member of the committee monitoring the implementation of the government program and strategic planning, Enaam Al-Khuzaie, confirmed today, Sunday, that the continued devaluation of the dinar in the financial budget will cause the crushing of the vulnerable classes. Suspect
In a statement, Al-Furat News received a copy of it, Khuzaie said, "After two months of devaluing the Iraqi dinar for development reasons, as announced by the government, the allegations of revitalizing the national product have not been realized. Rather, price levels have risen for all imported and national goods due to the latter's dependence on mostly imported production inputs. Pointing out that "the amendments to the draft budget law did not include a change in the exchange rate, despite its inclusion in the text of the draft budget.
She added that "the initiation of the devaluation of the dinar for developmental reasons needs many introductions that Iraq is unable to achieve a small part of it in the short term," noting that "reducing the value of the dinar in a deflationary situation increases the economic situation and threatens to widen the depth of the existing recession and generate inflationary waves that crush low-income classes." Seriously, especially with the weak social protection programs needed to absorb the impact of the exchange rate shock on the vulnerable classes.
Al-Khuzaie explained that "the goal of reducing the exchange rate of the dinar was double, with financial and monetary motives, as the financial motives were represented in the government's desire to maximize oil revenues in dinars to reduce the size of the financial deficit."
She noted that "the monetary motives were the desire of the central bank to reduce its sales of dollars to the market, which is what has been achieved now at the expense of high prices."
And she believed that, instead of reducing the value of the dinar, it would have been more effective to reduce current spending and reduce the sources of demand for the dollar to maintain price stability and limit the depletion of the dollar reserve at the central bank instead of reducing the value of the dinar in order to maintain the greed of current spending and sacrifice price stability in Iraq, Expressing its grave concern over the failure of government performance to achieve its set and planned goals.
Al-Khuzai called for "avoiding the negative effects resulting from the devaluation of the dinar by adjusting the exchange rate in the federal budget 2021 and in a way that suits the living standards of the poor and low-income people, calling for an amendment to the exchange rate policy, as was previously done in Article 50 of the 2015 budget when the House of Representatives set dollar sales with a ceiling." $ 75 million with equity in the sale. " LINK
Parliamentary Committee: The Goal Of Devaluing The Dinar Has Not Been Achieved
Political Monday, February 15, 2021 | 11:06 AM| Views: 105 Anam Al-Khuzai, a member of the Parliamentary Government Program Monitoring Committee, promised Monday (February 15, 2021) that the allegations of revitalizing the national product by reducing the value of the dinar had not been fulfilled despite the passage of two months after the reduction of the national currency, while she warned that maintaining the reduced price would lead to waves Inflated "crushing low-income classes ".
Al-Khuzaie said in a statement, that "after two months of devaluation of the Iraqi dinar for development reasons as announced by the government, the allegations of revitalizing the national product have not been realized. Rather, price levels have risen for all imported and national goods due to the latter's dependence on mostly imported production inputs." The draft budget law did not include a change in the exchange rate, despite its inclusion in the text of the draft budget .
She added that "the initiation of the devaluation of the dinar for developmental reasons needs many introductions that Iraq is unable to achieve a small part of it in the short term," noting that "reducing the value of the dinar in a deflationary situation increases the economic situation and threatens to widen the depth of the existing recession and generate inflationary waves that crush low-income classes." Seriously, especially with the weak social protection programs needed to absorb the impact of the exchange rate shock on the vulnerable classes .
Al-Khuzai explained that "the goal of reducing the exchange rate of the dinar was double and with financial and monetary motives, as the financial motives were represented in the government's desire to maximize oil revenues in dinars to reduce the size of the financial deficit," adding Al-Khuzaie, noting that "the monetary motives were represented by the desire of the Central Bank to reduce its sales of dollars to the markets." This is currently achieved at the expense of high prices . "
And it considered that "instead of reducing the value of the dinar, it would have been more effective to reduce current spending and reduce the sources of demand for the dollar to maintain price stability and limit the depletion of the dollar reserve at the central bank instead of reducing the value of the dinar in order to maintain the greed of current spending and sacrifice price stability in Iraq." Expressing its "grave concern over the failure of government performance to achieve its set and planned goals ."
