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Iraqi News Sunday AM 1-31-21

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An Economist Explains How To Reduce The Dollar’s Exchange Rate

Time: 01/31/2021 11:51:52 Read: 7,592 times  {Baghdad: Al Furat News} Economic expert Basem Jamil Antoine explained the way to reduce the exchange rate of the dollar against the Iraqi dinar, indicating that there must be a plan and study and not to go with “moody”.

Antoine said in an interview with the Euphrates News Agency, “I was the first to demand an increase in the value of the dollar and a reduction in the Iraqi dinar by a lower rate than the current one, indicating that instead of being 23.5%, I demanded 10% so that there is no major shock to the citizen, which leads to negative repercussions. On the market. ”

He continued: “After we lowered 10% of the value of the dinar and anticipated the price of a barrel of oil, it began to rise over a period of six months, we noticed that with the recovery from Corona cases, the global economy began to increase demand for oil and the price of oil began to rise from the forties to above fifty.”

He added that “the high price of a barrel of oil provides the government with great potentials. Every dollar that rises against the dinar leads to a reduction in the budget deficit of one trillion dinars.”

The economic expert pointed out that “the House of Representatives has many statements and they do not have one voice or opinion, and the government as well,” pointing out that “it is supposed to collect 113 signatures for the House of Representatives to reduce the value of the dollar to 1300.”

Antoine added, “There must be a study based on raising the price or reducing the price, as the issue is not” moody “.

The expert Antoine expects that “the price will stabilize as it is now and will not be reduced in the future.”  LINK


Head Of A Parliamentary Bloc: The Central Bank Deviated From Its Objectives And Caused The Deterioration Of The Iraqi Dinar

17:38 – 01/31/2021  Information / Special …On Sunday, the head of the Irada Hussein Arab bloc criticized the policy of the Central Bank of Iraq, describing it as “floundering.”

Arabs said in a statement to / Al-Maalouma / that “the central bank’s policy towards the monetary currency has floundered, causing the deterioration of the Iraqi dinar against the dollar.”

He added that “the Central Bank did not develop the correct solutions to deal with the auction of selling the currency and the dollar exchange rate.”

He pointed out that “the floundering policy of the central bank has greatly affected the movement of the difficult and difficult currency wheel and how to invest it in the right way instead of storing it in homes.”

He pointed out that “the central bank deviated from its goals in wasting hard currency and how to preserve it, as well as the deterioration of the Iraqi currency against the dollar.”

Earlier, the Parliamentary Planning Committee accused Central Bank Governor Mustafa Ghalib of causing negligence and damaging public money. Ended 25 h

The Iraqi Parliament … Governor Of The Central Bank Outside The Interrogation And The Budget Within The Bargaining!

Political   Sunday 31 January 2021 Views: 69  The coalition of Iraqis confirmed, on Sunday, that the coming sessions will not witness the questioning of the Governor of the Central Bank of Iraq, attributing the matter to Parliament’s preoccupation with the budget and through it to enter the line of negotiations and bargaining between the blocs .

“Breaking the quorum and postponing the meeting during the interrogation of the central bank governor was not a coincidence, and here is the coldness of dealing with the interrogation by the Presidency, ” said coalition MP Jassem Mohan .

He added that “the coming sessions will not witness the questioning of the governor,” noting that “the budget will enter the line and the parliament will be busy with it and its long struggles .”

Mohan said, “Through the differences on the points of balance between the blocks, the subject of the governor will enter and agreements and deals will begin with a file against a file.”

Trade: Cash In Lieu Of Retroactive Ration

Sunday 31st January 2021  483  Baghdad: Shatha Al-Janabi   The ration card file still faces major obstacles and criticism due to poor processing of vocabulary despite its scarcity and the lack of specific times for providing it by agents, especially in light of the living reality and the difficult economic situation and what the price of the dollar against the dinar imposed on the market from the high prices of goods and commodities.

The Ministry of Commerce justifies this matter due to the lack of budget allocations and the delay in approving and disbursing them to contract with companies in order to provide card materials for those covered by fixed timetables, while the Ministry of Commerce intends to address the competent authorities to consider the possibility of compensating citizens for shares that were not previously distributed.

A number of citizens confirmed to “Al-Sabah”, “they have not received any of the items of the ration card for more than two months, except for flour, with the presence of many weak souls of agents or brokers who carry out a disinformation campaign aimed at preventing citizens from receiving these items and thus selling them to Dealers at very low prices that do not live up to the real prices at which they are sold in the market.

