More Iraqi News Tuesday PM 11-30-20
More Iraqi News Tuesday PM 11-30-20
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Parliamentary Finance Announces Submitting A Request To Question The Governor Of The Central Bank
Tuesday, December 1, 2020 3:23 PM Classification: Iraqi Post View: 19 Baghdad / National News Center - The Parliamentary Finance Committee announced today, Tuesday, the submission of an official request to the Presidency of the Council of Representatives to question the Governor of the Central Bank.
A member of the committee, Thamer Theban, said in a press statement: “The coming days will witness an interrogation within the House of Representatives of the Governor of the Central Bank,” indicating that “the Finance Committee has submitted a formal request to the Presidency of Parliament to question the governor.”
"The governor of the Central Bank made a big mistake with regard to banks and the currency auction, and he will be questioned on this basis," said Dian.
Earlier, the Parliamentary Finance Committee revealed that it will collect signatures to dismiss the Governor of the Central Bank of Iraq because the Council is not convinced of the answers provided during the hosting. https://nnciraq.com/45191/
Representative Economy: There Are Parties That Stand Behind The Drain Of State Funds In The Currency Auction
16:20 - 12/01/2020 Information / Special ...On Tuesday, the Parliamentary Economic and Investment Committee accused some parties of stopping the depletion of state funds in the currency auction.
Committee member Mazen Al-Faili said in a statement to / the information /, that "banks are the ones that benefit most from the depletion of state funds in the currency auction, and there are parties standing behind that." Suspect
He added that "the government silence about the currency auction raises doubts and is strange," indicating that "the central bank must be transparent in following up on this matter as there is a big difference in selling and this leads to the waste of public money."
The Parliamentary Finance Committee revealed, on Tuesday, that a formal request was submitted to the Presidency of the House of Representatives to question the governor of the Central Bank for committing a major mistake regarding banks and the currency auction. Ended 25 T. https://www.almaalomah.com/2020/12/01/507906/
Parliamentary integrity announces the transfer of the file for questioning three officials
Economy Tuesday 1 December 2020 | 11:57 am| Views: 206 The Integrity Committee in the House of Representatives revealed, on Tuesday, that the file of questioning three officials had been referred, in addition to important questions regarding the oil file in Kurdistan. "The rampant corruption in the country is one of the pillars of the current economic crisis, and the Presidency of the Council of Representatives must activate the oversight role in all formats, whether questioning, clarifying and hosting, as well as interrogation, which is the highest degree of control," said a member of the committee, Representative Alia Nassif, according to the official agency.
She added, "There are interrogations of three officials in addition to important questions to find out where the money from the exported oil goes from the Kurdistan region."
It is noteworthy that the Parliamentary Integrity Committee called earlier, the parliament to activate its oversight role, explaining that there is a major failure of the oversight role of the House of Representatives compared to the legislative side. She added that the council in the previous government had ten interrogations, without any minister being questioned. https://aynaliraqnews.com/index.php?aa=news&id22=141409
A Cabinet Spokesman Announces The Postponement Of The Session Devoted To Discussing The 2021 Draft Budget Until Next Saturday
Tuesday 01, December 2020 17:32 | PoliticalViews: 49 Baghdad / NINA / Cabinet spokesman Hassan Nazim announced in a press conference today that the session devoted to discussing the 2021 draft budget has been postponed until next Saturday. https://ninanews.com/Website/News/Details?key=873717
The Cabinet Postpones Discussion Of The 2021 Budget Bill
Political Tuesday 1 December 2020 | 05:44 pm| Views: 31 The Iraqi Council of Ministers postponed holding the session devoted to discussing the 2021 budget bill until next Saturday .
Cabinet Spokesman, Minister of Culture, Tourism and Antiquities Hassan Nazim said in a press conference held today that Al-Kazemi directed the ministers to mobilize the means to achieve the legitimate demands of the people of Dhi Qar He added that the government is continuing to hold the elections as scheduled. https://aynaliraqnews.com/index.php?aa=news&id22=141433
An Advisor To Al-Kazemi Describes The Financial Crisis As "Deep" And Insinuates The Continued Borrowing To Pay Salaries
Time: 12/01/2020 10:10:14 Read: 2,704 times {Baghdad: Al Furat News} He ruled out Mazhar Muhammad Saleh, the financial advisor to the Prime Minister, Mustafa Al-Kazemi, that there are immediate solutions to the financial crisis in the country.
