More Iraqi News Wednesday AM 9-8-21
More Iraqi News Wednesday AM 9-8-21
TLM724 Administrator BondLady’s Corner
An economic expert to / Nina /: The Government Is Required To Invest In The Rise In Oil Prices To $ 70 To Bridge The Deficit And Prepare The 2022 Budget
Wednesday 08 September 2021 09:32 | Economic Number of readings: 86
Baghdad / NINA / - The expert in the economic affairs, Malaz Al-Amin, confirmed that the stability of oil prices at the level of 70 dollars per barrel will enhance the revenues of the producing countries, including Iraq, stressing the need for the Iraqi government to prepare a financial budget for 2022 after preparing a supplementary budget before October. The next first to take advantage of surplus oil revenues.
Al-Amin said in a statement to the National Iraqi News Agency / NINA / that: the stability of oil prices at the level of 70 dollars per barrel will enhance the revenues of the producing countries, including Iraq, stressing that the government should use these increases to bridge the budget deficit, close the debt file and move towards improving services and implementing Investment projects such as the construction of giant oil refineries and huge factories to reduce imports and provide large job opportunities for young people.
He added, "The measures taken by the OPEC + countries succeeded in controlling oil production, and thus managed to achieve an increase in its prices to serve the importing and producing countries alike. Over the past months, it was able to gradually raise the price of a barrel from 45 dollars to more than 70 dollars, and this The result would not have happened without the commitment of the member states to the decisions of OPEC +.
He continued: The Iraqi government should prepare a financial budget for the year 2022 after preparing a supplementary budget before next October to benefit from the surplus oil revenues and to include in its accounts the provision of aid to poor families that were affected by the increase in the exchange rate of the dollar against the dinar in addition to providing services and implementing projects important investment.
He pointed out that "raising the dollar exchange rate contributed to expanding the poverty line in the governorates of Diyala, Muthanna, Dhi Qar and Maysan, which obliges the government to take urgent measures with their help, including disbursing salaries to them within the Social Welfare Fund while providing job opportunities for those who are able to work and enabling them to obtain their livelihood with their families." https://ninanews.com/Website/News/Details?Key=926067
Slight Increase In World Oil Prices
Wednesday 08 September 2021 09:03 | Economic Number of readings: 48
Baghdad / NINA / - Oil prices changed slightly today, Wednesday, after the overnight losses from the rise in the dollar and concerns about demand, with the return of slow production in the US Gulf of Mexico, which provided some support.
US West Texas Intermediate crude futures rose 11 cents, or 0.2 percent, to $ 68.46 a barrel, after falling 1.4 percent. Brent crude futures rose 8 cents to $71.77 a barrel, after falling 0.7 percent./End 8
https://ninanews.com/Website/News/Details?key=926062
Iraq Demands Compliance With The Provisions Of The UN Convention Against Corruption Regarding The Recovery Of Funds And Convicts
Political | 04:08 - 08/09/2021 Baghdad - Mawazine News,Iraq, represented by the Federal Integrity Commission, called on the international community, especially the countries affiliated to the UN Convention against Corruption, to adhere to the contents and provisions of the agreement, especially those related to the cooperation of countries in providing assistance to recover funds and assets and those convicted of corruption crimes.
In his intervention in the meetings of the working groups within the framework of the United Nations Convention against Corruption held in the Austrian capital Vienna, the head of the Federal Integrity Commission, Alaa Jawad Al-Saadi, stressed Iraq's support for all initiatives emanating from these meetings that seek to facilitate the task of countries to recover their looted funds, pointing to the great difficulties.
Which confronts the efforts of the national oversight bodies in the Republic of Iraq with the file of recovering the proceeds of corruption that the corrupt succeed in smuggling outside the borders, noting that Iraq - represented by the Federal Integrity Commission in the UN Convention against Corruption - supports the efforts, initiatives and agreements that contribute to enabling it to recover its money.
In his intervention, Al-Saadi identified the need to announce the necessity of obligating the member states of the agreement with its decisions and clauses that necessitated cooperation among the member states in aid and overcoming the difficulties faced by efforts to recover money and assets and those convicted of corruption crimes. Serious and real steps give hope for the success of these meetings by preparing the appropriate steps and procedures to recover the looted funds.
He pointed out that Iraq and other countries suffer from some countries embracing the proceeds of corruption, until they have become a safe and stable haven for them, pointing out that the laws of these countries have provided legal protection for them and those convicted of stealing, and represent a wall that prevents the local regulatory and judicial authorities from empowering them, and prevents the implementation of provisions The International Convention against Corruption, as well as undermining current international efforts to curb corruption and reduce its pathways at the international and local levels.
In his intervention, Judge Jawad reviewed the obstacles and impediments that stand in the way of the success of the efforts of the national regulatory and judicial bodies, despite the great efforts and measures they are making, referring to some of them as dual nationality, and the difficulty of proving the link between assets and smuggled funds and the crime that results from the commission of those assets. And the integration of those funds into the economies of those countries, expressing his hope that these obstacles will be overcome and will not prevent the success of those efforts, especially the issue of dual nationality that some corrupt resort to by making investments in those incubating countries.
