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Iraqi News Sunday AM 3-7-21

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Iraq .. A Parliamentary Movement To Restore The Dollar Exchange Rate To Its Previous State

Political  Sunday 7 March 2021 | 03:09 pm| Views: 299   On Sunday, a member of the Parliamentary Finance Committee, Jamal Cougar, confirmed the existence of a parliamentary movement and parliamentary signatures in order to restore the exchange rate of the dollar against the dinar or reduce the current price.

Cougar said, “The political movement in this regard is still going on, even there are requests for the signatures of a large number of members of Parliament to Parliament, for the exchange rate of the dollar.”

He added, “Those signatures remained unchanged, because the Finance Committee and Parliament do not have any authority to amend or return the exchange rate of the dollar,” stressing that “this matter is exclusively within the authority of the Central Bank.”

“It is difficult for the government to go in this direction, because changing the exchange rate or returning it to its previous price needs to be reformulated again,” he said.

https://aynaliraqnews.com/index.php?aa=news&id22=144677

Punitive: The Minister Of Finance Is Not Aware Of The Extent Of The Harm To The Citizen From The Ill-Considered Decision To Raise The Price Of The Dollar

Sunday 07, March 2021 11:07 | Economical Views: 498  Baghdad / NINA / Member of Parliament for the National Approach bloc, Hussein Al-Oqabi, confirmed that: The Minister of Finance is not aware of the extent of harm to the citizen from the ill-considered decision to raise the dollar price.

He said in a press statement that: With the rise in crude oil prices and the growth of oil revenues, Minister of Finance Ali Abdul Amir Allawi is still insisting on raising the price of the dollar and restricting Iraqi citizens, especially those with limited income, with completely rejected justifications.

Al-Aqabi added, “We followed with great astonishment the minister’s statements regarding the inability to change the exchange rate of the dollar because it is a reasonable price, and that the decision was taken in consultation with the Central Bank, the International Monetary Fund and the political blocs, and that the markets accepted it and the government will work to compensate the contractors affected by it !!”

We do not know whether the Minister of Finance lives in Iraq or in another country, and he is not aware of the extent of the damage that the Iraqi citizen suffered as a result of this ill-considered decision, which led to an insane increase in the prices of consumer goods – even locally produced – by more than 30%, which added. Another burden on the shoulders of the Iraqi family, which constituted a great pressure on the living situation of the simple citizen and caused a clear confusion in the market.

He explained that: The Iraqi economy is subject to the dictates of the International Monetary Fund and the response of the political blocs in force to these dictates represents a dangerous turning point that affects the future of the country and puts its capabilities and wealth in the hands of foreign decisions that are the last thing the interests of the country and its people think about.

Al-Oqabi renewed: the previous calls for restoring the exchange rate of the dollar to what it was previously, stressing that the legislative authority has the final say in all issues related to matters relating to the conduct of financial matters through legal legislation inside the parliament, and despite the fact that raising the exchange rate of the dollar came with a decision from The central bank, with governmental and external influence, but it is possible to correct the decision by the legislative authority even if it is necessary to amend the Central Bank Law.

He called on the House of Representatives: to assume its moral and constitutional responsibility in this direction, work to correct the equation, look at the size of injustice and damage to the simple citizen, return the price of the dollar to the old price, and reject government decisions that did not take into account the damage and injustice to the simple citizen, as I dealt with great care with contractors affected by this. the decision.

Al-punabi reiterated the appeal to the public prosecution to strive to hold government agencies accountable, which caused the waste of nearly a trillion dinars of public money during the period that accompanied the decision to change the exchange rate of the dollar and the major theft and manipulation of the capabilities of the people by executives and parasitic banks accused of being associated with the same blocks. The policy that adopted the decision and supported it    https://ninanews.com/Website/News/Details?key=892144

Al-Puni Threatens To Amend The Central Bank Law If The Government And The Bank Management Insist On Raising The Dollar Exchange Rate

Political  Sunday 7 March 2021 | 10:57 a.m.| Views: 174   Today, Sunday, the representative of the National Approach bloc, Hussein Al-Oqabi, threatened to amend the Central Bank Law if the government and the bank management insisted on raising the dollar exchange rate.