Commenting on the formation of salaries of more than 60 trillion dinars (50 billion dollars) annually (employees, retirees and social welfare), Saleh said in a press statement, “It is unlikely that structural transformations will take place within a short period by finding alternative and rapid sources of financing in a single, weakly diversified economy unless resorting to Borrowing to bridge the sustainable expense gap.
He stressed, "There are no immediate, fundamental solutions; but there is importance to control the expansion of this section, and to control its lack of escapism, and to expand it."
Saleh explained that "the financial crisis is fast and deep; because of the complete dependence on oil rent in building the structure of spending and spending in Iraq's budgets, and cumulative expansion for many decades; therefore it is difficult to make structural transformations by finding alternative and rapid sources of financing in a single, weakly diversified economy unless resorting to To borrowing to fill the gap in sustainable expenditures, this is done by expanding the public debt in the hope that the budget resources will gradually improve, in addition to that restructuring and reducing expenditures is not an easy matter, as it is linked to obligations and legislation developed in the past, and it is difficult to amend immediately due to the undesirable social and economic effects it may bear. ".
He pointed out, "The stability of the Iraqi dinar exchange represents the stability of the external value of the national currency, and then the stability of the standard of living, and defending the stability of the exchange rate is one of the most important duties of the Central Bank of Iraq in achieving its objectives in building stability as a climate for economic growth, despite the current account deficit."
For the current balance of payments to GDP, which is about negative 8% according to initial estimates; however, the central bank defends the exchange rate through its foreign reserves, and that this defense depends on the sufficiency of foreign reserves that have not yet reached their red lines.
Saleh pointed out that "the adoption of economic liberalism and openness to the global economy during the last two decades and with the controls and policies of development and weak economic oversight and a fragile internal economy, has made the world's economies work with high efficiency and great competitiveness, which is setting the last nail on the stage of another Iraqi craftsman who works in the manufacture of wood or shoes."
Or bags, and the last wheel takes off from the wheels of national industry after it deliberately flooded the national market or ignorance of the cheap goods of Asian countries financed by the revenues of oil revenue; therefore unemployment is still high in the country for two decades, and the manufacturing industry and agriculture still constitute only 7% of The gross domestic product of Iraq, which comprises 37% of the workforce, and society, its bulk, subsist on government service jobs with low productivity or on government subsidies and subsidies paid from the budget of oil resource revenues.
Regarding the most prominent challenges facing economic reform in Iraq, Saleh said, "There is no unified political will in choosing a unified road map for economic reform." LINK
With The Participation Of The Parliament And The Central Council ... A Symposium On Our Monetary And Investment Policy
Tuesday 01 December 2020 38 Baghdad: Hussein Thahab An important economic theme seminar was to support the monetary policy for investment and the private sector in light of the repercussions of the financial and economic crisis, in the presence of members of the House of Representatives, the Central Bank of Iraq and a number of economists and those interested in it. Then he read a speech that included a diagnosis of the most prominent problems and challenges that the private sector faces in its relationship with the Central Bank and government and private banks.
Development initiatives
He said: Governor of the Central Bank, Mustafa Ghaleb Al-Jubouri, "Iraq needs to encourage the economic sectors to rise again through development initiatives undertaken by the central bank and the banking sector, especially since the apparatus consists of 78 banks, including government banks. The citizen has a role in the development process, especially since most of the citizens are moving towards government banks, because of the existence of a crisis of confidence with private banks, not because government banks provide better services, but because they are more reliable.
He pointed out that "some government banks, such as the Industrial Bank, although they finance large and good industrial projects, but their capital is small and does not meet the ambition, and we seek to increase its capital to contribute effectively to the initiatives of the Central Bank and the development of the national economy in general."
Real fixes
In turn, the head of the Parliamentary Finance Committee, Dr. Haytham al-Jubouri, "The economic and financial situation needs to take quick and severe measures and courageous decisions to prevent the economic collapse, as reliance on oil as a basic resource does not cover even the salaries of employees and this is a big problem, and that the government issued the white paper as a reform paper, in which it did not specify clear timing and time periods "To carry out real reforms to get rid of the economic and financial crisis, and it did not specify the parties that would undertake the reforms and did not provide tangible and quick solutions to the financial crisis. For example, the white paper included proposals to amend some legislation and laws, but it did not specify what these laws are specifically."
Borrowing policy
Pointing out that "the borrowing policy adopted by the government is an incorrect policy, and the country will enter into enormous problems. We are indispensable if the problem is solved differently.
