More Iraqi News Monday PM 6-21-21
More Iraqi News Monday PM 6-21-21
TLM724 Administrator BondLady’s Corner
Parliamentary Finance Warns The Central Bank Of The Collapse Of The Iraqi Dinar
Economy Monday, June 21, 2021 | 11:25 am| Number of readings: 62 On Monday, the Parliamentary Finance Committee warned the Central Bank of the collapse of the Iraqi dinar against the US dollar, while calling on the government to impose measures on private banks and control the market .
Committee member Muhammad Al-Shabki said, "There are fears of the collapse of the Iraqi currency in the coming period due to the continued government confusion and the lack of control over the dinar exchange rate against the US dollar ."
He added that "losing control of the exchange rate may lead to the collapse of the currency in the coming period," noting that "the government, the Ministry of Finance and the Central Bank are required to impose appropriate measures and control the market and maintain the exchange rate to avoid the collapse of the Iraqi currency." https://aynaliraqnews.com/index.php?aa=news&id22=148859
Deputy: The Beneficiaries Of The Rise In The Price Of The Dollar Stood As An Obstacle To The Questioning Of The Minister Of Finance
Political Monday, June 21, 2021 | 09:27 AM| Number of readings: 66
The deputy of the Al-Fateh Alliance Mithaq Al-Hamidi confirmed, on Monday, that blocs benefiting from the rise in the dollar exchange rate in the local markets stood as an obstacle to the questioning of the Minister of Finance in Parliament .
Al-Hamidi said that "the government has significantly shortened the fiscal policy and failed to achieve an economic boom in the country, in addition to the failure of Parliament regarding the questioning of the Minister of Finance about what he did, the failure of economic development, the flooding of the country with debt and the rise in prices ."
She added that "there are political blocs that are benefiting from the high exchange rate of the dollar in the local markets, and it was an obstacle to the questioning of the Minister of Finance in the House of Representatives ."
Al-Hamidi pointed out that "the people are still suffering because of the rise in prices, which necessitates the government to take measures to reduce prices and correct the financial policy."
https://aynaliraqnews.com/index.php?aa=news&id22=148840
Warnings Of The Loss Of Iraq's Money Abroad And Parliamentary Calls To Legislate A Law To Recover It
Political Monday, June 21, 2021 | 09:20 am| Number of readings: 71
On Monday, members of the House of Representatives called for the enactment of a law to recover that money before the end of the current parliamentary session so that it does not go into the pockets of the corrupt .
A member of the Finance Committee, Ahmed Suleiman, said, "Iraq possesses frozen and smuggled sums in foreign banks estimated at about 500 billion dollars, which requires the executive authority to move quickly to recover them and address the financial situation ."
On the other hand, the representative of the Al-Fateh Alliance, Hassan Shaker, warned of “the danger of the smuggled money going to the pockets of the corrupt, especially since the government did not make clear any seriousness to recover these funds,” stressing “the need to expedite the legislation of the law to recover Iraqi funds abroad and not to transfer its law to the next parliamentary session .
In addition, the legal expert, Tariq Harb, explained that “there is great importance to legislating the aforementioned law, in addition to that it does not need more than a week in Parliament, in addition to that it depends on the judicial and punitive side, and not only the seizure of funds, and also depends on the international side, not only the internal one.” . https://aynaliraqnews.com/index.php?aa=news&id22=148839
The Results Of The Banking Sector's Activity In The Conditions Of The Corona Pandemic
Articles Samir Al-Nusairi* The Central Bank issued financial data for the activities of government and private banks, and one of the most prominent indicators on the overall level was the banking sector achieving good annual business results in complex economic conditions, the spread of Corona, economic closure, and comprehensive and partial urbanization due to the epidemic.
For the public and companies, in addition to implementing the Central Bank’s initiatives to activate the economic cycle by financing small, medium and housing projects and donating the necessary amounts to support the Ministry of Health with a limit of 41 billion dinars.
From analyzing indicators and comparing them with 2019 at the total level, it is clear that banks’ capital increased by 6%, deposits by 4%, and credit The cash bank increased by 19% and total assets by 2%. At the level of private banks, a clear increase in the capital ratio was achieved by 8%, and it invests up to 76% of the total capital of the banking sector And an increase in deposits by 13% and in cash credit by 16%, and total assets maintained their level as in 2019, also indicated that the amounts of bad debts increased by 25% compared to last year due to the non-compliance of some borrowers and the postponement of payment for the first months of last year in light of the Central Bank’s decision To support borrowers due to the Corona pandemic.
