Iraqi News Wednesday 6-9-21
Iraqi News Wednesday 6-9-21
TLM724 Administrator BondLady’s Corner
Expert: The Rise In The Value Of The Dollar Increased The Prices Of Materials By 25%
Posted On 2021-06-09 By Sotaliraq Yesterday, Tuesday, expert Saad Al-Zubaidi revealed that the prices of all materials in the market increased by about 25% against the background of the government's decision to raise the value of the dollar against the Iraqi dinar, stressing that the profits of private banks exceeded one billion dinars per day. Al-Zubaidi said, in an interview with Al-Mada,
“The change in dollar prices resulted in an undisclosed reduction in the employee’s salary, in addition to raising the prices of materials that jumped by at least 25%, and this means that the real value of the dinar lost much of its strength, which affected the purchasing power in society.”
Al-Zubaidi added, “The currency auction in the Central Bank is back stronger than the first, and this indicates conclusive evidence that the government’s argument to fight corruption and money laundering is nothing but a lie,” noting that “the state banks do not possess the sufficient amount of cash and that private banks are the ones who own the amount.” The biggest cash and who controls the cash.”
Al-Zubaidi pointed out that “the private banks that buy 250 million dollars per day, have profits of one and a quarter billion per day,” adding, “the value of profits reaches 38 and a half billion per month, and nearly 500 billion dinars annually.” LINK
An Economic Expert For / Nina / The Rise In The Price Of The Dollar Will Encourage Traders And Speculators To Raise The Prices Of Basic Foodstuffs And Harm The Citizen
Wednesday 09 June 2021 10:10 | Economic Number of readings: 303 Baghdad / NINA / - The expert in economic affairs, Malaz Al-Amin, confirmed that the local market faces a great challenge as a result of the high exchange rate of the dollar compared to the dinar.
Al-Amin said in a statement to the National Iraqi News Agency ( NINA ) that "this rise and lack of control by the Central Bank will encourage traders and speculators to raise the prices of basic foodstuffs, which will cause harm to the poor and the profitable segment.
" He added: It requires the government and the Central Bank in particular to work seriously on Maintaining exchange rates, especially since Iraq's financial revenues from the sale of oil have increased with the rise in crude prices in the global market to nearly $70.
He continued: The central bank can increase the pumping of dollar quantities into the market to control an appropriate dollar exchange rate at the same time. The government must continue its support for the poor through the ration card, provide new job opportunities for the unemployed, and stimulate the private sector, especially the productive ones, such as agricultural, industrial and tourism, as well as transportation and others. finished8 https://ninanews.com/Website/News/Details?key=908984
Parliamentary Reveals A Group Of Traders That Take The Lion's Share Of Dollar Sales
political| 02:58 - 09/06/2021 Baghdad - Mawazine News, Representative Alia Nassif revealed, on Wednesday, the presence of a group of merchants that take the lion's share of dollar sales and make crazy profits at the expense of the Iraqi people, calling on the governor of the Central Bank to implement a campaign to reform and eradicate the spoilers.
Nassif said, in a statement that Mawazine News received a copy of, that "the rise in dollar prices despite the high sales of the daily auction of the Central Bank is caused by the monopoly of dollar sales by three people who own well-known banks, and these get the largest share of dollar sales in collusion with some corrupt ". Suspect
And he added, "The sales of the Central Bank, for example, for the period from 4 / 11 to 6 / 4 / 2021 are up to (6162125) dollars (six billion one hundred and sixty-two million and one hundred and twenty-five dollars) and for 33 working days (excluding holidays and holidays), and it acquired The three merchants got most of these sales, as the first (who owns three banks) got 850 million dollars out of the six billion sold by the Central Bank, the second (a bank owner) got 264 million dollars, and the third (the owner of a Kurdish bank) got 200 million dollars.
Note that these three controlled the currency auction in the last three months of last year, which preceded the rise in the price of the dollar, because they were aware that it would rise, and thus hit their strike and their banks obtained nearly two billion dollars to resell it after raising its price by the state, meaning that they bought The dollar was for 119 dinars and they sold it for more than 140 dinars.