There are other solutions that can be resorted to through the government’s general budget, but the government resorts to easy solutions." And there are some suggestions that were put forward by the Ministry of Finance to solve the crisis are futile solutions, such as reproducing the Jordanian experience in the field of maximizing wills, and this is not possible. Jordan has total imports (1) billion, while Iraq (75) billion and Jordan controls control over its border ports and we We cannot control all the outlets because there are multiple parties controlling the ports, and a new (Software) system costs huge sums of money, and does not solve the problem, as the problem is who works on the system and not in changing the system. "
Banking products
In turn, the head of the Baghdad Renewable Energy Center, Muhammad Shaker Al-Dulaimi, addressed several important issues that contribute to the consolidation of banking work, the most important of which is the protection of small shareholders in private banks, similar to the methodology used in European central banks, and work to introduce new banking products, to encourage citizens to deposit their personal savings that are outside The banking system, which constitutes approximately two-thirds of the money from the monetary mass inside Iraq.
economical development
As a member of the Economic Council, Ghadeer Al-Attar, he pointed out that, "The Central Bank has previously formed a committee with the participation of the Iraqi Economic Council and bank directors, the aim of which is to develop mechanisms for valuing guarantees at fair value.
The committee came up with recommendations and a clear mechanism for evaluating guarantees at fair value, including the establishment of a specialized valuation company, and the recommendations have not been made. We suggest that Activating it because it will contribute to economic development, as well as re-activating the industrial initiative and involving private banks in the initiative, similar to banks.Governmental. " LINK
Recover Bank Loans
Tuesday 01 December 2020 32 Mohammed Yaqoub Al-Omran We can define bank loans as those services provided by banks to individuals and establishments, through which these establishments are provided with the funds necessary to develop their work in exchange for the debtor’s pledge to pay those funds, their interest, commissions due on them, and expenses in one payment or in installments on specific dates in exchange for guarantees to be agreed upon. on her.
In return, banks finance loans by accepting deposits from citizens in exchange for a certain interest, and then re-lend those amounts at a higher interest that represents the interest paid, in addition to administrative expenses.And profits.
But there are a set of factors that affect the credit decision-making (granting the loan), including: factors specific to the client, including personal, capital, the ability to manage his activity, pay off the obligations and guarantees provided, and the general and special circumstances that surround the activity practiced by the client and are studied together to assess the client’s suitability to obtain the loan. Required .
And other factors specific to the bank and include the degree of liquidity and the type of strategy in which the bank operates and the goals and capabilities it possesses, such as trained human staff and the use of modern electronic systems, as well as factors related to borrowing, which include: the purpose of the loan and the time period, to repay the loan and the sources of repayment of the borrower The method of repayment and the required amount, and these factors are necessary for granting the loan.
Finally, the borrowing process is exposed to risks, as the borrower may not be able to repay, based on circumstances that are specific to the borrower, or circumstances beyond the borrower’s control, such as epidemics and natural disasters, which forces the bank to take legal measures against the borrower, such as selling the guarantees provided, or other legal measures to preserve On the money The bank. LINK
An Economist Explains The Difference Between Agreements And Memoranda Of Understanding .. Why Did The Chinese Stop?
Time: 11/30/2020 22:21:28 Read: 5,200 times {Baghdad: Al Furat News} Economic expert Haider Abdullah explained the difference between the understandings and economic agreements, revealing the main reasons behind the suspension of the Chinese agreement.
Abdullah stated to the "By Evidence" program that "the difference between understandings and agreements is that understandings are not binding and have no value as long as they are not signed by contracts between the two parties, and rise to the level of agreements after they are approved by a Council of Representatives.
He added that" Agreements and understandings take into account the political and economic aspect, And there are many agreements sponsored by the political side, as happened in the Egyptian agreement, which stipulated the entry of up to two million Egyptians to work in Iraq, and to supply it with one million barrels of oil outside the OPEC agreement.
He added that "Iraq is going through a crisis of unemployment and work that is supposed to revitalize the industry, and any agreement concluded with any of the countries must be considered," noting that "the Chinese agreement is useful and clear, unlike the enigmatic enriching agreement. The Chinese are 100 thousand barrels of oil and the Chinese costs are very appropriate," and offered that He offers Iraq a large loan.
He continued, "China is ahead of the world and decades are not subject to corruption and pressures. For this reason, this agreement has been faced, for reasons of selling oil and transferring it to the American bank, and this did not give space for corruption."
