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Today, Monday, The Central Bank’s Sales Of Hard Currency Will Rise Again

Economie| 02:31 – 05/03/2021   BAGHDAD – Mawazine News  The Central Bank of Iraq sales of hard currency rose again, Monday, after days of decline.

Today’s auction of the Central Bank for the sale and purchase of foreign currencies witnessed a rise in sales by 9.88 percent to reach 178 million 947 thousand and 783 dollars, covered by the bank at a base exchange rate of 1460 dinars per dollar.

The purchases amounting to 149 million and 447 thousand and 783 dollars went to strengthen the funds abroad in the form of transfers and appropriations, while the remaining amount of 91 million and 500 thousand dollars went in cash.

In addition, 32 banks responded to requests to enhance assets abroad, 18 banks to fulfill cash requests, and 16 participating exchange companies.

Warnings Of The Continued Increase In Inflation Rates

Monday 03th May 2021   110  Baghdad: Haider al-Rubaie An economist warned of the negative repercussions that inflation could have on the rates of sustainable development in Iraq, stressing that the continued rise in its rates directly affects the redistribution of real incomes and deepens social inequality, while he attributed the reasons for the increase in inflation rates in Iraq to the low price The exchange of the dinar against the dollar, calling for the need to adopt a target rate of inflation annually to be fixed in the general budget.

And the Ministry of Planning, according to its spokesman, Abdul Zahra Al-Hendai, recorded a clear increase in inflation rates, indicating that the annual inflation during the month of March rose by (4.3%).

Al-Hindawi pointed out that the rate of inflation during the five months extending between (November 2020 – March 2021) increased by (5.6%), confirming that there was an increase in the prices of food and non-alcoholic drinks by (2.2%) during the last month of March, and clothes and shoes by (2.4%).

Household supplies and equipment by (0.3%), in addition to the increase in the costs of the health department by (0.4%), and transportation by (0.2%).

exchange rate

The economist and professor at the College of Business Economics at Al-Nahrain University, Dr. Sattar Al-Bayati, spoke to Al-Sabah for a number of reasons, he said: They contributed to the increase in inflation rates, placing at the forefront of those reasons the rise in the exchange rate of the dollar in exchange for the decrease in the exchange rate of the dinar, referring to The second reason is called “imported inflation”, which results from the continuation of imports without objective controls or oversight, especially with the absence of the local product and the total dependence on importing consumer goods and foodstuffs.

Al-Bayati believes that “the lack of confidence between the public and the banking sector is a direct factor for the high rates of inflation,” indicating that “the relationship between the two had been based on trust and awareness of the importance of the banking sector’s role in the economy, the role of banks would have been more effective in supporting The national economy is through fatigue of savings and directing them towards investment ».

Negative effects

Stressing that inflation can leave significant negative effects, mainly concentrated on the redistribution of real incomes to different social strata, and deepen social inequality, in addition to the fact that its continuous high rates are capable of affecting the real values of the financial and material assets of individuals, who keep their wealth in the form of financial assets as a form.

As a form of wealth retention, they suffer a great loss in times of inflation. Al-Bayati explained that inflation has clear negative effects on the level of consumption, due to the decrease in the real value of incomes, indicating that “what individuals were getting from their basic needs by entering their known incomes before inflation, they will not get them in light of inflation, because of the low real value of money.”

Inflation and the Budget

In order to mitigate the effects of inflation, Al-Bayati suggested “adopting an annual target rate for inflation to be fixed in the general budget, and that the competent authorities seek to maintain this target rate,” pointing out that if this matter could not be approved in the budget, then my Ministries of Finance and Planning should, as well as The Central Bank: Striving to maintain the inflation rate or work to reduce it.

The economist stressed the importance of activating the regulatory bodies (commercial and health) to follow the movement of markets, and to control imports to be within certain conditions and according to the necessary needs, as well as the importance of activating the law for the protection of national products. LINK

Issue (4627) Was Issued From The Iraqi Newspaper Al-Waqi’a Issued On 26/4/2021

2021-05-03 09:31:00

1- Law No. (20) of 2021 amending Public Health Law No. (89) of 1981.

2- Republic Decrees No. (15), (16) and (18) for the year 2021.

3- Decisions issued by the Committee for Freezing Terrorist Funds, numbered (1), (2), (3), (4) and (5) for the year 2021.

4- Instructions for the dimensions of the vehicle registration plate, its color, and writing numbers and symbols on it, the place to install it, and the authority responsible for manufacturing and installing it No. (4) for the year 2021.

Those wishing to acquire the Iraqi factsheet can refer to the Iraqi investigation department, located in Salhiya / Haifa Street (Ministry of Justice building), and obtain the required number.

