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Iraqi News Wednesday AM 3-3-21

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The Financial Committee Rules Out The Return Of Previous Dollar Prices And Explains Why

Editing date: 3/3/2021 11:13 • 78 read times  [Baghdad-Where]  The Finance Committee ruled out, on Wednesday, the return of the dollar’s exchange rates to what they were in the past. Committee member Jamal Cougar said, “It is not possible to return the exchange rates of the dollar to what it was in the past,” explaining the reason to “the current year budget deficit will increase by 22 trillion dinars if this happens.”

He explained, “The committee is also afraid of fully returning the budget materials after they were formulated according to the current exchange rates of the dollar,” stressing that “citizens will lose confidence in the central bank and the market will be confused again.”

http://www.alliraqnews.com/modules/news/article.php?storyid=107031

Al-Kaabi Calls For A Serious Pause To Return To The Previous Exchange Rate Of The Dollar

Wednesday 03, March 2021 17:19 | Economical Views: 91  Baghdad ( NINA ) – First Deputy Speaker of Parliament, Hassan Al Kaabi, called for a serious and urgent pause for all members of the House of Representatives and the Parliamentary Finance Committee to return to the previous exchange rate of the dollar against the dinar.

Al-Kaabi indicated, during his presidency of today’s session, that “raising the exchange rate of the dollar has a negative impact on the Iraqi citizen’s life and economic stability in general.”

https://ninanews.com/Website/News/Details?Key=891320

Al-Kaabi Calls For A Serious Pause To Return To The Previous Exchange Rate Of The Dollar

Wednesday 03, March 2021 17:19 | Economical Views: 91  Baghdad ( NINA ) – First Deputy Speaker of Parliament, Hassan Al Kaabi, called for a serious and urgent pause for all members of the House of Representatives and the Parliamentary Finance Committee to return to the previous exchange rate of the dollar against the dinar.

Al-Kaabi indicated, during his presidency of today’s session, that “raising the exchange rate of the dollar has a negative impact on the Iraqi citizen’s life and economic stability in general.”

https://ninanews.com/Website/News/Details?Key=891320

Parliamentary Finance: The Government’s Budget Text Related To The Region Will Be Presented To The Leaders Of The Blocs For A Decision

Money  and business  Economy News _ Baghdad  A member of the Parliamentary Finance Committee, Jamal Ismail Cougar, revealed, on Wednesday, the presentation of the material related to the meeting of the leaders of the blocs to decide on it, indicating that the amendment will be with the conviction of the leaders and if the amendment is not made, the budget will be raised by the government text as it is for a vote on it inside the parliament.

Cougar said in a press interview, “The lack of agreement to amend the article on the region’s share, as the Finance Committee decided to throw the ball into the court of the leaders of the political blocs to decide in a very soon meeting,” it is likely that “the budget is presented for a vote next week.”

He added that “the Parliamentary Finance raised the government text related to the region as it came from the government to the leaders of the blocs in order to agree on a formula that is satisfactory to all. Conversely, the budget and the government text related to the region will be raised to vote on it by the majority.” Number of observations 145 Date of addendum 03/03/2021

https://economy-news.net/content.php?id=24315

Agriculture: We Have Achieved Self-Sufficiency In Most Crops.

Money  and business  Economy News _ Baghdad  The Ministry of Agriculture announced, on Wednesday, that it has achieved local food security after achieving self-sufficiency for a large number of agricultural crops. The Ministry’s announcement coincided with the continuation of the partial and total health ban, and widespread reliance on national products, despite the smuggling and manipulation that take place.

“The ministry is urging steps forward to develop the agricultural sector, especially with regard to vegetables, which are the citizen’s daily food basket, and then interest in this aspect increased, with the increase in areas,” the ministry’s spokesman, Hamid Al-Nayef, said. Cultivated. ”

He added, “The support provided to the farmers is not at the required level, but it is within the available and available allocations. Nevertheless, agricultural crops are available in the local markets, and we have achieved local food security, and we have reached self-sufficiency (which means a surplus of certain crops that have been exported).” He called Al-Nayef ”

He stressed the need to “reconsider the allocations of the Ministry of Agriculture, as millions of Iraqis are proficient in agriculture, and we can achieve self-sufficiency in all crops, if the required allocations are available.”

Al-Nayef urged “to work with the dollar settlement (agricultural dollars), that is to reduce or special treatment of the value of the dollar exchange against the Iraqi dinar to the Ministry of Agriculture or the agricultural sector, and it is supported by the state, especially with regard to the purchase of fertilizers, seeds, machinery, etc., as this procedure contributes to stability The agricultural sector. ”

He explained that, “although the devaluation of the currency has a positive side, because it will prevent imported crops from entering Iraq, whose price began to match the local product and became close to the cost of the Iraqi product, which called on citizens to prefer the national product, but the negative side is that all the inputs of the agricultural sector.”

They are imported and in dollar currency, including (premix, yellow corn, soybeans, cartons, machinery, etc.), and local remedies are needed to provide electric power, fuel and subsidized prices to help the producer balance the prices of his crops and products, in order to achieve the desired results.

Regarding the Ministry of Agriculture’s procedures with partial and total ban, Al-Nayef said: “With the beginning of the issuance of instructions and decisions of the Supreme Committee for National Health and Safety, we called on all relevant authorities to give smooth movement of vehicles for transporting agricultural products and crops to markets and between governorates, and during the days of the comprehensive ban, especially Agricultural products were available after the ministry took all measures and facilitated procedures, and monitored prices in the markets.

The Ministry of Agriculture conducted a survey of the local markets, which witnessed stability in the prices of agricultural products, as they appeared suitable for the consumer despite the curfew imposed due to the Corona pandemic.   Number of observations 89 Date of addendum 03/03/2021

https://economy-news.net/content.php?id=24302

Planning Reveals A Rise In The Monthly And Annual Inflation Index In Iraq

Economie| 12:34 – 03/03/2021  Baghdad – Mawazine News The Ministry of Planning revealed, on Wednesday, that the inflation index for the month of January increased by 0.9%, and the annual rate of 3.3%.

“The monthly inflation index for January rose by 0.9% compared to the previous month,” the ministry’s Central Statistics Agency said in a report, seen by Mawazine News, noting that “the annual inflation index also rose by 3.3% compared to the same Month of 2020. ”

The agency added that “the increase in the dollar exchange rate since mid-December of 2020 has caused a decrease in the value of the local currency and an increase in the prices of goods and services because most of these local goods are imported.”

He pointed out that “the increase in the monthly inflation index for December focused on the rise in the goods and services section, a rise of 2.1% due to the rise in gold prices throughout Iraq.”

“The health department also witnessed an increase of 1.3% as a result of the increase in the main group of medical products and services, which include pharmaceutical products such as pressure and sugar treatment, the increase in doctor’s fees in private clinics, and the increase in the fees for private hospital services,” the agency added.

He stressed that “housing department recorded an increase of 1.4% due to the high range supply of water, electricity and a fuel and a group rent by about 0.2% , ” noting that the Department of Education also rose as a result of high private tutoring department in a number of provinces. ”

He said the machine that” the height of the index The annual increase for the month of January compared to the same month in January 2020 came as a result of the tobacco department’s 11.2% rise, and the housing section recorded an annual increase of 0.3%, and the health department recorded an annual increase of 13.6%.

He continued, “The transportation department recorded an annual increase of 9.7%, and the communications department recorded an annual increase of 5.8%, while the entertainment and culture department recorded an increase of 11.1%, and the services and goods section recorded an increase of 13.7%.” Ended 29 / p4 https://www.mawazin.net/Details.aspx?jimare=144050

The Central Bank Decides To Reduce All Interest Charged On Loans

Economie| 09:02 – 03/03/2021   Baghdad – Mawazine News   The Central Bank of Iraq decided, on Wednesday, to reduce all interest imposed on loans.

A bank statement, which Mawazine News received from a copy of, stated that “The Central Bank of Iraq is keen to take into account the current exceptional circumstances related to the financial and economic aspect and the implications of the Corona pandemic. (1) One trillion dinars. ”

As below:

1- Reducing the interest of the Central Bank of Iraq for large projects to be (1%) instead of (2%)

2- Reducing interest for banks on housing loans to be (2%) instead of (4%)

3- Amending the commission of the Central Bank (for housing loans) to be (5 per thousand) instead of (7 per thousand)

4- All interest for banks and guarantor companies will be “diminishing.”

https://www.mawazin.net/Details.aspx?jimare=144000

Economic Specialist For / NINA /: The Reduction In Currency Auction Operations And The Rise In Oil Prices Are Behind The Rise In The Central Bank’s Reserves

Wednesday 03, March 2021 10:25 | EconomicalViews: 225

Baghdad / NINA / Economic specialist, Ali Jabbar Al-Fariji, confirmed that the increase in the central bank’s cash reserve to $ 55 billion came for a significant drop to more than 54% in the (suspicious) currency selling window.

Al-Fraiji said in a statement to the Iraqi National News Agency ( NINA ) that: This rise cannot be considered as a result of a fruitful monetary or financial policy, insofar as this rise was the result of a significant decrease to more than 54% in the selling of the (suspicious) currency window.

He pointed out that: A significant increase in oil prices for the past two months was another reason for the increase in the bank’s reserves.

He continued: “The cash reserves in 2019 were at rates of $ 65.75 billion, and in the first quarter of 2020 the reserves decreased by 12.5%to 57.5%. Billion dollars. ”  https://ninanews.com/Website/News/Details?key=8911

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