More Iraqi News Wednesday PM 12-29-21
More Iraqi News Wednesday PM 12-29-21
TLM724 Administrator BondLady’s Corner
Planning Determines The Causes Of Inflation In Iraq
Wed, Dec 29, 2021 2:45 PM Baghdad/National News Center Today, Wednesday, the Iraqi Ministry of Planning attributed the causes of inflation in Iraq to two main reasons: import and the high exchange rate of the dollar against the local currency.
The official spokesman for the ministry, Abdul-Zahra Al-Hindawi, said in a press interview, "The reasons for the high inflation in Iraq are due to external and internal reasons."
And he indicated that “all countries of the world are witnessing problems in the shortage of some materials and scarcity in others, and thus led to a rise in their prices globally, such as construction and food materials, and the interruption of supply chains between countries of the world, which led to the rise in inflation indicators worldwide, whether in Russia or America and even in The countries of the region are currently facing the same problem because their economies are linked to global markets, whether they are foodstuffs or others.”
Al-Hindawi added that “indicators of inflation in Iraq as an economic system are part of the global economic system, especially since many materials, whether construction or consumer ones, are imported, and as a result, they witnessed an increase in prices at their general rates, especially imported foodstuffs.”
He pointed out that "the other reasons that led to the rise in inflation in Iraq are the large consumer demand for materials and the presence of a large monetary mass that moves within the Iraqi market, in addition to the rise in the value of the dollar and the depreciation of the dinar, which basically contributed to the high rates of inflation."
For his part, the economic expert, Dergham Muhammad Ali, confirmed to Shafaq News Agency that "the increase in the annual inflation volume for the past month came based on the consumer exchange rate, which is affected by the high prices of foodstuffs whose prices are high globally."
He added, "The other reasons are the cumulative effects resulting from the delay in approving the budget and forming the government, which creates a state of anticipation in the market that results in an economic recession that causes a rise in the consumer exchange rate."
The Central Bureau of Statistics had announced the increase in annual inflation in Iraq for the month of November to 8.4% compared to the same month last year. https://nnciraq.com/112164/
The Central Bank In The Face Of Crises And Stimulating The Economy In 2021
Samir Al-Nusairi* At the beginning of the year 2020, our economy entered a new phase of complex crises, suffering and complex conditions due to the Corona pandemic and the economic recession and slowdown in growth in the global economy, a drop in oil prices and a drop in demand levels for it due to the complete and partial closure and its effects on what our economy already suffers from from many known problems. For professionals and economic elites.
Therefore, I found, on the occasion of the end of 2021, to show the role of the effective economic institutions in 2021 to revitalize and stimulate the economy and overcome the failures, challenges and foggy pages in managing the economy, such as the loss of methodology, the lack of clarity of policies and programs, and the inconsistency of strategies prepared in partnership with international organizations and Iraqi experts and consultants, which numbered about 17 strategies with the reality of The single-source Iraqi economy, which depends mainly on oil rents, has caused a structural defect in the economy that has caused economic instability over the past eighteen years.
Added to this is the mismanagement and distribution of public money and the failure to give an effective role to the private sector and to involve it in economic decision-making. The failure to provide a stable business environment, the war on terrorism, and political tensions led to a lack of visions to build a solid national economy capable of drawing the prerequisites for the transition to a market economy.
Despite all these challenges, there were bright spots, promising experiences, policies and procedures, and success experiences carried out by some economic institutions during the years 2020 and 2021.
One of the most prominent bright points in this process is the experience of the Central Bank of Iraq in supporting the national economy while maintaining its independence, functions and objectives specified in Law 56 of 2004, and its contribution to supporting the national economy and the state treasury with an amount of up to 30 trillion dinars by re-discounting treasury bonds issued by the Finance in 2020 and allocating sums of 15 trillion dinars as stimulus and rescue initiatives for the economy for the years (2015-2021) and achieving economic resilience in the hope that the economic ministries, on their part, will activate the productive sectors in agriculture, industry, tourism and renewable energy, which the Central Bank has contributed to launching an initiative to support it recently.