Al-Aqabi said in a press statement, “With the rise in crude oil prices and the growth of oil revenues, the Minister of Finance, Ali Abdul Amir Allawi, is still insisting on raising the price of the dollar and restricting Iraqi citizens, especially those with limited income, with completely rejected justifications.”

And he stated, “We have followed with great astonishment the minister’s statements regarding the inability to change the dollar’s exchange rate because it is a reasonable price, and that the decision was taken in consultation with the Central Bank, the International Monetary Fund and the political blocs, and that the markets accepted it and the government will work to compensate the contractors affected by it !!”

He added, “We do not know whether the Minister of Finance lives in Iraq or in another country, and he is not aware of the extent of the harm suffered by the Iraqi citizen as a result of this ill-considered decision that led to an insane increase in the prices of consumer goods – even locally produced – by more than 30 %, Which added another burden on the shoulders of the Iraqi family, and constituted a great pressure on the living situation of the simple citizen and caused a clear confusion in the market.

He continued, “The Iraqi economy has been mortgaged by the dictates of the International Monetary Fund and the effective response of the political blocs to these dictates represents a dangerous turning point that affects the future of the country and puts its capabilities and wealth in the hands of external decisions that are the last thing the interests of the country and its people think about.”

He stressed that “from here we demand and renew our previous demand to restore the exchange rate of the dollar to what it was previously, and we affirm that the legislative authority is the final word on all issues related to matters of conducting financial matters through legal legislation inside the parliament, and despite the fact that the exchange rate has been raised.” The dollar came by a decision from the central bank and with governmental and external influence, but it is possible to correct the decision by the legislative authority, even if it is necessary to amend the central bank law.

He stressed that “the House of Representatives is required to assume its moral and constitutional responsibility in this direction and work to correct the equation and look at the extent of injustice and damage to the simple citizen, return the price of the dollar to the old price and reject government decisions that did not take into account the damage and injustice to the simple citizen as it dealt with great care with the affected contractors.” From this decision. ”

Al-Oqabi concluded his statement that, “We also reiterate our appeal to the public prosecution to strive to hold government agencies accountable that caused the waste of nearly a trillion dinars of public money during the period that accompanied the decision to change the dollar exchange rate and the major theft and manipulation of the capabilities of the people by the executive authorities and banks. A parasite is accused of being linked to the same political blocs that adopted the decision and supported it. https://aynaliraqnews.com/index.php?aa=news&id22=14465

The Central Bank Violates The Controls By Authorizing An Electronic And Financial Company, Directing Banks To Obtain Their Exclusive Approval

Time: 03/07/2021 09:45:38 Read: 2,600 times   {Baghdad: Al Furat News} An informed source revealed that the Central Bank of Iraq granted a company a license to operate outside controls.

The source told {Al Furat News} that, “On November 29, 2020, the bank granted a license to practice work for the Ishtar Gate company, which specializes in prepayment services outside of the rules and regulations, despite the presence of a letter for the bank itself indicating that the granting of the license has stopped for any company before this period. And another book indicates an extension of the moratorium. ”

A letter issued by Representative Jamal al-Muhammadawi and addressed to the Central Bank, in which he requested the latter to answer his inquiries about how to grant a license to this company, despite the suspension of the promotion of granting licenses during this period.

And the source returned to confirm that “Al-Rafidain Bank is preparing to sign a contract with the Ishtar Gate Company to replace the K-Card company for electronic payment despite the fact that the Ishtar Gate Company does not meet the conditions and special laws.”

He pointed out that “an agreement took place between Al-Rafidain Bank and Ishtar Gate on the terms of the contract, calling on the supervisory authorities and the Integrity Commission to investigate this issue.”

