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Iraqi News Thursday AM 2-4-21

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The repercussions of adjusting the exchange rate … a marked increase in the prices of food commodities

Thursday 04 February 2021  132  Baghdad: Mustafa Al-Hashemi and Imad Al-Amara  The repercussions of the exchange rate adjustment by the Central Bank have negatively affected the markets, the results of which are borne by low-income citizens and the poor among them, as the markets witnessed a remarkable increase in the prices of daily basic commodities and foodstuffs, such as rice, sugar, edible oil and others.

Specialists promised the rise in commodity prices to more than 20 percent as a dangerous indicator that should be addressed by providing rapid support for local production and reducing the import rate, which would lead to a decline in the exchange rate to its natural rates, which would stabilize the markets and reduce price disturbances in them.

Commodity stock

The financial advisor in the prime minister’s office, Dr. Mazhar Muhammad Saleh said: “As commodity storage started to decline after imports were stalled over a little over a month from the date of the exchange rate reduction, the import activity of the private sector has started its business after it has prepared the settlement of its inter-debt and stabilized financing means His foreign trade again ».

“Imports of a consumer nature constitute approximately 85 percent of the needs of the Iraqi local market, as well as the importance of the continued flow of imported production supplies, which constitute one of the main operational bases in the outputs of the local production itself, whether the inputs under consideration are spare parts or various raw materials, etc.”

Saleh pointed out that «the discussions of the House of Representatives of the Federal Budget Law for the year 2021 did not show that there is a strong intention to retreat the exchange rate and raise the value of the dinar against the dollar from 1450 dinars to 1300 dinars / dollars other than collecting the signatures of a number of council members to appeal to amend the price, as the information is still Not visible in the formation of the new direction to determine the price in the exchange market.

exchange rate

Academic economist Dr. Majid Al-Baidani believes that “the currency markets witnessed, yesterday, a stability in the exchange rate of the dollar, as the rates of sale to the public reached 146,250 dinars to the dollar, while the purchase price of them reached 144,250 thousand dinars per dollar, while food markets witnessed a remarkable increase in Prices exceeding 20 percent. Suspect

Al-Baidani added that “the government’s assurances to the street by securing the salaries of employees and retirees and paying financial dues on time, contributed to the return of their purchasing power and its stability again, but that situation was exploited by the weak souls of food merchants who in turn raised the prices.”

He stressed the need to “accelerate the provision of rapid support for local production and reduce the proportion of imports, which will lead to a decline in the exchange rate close to its natural rates, which would achieve stability in markets and reduce price disturbances.” In which”.   LINK

Brokerage Firms Buying And Selling Foreign Currencies Wishing To Merge

February 03, 2021   Given the importance of the merger project of brokerage companies buying and selling limited foreign currencies and converting them into larger financial institutions, and based on the role of this bank to develop this sector in support of the Iraqi economy, so it was decided to keep the period open for your companies wishing to merge.

Activating Bilateral Agreements

Thursday 04 February 2021  40  Nautical star   Iraq has the leading position on many clear issues, especially with neighboring countries, including strengthening trade and economic relations.

Foreign trade had a prominent role with neighboring countries, which strengthens the depth of the international relationship and deals in accordance with human norms with the peoples of those countries, and it was necessary to lay the foundations of the relationship in place for planning and implementation in order to achieve Iraqi rapprochement with neighboring countries, and then other countries of the world to achieve paths Creative cooperation and exchange of economic benefits.

Taking measures that support the volume of economic exchange with Iraq will lead to the elimination of all the differences established for marketing the national and Arab product, which will allow the market to expand for our domestic goods for the purpose of export. .

The expansion of marketing opportunities for our goods in the Arab markets and neighboring countries will lead to the mobilization and development of our production sectors and the strengthening of their technological capabilities, in a way that leads to diversification of production, improvement of quality and reduction of costs and prices until they reach the market, which qualifies them to launch into global markets.

It is important to adapt the consumption pattern of the Iraqi and Arab citizens, and its commodity details and to identify the influences that play a prominent role in this, and their reflection on the productive sectors to study and adapt to them, because achieving consumer requirements will lead to an expansion of the volume of consumption that will lead to an increase in demand and then an increase in import from them in order to develop our export sector And marketing it according to its modern principles, through which it takes into account the consumer benefit and service.

It is also necessary, after studying the consumer pattern, to know the structure of imported commodity imports through these markets, analyze data, determine flexibility (supply and demand), production capabilities, consumption volume, distribution capabilities, price conditions and trend, import conditions, customs duties, and other information that help in setting plans to develop our exports at the level of Neighboring countries and Arab countries.

Working on developing the capacity of the developing and developed world markets of our export commodities through performing the study of those markets in the manner contained from what we have indicated, and reflecting the results of those studies on the commercial plans between Iraq and those countries, will lead to developing an export plan with these countries focusing on A scientific basis represented by the reality of our commodity needs, and that establishing such studies will lead to an increase in the rates of their implementation, thus expanding the development of our national exports.  LINK

At The Economic Development Forum, Duhok, And Ways To Achieve Investment And Job Opportunities

Thursday 04 February 2021   36  Dohuk: Ivan Nasir Hassan

An economic forum was held in Duhok governorate under the title (Economic development and ways to achieve it in Dohuk governorate) under the auspices of Governor Ali Tatar and with the presence and participation of a large number of specialists in the field of economics in various Iraqi universities and institutes, as well as public and private sector companies who contribute to economic development in Dohuk.

