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Iraqi News Iraqi News Wednesday AM 3-24-21

TLM724 Administrator BondLady’s Corner

The Ministry Of Finance Denies Statements Attributed To The Minister About Submitting His Resignation In Case The Exchange Rate Changes

Pratha News Agency37 2021-03-24  Today, Wednesday, the Ministry of Finance denied statements attributed to its Minister, Ali Allawi, about submitting his resignation in case the exchange rate changed.

The ministry said in a statement that “some television channels, news agencies, and the statements of some members of Parliament circulated news attributed to the minister, who stated that he had submitted his resignation in case the exchange rate changed,” stressing that “these statements are fabricated and unfounded.”

In its statement, the Ministry called on all media outlets not to deal with such fake news, to ensure its authenticity, not to be swept away by rumors, and to approve news and information through its websites and social media pages.

Development And Moving The Economic Cycle

Wednesday 24 March 2021   57  Baghdad: Morning   A member of the Businessmen Union, Ahmed Muklef, affirmed that “the development process requires moving the economic cycle in Iraq, as it is a serious essential step for activating and maximizing the financing of small and medium private enterprises.”

Enterprise development

He pointed out that “the government role in building a strategy for developing small and medium enterprises is the most important element of success, as the government has the financial capabilities in a rentier economy, in which the private sector is weakened to a great degree, and this sector cannot be promoted without a plan to develop this.

The sector and building clear and announced mechanisms in which the private sector actively participates, so that it can transform from a small follower of the government sector into a main partner and then into a leader in investment and construction operations.

private sector

He called for “the necessity to start transforming the government sector from an outlet for projects and a competitor for the private sector to an observer of controls and a facilitator of procedures and laws, issuing a law for small, medium-sized and small companies to help, create new job opportunities, reduce poverty, contribute to economic and social development plans and reduce the high unemployment rate.”

Major economies

Pointing out that “small and medium enterprises support major economies around the world and have achieved great successes, which must be benefited from in Iraq, and actual work is to transfer the surviving experiences to Iraq during the coming period, since the benefit achieved from them is large and can be adopted in all cities of Iraq.”   LINK

Experts Suggest Issuing Legal Legislation To Combat Money Laundering

Wednesday 24 March 2021   83  Baghdad: the pillar of the emirate Economists stressed the importance of building effective supervisory bodies that adhere to laws and regulations related to the banking sector, and issuing legal legislations related to combating money laundering, to help society and state institutions to curb this phenomenon.

In this regard, the academic d. Saeed’s clinic for “Al-Sabah” to the role of regulatory agencies in combating money laundering, by setting effective measures for the purpose of combating money laundering, through coordination between banking institutions and supervisory authorities, including the Integrity Commission, and giving the Central Bank of Iraq a distinctive role in combating this phenomenon, and not limiting it Its role in issuing the legal framework.

Institutional building

Saeed added that “limiting the phenomenon of money laundering is done by activating the institutional building, and not allowing the establishment of fake companies or activities that deal with foreign entities under the cover of reconstruction or import and export companies, without the state’s knowledge and issued approvals about her”.

He said: “Other important factors are controlling border crossings, preventing smuggling of goods and money, examining data and documents related to it, referring its owners to the judicial authorities and in coordination with Interpol, in addition to commercial oversight and monitoring of sales and marketing  agencies.  Governmental ».

Planning and Follow-up

He continued: “It is necessary to update the methods and systems of planning and follow-up agencies in all state ministries, to activate the methods of popular oversight and to form joint committees from unions, societies and government agencies to follow up on corruption and the phenomenon of money laundering, and to adopt transparency in contracts, tenders and grants Agencies ».

The information revolution

For its part, a member of the Administrative Board of the Economists Association, Dr. Ikram Al Aqeel, “Globalization, with its various social, cultural, economic and informational orientations, has played a prominent role in expanding the permanence and spread of the phenomenon of money laundering and its bleaching as a concept.”

And exercise.

The scope of that spread has expanded in light of the expansion and acceleration of the information and communication technology revolution and the absence of transparency in commercial dealings for several countries, which has earned this phenomenon a seriousness that has crystallized in part, as many financial institutions lose their credibility in the internal or external dealings of countries.

She noted that confronting this phenomenon is done by activating frameworks and means to eradicate corruption, with its financial and administrative dimensions, and by adopting formulas that are subject to the standards of the law.

And respect him. And placing the right person in the right place, which provides an opportunity for decision-making and accountability for the cause and the promoter of that Phenomenon.   LINK

Triple Security For The Iraqi Economy

Wednesday 24 March 2021   54   Dr.. Ahmed Al-Husseini    It is not hidden from all that the Iraqi economy has suffered and is still suffering from structural imbalances in its formative structure, so to speak, and perhaps the dominance of the oil sector over most of the formation of the gross domestic product by about 45 percent emerges as the main reason for the imbalance of this economy.

Among the other reasons that deepened the structural imbalance of the Iraqi economy, is the domination of the public sector over most of the state’s economic joints and the control of the informal economy over the total economic activities and activities, and these and other factors work to reduce the working space and activity of the private sector, which is called in the economic literature (Crowded effect) )

Or what is known as the effect of displacement, in addition to that the investment environment that is still weak and expelling investments, whether domestic and foreign, which is embodied in the complexity of registration procedures for new investment activities, and the weakness of the banking sector in Iraq, which is still lagging behind the world in its tools and mechanisms, and the spread of manifestations Financial and administrative corruption, and weak infrastructure …

And other factors that work to deepen the severity of the imbalance in the structure of the Iraqi economy and the Iraqi public budget is still indifferent to these imbalances, which may one day be reflected in a severe financial crisis.

It seems that the financial plan has absorbed the seriousness of the security challenges that Iraq is experiencing, especially since 2014 when our dear provinces fell in the hands of ISIS terrorist gangs and actually began to strengthen the financial allocations for the security services, and thus aspires to achieve and extend military, security and societal security, which has actually become better in years Suffix for editing.

And Iraq also needs to get out of the impasse of structural imbalances to achieve food security and drug security to complete the triple security pillars of the Iraqi economy, food security can be achieved by increasing the share and allocations of the ministries of agriculture, trade and water resources, by launching projects that will advance the reality of these sectors responsible for security. Food for Iraq.

To this end, it is also necessary to activate the laws of product protection, consumer protection, standardization and quality control, and to activate the customs tariff law and border protection and control them to advance the reality of the Iraqi product, and it is necessary to absolutely believe that the rise of these sectors will work to absorb the rates of unemployment rampant among the youth, thus reducing crime rates And achieve security Societal.

Also, for the picture to be completed, it is necessary to achieve drug security, through the rehabilitation of drug production factories in Iraq and equipping them with the latest international equipment to keep pace with developments at the health level, instead of importing drugs, which experts confirm that we are able to manufacture them to provide the raw materials necessary for their manufacture and provide expertise and manpower Then, it became necessary for the financial planner to follow a policy of import substitution, by increasing the investment financial allocations for the health sector in Iraq.   LINK

The Board Of Directors Of The Studies Center In The Central Bank Discusses Support For The Payments Sector

March 24, 2021   The Board of Directors of the Center for Banking Studies at the Central Bank of Iraq held its first meeting for the year 2021 chaired by the Deputy Governor Dr. Ammar Hamad Khalaf.

A number of topics on the agenda were discussed, the most prominent of which is the training courses achieved during the first semester as well as the special training curriculum for the payments sector through Preparing a plan that includes training advanced and specialized cadres in electronic payment companies licensed by this bank, and this comes in light of the global and local trend towards creating an advanced generation that depends on an electronic banking industry.

Deputy: Parliament’s Decision To Change The Dollar’s Exchange Rate Cannot Be Reversed For These Reasons

Author: AhadNA2 On 3/24/2021 – 10:18 AM 88  A member of the Parliamentary Legal Committee, Hussein Al-Oqabi, cited three reasons, according to which the government could “veto” the parliament’s decision to change the dollar’sexchange rate at the Federal Court.

Al-Uqabi said, “The issue of the exchange rate must be corrected, and the government must admit its mistake.”

He added, “The government has no right to object to the Federal Court in the event of a change in the dollar’s exchange rate at all.”

And he added, “Everyone says that changing the exchange rate of the dollar is the jurisdiction of the Central Bank, and this is completely incorrect,” indicating, “We are under a parliamentary political system, the source of authority for all executive authorities is Parliament, and all of them are subject to its control, meaning that if they pursue a wrong policy against citizens. Parliament is pressuring them to correct this warp.

Regarding the independence of the central bank, he said that “the bank is independent in applying the law, and it does not mean that it is an object outside the state.”

And he continued, “The general policy is given in the ministerial platform, which is based on the parliament endorsing the prime minister, and the ministerial platform did not include this paragraph.”

He pointed out that “whoever authorized the central bank to this specialization is the legislator (parliament),” adding that “the worst possibility that parliament works on to change the exchange rate is to amend the Central Bank Law, and the minimum required to change this law is only six days.”

Parliamentary Finance: The World Bank Did Not Object To Reducing The Dollar’s Price

12:18 – 24/03/2021  The information / Baghdad ..The Parliamentary Finance Committee expected, on Wednesday, to agree to reduce the price of the dollar to 130 within the budget, indicating that the World Bank did not express any objection to reducing the price, unlike the Ministry of Finance, which is determined to harm the citizen.

“The market and the financial situation of Iraq bear a change in the exchange rate, contrary to what the Ministry of Finance claims, and it is possible to change the exchange rate in consultation with the Central Bank,” said a member of the committee, Abdul Hadi Al-Saadawi, in a statement to “the information”.

Al-Saadawi added, “The fair price for a dollar is 1300 dinars to one dollar, which is commensurate with the current circumstance. There are no forms for the World Bank at a price of 130 and insistence only from the Ministry of Finance.”

He explained, “The price change did not achieve any economic achievement. Rather, it increased poverty rates, harmed the middle class, and raised prices by more than 25%, especially basic commodities.”

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