Nassif indicated: "Since holding these merchants and employees colluding with them is almost impossible because they are an octopus that extends even to Parliament, to the point that dismissing a minister or dismissing a government is easier than holding them accountable, the alternative solution is for the governor of the Central Bank to implement a campaign to reform and root out the corrupt and stop the wheel of corruption In the currency auction in one way or another, and to stop this attrition that destroyed the Iraqi economy, and if it is not stopped, poverty will increase to reach dangerous levels, knowing that the high price of the dollar serves all the corrupt and burdens the poor.” https://www.mawazin.net/Details.aspx?jimare=156371
The Central Bank Sells The Highest Amount Of Dollars Since The Exchange Rate Change
Time: 06/09/2021 12:47:11 Reading: 4,446 times {Economic: Al Furat News} The Central Bank of Iraq sold, today, Wednesday, the highest amount of the dollar since it changed the exchange rate on December 19, 2020.
The total sales of the foreign currency auction of the bank today amounted to 217 million and 769 thousand and 315 dollars.
The total sale for the purposes of strengthening balances abroad (transfers, credits) in today's auction was 196 thousand and 769 thousand and 315 dollars, and the total cash sale was 21 million dollars.
On January 19, the Central Bank of Iraq decided to make a major change in the dollar exchange rate and decided to amend it as follows:
1450 dinars per dollar, the purchase price of foreign currency from the Ministry of Finance.
1460 dinars per dollar, the foreign currency sale price for banks.
1470 dinars per dollar, the price of selling foreign currency to the public.
Today, Wednesday, the stock exchange in Baghdad is witnessing a jump in dollar prices, reaching 1550 dinars, the highest price recorded in weeks.
It is noteworthy that the Central Bank decided, the day before yesterday, Monday, to meet all citizens’ requests for foreign currency (dollars) for the purposes of travel, study and treatment abroad by feeding electronic payment cards (MasterCard and Visa Card) at the official price set by the bank.” LINK
A Significant Rise In The Dollar In Baghdad Today
Time: 06/09/2021 12:19:09 Reading: 7,709 times {Economic: Al-Furat News} The dollar exchange rate, in the capital, Baghdad, recorded a significant increase today, Wednesday. The exchange rate amounted to 1550 dinars, or 150 thousand and 500 dinars for one hundred dollars. LINK
After The World Bank's Statement, Saeroon Warns Against Borrowing Again
Wed, Jun 9, 2021 11:26 AM Baghdad/National News Center Today, Wednesday, the Sairoon bloc in the House of Representatives warned of new attempts to borrow, after a statement by the World Bank, in which it expressed its willingness to lend to the Iraqi government.
In a statement received by the National News Center, a member of the bloc, MP Salam Al-Shammari, called on the government to “maximum benefit from the high price of a barrel of oil for irrigation and agricultural projects.”
Al-Shammari said, "The rise in the price of a barrel of oil in the global market and since the beginning of this year has provided a new return for the state that can be classified to cover the deficit on the one hand and to benefit from it for the sustainability of irrigation and agricultural projects."
He added, "The current period needs more water-related projects in light of the decrease in the quantities of water entering Iraq from Turkey and Iran."
Al-Shammari warned against “any attempts to borrow internally and externally after the World Bank announced its willingness to help Iraq,” returning “any new borrowing in light of the high oil price is unacceptable for the absence of its justifications.” https://nnciraq.com/68710/
World Bank: Baghdad has not requested a loan yet and they are ready to support
Time: 06/09/2021 08:33:10 Reading: 2,912 times {Economic: Al Furat News} The World Bank confirmed its readiness to respond to any request submitted by the Iraqi government regarding loans, although it "has not requested a loan yet."
And the representative of the Bank in Baghdad, Ramzi Noman, said in a press statement, "Iraq has drawn up a policy to improve the country's economic reality by adhering to the reform white paper, but it is still facing economic crises."
Noman said, "The World Bank is ready to help Iraq if the Iraqi government asks us to do so, as the government so far has its financial and economic plans, and the World Bank is working with the Iraqi government on a new project to promote vaccines related to the Corona pandemic, and this is what the government requested in this context, and it does not come within the portfolio owned by Iraq,” he added, “The Iraqi government has not yet requested a loan from the World Bank, and we have all the readiness and are open to direct dialogue and are ready at any moment to cooperate, as we are trusted partners with Iraq, and we are interested in supporting Iraq in the path of stability.” ".
