More Iraqi News Tuesday PM 11-24-20
More Iraqi News Tuesday PM 11-24-20
TLM724 Administrator BondLady’s Corner
Al-Kazemi Government Reveals The Date For Approving The 2021 Budget
Tuesday, 24 November 2020 6:03 PM Classification: Iraqi Post View: 62 Baghdad / National News Center - The Minister of Culture in the government of the Iraqi Prime Minister, Mustafa Al-Kazimi, revealed today, Tuesday, the date for approving the country's general budget for the next year 2021.
Hassan Nazim said in a press conference held today, after the end of the cabinet session, and was attended by the agency "National News Center", that "in the absence of a general budget for the country, it is not possible to declare sending sums of money to the Kurdistan Region," in a response to him on Question about previous statements by government spokesman Ahmed Mulla Talal
The Minister of Culture stated that "the Council of Ministers devoted the next session to approving the General Budget Law for 2021." A source in the Ministry of Finance told Shafaq News Agency earlier that the ministry will complete the preparation of the draft general budget bill for 2021 and present it to the cabinet next week.
He added that "the Council of Ministers will discuss and approve the draft budget during its regular session (Tuesday) or in a special session, after which it sends it to the House of Representatives for a vote on it."
The source revealed that "the price of a barrel of oil specified in the draft budget ranges between 35-40 dollars."
Iraq relies on oil sales revenues to finance 95 percent of state expenditures. The country is experiencing a suffocating financial crisis this year due to the decline in crude prices in global markets due to the Corona pandemic.
Iraq did not approve a financial budget for the current year due to the circumstances that accompanied the unprecedented popular protests that toppled the government of Adel Abdul Mahdi late last year.
https://nnciraq.com/44933/
Deputy For Saeron: The Violations Of The Currency Auction Are Frightening And Require A Serious Stand By The Government
Time: 11/24/2020 15:10:08 Read: 1,365 times {Baghdad: Al Furat News} A deputy from the Sairoun bloc described the violations in the currency auction at the Central Bank of Iraq as "frightening."
Rami Al-Skiny told Al-Furat News, "Sometimes this auction and the financial differences are neutralized by certain parties, which are the black market and private sector banks, where the currency exchange and the value of the dinar are manipulated."
He added, "This requires a serious stand by the executive government towards those who manipulate this issue."
Al-Skini stressed that "due to the large number of these violations recently and their exit to the media in frightening numbers and numbers, this phenomenon must be reduced today with the existing decline in the dollar prices and the low level of a barrel of oil due to its connection to the global market.
And a member of the Parliamentary Integrity Committee, Kazem Al-Sayyadi, revealed yesterday, Monday, enormous money that had been smuggled by the corruption of the currency auction of the Central Bank of Iraq.
Al-Sayyadi told Al-Furat News that "the question of the head of the Parliamentary Wisdom Bloc, Faleh Al-Sari, to the Governor of the Central Bank was accurate; but unfortunately, the answer was inaccurate and vague and we noticed a favoritism for banks at the expense of the Iraqi people, behind which political forces stand to steal the people's money," he said.
While the representative of the Iraqi coalition, Zahra Al-Bajari, considered the currency auction as a threat to the bankruptcy of the country and told {Al-Furat News} "The currency auction greatly affects the economic situation and the Iraqi economy in general because this is a hard currency that goes out of Iraq."
Al-Bajari demanded "to stop this auction because it affects the Iraqi economy in a large way, and we will have a pause in this matter, especially as it is trading in the halls of parliament and among the MPs interested in it." LINK
On Behalf Of Iraqis: The Currency Auction Threatens To Bankrupt Iraq And Must Be Stopped
Time: 11/24/2020 13:15:12 Read: 2,015 times {Baghdad: Al Furat News} The representative of the Iraqi coalition, Zahra Al-Bajari, considered the currency auction to the Central Bank of Iraq as a threat to bankrupt the country.