The Italian Foreign Minister Announces His Intention To Visit Iraq To Solve A “Dilemma” Since 2003

Time: 05/03/2021 00:46:45 Read: 10,140 times  {Politics: Al Furat News} Foreign Minister Fuad Hussein met with Italian Foreign Minister Luigi Di Maio on Sunday in the Italian capital, Rome.

A foreign ministry statement said, “During the meeting, bilateral relations between Baghdad and Rome were discussed, and ways to consolidate them in the framework of strengthening joint cooperation between the two countries, and work to activate the Iraqi-Italian joint committee in a way that contributes to achieving the interests of the two friendly countries.”

Minister Hussein delivered a congratulatory message presented by Prime Minister Mustafa Al-Kazemi to Mario Draghi, the Italian Prime Minister, on the occasion of his assumption of his new position, including an invitation to visit Iraq.

He expressed his thanks for Italy’s stances in support of Iraq, especially in confronting the terrorist ISIS through its participation in the international coalition and the NATO mission.

Minister Hussein affirmed that Iraq has now become an attractive arena for companies and foreign investments in various sectors after achieving the final victory over ISIS terrorist gangs, establishing security, and being politically open to its regional and international surroundings, noting the importance of agreeing the strategy of cooperation between the two friendly countries, and Iraq’s desire to be the competent Italian companies. In the field of energy and oil, it is strongly present, and benefit from the Italian expertise in the field of antiquities.

The two ministers also discussed a number of issues of common concern, as well as issues related to international organizations, including the United Nations, and the expansion of cooperation in the field of mutual support to obtain membership in international organizations and councils. The minister also touched on the problem of accounts and funds frozen since the fall of the previous regime in 2003 in Italian banks and the need to solve this dilemma.

For his part, the Italian Foreign Minister expressed the condolences of his country’s government over the Ibn Al-Khatib hospital accident, in which a number of citizens were killed, wishing mercy to the victims and a speedy recovery for the wounded.

He stressed his country ‘s keenness to deepen the bonds of relations between the two countries, and stressed the efforts and communicate with stakeholders to solve the problem of frozen funds in Italy, “adding that” would be a future visit to Iraq to look closely for the Iraqi reality and its various aspects. “  LINK

Minister Of Planning: Using International Companies To Address The Problems Of Implementing Mega Projects

Time: 05/03/2021 13:07:57 Read: 2,821 times   {Economical: Al Furat News} The Minister of Planning, Khaled Battal Al-Najm, discussed today, Monday, with the Ambassador of the United Arab Emirates to Iraq, Salem Al-Zaabi, bilateral relations between the two countries in various fields and ways to develop them.

The Minister of Planning confirmed during the meeting, according to a statement of the ministry, which the Al Furat News Agency received a copy of, that “the ministry is moving towards seeking the help of specialized international consulting companies to take advantage of them in developing the appropriate mechanisms for contracting and addressing all problems facing the implementation of mega projects, whose cost amounts to 500 million dollars or more “.

He stated that “the United Arab Emirates has good experience in this field, as evidenced by the developmental renaissance and great scientific development this country is witnessing,” noting at the same time that “the possibility of benefiting from the UAE’s experience in achieving electronic government.”  LINK

The Workshop Encourages The Expansion Of The Stock Culture

Monday 03th May 2021  107 Baghdad: Hussein Thahab   The Iraq Stock Exchange, in cooperation with the College of Business Economics at Al-Nahrain University, organized a specialized workshop with the aim of spreading the culture of investment in securities. It carried the slogan «Mechanisms for trading shares of companies and disclosure in the Iraq Stock Exchange».

The Executive Director of the Iraq Stock Exchange, Taha Ahmed Abdel Salam, said: The virtual seminar organized through the Zoom application comes with the aim of spreading the culture of investment in securities and the benefit achieved as a result of that for the investor and the national economy. Very important, and its indicators reflect the extent of the growth of the national economy.

Economic activities

Abd al-Salam referred to the “participation of 73 professors and students from various Iraqi universities, as well as a number of interested persons.” In the framework of cooperation between economic activities and Iraqi universities ».

Dean of the College of Business Economics d. Nagham Hussein Nehme confirmed that «the workshop dealt with several axes, the concept, components and elements of the Iraq Stock Exchange, the mechanism for opening a shareholder and investor account in a depository center in the Iraq Stock Exchange, the trading mechanism and the types of orders for sale and purchase of components and foundations of financial and information disclosure and its impact on the investor and the shareholder. To the factors affecting the prices of shares traded since 2004.

The economic market

It showed that «the Iraq Stock Exchange is a systemic system that has the characteristics of the economic market. It aims to regulate and monitor the trading of shares of joint stock companies listed in it between sellers and buyers. market”.

Evening trading

It is noteworthy that the Iraq Stock Exchange organizes five trading sessions a week, from Sunday to Thursday, as well as evening trading on Mondays and Wednesdays, to make room for segments that could not be present in the morning to follow the reality of the market and the shareholding companies and the movement of their shares.   LINK

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