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Iraqi News Friday PM 4-9-21

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An Economist Expects The Dollar Exchange Rate To Reach 1500 Dinars

Author: AhadNA3 On 9/4/2021 – 3:36 PM 81   Economic expert Abdul Rahman Al-Mashhadani expected, today, Friday, that the exchange rate of the dollar in the Iraqi market will reach 1500 dinars before the end of this year.

Al-Mashhadani said, “The rise in the exchange rate of the dollar in the Iraqi market will continue to rise, especially after it has been fixed in the general budget and has become not subject to political auctions. All merchants and people are convinced that the official exchange rate has now been proven, stressing that the exchange rate in the markets will reach 1500 or 1510 before the end.” This year ”.

He added, “Traders’ reluctance to buy the dollar due to the presence of large quantities of the sold dollar in the markets, especially since the Central Bank sold large quantities of dollars, from the beginning of October last year to mid-March of this year, so traders get the dollar from the market and transfer it.

Through their exchange offices through the clearing method. The second thing is that they reduced the amount of imports as part of the pressure on the government because they refused to change the exchange rate from the first day.

He pointed out that “the central bank’s sales are gradually increasing, but in a very simple way, but it will not reach quickly to sell 150 million dollars in the auction. It takes time, indicating that within the next 4-5 months, normal conditions will return, especially for traders in dealing with the current exchange rate, and the matter becomes Accepted by all. ”

The British Ambassador: The Remarkable Increase In The Foreign Reserves Of The Central Bank Supports The Economic Situation In Iraq

Thursday 08, April 2021 22:05 | Economical Views: 858   Baghdad / NINA / The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhaif, discussed with the United Kingdom Ambassador to Iraq Stephen Hickey today, Thursday, the noticeable increase in the foreign reserves of the Central Bank of Iraq.

The ambassador emphasized, according to a bank statement, that the remarkable increase in the bank’s foreign reserves supports the economic situation in Iraq and puts it in a good and stable stage.

On the sidelines of the meeting, the governor and the ambassador visited the new central bank building designed by the late architect Zaha Hadid. The new central bank will be a qualitative addition to the capital, Baghdad. / End 8

The Governor Of The Central Bank And The British Ambassador Are Discussing A “Significant” Rise In Reserves

POSTED ON 2021-04-09 BY SOTALIRAQ   Central Bank Governor Mustafa Ghaleb Makhif and British Ambassador Stephen Hickey discussed the noticeable increase in the bank’s reserves.

The bank said in a statement, “The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mkhaif, received the UK Ambassador to Iraq Stephen Hickey today, Thursday, and the meeting dealt with several matters, including the noticeable increase in the foreign reserves of the Central Bank of Iraq.”

The statement added that “the ambassador emphasized that the remarkable increase in the foreign reserves of the bank supports the economic situation in Iraq and puts it in a good and stable stage.”

The statement pointed out that “the governor and the ambassador visited the new building of the central bank, which was designed by the late architect Zaha Hadid and viewed the stages of development,as the ambassador indicated that the new central bank statement would be a qualitative addition to the capital, Baghdad.”   LINK

Kurdistan Region Presidency: Voting On The Financial Budget Is A Positive Step For Developing Relations Between The Kurdistan Region And The Federal Government

Friday 09, April 2021 15:03 | Political Views: 214  Sulaymaniyah / NINA / The Kurdistan Regional Presidency described the vote on the financial budget as a positive step for developing relations between the Kurdistan region and the federal government.

She said in a statement that a meeting was held for the leaders of political parties and forces in the presence of Pavel Talabani, the co-chair of the Patriotic Union, which dealt with developments in the region, Iraq and the region, foreign relations and the visit of Nechirvan Barzani to France, the role of the Kurdistan region in new political balances, relations between Erbil-Baghdad, and dialogue The strategic between the United States and Iraq and the elections.

The statement added: The political parties and forces emphasized the need for unity, harmony, and discussions among themselves to solve problems.

The meeting described voting on the fiscal budget law as a positive step to develop relations between the Kurdistan region and the federal government, wishing to implement the provisions of the law and its positive reflection on the living conditions of citizens, and to pave the way for solving problems between the two sides according to the foundations of the constitution and within the federal system.

Saco Directs A “Nationwide Call To Build A Civil State In Iraq.”

Friday 09, April 2021 13:43 | Political Views: 291  Kirkuk / NINA / The Chaldean Patriarch in Iraq and the world, Louis Raphael Sako, called for building a civil state in Iraq and benefiting from the experiences and challenges that Iraq is witnessing.

And he made a patriotic call, in which he said I would like to spread this thought in the form of a patriotic and sentimental appeal while we are on the eve of the elections. Amidst the tensions, loyalties, instability, and unknowns that besiege us politically, economically, socially and culturally, we need an awakening of conscience and community awareness in order to join hands and prepare for a better tomorrow for the citizens of Nina .

He added, “We must understand the challenges and repercussions of our reality that cannot wait, we must get rid of complex sediments. As an Iraqi citizen, I have lived through all these conditions for decades, and honestly I say that I do not see another way to salvation but to establish a strong civil democratic state standing at the same distance from All, a civil state like most of the world.