With regard to the World Bank’s role in improving Iraq’s economy, Numan stated that “the Bank is working with the Government of Iraq to implement the reform provisions that it has drawn up, and we are working through all our projects to approach the economic crises that we have previously identified, and all the projects we undertake are part of supporting The reform white paper.
He pointed out that "Iraq has drawn up a policy to improve the country's economic reality by adhering to that reform paper approved by the Council of Ministers, and work has begun to implement its contents," and asked: "Are things going smoothly in this aspect? The answer is no, the crises are too many, as There is the importance of the political decision that pushes the reform process forward towards economic recovery, and by that we mean the process of consensus between the political parties at the level of the different authorities to make the reform successful.
The representative of the World Bank stated that “Iraq is still facing economic crises, including what the state inherited previously, and some of them at the present time as a result of low oil prices and the Corona pandemic, and all of them are crises that do not end in a day and a night, and the whole world is still suffering from the consequences of the Corona pandemic, so we do not expect The package of structural problems that Iraq has suffered can address them in a short time.”
He added, “Therefore, we expect that the turnout for the elections and the ability to move forward towards a political authority capable of committing to a reform plan actually begins with rebuilding and addressing the existing gaps and problems.” LINK
The World Bank Announces Its Readiness To Help Iraq
The World Bank confirmed its readiness to respond to any request submitted by the Iraqi government regarding loans, although it has not requested a loan yet.
And the representative of the Bank in Baghdad, Ramzi Noman, said in a press statement, "Iraq has drawn up a policy to improve the country's economic reality by adhering to the reform white paper, but it is still facing economic crises."
Noman said, "The World Bank is ready to help Iraq if the Iraqi government asks us to do so, as the government so far has its financial and economic plans, and the World Bank is working with the Iraqi government on a new project to promote vaccines related to the Corona pandemic, and this is what the government requested in this context, and it does not come within the portfolio owned by Iraq.”
He added, "The Iraqi government has not yet requested a loan from the World Bank, and we have all the readiness and are open for direct dialogue and are ready at any moment to cooperate, as we are trusted partners with Iraq, and we are interested in supporting Iraq in the path of stability."
The representative of the World Bank stated that “Iraq is still facing economic crises, including what the state inherited previously, and some of them at the present time as a result of low oil prices and the Corona pandemic, and all of them are crises that do not end in a day and a night, and the whole world is still suffering from the consequences of the Corona pandemic, so we do not expect The package of structural problems that Iraq has suffered can address them in a short time."
He added, "Therefore, we expect that the turnout for the elections and the ability to move forward towards a political authority capable of committing to a reform plan actually begins with rebuilding and addressing the existing gaps and problems." https://www.radionawa.com/all-detail.aspx?jimare=24941
Oil Rises To Its Highest Level Since May 2019
Time: 06/09/2021 12:11:07 Reading: 3,705 times {Economic: Al Furat News} Crude oil prices rose to the highest price since mid-2019. Brent crude rose to its highest price since May 2019 at $72.72 a barrel. LINK
Issue (4634) Of The Iraqi Gazette Was Issued On 6/7/21 2021-06-09 02:03:00
1- Law No. (1) of 2021, the accession of the Republic to an agreement on minimum standards of social security No. (102) of 1952.
2- Republican Decree promoting assistant advisors to the position of advisor in the State Council No. (23) of 2021.
3- Bylaw No. (1) for the year 2021, the first amendment to the bylaw of Al-Furat General Company for Chemical Industries and Pesticides No. (6) for the year 2018.
4- Bylaws No. (2) of 2021, the first amendment to the bylaws of the General Iron and Steel Company No. (14) of 2014.
5- Instructions on the conditions for granting a license to establish companies, offices and travel and tourism agencies No. (1) for the year 2021.
Those wishing to acquire a copy of the Iraqi facts can refer to the Iraqi facts department located in Salhiya / Haifa Street (Ministry of Justice Building), and obtain the required number.
https://www.moj.gov.iq/view.5686/
To read more current and reliable Iraqi news please visit BondLady’s Corner: