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Iraqi News Iraqi News Tuesday AM 3-16-21

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The Central Bank Reveals The Reason For The Decline In Dollar Prices In The Market For The Official Pricing .. And Resolves The Controversy Over The Fate Of The Pricing

Author: AhadNA2 On 3/16/2021 – 11:15 AM 48  Today, Tuesday, the Central Bank of Iraq announced that its total foreign currency reserves amounted to nearly $ 56 billion, stressing that it would maintain the stability of exchange rates in the markets through the use of its various monetary tools.

An official source at the Central Bank of Iraq said in an interview with the official newspaper, that “foreign reserves are still within the limits of sufficiency,” and that “total foreign reserves decreased by approximately 20% during the year 2020,” and he also indicated that “gold holdings are approximately 5,703 million dollars. An American, and there are no plans to increase investment in gold in light of the continuing impact of the crisis. ”He explained that“ the Chinese yuan currency is one of the currencies invested in foreign reserves.

The source stated, “The Central Bank of Iraq maintains the stability of exchange rates in the markets by exploiting its various monetary tools, the most important of which is the foreign currency sale window that aims to finance imports of goods and services, in accordance with the provisions of the Iraqi Central Bank Law No. 56 of 2004 in Article 28 / b (simple, unconditional buying and selling of foreign currency), in a manner that maintains acceptable rates of inflation.

The source attributed the reason for the decline in the price of the dollar in the markets, especially last month, from the price specified in the bank, by saying: “The exchange rate of the US dollar in the local markets retreated from the approved official selling price after the price change by the bank at the end of December of the year 2020, due to the fact that the change in the exchange rate initially formed a shock to the local market, which required an adjustment period to work out the settlements that took place between each of the merchants (wholesalers, retailers, singles) and the settlements of wholesalers with banks, as imports decreased to severe levels, and thus a decrease Demand for foreign currency.’

Representatives To / NINA /: There Is No Legislative Break, And The House Of Representatives Will Continue Its Work After The Approval Of The Laws Of The Federal Court And The General Budget

Tuesday 16, March 2021 15:29 | PoliticalViews: 3  Baghdad / NINA / The political blocs informed their representatives in the House of Representatives that the regular sessions and the permanent committee meetings of the current legislative term will continue.

Representatives spoke to the correspondent of the Iraqi National News Agency ( NINA ), that “the joint meetings of the Presidency of Parliament and leaders of political blocs led to the House of Representatives continuing its normal work, without entering a legislative vacation after the approval of the laws of the Federal Court and the General Budget 2021.” https://ninanews.com/Website/News/Details?key=893777

The House Of Representatives Votes On The Articles Of The First Amendment Law To The Federal Court Law

3/16/2021  The House of Representatives voted in its forty-third session, which was held under the chairmanship of Mr. Muhammad Al-Halbousi, Speaker of Parliament, in the presence of 198 deputies this evening, Monday 3/15/2021, on the articles of the First Amendment Law of the Federal Supreme Court Law and another law, ending the reading and discussion of four Other laws.

During the session, which was opened by Mr. Hassan Al-Kaabi, First Deputy Speaker of Parliament, the Council voted on the draft law on the accession of the Republic of Iraq to the Patent Cooperation Treaty (PCT) for the year 1970, submitted by the Foreign Relations Committee, to develop a cooperation mechanism to protect patents, facilitate its procedures and make them at the lowest possible cost.

The Council completed the first reading of the draft law on the accession of the Republic of Iraq to a protocol to amend the agreement on crimes and some other acts committed on board aircraft submitted by the Committee on Foreign Relations, to preserve the safety of aircraft, people and property from the danger that threatens them or that may violate the good order and discipline on board and to expand the scope of competence State jurisdiction over related crimes and take new measures to punish aircraft passengers who pose a threat to aviation safety.

The Council completed the first reading of the draft law on the accession of the Republic of Iraq to the joint agreement on the safety of the disposal of spent fuel and the safety of the disposal of radioactive waste submitted by the committees on foreign relations, health, environment, oil, energy and natural resources, to strengthen national measures and international cooperation to ensure the existence of effective defenses in all stages of the disposal of fuel Consumer and radioactive waste against potential dangers to protect individuals, society and the environment from the harmful effects of ionizing radiation.

In a related development, the Council completed the reading of the report and discussion of the draft law on ratification of the air transport agreement between the government of the Republic of Iraq and the government of the Kingdom of Saudi Arabia, submitted by the Foreign Relations, Services and Reconstruction Committees.

The Council completed the reading of the report and discussion of the draft law on the accession of the Republic of Iraq to the Protocol of 2005 relating to the Protocol for the Suppression of Unlawful Acts directed against the safety of fixed platforms on the Continental Shelf for the year 1988 and submitted by the Committee on Foreign Relations.

