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Don961: Expert: The Formation Of A Committee For Economic Reform Will Begin To Restructure The Iraqi Economy

10th February, 2021

The expert on economic affairs, Raad Twaij, confirmed that the formation of a committee for economic reform is a good and unprecedented step to implement the provisions of the White Paper.

Twig said in a press statement that its independent follow-up: “The formation of a reform committee by the prime minister is an unprecedented step and an operational aspect of the white paper, and thus the beginning of structuring the Iraqi economy, analyzing the imbalances that are centered in the rentier economy and trying to rid the Iraqi economy of gaps and vibrations, especially the recent financial crisis and expectations. The World Bank deflationary rate of 12% this year.

He pointed out that “the rise in oil prices above $ 60 a barrel is considered a major contributing factor to support the reform wave and to complete the reform process.”

Twig called for the Iraqi economy to be divided into two halves, the first part related to the losing sectors, how to reform it, the winning part, how to deepen it, and the need to rely on human development, which will contribute to expediting the reform process and building new capabilities and structures for the Iraqi economy.  LINK

Iobey777:  IMO, looks like Kazemi is all about completing the steps of the white papers and the reform of  the Iraqi economy! Let’s just pray these are the Final steps needed to cross the finish line and get them into world trading and acceptance.!

Don961:  Since the adoption of the new dollar price, the Central Bank’s sales decreased by more than 7 billion dollars compared to previous periods

2021-02-10 Yes Iraq: Baghdad

A government source revealed that the Central Bank of Iraq auction sales had decreased to more than 7 billion and a quarter billion dollars since the new exchange rate was approved.

The official news agency quoted the source as saying, “The Iraqi Central Bank auction sales have decreased to more than 7 billion and a quarter billion dollars since the approval of the new exchange rate, compared to the same period last year.”

He added, “Corruption outlets have decreased after the new exchange rate was approved, and the decision also contributed to preserving hard currency,” after sales in the past represented corruption for the owners of exchange and remittances.

On December 19, the Iraqi Central Bank formally reduced the value of the dinar against the US dollar, in response to growing economic pressures, including the decline in oil prices

The bank set the new official exchange rate at 1460 dinars to one dollar, instead of 1182 dinars to the dollar, which reduces the official value of the currency by about a fifth   LINK