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Iraqi News Tuesday AM 12-15-20

TLM724 Administrator BondLady’s Corner

“Correct To Increase The Exchange Rate.” A Warning From The Bankruptcy Of The Central Bank At The Beginning Of 2021

Pratha News Agency88 2020-12-15   A member of the Parliamentary Finance Committee, Abd al-Hadi al-Saadawi, warned, on Tuesday, that the Central Bank would declare bankruptcy in the first quarter of next year if it continues to flounder with its policies, denying the existence of a trend to increase the exchange rate of the dollar against the Iraqi dinar.

Al-Saadawi said in a press interview that “there is a big problem in the Central Bank and there is confusion in its policy, especially recently.” The process is an easy procedure and the government can implement it, and it is obligated to implement it as it was enacted in a law. ”

Al-Saadawi added that “there is fraud in the recent currency sale auction, banks and banking companies have been identified at the expense of other companies and banks, and there is confusion in selling the currency in an abnormal way, and politics within the bank because of the control of one of the parties on this issue was the reason for the increase in the dollar price against the local currency in order to Realizing profits for some banks and companies “,

Pointing out that “Parliament or the Finance Committee do not have a direction to increase the exchange rate of the dollar against the dinar, but there is a tendency for the government in this area to determine the exchange rate within its strategic plan, but it has not actually started until the moment.”

He pointed out that “the manipulation of the exchange rate of the dollar against the dinar was done through an auction selling the currency, and it is possible to solve the problem through an electronic window to sell the currency in front of every bank or company and within an exchange rate close to the exchange rate from the central bank with a difference of a point or two to ensure that there is no manipulation, price increase and speculation.” As it happens now, when the teams reach more than eight points, and reach ten points. ”

He stressed that “this is one of the obvious doors of corruption, and the most dangerous of which is the issue of going from the issue of selling the currency in the window of selling the currency to money laundering outside Iraq. We have warned us a lot about this matter and we demanded the adoption of automation and that every dollar exiting Iraq is matched by goods at the same price that enter the country.”

He continued, “The division of banks and companies into categories was not successful, and there is an interrogation of the governor of the Central Bank inside the dome of Parliament awaiting the completion of the legal procedures for him, and then in the event that the governor proves that there is no shortcoming of him and his procedures are correct, he will not bear any administrative action and if the opposite will bear the result by dismissing him.”

Pointing out that “the policy of the central bank will lead to the bankruptcy of Iraq completely, and this is what the International Monetary Fund and the World Bank indicated, including the issue of printing the currency without a monetary cover, and we have referred to this matter many times on the grounds that all these policies will lead to the collapse of the financial market.” In the country and lead to the bankruptcy of Iraq, and in the event that the central bank continues its monetary policies, the central bank will declare its bankruptcy in the first quarter of next year. ”

Al-Saadawi stressed, “Automating the work of the currency auction window with customs and taxes does not require large amounts or effort, and it is possible to coordinate with the Ministry of Science and Technology of the Ministry of Higher Education and has experience in this field in order to close this section and this dangerous file that in case it is overlooked will lead to The complete collapse of the state on the grounds that the government withdraws all the cash in banks and the currency sale window is taking all hard currency out of Iraq.


After Reaching 131 Thousand Dinars … Learn About The Exchange Rates Of The Dollar In The Iraqi Market Today

Pratha News Agency105 2020-12-15  The exchange rates of the dollar decreased in the main stock markets and local markets, today, Tuesday (December 15, 2020)

The Kifah Stock Exchange recorded 127,800 dinars against 100 US dollars, while the exchange rates for Monday in the Kifah Stock Exchange were 131,500 dinars per 100 dollars.

As for the exchange rate on the local market, it also decreased where it was

Selling price: 128,250 dinars per $ 100.   Purchase price: 127,250 dinars per $ 100.

