More Iraqi News Sunday PM 10-11-20
More Iraqi News Sunday PM 10-11-20
TLM724 Administrator BondLady’s Corner
Parliamentary Finance Excludes Raising The Price Of The Dollar Against The Dinar To Compensate For The Decline In Oil Revenues
08:50 - 11/10/2020 Information / private A member of the Parliamentary Finance Committee, Jamal Cougar, ruled out the government's move to raise the exchange rate of the dollar against the dinar in order to compensate for oil losses due to low global prices, pointing out that the Central Bank has a study and control over exchange rates.
Cougar said to "the information", that "the government to raise the exchange rate of the dollar against the dinar is unthinkable and excluded, because the central bank has a sober study in this regard."
He added that "the central bank administration does not support the proposal to raise the dollar exchange rate at all, and has a set of reasonable reasons and justifications to keep the exchange rate at its natural limits."
Cougar ruled out that "the government or the central bank in 2021 will choose to raise the exchange rate of the dollar against the dinar." https://www.almaalomah.com/2020/10/11/499346/
The Dollar Rises For The Second Day In Iraq
Time: 10/11/2020 11:48:29 Read: 12,597 times {Baghdad: Al Furat News} Foreign currency markets in Baghdad recorded a rise in the exchange rate of the dollar against the Iraqi dinar for the second consecutive day.
The exchange rate on the Kifah Stock Exchange today was 1239 dinars to one dollar, or 123 thousand and 900 dinars per hundred dollars, while yesterday's price was 1237.5 dinars.
The exchange rates on the Al-Harithiya Stock Exchange today did not differ from the struggle.
On the Basra and Erbil Stock Exchanges, the exchange rate rose to 1,240 dinars against the dollar.
It is noteworthy that the price of buying and selling in banking shops is about 500 imposed on currency exchanges. LINK
Parliamentary Finance And The Central Bank Governor Discuss The "White Paper" And Foreign Reserves
Time: 10/11/2020 15:01:56 Read: 1,625 times {Baghdad: Al Furat News} The Parliamentary Finance Committee held a meeting with the Governor of the Central Bank of Iraq, Mustafa Ghaleb, at the committee's headquarters in Parliament.
Committee reporter Ahmed Al-Saffar told {Al-Furat News} that "the committee hosted today the governor of the Central Bank to discuss the bank's position and foreign currency cash reserves, in addition to the" white paper ", noting that" the Ministry of Finance presented the Financial Living Committee law for the remaining months. "
The Minister of Finance, Ali Allawi, announced during an interview with the Al-Furat satellite channel, that the ministry "will present the" white paper "for economic reform to the cabinet next Tuesday.
He added that "the paper includes a diagnosis of the origin of economic problems and remedies that will be difficult, but there is no alternative to them," declaring that "the Central Bank's foreign currency reserves amount to 52 billion dollars and Iraq will be in danger if it falls to 20 billion dollars." LINK
The Oil Ministry Sets A Proposed Oil Price For The 2021 Draft Budget
Pratha News Agency101 2020-10-11 Iraqi Oil Minister Ihsan Abdul-Jabbar said that oil prices are expected to reach about $ 45 in the first quarter of 2021, the official Al-Sabah newspaper reported on Sunday.
The newspaper quoted the minister as saying that Iraq had drawn up a draft of the federal budget for 2021 on the basis of an expected oil price of $ 42 a barrel. According to "Reuters".
Iraq is facing, in the current circumstance, an economic crisis, from the decline in oil selling prices and the deterioration of its federal budget, which may negatively affect all sectors in the future, and on the one hand the threat of Corona, which continues to record injuries among Iraqis.
And Iraqi employees were deposited in September, without receiving their monthly salaries, after the federal government failed to fulfill its commitment due to the severe financial crisis it is facing as a result of the decline in oil prices, and the reduction of Iraqi oil exports to meet the requirements of the "OPEC" Plus agreement.
Finance Minister Ali Allawi said, "The disbursement of employees' salaries is a matter related to the House of Representatives voting on the borrowing law that meets the state's financial needs and addresses the budget deficit."