He continued, “I hope that this obsession constitutes a major turning point in the interest of our politicians, without reservation, because it is our salvation, and because the homeland is the unifying identity for us, and it embraces and protects diversity. It is no secret to anyone that man and nations are historically before religions.


” The supreme Shiite authority and the call for a civil state and it is joyful and encouraging that this proposition is consistent with the call of the supreme Shiite authority, His Eminence, Grand Ayatollah Ali al-Sistani, which he has directed more than once. Advice and guidance in the context of the homeland.

Cardinal Sacco stressed that civilization (from Medina) is a system that relates to the life of society with neutrality, respects the independent status of religion and its rituals, and does not stand against it. The civil state enacts its laws and constitution on citizenship, and with equity towards all segments of its people. The basis of the civil state is to guarantee the equal rights and duties of all citizens, and to provide them with a decent life. It is not true that the (secular) civil system opposes religion.

On the contrary, the civil system does not deprive people of their right to practice their religion according to their beliefs, but it does not force them to become religious.

A Wave Of High Prices Hit The Markets And Calls For Government Intervention

Markets   Reports  Economy News – Baghdad Iraqis are known for the abundance of shopping, especially ahead of events and holidays, and the month of Ramadan, which is preceded by a wide shopping movement for basic needs, foodstuffs, and other items that fall within the Iraqi tableware.

But it seems that the crises that the Iraqis are experiencing, including the greed of merchants and the irregularity in the supply of food supplies supported by the state, as well as the Corona pandemic, in addition to the series of economic crises, including the difficult situation experienced by a large segment of Iraqis are all challenges that will increase the suffering this month, It will be reflected in the size of their basic purchases, especially since some commodities have increased in large proportions, while a number of merchants justify that the increase is caused by an increase in the exchange rate of the dollar against the Iraqi dinar.

The price increase was not limited to imported foodstuffs, but went beyond that to locally produced materials such as fish, chicken, eggs and vegetables, which in addition to the increase in their prices, some of them became scarce from the market as a result of the increasing demand for them, forcing the Ministry of Agriculture to announce permitting the import of 50,000 tons of tomatoes And 50 thousand tons of chicken factories during the month of Ramadan to control the prices of these materials, which rose in large proportions, justified by the measure that it came to protect consumers from rising prices.

Al-Kazemi stresses to protect the citizen from the greed of traffickers

The massive increase in prices prompted Iraqi Prime Minister Mustafa Al-Kazemi to assure that he would monitor the markets himself, stressing “protecting citizens from the greed of traffickers of people’s food,” refusing to allow those he described as “bidders to exploit the economic circumstance.”

On March 9, Al-Kazemi instructed the Ministry of Trade to provide the basic ration card items supported by the state, prompting the ministry to instruct the provision of those items (flour, rice, sugar and oil) for a period of two months.

The ration card system was established after the economic blockade imposed on Iraq after its invasion of Kuwait in August 1990, which is based on providing basic foodstuffs in addition to cleaning powders. The number of months has been reduced to between six and eight months annually.

Fear of surprises reduced the volume of imports

A member of the Economic Committee, Mazen Al-Faily, explains the price increase on the merchants’ concerns about increasing the volume of their imports due to fluctuations in the dollar price in the local market and fear of surprises, blaming the government for not pumping large quantities of foodstuffs to stabilize market conditions.

“There were measures after the decision to increase the dollar exchange rate, including subsidizing the local product and stopping imports of some food commodities such as eggs and chicken, which led to an increase in their prices due to insufficient local production, as its production fluctuated and did not cover the local market, at a time of strong demand for it,” Al-Faily added.

Regarding imported foodstuffs, he clarifies that merchants did not import large commodities for fear of the fluctuation of the dollar exchange rate, and that the majority of the merchandise was in merchants’ stores, which led to the scarcity of these materials and the increase in their prices.

Al-Faily calls for the need for the government to follow up the markets and open imports of similar materials to the local product in the event of a lack of production with the injection of subsidized foodstuffs to reduce the demand for them in order to reflect positively on the lower prices of the materials.

A member of the Economic Committee said it is likely that the prices of foodstuffs will decline after the increase in the volume of imports by merchants when they get reassurance about the stability of the exchange market.

Urgent solutions to face the crisis

Crisis management specialist Ali Al-Fariji believes that the increase in food prices before the month of Ramadan is caused by the increase in the exchange rate of the dollar, while stressing the need for the government to put in place urgent solutions to confront the crisis.

Al-Freiji holds the government responsible for not providing basic subsidized foodstuffs in the market to balance prices, and for failing to seriously monitor merchants who took advantage of the situation to make profits in the absence of the state’s role.

Activating the consumer protection law

As the economic specialist, Abdul Hussein Al-Shammari, stresses the need to activate Iraqi laws on consumer protection, and the government has pumped large quantities of foodstuffs into the market.

Al-Shammari believes, “The increase in the dollar exchange rate is one of the reasons for the increase in food prices of this size, in addition to the fact that food prices have risen globally, which led to its negative impact on the Iraqi citizen.”

