More Iraqi News Thursday PM 8-20-20
More Iraqi News Thursday PM 8-20-20
TLM724 Administrator BondLady’s Corner
The Iraqi Dinar Is Stable And The Currencies Of Regional Countries Are Falling ... Why ??
Articles Samir Al-Nasiri Central banks in the countries of the world mainly aim to achieve economic stability by achieving stability in the monetary system and the financial system through its programs and strategies aimed at maintaining stability in the exchange of their local currencies against other foreign currencies and building sufficient foreign cash reserves to cover their local currency in circulation
according to special international standards issued by The International Monetary Fund also evaluates banks based on other criteria related to facing crises, challenges, economic, political and security shocks, natural and epidemic disasters in their countries, controlling stable rates of inflation and interest rates, and applying compliance systems and rules, combating money laundering and financing terrorism internationally established.
And since all countries of the world have been going through two economic and epidemic crises for ten months due to the global drop in oil prices, economic stagnation and slowing economic growth due to the Corona pandemic.
And that the above conditions suffered from Iraq and neighboring regional countries such as Iran, Turkey, Lebanon and Syria, in addition to the economic, political and security conditions and challenges that all these countries shared with Iraq in. One of the results of this was the devouring of the US dollar for the local currencies of the above regional countries and their collapse in very large proportions, for example.
The currencies decreased against the dollar, so the Turkish lira became 730 pounds per dollar, and in Iran one riyal corresponds to 0.000024 dollars, the Lebanese pound 8,500 pounds, and the Syrian pound 2,250 pounds against the dollar, while the exchange rate of the Iraqi dinar has fallen within its rates for the past two years.
So why was the exchange rate of the Iraqi dinar not affected except by a slight relative increase in the dollar exchange rate and a decrease in the purchasing power of the Iraqi dinar? In order for the economic analyzes to be accurate and non-extreme for the reality of monetary stability in Iraq and the effects of the new and expected economic and epidemic shock on the exchange rate of the Iraqi dinar, which has stabilized for more than two years and is still strong and stable, and will continue as well despite international and local political shocks.
In order not to take the expectations of media exaggeration and create a state of fear among the public and the banking sector. I assert, through an insightful economic and analytical view of the state of stability in the exchange rate of the dinar, and from a neutral and transparent point of view, we note that the independence and the high, rational and balanced wisdom of the central bank and the availability of foreign cash reserves at the rate and proportion Which determines its sufficiency to cover the cash mass in circulation and to cover imports as the foreign cash reserve is fully insured and Iraq ranks fourth in the Arab world, in addition to the strength and recovery of the Iraqi dinar, and dealing responsibly and independently by the Central Bank
The applications of the monetary policy adopted by the Central Bank, which achieved stability in the exchange rate for more than two years, represent the real guarantees to protect the local currency from collapsing Q and to face this new shock.
It will be overcome as the economic and security shocks that the Iraqi economy suffered during the previous years have been overcome. The Iraqi dinar will remain stable and maintain its purchasing power despite the challenges.
* An economic and banking advisor Number of observations 57, date of addendum 20/08/2020
https://economy-news.net/content.php?id=21516
The Stability Of The Dollar Exchange In Iraq Today
Time: 08/20/2020 10:32:20 Read: 3,809 times {Baghdad: Al Furat News} Today, the foreign currency markets in Iraq recorded a stable exchange rate of the US dollar against the Iraqi dinar.
The prices of selling and buying dollars in exchange companies and offices were as follows:
The selling price of one dollar was 1232.5 dinars, or 123 thousand and 250 dinars per hundred dollars.
The purchase price of the dollar is 1222.5 dinars, or 122 thousand and 250 dinars per hundred dollars.
