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Iraqi News Monday AM 1-4-20

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The Central Bank’s Sales Of Dollars Are Falling To The Lowest Level

Time: 01/04/2021 12:38:01 Read: 5,330 times  {Baghdad: Al Furat News} The Central Bank of Iraq’s dollar sales continue to decline in an unprecedented way and to the lowest level in years.

According to the bank’s daily bulletin on the currency auction on Monday, the total sale for the purposes of strengthening funds abroad {transfers, credits} 8 million and 135 thousand dollars, which is the total sales, and the bank did not sell any dollars in cash.

The central bank sells dollars for the sums transferred to bank accounts abroad at a price of {1460} dinars per dollar, and cash sales at {1460} dinars per dollar, in implementation of its recent decision to raise the exchange rate.  LINK

A Parliamentary Committee Accuses The Minister Of Finance And The Governor Of The Central Bank Of Causing Negligence And Damage To Public Money

Monday, January 04, 2021 03:04 PM   The Committee for Planning and Follow-up of the Governmental Program in the House of Representatives accused Minister of Finance Ali Allawi and Central Bank Governor Mustafa Ghaleb of causing negligence and damage to public money, indicating that Parliament will hold them accountable if they fail to present evidence of innocence.

Deputy Chairman of the Committee, Muhammad al-Baldawi, said, “The House of Representatives is determined to complete the questioning of Finance Minister Ali Allawi and the Governor of the Central Bank of Iraq, Mustafa Hidden, because of their negligence and the great financial damage.

Al-Baldawi added, “The raising of the price of the dollar against the local currency, the dinar, is a catastrophe that cannot be tolerated. Parliament collected all the evidence and questions for questioning, as well as preparing an unfair budget for the right of citizens.”   He indicated that in the event that their innocence is not presented to Parliament, he intends to dismiss them   LINK

Economist: Price Inflation Is Caused By The Government, Not By Merchants

Monday 04, January 2021 09:46 | Economical Views: 332    Baghdad / NINA / The specialist in economic affairs, Dargham Muhammad Ali, held the government responsible for the high prices, not the merchants, indicating: “The government’s use of the vocabulary of monopoly and the exploitation of merchants to raise prices does not betray a fair view, and it must be reconsidered because it negatively affects the citizen.”

Muhammad Ali said in a statement to the Iraqi National News Agency ( NINA ): “The government’s blaming the traders for the high prices and the dangerous increase in inflation rates is an escape from the fact that it is the cause of this, and it is trying to stick the accusation to the merchants for fear of revolting the poor.”

He explained, “The import of all commodities in dollars, whose exchange rate has been raised by the government in a large and ill-considered manner, has created major problems that may get out of control if it does not back down from this irresponsible step.”

He pointed out that “the open market makes it difficult to monopolize consumer goods, as import is available to all, even if there is a monopoly gap in the prices of materials between the local and global market, for other merchants to exploit them in passing parallel goods at a close price to the global market and thwarting the monopoly plan with the principle of market competition.”

The economic specialist continued: “The government knows that throwing accusations against others is invalid, and that it will eventually be forced to concede that it is the one who impoverished the people and tampered with the economy in an ill-considered manner and created inflationary shocks without economic treatments, which increased poverty rates and devoted the efforts of the corrupt towards benefiting from the Caesarean economic measures.” To pass the budget ./     https://ninanews.com/Website/News/Details?key=879870

The Dollar Is Declining Against The Dinar In The Local Markets

Pratha News Agency115 2021-01-04   The exchange rate of the dollar decreased in the main stock market and local markets, today, Monday (January 4, 2021).

The Kifah Stock Exchange recorded 143,500 dinars against 100 dollars, while the exchange rates for yesterday, Sunday, in the Al-Kifah Stock Exchange were 144,000 dinars per 100 dollars.

As for the exchange rates in the local markets, they also decreased, as the selling price was: 144,500 dinars per 100 dollars, and the purchase price was 142,500 dinars per 100 dollars.

http://burathanews.com/arabic/economic/383794

Al Rasheed Bank Issues An Explanation Of The Resumption Of Its Branches

Time: 01/04/2021 11:29:04 Read: 3,718 times   {Baghdad: Al Furat News} Today, Monday, the Rasheed Bank issued an explanation regarding the resumption of its branches.

The media office of the bank said in a statement that Al-Furat News received a copy of it that “Rasheed Bank considered today that it is intended for application purposes and closed its doors due to Sunday’s coincidence yesterday as an official holiday.”

The media office stated that “the bank will resume work tomorrow, Tuesday, to receive its customers and provide banking services.”   LINK

Cougar: Three Options For Imposing Income Tax On Employee Payroll

Money  and business   Economy News – Baghdad

A member of the Finance Committee, Jamal Cougar, revealed that the House of Representatives will conduct the first reading of the draft federal budget bill for the year 2021, and that there are three options for imposing an income tax on employee salaries.

Cougar said, in a statement reported by Rudaw and seen by Al-Iqtisad News, that the Iraqi parliament will resume its sessions next week, and the first reading of the draft federal budget bill for 2021 is scheduled to take place, after all MPs received a copy of the draft Law”.