The Iraqi parliament had voted in June on a law for internal and external borrowing, and in light of which the Ministry of Finance was able to borrow about 15 trillion Iraqi dinars to cover the expenses of 3 months, but the Ministry of Finance says that this is not enough and demanded a new law to cover the coming months. http://burathanews.com/arabic/economic/378204
The Arrival Of The Alternative Law For The 2020 Budget To Parliamentary Finance
Time: 10/11/2020 13:52:06 Read: 3 120 times {Baghdad: Al Furat News} The alternative law for the fiscal year 2020 has reached the Parliamentary Finance Committee.
The Minister of Finance, Ali Allawi, told Al-Furat yesterday that the ministry "will find an alternative to the 2020 budget, an accounting budget that clarifies the issue of borrowing and that the white paper addresses the distorted Iraqi economy." LINK
The Stock Exchange Begins Its Week On Gains
Iraqi Stock Exchange «Economy News» Market Economy News – Baghdad On Sunday, the stock market index rose 0.63% after the shares of 10 companies rose during the session
And 224 million shares were traded, worth 494.7 million dinars.
Shares of 10 companies provided by the name of the Islamic Al-Attaa Bank rose by 14.29% and the shares of modern sewing by 10.00%.
Shares of 5 companies, led by Gulf Bank, fell by 7.14% in today's trading, and the Palestine Hotel by 4.55%.
The soft drinks company’s shares were the most active in terms of trading value, at 226.2 million dinars.
Number of observations 50 Date of addendum 10/11/2020 https://economy-news.net/content.php?id=22205
The Central Bank Launches The Electronic Platform For Letters Of Guarantee
Pratha News Agency86 2020-10-11 The Central Bank announced, on Sunday, the launch of the electronic platform for letters of guarantee, calling on the beneficiaries to obtain the information registration form before it.
The bank said in a statement, "Within the framework of reform measures and in keeping with developments in the automation of the banking industry, we announce the launch of the electronic platform for letters of guarantee, in which information on letters will be recorded by the authorized banks."
Pointing out that "this platform includes in its work the downloading of letters' data by the authorized banks by accessing them and with different and specific powers, provided that the bank is responsible for the accuracy and correctness of that data."
He explained, “The beneficiaries of the two sectors (public and private), after issuing the letter, are required to adopt an electronic registration form obtained from the Central Bank, which this platform will issue, including information on those letters and has various security marks such as the heat stamp and the (barcode) feature, without this bank bearing any A financial commitment resulting from the bank’s delay in paying the value of the letter.
The bank called on the parties benefiting from letters of guarantee and located inside the capital Baghdad to "obtain the information registration form from this bank. As for those outside the capital Baghdad, they can obtain the information registration form from the branches of the Central Bank of Iraq (Basra, Mosul, Erbil) and according to the geographical area of each Branch, and the above mechanism will be actualized starting (October 18, 2020). http://burathanews.com/arabic/economic/378200
The Central Launches The Electronic Platform For Letters Of Guarantee
Central Bank of Iraq logo Banks Economy News – Baghdad The Central Bank of Iraq announced, on Sunday, the launch of the "electronic platform for letters of guarantee" as part of its reform measures to keep pace with developments in the banking industry.
The central bank said in a statement received by "Al-Eqtisad News", that "within the framework of its reform measures and in keeping with developments in the automation of the banking industry, this bank announces the launch of the electronic platform for letters of guarantee, in which the letters of information will be recorded by the authorized banks."
He pointed out that the platform is comprehensive, "in its work, to download the letters' data by the authorized banks through accessing them and with different and specific powers, provided that the bank is responsible for the accuracy and correctness of that data."
The statement emphasized: “The beneficiaries of the two sectors (public and private) are required, after issuing the letter, to adopt an electronic registration form obtained from the Central Bank, which this platform will issue, including information on those letters and has various security marks such as the thermal stamp and the (barcode) feature, without the responsibility of this bank. Any financial obligation resulting from the bank’s delay in paying the value of the letter.