It is worth noting that the Federal Integrity Commission participates in the meetings of the working groups within the framework of the United Nations Convention against Corruption, which Iraq joined under Law No. (35 of 2007). The Arab Network for Promoting Integrity, whose current session is chaired by Iraq. Ended https://www.mawazin.net/Details.aspx?jimare=166690
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad The exchange rates of the dollar against the Iraqi dinar on a daily basis, according to the variables of the currency exchange market in the capital, Baghdad, and the country’s governorates. The selling price of the dollar is 147,750 per 100 dollars
The purchase price of the dollar is 146,750 per 100 dollars
Views 91 Date added 09/08/2021 https://economy-news.net/content.php?id=26235
Significant Decline In Central Bank Sales Of Hard Currency
Economie| 01:17 - 08/09/2021 Baghdad - Mawazine News, the Central Bank of Iraq's sales of hard currency fell, on Wednesday, to reach 195 million dollars.
Today, the Central Bank’s auction of buying and selling foreign currencies witnessed a decrease in its sales by 9.72% to reach 195 million, and 435 thousand and 363 US dollars covered by the bank at a base exchange rate of 1460 dinars per dollar.
The purchases amounting to 152 million and 155 thousand and 363 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 43 million and 280 thousand dollars went in cash.
34 banks responded to requests to enhance balances abroad, and 14 banks to meet cash requests, in addition to the participation of 20 exchange companies. https://www.mawazin.net/Details.aspx?jimare=166663
Issue (4646) Of The Iraqi Gazette, Issued On 08/30/2021, Was Published 2021-09-07 12:32:00
1- Republican Decree No. (50) of 2021.
2- Decision issued by the Terrorist Fund Freezing Committee No. (20) of 2021.
Those wishing to acquire a copy of the Iraqi Gazetteer can refer to the Iraqi Gazetteer Department located in Al-Salihiya/Haifa Street (Ministry of Justice Building), and obtain the required number.
https://www.moj.gov.iq/view.5854/
Mazhar Saleh: The Generation Fund Is An Important Step To Secure The Future Of Our Children
Tuesday 07 September 2021 263 Baghdad: Shaima Rashid The Economic Adviser to the Prime Minister, Mazhar Muhammad Salih, said: The government's intention to establish the "Generation Fund" is an important step that is applicable in all countries of the world and was supposed to be started a long time ago, indicating that "this fund will protect future generations and provide wealth that helps them in prosperity and progress.".
In an interview with "Al-Sabah", Salih stated that "Iraq is one of the countries producing raw materials, and it is the only country that does not have a supporting side wealth, as all countries, when they have high surpluses, try to invest them with assets, either real or financial to generate returns and income, and the goal of these wealth is be perpetuating for the next generation.”
He added that "future generations will either inherit prosperity and progress, or they will inherit ruin, debts and broken infrastructure, which is a great disaster," noting that "all countries with high resources invest them properly for future generations and pass them on to those generations through funds."
And he indicated that “the Generations Fund is an investment fund whose function is diverse from bonds and shares, that is, real resources that can contain high and efficient income and management to maximize its resources at all times and be supportive of the future of income and wealth for future generations,” noting that “the current generation if it squandered resources, it will create a deficit He bequeaths havoc to future generations, and those generations are waiting for us to work.”
He continued: "All countries have sovereign funds for generations, and Iraq should turn to this matter," noting that "the financing of this fund will be through raw materials such as oil or any other stocks, and also through deductions that will end, such as the deductions of the Kuwait war,
In general, banks contribute to its management, and the fund can have a special management and the use of international consulting companies to manage sovereign wealth funds to take instructions for diversifying and managing them. https://alsabaah.iq/53839/
Cancellation Of Letters Of Guarantee On The Electronic Platform
September 08, 2021 Recently, it was noticed that some banks asked the Central Bank of Iraq to cancel the confirmation of returning letters of guarantee via the electronic platform, which had previously been approved to be uploaded via the electronic platform, due to the presence of some errors received from the information entry staff in the bank despite the presence of powers in the name of the letters manager and authorized the supervisory department Inside the platform to check the information entered by the entry staff before submitting it to the platform,
and because this situation may lead to many problems, including that the electronic document has been delivered to the beneficiary and at the same time this bank is requested to return the letter, i.e. cancel its installation in addition to the lapse of time Approximately one year after the launch of the electronic platform project for the actual work environment, and therefore, there has become sufficient knowledge and knowledge for bank employees who are authorized to access and deal with the platform.
The Central Bank requests to direct those concerned with the subject of the platform in your banks to be accurate in fixing the information because the letters of guarantees constitute a legal obligation on the bank, and any letter of guarantees that was previously approved to be downloaded will not be returned without the approval of the beneficiary, even if the beneficiary is not a recipient of the letter's document,
the matter Which, if the errors persist, will lead to a delay in the return process and consequently the delay in issuing the letter due to the inaccuracy in installing the information within the platform.
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