More Iraqi News Monday PM 6-28-21
More Iraqi News Monday PM 6-28-21
TLM724 Administrator BondLady’s Corner
Between The Government And The Central Bank.. Members Of The Finance Committee Reveal The Secrets Of The Rise In The Price Of The Dollar
Pratha News Agency134 2021-06-28 The exchange rate of the dollar against the dinar still casts a shadow on the societal and political sides, while a parliamentarian ruled out the possibility of returning the exchange rate to what it was during this stage, another confirmed that the vision is absent from the government and the central bank in dealing with economic inflation, noting that There is a will and a majority in the House of Representatives, which does not want to return the exchange rate of the dollar against the dinar to what it was.
A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed that there are many reasons that prevent the Central Bank from returning to the old dollar price at this stage, while indicating the possibility of achieving this and creating new job opportunities in the event of a new government coming for a period of four years.
Cougar said in a press interview that "there are many reasons that prevent the central bank from returning to the old dollar price at this stage," noting that "among the reasons is the bank's need to have a stable policy, given that the price hike was four months ago.
It is not permissible for there to be another change in a short period not exceeding five months, given that the occurrence of this matter will confuse the market and worry investors, traders and foreign currency dealers as a result of low confidence that a new change will not occur again from the Central Bank in the future.
Cougar added, "The other matter is related to the federal budget voted by Parliament, in which all its schedules, accounts and contracts are based on the new exchange rate, so the contracts that will be awarded by the government will be in dinars, but at the same time we are not a producing country, but rather an importer and consumer, which means that the effect It will be worrying for the parties that deal with the government in importing and contracting, because they do not have a true picture of the mechanism of dealing according to what price will be for the profit and loss account.
He pointed out, "This is an adventure, and we do not believe that the government will be forced to do so because of the confusion it causes at this time, especially since it is an interim government and has a primary duty to prepare for early elections. As for the coming of a new government for four years, then it is possible to develop an integrated study to achieve many measures." These include changing the exchange rate and creating new job opportunities.
Member of the Parliamentary Finance Committee, Abdul Hadi Mohan Al-Saadawi, indicated that the government and the Central Bank have no vision in dealing with economic inflation, while noting that there is a will and majority within the House of Representatives, which does not want to return the exchange rate of the dollar against the dinar to what it was.
Al-Saadawi said in an interview with Alsumaria News, "There is a will and a majority in the House of Representatives, which does not want to return the exchange rate to what it was, and strives to maintain what has been approved by the Central Bank and the Ministry of Finance, because of the benefits of those controlling the government and the bank." Iraqi Central.
Al-Saadawi added, "There is no vision among many political blocs or the beneficiaries of the exchange rate change, and they are continuing to raise the exchange rate and are also continuing to not automate outlets, customs and fees," stressing that "the vision is absent from the government and the Central Bank to address the economic inflation that is taking place. in the Iraqi economy and market.
He pointed out that "the program and the paper prepared by the government, which was called the white paper, did not go beyond being ink on paper. The government or the central bank did not follow through with any promises they made for financial and economic reform, and what was applied are formal procedures far from the essence of the solution to economic problems."
Pointing out that "the government did not release the amount of three trillion dinars allocated to address poverty in Iraq, and social welfare benefits were not passed by Parliament, so the vision is absent and reform does not exist." http://burathanews.com/arabic/economic/395198
Al-Nahrain Bank Launches “Murabahat” For Small, Medium And Large Enterprises
banks
Economy News _ Baghdad On Monday, Al-Nahrain Islamic Bank launched small and medium-sized projects for citizens, with amounts ranging from 20 to 100 million dinars, in addition to large Murabahas.
The director of the bank, Mohamed Samir, said in an interview with the newspaper “Al-Sabah” and followed by “Al-Iqtisad News,” that “the last few years witnessed the launch of the Murabaha for small and medium enterprises on easy terms, in support of the youth segment,” explaining that “the upper limit for financing small projects amounts to 20 million for a period of time.