And demanded, to "avoid the negative effects resulting from the reduction of the value of the dinar by adjusting the exchange rate in the federal budget 2021 and in a way that suits the living standards of the poor and low-income people," calling for "modifying the exchange rate policy, as was previously done in Article 50 of the 2015 budget when the House of Representatives specified Dollar sales ceiling of $ 75 million, with fairness in the sale. " https://aynaliraqnews.com/index.php?aa=news&id22=143811
The Presidency Of Parliament Is Surprised By The Deletion Of An Important Article In The Budget And Evaluates An Increase In The Dollar Price
Time: 02/15/2021 13:23:07 Read: 6,721 times {Baghdad: Al Furat News} The First Deputy Speaker of Parliament, Hassan Karim Al-Kaabi, on Monday, expressed his surprise at the deletion of an important article in the draft federal budget bill for 2021.
Al-Kaabi warned in a statement that Al-Furat News received a copy, “of compromising the allocations of the social welfare network or reducing it in light of the outbreak of the Corona pandemic and the economic crisis that Iraq is going through,” indicating that “the increase in the dollar exchange rate decision, which greatly contributed to reducing the amount of salaries in general. And he made the value of the dinar very weak and exhausted the poor and middle classes, surprising that the article agreed upon in the budget draft was deleted in the presence of the Minister of Labor and related to increasing social welfare allocations. Suspect
He explained, "The time when we value the efforts made by the Parliamentary Finance Committee during the last period of meetings and hosting to complete the draft budget law." The social sector, considering the measure taken seriously harms the poor and middle segments of Iraqi society. "
The statement indicated that Al-Kaabi "attended two separate meetings of the Finance Committee, in the presence of the Minister of Labor and Social Affairs, during which the agreement and emphasis was placed on increasing the financial allocations for all those covered by social care and not to prejudice it even in any circumstance. LINK
Al-Kaabi: The Increase In The Exchange Rate Of The Dollar Contributed To Reducing The Amount Of Salaries And Exhausting The Weak And Middle Classes
Political Monday, February 15, 2021 | 1:27 PM| Views: 91 Hassan Karim Al-Kaabi, First Deputy Speaker of Parliament, warned against compromising or reducing the allocations of the social welfare network in light of the outbreak of the Corona pandemic and the economic crisis that Iraq is going through, in addition to the decision to increase the dollar exchange rate, which contributed significantly to reducing the amount of salaries in general and making the value of the dinar Very weak and exhaustion of the poor and middle classes, surprising the deletion of the article agreed upon in the draft budget in the presence of the Minister of Labor and the increase in social welfare allocations.
Al-Kaabi said in a statement today, Monday, February 15, 2021, while we value the efforts made by the Parliamentary Finance Committee over the past period of meetings and hosting to complete the draft budget law, we call on it not to be affected by political pressures, whims and moods that are practiced under the pretext of developing, encouraging and increasing the allocations of some sectors At the expense of those covered by social welfare salaries, considering the measure taken seriously harms the poor and middle segments of Iraqi society.
It should be noted here that the First Deputy attended two separate meetings of the Finance Committee, in the presence of the Minister of Labor and Social Affairs, during which the agreement and emphasis was placed on increasing the financial allocations for all those covered by social care and not to prejudice it even in any circumstance. https://aynaliraqnews.com/index.php?aa=news&id22=143825
Al-Faily: We Renew The Demand To Return The Dollar Exchange Rate To (1,300) Dinars Per Dollar
Political Monday, February 15, 2021 | 01:30 p.m.| Views: 72 The MP for the National Approach bloc, Mazen Al-Faily, renewed today, Monday, the demand to restore the dollar exchange rate to (1,300) dinars per dollar.
