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More Iraqi News Iraqi News Tuesday PM 3-16-21

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The Central Bank Reveals Its Total Foreign Currency Reserves

Time: 03/16/2021 07:10:58 Read: 4,888 times   {Baghdad: Al Furat News} The Central Bank of Iraq revealed that its total foreign currency reserves amount to approximately 56 billion dollars, stressing that it maintains the stability of exchange rates in the markets through the use of its various monetary tools.

An official source at the Central Bank of Iraq said in a press interview, that “foreign reserves are still within the limits of sufficiency,” and that “total foreign reserves decreased by approximately 20% during the year 2020.”

He pointed out that “gold holdings are approximately $ 5,703 million, and there are no plans to increase investment in gold in light of the continuing impact of the crisis,” explaining that “the Chinese yuan currency is one of the currencies invested in foreign reserves.”

The source stated, “The Central Bank of Iraq maintains the stability of exchange rates in the markets by exploiting its various monetary tools, the most important of which is the foreign currency sale window that aims to finance imports of goods and services, in accordance with the provisions of the Iraqi Central Bank Law No. 56 of 2004 in Article 28 / b (Simple, unconditional buying and selling of foreign currency), in a manner that maintains acceptable rates of inflation.

The source attributed the reason for the decline in the price of the dollar in the markets, especially last month, from the price specified in the bank, by saying: “The exchange rate of the US dollar in the local markets has decreased from the approved official selling price after the price change by the bank at the end of December of the year. 2020, due to the fact that the change in the exchange rate initially formed a shock to the local market, which required an adjustment period to work out the settlements that took place between each of the merchants (wholesalers, retailers, singles) and the settlements of wholesalers with banks, as imports decreased to severe levels, and thus a decrease Demand for foreign currency. ”

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Statement

16-March-2021   Today we remember a painful turn in the history of our people’s struggle against tyranny and dictatorship, as the 33rd anniversary of the bombing of Halabja, the martyr in Iraqi Kurdistan, with chemical weapons, which claimed the lives of thousands of civilian victims, passes by us.

The bitterness of that tragedy continues to warn us to this day of what a weapon of mass destruction can wreak when it falls in the hands of a tyrant of the earthly tyrant, and what can be committed in the name of hatred and racism when the brutal regime uses it to justify its black night of injustice, terror and ugliness.

Halabja was a very expensive document and sacrifice offered by our Kurdish people in particular, just as our Iraqi people in general offered their offerings on the altar of liberation and salvation from the injustice of a mighty and arrogant ruler who wreaked havoc, murder, and vicious and bloody wars.

Today we carry the pain of the memory of the victims in our hearts, but our consolation is that it reminds us, like the rest of the crimes of the era of tyranny, the price of freedom, the value of survival and crossing Iraq into the era of democracy and the high value of the Iraqi human being.

Halabja reminds us of the depth of the wound, the gravity of the prostitute, and the injustice when he is a tool in the hands of the ruler. Today, however, we are inspired by the sacrifices of the martyrs and the groans of their souls as they struggle to build another Iraq, a free, democratic Iraq that cherishes its people and citizens in every inch of its holy land.

Mercy and eternity for the pure martyrs of Halabja and all the martyrs of Iraq.

Glory and eminence to all who sacrificed on the march for Iraqi freedom.

Mustafa Al-Kazemi, Prime Minister, March 16, 2021 https://pmo.iq/press2021/16-3-202101.htm

Economic Relations

Tuesday 16th March 2021  90 Dr. Mustafa Kamel Rashid   Economic theory recognizes the existence of two types of economic relations, the first type is known as productive economic relations, and the other type is known as reciprocal economic relations, and that the first type is more important than the second, even if the second type is complementary to the movement of the first type.

As economic interests, work destinations, and legislative priorities are determined by labor laws and the business environment on the basis of orientation and planning, to establish stable packages of domestic productive economic relations, and with the support of the international environment, the international community and related organizations, the country’s economy defines its features these economic relations, to draw the shape of the business environment and the quality Invested economic activities.

Productive economic relations include the creation of goods and services, which in turn constitute total domestic production, which is necessary to secure national income for families and local institutions, public revenues, and face the various economic problems and the problem of unemployment, poverty, deprivation, and others.