While a number of agents respond that “the agent did not intend to delay the distribution of ration items, because the delivery of materials is done in the form of intermittent payments by the Ministry of Trade.”

They pointed out that “the accusations directed against the agents regarding selling the card materials to the market merchants in small amounts are rejected and incorrect.”

Trade Minister Alaa al-Jubouri pledged, during recent press statements he made, to supply the ration card items for citizens during the current year to provide money in the first months of the year so that contracts with companies can be made to prepare the ration share and distribute it among the recipients according to the specified timelines.

He attributed the delay in providing them during the past year 2020 to the lack of allocations and their intermittent disbursement due to the drop in oil prices and the outbreak of the Corona epidemic. On the subject of this year’s allocations, the ministry’s official spokesman, Muhammad Hanoun, told Al-Sabah: “The ministry called in a number of meetings on the budget strategy to increase the proposed allocations for the ration card in order to maintain market prices and prevent inflation.”

He added that “the ministry will address the competent authorities to consider the possibility of compensating citizens for the shares that were not previously distributed.”

He pointed out that “the amount funded to the ministry is not sufficient to equip all shares with one basket, as a result of not providing adequate allocations, as they are disbursed at a rate of 1/12, and what is released is only sufficient to secure one item.”

During the last period, the ration card materials were withheld from those with high incomes, repetitive, illusory and deceased persons, in an effort to direct the rations to the beneficiaries and increase the vocabulary.

The government recently formed a ministerial committee headed by the Minister of Labor and by a decision of the Ministerial Council for the Economy, to reform the ration card and ensure that its components reach those with low incomes and families who are below the poverty line, through the establishment of this issue.

As for the member of the Parliamentary Services and Reconstruction Committee, Abbas Yaber, he explained to Al-Sabah that “it has been confirmed by a large number of deputies to allocate sufficient funds in the 2021 budget to provide the ration card materials due to the effects of the high price of the dollar in the local market.”

And that “the committee demanded to compensate the citizens with monetary amounts for the items of ration that are not distributed and retroactively,” noting “the importance of supporting those covered by social protection and equipping them with the prescribed rations.”

Yaber acknowledged the “failure” of the Ministry of Trade to supply the ration card for citizens for several months, expressing his hope “to develop a policy to distribute items to all families at a fixed time per month in order to stabilize the market.”   LINK

Mr. Ammar Al-Hakim Confirms The Possibility Of Iraq Turning Into A Success Story, Like Japan And Korea

Time: 01/31/2021 13:25:39 Read: 2,067 times  {Baghdad: Al Furat News} The head of the Iraqi coalition, Mr. Ammar Al-Hakim, affirmed that Iraq could turn into a “success story”, such as the rise of Japan and South Korea after World War II.

A statement of his office, a copy of which was received by Al Furat News Agency, stated that Mr. Ammar Al-Hakim “received in his office this morning the Japanese and South Korean ambassadors in Baghdad (Suzuki Kotar) and (Jang Kyung Wook) separately, and they exchanged views on political developments in the region and the world and the form of the relationship The assumption is between Tokyo and Seoul on the one hand, and Baghdad on the other. ”

He praised “the Japanese and Korean experience as two success stories,” noting that “the feature of the two experiences is reliance on self-potential and reliance on Japanese and Korean abilities and skills.”

Mr. Ammar al-Hakim stressed that “Iraq could turn into another success story if it relied on its human potential and resources, and we also said that the relationship between Baghdad, Tokyo and Seoul must witness a great development in the field of exchanging experiences and investing the promising opportunities that Iraq offers in the field of development and investment.”

“Calling to” Mr. Ammar al-Hakim discussed with the two ambassadors “developments in the region, and visions agreed on the importance of dialogue, stopping the state of conflict, the need for calm, and the search for common interests and starting from them.”

He said, “Iraq is accumulating its democratic experience and approaching the entitlement of early elections,” indicating “the nature of the transient alliance that we call for as a solution to the Iraqi crisis and a strategic change in its political system.”  LINK

Advisor To The Prime Minister: Creating New Electronic Payment Cards That Will Enhance The Advancement Of Services Provided To Citizens

Banks  Economy News _ Baghdad The financial advisor to the Prime Minister, Dr. The appearance of Muhammad Saleh, on Sunday, that the multiplicity of electronic payment companies and the introduction of new cards in the Iraqi market is achieving competition that leads to the advancement of the services provided to the citizen.

In an interview followed by Al-Eqtisad News, Saleh said that the creation of new electronic payment cards will contribute to creating competition that leads to the advancement of electronic services, especially when the electronic or digital payment card carries competitive advantages, such as the discount on goods and services from the national product when used in the settlement. Payments.

Saleh indicated that by doing so, it will be a tool to spread competition within the national economy, and thus the electronic payment card and its use will be very practical in paying public service bills and raising the efficiency of revenue collection, as long as there are encouraging incentives when paying with the digital card, until the digital environment is fully integrated.

In addition, the International Network for Cards for Electronic Payment Services Ltd. announced the (neo) application available in the (Apple Store) or (Google Play) store, through which it is possible to create an account with an electronic wallet, without the need to visit the company’s headquarters or wait for long hours, and issue a card A digital visa that you can use for all your online purchases, or visit an authorized dealer to purchase a gift card or request a travel card.

The managing director of the company, Zaid Fawzi, affirmed that “our vision is that money must become digital and all citizens are dealt with electronic payment, especially under the circumstances of the Corona pandemic and after it, as we continue to provide the most secure, quality and easy visa cards for the Iraqi citizen, which meet all his needs with various different needs.” The methods of use in terms of the various features of our products.

Fawzi pointed out that the registration process in the application is according to the instructions of the Central Bank, and through the smart application, you can follow all your financial movements easily and safely.

He pointed out that “the application provides an electronic wallet with a financial ceiling of up to 50 thousand dollars annually, and the citizen can easily charge it by visiting agents spread throughout Iraq, and create your digital card directly from the application and use it by purchasing from websites that support visa payment, promotion on social media sites and with the recharge feature.” When needed, as soon as there is money in your electronic wallet.

The plastic gift card product is distinguished by its availability at agents and in various categories, once you buy it closed from the agent, you can activate it in seconds in the application and directly use it online, ATMs and POS points of sale in three ways ((Chip- Swipe-Contactless) locally and internationally, and it is not refillable.

As for the “plastic” travel card, any citizen can request it by visiting any authorized agent and receive it within an ideal period of time not exceeding two days as a maximum, with a financial ceiling of $ 10,000 and can be recharged immediately from the wallet. It is used with POS devices in three ways ((Chip- Swipe-Contactless and Automated Teller Machine (ATM) locally and internationally

It is noteworthy that the company, the International Network of Cards for Electronic Payment Services, started work in 2019 with a license to do electronic payment work No. (7) from the Central Bank of Iraq and based on Law No. (56) of (2004) and it works with a cadre Iraqi youth is proud to provide the best services in the field of electronic payment to citizens.

Number of observations 151 Date of addendum 01/31/2021

Al-Yasiri To “Al-Eqtisad News”: The Central Bank’s Initiatives Contributed To Employing The Unemployed And Moving Stalled Projects

Ihsan Shamran Al-Yasiri. “Economy News”   Banks   Economy News – Baghdad  The Director General of the Accounting Department at the Central Bank of Iraq, Ihsan Al-Yasiri, said on Sunday that the initiatives of the Central Bank of Iraq in recent years have contributed to employing the unemployed and restoring life to the stalled projects.

Al-Yasiri added in an interview with “Al-Eqtisad News”, that “after the economic and security crises that Iraq witnessed during the previous years, the Central Bank was involved in the comprehensive development process.”

He added, “The state was unable to provide financial resources during those years, but the Central Bank launched the 5 trillion dinars initiative for specialized government banks and the 1 trillion initiative for private banks.”

He emphasized that “this initiative contributed to employing the unemployed and moving projects that have been stalled for years.”

He continued, “The Central Bank, with all its strategies, does not focus only on developing its human resources, but rather on developing human resources in all institutions.”

He pointed out that “the aim of changing the exchange rates is to support the Iraqi product in its competition with imported products.”

He explained that “some sectors will respond immediately to this change, such as the agricultural sector, the construction sector, and the light industries sector,” noting that “as a result, the central bank’s strategy to enter with wishful thinking has begun and will not end as it will remain supportive and supportive of the banking sector and other economic sectors.”   Number of observations 150 Date added 01/31/2021

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