Five years, with a murabaha rate of five percent, and the medium-sized Murabaha amounts range from 20 to 100 million dinars, in addition to launching large Murabahas, each of which is studied separately because its controls differ from small and medium-sized ones in terms of amounts and instructions.
He added, "The Central Bank also launched an initiative to support small and medium enterprises with funds set by the bank and under the supervision of the department responsible for monitoring the work of banks," noting that "Al-Nahrain Bank will soon be one of the participants in this initiative, and the hand will be absolute on the subject of finances, and transactions will be completed in accordance with the instructions and controls of the Central Bank after Confirm the validity of the bank’s procedures, and they will be financed by the Central Bank.
He stated that «the services provided by the bank are subject to the provisions of Islamic Sharia, similar to Islamic Murabaha, according to which the amount of financing is paid to the seller and not to the applicant for financing, and that all services provided with localization offers are carried out with the approval of the Central Bank, and they are legally binding on the bank, which owns Sufficient liquidity.
Views 183 Date Added 06/28/2021 https://economy-news.net/content.php?id=25498
The US Secretary Of State Comments On The Bombing Of The Hashd Factions In Iraq
Political | 04:30 - 06/28/2021 BAGHDAD - Mawazine News US Secretary of State Antonio Blinken commented on Monday on the air strike that his country carried out targeting the Popular Mobilization Forces in Iraq.
And the US Secretary of State said: "We have taken necessary and deliberate action with air strikes in Iraq with the aim of reducing the risk of escalation."
He added, "I think that the air strikes send an important and strong message to the Iranian-backed factions," according to his description. https://www.mawazin.net/Details.aspx?jimare=158667
Specialists Point Out The Reasons For The High Prices Of Building Materials
Monday 28 June 2021 115 Baghdad: Haider Al-Rubaie Specialists in economic affairs attributed the causes of inflation in the prices of construction materials included in construction to their impact on the high exchange rate at the local level, as well as the credit expansion and granting of loans and banking facilities that the private housing activity received from the Iraqi banking system in recent months.
The prices of building materials witnessed a remarkable increase monitored by the Central Bureau of Statistics, affiliated to the Ministry of Planning, which confirmed that there were increases in various building materials during the month of May, compared to the same period last year.
Follow Up On Building Materials
The official spokesman for the Ministry of Planning, Abdul-Zahra Al-Hindawi, said in a press statement that the Central Bureau of Statistics continues to follow up the prices of construction materials in local markets in all governorates, noting that the agency is following the prices of 64 different building materials, as the rate of change in the price of ordinary bricks during Last May, 166 thousand dinars per thousand bricks, recording an increase of 19% compared to November of last year, which witnessed a change in the exchange rate. The price of a thousand bricks before the change was 140 thousand dinars.
Al-Hindawi added, as for the price of cement, it also witnessed an increase, during the month of May, by 14%, after the price of a ton was 90,000 dinars, it rose to 103 thousand dinars, while the price of iron (bricks) of foreign origin for the month of May increased by 16 %.
Increase In The Granting Of Loans
The economic expert and advisor to the Cabinet, Dr. Mazhar Muhammad Salih, believes that a combination of internal and external factors led to the inflation of building and construction materials prices, placing at the forefront of these factors the credit expansion and granting of loans and banking facilities that the private housing activity received from the Iraqi banking system in the months
The latter, indicating that the other factor that contributed to the rise in the prices of building materials, is the increase in housing fragmentation, which caused inflation, high real estate prices and a rise in real estate rent.
Saleh pointed out that the other factor that had a role in increasing the prices of building materials is {the high cost of purchasing imported building supplies due to the decrease in the exchange rate of the dinar by about 23%, which is definitely not a small percentage}, indicating at the same time {the presence of activity in global demand. An exception was made for building supplies in different countries of the world, despite the problems of closure.”