Al-Faily said, in a press statement, that "we do not rule out that the goal of the decision to raise the dollar’s exchange rate is to collect obscene profits from the influential parties in the currency auction market in one go through the escalation jumps in the exchange rate of the dollar in the market and the stability of the sale price by the Central Bank before Officially adopting the new price, in which Iraq lost more than (300) billion dinars within a few weeks, it went to the parasitic and speculative parties in the auction market without practicing any tangible development activity,
then those parties returned and two weeks before the exchange rate was approved by buying the dollar in large quantities from the bank with the same The price is (1190) dinars per dollar to be saved until the day the official exchange rate was approved, so she sold the dollar saved with her from this process to the Central Bank at an official request from him, so the profit margin of one dollar obtained by the parasitic banks associated with influential parties was equal to more than (260) dinars per dollar. .
He added, "If we calculate the two-week period multiplied by the rate of the daily dollar sums sold by the Central Bank for the same period, which is (210) million dollars, then the sum of what these parasitic banks owned or partnered with politically influential parties would have amounted to more than 750 billion dinars, and if we combined the amount with them. The previous one is from the clear profits for them, which are (300) billion dinars, so the total of what the parasites won is more than (one trillion dinars) in a circumstance not exceeding two months.
He indicated that "what some call to justify raising the exchange rate for the purpose of supporting the local product is contradicted by the decisions that granted Jordan exemptions from customs duties for hundreds of materials (and selling oil at a low price), in addition to the absence of the infrastructure for the national industry and many raw materials are imported from abroad with the high dollar. Its price rises, so the cost of manufacturing it increases and its competitiveness with the similar imported product weakens. From the foregoing it becomes clear that the stated justifications for raising the dollar exchange rate are unrealistic. "
And he continued, "And another goal is put forward for this decision, that it contributes to filling an amount of the budget deficit and is supposed to squeeze unnecessary expenditures. Millions of poor and low-income citizens will not bear the damage, and it is strange that some of them proposed to remove the damage from financially affordable segments - contractors - an amount (500) One billion dinars and ignore the suffering of the poor. "
He added, "The amount that is expected to be saved from raising the exchange rate does not exceed (Cool trillion dinars, and it can be collected without resorting to raising the price of the dollar. It has been proposed to raise the price of oil by three dollars per barrel, which would provide revenues of approximately (5) trillion dinars, if available. The will to collect other revenues, including the financial obligations of mobile phone companies in favor of the state, because revenues close to this amount were available without the need for the decision to raise the exchange rate and its severe social damages.
The representative of the National Approach bloc concluded his statement that, "Finally, we call on the supervisory authorities to verify the correlation between the continued increase in the exchange rate of the dollar and the flow of profit to the pockets of parasites who drain hard currency without accountability or accountability !!." Suspect https://aynaliraqnews.com/index.php?aa=news&id22=143826
The Stability Of The Dollar In Iraq Today
Time: 02/15/2021 11:59:08 Read: 5,746 times {Baghdad: Al Furat News} The exchange rate of the dollar stabilized slightly in Iraq on Monday.
The exchange rate in Baghdad was 1459 dinars, or 145 thousand and 900 dinars for one hundred dollars, which is the same price in Basra Governorate.
In Erbil, the dollar also stabilized at 1,461 dollars, or 146 thousand and 100 dinars for one hundred dollars.
https://alforatnews.com/news/%D8%A7%D8%B3%D8%AA%D9%82%D8%B1%D8%A7%D8%B1-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A7%D9%84%D9%8A%D9%88%D9%85
In Today's Session, The Central Bank’s Hard Currency Sales Are Up Significantly
Economie| 11:50 - 15/02/2021 Baghdad - Mawazine News The Central Bank of Iraq sales of hard currency recorded a remarkable increase, reaching 38 million dollars, by more than 31%.
The sales of the Central Bank of Iraq, during the auction of buying and selling foreign currencies today, witnessed an increase in sales by 31.03%, to reach 38 million 206 thousand dollars.
