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Iraqi News Friday AM 4-2-21

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The Budget Revives Currency Markets In Iraq

Time: 04/02/2021 11:49:30 Read: 7,215 times  {Economic: Al Furat News} The unanimous vote of the House of Representatives, last Wednesday, on the Federal Budget Law for 2021, left a general impression of satisfaction at the official and popular levels.

Parliament ended many months of disagreements and quarrels between the political blocs, as well as the effects of the failure to approve the budget on movement, market and trade, which showed signs of a return to activity, yesterday, through the relative rise in the movement of buying and selling currencies.

Traders in the stock market in the Shorja area in Baghdad said, “The market witnessed good movement and the price of the dollar rose slightly against the dinar, as a result of the budget approval.”

They attributed the reasons for this to that “traders and even ordinary citizens had expected that the decision to reduce the value of the dinar against the dollar, which was approved by the government last year, would be reversed. However, the approval of the budget while the exchange rate remained in a state encouraged the return of market movement to normal.”

The Baghdad Stock Exchange closed yesterday evening, Thursday, at 1467 dinars to one dollar.  LINK

An Economist Expects A Recession In The Iraqi Market After The Budget Is Approved

Economy – 04-01-2021 05:52 PM – Readings: 44962  The economic expert on behalf of Antoine predicted, on Thursday, an economic recession in the Iraqi markets, after the adoption of the dollar exchange rate proposed by the government, in the Federal Budget Law for 2021, which was approved by the House of Representatives during its session held yesterday.

Antoine told “Degla”, “The government must complete the stalled projects and pump the sums into the local markets, with the aim of reducing unemployment and poverty,” pointing out that “the first period will witness a reaction as a result of the shock caused by the decision to raise the dollar exchange rate, which led to weakness.” Purchasing power”.

Regarding the possibility of ending the economic recession, Antoine emphasized that “if the government knows how to manage the economic crisis, it will create new activity,” noting the importance of “disbursing contractors’ dues with the aim of reinvigorating the private sector.” 

Al-Haddad Confirms That The House Of Representatives’s Decision To Dissolve Itself On 7/10 Paves The Way Towards Early Elections, Which Were Among The Most Important Demands Of The Masses

01/04/2021  The Vice President of the Iraqi Council of Representatives, Dr. Bashir Khalil Al-Haddad confirmed that the House of Representatives’s decision to dissolve itself on 7/10 paves the way and creates the appropriate atmosphere towards holding early elections on 10/10, which were the most important demands of the masses, and thus the House of Representatives fulfilled its requirements.

With the aim of holding elections and the success of the political process for the next stage, as well as his efforts in legislating the election law, the law of the Independent High Electoral Commission, and amending the Federal Supreme Court law.

The Vice President of the Council indicated that passing the federal budget was an important step in addressing the demands of different segments, youth, the rights of people with limited income and the poor classes, and developing projects in the governorates, adding that the House of Representatives had removed Article 20 related to tax deduction and reducing the salaries of employees and retirees, as well as The budget included converting lecturers, administrators, writers, guards, and service employees into contracts, appointing medical and health professionals, allocating funds to the petrodollar fund for the provinces that produce crude oil, and other materials and paragraphs to do justice to all segments of society.

The Media Office of the Deputy Speaker of the Iraqi Council of Representatives, April 1, 2021 LINK

In Detail .. He Revealed The NATO Plan In Iraq And The Reason For Expanding Its Presence

Time: 04/02/2021 11:02:10 Read: 4,030 times  {Politics: The Euphrates News} The Canadian ambassador to Iraq, Ulric Shannon, revealed the tasks that the North Atlantic Treaty Organization (NATO) undertakes in Iraq.

Shannon said in a press statement, “It is neither combat nor training, but rather includes building the Iraqi security forces (as institutions),” denying that “expanding the presence of the alliance comes as a prelude to making it a substitute for the existence of the international coalition led by the United States of America, and this comes after the recent NATO agreement with Baghdad.” Which led to the expansion of the alliance’s presence in Iraq. ”

And he stated, “Our presence in the international coalition is an advisory presence in the first place, while in NATO, Canada took command of the mission in Iraq in 2018 and 2019, as the mission’s tasks are completely different from the mission of the international coalition.”

He explained, “The mission of the NATO mission is to radically rehabilitate and reform the Iraqi armed forces – as an institution – as its interest in leadership and human resources development in the armed forces in addition to reshaping the Iraqi army as an institution, based on an analysis of what happened in 2014 when the army disintegrated at the gates of Mosul, this was a failure.

” Institutionally, at the level of leadership, extension lines, and such things, “according to him, regarding the expansion of NATO’s presence as an alternative to the international alliance, especially as it is an ally of the United States, the Canadian ambassador said:“ No, this is wrong and unfounded, and this is our fault, because it happened – I believe. – Miscommunication in this regard, as I said, the mission of the NATO mission is completely different from the priorities of the international coalition. ”

NATO Secretary General Jens Stoltenberg confirmed in February of this year that the alliance decided to expand the mission of training Iraqi forces and raise their number from 500 to 4000.

He explained that “NATO’s mission will expand geographically and gradually in Iraq, and he also indicated that NATO respects the sovereignty of Iraq and coordinates every step with the Iraqi government.

The International Alliance welcomed in its ministers meeting last Tuesday,” the decision issued by the NATO Ministerial Meeting on February 18 regarding the gradual expansion of NATO’s mission. Non-combat advisory and training in Iraq with the full approval of the Government of Iraq. ”  LINK

Despite The “OPEC +” Agreement To Gradually Reduce Production, Oil Prices Continue To Rise

Pratha News Agency63 2021-04-02  On Friday, oil prices continued to rise despite news that the “OPEC +” group reached an agreement to gradually reduce production cuts, starting next May.

By 06:30 GMT, Brent crude rose 2.12% to $ 64.86 a barrel, and the crude ended Thursday’s trading with a 3.4% increase, according to Bloomberg data.

Whereas, US “West Texas Intermediate” crude prices witnessed an increase of 3.87% to $ 61.45 a barrel, and the crude closed yesterday, up 3.9%.

The “OPEC +” group, which is made up of the Organization of the Petroleum Exporting Countries “OPEC”, Russia and allied producers, agreed to ease production restrictions by 350,000 barrels per day in May, the same in June, and then by 400,000 barrels per day next July.

Under the agreement, the applied OPEC + cuts will be only slightly higher than 6.5 million barrels per day from next May. The cuts before that were about seven million barrels per day, in addition to another million barrels that Saudi Arabia volunteered to reduce its production.

Dollar Exchange Rates In Local Markets On Friday

Pratha News Agency75 2021-04-02  This is a list of the dollar exchange rates in the local markets today, Friday, according to the monitoring of specialists.

Baghdad – Al-Kifah Stock Exchange  146,400

Price in exchange (approximate)  145,750   146,750

Basra / Stock Exchange  146,500    Erbil / Bursa 146,350     Mosul / Stock Exchange  146,400

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