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More Iraqi News Iraqi News Friday PM 3-12-21

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An Iraqi Ministry Aims To Raise Recommendations On Changing The Dinar Exchange Rate Against The Dollar

POSTED ON 2021-03-12 BY SOTALIRAQ   Today, Thursday, the Ministry of Planning discussed with government agencies and the private sector the implications of changing the currency exchange rate on investment projects.   A statement by the ministry said, “The committee formed under Cabinet Resolution No. 63 of 2021, which will study the consequences of changing the currency exchange rate, held its first meeting at the Ministry of Planning.”

She added, “The meeting was chaired by the Technical Undersecretary of the Ministry of Planning, Maher Hammad, and was attended by the Administrative Agent Azhar Hussein Saleh, the President of the Iraqi Contractors Union, Ali Al-Sanafi, and representatives of the Ministries of Electricity, Finance, Housing, Construction, Municipalities, the Central Bank of Iraq and the National Investment Commission.”

The Undersecretary of the Ministry of Planning confirmed, according to the statement, that “this committee was formed to study the effects of changing the exchange rate of the dollar against the dinar, and to propose the required solutions, as far as the matter is related to investment projects.” To the Council of Ministers for a decision.

Representatives of the parties participating in the meeting presented a presentation of investment projects, methods of contracting with the implementing companies, and mechanisms for payment of the dues of these companies, whether those dues were unpaid debts or unspent advances, and the committee will continue its meetings during the coming days, to develop solutions and proposals required, to address the resulting effects On changing the exchange rate for investment projects.

The Minister of Finance, Ali Allawi, said in a press statement that changing the exchange rate or returning it to its previous era is not possible, because it is a government decision that cannot be changed daily as desired, indicating that “the markets have accepted the current exchange rate and will give incentives during the coming years to the private sector and strengthen the reserve. “.

After that, a member of the Legal Committee, Representative Hussein Al-Aqabi, considered the statement of the Minister of Finance unsuccessful.

Al-Oqabi said in an interview that “the legislative authority is the authority to decide on financial matters from imposing financial burdens, whether they are fees or taxes, and the recent statement of the Minister of Finance regarding the exchange rate of the dollar is unsuccessful. By the legislative branch. ”

He added that “the position of the Minister of Finance is unsound, negative, unconstitutional and cannot be accepted at all,” stressing that “the House of Representatives must assume its moral and constitutional responsibility in this direction because the Iraqi people are under great pressure due to the increase in the exchange rate, which led to the increase in prices by more than 30% of what created great economic and financial burdens on large segments of the people.

Al-Aqabi called for “the need to correct the equation by Parliament, as it is a moral obligation to support large segments of Iraqis,” stressing “the need for the government to be aware of its legal and constitutional rights and to feel the suffering of millions of poor and simple people.”

On Tuesday (March 2, 2021), Minister of Finance Ali Abdul Amir Allawi made new statements regarding changing the exchange rate of the dollar and the 2021 budget, while stressing that the exchange rate cannot be modified.  LINK

Source: Finance Intends To Cancel The Rafidain Contract With An Electronic Payment Company Due To Suspicions Of Corruption

Time: 03/12/2021 09:19:27 Read: 6,071 times {Economist: Al Furat News} An informed source revealed that the Ministry of Finance intends to cancel the contract concluded by the former Director General of the Rafidain Bank {Hussein Ali Muheisen} with the Ishtar electronic payment company.

The source told {Euphrates News} that “the ministry rejected the contract because it contains clauses harmful to public money,” noting that “the concluded contract includes conditions and fines incurred by the Rafidain Bank in the event of non-compliance with its terms of up to 600 million dollars for the first five years and 500 million for the five years.” “The second, 400 million for the third, and 300 million for the fourth, as well as imposing commissions on the salaries of employees and retirees.”

Last Tuesday, the Minister of Finance, Ali Allawi, issued an order to withdraw the hand of the General Director of Al-Rafidain Bank, the agency {Hussein Ali Muhaisen} and refer it to investigation, “for signing a contract with an electronic payment company without completing the legal procedures.”

And it was decided, according to Allawi’s order, to “assign {Bilal Sabah} Director General of the Industrial Bank, to walk the affairs of {Rafidain Bank} until the completion of the investigation.”   LINK

Dollar Exchange Rates In Local Markets

Market  Economy News _ Baghdad  The “Economy News” publishes the exchange rates of the dollar in local markets on Friday.   The price of the dollar against the Iraqi dinar

Exchange offices prices: the selling price of the dollar is 146,000,  the purchase price of the dollar is 145,000 Number of observations 257 Date of addendum 03/12/2021   https://economy-news.net/content.php?id=24415

Iraqi oil is at its highest in 14 months 

Time: 03/12/2021 14:30:32 Read: 3,913 times  {Economical: Al Furat News} The price of a barrel of Iraqi oil rose to its highest level in 14 months.   Basra Light crude touched $ 70, while its heavy crude hit $ 65.8 a barrel.   Brent crude was $ 69.23 a barrel.   LINK

Planning Clarifies The Relationship Of The Electronic Platform With Employees’ Salaries And Reveals The System Experience

Money  and business  Economy News _ Baghdad   Today, Friday, the Ministry of Planning confirmed that it continues to work on completing the personnel database.

The ministry’s spokesman, Abdul Zahra Al-Hindawi, said in an interview with the Iraqi News Agency, which was followed by Al-Eqtisad News, that “work has continued since the formation of the statistical committee in the Diwaniya Order (55), which includes representatives from the Ministries of Interior, Finance, Communications, Financial Supervision, the Prime Minister’s Office and the General Secretariat of the Council of Ministers.” ,

Pointing out that “mobile teams have been formed to visit ministries and agencies not associated with ministries and governorates for the purpose of explaining the system and the mechanism for working with it and also assisting ministries in preparing data for their employees.”

He added that “data entry continues in this system, which aims to build a comprehensive database on state employees that gives accurate numbers on the number of employees and details related to the employee,” noting that “this system will contribute to drawing an accurate financial policy based on accurate numbers related to employees, as well as treating all employees.” The problems suffered by the functional body. ”

Al-Hindawi pointed out that “the committee will conduct an experiment for the system in the Ministry of Education because it is the largest ministry in terms of the number of its employees and has formations in all parts of Iraq, thus conducting an experiment in education.” Salaries through the Ministry of Finance’s notification of the promotion of salaries for all state institutions. ”

Number of observations 220 Date of addendum 03/12/2021

https://economy-news.net/content.php?id=24418

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