According to the daily bulletin of the currency auction in the Central Bank of Iraq, the bank covered its sales at a basic exchange rate of 1460 dinars per dollar.
All sales went to boost the assets abroad in the form of transfers and credits, while the purchase was not made in cash, and 11 banks met the requests to enhance the assets abroad.
It is noteworthy that the Central Bank’s sales of hard currency in the auction yesterday, Sunday, amounted to 29 million 452 thousand dollars. https://www.mawazin.net/Details.aspx?jimare=141774
Parliament Ends The Legal Drafting Of The "Federal Court" And Awaits Political Consensus!
Political Monday, February 15, 2021 | 10:21 a.m.| Views: 68 On Monday, the Parliamentary Legal Committee called on the political blocs to resolve their position on the Federal Court Law and come up with a consensus formula to vote on it, especially since the committee has completed the necessary legal drafting for it, indicating that the role assigned to the jurists and their numbers in the court law still constitutes a reason for political differences regarding the law .
A member of the legal committee, Bahar Mahmoud, said in a statement reported by "Al-Sabah" newspaper, "The Federal Court Law is still suspended due to the incompatibility of the political blocs on it," stressing that "disputes are still regarding the role of jurists in the court ."
She added, "The committee has decided its order to legislate a new law, as it is a correct step, but it is not possible to obtain a vote of two-thirds of the members in the House of Representatives." Nominate them ”
Mahmoud confirmed, “There are no disagreements about judges, but the dispute continues regarding the jurists, as some of the political blocs want their role to be advisory, and another section wants to have a role even in voting, and some of them want the number to be two and others want to They are four jurists, ”noting that“ the committee is waiting for the blocks to agree on disputed points about the law. ”
https://aynaliraqnews.com/index.php?aa=news&id22=143802
The Stock Exchange Takes New Decisions In Conjunction With The Decisions Of The Crisis Cell
The Stock Exchange «Economy News» Market Economy News – Baghdad On Monday, the Stock Exchange announced new decisions in conjunction with the latest developments in the decisions of the government crisis cell.
The Supreme Committee for National Health and Safety decided, last Saturday, to impose a comprehensive curfew on Fridays, Saturdays and Sundays of every week, starting from February 18, 2021, while the partial ban on Mondays, Tuesdays, Wednesdays and Thursdays will be from eight in the evening until five in the morning until March 8, 2021. And it will be reviewed according to the epidemiological situation.
If the stock exchange decided to "continue trading remotely from the headquarters of the brokerage firms through the electronic system."
It also decided, “the investor hall will be closed from Thursday 18/2/2021 until Monday 3/8/2021”.
The Stock Exchange stressed the need to "wear masks from all employees and auditors," and to "conduct physical distancing of workers and auditors, with indicative signs to stop on the ground."
Today, Monday, the Ministry of Health announced the entry of the new strain of Corona virus into Iraq and decided to impose financial fines on violators of the committee's decisions.
Number of observations 114 Date of addendum 02/15/2021
https://economy-news.net/content.php?id=24076
For The First Time In A Year, Brent Crude Crossed The $ 63 Per Barrel Barrier
Economie| 09:13 - 15/02/2021 Follow-up - Mawazine News The price of crude oil recorded, on Monday, a record high, after the price of Brent crude exceeded the barrier of $ 63 per barrel for the first time since January 2020.
Prices of future contracts for Brent crude for the month of April increased by 0.83 percent, to reach 63.18 Dollars a barrel.
Futures prices for West Texas Intermediate crude for the month of March rose by 1.27 percent, to reach $ 60.47 a barrel.
Oil prices rose almost continuously, from the beginning of this February, until last Wednesday.
It should be noted that the main growth factor this month is the actions of the (OPEC +) coalition, in addition to hopes for an increase in demand for raw materials after the start of the use of vaccines in a number of countries of the world. Ended 29 / p4 https://www.mawazin.net/Details.aspx?jimare=141739
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