Regarding the reasons for the increase in the prices of foodstuffs of local production, such as chicken and eggs, Al-Shammari explains, “The increase in the prices of local production is due to the purchase of some imported materials for poultry farmers, such as vaccines and feed.”

Al-Shammari stresses the need for the government to provide subsidized foodstuffs in large quantities, especially after approving the budget in order to stabilize prices, and for some laws in effect such as the Consumer Protection Law to be activated.   Source: The Independent  Number of observations 60 Date added 04/09/2021

The International Development Bank Opens A Branch In Kirkuk Governorate

Banks   Economy News _ Baghdad  The International Development Bank opened the bank’s branch in Kirkuk Governorate to provide the best modern banking and electronic services to the people of the province, in a successful positive step towards promoting development and moving the economy wheel in the province.

The opening ceremony was attended by the Deputy Governor of Kirkuk, Assistant Director General of the Central Bank of Iraq, the Mosul Branch, representatives of the House of Representatives, and a group of business leaders and investors, in the presence of the staff of the General Administration of the International Development Bank.

The bank said in a statement received by “Al-Iqtisad News” that, under the auspices of the Chairman of the Board of Directors of the International Development Bank, Dr. Ziyad Khalaf Abd, the bank opened its branch in the province of Kirkuk, which is located on Baghdad Road opposite the Rafidain Bank, the Black Gold Branch, to provide the best modern banking and electronic services to the people of the province. In a positive and successful step towards promoting development and moving the wheel of the economy in the province.

He added that the bank aims to provide support to the banking, investment and commercial sector, financing large, medium and small projects, spreading and enhancing banking culture, completing the processes of localizing salaries of the public and private sectors, and applying the instructions and directives of the Central Bank of Iraq first hand.

He pointed out that all attendees praised the work of the International Development Bank throughout Iraq and its sophisticated and sober plans for the progress of banking work and achieving the best desired results and contributing to growth and prosperity after the bank had achieved great successes and strategic partnerships with major international companies and international and regional institutions and its application of all international standards to work, and its use of the most recent Systems of banking technology, digital transformation and advanced electronic services, and keeping pace with the latest global banking practices and solutions.   Number of observations 131 Date added 04/09/2021

Al-Kazemi: Iraqis Insist On Life And A Future Worthy Of Their Sacrifices

Political| 02:12 – 04/09/2021   BAGHDAD – Mawazine News , the Prime Minister, Mustafa Al-Kazemi, affirmed on Friday that Iraqis insist on life and a future worthy of their sacrifices.

In his tweet on the Twitter platform, Al-Kazemi said, “The memory of the martyrdom of Imam Muhammad Baqir al-Sadr at the hands of the tyrannical regime is a painful day and a milestone in Iraqi history, which recorded 23 years after that day the memory of the collapse of the regime itself tyranny, tampering, vanity and tyranny. You have turned our days into calamities. ”

He added, “But the Iraqis insist on life and a tomorrow worthy of their sacrifices.” Ended 6/29 N

The Ministry Of Oil Announces An Increase In The Volume Of Its Exports In Order To Supplement The State’s Financial Treasury

Pratha News Agency87 2021-04-09  The Ministry of Oil confirmed today, Friday, that Iraq aims to increase the financial value of its oil by increasing exports.

The Undersecretary for Extraction Affairs, Karim Hattab, said in a press statement, “This increase aims to achieve the highest financial revenues for the state treasury, as it relies directly on the revenues obtained from the sale of oil.”

Pointing out that “the Iraqi Oil Marketing Company (SOMO) adopts a well-known mechanism in the global oil market through contracts with discreet international companies that own refineries and deal with the quality of Iraqi oil.”

Hattab added that “the mechanism followed by SOMO in selling oil is through dealing with companies directly through letters and official e-mails, and does not deal with any intermediary companies.”

He pointed out that the expected quotas for export are allocated to companies annually by a council headed by the Minister of Oil, which includes the ministry’s agents, the director general of the oil marketing company and the concerned departments in SOMO, as well as the directors of the control and legal departments in the ministry’s center and others.

He indicated that the largest importers of Iraqi oil are China and India, then other countries and companies from Asia, Europe and the United States

Falling Oil Prices

Time: 04/09/2021 11:37:50 Read: 2,353 times   {Economic: Al Furat News} Oil prices fell today, Friday, as investors assess the rise in supplies of major producers and the impact of the Coronavirus pandemic on fuel demand.

By 07:31 GMT, Brent crude futures were down 0.2 percent to 63.08 dollars a barrel, while US West Texas Intermediate crude was at 59.59 dollars a barrel, down by a cent.

Both decades are on a track to record a two to three percent decline this week after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as “OPEC +”, agreed to gradually increase supplies by two million barrels per day between May and July 2021.

But analysts expect the decline in global oil inventories will continue, as demand for fuel will accelerate in the second half of this year as the global economic recovery gains momentum.

Fears arise that renewed general isolation measures in parts of the world to curb the rise in Covid-19 infections and problems with vaccinations may change the picture of oil demand.

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