More Iraqi News Tuesday PM 9-22-20

More Iraqi News Tuesday PM 9-22-20

TLM724 Administrator BondLady’s Corner

A Procedure For The Central Bank Regarding The Governor's Signature On The Iraqi Currency

Time: 09/22/2020 14:50:53  Read: 4,433 times   A procedure for the Central Bank regarding the governor's signature on the Iraqi currency Zz1434     (Baghdad: Al Furat News) Governor of the Central Bank of Iraq, Mustafa Ghaleb, chaired today, Tuesday, a meeting of the currency affairs committee in this bank, in the presence of all members.

A statement by the bank’s media, a copy of which was received by the Al Furat News Agency, stated that Ghalib “emphasized the importance of following the context of the official signature on the exported currency and not using the signature with the name that was previously approved by the committee in a previous meeting.”

The statement added, "The committee also discussed a number of issues and took a number of decisions that would contribute to raising and improving the level of currency management."

It is noteworthy that the former central bank governor, Ali Al-Alaq, had issued a decision in October 2018 in his name, instead of signing only, as is the case in the countries of the world, according to economists who at the time violated international standards in minting the currency.

The measure at the time also sparked intense public criticism of Al-Alaq.   LINK

 "Zain" Explains New Developments Regarding The Extension Of Its Unit License In Iraq

Editing date: 9/22/2020 16:14 • 49 times read   [Baghdad-Where]  The Kuwaiti mobile telecommunications company, Zain, announced a new development regarding the extension and renewal of the work permit of Zain Al-Atheer in Iraq, according to a statement by the Kuwait Stock Exchange today, Tuesday.

On July 8, Zain announced that "Zain - Iraq" is about to launch the service at the beginning of 2021 with the extension of the company's license to expire on August 30, 2030.

The company stated in a statement today that a member of the Iraqi parliament has filed a lawsuit against The Iraqi Council of Ministers and the Chief Executive of the Media and Communications Authority; To stop the procedures for extending and renewing the business license of mobile phone companies in Iraq.

Zain confirmed that there is no operational impact on the company's operations in Kuwait or Iraq regarding that matter.

It indicated that all the parties concerned had objected to this lawsuit, which was mainly directed at the Iraqi government, and the defendant parties had submitted the necessary defenses and pleadings against that lawsuit.

Zain added that the legal position is sound because of the unlawfulness of the matter, while stressing that the lawsuit does not affect the company's operations in Iraq because the work permit is valid until August 2022, and the renewal procedures are for the period after that.   http://www.alliraqnews.com/modules/news/article.php?storyid=100721 

In The Document, One Law Is On The Parliament’s Agenda For Saturday

Time: 09/22/2020 15:28:57 Read: 2,002 times   (Baghdad: Al Furat News) Today, Tuesday, the Information Department of the House of Representatives published the agenda for next Saturday’s session, which included only the completion of the electoral districts of the House of Representatives election law.

Earlier in the day, Parliament Speaker Muhammad al-Halbousi called on political forces to complete the election law and attend the Saturday session devoted to the law.

Al-Halbousi said in a tweet on his Twitter account: "It has become imperative to complete the electoral districts to implement a just and fair law for holding early elections that meet the aspirations of the people and express their will."

He added, "Therefore, I call on all political forces to shoulder their responsibilities to implement the law and attend the session on Saturday, September 26, whose agenda will be in one paragraph dedicated to completing the electoral districts."   LINK

The High Exchange Rates Of The Dollar In The Local Markets

Market  Economy News _ Baghdad   The exchange rate of the dollar rose in the main stock markets, while it stabilized in local markets today, Tuesday (September 22, 2020).

The Kifah Stock Exchange recorded 123,000 dinars compared to $ 100, while the prices on the stock exchange yesterday were 122,900 dinars.   Selling prices in the exchange shops in the local markets in Baghdad:

Sales price: 123,500 dinars per $ 100.   Purchase price: 122,500 dinars per $ 100.

Number of observations 125 Date added 09/22/2020   https://economy-news.net/content.php?id=21955

European Union For Reconstruction Settles Iraq’s Membership Within 3 Weeks

European Bank for Reconstruction and Development

Money  and business  Economy News – Baghdad   Jürgen Rigtrenk, Acting President of the European Bank for Reconstruction and Development (EBRD), said that the bank is looking into a membership application submitted by Iraq.