"The currency auction greatly affects the economic situation and the Iraqi economy in general, because this is a hard currency that goes out of Iraq," Al-Bajari said.
She added, "The Financial Deficit Financing Law recently approved, referred to the window for selling the currency," indicating that the law called on the Council of Ministers to automate the tax and customs system and import licenses and to link all units subject to tax and customs to an electronic system immediately, and to collect customs duties for imported goods on the basis of what It was sold from the foreign currency through the window of selling the currency or documentary credits to importers of goods, provided that the differences are settled after entering the imported goods and audited by the concerned authorities in order to prove that the imported materials are real in their purchase and with receipts and are located inside Iraq and there is no smuggling of currency and pressure on The Iraqi economy. "
And called "the Economic Committee in Parliament to follow up this issue as it is at the core of its competence because this issue is very important to preserve the national economy and the existing currency because Iraq will declare bankruptcy due to borrowing and the daily currency auction."
Al-Bajari demanded "to stop this auction because it affects the Iraqi economy greatly, and we will have a pause on this issue, especially as it is trading in the halls of parliament and among the MPs interested in it."
And a member of the Parliamentary Integrity Committee, Kazem Al-Sayyadi, revealed yesterday, Monday, enormous money that had been smuggled by the corruption of the currency auction of the Central Bank of Iraq. Suspect
Al-Sayyadi told Al-Furat News that "the question of the head of the Parliamentary Wisdom Bloc, Faleh Al-Sari, to the Governor of the Central Bank was accurate; but unfortunately, the answer was inaccurate and vague, and we noticed a favoritism for banks at the expense of the Iraqi people, behind which political forces stand to steal the people's money," he said.
He added, "The governor was confused and unconnected in the answers, and we hosted him in the integrity committee. His answers were inaccurate, partial expressions, and inaccurate solutions that betrayed an uninformed personality."
"The Central Bank and the Ministry of Finance are a crime that contains several crimes, including hiding the currency market and selling it to private banks," Al-Sayyadi said, explaining, "The Central Bank allocates millions of dollars to private banks and when searching for their assets, we find that they are weak and not the amount of money allocated to them." LINK
Fake Banks Participate In It" ... Economist: The Currency Auction Must Be Stopped Due To Its Corruption
Time: 11/24/2020 10:23:32 Read: 1,976 times {Baghdad: Al Furat News} The economic expert, Eid Toufan, stressed the need to stop the currency auction due to corruption, while noting that fake banks participate in the auction.
In an interview with Al-Furat News Agency, Tufan said, "The currency auction is a large window of corruption due to the control of certain personalities and banks over this auction," indicating that "the benefits that accrue from the auction are estimated at 10% due to the state, and this matter is not realized despite the financial circumstances." It is difficult, but many people are adamant about this auction. "
He added, "This auction and its windows opened many banks, according to specialists and the Parliamentary Finance Committee, who confirmed that there are funds and banks that are not present only on paper, but they buy dollars at the state price and sell it at the black market price."
Tufan asked, "Is it reasonable that Iraq buys the harvest (buckthorn) by 20 billion within one month, or the tomatoes that we imported with 4 billion within one month. These are frightening and false numbers."
He indicated that "the currency auction must be codified and companies must be assured, and the most important point is to ensure the profitable returns for these sums because Iraq sells the currency at less than the black market and with a daily, monthly and annual loss. Reconsideration of the currency auction is very required or at least stopped."
He continued, "Despite the Corona crisis and the financial crisis, the currency auction did not close at a time when there was a complete closure of institutions due to the pandemic, and we do not know how this process took place." LINK
Al-Kazemi On The Borrowing Law: It Involves Some Mistakes..We Are Working With Parliament To Address Them
Political| 03:19 - 11/24/2020 BAGHDAD - Mawazine News The Prime Minister, Mustafa Al-Kazimi, confirmed, on Tuesday, that the borrowing law voted by the House of Representatives involves some mistakes.
