"Tidbits From TNT" Tuesday Morning 11-9-2021

Nov 9

TNT:

Tishwash: Al-Fateh: The sit-ins will continue until the rights are returned to its people

A member of the Al-Fateh Alliance, Hassan Salem, confirmed, on Monday, that the peaceful sit-ins guaranteed by the constitution and the demand for legitimate rights will continue until the rights are returned to their people.

Salem said, "Peaceful demonstrations will continue until the stolen rights and votes are returned by the Electoral Commission, as well as the detection of the perpetrators involved in targeting peaceful demonstrators."

He added, "Our peaceful sit-ins continue, and we will not be silent about the theft of these votes by the commission," adding: "Today we have more important demands than the issue of elections, forgery, and counting, which is the issue of exposing the perpetrators and criminals who committed their heinous crime against our peaceful children, which led to the martyrdom of two of the protesters.”

Salem continued, "We hold the caretaker government a crime of killing and wounding peaceful demonstrators, and we demand the formation of a committee headed by the popular crowd to reveal the party behind these criminals who attacked peaceful demonstrators." link

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Tishwash: After the rise in oil prices: demands to reduce the exchange rate of the dollar and the government responds

After fixing the exchange rate of the US dollar in the 2021 budget at 1450 dinars per dollar, which came as a result of the drop in global oil prices, which is the main resource for Iraq’s general budget, it sparked many reactions among citizens and also among some specialists from economists and financials because of its negative economic and social consequences

On the general public from the high unemployment and poverty, at a time considered by the Ministry of Finance as a breakthrough for the Iraqi economy suffering from a crisis in financial liquidity and a correction of the course of the Iraqi economy.

And the Central Bank of Iraq decided last December to raise the price of selling the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration in oil prices, which caused raising the price of the dollar and decreasing the value of the Iraqi dinar in a decrease in capacity Citizens purchasing.

At a time when oil prices gradually rose to reach more than 80 dollars per barrel, citizens and economists demanded the need to re-reduce dollar prices in the next year's 2022 budget or reduce its effects on society.

Compensation for the poor

The economic expert, Basem Jamil Antoine, said in an interview with Shafak News Agency; The dollar price is the outcome of the white paper that organized the process from 3 to 5 years and considered it part of the economic reform process with regard to the financial situation and banks, noting that “the state cannot change its currency, but the important thing is the real reform that serves the poor classes of the people.”

Antoine adds; The exchange rate is not important and not the origin as much as there is compensation for the poor classes that make up the majority, and there will be social assistance, the provision of the ration card and the creation of job opportunities is a basic issue, pointing out that “there is a rise in the unemployment rate and a rise in poverty rates due to the lack of job opportunities Also, the private sector is frozen and does not practice its work.”

He pointed out that "the rise in oil prices must first compensate people to cover the deficit and create opportunities for the unemployed young people, and therefore there will be a recovery in the market and an end to waste and corruption and the employment of the private sector, and the white paper dealt with that."

gradual reduction

from his side; Economist Durgham Muhammad Ali confirmed that he is with the reduction with conditions.

He explains to Shafak News Agency; These conditions are that “the exchange rate of the dollar will be gradually increased to 1300 dinars per dollar, with high control over sales operations and an increase in sales outlets at the official price in cash directly to the market without going through secondary rings that create a black market for the dollar, preventing dollar smuggling and tightening control over import operations.”

He adds on; That "the results that resulted from the rise in the exchange rate were negative, as it raised inflation rates and increased poverty rates and did not achieve any development dimension at all. It also increased the smuggling of currency abroad and did not decrease."

neglect of the private sector

The merchant, Amir Muhammad al-Hasani, said in an interview with Shafaq News Agency; "The government did not contribute to reducing the poverty and unemployment gap after it raised the price of the dollar, which harmed all classes of society. Rather, its concern was how to pay the high salaries of officials and ministers without looking at the negative aspects that resulted from the rise in the price of the dollar in terms of poverty, unemployment and stagnation in the markets."

Al-Hasani adds; “It would have been better for the government to combat rampant corruption in the Iraqi state and revive the private sector by addressing the problems facing this sector and activating laws that would provide support and protection for this important sector, in addition to providing support to owners of small and medium enterprises in a real way that is the backbone of the national economy and not only in the media."

Citizen Hussein Al-Khafaji, an employee in the Ministry of Education, said in an interview with Shafaq News Agency; "The rise in the price of the dollar by the government harmed us, as food prices rose to more than 30 percent, despite the stability of our salaries."

He points out that "the salary he receives is not enough for him for more than half a month, forcing him to look for another job to meet the family's needs," calling on the government to "re-lower the dollar exchange rate from what it was previously."

Government source: No change in price

for his part; A government source confirmed in an interview with Shafak News Agency that "the price of the dollar will remain the same during the next year's 2022 budget."

The source, who preferred not to be named, added that "there is no change or occurred according to which the exchange rate is changed," noting that "the Ministry of Finance, in turn, confirmed this thing."

And the Ministry of Finance considered on October 5, 2021, that “the ministry has continuously followed up the indications of devaluation of the currency against the dollar and over the past nine months.”

And it was found that the change in the exchange rate contributed to the increase in foreign reserves with the Central Bank of Iraq to “60” billion dollars in April 2021, after it was “54” billion dollars in December 2020.

The change in the exchange rate also helped "a decrease in the demand for foreign currency, which was positively reflected in a decrease in imports and an increase in domestic production," according to the Ministry of Finance.

The Ministry of Finance indicated that "a clear improvement in commercial activity in the past nine months of the current year 2021, in light of the crisis, the spread of the Corona virus." The ministry revealed that it is working to "reinvest the generated revenues with the aim of building a targeted production base outside the oil sector and relying on other sectors, which will contribute to a decrease in demand for the dollar as a result of compensating some of the goods produced, which made the proportion of imports to local consumption decline."

It is noteworthy that the ministry has adopted, since the formation of the current government, the development of plans and mechanisms to work on reforming the financial policy of Iraq, and culminated in the adoption of the reform paper "the White Paper" that outlined future economic and financial policy steps to advance local production and reduce imports into the country. link

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Tishwash: Central Bank: Direction to open branches of Iraqi banks in Turkey

The Governor of the Central Bank, Mustafa Ghaleb Makheeb, discussed, on Tuesday, cooperation in the banking sector with the Turkish side, when he received the Turkish ambassador to Baghdad, Alireza Günay and his accompanying delegation.

A statement by the bank, received by Al-Iqtisad News, stated that "the Governor of the Iraqi Bank, Mustafa Ghaleb, received the Turkish ambassador to Iraq, Ali Reza Günay, and the delegation accompanying him from Turkish banks."

He added, "During the meeting, it was emphasized the need to enhance cooperation in the banking sector between the two friendly countries. The Central Bank of Iraq was keen to provide the best facilities to Turkish banks operating in Iraq, and its desire to open branches for Iraqi banks in Turkey, and the importance of reciprocity in providing these services and facilities.”

And the governor indicated, according to the statement, that "the fruitful cooperation between the two countries has positive economic repercussions due to the large volume of trade exchange between the two countries, with the need to adhere to the anti-money laundering and terrorist financing laws link

Mot: It's that time again.....