Rigtrenk added: "A decision on Iraq's membership will be taken by the Board of Governors at the annual meeting, which will be held after three weeks," according to "Reuters".

Iraq, whose economy is suffering from the repercussions of the Corona virus crisis and the decline in oil prices, may obtain financing to support the private sector if it joins the bank.

The European Bank for Reconstruction and Development (EBRD) was established in 1991 to help ex-communist countries in Eastern Europe transform into a market economy, and the Group of Seven major countries owns a majority stake in the bank, which over the past years began expanding its geographical scope to countries including Egypt and Tunisia. And Morocco.

Earlier this year, bank shareholders gave the green light to grant membership to Algeria.

"Algeria's membership has been approved, but we hope that we will be able to take the final steps, which will determine whether or not it will become a country receiving funding or not, at the beginning of next year, which is a decision that the bank’s shareholders will take," he said.

He added that a potential expansion of the bank's operations to sub-Saharan Africa has been delayed as the bank deals with the impact of the coronavirus pandemic.

The bank said it expects to invest 21 billion euros until the end of 2021 to provide support during the pandemic.

Until the end of August, the bank had invested 1.34 billion euros in the southern and eastern Mediterranean region, which includes Egypt, Jordan, Lebanon, Morocco and Tunisia, which is more than double what it invested in the region in the same period last year.

But Rigtrenk said that Lebanon has not witnessed any activity for the bank this year, adding: "For us, having a successful program with the International Monetary Fund is important for the stability of this country from an economic and financial point of view."

Number of observations 93 Date of addendum 09/22/2020   https://economy-news.net/content.php?id=21948

Iraq Is The Fourth Largest Oil Reserve In OPEC

Energy  Economy News _ Baghdad  Venezuela ranked first in the Organization of Petroleum Exporting Countries (OPEC) as its largest reserves of crude oil out of 13 members, and Iraq ranked fourth.

Venezuela, which is one of the founding members of OPEC, has proven oil reserves of 303.81 billion barrels, while Saudi Arabia, the founding member, also comes second with proven reserves of 258.60 billion barrels, and then Iran, the founding member, comes third with proven reserves of 208.60 billion barrels.

Iraq comes in fourth place and it is one of the main founding members that the organization was founded in Baghdad in 1960 and has proven reserves of 145.02 billion barrels. Kuwait is fifth, and it is the last founding member of the organization and has proven reserves of 101.50 billion barrels.

The UAE ranked sixth with proven reserves of 97.80 billion barrels, then Libya seventh and proven reserves of 48.36 billion barrels, then Nigeria eighth and proven reserves of 36.89 billion barrels. Algeria comes ninth with proven reserves of 12.20 billion barrels.

Angola comes tenth with reserves of 7.78 billion barrels, Congo ranked 11 with proven reserves of 2.88 billion barrels, then Gabon is ranked 12 with proven reserves of 2 billion barrels, and finally Guyana comes in 13th place with proven reserves of 1.10 billion barrels.

Number of observations 62 Date of addendum 09/22/2020   https://economy-news.net/content.php?id=21945

Parliamentary Finance To / NINA /: The Government Will Prepare Financial Budgets For The Next Three Years

Tuesday 22, September 2020 12:12 | EconomicalViews: 265  Baghdad / NINA / The Parliamentary Finance Committee revealed a new government strategy to prepare financial budgets for the next three years.

The committee's rapporteur, Ahmad al-Saffar, said in a statement to the Iraqi National News Agency ( NINA ), "The budget for next year 2021 will be ready soon, as the government proceeded to form a special committee in the budget department at the Ministry of Finance, and members of the Parliamentary Finance Committee and representatives of the regional government will participate in it." ", Noting that" three financial budgets will be prepared, respectively, for the coming years 2021-2022-2023.

He added that "the 2021 budget will be mandatory for the government if it is passed by a vote in the House of Representatives," indicating that "

He explained that "the new committee practically began preparing and preparing the draft general budget in accordance with a new strategy for the next three years."

The representative of the government in Parliament, Torhan Al-Mufti, announced that the General Budget Law 2020 had officially arrived in Parliament on Monday.

During its extraordinary session held last Monday, the Council of Ministers voted on the Federal Budget Law of the Republic of Iraq for the fiscal year / 2020, and referred it to the House of Representatives based on the provisions of Articles 61 / Clause First and 80 / Clause Second) of the Constitution. / End 5

https://ninanews.com/Website/News/Details?Key=858056

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