Al-Kazemi said, during the regular cabinet session, “We have problems with the borrowing law and it involves some errors,” stressing, “We have continuous meetings with Parliament to address them.”
He added, "We are working to maximize state revenues since the beginning of the formation of the government, which must be matched by providing the best services to citizens." https://www.mawazin.net/Details.aspx?jimare=131625
Iraq Is Waiting For Two Billion Dollars In Advance Payments From Countries Wanting Its Oil
Energy Economy News _ Baghdad In a first step to implement his plan, Iraq demanded $ 2 billion in advance of the value of its oil exports as part of long-term oil sales contracts.
The agency "Bloomberg", that Iraq suffers from a severe financial crisis as a result of the decline in global oil prices and its forced to reduce production in the framework of the agreement of the countries of OPEC Plus grouping to support these prices.
According to a letter sent by the Iraqi government to oil companies and seen by "Bloomberg," the government seeks to obtain advance payments from the value of oil sales in exchange for 5-year supply contracts at a rate of 4 million barrels per month, equivalent to 130,000 barrels per day. The buyer will pay for the supplies a full year in advance, which at current prices equates to just over $ 2 billion.
The letter, described as confidential, says that the Iraqi Oil Marketing Company, on behalf of the Oil Ministry, is interested in proposing long-term crude supply contracts in exchange for advance payments of the price. Companies interested in the offer can send their response by November 27.
According to the agency, many oil-producing countries depend on advance payments to meet their financial needs, but it is the first time that Iraq has resorted to this method. Number of observations 46 Date added 11/24/2020 https://economy-news.net/content.php?id=22846
The Financial Committee Calls For The International Financial Alliance To Exclude Iraq From The OPEC Plus Agreement
Oil Energy Economy News – Baghdad The Parliamentary Finance Committee called on the International Financial Alliance to work on excluding Iraq from the OPEC Plus agreement due to the financial crisis that the country is currently experiencing, after the decline in oil prices.
The OPEC Plus agreement, signed between OPEC and non-OPEC producers, such as Russia and Azerbaijan, includes three stages, and currently in the second stage, which includes reducing 18% of the countries' production, and then the third stage, which includes a 14% reduction.
A member of the Parliamentary Finance Committee, Ahmed Al-Hajji, said in his speech to "Al-Eqtisad News", that the Parliamentary Finance Committee demanded through the international financial coalition that was formed to support Iraq, to approach OPEC and its members, with the exception of Iraq from the OPEC Plus agreement due to the financial crisis.
He added that Iraq has not yet invested in this issue, and approaches the concerned authorities and activates diplomacy, stressing that excluding Iraq will increase its financial revenues and contribute to solving the problem of salaries.
During the visit of Prime Minister Mustafa Al-Kazemi to London, an international financial alliance was formed, which includes the International Monetary Fund, the World Bank, the European Bank and the seven industrialized countries, in addition to the Ministry of Finance, the Central Bank and the Finance Committee from Iraq.
The head of the Sumo company, Alaa Al-Mousawi, said that the OPEC Plus agreement has an economic benefit, because instead of selling 3.5 million barrels per day at $ 17, he will sell 3 million barrels at $ 40.
He added that the Kurdistan region did not abide by the OPEC Plus agreement, and it is issued independently, and this is what affected Iraq in front of OPEC Plus, as it appeared that it was not committed to 600 thousand barrels per day.
He noted that Iraq is sending a message to OPEC, explaining to him that the Kurdistan region is exporting oil independently, far from SOMO.
Meanwhile, former Oil Minister Ibrahim Bahr al-Ulum said that Iraq would lose $ 21 billion due to its commitment to the two-year OPEC Plus agreement .
Al-Ulum added that Iraq will pay oil companies money for every barrel produced or not, and the Ministry of Oil will pay $ 750 million for the cost of extracting oil that we did not produce because of OPEC Plus .