The organizer of the forum, Abd al-Rahman Dosky, told Al-Sabah: “The forum included 3 axes represented by (Economic Development Strategy), (Concept and obstacles to economic development and means of investigation) and (The role of the private sector in economic development).

He added, “We organized this forum to start revitalizing the economic movement in the city of Dohuk, and all its activities were presented (online), as well as a set of important questions related to the current situation of the economy, especially in the time of the pandemic.”

He pointed out “talking about global economic experiences and the possibility of their application to the province, as well as discussing the issue of establishing a financial, commercial and investment fund for the city supported by the government and the private sector.”

In turn, Deputy Governor of Dohuk, Majid Sayed Saleh, spoke about the role of economic development and ways to achieve it and the role of the private sector and companies in developing and revitalizing the economy, calling on “the government, universities, companies and the media to work together to develop and develop the economy, provide job opportunities in the governorate and eliminate unemployment.”

For his part, the head of the Investment Commission in the Kurdistan Regional Government of Iraq, Muhammad Shukri, said: “There is an imperative to amend the investment law in the region to suit the current situation,” stressing, “Many investment matters in the Kurdistan region were explained to the attendance of investors, participants and officials in the development and economy sector.”

At the end of the forum, the organizers expressed their intention to present a detailed economic report on the most important issues discussed in the forum, and to present its expected results to various media outlets.    LINK

Parliament Rapporteur: The Questioning Of The Governor Of The Central Bank Will Be In My Presence

Pratha News Agency48 2021-02-04   Parliament Rapporteur Khadija Ali revealed, today, Thursday, that the House of Representatives cannot rely on electronic interrogations in the case of the Central Bank Governor.

Khadija said in a press statement that “Parliament has a lot of questions and inquiries that require the Governor of the Central Bank to attend personally to Parliament and not through an electronic circuit,” indicating that he is “carrying symptoms that prevent his attendance according to the health papers that arrived to the Presidency of Parliament.”

With regard to the other interrogation sessions, Khadija noted that “Parliament will work to transfer her to the new legislative term.”

And she indicated that “the council postponed the current legislative recess to approve projects and vote on the budget, and will continue the interrogations in the new legislative term.”

Parliamentary sources called for the central bank governor to be questioned through the electronic department and in public sessions and not to be postponed to another date due to doubts about the validity of his infection with the Coronavirus.

The Association Of Private Banks Holds A Workshop On Digital Transformation In Iraq

Banks  Economy News _ Baghdad  The Iraqi Private Banks Association, in cooperation with the Central Bank of Iraq, today, Thursday, held a workshop entitled (Qualification Program for Digital Transformation Leaders in Iraq), in the Kirkuk University building.

The course included providing a detailed explanation on the Coursera global platform and the support provided by the Central Bank of Iraq to provide free scholarships to outstanding university students to develop their skills.

The workshop witnessed a detailed explanation of the Central Bank’s initiative to support small and medium enterprises through the One Trillion Initiative, as well as community initiatives supported by the Tamkeen Fund financed by private banks.   Number of observations 141 Date of addendum 02/04/2021

Talabani To (The News Center): Kurdistan Is Ready To Deliver To Baghdad 250 Thousand Barrels, No More

Category: Economy and Business  Wednesday, February 3, 2021 5:47 PM  Baghdad / National News Center -The head of the Patriotic Union of Kurdistan parliamentary bloc, Ayala Talabani, confirmed on Wednesday that the Kurdistan region agreed to deliver 250 thousand barrels of oil or the financial value of this quantity.

Talabani said in a statement to “the National News Center”, “The Kurdistan region agrees to deliver 250 thousand barrels of oil or the financial value of this quantity.” However, handing over all oil revenues from the Kurdistan Region to the Iraqi government is not acceptable to the Kurdistan Regional Government, and the delegation made this clear.

“I hope that political conflicts will not turn into a reason to inflict injustice once again on the people of Kurdistan, and that their salaries are not cut, despite the presence of obstacles,” she said, confirming that there is “an opinion saying that Erbil and Baghdad will not agree, but we will not give up and will make all our efforts.”

She added, “The Iraqi federal budget bill for 2021 has not yet been presented to a vote, and it has many problems, and not only the problem of the Kurdistan region,” adding that, “The delegation of the Kurdistan Region (to Erbil) may return next week (to Baghdad).”

She stated that “there are other problems, but there is an effort to tighten the paragraph related to the Kurdistan Region in the Budget Law.”

Talabani confirmed that “in the event that they (Erbil and Baghdad) do not reach an agreement and leave the matter to the House of Representatives, there is no doubt that this means no agreement, but the vote on the bill will not take place in the next four or five days, and it may be postponed to the next week.”

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