From the analysis of the data in comparison between government and private banks, the imbalance and the large differences in the distribution of deposits, cash and pledge credit, and assets still exist. The share of private banks for deposits is 13%, for credit is 16%, for total assets is 21%, and for profits is 22%.
Therefore, the redistribution of powers and granting sufficient flexibility to banks Private banks in a balanced manner with government banks by activating decisions to support private banks issued by the Council of Ministers and the Economic Affairs Committee, which is in addition to being an urgent requirement for private banks, as the white paper referred to in the goals of banking sector reform, which is to allow private banks to take their role as a lever for the economy and end the role of government banks As an arm of bank finance.
The success of private banks in implementing the Central Bank’s initiatives to revitalize the economy Indicators indicate the success of private private banks in implementing the recently issued Central Bank initiatives related to activating and stimulating the economy after the dinar exchange rate devaluation. the National ?
Despite the stifling financial and epidemiological crises during the year 2020 and the first quarter of this year, our banks continued to persevere and implemented the Central Bank’s instructions to continue providing banking services and products to individuals and companies and granting loans to finance small, medium, housing and large projects, and interacted greatly with the Central Bank’s lending initiatives to stimulate and stimulate the economy.
With reference to the role of the private banking sector in supporting the national economy in crises and given that our private banks are the implementing agency for the policies of the Central Bank of Iraq and the activator of the instructions and stimulating the monetary and banking market, so during the economic crises that faced the Iraqi economy, it contributed and implemented precisely the Central Bank’s instructions to raise the coverage rate It achieved a growth of about 44% in the new opened accounts, and the number of accounts reached (4.Cool million.
Our bank has implemented the strategy of the Central Bank regarding the development of electronic payment systems and the transition to the cashless society. The number of automated exchanges operating in our bank has reached up to (1170) tellers and points of sale with up to (4 thousand) points of sale.
The number of activated bank cards has reached up to (11) million cards and activated electronic wallets are up to (3) One million and (500) thousand portfolios. The other important aspect that our banks have done and played an active role in implementing is the commitment to international rules and standards for compliance, anti-money laundering, financial reporting and risk management. * Adviser to the Association of Iraqi Private Banks Views 174 Date Added 06/21/2021
https://economy-news.net/content.php?id=25468
Dollar Exchange Rates In Local Markets Today
Market Economy News_Baghdad Today, Monday, the exchange rates of the dollar against the Iraqi dinar recorded a new decline in the main stock exchange in the capital, Baghdad, and the exchange shops.
On the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad, the price of the dollar recorded 148,350 Iraqi dinars for every 100 US dollars, after yesterday, Sunday, 148,450 dinars.
Selling prices in banking shops in the local markets decreased to 148.750 Iraqi dinars, and purchase prices to 147.750 dinars per 100 US dollars. Views 116 Date Added 06/21/2021
https://economy-news.net/content.php?id=25470
Oil Prices Rise, Brent Records $73.70 A Barrel
Economie| 08:39 - 06/21/2021 Follow-up - Mawazine News: Oil prices recorded, on Monday, a noticeable increase, after the end of recent talks between world powers and Iran to revive a nuclear agreement without an agreement.
Brent crude for next August rose 0.26%, to $73.70 a barrel, on the European ICE Futures Exchange.
US West Texas Intermediate for July delivery rose 0.38%, to $71.56 a barrel on the New York Mercantile Exchange.
The price of crude oil has risen nearly 50% this year as major economies emerge from restrictions and lockdowns after Covid-19 vaccines were rolled out around the world, and demand has rebounded, especially in the United States and parts of Asia. China's oil consumption has surpassed pre-pandemic levels, and India is showing signs of recovery from the deadly second wave of the virus that has devastated its economy. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=157754
US Bank Expects Oil To Rise To $100 By Next Year
Time: 06/21/2021 12:48:53 Reading: 1,534 times {Economic: Al-Furat News} The American investment bank "Bank of America" expects that the price of a barrel of "Brent" blend will rise to the level of $ 100 by 2022.
Regarding the reasons that will lead to the growth of oil prices so quickly, the US bank referred to the delayed demand after the closure measures that were imposed due to the Corona crisis, and the increase in demand for fuel due to the increase in travel distances.
Bank of America analysts also raised their forecast for oil prices for 2021 from $60 to $68 a barrel, amid a recovery in demand driven by the vaccination process against the Corona virus, thanks to the recovery in demand for black gold and record production cuts by producers within the framework of the “OPEC” agreement. +". LINK
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