He noted that reducing oil production will lead to a reduction in gas production associated with production, and will affect the production of gas supplied to gas stations and liquid gas that is used for cooking, which will lead to importing them from outside Iraq, and the Halfaya gas investment project and the expansion of Qurna gas and a number of other projects will stop. .
And science showed that Iraq's production is supposed to reach 5 million barrels per day during the year 2022, and it is possible that we will lose 10 billion dollars during the next two years, due to our commitment to OPEC's decision, which will lead to the suspension of most of the projects in addition to disrupting the national effort to develop national fields due to the inability to do so .
He noted that after the implementation of the OPEC Plus agreement, we will face a problem of returning the oil fields to their previous production, in addition to the difficulty of recovering the customers that we lost because of our commitment to OPEC Plus .
He stressed that Iraq's commitment to the OPEC Plus agreement curbed investment in its oil fields and this will lead to problems in the future, indicating that the previous government was supposed to work to exclude Iraq from OPEC Plus’s commitment through bilateral negotiations with influential countries in OPEC .
He explained that Iraq made a mistake twice, the first in the government of Haider al-Abadi and the second with the government of Adel Abdul Mahdi, because Iraq's shares for 26 years were invested by several OPEC countries, especially after the economic blockade on Iraq. Number of observations 82 Date added 11/24/2020 https://economy-news.net/content.php?id=22848
The Stock Exchange Announces The Circulation Of 40 Billion Shares During The Past Month
Stock market Market Economy News – Baghdad During last October, the Iraqi Stock Exchange carried out trading on more than 40 billion shares, worth 19 billion dinars.
The Stock Exchange said in its monthly report, which was reviewed by "Al-Eqtisad News", that 55 joint-stock companies had traded their shares during last October, out of 105 listed companies.
She added that the number of traded shares amounted to more than 40 billion shares, worth 19 billion dinars, through the conclusion of 7148 deals, noting that shares purchased by foreigners amounted to 3 billion shares, worth one billion dinars. Number of observations 75 Date added 11/24/2020 https://economy-news.net/content.php?id=22853
The Stock Exchange Opens The Trading Hall For Investors
Iraq Stock Exchange Market Economy News – Baghdad The Stock Exchange announced the opening of the trading hall for investors and shareholders after its closure during the previous months.
The director of the stock exchange, Taha Ahmed Abd al-Salam, said in televised statements followed by Al-Iqtisad News, that "the trading hall at the Iraq Stock Exchange (the exchange) has resumed work after it was closed during the previous months after the outbreak of Corona in Iraq."
He added that the stock market administration "has limited the number of investors and shareholders allowed to be inside the trading floor at 35" to maintain social distancing between investors.
He stressed that the other decision of the stock exchange is "to reduce trading hours to two hours from eight to ten in the morning," noting that "these decisions are subject to change according to the decisions of the National Safety Committee."
Abd al-Salam praised the efforts of the Central Bank of Iraq to obtain approvals for the inclusion of private and mixed banks in the Iraq Stock Exchange (the stock exchange). Number of observations 75 Date added 11/24/2020 https://economy-news.net/content.php?id=22852
Dollar Prices Jump In Iraq Today
Time: 11/24/2020 12:10:19 Read: 10,712 times {Baghdad: Al Furat News} The exchange rate of the dollar in Iraq recorded a jump today, Tuesday.
The exchange rate on the Kifah Stock Exchange was 1251 dinars to the dollar, or 125 thousand and 100 dinars for one hundred dollars, and it is the same price in the Al-Harithiya Stock Exchange in Baghdad.
Yesterday's price was 1249.5 dinars to the dollar.
As for the selling price in the money exchange shops in Baghdad, it was 1255 dinars, and the purchase price was 1245 dinars.
On the Erbil Stock Exchange, the dollar price has also witnessed a rise, with the sale price reaching 1252 dinars and the sail at 1249 dinars. In Dhi Qar, the selling price of the dollar rose to 1252.5, and in the purchase it reached 1247.5 dinars. LINK
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