In the statement, the Central Bank called on the parties benefiting from letters of guarantee located inside the capital, Baghdad, to obtain the information registration form by this bank, while those outside the capital Baghdad can obtain the information registration form from the branches of the Central Bank of Iraq (Basra, Mosul, Erbil) and according to the geographical area. For each branch, and the above mechanism will be effectively implemented starting (October 18, 2020). Number of observations 157 Date of addendum 10/11/2020 https://economy-news.net/content.php?id=22187
Chairman Of The Board Of Directors Of The International Development Bank And The Secretary General Of The Union Of Arab Banks Discuss Common Banking Issues
Banks Economy News - Baghdad: The member of the Board of Directors of the Union of Arab Banks and the Chairman of the Board of Directors of the International Development Bank, Dr. Ziyad Khalaf Abd, received at the representative office in Dubai, His Excellency Professor Wissam Hassan Fattouh, Secretary General of the Union of Arab Banks on an official visit that dealt with the discussion of common banking issues on the scene and the efforts of the International Development Bank to move forward with an investigation His strategic plans and continuing to apply international standards, in addition to discussing the negative repercussions on banks as a result of the turmoil in banks in general due to the spread of the Corona epidemic.
The two sides also affirmed their keenness to continue strengthening partnerships between banks and financial technology companies, supporting digital transformation, facilitating access to the financial services provided, and continuing to devote these partnerships with international financial institutions.
At the end of the meeting, Mr. Fattouh expressed his happiness with this meeting and his keenness to repeat it in order to perpetuate the brotherly and professional relations between the International Development Bank and the Union.
Number of observations 144 Date of addition 10/11/2020 https://economy-news.net/content.php?id=22206
The House Of Representatives Receives A Law On Financing The Fiscal Deficit "Borrowing"
Sunday 11, October 2020 15:56 | PoliticalViews: 165 Baghdad / NINA / The Parliamentary Finance Committee announced that the House of Representatives had received a law to finance the fiscal deficit (borrowing) for the remaining months of the current year 2020.
The Speaker of Parliament, Muhammad al-Halbousi, announced yesterday that no government request has reached the House of Representatives to legislate a law that strengthens the government budget To fulfill its obligations in front of the citizens, stressing that "a letter amending a borrowing law has not been sent to the House of Representatives." / End https://ninanews.com/Website/News/Details?key=862072
Economic Specialist: Combating Corruption And Investing In Stalled Projects ... An Important Step For Maximizing Non-Oil Revenues
Sunday 11, October 2020 13:31 | Economical Views: 107 Baghdad / NINA / Economic expert Hazem Hadi said: Fighting corruption and investing in stalled projects ... an important step to maximize non-oil revenues.
He told the Iraqi National News Agency ( NINA ) that: The white paper aims to carry out economic reforms in all fields in order to secure an exit from this crisis in light of the decline in public resources, especially oil revenues, which constitute 85% of public revenues.
Hadi added: Non-oil revenues must be maximized, whether by fighting corruption in government departments and searching for new resources by investing in stalled projects to cover local needs instead of importing, in addition to reviewing the structure of spending, especially checking, reviewing and fine-tuning the schedules of alien and retired employees. .
He explained that: austerity / diseased / is required now and that restoration of security opens the door to stimulate investment to get out of the recession.
And Hadi continued that: The success rate for this paper depends mainly on faith in it, and it is not necessary to apply it because failure means going towards the unknown.
He stressed the need for Parliament to approve borrowing to cover public expenditures, especially salaries for employees and retirees, and public debt and service installments.
It is noteworthy that the white paper consists of two parts, and includes reforms to the financial situation in the country. It will be presented to Al-Kazemi during this week and then to the House of Representatives.
The reforms included in the paper include radical solutions to gradually save the country and stabilize its financial and economic situation.
The Minister of Finance, Ali Abdul-Amir Allawi, confirmed in a previous statement that Iraq will move from the traditional budget to the program budget within a year and a half, indicating that the tax rate will not be high, but the citizen will not accept it for not providing the necessary services. / https://ninanews.com/Website/News/Details?key=862043
Iraq Participates In The Dubai Expo 2020
Money and business Economy News _ Baghdad The State Company for Fairs and Iraqi Commercial Services at the Ministry of Commerce confirmed, on Sunday, that Iraq will participate in the Dubai Expo, in the United Arab Emirates.