Therefore, the visions of economic policymakers focus on researching mechanisms that deepen these relationships and raise their efficiency locally, in order to maximize domestic returns and surpluses. By extending the roots of joint cooperation with the foreign partner, to ensure the desired goal. And it enhances the existing work environment and urges it with the requirements of stability and the ability to attract the attention of others,

in order to invest in specific directions that raise the quality of economic and productive relations, from here the added value arises and increases its extent through the other type of reciprocal economic relations, or what is known as distributive economic relations. , Which undertakes the task of spreading these goods and services in the folds of the local and international economy, in order to acquire the attributes of permeable, competitive and global local production.

In a world in which the forms of economic relations, long-term agreements, and a global climate are moving in a light color, the Iraqi economy is still betting on the continued dominance of crude oil in the local food basket, and if any fluctuation in oil production, its price, or both, the alarm is knocking on its doors.

The economic relations prevailing now in the Iraqi economy are the second type of imported goods and services, even not locally manufactured, which means that there is no share of any added value that stimulates the economy and revives productive activities, as the reciprocal economic relations include nothing but the transfer of goods from one place to another, which means the transfer of wealth. From one place to another, without this process being accompanied by any creation of new wealth or capital accumulation.

https://alsabaah.iq/42798/%D8%A7%D9%84%D8%B9%D9%84%D8%A7%D9%82%D8%A7%D8%AA-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9

Dollar Exchange Rates In The Iraqi Market

Pratha News Agency102 2021-03-16   Today, Tuesday, the exchange rates of the dollar against the Iraqi dinar witnessed stability in local markets and foreign exchange.  The selling price of the dollar in exchange was 146,000, and the purchase price was 145,000  The price of the dollar against the Iranian Toman in Baghdad is 100 dollars 2,440,000 tomans

Global foreign currencies

100 euros $ 119.30  100 pounds $ 138.60   100 $ 752.45 Turkish Liras

Minerals

The price of an ounce of gold worldwide is $ 1731.35

Oil

The price of a barrel of Brent crude oil is $ 67.61  The price of a barrel of US crude oil is $ 64.63

http://burathanews.com/arabic/economic/388431

The Appearance Of Muhammad Saleh To / Nina /: The Lack Of Allocations For Investment Projects Led To The Accumulation Of Six Thousand Stalled Projects Without Implementation

Tuesday 16, March 2021 11:14 | Economical Views: 442  Baghdad / NINA / The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed that: The lack of allocations for investment projects has led to the accumulation of six thousand stalled projects without implementation since 2008.

He told the Iraqi National News Agency / NINA / that: Covering the deficit is usually spent on the two operational budgets And investment without discrimination, but mostly covers the deficit of financing investment projects, which are the most spending variables in the general budget subject to delay due to lack of funding or the inability to complete deficit financing.

Saleh added that: Covering the deficit does not mean the absence of investment projects, but rather some of them according to priority or necessity, especially new projects that are postponed or carried over to the next fiscal year due to lack of completion of financing, including sometimes continuing projects.

He explained: This matter happened over the past years, or how has (six thousand) stalled projects accumulated without implementation since the year 2008./ End 3

https://ninanews.com/Website/News/Details?key=893729

The Central Bank Reduces The Technology Gap And Achieves Digital Transformation

Economic and Banking Adviser Samir Al-Nasiri   With high insistence and confidence in the ability of the Iraqi financial and technical cadres working in the Central Bank to reduce the challenges of the technical gap in information systems that Iraq has suffered due to the repercussions of the blockade, wars, terrorism and instability during the information revolution.

The central bank was able to address the challenges of digital transformation and development in banking technologies, establish infrastructure in banks, and lead an advanced system of payments at the level of the state’s financial system.

And this major technical effort of the Central Bank was evaluated last month when the Director General of Payments at the Six Central Bank was honored, Duha Abdul Karim, among 12 innovators worldwide, by the United States Secretary of State for her role in implementing the Central Bank’s plan and its distinguished effort in establishing A nationwide credit card infrastructure that facilitates digital payroll payments.

These payments establish a path that can be audited, and it is certainly an important national effort for the employees of the Central Bank and the banks, and this comes due to the measures and developments undertaken by the Central Bank and to stand in the right direction in the darkest economic conditions that our country has suffered from and to draw a sound roadmap to catch up with technological developments in the countries of the world.