Foreign exchange rates, gold and crude oil until the preparation of this news:
The euro The global price: 100 euros = 118.42 pounds
Sterling The global price: 100 pounds = 130.84 dollars of
The Turkish lira Global price: 100 dollars = 730,80 Turkish lira
The price of an ounce of gold worldwide = 1950.14 dollars,
The price of a barrel of Brent crude oil = 45.00 dollars,
The price of a barrel of US crude oil = 42.70 dollars, LINK
Al-Kazemi Meets Trump This Evening And Postpones His Return To Baghdad
Time: 08/20/2020 09:06:30 Read: 4,576 times (Baghdad: Al Furat News) Prime Minister Mustafa Al-Kazemi will meet US President Donald Trump at the White House Thursday evening, while a busy agenda awaits him, including meetings with economic and industrial figures, as well as holding a new round of strategic dialogue.
The Prime Minister, Mustafa Al-Kazemi, met at his residence in Washington, yesterday, Wednesday, the Director General of the International Monetary Fund, Kristalina Georgieva, and her accompanying delegation, and discussed supporting the Iraqi economy and reducing its dependence on oil, by rehabilitating other sectors and making them compete with the oil sector, In a way that can absorb unemployment in the country.
Al-Kazemi extended his visit to the United States of America, at the request of Washington, and agreed to postpone the date of returning to Baghdad, which was scheduled, Thursday evening.
The extension, according to reports, came "at the request of congressional officials, in a desire to meet Al-Kazemi," as the information indicated that the new meetings may include the Speaker of the US House of Representatives, Nancy Pelosi.
Al-Kazemi met with the US Secretary of State, Mike Pompeo, in Washington, where the two parties discussed a package of topics, including combating terrorism, the outbreak of the new Corona virus, in addition to other joint files between the two countries.
Pompeo said on Wednesday that the United States would provide about $ 204 million in additional humanitarian aid to the people of Iraq and the Iraqi refugees and the communities that host them. LINK
Iraq Contracts With Five American Companies For 8 Billion Dollars
Time: 08/20/2020 09:50:42 Read: 4,264 times {International: Al Furat News} On Wednesday, five American companies, including Chevron, signed agreements with the Iraqi government aimed at strengthening Iraq's energy independence from Iran, as Prime Minister Mustafa Al-Kazemi prepares to make his first visit to the White House Thursday evening.
The US Energy Department said in a statement that Honeywell International, Baker Hughes, General Electric, Steller Energy and Chevron have signed trade agreements worth up to eight billion dollars with the Iraqi ministers of oil and electricity.
The Iraqi economy was affected due to the general closure measures to limit the spread of the new Corona virus and due to the decline in oil prices, and protests that erupted last year led to the resignation of former Prime Minister Adel Abdul Mahdi.
"These agreements are important for the future of energy in Iraq, and I am confident that the same companies that have enabled the United States to achieve energy independence will use their vast experience to help Iraq achieve its full potential in the energy sector," US Energy Secretary Dan Brouillett said in a statement.
The agreements were signed after the Iraqi ministers of oil and electricity met with Brouillette, and after a round-table meeting in Washington on Wednesday with the Prime Minister of Iraq and the US energy industry.
In a separate interview with reporters before the Energy Department statement, a senior US administration official said that the officials would also discuss national security issues in addition to economic cooperation. LINK
General Electric Signs Two Agreements With Iraq Worth 1.2 Billion Dollars ... These Are Their Details
Time: 08/20/2020 09:38:44 Read: 5,213 times {Baghdad: Al Furat News} The Iraqi government signed two new agreements with General Electric Company as part of its continued focus on strengthening the country's electrical energy infrastructure, and its deep keenness to meet the growing electric power needs, especially with peak demand during the summer months.
The value of these two agreements amounts to $ 1.2 billion, or $ 500 million with General Electric for gas energy to implement the modernization, maintenance and vital service of a number of electric power plants, which will enhance efficiency levels and help preserve more than 6 thousand megawatts of electric power and 727 $ 1 million with the GE Renewable Energy Network Solutions business unit to enhance the power transmission network in Iraq, improve its stability and connect it with the power grid in Jordan.