Exchange rate increase
For his part, the economic expert, Dr. Muhammad Al-Khursan, attributed the reasons for that rise in building materials to the decision to change the exchange rate, which he described as "hasty."
Al-Khurasan pointed out that this rise was accompanied by "the greed of some Iraqi traders and factory owners who raised the price of their products or what they trade in by a greater percentage than the increase in the exchange rate in light of government promises to follow up and hold manipulators accountable." LINK
The Central Bank Participates In The Exhibition Made In Iraq
The Central Bank of Iraq participated in a pavilion in the first “Made in Iraq” exhibition on the land of the province of Mosul, with a wide participation from the parties of the public and private industrial sectors
Central Bank of Iraq information Office June 28, 2021 https://cbi.iq/news/view/1762
The Commander-In-Chief Of The Armed Forces Chairs An Emergency Meeting Of The Ministerial Council For National Security
Today, Monday, the Ministerial Council for National Security held an emergency meeting chaired by the Prime Minister, Commander in Chief of the Armed Forces, Mustafa Al-Kazemi, devoted to discussing the repercussions of the American bombing of a site on the Iraqi-Syrian border, as well as the targeting of criminals, saboteurs and terrorist groups, electric power plants and towers. transferred.
The Ministerial Council for National Security has expressed its strong condemnation and condemnation of the American bombing that targeted a site on our border with Syria, stressing that this attack represents a flagrant violation of Iraqi sovereignty, which is rejected by all international laws and covenants.
The Ministerial Council for National Security is studying resorting to all available legal options to prevent the recurrence of such attacks that violate Iraq's airspace and territory, in addition to conducting a comprehensive investigation into the circumstances of the accident and its causes, and working to prevent it from recurring in the future.
The Council stressed its complete rejection of making Iraq an arena for settling accounts, or using its lands and skies to attack its neighbors, at a time when the government has strengthened its steps by adopting a calm policy, and adopting the principle of dialogue as a way to reduce the intensity of conflicts and achieve security and stability in Iraq and the region.
The Council affirmed that the government has continuous dialogue sessions with the American side, which have reached advanced stages and to the level of discussing the logistical details of the withdrawal of combat forces from Iraq, the details of which will be announced later.
With regard to the targeting of electric power plants and transmission towers by armed subversive and terrorist groups, the Ministerial Council for National Security confirmed that at a time when electric power production began to rise and reached more than 20 thousand megawatts, which is the highest in the history of the Iraqi state, in addition to imported energy.
And also the government’s opening of many stalled and lagging projects after overcoming the difficulties and problems that hinder them, in order to provide electric power to citizens, there are sabotage and terrorist groups seeking to confuse the situation by targeting stations and towers, which caused a loss of energy supplied to areas in Baghdad and the Middle Euphrates, and exacerbated the sufferingcitizens.
The council indicated that the security forces are making great efforts to protect the electric power towers, as the national grid contains 46,000 towers, and that the cost of repairing each damaged tower reaches 30 million dinars, and there are arrears to investors in the billions, and to the countries from which we import energy and gas, and stressed That these dues were not included in the budget, as some of the allocations were deleted during the parliamentary debate, at a time when the electrical network suffered from more than 35 sabotage attacks only in 2021, in addition to many other exposures and attacks, the latest of which was the assault on the Salah al-Din station Thermal missile yesterday.
The Commander-in-Chief of the Armed Forces directed the Joint Operations Command to hold an emergency meeting within 24 hours, and to come up with an integrated strategy, in cooperation between the security leaders of the joint operations and the Ministry of Electricity, in order to ensure the smooth supply of electric power to the Iraqi citizen.
The meeting also calls on citizens to cooperate with the security services to protect the wealth of Iraq and its infrastructure will be spared from the tampering of saboteurs, and our armed forces will respond to anyone who is tempted to tamper with the security of the citizen and harm the infrastructure.
Media Office of the Prime Minister 28 - June – 2021 https://pmo.iq/press2021/28-6-202101.htm
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