The general manager of the company, Sarmad Taha Saeed, said in a statement, which "Al-Eqtisad News" received a copy of, that "Iraq will participate in the Dubai Expo, in the United Arab Emirates, which is scheduled for the period from October 1, 2021 to March 31, 2022, which was from It is planned to be established in 2020 and has been postponed for the aforementioned period due to the spread of the Corona pandemic.
The director general of the company explained, "The importance of Iraq's participation in the World Expo 2020 in Dubai, as it is the first exhibition of its kind to be hosted in the Middle East region, as 190 countries from all over the world have confirmed to participate. Expo 2020 is also a major meeting point for the world to exchange innovations, ideas and solutions." Global issues related to the economy and sustainable developments for a better future at the local and global levels.He continued, "The display of the Iraq pavilion at Expo 2020 is a great opportunity to highlight the rich culture of Iraq and share it with the whole world, as Iraq is always famous for its rich history, culture and architecture."
The Director General indicated, "The exhibition also sheds light on Iraq's distinguished achievements in the past and present to develop future opportunities in order to move our country forward to be among the developed countries in the world." Number of observations 109 Date of addendum 10/11/2020
https://economy-news.net/content.php?id=22201
Al-Kazemi Sends 320 Billion To Kurdistan Baghdad / National News Center –
Sunday, 11 October 2020 4:34 PM The Parliamentary Finance Committee announced today, Sunday, that the Iraqi government has sent an amount of 320 billion dinars for the benefit of the Kurdistan Regional Government.
A member of the committee, Ahmed Haji, said in a press statement, "The Iraqi government has sent an amount of 320 billion dinars previously agreed upon to distribute the salaries of employees in the region."
"The Ministry of Finance has completed all its preparations for the distribution of salaries with the arrival of 320 billion dinars from Baghdad," said the spokesman for the Kurdistan Regional Government, Jotiar Adel.
The Iraqi Federal Government and the Kurdistan Regional Government had agreed on (August 15, 2020) to finance the region at an amount of 320 billion dinars per month for the months of August, September and October, and to unify the procedures of the air, sea and land border crossings.
It stipulates that in the coming years an agreement will be made to set an amount in a fair percentage from the federal budget for the Kurdistan region through the introduction of constitutional standards, population ratios, and Kurdistan region’s imports (oil and non-oil) in the previous year.
The agreement document, which will be in effect until the approval of the federal general budget for the year 2021, stipulates that within 35 days of this agreement, an agreement will be concluded on a mechanism for the payment and scheduling of the payment of the TBI's debts owed to the Kurdistan region, and also the treatment of previous Kurdistan debts, provided that the region does not object to providing all Information required to develop an action plan to be addressed.
Regarding the issue of auditing the accounts, the agreement provides for the formation of a joint committee from the Office of Financial and Federal Supervision and from the region to deal with the issue of accounts entailed by the two parties and to agree on methods of settling accounts between the federal government and the Kurdistan Regional Government and from the accounts of the year 2014 until 2020, and the region provides all the information requested by the government Federal. https://nnciraq.com/42658/
Unemployment Rate In Kurdistan Rises To More Than 20%
Money and business Economy News _ Baghdad The Kurdistan Statistics Authority announced today, Sunday, that the unemployment rate in the region has risen to more than 20%.
The director of the Unemployment Follow-up Project at the Peace and Freedom Organization, Abdul Samih, said, “The unemployment rate now in the Kurdistan region is much greater than the one approved by the government in 2018.”
Samih added, “In the year 2019, there were about 22,000 students who graduated from universities and institutes who were not appointed due to the financial crisis in the Kurdistan Region, and that the private sector is heading towards weakness and according to the data of the Ministry of Trade and Industry, out of a total of 3,700 factories, it was closed. About two thousand and 300 factories, which led to the survival of about 9 thousand workers without work.
He pointed to a decrease in job opportunities in the private and public sectors, and in the face of this decline the labor force rose, so data indicate that the unemployment rate in the region exceeded 20%.
According to the commission, "the population of the Kurdistan Region was 6 million and 33 thousand people in the year 2018 and the unemployment rate was 9%, which means 278 unemployed, but within two years the unemployment rate increased significantly." Number of observations 89, date of addendum 10/11/2020 https://economy-news.net/content.php?id=22203
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