"Tidbits From TNT" Tuesday Morning 6-22-2021
TNT:
Tishwash: Economist: The rumor of raising zeros needs 100 million dinars if the intentions are sincere
The economic expert, Diaa Mohsen, ruled out, on Monday, the possibility of exchanging the currency or raising zeros from it.
Mohsen said, in a statement to the agency, "The Information", that "if the intentions of those holding on to power were sincere by exchanging the currency or raising the zeros from it, this means that we need 100 million dollars to make this big change."
He stressed, "The argument for eliminating fraud in this plan requires burning all the money in the central bank and issuing a new dinar, but this matter is unlikely and just a process of feeling the pulse of the street."
He pointed out that "the change will not make any difference between the local value of the Iraqi dinar and other currencies." link
Tishwash: The advisory body reveals a joint study to address the effects of the exchange rate change
Today, Monday, the Council of Advisers in the Presidency of the Council of Ministers revealed two directions through which it works to support and advance the private sector, and while it identified two options for investing in high oil prices, it revealed a joint study to address the effects of changing the dollar exchange rate.
The head of the authority, Abdul Karim Al-Faisal, said, on the sidelines of the e-learning assessment workshop held by the advisory board of the official agency, that “the advisory board, under the direction of the Prime Minister, Mustafa Al-Kazemi, worked to find ways to support and advance the private sector,” noting that “ The prime minister believes that there is no economy in any country without a strong private sector.”
Al-Faisal added, "The authority worked in two directions to support the private sector, the first is to simplify the procedures for obtaining licenses, exemptions, and others, and the second most important is to provide loans to industrialists and private sector men in various commercial, service and health sectors, the repayment of which is long-term and with very low interest rates at the initiative of the Central Bank and through a committee It is headed by the Secretary-General of the Council of Ministers, with the interest of the Council of Ministers and the President of the Council in supporting the private sector.
He continued, "We also worked on decisions to own industrial lands for owners of industrial projects who had taken an industrial license or operated it for five years, and it is now under implementation," stressing that "these decisions give great support to the Iraqi product, and therefore the authority was proactive in preparing and taking them."
He pointed out that "the commission, under the guidance of the Prime Minister, had a role in preparing seminars to hear the problems of the private sector and the problems that are encountered in the investment sector, and they were submitted to the Prime Minister, and decisions were taken on them."
Regarding the rise in oil prices, Al-Faisal explained, "There is a budget deficit of 29 trillion dinars, and it is possible to bridge the deficit through high oil prices."
He pointed out that "the government is likely to go towards preparing a supplementary budget to address sectors that have not been allocated sufficient funds, such as the health sector and support for farmers and peasants through a committee chaired by Ali Allawi, Minister of Finance, who is an expert in this."
Regarding changing the exchange rate of the dollar, Al-Faisal stressed that “there is a study conducted by the Central Bank with the Ministry of Planning and economic experts, to address the effects of changing the exchange rate process in order to reduce its effects or activate the positive aspects of the decision link
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Tishwash: Al-Zubaidi: The statements deleting zeros entered the country's economy into a new depression
The independent politician, Thaer Munir Al-Zubaidi, confirmed that the statements of deleting zeros entered the country's economy into a new depression, to which are added the ill-studied economic and financial plans.
And he said in a press statement today that: the recent irresponsible statements about the deletion of zeros from the national currency on the one hand and the rise in the dollar exchange rate on the other hand constituted confusion and more depression in the Iraqi markets, which affected the work of the private sector in general.
Al-Zubaidi added that: the government measures to stop the deterioration of the national currency have not yet reached the required level, and the dollar exchange rate remained high without urgent and tangible solutions, despite the rise in the price of a barrel of oil to nearly $75.
He explained: We also did not witness any serious moves by the government and the regulatory authorities regarding the abnormally high food prices, which increased the suffering of people, especially the owners of daily work and limited income.
Al-Zubaidi called on the Prime Minister to hold an urgent meeting with the Ministry of Planning, the Governor of the Central Bank, the Integrity Commission and the supervisory authorities to remedy the collapse of the Iraqi economy and its negative effects on the standard of living of the citizen. link
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