Saturday Morning Iraq Economic News Highlights 8-19-23
An Expert Proposes Solutions To Limit The Rise In The Dollar In The Parallel Market
Economical 2023/08/19 Haider Fleeh Al-Rubaie,the economist, Munaf Al-Sayegh, proposed a set of solutions to control the parallel exchange rate and undermine the dollar, pointing out that the presence of two different exchange rates could confuse the local market and lead to a kind of imbalance in economic performance, while he praised the targeted measures In order to limit the rise of the green currency in the parallel market, he called for “liberalizing the exchange rate” in accordance with the levels of supply and demand and foreign trade activity, as well as working to change the pattern of the balance of payments and the trade balance.
According to specialists in economic affairs, the Central Bank succeeded in controlling the exchange rate of the parallel dollar, and put an end to the booms that that currency witnessed in previous times, indicating that the packages of decisions issued by the monetary authority led to strengthening confidence in the national currency, stressing at the same time,
The fluctuation of the exchange rate is no longer an influencing factor in the prices of goods and materials that are now imported at the official price of the Central Bank.
Al-Sayegh told “Al-Sabah”: “The presence of two different exchange rates leads to a negative impact on economic performance, especially if it is linked to the pattern of consumption activity and thus will undermine government efforts aimed at enhancing its ability to provide quality services,”
stressing the need to “establish development paths that work on Diversifying economic activity in line with the urgent requirements of society, such as continuous energy, efficient education, health institutions, as well as the provision of high-quality services, indicating that these steps are sufficient to achieve an active and flexible economy capable of constantly diversifying while creating sustainable development opportunities and diverse and renewable job opportunities within the requirements of economic performance and its obligations. local and international obligations.”
In order to find remedies for the economic effects of the existence of two different exchange rates for the local currency, the jeweler believes that the exchange rate must be liberalized in a flexible manner, according to the levels of supply and demand, as well as the levels of commercial activity of foreign trade, in addition to the need to work to change the pattern of the balance of payments and the trade balance in a way that leads to its transformation Gradually from negative to positive.
Al-Sayegh also stressed the importance of changing the spending pattern in the budget towards the productive investment that leads to serious development paths, taking into account the change in foreign trade patterns from consumer goods to productive goods linked to a specific economic activity, as well as the trend towards making a fundamental change in the pattern of performance and activity. Finance for public and private banks, enhancing the efficiency of government programs aimed at pushing development projects that support economic activity in general, and expanding small and medium entrepreneurial projects among young people. https://alsabaah.iq/82642-.html
Al-Sudani And Al-Mandalawi Agree To Expedite The Implementation Of The Budget Provisions
Iraq 2023/08/19 Baghdad: Shaima Rasheed Prime Minister Muhammad Shia’a al-Sudani and First Deputy Speaker of Parliament Mohsen al-Mandalawi agreed, yesterday, Friday, to expedite the implementation of the budget provisions.
A statement by the parliament’s media department stated, “The prime minister and al-Mandalawi stressed the importance of continuing effective coordination between the legislative and executive authorities with the aim of accelerating the enactment of solid laws that concern the citizen and meet all his requirements, and focus on laws that encourage economic and investment development, as well as revitalize the industry and create suitable job opportunities for young people.”
He added, “Al-Mandalawi called for continued coordination between the legislative and executive authorities in a way that contributes to the enactment of laws of interest to the citizen and the development of the economy,” stressing “the agreement to expedite the implementation of the provisions of the tripartite budget, especially those related to service and strategic projects and the mechanisms for their implementation and follow-up.”
In the context, the Parliamentary Finance Committee formed sub-committees of its members to follow up on the implementation of the budget items, indicating that the failure to implement the budget items by any ministry or agency puts it under the law, accountability and legal accountability.
A member of the Finance Committee, Thamer Dhiban, told Al-Sabah: “The compensation of employees was calculated by the Ministry of Finance and sent to Parliament within the budget law and was voted on, and no ministry, body or department can refrain from calculating employee compensation because the budget law is a governing law.” “, explaining that “the money that must be spent are dues to employees for previous years. All ministries must apply the budget law.”
He added, “Any ministry or authority that refrains from implementing the law will be subject to legal accountability and accountability,” noting that “there are oversight bodies such as the Finance Committee, the Integrity Commission, and the Financial Supervision Bureau that follow up the implementation of the budget law in every small and large way with the ministries and departments.”
Dhiban continued, “What is regrettable is that in some ministries there is abuse with employees and dissatisfaction on the part of employees in these ministries in calculating salary differences or entitlements of new employees. Edited by: Mostafa Ibrahim https://alsabaah.iq/82650-.html
A New Rise In The Dollar Against The Dinar In Baghdad And Erbil
2023-08-19 Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar increased today, Saturday, in Baghdad markets, and in Erbil, the capital of Kurdistan Region.
Shafaq News agency reporter said that the two central stock exchanges of Al-Kifah and Al-Harithiya in Baghdad recorded this morning, an exchange rate of 153,800 Iraqi dinars for 100 US dollars, while the selling prices last Thursday morning were 153,200 Iraqi dinars for 100 dollars.