In addition to its executive and development procedures and policies and building balanced relations with Arab and regional banks, where the Central Bank was able to implement its strategy for the years (2016-2020), in the year 2020 and launched its second strategy for the years (2021-2023) and what was achieved this year confirms the bank’s efforts to implement its five main objectives And the results achieved on the scope of the applications of monetary policy internally and the persuasion of international financial institutions and organizations, and this is confirmed by the official reports issued by them, which confirm the success of the Central Bank’s policy in achieving an important transition for the economy.
And that the Central Bank played a great role and with a clear and prominent professional effort, relying on its team, its national economic and financial cadres, its experts and its board of directors to re-establish coordination bridges between the financial and monetary policies and to propose new economic and structural policies to classify banks according to international standards that enabled some banks to obtain an international classification, which strengthened From the reputation of our banking sector internationally and to restore confidence in it.
The management of the Central Bank has demonstrated its clear ability to interact, analyze obstacles to work and create conditions to overcome challenges and draw a road map that will inevitably lead to achieving its goals contained in its law and achieving stability in the monetary system.
* Advisor to the Association of Iraqi Private Banks
Views 222 Date Added 12/29/2021 https://economy-news.net/content.php?id=27033
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad The selling prices of the dollar decreased, today, Wednesday, in the local markets.
And the selling prices of the dollar were 148,000 dinars per 100 dollars, while the purchase prices of the dollar were 147.750 dinars per 100 dollars.
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, while the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. Views 154 Date Added 12/29/2021 https://economy-news.net/content.php?id=27035
Oil Prices Continue To Rise Globally
Economie| 08:56 - 29/12/2021 Follow-up - Mawazine News: Oil prices rose for the sixth consecutive session, today, Wednesday, benefiting from a widespread rise in global markets, in light of the easing of fears of the “Omicron” mutator, despite the significant increase in cases of the virus.
US West Texas Intermediate crude rose 21 cents, or 0.3 percent, to $ 76.19 a barrel, and the global benchmark Brent crude was not less fortunate than its predecessor, if it also rose 23 cents, equivalent to 0.3 percent, to $ 79.17 a barrel.
According to the "Reuters" agency, both crudes are near their highest level in a month, due to the recent rise.
And this rise comes, after the mutant Omicron of the Corona virus, in late November, caused a state of pessimism about the global economy, amid fears of a return to the closures that severely affect the economy.
But the relative dissipation of concerns about the "Omicron" mutant, following reports that it was less virulent than previous mutants despite the rapid spread, opened investors' appetite for higher-risk assets. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=179976
The Most Prominent Of Them Are The Controls For Importing Gold And The Mechanism Of Its Entry.. 4 Files Are At The Port Table
Economie| 04:33 - 29/12/2021 Baghdad - Mawazine News, the Border Ports Authority discussed, on Wednesday, the controls for importing gold through the Baghdad and Najaf international airports, while it indicated that it came out with a recommendation to reduce fees for each kilogram of gold that is re-exported.
The authority said in a statement received by Mawazine News, a copy of it, that "the head of the Border Ports Authority, Major General Omar Adnan Al-Waeli, chaired the meeting of the Council organized by the twelfth border crossings in the presence of all its members, and the agenda was discussed, which included many paragraphs that work to correct the reality of the ports' work. borders and upgrading them for the better, maintaining the upward pace in performance, and working to increase the successes achieved by all operating departments during the current year.
She added, and the brigade began with a general speech that included reviewing the most prominent decisions taken in the year 2021 and emphasizing the presentation of future topics in the year 2022 to complete the course of correcting the path and setting plans and a studied work platform in order to reach the desired goals, and the most prominent topics that were discussed are as follows:
1 Discussing an implementation mechanism Cabinet Resolution No. (455) for the year 2021, which includes changing the authority to implement projects for the development and reconstruction of border crossings and restricting them to the governorates in coordination with the Ports Authority from the revenues obtained from the ports. The requirements of the working departments of sonar scanning devices for bags, wheels, drug and people testing devices, with support for the k9 detachments.
