Iraqi News Saturday AM 4-17-21

Iraqi News Saturday AM 4-17-21

TLM724 Administrator BondLady’s Corner

Advisor Al-Kazemi sets the goal of the central bank's monetary policy regarding the dinar

Economie| 07:53 - 04/15/2021   BAGHDAD - Mawazine News, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed, on Thursday, the Central Bank's efforts to work on stabilizing the purchasing power of the Iraqi dinar.  According to the official agency, Saleh said, "The Central Bank is working to meet the desired demand of foreign currency by market forces through the window of monetary policy operations, or the so-called auction, for the purposes of financing foreign trade for the private sector, as well as providing a safe level of cash dollars."

He pointed out, "The central bank pushed towards the fixed exchange rate with clarity, transparency and ability, with the supply tools in order to lead to stability in price levels, stability of price expectations, a higher degree of certainty in looking at the levels of price stability and reduced transaction risks for market makers and dealers in it."

He explained that "the monetary policy of the central bank seeks to achieve its goals and achieve its goals according to its enforceable law and its quantitative and price tools aimed at stabilizing the purchasing power of the dinar."    https://www.mawazin.net/Details.aspx?jimare=149815

Will The Dollar Exchange Rise To 1600 Dinars? Governmental Response and Important Clarification

Time: 04/15/2021 22:31:14 Read: 13,169 times

{Economic: Al Furat News} The government responded to the news of the intention to raise the exchange rate of the dollar to 1600 dinars to one US dollar in the local market.

Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said in a press statement that "the current fluctuation in the exchange rate of the dollar, which ranges between 145 to 147 thousand dinars for one hundred dollar bill, is a normal matter} and is not a difference with the price announced by the Central Bank." .

And, and that "a rate of 2% of the change and foreign commission differentials is in effect in the global dollar market," adding that "the bank seeks to impose its pricing to be approved in order to stabilize the exchange of the dollar market."

Saleh added, "The bank has no intention of changing the established exchange rate, especially as it works to buy the dinar and sell the dollar to make the market stable. According to him.

He considered that" the arrival of the exchange rate of 147 thousand dinars per $ 100 note is normal, and within the specified range in the price difference. What is between what the bank sells and what is sold in the market. "

The advisor to the prime minister continued, "The talk about crossing the dollar from 1500 dinars to 1600 dinars or even more than this number falls within the rumors and price speculation. It is untrue." .

The exchange rate of the dollar had jumped in the local market in the past two days in the local markets to more than 1490 dinars against the dollar, which led to a rise in the prices of various foodstuffs and others, and while citizens and owners of banking offices criticized this rise, they called on the government to remedy the matter.

The Central Bank of Iraq had settled in a previous statement the controversy over the exchange rate of the dinar against the dollar, and a demand to reduce it, declaring that "there is no return to the previous price, and the price will not be reduced under any circumstances," stressing that there is no intention to raise the official rate announced by the bank from 1450. Dinars per dollar.   LINK

Nineveh: More Than A Million Dollars Found In The Ruins Of The Ancient Region

https://i.servimg.com/u/f84/17/45/42/20/zz1469.jpg

Nineveh: more than a million dollars found in the ruins of the ancient region Zz1469

Author: AhadNA3 On 4/16/2021 - 2:14 PM  66   The Nineveh Investigation Court announced that it had seized large sums of money and valuable assets that were seized under the rubble of a house in the Al-Shahwani area in Mosul for the purpose of handing them over to the Central Bank.

The Media Center of the Supreme Judicial Council stated in a statement received by "Al Ahed News" that "the court announced the discovery of an amount of one million six hundred thousand US dollars, gold and silver coins, bars and gold collections in the old" Al-Shahwani "area, while one of the excavators was removing the ruins of the old area's role.

The statement added that "the aforementioned funds and materials were hidden in plastic barrels and nylon bags and were buried about three meters deep under the ground." It is likely that "these funds were used by ISIS gangs to finance their terrorist operations during their retreat to the right side of the Old City."

He emphasized that "the judge of the Nineveh Investigation Court decided to withhold the seizures in preparation for handing them over to the Central Bank."

https://alahadnews.net/185891/%d8%a7%d9%84%d8%b9%d8%b1%d8%a7%d9%82/%d8%a3%d9%85%d9%86%d9%8a/

Parliamentarian Attacks The Minister Of Finance: He Declared War Against The People, He Must Be Dismissed

Political| 02:28 - 16/04/2021  Baghdad - Mawazine News,MP Alia Nassif, on Friday, criticized the proposal submitted by the Minister of Finance to the General Secretariat of the Council of Ministers regarding withholding taxes from the salaries of employees, indicating that this proposal, if implemented, is plundering the pockets of employees and blessing the thefts of the corrupt, calling on all members of Parliament to vote On the dismissal of the Minister of Finance at the earliest session.