In Numbers … Profits Of The Banks Controlling The Currency Auction Within Just 7 Days

Pratha News Agency79 2020-12-15   The latest statistics obtained revealed that the amount of sums obtained by the owner of the three banks (Middle East, Al-Qabid, and Al-Ansari) controlling the currency auction for the period from 11/22 to 11/30/2020 is 385 million dollars and 672 thousand dollars.

The total amounts granted in transfers and appropriations to the Middle East Bank amounted to 280 million dollars and 672 thousand dollars, while the total amounts granted to the clutch bank amounted to 52 million and 500 thousand dollars, while the total amounts granted to Al-Ansari Bank exceeded 52 million and 495 thousand dollars.

Thus, the total sum of what the merchant obtained for only 7 working days is $ 385 million and $ 672,000.

This was previously mentioned, and that the total sums obtained by the merchant for days 7/10 until 11/19 are one billion and 586 million and 613 thousand dollars, and accordingly, the total sum of what this merchant obtained during 37 working days is one billion and 972 million and 285 thousand dollars, i.e. Up to two billion dollars, which represents between 40-50 percent of the value of the amounts sold by auction through the Central Bank of Iraq during the same period.

All these statistics reveal the reasons for the secret of the rise in the dollar and the secret of the profits obtained as a result of this difference between the 119 bank rate of the bank and the 125 selling price for the rest of the merchants, and these statistics also reveal that the monopoly of the dollar and its control by a certain group leads to the imposition of control and control of the Iraqi market. Suspect

E-Government Is A Gateway To The Development Stage

Tuesday 15 December 2020  29  Baghdad: Al-Sabah, a member of the Businessmen Union, Ahmed Maklef, stressed the importance of a serious approach towards e-government, given the benefits it carries for the national economy and the country in general.

“Iraq desperately needs to go towards the completion of work within public institutions, and for this approach to begin in a phased manner, according to court plans, prepared for this purpose,” said Muklef.

Stressing that “the e-government project carries with it great benefits for all economic sectors, and contributes to completing the requirements of daily life from reviews and other things away from all forms of routine.”

One window

He pointed out that “this approach limits the spread of corruption and works to undermine it continuously, and changes the form of transactions in a direction that creates an attractive and ideal work environment, which necessitates that we work towards the completion of all work, and that there be one real window that facilitates completion in record periods.” .

private sector

It is noteworthy that the economic expert, Muhammad Al-Najjar, had indicated that “the economic aspects of this project bear a lot of benefit, as it opens investment business horizons for private sector companies to enter this important joint and provide great job opportunities, and it creates new job opportunities for new students and university graduates estimated at (300) ) a thousand Chance.

He pointed out that “this project requires human resources with special competence, which requires converting non-specialized training centers to specialized in the field of e-government, as well as working to make educational curricula in universities include specialized materials on the e-government project.”   LINK

Medium And Small Enterprises Support Industrial Strategy

Tuesday 15 December 2020  33   Baghdad: the pillar of the emirate   Medium and small enterprises have a role to be reckoned with in building the national economy, and their importance appears through the exploitation of energies and capabilities and the development of expertise and skills, as they are the most important tributaries of the development process. Among the academic in the College of Administration and Economics, Al-Mustansiriya University, Dr. Abdul Sattar Abdul-Jabbar Musa, “Medium and small enterprises support the industrial strategy, as well as their ability to create an industrial base that enhances competition.

It is a means to support agricultural production and contributes to mobilizing capital, and this means that it helps increase savings, according to the positive relationship between saving and investment.” And the medium and small enterprises depend on local resources and the spin-offs of large projects.

He continued, “Thus, they contribute to limiting the waste of those resources and reducing dependence on imports of raw materials. These projects contribute to increasing the gross domestic product, and they can overcome the most important obstacles that stand in the way of establishing large projects, the most important of which are the low volume of capital accumulation, the backwardness of productive art and the lack of expertise.”

The specialized and scarcity of financial resources needed to establish large projects according to advanced economic and technical bases, and these projects are commensurate with the requirements of the local market, especially if the market is characterized by its small size or low purchasing power for citizens.