An observer of the situation in Iraq will notice the extent of faith in the Iraqi capabilities and competencies in bringing about change and reducing the technical gap between us and the developed world, and this is evident by the important achievements that have been achieved, as follows: –

The methodology adopted by the Central Bank always focuses on working under a sound legislative, regulatory and legal umbrella, as well as strengthening the concepts of governance and international standards in relation to information technology and financial technologies.

The central bank plays a pivotal role in establishing advanced infrastructure and pursuing the latest international technologies, developing the bank’s financial and banking systems, payments systems and advanced communications networks according to the latest technologies.

3- The central bank’s possession of advanced payment systems as well as retail payment structures, and the national exchange was one of its most important parts.

4 Granting business licenses to many electronic payment service providers (card issuers and collectors, processing the operations of mobile payment companies, billers and payment gateways through various channels).

  1. Wide interest in implementing the first objective of the Bank’s strategy for the years (2016-2020).

6‐ Achieving financial stability through a sound financial system, with an interest in achieving financial inclusion and reducing risks, as well as adopting a project to localize employees’ salaries.

It is evident from the above achievements that the Central Bank has been able to reduce the challenges of the technical gap, and it is proceeding today at a steady pace to achieve a digital transformation in the financial sector towards achieving financial stability and moving from a cash society to a cash society, which is one of the goals of economic and financial reform in the White Paper.

* An economic and banking advisor

Number of observations: 166, date of addendum, 3/16/2021

https://economy-news.net/content.php?id=24464

Planning Announces A Decrease In Poverty Rates To 25%

Spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi «Economy News»

Money  and business  Economy News – Baghdad  The Ministry of Planning announced, on Tuesday, a decrease in poverty rates in Iraq to 25%.

Ministry spokesman Abdul Zahra Al-Hindawi said, “The available indicators about poverty rates in the country, according to the latest study in cooperation with the World Bank in the second half of 2020, amounted to 24.8%, or about 25%,” according to “INA”.

He pointed out that “the number of poor people in Iraq is less than 10 million people,” adding that “the first stage of the emergence of the Corona pandemic in the first half of last year rose to 31.7%, or about 32%, but it returned to decline thanks to the measures taken to raise The curfew and the return of work and activities to their normal state, which led to a decrease in the percentage to 25%. ”

Regarding the general population census, Al-Hindawi explained that “preparations are underway in the ministry to conduct it, and there are processes to complete the requirements according to the available capabilities,” noting that “conducting the general population census depends on two things: the first is the decline of the Corona pandemic, and the second is the availability of financial allocations that cover the needs of the implementation of the census, and other than That is difficult to do. ”

On the job number project, he stressed that “work is still continuing in this project,” indicating that “there is a committee formed under the chairmanship of the head of the Central Bureau of Statistics, Dia Awad Kazim, whose membership includes representatives from the Ministries of Communications, Interior and Finance, the Financial Supervision Bureau, the Prime Minister’s Office and the General Secretariat of the Council of Ministers.” .

He continued, “The committee is continuing its work, and there are mobile teams visiting the ministries and governorates to explain the system’s mechanism and what is required for its availability in the ministries, and the project will be completed during the coming period,” noting that “the experience will be from the Ministry of Education as it is one of the largest ministries and its departments are present in All parts of Iraq, as it represents an appropriate environment to experiment with this program and to know the challenges facing the project and work to address them before launching it at the national level.

Number of observations 119 Date of addendum 03/16/2021

https://economy-news.net/content.php?id=24467

The Stock Market Continues To Rise In The Second Session

Iraq Stock Exchange  Market  Economy News – Baghdad  The Iraqi Stock Exchange continued, on Tuesday, to rise for the second consecutive session.  The index rose during today’s session by 0.35%.

And 3.3 billion shares were traded, worth 1.5 billion dinars.  The number of winning companies also reached 11, if the Mosul Company for Games Towns topped the winning companies.

While foreign investors sold 108 million shares at a value of 93 million dinars, after executing 20 transactions on the shares of 5 companies.    Number of observations 32 Date of addendum 3/16/2021

https://economy-news.net/content.php?id=24469

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