Nassif said, in a statement that Mawazine News received a copy of, that "the Minister of Finance has sent an official letter to the General Secretariat of the Council of Ministers requesting that taxes be deducted from the total monthly income of the employee (monthly salary, allocations, incentives, monthly and annual profits, bonuses, etc. ...) as of The month of April, with a retroactive effect, to include the deduction of the salaries of January, February and March.

Nassif added: "On our part, we do not find a word that can be used to describe this proposal, which includes the slaughter of the employee, confiscating his rights and efforts, and fighting him in his livelihood. We will also control ourselves and refrain from directing harsh words commensurate with the harshness of this measure proposed by the minister to the cabinet, but we demand every honorable deputy."

My country and his people bear the concerns of their people by voting on the dismissal of this minister at the earliest session, and we will never allow this proposal to be implemented. ”Ended 29 / A43

https://www.mawazin.net/Details.aspx?jimare=149883

A Parliamentary Committee Calls On The Cabinet To Dismiss The Minister Of Finance Because Of His Proposals That Harmed Citizens

Friday 16, April 2021 16:17 | Political Views: 22   Baghdad / NINA / The Parliamentary Committee of Agriculture, Water and Marshlands Affairs called on the Council of Ministers to dismiss the Minister of Finance, Ali Allawi, while continuing his proposals that cause harm to citizens' livelihood and financial condition.

The head of the committee, MP Salam al-Shammari, confirmed that he rejected the Finance Minister’s proposal to impose taxes on the salaries of employees, indicating that "the living conditions of citizens in general and employees in particular do not bear new crises in light of the efforts of some to continuously harm the people's livelihood."

In a press statement, Al-Shammari called on the Council of Ministers to reject this proposal and not allow it to be presented in the next cabinet session, indicating that "the majority of citizens are still suffering the repercussions of the decision to reduce the value of the dinar against the dollar." / End 3

https://ninanews.com/Website/News/Details?key=899443

A Breakthrough Is Imminent." Adviser To The Prime Minister: Three Factors To Curb Price Increases

Time: 04/16/2021 11:27:04 Read: 6,149 times   {Economic: Al Furat News} The Prime Minister’s Adviser for Economic Affairs, Mazhar Muhammad Salih, identified three basic factors to limit the rise in prices of goods and commodities in the local markets.

Saleh pointed out in a press statement, "There is an emergency seasonal price gap controlled by the increase in the prices of some imported food commodities that are determined by the global stock exchanges, for reasons related to the recession that hit the global economy last year, and as a result, the costs of producing foodstuffs increased."

This coincides with the increase in global demand for food in light of the openness of the economy and international trade this year due to the expansion of vaccination levels against the Corona epidemic and the rapid opening of global markets compared to the previous year.

He added that "Iraq is currently living in the months of the agricultural transition from the winter season to the summer, which are months when foodstuffs are scarce in most, which is what drives them to increase their prices." Suspect

Despite stressing the government's responsibility to protect consumers and maintain reasonable prices, Saleh pointed to "3 basic factors to limit the rise in prices, the first of which is the provision of sufficient hard currency for the commercial sector to finance foreign trade requirements, and the second is customs taxes and reducing them to the lowest possible level, especially those related to them With basic food items. "

As for the other factor, Saleh said, "It is related to the upcoming summer agricultural season which is approaching, which will provide a great food supply in the following weeks."

It is noteworthy that the month of Ramadan falls this year in light of a significant increase in food prices, especially after the official authorities decided to reduce the dinar against the dollar.

The devaluation of the local currency cast a shadow over many low-income citizens, as not only the middle and poor classes were affected, but the decision affected merchandise merchants who import goods and pay their value in dollars.

And the pressure on Iraqis increases during Ramadan, the continuing outbreak of Corona, as the impact of the precautionary measures extended to the abolition of Ramadan traditions that had been in place for decades, specifically those inherited social customs that the Iraqis did not leave in the most difficult circumstances that the country had previously experienced.

Among the most prominent customs that the Corona pandemic has stopped is the overcrowding of markets with people who shop before breakfast.

The sellers were frustrated because of the lack of buyers in the market, and he says that the month of Ramadan every year was a month in which there was a lot of commercial movement, and it usually represented a source of great profits for traders, but the current wave of high prices changed that this year at least.