To that, the Ministry of Finance directed the adoption of controls and instructions for technology contracts concluded by banks, agencies, departments and companies affiliated with this ministry.

Finance Minister Ali Abdul Amir Allawi issued a directive to all units of the ministry to submit all of their major IT contracts for final review and approval by the Information Technology Department of the Ministry of Finance.

The Minister of Finance also stressed that restricting electronic project contracts to the information technology department in the ministry does not increase bureaucracy. Rather, these procedures and instructions come for the purpose of ensuring the quality of services and preserving the value standards provided by the ministry’s departments to maintain the integrity of complex technical contracts, and that the Ministry of Finance is continuing to provide the appropriate environment for localization.

Technology and its application in its departments while investing local resources and capabilities to achieve this.   The statement also affirmed that these measures were among the directions that it began implementing and proceeding with upon receiving the ministry’s file. ”   LINK

Housing Loans And The Problem Of Localization – Untapped Banking

Articles  Ali Abdul-Kazem Daadoush *  In light of the housing crisis and the rising population growth in the country, the Central Bank of Iraq launched, specifically in February of 2021, its initiative to support the housing sector, as it aims to alleviate the effects of the housing crisis that the country is going through, and the Central Bank approved granting housing loans to employees by the private and concerned banks. in this matter, as the loan amount granted is JD 100 million maximum, and the interest rate of the central bank reduced to about (2 % ) decreasing after it was (4 % ) for a period of repayment of 15 years, it came through the Central Bank ‘s decision Al-Iraqi constantly initiative to support the liquidity of the housing sector (the housing fund and the real estate bank as well as private banks) to lend to citizens and employees wishing to buy housing units throughout Iraq, and this time through private banks, whether commercial or Islamic .

However, this initiative was met with a number of difficulties and problems, including the difficulty of transferring salary settlement to private banks – the fact that one of the preconditions for the initiative is that resettlement be done with the private bank concerned with granting the loan – to benefit from this service and the rest of the services provided by these banks, since among the reasons is not Transferring Emiratisation of salaries to and from banks is (the failure of officials or directors of departments to government departments and institutions to transfer Emiratisation, or account employees being burdened to carry out these procedures, which are part of their duties, or for other reasons )

Thus, we believe that this initiative will go in vain, but in the same matter there are several possible solutions that can remove the difficulties from the employee and strengthen this initiative and be used on a very wide level, namely : –

1 – The central bank removes the Emiratisation requirement from the initiative conditions. Therefore, employees will have to apply directly for the loan from private banks .

2 – Instructing government departments or the concerned authorities to accept the transfer of resettlement to employees if they wish to do so, as there is no clause or legal legislative authority to prevent this .

3 – instruct the government banks (Rafidain and Rasheed and Islamic) to provide housing loans in residential areas and not only within the investment zones .

Earlier, the Central Bank of Iraq announced its initiative represented by the financing project for small and medium enterprises, and in talking about the initiative of the Central Bank of Iraq, it is in fact two initiatives, and the two initiatives had one goal for the purpose of financing small and medium enterprises to support the Iraqi economy by providing liquidity for those projects and mitigating Poverty and reducing unemployment, so the first initiative was for the purpose of financing small projects, which amounted to one trillion Iraqi dinars, and the second initiative was represented by (5) trillion Iraqi dinars for the purpose of financing medium and large projects .

The Central Bank of Iraq indicated that 34 banks are participating in this initiative, of which (33) are a private bank and one government bank, while the amounts of lending for these projects ranged from five million dinars to fifty million dinars and could reach (911) million dinars after the approval of the bank. Central.

The initiatives of the Central Bank of Iraq came to the need of Iraq for loans to meet small and medium enterprises and the need for the provinces to such type of projects, in addition to the increase in the workforce of certificate holders with the increasing incidence of poverty, so these initiatives were rightly the best solution for that .   * Researcher and economist writer.  Number of observations: 168, date of addition, 03/07/2021    https://economy-news.net/content.php?id=24346

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