In this context, General Electric Gas Energy will undertake the implementation of contracts in the country amounting to half a billion dollars in order to improve and maintain the main power plants in Iraq, which are a vital pillar to maintain the generation of 6 thousand megawatts of electric power and enhance the operational efficiency of the network Transmission of electric power in Iraq and linking it with the power grid in Jordan, after signing a contract to implement this project worth 727 million dollars.
In addition to implementing its mandated services, GE will also work closely with a number of export credit agencies to discuss securing more than $ 1 billion in financing for these projects.
In the presence of Prime Minister Mustafa Al-Kazemi and a group of officials in the governments of Iraq and the United States of America, the partnership agreements were signed by His Excellency the Iraqi Minister of Electricity, Majid Mahdi Al-Amara, and Mr. Michael Isho, Vice President and Financial Director of General Electric Gas Energy.
In this context, Minister of Electricity Majed Mahdi Al-Emara said: “Our main focus is on ensuring the continuity of the supply of electric power without interruption, especially in the summer months that witness peak demand for them to meet the needs of our people and various business fields. In our relentless pursuit to achieve these goals, we have already launched There is no doubt that introducing advanced technologies at the global level, especially those aimed at modernizing our power plants and ensuring smooth and smooth operations, constitute major pillars of our strategy.
The new agreements signed with the leading company in energy technologies are an ideal option To meet our requirements, and based on the close partnership that brings us together to generate more electricity in the country. "
Scott Strazik, CEO of GE Gas Energy, said: “GE has a long-standing presence in Iraq, and we are working to fulfill our promises to the country and its people. At a time when the demand for electric power is rising with the increasing number of the population, and with the aim of supporting various sectors and establishing development projects in the country, we are working to identify areas of imbalance and fill the current gaps as a top priority.
We thank the Iraqi government for the confidence it has placed "With regard to our capabilities to supply the necessary energy to the areas that need it in the country whenever needed, and there is no doubt that the new agreements will clearly contribute to laying the foundations of a more reliable and robust infrastructure in the energy sector."
Heiner Markov, CEO of Network Solutions at General Electric, said: “The importance of these agreements goes beyond the mere transmission of electrical energy in Iraq, as they lay the foundations for the necessary infrastructure for the country's power transmission network and are found to advance development and pave the way for Iraq to achieve the desired positive change in its various cities.
We are very proud to be able to continue to support the growth of reliable and sustainable infrastructure for electric power in Iraq. There is no doubt that these partnerships will meet the aspirations of millions of Iraqi people and provide them with electric power, and will advance the economic development in Iraq. "
The service agreement signed between the Ministry of Electricity and GE Gas Energy is a vital program for modernization and maintenance, and provides for the implementation of the maintenance program at several project sites in Iraq.
General Electric will be keen on employing the latest technologies in these sites in order to maximize the benefit to the Ministry, such as supplying spare parts and carrying out repair and service operations in electric power plants in Basra, Mosul, Baghdad, Karbala and others, which will bear fruit in maintaining the supply of more than 6 thousand megawatts of electric power.
This comes in addition to the company's success in adding 1575 gigawatts of electrical energy in Iraq since December 2019, and its continued supply of 4,325 gigawatts to meet the peak demand during the summer season.
The agreement signed between the Network Solutions Business Unit at General Electric and the Ministry of Electricity aims to strengthen the Iraqi power transmission network and connect it with the network in the Hashemite Kingdom of Jordan, in a step that will greatly contribute to removing the pressure on the network and providing electric power according to the highest levels of reliability.
General Electric will undertake the design task; And supply; Installation, testing and commissioning work on designated high-voltage substations and overhead transmission lines. Within the framework of a major initiative that will enhance the flow of operations in the national electric power grids in various parts of Iraq, the company will help supply energy to many areas severely affected during the conflicts that arose in them, and will provide all means of support for the reconstruction of these areas. LINK
Documents .. Financial Control Report On The Corruption Of Kirkuk Investment
Time: 08/20/2020 14:50:48 Read: 1,560 times {Baghdad: Al Furat News} Our agency publishes a report to the Board of Financial Supervision on the corruption of the Kirkuk Governorate Investment Commission.