2 The process of tightening control over the entry of tourist wheels, ensuring their exit from the country, and preventing their exploitation and sale in the local market, through the development of a mechanism and procedures that require the person to return them from the country, was discussed.
3 With regard to controlling sea ports and preventing entry of unauthorized persons, the council voted on the necessity of the General Company for Iraqi Ports to follow the procedures of the international code and urge them to control the main gates and prevent the entry of any unauthorized person, and there will be follow-up from the ports prepared for this important file in order to provide an environment Safe for the employee when performing his duties, it was also emphasized that the wheels were inspected and the official papers matched and ensured that they were returned.
4 The council concluded the agenda by discussing the controls for importing gold through the Baghdad and Najaf international airports and coming up with a recommendation to work on reducing fees for each kilogram of gold that is re-exported, allowing the exit of quantities commensurate with what is imported and emphasizing their examination by the Central Organization for Standardization and Quality Control.
And he continued, "In the same context, the Council expressed no objection to approving the Basra International Airport port for gold entry, similar to the aforementioned ports."
The statement concluded, "At the end of the meeting, all members of the Council were directed to submit well-thought-out proposals at the beginning of next year, based on raising the level of performance, achieving reform and fighting corruption in all its forms." https://www.mawazin.net/Details.aspx?jimare=180015
A Legal Expert Clarifies The Procedures For The First Session Of The New House Of Representatives
Tuesday 28 December 2021 22:17 | political Number of readings: 33 Baghdad / NINA / - /Legal expert Ali Al-Tamimi explained the procedures for the first session of the new parliament.
Al-Tamimi said in a statement: "The first session of the new parliament... is held under the chairmanship of the eldest member, where the 329 deputies take the constitutional oath in accordance with Article 50 of the Constitution before the President of the Supreme Judicial Council, in which the parliament speaker and his deputy are elected by direct secret ballot and an absolute majority."
That is, half of the total number plus one, and the session cannot remain open according to Federal Court Decision 55 of 2010, but what has been presented in it must be settled.
He added: “After the election of the Speaker and his two deputies by direct secret ballot, the new Speaker of Parliament will take the stage and call for nomination for the position of President of the Republic, provided that the new President of the Republic will be elected within 30 days of the first session by a two-thirds majority in the first round and a majority of votes in the second round in accordance with Articles 70 and 72 of the constitution.
He stressed that the first session can be postponed when necessary for days and not keep it open in accordance with Article 22 of the Parliament's rules of procedure. / Ended 9
https://ninanews.com/Website/News/Details?Key=947469
The Government’s Reform Measures
Political Today, 14:44 Baghdad - conscious - Nassar al-Hajj Today, Tuesday, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed reform measures to activate investment, production, and the operation of the labor market, while identifying three main advantages produced by the reform measures.
Saleh said in a statement to the Iraqi News Agency (INA), that "the 2022 budget and its reform trends require Parliament's approval to achieve work projects that extend into the future."
He pointed out that "the executive authority, within its drawn-out powers, is working to carry out appropriate reforms and through stages, in order to activate development, investment and production, as well as the broad operation of the labor market and within the framework of strong and effective programs in the joints of the national economy and the formation of protection belts for the poor classes through the availability of operating mechanisms that eliminate manifestations of unemployment.
He added: "The government's concessional financing must play its role in the development activity of the markets, in addition to adopting policies to direct the available and uninvested economic surplus to the scope of investment through guarantor partnerships between the state and the private sector within the development of the social market ideology referred to in the country's five-year development plan and in solidarity with the implementation of The plan is the same in the spirit of the white paper. https://www.ina.iq/144884--.html
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