BondLady’s Corner Tuesday AM 10-26-21

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TLM724 Administrator BondLady’s Corner

Sovereign Funds Are The Most Prominent Trends Of Multi-Revenue

Tuesday 26 October 2021  79   Baghdad: Shukran Al-Fatlawi  The country has lost many opportunities to diversify the Iraqi economy over the past years, and we still have many solutions, foremost of which are sovereign wealth funds. The specialist in economic affairs, Dr. Bassem Al-Ibrahimi, explained that “many countries have established this type of fund for motives that differ from one country to another, and sometimes the goal of establishing it varies.

It may be achieving economic stability, or it may be achieving future savings, and sometimes it is combined

The two goals.

He pointed out that {the presence of a sovereign wealth fund in Iraq contributes to strengthening the general budget to face failures in annual revenues, and to confront unexpected deviations between revenues and public expenditures, i.e. a certain percentage of revenues is deducted annually to be placed in this fund and is managed according to a special law. With it, it includes transparency that guarantees success


And he had indicated that {the main role that the sovereign fund can play in Iraq is to isolate the general budget and the macro economy from the external shocks that occur from time to time in international oil prices, thus leading to a state of stability, as well as working to preserve the rights of generations. In addition, he considered it an important basis for initiating projects of economic and social priority on the path to achieving success in the process of economic development.

He pointed to the importance of establishing a sovereign fund in Iraq, pointing to the need not to think about this approach when a financial crisis occurs, as it is sometimes difficult to deduct some revenues and transfer them to this fund, indicating that many countries have sovereign funds that withdraw from them in times of crisis to reduce the effects of the crisis.    LINK

Significant Increase In Central Bank Sales Of Hard Currency

Economie| 02:02 – 10/26/2021   Baghdad – Mawazine News  The Central Bank of Iraq’s sales rose, on Tuesday, from the dollar, to record more than 183 million dollars.

The Central Bank auction for the sale and purchase of foreign currencies, today, witnessed an increase in its sales by 77.67% to reach 183 million, and 513 thousand and 572 dollars, which the bank covered at a base exchange rate of 1460 dinars per dollar.

The purchases, amounting to 134 million, 433 thousand and 572 dollars, went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 49 million and 80 thousand dollars went in cash.

Also, 23 banks responded to requests to enhance balances abroad, and 17 banks to meet cash requests, in addition to 199 mediation companies.


Relative Stability Of The Dollar Exchange Rates In The Local Markets

Economie| 10:22 – 10/26/2021 Baghdad – Mawazine News  The dollar exchange rates witnessed, on Tuesday, relative stability in the main stock exchange and local markets in the capital, Baghdad.

The dollar exchange rate on the Central Kifah Stock Exchange in Baghdad stabilized today at 147,800 dinars, for each $100 bill.

The prices of buying and selling the dollar also stabilized in exchange companies and local markets in Baghdad, where the selling price amounted to 148,250 dinars, for each denomination of 100 dollars, while the purchase prices amounted to 147,250 dinars for each paper denomination of 100 dollars. Ended 29/A 4

The Presidency Of The Republic Determines A Way To Supplement The State Treasury With Funds

Political| 11:21 – 10/26/2021    Baghdad – Mawazine News, Adviser to the President of the Republic, Abdullah Al-Zaidi, determined, on Tuesday, the fate of the corruption proceeds recovery law, stressing that it is the way to supply the state treasury with funds.

Al-Zaidi said, according to the official agency, that “the law for recovering corruption proceeds was written in the corridors of the Presidency of the Republic by Iraqi experts, judges, lawyers, and university professors, in addition to the law’s contribution by advisers to the Presidency of the Republic.”

He added that “the bill to recover corruption proceeds was sent to the House of Representatives, and went to the Legal Committee in the House of Representatives, but it was not voted on in this parliamentary session,” expressing his hope “that the law will be studied objectively and thoroughly by the House of Representatives in the next session with the possibility of The amendment, making observations, and sending it to the Presidency of the Republic again.

He stressed that “the law for recovering corruption proceeds is important for Iraq and provides the state treasury with the money that was stolen, after it is voted on by the House of Representatives.” Ended 29/A43

Iraq’s International Agreements And The Move To Local Markets

Tuesday 26 October 2021   99  Baghdad: special    The specialist in the private sector, Eng. Khaled Al-Jabri, stressed the need for the agreement with China to have a positive role in moving the local market.

He added that the agreement, which includes building schools, should have a positive resonance towards the local market, by employing Iraqi manpower, especially those specialized in construction and reconstruction.

Al-Jabri pointed out the importance of relying on locally manufactured materials and construction, as it is possible to rely on local cement, iron and some construction materials, thus ensuring the movement of the reality of the local market and the development of its performance.

Al-Jabri warned that any agreement must serve the national economy and work on the employment of local human resources in a way that serves the economy.

He pointed out that Iraq has smart human resources that are at the fore in the Arab region, and our local expertise can be developed through the establishment of vocational training centers    LINK


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