He pointed out that "international transport companies depend on their nationality and relations between countries and Iraq, and we call for consideration of specifications and contracts and we call for Iraq to be the focus of competition because this matter is in the interest of Iraq and that there are many companies willing to pay money for investment in Iraq." LINK
Oil: Last Month's Revenues Amounted To Nearly $ 3 Billion
Tuesday 01, December 2020 16:34 | Economical Views: 199 Baghdad / NINA / The Ministry of Oil announced the total exports and revenues achieved for the month of last November.
The ministry stated in a statement that the Iraqi National News Agency ( NINA ) received a copy of it: "The preliminary statistics issued by the Iraqi Oil Marketing Company" SOMO ", where the amount of exports of crude oil reached (81) million (262) thousand and (376) barrels, With revenues of nearly (3) billion and (394) million and (988) thousand dollars. "
She indicated that the total exported quantities of crude oil for the month of last November from the oil fields in central and southern Iraq amounted to approximately 78 million and 190 thousand and 444 barrels. As for the Kirkuk fields through the port of Ceyhan, the exported quantities reached (2) "Two million and (819) thousand and (169) barrels, and the quantities exported to Jordan amounted to (252) thousand and (763) barrels."
It indicated that "the total daily rate of exports amounted to two million and (709) thousand barrels," indicating that "the average price per barrel reached (41,778) dollars." https://ninanews.com/Website/News/Details?key=873711
Oil Announces Preliminary Statistics For Exports And Imports Last Month
Time: 12/01/2020 15:30:19 Read: 1,599 times (Baghdad: Al Furat News) The spokesman for the Ministry of Oil, Assem Jihad, announced on Tuesday the preliminary statistics of the exported quantities of crude oil and the revenues achieved for the month of November.
The spokesman stated in a statement that Al Furat News received a copy of, that "the Ministry of Oil announced the total exports and revenues achieved for the month of November, according to the preliminary statistics issued by the Iraqi Oil Marketing Company" SOMO ", where the amount of exports of crude oil reached (81) Two million (262) thousand and (376) barrels, with revenues of nearly (3) billion and (394) million and (988) thousand dollars. "
The statistics indicated that "the total exported quantities of crude oil for the month of last November from the oil fields in central and southern Iraq amounted to approximately 78 million and (190) thousand and (444) barrels. As for the Kirkuk fields through the port of Ceyhan, the exported quantities reached (2) two million and (819) thousand and (169) barrels, and the quantities exported to Jordan amounted to (252) thousand and (763) barrels, and that the total daily rate of exports reached (2) million and (709) thousand barrels. "
Jihad explained that "the average price per barrel reached (41,778) dollars."
It is noteworthy that "the ministry, through its belief in informing the people about export operations and the revenues generated from it, has taken this monthly procedure." LINK
The Dollar Is Rising .. Learn About The Exchange Rates In Baghdad And The Provinces
Time: 12/01/2020 10:41:30 Read: 8,177 times {Baghdad: Al Furat News} The exchange rates of the dollar in Iraq returned, today, Tuesday, after their decline yesterday.
The exchange rate on the Kifah Stock Exchange was 1253.5 dinars against the dollar, or 125 thousand and 350 dinars for one hundred dollars, and at Al-Harithiya Stock Exchange was 1254, or 125 thousand and 400 dinars.
Yesterday's price on the two bourses was 1251.5 dinars per dollar. As for the selling price in the money exchange shops in Baghdad, it was 1257.5 dinars, and the purchase price was 1247.5 dinars.
The exchange rate of the dollar in the governorates:
Basra 125.6 Najaf 12555 Karbala 12550 Babel 12555 Maysan 12570 Wasit 12565 Muthanna 12570
Anbar 12565 Erbil 12530 Diyala 12540 Sulaymaniyah 12540 Nineveh 12550 Kirkuk 12550 LINK
The Stock Exchange Sets A Date For The Conclusion Of The 2020 Sessions
Iraqi Stock Exchange «Economy News» Market Economy News – Baghdad The Stock Exchange has set, on the 24th of this month, the date for the conclusion of the sessions of this year.
The Stock Exchange said in a statement seen by "Al-Eqtisad News", that "based on what was approved by the Board of Governors and on the occasion of the approaching end of the fiscal year 2020, the last trading session for 2020 will be on Thursday, 12/24/2020." The statement added: "The first trading session for the year 2021 will be on Sunday 3/1/2021 ..."
Number of observations: 110, date of addition 12/01/2020 https://economy-news.net/content.php?id=22965
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