"Tidbits From TNT" Sunday 9-5-2021

Sep 5

TNT:

Tishwash: A committee warns against repeating the scenario of Lebanon in Iraq and destroying markets and the local currency

The Parliamentary Government Program Monitoring and Strategic Planning Committee warned the Iraqi government and political forces against repeating the scenario of Lebanon in Iraq and destroying markets and the local currency.

Deputy Chairman of the Committee, Muhammad Al-Baldawi, said in a press statement that the independent watched today, Sunday, that "raising the price of the US dollar against the Iraqi dinar was the government's first steps to implement the reform white paper, but it caused an increase in food prices by 50% from its real price."

Al-Baldawi added, "There are political parties that seek to destroy the local currency by hitting the market and manipulating food prices, provided that Iraq is similar to what is happening in Lebanon."

And Al-Baldawi said, "The government and political forces should beware of the scenario of Lebanon in Iraq, by increasing taxes and destroying the markets and the local currency," calling at the same time the government "to impose control over the prices of foodstuffs in the market."

Lebanon has been witnessing an economic crisis that has been worsening for two years, which the World Bank has ranked among the worst in the world since 1850, while in Iraq, the accumulation of economic and security crises in general, the Corona pandemic and the devaluation of the dinar against the US dollar in particular, have led to an economic crisis and high prices that suffer Including the simple citizen in particular. link

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Tishwash: Iraq maintains its global rank in the gold possession classification

The World Gold Council announced, on Sunday, that Iraq maintained its 39th position for the second month in a row and the fifth in the Arab world as the largest gold reserve in the world, indicating that Brazil bought the largest amount of gold.

The council said in its latest schedule for the month of September 2021, which was reviewed by "Economy News", that "Iraq maintained its position of 39 globally for the second month in a row out of the 100 countries listed in the table with the largest gold reserves in the world after dropping one rank during the previous month to become its possession of Gold is 96.3 tons, after it was 96.4 tons, which represents 9.4% of the rest of its other reserves.

He added, "Iraq has maintained its fifth rank in the Arab world after Saudi Arabia, Libya, Algeria and Lebanon," noting that "Iraq has not bought gold since September of the year 2020, when it bought a small amount of 0.1 tons, while it bought 6.5 tons in September 2018."

He pointed out that "Brazil was the largest buyer of gold during the month, with a quantity of 8.5 tons, followed by Uzbekistan 8.4 tons, India 7.5 tons, while the best selling countries of gold came Qatar with 2.2 tons of gold, followed by Poland 1.9 tons."

He pointed out that "the United States of America still ranks first in the world's largest gold reserves with 8,133 thousand tons, followed by Germany with 3,359 thousand tons, while Suriname came to the bottom with 1.5 tons, preceded by Yemen with 1.6 tons."

It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world link

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Tishwash: Parliamentary Investment calls on the government to facilitate the affairs of investors and create a modern banking system

The Parliamentary Committee on Economy and Investment called on the government to facilitate the affairs of investors, whether local or foreign, and to create a modern banking system. These calls came with the presence of a Jordanian parliamentary delegation in Baghdad to facilitate the work of investors from both countries.

Last Thursday, discussions were held at the parliament headquarters with the Jordanian delegation on ways to enhance bilateral relations, parliamentary diplomacy, and cooperation and coordination between the two parliaments.

Committee member Nada Shaker Jawdat said in an interview with “Al-Sabah” newspaper, which was followed by the independent:

“The country needs investment in order to advance it, since the reform of Iraq stems primarily from interest in the economy, and this is necessary with the high rate of unemployment,” and indicated that “these matters It will not be achieved without eliminating corruption and stopping the bargaining of investors, whether from inside or outside, and a modern and advanced banking system must be established, as this is what facilitates the work of investors,”

And called for “the need to facilitate procedures and reduce red tape for investors, especially with the presence of the Jordanian delegation that is looking for opportunities investing in the country.

She added, "Investment can succeed in Iraq, provided that there is a correct management of the country," and indicated that "there are experiences of countries that were more devastating in their situations than Iraq, whether Malaysia or Indonesia, but today we find them at the forefront of countries after paying attention to investment and correct planning for their countries."

She continued: "Therefore, we need correct management in order to advance the country and keep parties away from interfering in investments, and attention must be paid to the security aspect, especially since any investment needs a good security situation because capital is cowardly. link

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