The Federal Integrity Commission revealed today, Thursday, the issuance of an arrest and investigation order against the head of the Kirkuk Governorate Investment Commission, explaining that the matter included the former head of the commission within the same case.
In its discussion of the details of the case that the commission investigated and referred to the judiciary, the investigation department of the authority stated that the competent investigating judge issued an arrest and investigation order against the head of the Kirkuk Governorate Investment Commission, on the background of the violations committed in the housing fraternity project, based on the provisions of Article 340 From the Iraqi Penal Code.
The department pointed out that the arrest and investigation order also included the former head of the Governorate Investment Authority, in the same case, based on the requirements of the ruling.
It indicated that the cadres of the commission’s investigation office in the governorate, under the direct supervision of the law enforcement authorities, carried out the arrest and investigation order issued against them and directed them to the competent investigating judge, who decided to arrest them in the case.
It is noteworthy that the Integrity Commission announced on the tenth of this month that an arrest warrant had been issued against them. This is due to the violations committed in the Soma City residential project.
The integrity had diagnosed the existence of (111) projects referred by the Kirkuk Investment Commission, including (86) projects with a completion rate of 0%, which included residential and commercial complexes, hotels, malls, hospitals, private universities and others. LINK
Saleh: We Are Confidently Moving Towards Holding Early Elections That Would Be A Breakthrough Towards Reform And Curbing Corruption
Time: 08/20/2020 13:59:41 Read: 1,157 times (Baghdad: Al Furat News) The President of the Republic, Barham Salih, confirmed today, Thursday, that the country is proceeding with confidence to hold early elections that will be a breakthrough towards reform and curbing corruption.
This came during Saleh's congratulations to all Iraqis and Muslims on the occasion of the advent of the Hijri New Year.
During his congratulations, the President of the Republic stressed, according to what the media office of the Presidency of the Republic said, "the necessity of drawing inspiration from the noble lessons and meanings of the noble emigration of the Prophet, to enhance the spirit of synergy, solidarity, compassion, tolerance and altruism, and to close ranks and consolidate cooperation and unity of speech to face challenges and crises."
The following is the text of the congratulations:
"We extend our best congratulations and the best congratulations to our Iraqi people and all Muslims on the occasion of the new Hijri year."
"This blessed occasion today invites us to draw inspiration from the noble lessons and meanings of the noble prophetic emigration to enhance the spirit of synergy, solidarity, compassion, tolerance and altruism, and to close ranks and consolidate cooperation and unity of speech to face the challenges and crises that are affecting Iraq and the region as a whole."
“The new Hijri year is dawning on us as we walk with confidence to meet the demands of our people in a sovereign and capable Iraq, and to hold early elections to be a breakthrough towards the desired reform and curb corruption, and to build a strong and prosperous democratic state that achieves free life for our people, as well as joint action to support efforts in facing The Corona pandemic is a virus, which will contribute to ensuring safety and health for all Iraqis. LINK
The US Embassy Issues A Statement About The Recent Assassinations In Iraq
Time: 08/20/2020 13:47:41 Read: 2,561 times (Baghdad: Al Furat News) The US embassy in Baghdad issued, on Thursday, a statement about the recent assassinations in Iraq.
The embassy statement stated, "The United States condemns in the strongest terms the recent attacks against civil society activists and protesters in Basra, including a number of targeted assassinations."
"These attacks are a flagrant violation of human rights, and we support the commitment of the Iraqi government to hold those responsible accountable under the law," the statement added.
"The United States reiterates its call for civilian activists to be able to live and work in peace and security without fear of violent reprisals against their activities," the statement added. LINK
Parliamentary Finance Reveals The Fate Of The 2020 Budget And The Nature Of Its Counterpart For 2021
Time: 08/20/2020 16:29:17 Read: 5 times {Baghdad: Al Furat News} The Parliamentary Finance Committee revealed, on Thursday, the fate of the general budget for 2020, as well as the nature of next year's budget.
The committee’s reporter, Ahmad al-Hajj, told Al-Furat News that “the Ministry of Planning has informed us that it will prepare a budget for the remaining four months of the current year,” indicating that “the Ministry of Finance is now working on preparing the budget for the remainder of the year 2020.”
He added that "the next budget must be austerity, and this matter is a foregone conclusion, and that the Finance Committee participates in the budget strategy, and the final picture of the features of the budget has not been determined." He pointed out, "The need for multiple revenues in the next budget and attention to issues of taxes and customs tariffs." LINK
Prime Minister Mustafa Al-Kazemi Meets In Washington The Director General Of The International Monetary Fund
Aug 19-2020 The Prime Minister, Mr. Mustafa Al-Kazemi, met at his residence in Washington, today, Wednesday, the Director General of the International Monetary Fund, Ms. Kristalina Georgieva, and her accompanying delegation, and during the meeting they discussed aspects of cooperation between Iraq and the International Monetary Fund.
Mr. Al-Kazemi stressed that Iraq is looking forward to working with the International Monetary Fund to achieve economic reform, and that the government is ready to overcome all obstacles facing the work of the International Monetary Fund in Iraq.
The Prime Minister discussed with the delegation the possibility of concluding an agreement with the International Monetary Fund, to support the Iraqi economy and reduce its dependence on oil, by rehabilitating other sectors and making them compete with the oil sector in a way that can absorb unemployment in the country.
For her part, the Director General of the International Monetary Fund, Mrs. Kristalina Georgieva, congratulated the Prime Minister, Mr. Mustafa Al-Kazemi, for his ability to achieve stability in Iraq within a short period of the assumption of his governmental duties.
It commended the steps taken by His Excellency to achieve economic reform, despite the many challenges he faces, foremost of which is the Corona pandemic, as well as the economic problems resulting from the decline in global oil prices.
Georgieva confirmed that they believe in the partnership with Iraq, and the importance of standing with it from international economic institutions, whether it is the International Monetary Fund or the World Bank.
Georgieva praised the professionalism and frankness of the Iraqi negotiator, and praised the leadership of the Prime Minister, Mr. Mustafa Al-Kazemi, in his confrontation with the current economic challenges, and expressed her optimism about Iraq's ability to overcome the current crisis to a better economic future. The Media Office of the Prime Minister 19- Aug-2020 https://pmo.iq/press2020/19-8-202001.htm
Iraq Is Discussing With The IMF An Agreement To Support The Economy And Reduce Dependence On Oil
Money and business Economy News _ Baghdad The Prime Minister, Mustafa Al-Kazemi, discussed the possibility of concluding an agreement with the International Monetary Fund, to support the Iraqi economy and reduce its dependence on oil, by rehabilitating other sectors and making them compete with the oil sector in a way that can absorb unemployment in the country.
This came during his meeting, at his residence in Washington, with the Director General of the International Monetary Fund, Kristalina Georgieva, and her accompanying delegation, according to a statement by the media office of the Prime Minister.
During the meeting, aspects of cooperation between Iraq and the International Monetary Fund were discussed, while Al-Kazemi stressed that Iraq is looking forward to working with the International Monetary Fund to achieve economic reform, and that the government is ready to overcome all obstacles facing the work of the International Monetary Fund in Iraq.
For her part, Director-General of the International Monetary Fund, Kristalina Georgieva, Prime Minister, praised the steps taken by Al-Kazemi to achieve economic reform, despite the many challenges he faces, foremost among which is the Corona pandemic, in addition to the economic problems resulting from the decline in global oil prices.
Georgieva confirmed that they believe in the partnership with Iraq, and the importance of standing with it from international economic institutions, whether it is the International Monetary Fund or the World Bank.
Number of observations: 110, date of addendum 20/08/2020 https://economy-news.net/content.php?id=21506
The State Department Of The US Senate Sends A Message To Al-Kazemi .. This Is Its Text
Political Thursday 20 August 2020 | 12:56 PM| Views: 186 Baghdad / .. The Chairman of the Foreign Relations Committee in the US Senate and the senior member of the Committee sent a letter to Prime Minister Mustafa Al-Kazemi, who is currently visiting Washington.
The text of the American letter to Al-Kazemi stated: We are writing to welcome you and express our support for the continuation of the close partnership between our two countries, as we share with you the desire to see a secure, sovereign Iraq free from unwanted foreign interference.
We realize that our two countries have a common history, and we believe that the ongoing strategic dialogue between the United States and Iraq will pave the way for an ongoing relationship between the two countries, as well as the creation of a secure and prosperous Iraq in which all Iraqis will enjoy.
We highly value your commitment to security cooperation between the United States and Iraq, and we realize that this cooperation will only be based on the request and approval of the Iraqi government.
As our mutual security cooperation has dispersed the existence of the caliphate of the Islamic State, increased the professionalism and capabilities of the security forces, and laid the foundations for Iraqi forces to lead military operations with multi-level US military support. More importantly, this cooperation continues to consolidate the primacy of the Iraqi security forces as the true guarantor of Iraqi sovereignty over any other independent armed group.
We were astonished by your commitment to the necessary reforms that will be difficult to achieve politically and the concrete steps that you have taken to implement those reforms.
We also encourage any efforts that can be started in order to root out corruption and reform the system of nepotism that has hindered economic growth in Iraq and pushed many Iraqi youths to the streets to demonstrate during the past year. We also respect your commitment to protect the rights of people in peaceful demonstrations and to listen to their demands.
We are confident that the US-Iraqi economic cooperation will enable Iraq to benefit not only from its natural resources, but also from its human resources, by pursuing more reforms that encourage Iraqis to establish projects in the private sector in addition to foreign investment as well as strengthening diplomatic ties. And economic with the neighboring Arab countries.
Finally, we are encouraged by your announcement on July 31 that early elections will be held in Iraq next June. As always, the United States stands ready to support the democratic process in Iraq. As members of the Senate, we believe that there are few strong examples of Iraq's sovereignty, including the holding of free and fair elections that clearly demonstrate that Iraqi leaders will be subject to the rule of law and the will of the Iraqi people.
We realize that the way forward is not easy. From the efforts of national and local reconciliation to the last remnants of ISIS to the drop in oil prices as well as the spread of the Corona pandemic, we have become clearly aware and fully sympathetic to the challenges that your government faces and that ordinary citizens of every sect and race face.
However, we also believe that there is bipartisan support in Congress to deepen the partnership with Iraq in the interest of the security and prosperity of the United States and Iraq while we continue to respect Iraqi sovereignty. 4 finished https://aynaliraqnews.com/index.php?aa=news&id22=137602
An Economist Diagnoses Failure And Corruption In Dealing With The Banking System In Iraq
Author: Ahad6 On 20/8/2020 - 11:31 AM 95 The economic expert, Salam Sumaisem, identified what she called "one of the basics of failure and corruption in dealing with the banking system in Iraq."
"Most of the government loans in Iraq are provided with a feasibility study that is agreed upon with bank employees, accountants and their offices that do not follow backward methods and are flawed with shortcomings and transparency," Sumaisem told Al-Ahed News.
And she added, "This matter prompts many to ask the way in which the money in Iraq is produced." LINK
Al-Sistani's Office: Friday, The First Day Of The Sacred Month Of Muharram
August 19, 2020 at 7:43 pm 34 Views Baghdad - the trend The office of the religious authority, Mr. Ali al-Sistani announced, on Wednesday, that Friday will be the first day of the sacred month of Muharram. Rolling Eyes
The office said in a statement, "Tomorrow, Thursday, is the completion of the sacred month of Dhu al-Hijjah, and Friday is the first of the sacred month of Muharram." LINK
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