The Council voted on the articles of the First Amendment Law (Ordinance No. 30 of 2005) the Federal Supreme Court Law submitted by the Legal Committee for the Federal Supreme Court’s decision regarding the unconstitutionality of Article (3) of Legislative Order No. 30 of 2005 in order to choose a president And the new deputy and members of the court and reserve, and to exercise its competencies in accordance with the provisions of the constitution.  After that, it was decided to adjourn the session Tuesday evening   Media Department  Parliament  March 16, 2021   LINK

Finance Clarifies The Details Of The Supervision Of The Joint Committee With The Central Bank Of The Agricultural Bank

Political| 03:07 – 16/03/2021  Baghdad – Mawazine News The Ministry of Finance clarified, on Tuesday, the details of the supervision of the joint committee with the Central Bank of the Agricultural Bank.

The ministry stated in a statement that Mawazine News received a copy of, that “among the reform steps included in the white paper, which stipulated that the Central Bank can effectively supervise and regulate the banking sector, including the power to merge and enforce low-performing banks, the Ministry of Finance agreed today, Tuesday.”

3/16/2021, the sole owner of the Agricultural Bank, with prior coordination between the Ministry of Finance and the Central Bank to proceed with banking reform measures, with the Central Bank assuming direct supervision and supervision of the Agricultural Bank.

The statement added, “This step was taken with the full knowledge and support of the Ministry of Finance, and it is an important step in the process of restructuring and reforming the Agricultural Bank to allow it to play its role in developing the economy, especially the agricultural sector.”

He explained: “The supervisory committee will be a joint committee between the cadres of the Ministry of Finance and the Central Bank of Iraq, fully represented in the committee that supervises the process of reorganizing the Agricultural Bank.”

The Ministry of Finance assured the clients and employees of the Agricultural Bank that the “banking procedures will continue during the reorganization period and without any delay.” Ended 6/29 N

https://www.mawazin.net/Details.aspx?jimare=145777

The Central Bank Decides To Supervise The Work Of The Agricultural Bank

Within the framework of the banking reform program that the Central Bank of Iraq has begun to implement, and in order to advance the state of the banking sector.

The Central Bank decided to initiate a number of evaluative measures in government banks, and in this direct context, “full supervision of the work of the Cooperative Agricultural Bank will take place.”

The supervision will include the rehabilitation and evaluation plan for all bank operations in line with its desired role in economic development.

The Central Bank of Iraq  Information Office   March 16, 2021   https://cbi.iq/news/view/1678

The Necessity To Work With The {GFMIS} System In Managing Financial Information

Tuesday 16th March 2021  82  Shukran Al-Fatlawi  The academic for scientific affairs and graduate studies at the Administrative Technical College, Dr. Salah El-Din Muhammad Al-Imam, noted that the country’s general budget, despite the importance it constitutes, adopts traditional methods in preparing, planning, implementing and monitoring its provisions, which negatively affected the allocation of financial resources and the slow implementation of projects The investment resulting from the traditional management of public money in the country.

Strengthening the economy

The imam stated that “the government program (2018-2022) and within the fourth axis (strengthening the economy) proposed a project to develop and reform financial management in Iraq by reconsidering the philosophy of the general budget and transforming it from a numerical sequence to numbers, corresponding to development goals with economic, social and political outcomes and returns.” .

information management

He indicated that “the application of the government financial information management system (GFMIS) in Iraq represents a fundamental shift in the methods used to implement financial and accounting operations in ministries and government departments, by moving from working with traditional methods such as using manual records or non-interconnected financial information systems, and replacing them with a unified and integrated governmental financial information management system.

It complies with international accounting standards for the public sector and best practices, and also aims to raise the efficiency of planning and managing government financial resources in support of administrative and financial reform processes Government. ”

Electronic communication

It is noteworthy that the government financial information management system (GFMIS) helps increase the speed of electronic communication with the Ministry of Finance and other ministries, and provides accurate and real-time information.

And improving the process of controlling financial accounts and not exceeding the financial appropriations established in the budget, in addition to reducing time and effort in preparing final accounts and providing an accurate historical database on the volume of public expenditures and revenues for all units and facilitating the process of implementing the program budget And performance.

For his part, economist Manaf Al-Sayegh explained that “the delay in approving the budget is a result of several reasons, foremost among which are the outstanding problems between the region and the center and the failure to resolve them at the present time, as well as the problems of the exchange rate in the market.”

Al-Sayegh emphasized “the necessity of finding a comprehensive reform of the monetary policy, finding solutions to the salary scale problem, and unifying it in a unified law, in accordance with the principle of achieving social justice.”  LINK

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