Sectoral entanglement

In turn, indicated a member of the Baghdad Economic Forum d. Ikram Abdel Aziz pointed out that “medium and small enterprises contribute to strengthening sectoral interlocking relationships in the national economy by supporting large enterprises by distributing their products or supplying them with production requirements or through subcontracting with large projects, by manufacturing some components or performing some stages of the process.”

Productivity required for the final product, which is not economically feasible to implement by large projects.

She pointed out that “these projects have a great role in expanding the base of local production, just as small and medium enterprises contribute to reducing unemployment, by providing real and productive job opportunities continuously and at low cost, if compared to large industries, thus reducing the burden on the state budget, and is considered support.” The role of the private sector in economic activity.  LINK

An Expanded Economic Investment Conference

Tuesday 15 December 2020  26   Baghdad: Morning   The Baghdad and Erbil chambers of commerce studied organizing an expanded investment conference aimed at attracting investments to various sectors.

A statement by the chamber confirmed that First Deputy Hikmat Dakkak discussed with the President of the Erbil Chamber of Commerce Dara Jalil al-Khayyat, coordination regarding the organization of the first economic investment meeting, and consultations on the possibility of involving the largest possible number of traders in Baghdad governorate, and inviting governmental and diplomatic institutions, international organizations, and Arab and international chambers of commerce. For the participation of its companies, which have long work and experience in implementing investment projects in various sectors.

The statement stressed that the conference will be a new start to serve the country and government directions and accelerate investment, as well as work to attract and attract investment in all sectors, and put forward a comprehensive investment map with joint plans for all chambers of commerce of countries The neighborhood.   LINK

Economist: The Silk Road Connects Iraq With 70 Countries From Southeast Asia To Europe

Pratha News Agency73 2020-12-15   The economic expert, Ahmed Saddam, confirmed, on Tuesday, that the Silk Road, if implemented, would link Iraq with 70 countries and international economic organizations and generate money for Iraq that is equal to the oil wealth.

Saddam said in a press interview, “The Silk Road within the Faw Port project is a vital economic road that will be the corridor and the new destination for the world to transport goods.”

He added that “the road will connect 70 countries and economic organizations to Iraq, starting from Southeast Asia and Central Asia, and passing through Europe,” noting that “Iraq will be through it the first economic corridor.”

The economic expert explained that “the financial returns that will be generated by the Silk Road make it imperative for the government to speed up the completion of the road and to provide the necessary sums for its completion,” noting that “the imports that will come to Iraq match the oil wealth

MP For Badr Karim Al-Muhammadawi Holds Finance Responsible For The “Economic Crisis”: We Will Question The Minister

Pratha News Agency82 2020-12-15   The deputy of the Badr parliamentary bloc, Karim Al-Muhammadawi, attributed, on Tuesday, the “financial confusion” in the government, to the “illogical” policies of the Ministry of Finance, confirming that there are efforts to proceed with the procedures of questioning the Minister of Finance.

Al-Muhammadawi said in a press interview, “The state of financial confusion, the collapse of the local currency against the dollar, the delay in sending the budget, and the consequent negative effects on paying employees’ salaries, and secretly seeking to send sums of money to the Kurdistan region without paying their liabilities as stipulated in the Financial Deficit Financing Law and without References to Parliament are all matters that make the government in general and the Minister of Finance in particular facing legal accountability inside the parliament. ”

Al-Muhammadawi added, “The government violated the constitution and the laws in force in many matters, which are deliberate attempts that we interpret as an attempt to end real cooperation between the government and parliament.”

Stressing that “all these matters and manipulating the wealth and power of the Iraqi people are tantamount to a shot of mercy on the government, and it makes us compelled to go to take the necessary steps to interrogate and withdraw confidence from the Minister of Finance in preparation for moving further on the rest of the government joints in the event of this floundering in performance.”

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