They held the government responsible for the rise in prices, noting that the devaluation of the dinar against the dollar in the state budget for 2021 - which was approved at the end of last month - led to an increase in the value of goods by more than 20%.    LINK

Oil Prices Are Recording The Highest In 4 Weeks

Pratha News Agency86 2021-04-16   Oil prices extended their gains on Friday, and were on their way to achieving weekly gains of about 7% with improved expectations for oil demand and a strong economic recovery in China and the United States, to record a rise, the highest in 4 weeks.

Brent crude futures rose 30 cents, or 0.5 percent, to $ 67.24 a barrel at 0551 GMT, after rising 36 percent on Thursday.

West Texas Intermediate (WTI) futures rose 28 cents, or 0.4%, up to $ 63.74 a barrel, after rising 31 cents on Thursday.

China's net imports of crude oil for 2021 are expected to grow 3.4% this year compared to 2020 to around 11.2 million barrels per day, according to a unit of China National Petroleum Corporation, the major oil and gas company.

China recorded a record jump in economic growth of 18.3% in the first quarter of the recession caused by the Corona virus earlier last year, although the pace of expansion is expected to decrease later in the year.

Currently, a strong jump in the US boosted retail sales, lower jobless claims and signs of an increase in cars on the road in the world's largest market.

"The reopening of the (US) economy has already seen an increase in traffic levels in various states across the country," ANZ analysts said in a note, adding that India and China were also showing "high levels of congestion".   Traders are looking to increase the usual summer traffic in the US from June to August.

http://burathanews.com/arabic/economic/390491

Approval Of The General Budget And The Expected Impacts Of Reviving The Iraqi Economy

Saturday 17th April 2021   114   Prof. Dr. Amr Hisham Mohamed   It is no secret to anyone that the general budget of any country is a reflection of that country's philosophy in managing the economy and directing it to the direction it deems best to serve its interests, and because the general budget can be defined very briefly as “estimation and approval”,

and because it is an estimate for a period of one year, it can follow the numbers that In the draft of the general budget, knowledge of the government's spending and revenue trends, the possibility of deficit and surplus funds for the government, and what the economy can turn into as a result of that are mentioned in the draft general budget.

And because it is a leave from the legislative authority to the executive authority, this necessitated that there be control from the first over the second, as well as cooperation between them and giving priority to the interests of the country and citizens in general. There is no competition for group, electoral or interim gains and gains, which may leave disastrous effects in the whole country, including losing it. Part of the independence of his decision and Baobhth living in years Suffix.

In this context, finally, consensus was reached between the political forces represented in the Iraqi parliament on the draft federal budget law for the year 2021, and the experience of the previous year exceeded 2020 with all its "health consequences represented by the Corona pandemic and the economic represented by the collapse of world oil prices", which did not witness approval of the government budget,

and the approval was adopted. According to one of the provisions of Article 13 contained in the Amended Financial Management Law No. 6 of 2019, which provides for allowing the Minister of Finance to spend on the 1/12 rule, which is found for emergency situations that the country may go through, and not to be a hindrance to the failure of the political forces in Parliament in the event of failure Its compatibility.

In any case, we can look at the half full of the mug, which is represented by the expected positive effects of the approval, and we find that this modified version has succeeded in reducing the planned deficit from 71 trillion dinars to 29 trillion dinars and at a hedging price of an oil barrel at $ 45, and with the actual increase it is witnessing. Global energy markets and the price of Brent oil surpassing the $ 60 barrier

«This is what the Iraqi economy needs at the very least», and if Mr. Al-Kazemi’s government maintains a reasonable and acceptable level of financial discipline in its public expenditures, it is possible that there will be happy news for the Iraqi economy in general, The general budget, in particular, has the right to shift from a state of disability to Surplus.

Among the other expected positive effects of approving the budget is that it helps to start implementing investment projects and complete what is stalled or under implementation, which are projects related to infrastructure and achieve economic and human development in any country, as well as launching the payments of contractors and paying the dues of creditors, institutions and individuals such as farmers, all of this enhances Of confidence in the Iraqi economy and gives it a new impetus and greater credibility.

There is a very important point raised about employment in the public sector and creating job opportunities for young graduates, between the hammer of the high compensation bill of employees and the anvil of the cohorts of young graduates with primary and higher degrees, calls to find job opportunities for them arise, and because the public sector in a rentier country like Iraq is enlarging and absorbing more Of its energy, like other rentier economies,

but it remains the government's responsibility to use the public budget through the public expenditures tool to create an engine for the growth of the Iraqi economy and employment in a disciplined and sustainable manner.

