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Iraqi News Wednesday AM 10-7-20

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Al-Rasheed Directs Its Branches In Baghdad And The Provinces To Resume Working Hours On Thursday

Time: 10/07/2020 14:37:48 Read: 1,274 times  {Baghdad: Al Furat News} On Wednesday, Rasheed Bank directed all employees of its branches in Baghdad and the provinces to resume official working hours tomorrow, Thursday, to pay employees’ salaries.

The media office of the bank said in a statement that Al Furat News received, a copy of it, that “the bank instructed all employees of its branches in Baghdad and the provinces to resume the official working hours for tomorrow, Thursday, to pay the salaries of government departments whose financing reached the bank.”

And he added, “The bank started, as of today, Wednesday, to raise salaries, after notice of that was received from the Ministry of Finance.”   The Ministry of Finance announced yesterday, Tuesday, that it will pay employees salaries for the month of September.   LINK

The Central Bank Decides To Amend The Time Limit For Housing Loans

Time: 10/07/2020 09:14:10 Read: 3,809 times

{Baghdad: Al Furat News} The Central Bank of Iraq decided to amend the time limit for housing loans.

A statement by his media office stated that the Al Furat News Agency received a copy of it “in response to the economic conditions that our country is going through and in order to contribute to alleviating the burdens of borrowers in light of the current financial crisis, the Central Bank of Iraq decided to amend the time limit set within its initiative to finance the housing fund loans and the real estate bank.” (The Five Trillion Initiative), so that the new time limit will be (15) years instead of (10) years, with a retroactive effect.

The central bank stressed that “it is continuing to take all necessary measures to contribute to creating a banking system capable of responding to the challenges of the financial crisis and crossing the Iraqi economy to safety.” LINK

The Stability Of The Dollar Exchange Rate In The Local Markets

Market   Economy News _ Baghdad   The exchange rates of the dollar stabilized in the main stock markets and local markets today, Wednesday (October 7, 2020).

These are the same prices that were recorded on Tuesday.

Selling prices in the exchange shops in the local markets in Baghdad:

Sale price: 124,000 dinars per $ 100.   Purchase price: 123,000 dinars per $ 100.

Number of observations: 86 date of addition 10/07/2020

Parliamentary Investment: $ 7 Billion Is Still Owed By Mobile Phone Companies

Money  and business  Economy News – Baghdad  Today, Wednesday, the Parliamentary Economic and Investment Committee revealed solutions that would maximize state revenues, while indicating that there are $ 7 billion still owed by mobile phone companies .

Committee member Atwan Al-Atwani said, “There are large sums of up to $ 7 billion owed by mobile phone companies, and they must be handed over to the government that is in financial difficulty at the present time .”

He added, “Taxes are levied at the present time by tax collectors whose work is marred by a lot of administrative and financial corruption,” noting that “activating investment would generate great profits for the state treasury, since many projects are static and unproductive, and that they remain in this way.” It is considered a burden on the state . ”

Al-Atwani stressed “the necessity of an inventory of the state’s real estate, a review of its rents, in addition to imposing a mechanism to pay off the debts accumulated on it, since the rents of state real estate are still in small amounts .”

He stressed “the importance of balance in the distribution of budget funds, as some provinces have launched all allocations, including farmers ‘ dues .”

Number of observations: 205 Date added: 10/07/2020

Nassif: Oil Concluded A Deal That Caused A Loss Of More Than 14 Billion Dinars

Energy Economy News _ Baghdad  A member of the Parliamentary Integrity Committee, Alia Nassif, demanded, on Wednesday, to cancel a deal concluded by the Ministry of Oil, confirming that the contract was concluded in favor of one of the “great politicians”, and contributed to heavy losses amounting to 14.5 billion dinars.

