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Iraqi News Iraqi News Wednesday AM 3-17-21

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Representative Economy: The Rise In Oil Prices Must Be Matched By The Devaluation Of The Dollar

Author: AhadNA3 On 3/17/2021 – 9:30 AM 65  The Parliamentary Economic and Investment Committee stressed today, Wednesday, the need to take advantage of the high global oil prices to reduce the value of the dollar against the Iraqi dinar, in order to achieve stability in market prices.

Committee member Mithaq Al-Hamdi said, “The government raised the exchange rate of the dollar under the pretext of a large deficit in the budget, at a time when oil prices have risen above the price specified in the budget, which requires the government to reconsider the dollar exchange rate.”

She added that “the House of Representatives calls for a review of the dollar exchange rate, and to reduce it from the current figure, as it harms the interest of the citizen, and therefore should be reduced to a level that meets the deficit and achieves stability in prices.”

She indicated that “there is a big difference in the price of oil specified in the budget, and the market value that it has reached now exceeding the threshold of $ 70 a barrel, which makes it imperative for the government to take measures that would benefit from the rise in oil prices and reduce the value of the dollar against the dinar.”

The Stock Market Continues Its Rising Streak

The Stock Exchange «Economy News»  Market  Economy News – Baghdad he Iraqi market for securities (the stock exchange), on Wednesday, continued its series of gains for the third consecutive session.

The meeting saw the circulation of 3.6 billion shares worth 3 billion dinars.

And 18 winning companies contributed to the market index increase by 2.47%.

The Al-Ataa Islamic Bank topped the winning companies, while the ready-to-wear company topped the losing companies.  Foreign investors sold 274 million shares, worth 161 million dinars, after executing 47 deals on the shares of 6 companies.   Number of observations 79 Date of addendum 3/17/2021

https://economy-news.net/content.php?id=24490

Central Bank Sales Of Hard Currency Are Recording A Noticeable Decline

Economie| 12:41 – 17/03/2021  BAGHDAD – Mawazine News  The central bank’s hard currency sales fell, on Wednesday, for a third consecutive day, recording only $ 32 million.

The auction of buying and selling foreign currencies, according to the Central Bank’s daily bulletin, saw a decrease in its sales by 31.71 percent, to reach 32 million and 827 thousand dollars.

The bank’s daily bulletin stated that it “covered its sales at a base exchange rate of 1460 dinars per dollar.”

She added that “the purchases amounting to 32 million and 827 thousand dollars, went to strengthen the assets abroad in the form of transfers and credits, while the banks did not make any purchase of dollars in cash.”   The bulletin indicated that “six banks have fulfilled the requests to enhance assets abroad.”

It is noteworthy that the central bank’s sales of hard currency, on Tuesday, amounted to 48 million and 67 thousand dollars. Ended 29 / p4    https://www.mawazin.net/Details.aspx?jimare=145885

The Minister Of Finance Chairs An Expanded Meeting To Prepare The Budget Strategy For The Next Three Years

Political| 03:54 – 03/17/2021   Baghdad – Mawazine News  Minister of Finance Ali Allawi chaired, on Wednesday, a meeting to prepare the budget for the next three years.

“The Minister of Finance, Ali Allawi, chairs an expanded meeting to prepare the federal budget strategy for the years 2022-2024,” the ministry stated in a brief statement, which Mawazine News received a copy of.

The ministry did not reveal more details.  https://www.mawazin.net/Details.aspx?jimare=145912

The Ration Card … Between Corruption Charges And The Lack Of Allocations

Wednesday 17th March 2021  65  Baghdad: Farah Al-Khafaf   The Parliamentary Economic Committee confirmed the existence of deficiencies in the ration card file, calling for reforms to be cut off from groups with a good standard of living and distributed completely among the beneficiaries. The committee’s assurances came in line with calls from the competent authorities to expedite the completion of this file, which witnessed previous corruption operations with which senior officials were accused, but the injured remains first and foremost the simple citizen.

A member of the Parliamentary Economic and Investment Committee, Falah Abdul-Karim Al-Khafaji, told Al-Sabah: “The ration card has shortcomings and shortcomings. The first reason belongs to the governments, and the other goes back to the Ministry of Trade.”

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He added, “Appropriate solutions must be found to improve the ration card, including granting sufficient funds and raising allocations to the Ministry of Trade to provide the items completely every month to be held accountable after that.” Exceptions exist, to provide for families who do not have a salary or do not have a suitable job.

limited income

The Minister of Labor, Adel Al-Rikabi had identified the categories that have priority in the ration card, which are: “The beneficiary of the social protection network, the unemployed, the insured workers, the retired, and those with disabilities, whose income is less than one and a half million dinars in order to include them with a full ration, while it will be withheld The card is for groups whose income exceeds one and a half million dinars, including those residing outside Iraq, fugitives from justice, the deceased, and other groups.

The ration will be withheld from it in the event of cabinet approval to go regularly to those who deserve it from the poor and those with limited income. ”The government formed a committee to reform the ration card And securing the access of its items to the beneficiaries of those with low incomes and families that are below the poverty line.

Citizen’s Choice

Al-Khafaji called for strengthening cooperation between ministries and state institutions with the Ministry of Trade, suggesting “the citizen’s choice between the financial amount or the ration items.” In a related context, the financial expert, Thamer Al-Azzawi, says to “Al-Sabah”: “The ration card file was previously similar to corruption, as well as the lack of allocations, and the lack of auditing of the beneficiaries.”

Wasted money

He added that “this file led to the loss, directly or indirectly, of hundreds of millions of dollars.”

Praising the current moves to reform the ration card system, noting that “citizens are waiting for tangible results and not contenting themselves with promises.” It is indicated that Trade Minister Alaa al-Jubouri confirmed earlier to “Al-Sabah” that “the government has allocated good sums of money within the 2021 budget to improve the terms The ration card, “indicating that” the sums allocated within the 2021 budget are sufficient to provide the ration card items during the next year within the distribution plan approved by the ministry in the event that an emergency does not occur.   LINK

Integrity: The Former Director Of The Iraqi Trade Bank Was Issued With A Prison Sentence

Time: 03/17/2021 12:00:33 Read: 3,887 times  (Baghdad: Al Furat News) The Federal Integrity Commission revealed, on Wednesday, the details of its challenge to the release decision issued against the former General Manager of the Iraqi Trade Bank (TBI) in the case of granting a loan without adequate guarantees.

The commission stated, in a statement that Al-Furat News received a copy of, that “the details of the appeal that it submitted to the release decision issued by the Al-Karkh Criminal Court / First Authority stated that it was not convinced of the court’s release decision, so it decided to appeal it to the Federal Court of Cassation,” indicating The Federal Court of Cassation decided to accept the appeal submitted by the Commission, deciding to return the case to the Criminal Court.

The commission continued, “The Karkh Criminal Court / First Authority, and following the discriminatory decision issued based on the appeal filed by the commission, issued a new sentence in absentia, serving a seven-year prison sentence against the former director general of the Iraqi Trade Bank (TBI).”

She pointed out that “the details of the case, which were previously investigated by the commission and referred to the judiciary, centered on the violations that were included in the loan granted to one of the bank’s customers at the time the convict occupied the responsibility of managing the bank, as the investigations conducted by the commission at that time led to the fact that the loan was granted without adequate guarantees.” LINK

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