As for the dollar prices in exchange shops in the local markets in Baghdad, they rose, as the selling price reached 155,000 dinars, while the purchase price reached 153,000 dinars for every 100 dollars.
As for Erbil, the capital of the Kurdistan Region, the stock exchange does not trade on holidays, except that some exchange shops that opened their doors traded the dollar at a high rate. The selling price reached 154,300 dinars, and the purchase price was 153,300 dinars for 100 dollars. LINK
Syrian Expert: The US Military Continues To Distance Iraq From Syria
Information / Baghdad.. The researcher in Syrian social and national security issues, Said Fares Al-Saeed, confirmed, on Saturday, that the American forces continue to intensify their illegal military presence in Iraq and Syria with the aim of dividing the region.
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Al-Saeed said in an interview with Al-Maalouma Agency, “The United States of America continues its illegal presence with the aim of preventing the Iraqi people from delivering humanitarian aid to the Syrian people.”
He added, “America, for many decades, through studies centers and decisions issued by Congress, confirms the strengthening of its presence in the region in order to divide Syria and Iraq.”
He pointed out that “the illegal American military presence, especially in the al-Tanf bases and the Syrian al-Jazeera base, is to steal and plunder the wealth of the Syrian people and export them to black markets to support terrorist activities.”
A member of the Syrian People’s Assembly, Muhammad Fawaz, said in a previous interview with Al-Maalouma News Agency, that the American army is active in selling stolen Syrian oil through illegal crossings in northeastern Syria, in addition to its logistical role in the illegal entry and exit of American military convoys. LINK
]Integrity Investigated The Theft Of 12 Billion Dinars From The Money Sold State Lands
Information / Anbar .. Sheikh Abd al-Razzaq al-Dulaimi, one of the sheikhs and notables of Anbar province, revealed, on Saturday, that the Integrity Committee is investigating the theft of about 12 billion dinars by senior officials involved in the files of selling state lands in Anbar.
Al-Dulaimi said in a statement to Al-Maalouma agency, “Information leaked from the confessions of a number of officials involved in corruption files selling state lands, who are currently detained in Baghdad prisons, about the theft of about 12 billion dinars, after new confessions confirm their involvement in stealing the amount while they were in office and with the support of the ruling party that It is led by Parliament Speaker Muhammad al-Halbousi.
He added, “The investigations report confessions by employees from the Real Estate Registration Department of their involvement in stealing huge sums of money by acquiring lands of the state and citizens and selling them illegally,” noting that “those involved in the files of selling state lands admitted to sharing the stolen sums with leaders of the Taqaddam Party.”
It is noteworthy that a security force coming from Baghdad arrested earlier a number of employees of the Real Estate Registration and Tax Department and other employees representing prominent leaders in the Taqaddam party, after their involvement in files of corruption, financial extortion, forgery, and the acquisition of huge sums of money in the mechanism of selling state property. LINK
It Exceeds 300 Billion Dinars.. A Financial Deficit In The Salaries Of The Region’s Employees For The Month Of June
Baghdad today – Erbil Today, Saturday (August 19, 2023), the Ministry of Finance in Kurdistan announced that it had recorded a financial deficit of more than 300 billion dinars in the salaries of employees for the month of June, which were distributed in the month of August, calling on the Baghdad government to adhere to the financial budget law and send the region’s monthly share. on time.
Salary deficit
Ministry spokesman Honor Jamal said in a press conference followed by “Baghdad Today” that “this month, there was a deficit of 321 billion dinars, and it was filled with internal revenues, while the local income is not only for salaries, but also for the Kurdistan Regional Government’s spending on services.” , the priority of ministries and institutions, the entitlements of lecturers, cleaning, creating green spaces, and securing food for prisoners, all of which are derived from internal financial revenues.
Regarding sending the region’s budget share, the spokesman said: “We presented these figures in detail to the Iraqi government, the Ministry of Finance and the Office of Financial Supervision, and they carried out a comprehensive investigation in this field,” adding, “The Kurdistan region has fulfilled all its obligations, and we asked the federal government to abide by the budget law and send a region’s share.” Kurdistan every month on time.
Jamal stressed that “the General Directorate of Customs and the relevant authorities are in constant contact with the Iraqi government in order to unify customs drawings in all land and air ports in Iraq.”
He added, “Some Iraqi border crossings do not adhere to the unified instructions, which has led to a reduction in trade at some border crossings in the Kurdistan region, prompting merchants sometimes to resort to other border crossings to import their goods from there due to the low taxes and fees.”
Customs fees
He continued, “We have established a customs control directorate that monitors goods coming from the cities of southern and central Iraq to the Kurdistan region, and any merchant who does not pay the necessary customs duties will be held accountable.”
A spokesman for the ministry indicated, “Because of the government reforms that we have undertaken in customs and ports with the help of the relevant ministries within the framework of the Kurdistan Regional Government program between 2019 and 2022, the volume of trade exchange has increased by about two trillion and 500 billion dinars with neighboring countries, especially with Iran.”
And on (August 16, 2023), the federal government stipulated that it supervise the distribution of salaries of employees of the Kurdistan Region in return for sending the funds for salaries for two consecutive months LINK