Nassif said in a statement received by Al-Iqtisad News, “At a time when Iraqi refineries are complaining about not sending oil to them and losing 14 billion dinars per month, the Ministry of Oil contracted with a company in Karrada to refine 38,000 barrels of oil per day in Bazian Refinery in Sulaymaniyah Governorate, At a rate of ten billion dinars a month, “asserting that” one of the brokers worked to pass the deal in favor of a major politician. ”

She added, “The North Oil Company has sent a letter to the Undersecretary for Liquidation Affairs that includes a table of production losses for the month of February 2019, as the lost revenues amounted to 14 billion and 547 million dinars, as a result of emergency stoppages due to the lack of withdrawal of products, which led to bottlenecks in tanks and access to Stopping production units, and all these losses and damages are caused by the greed of corruption whales.

Nassif explained by saying, “Whenever the financial crisis increases, corruption scandals begin to leak out and appear in the public domain, and extend to include figures who have plundered the country’s wealth over the past years, and the state today has reached a dangerous stage of the crisis to the point of not being able to distribute the salaries of employees on time, and the reason is corruption. Rampant for years ”.

The deputy stressed, “the need to cancel the refining deal and all similar deals to it, and to address the problem of Iraqi refineries that suffer great losses.”

Number of observations 120 Date added 10/07/2020

An Economist For / NINA / Calls For The Central Bank To Adopt Documentary Credit Instead Of Transfers

Wednesday 07, October 2020 11:18 | Economical Views: 215   Baghdad / NINA / Economic specialist Dergham Muhammad Ali called on the Central Bank to adopt documentary credits instead of direct import transfers.

Ali said in a statement to the National Iraqi News Agency / Nina /: ” The adoption of credits allows to ensure that the amounts transferred went for the purposes of import and not for the smuggling of currency as the exchange is linked to the arrival of goods

, adding that it is possible exceptions for no more than 20 percent Khawwalat cases where the items are not accepting credits Thus, the foreign money wasted by the central bank auction is reduced.

He pointed out that “the documentary credit is useful to the importer, as it is a guarantee that the type of goods matches what is contracted for. “/ End 8

An Economist For / NINA /: The Government Must Work With A Program To Reform The Iraqi Economy To Advance The Reality Of The Country

Wednesday 07, October 2020 09:33 | Economical Views: 252  Baghdad / NINA / Economic expert, Raad Twaij, called for the implementation of the Iraqi economy reform program, which includes several measures on the institutional economy to promote it.

Twig said in a statement to the Iraqi National News Agency ( NINA ): “The economic reform program includes the formation of a monetary and financial policy body that takes over the removal of monetary and financial work from political influences and parliament through the body and the economy is re-engineered by working with the macro variables of the Iraqi economy.

He pointed out that: Through the authority, the currency window is canceled, alternative policies are found, and budgets are prepared for several years in line with the plans set at the national level. Direct in order to protect them and raise their standard of living. ”

He added, “The program includes an emphasis on training, employment and project set-up policies to curb unemployment, resumption of self-sufficiency through studies of demand and market and local substitution of the Iraqi product, and an emphasis on the local supply economy by taking advantage of the comparative advantage of the Iraqi economy in the field of oil and its manufacture and limiting the associated gas craft and making Producing oil with Iraqi hands as much as possible, and taking into account the sustainability of human development by empowering our students at all stages and giving them the financial capacity,

which makes them devoted to scientific research, and recycling the workforce in line with building policies to transform the country from consumer to producer, and activate the role of construction companies and establish “More of them are for construction purposes, to meet the demand for housing and residential complexes, and to meet the country’s infrastructure needs.

Twig added: The program includes increasing the allocations of scientific research from the general budget for the purposes of innovation and importing technical universities, reducing the number of ministries and reaching the optimum size of government so that the ministries are in response to the active need for community development, and using the policies and strategies necessary to make the provinces specialize in certain economic areas,

And taking the necessary measures to adjust the balance of payments with other countries by following new export and import policies, accelerate the transfer of technology and expertise to Iraq, try to develop the telecommunications sector and the areas of manufacturing, and Iraq will enter the field of satellites.

Twege stressed the importance of transforming the informal economy into a formal one, limiting outward spending that drains Iraq’s wealth, and making farmers work in the manner of simple companies and then developing them to support agriculture. / End 8

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