And on imposing an “income tax on employee salaries” in the 2021 budget, he pointed out that “there are three options for imposing an income tax on employees’ salaries.”

Cougar explained that “the first option is to approve what was stated in the budget bill presented by the federal government to the House of Representatives, and the second is to refuse to impose this tax as happened with the salaries of retirees, and the third is to amend the amount and percentage of the tax.”

The draft Iraqi federal budget law for 2021, which was approved by the Iraqi Federal Council of Ministers on (December 21, 2020) and submitted to the House of Representatives, imposes income tax on the salaries of all salary recipients in Iraq, excluding those whose total monthly income is 500 thousand dinars or Less.

10% is deducted from everyone whose monthly income ranges between 500 thousand and one million dinars (but the first 500 thousand are not taxed) and it is imposed by 20% on those who earn a salary of between one million and one and a half million Iraqi dinars and 30% for everything that exceeds 1.5 million dinars .

This tax includes civilian and military retirees, at the same rates. It also imposes a flat 10% tax on retirement benefits and end of service benefits.   Number of observations 821 Date added 01/04/2021

https://economy-news.net/content.php?id=23454

Daewoo Issues A Statement About Its Contract With Iraq And The Value Of The Faw Port Agreement

Money  and business  Economy News _ Baghdad   Daewoo Engineering and Construction Company, a major South Korean construction company, announced on Monday that it has signed a deal worth 2.9 trillion won (2.7 billion US dollars) with the Iraqi government to build port facilities, indicating that its goal is to reach 5.07 trillion won in revenue from overseas projects. .

The company said in a statement received by “Al-Eqtisad News” that it obtained the deal from the General Company for Iraqi Ports (GCPI) to build a tunnel, container terminal and roads for the large port of Faw in Basra Governorate.

According to the statement, which was quoted by a company spokesperson as saying; “The company participated in the port construction project from 2013. In the previous deal, we already won a contract worth 1.2 trillion won to build a terminal, seawall and other facilities at the port.”

He said the total value of the two deals won by the company amounted to 4.1 trillion won.

The company said it won overseas orders worth 5.88 trillion won last year, achieving its annual overseas order target of 5.07 trillion won.

The large port of Faw is an Iraqi port in the Al-Faw peninsula, south of Basra Governorate. The cost of the project is about 4.6 billion euros and the estimated capacity of the port is estimated at 99 million tons annually, to be one of the largest ports overlooking the Gulf and the tenth in the world.

Number of observations 85 Date of addendum 01/04/2021   https://economy-news.net/content.php?id=23464

Al Rasheed Bank Issues An Explanation Of The Resumption Of Its Branches

Time: 01/04/2021 11:29:04 Read: 3,718 times  {Baghdad: Al Furat News} Today, Monday, the Rasheed Bank issued an explanation regarding the resumption of its branches.

The media office of the bank said in a statement that Al-Furat News received a copy of it that “Rasheed Bank considered today that it is intended for application purposes and closed its doors due to Sunday’s coincidence yesterday as an official holiday.”

The media office stated that “the bank will resume work tomorrow, Tuesday, to receive its customers and provide banking services.”   LINK

Central Bank: The Launch Of The “Buna” Platform For Intra-Arab Payments

Economie| 09:44 – 01/04/2021   BAGHDAD – Mawazine News   The Central Bank of Iraq announced, on Monday, the launch of the “Buna” platform for inter-Arab payments.

In a statement received by Mawazine News, the bank said, “The actual launch and operation of the Bunna Inter-Arab Payments platform, which is a platform that provides real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies, has been launched.”

He added, “The first movement was carried out through banks between the UAE and the Arab Republic of Egypt, in the currency of the UAE dirham.”

The bank continued, “The Central Bank of Iraq and a number of local banks have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and work is underway to adopt the Iraqi dinar in the system for the next stage.”

He pointed out, “The participating banks in the Arab countries will be able to send and receive payments between them in a safe and reliable manner, while this platform will help reduce the recourse to global centers of correspondent banks in clearing and settling Arab payments, which will contribute to reducing the time and costs associated with banks and their customers.” “. Ended 29 / p4      https://www.mawazin.net/Details.aspx?jimare=136741

Iraq Participates In The Buna Platform

09:53 – 01/04/2021    Al-Malouma / Baghdad ..The Central Bank of Iraq announced, on Monday, its participation in the Buna platform for inter-Arab payments, with the aim of working to expand the scope of electronic payments.

The bank said in a statement, a copy of which was received by the information, that “with the aim of working to expand the scope of electronic payments, the actual launch and operation of the Bunna Inter-Arab Payments platform,” a platform that provides real-time clearing and settlement services for cross-border financial transfers between Arab countries and Arab and international currencies. The first movement was carried out through banks between the UAE and the Arab Republic of Egypt, in the currency of the UAE dirham.

He added that “the Central Bank of Iraq and a number of local banks have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and work is underway to adopt the Iraqi dinar in the system for the next stage.”

“The participating banks in the Arab countries will be able to send and receive payments between them in a safe and reliable manner, while this platform will help reduce recourse to global centers from correspondent banks in clearing and settling Arab payments, which will contribute to reducing the time and costs associated with banks and their customers,” he added. End / 25     https://www.almaalomah.com/2021/01/04/513586/

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