Finally, there is a point that raised a great controversy, as it is true that this budget has moved away from additional tax deduction from the salaries of employees or others, but it chose the easiest way, which is to reduce the exchange rate of the Iraqi dinar against the dollar, to the level of 1450 dinars per dollar in order to reduce the real burden of government expenditures,

Although the measure was necessary to preserve the foreign exchange reserves at the Central Bank, and to limit the import bill that was subject to clear corruption in its management, the exaggerated level of the reduction is the one that is contested for its corresponding effects in increasing the general level of prices and inflation, and affecting the standard of living Fragile families, not to mention deepening the poverty of the poor, without real protection mechanisms for them, which requires reconsideration when preparing for next year's budget and overcoming the effects of the Corona pandemic, with its multiple dimensions and heavy repercussions.    LINK

The Dollar Settles At 147,500 Dinars For A Second Day

Time: 04/17/2021 09:50:07 Read: 2,340 times    {Economic: Al Furat News} The exchange rates of the dollar stabilized because the main stock exchange in the Al-Kifah and Al-Harithi markets in the Iraqi capital, Baghdad, stopped trading as a result of the comprehensive ban that was applied during the last period of Friday and Saturday.

Economists said that the main stock exchange in Al-Kifah and Al-Harithiya market in Baghdad has stopped trading due to the implementation of the comprehensive ban.

He added that the selling and buying prices have stabilized in the exchange shops in the local markets, some of which have opened their doors in Baghdad, where the selling price reached 148,500 Iraqi dinars, while the purchase prices reached 147,500 dinars per 100 US dollars.   LINK

Source: The US embassy is doing its defenses in anticipation of the attacks

Time: 04/17/2021 13:43:56 Read: 1,703 times   {Baghdad: Al Furat News} A security source revealed on Saturday that the US embassy in Baghdad had activated the C-RAM defense system in anticipation of possible attacks.

He indicated that "the US embassy, ​​which is located in the heavily fortified Green Zone, tested the system, and sirens, as residents of the areas near the area heard the sounds of heavy bullets, and strong explosions resulting from testing the system, according to eyewitnesses."

And C-RAM is an American system used in the defense of areas of great importance from types of bombs, missiles and even mortar rounds by detonating them in the air using the M-61 Vulcan six-barrel rotary machine gun of 20 mm caliber capable of firing 4,500 rounds per minute for an effective range of 3500 meters .LINK

Private Sector Projects

Saturday 17th April 2021  111  Dr.. Saad Al-Taie The private sector is one of the most important sectors that absorb the workforce in any country in the world, and the sector is the pioneer in many of them because of its importance and a large role in the economies of these countries, which consider it at the forefront of other productive sectors.

In our country, and due to the economic policies that adopted the "socialist system" decades ago, this matter has led to the utmost importance of the public sector and the lack of attention to the private sector in the way it deserves, which led to the deterioration of its position and role in the economic system for many years, and as a result the accumulation of the vast majority From the manpower or looking for opportunities to work in public sector projects, whether skilled or not Skilled.

While the private sector lacks sufficient job opportunities or guarantees for its workers and the lack of its projects, especially large and strategic ones, it does not have a stable structure that guarantees its continuity in the implementation of the various types of economic projects that may be assigned to it, as well as many other problems and muscles it faces This is an important and vital sector in all economic systems.

This necessitates the need to pay attention to the private sector and support it by all means in order to advance it and expand its projects, and it will positively reflect on the reality of our national economy in a large way, in terms of providing many job opportunities and implementing multiple economic projects that provide our national economy with returns that contribute to bringing economic benefits in the near term And distant.

Providing job opportunities for the manpower will contribute to relieving the great pressure on the public sector, which is currently the only destination for job seekers, as it is the only one that guarantees their future employment and this has led to the exhaustion of this sector, which can no longer tolerate any upcoming increase in any way, It is already filled with millions of workers.

Among the incentives for the private sector is to work on providing soft loans after studying them well and determining the economic feasibility of them, which contributes to supporting these projects and promoting them in a way that leads to their success and the subsequent employment of a lot of manpower in them, which contributes to alleviating the problem of unemployment and reducing the trend Excessive employment in the public sector and exhausted by more pressure that no longer Tolerate it.

It is also among the incentives to reduce the tax rates imposed on new projects so that they can advance in a manner that helps their sustainability and continuity. Interest in private sector projects of all kinds has become an imperative that constitutes one of the solutions to the advancement of the national economy and contribute to its progress and development.   LINK

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