TNTSaturday Morning 10-23-2021

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Tishwash:  The government reveals the destination of the surplus funds from the high oil price in the budget

Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, determined, on Saturday, the destination of the surplus funds from the rise in the oil price in the 2022 budget
. Salih told “Mawazine News”, “In order to reach a financially balanced budget, the current spending ceilings must be maintained and there is nothing wrong with that.”

From making an adjustment by 5 to 6%, to avoid creating a deficit,” noting that “selling more than $60 should include transferring the financial difference in prices to the investment budget.”

He added, “The step of transferring the surplus amounts to the investment budget due to the presence of thousands of stalled projects, which led to their extinction to be re-implemented,” adding: “In light of the low exchange rates of the dinar, the budget will face a burden and it will be an additional cost.”
The government advisor confirmed,   link

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Tishwash:  The 5 and 10 thousand dinars denominations disappeared from the ATMs

Recently, there have been cases that the citizen was not familiar with, since the spread of ATMs throughout Iraq, represented by the disappearance of small and medium groups (from 1000 to 10 thousand dinars), which may bring back to the scene the scene of mistrust between the public and private banks, precisely because of The latter’s failure to provide all cash denominations in its ATMs.

Citizen B says: I (employee) “When I receive a message or a notification on my phone that my salary has been launched, I immediately go to the nearest ATM to withdraw the salary for the purpose of fulfilling my financial obligations that require cash.”

i added. For “Al-Sabah” that “the ATMs of the bank to which I settled my salary, are devoid of small and medium cash groups (1000 to 10 thousand dinars), and I do not know the reason, although withdrawing them as liquidity may differentiate among some who complain of the deterioration of their living conditions.”

And he added, “This case brings to mind the issue of citizens’ trust in private banks, which has been shaky since the collapse of a number of them in previous years, which calls for a review of the issue of financial inclusion in the smallest details, especially the salary settlement clause.”

For his part, the banker Hussein Najm believes that “these cases may occur in some private banks for accounting purposes or to facilitate the disbursement of the salary in the largest possible categories, and to facilitate filling the exchange with cash from those categories, as it will become lighter in weight when transferred.”

Negm pointed out that “this case can be explained by the fact that banks encourage the public to adopt a savings policy, which has been absent from the family economy scene since the nineties of the last century, or it may be one of the problems or challenges of settlement and the banking system in general.”

In turn, the expert in economic affairs, Dr. Hussein Al-Khaqani, said that there is a source of individual financial waste, represented by the electronic payment card holders of employees and retirees, when a notification is received of the release of the salary, the card holder quickly resorts to receiving his salary in cash from the exchange offices minus the commission.

Al-Khaqani added, “Perhaps the most important reason for this is the lack of electronic payment card readers, which are supposed to be available at all official authorities and the private sector, to collect their debts, such as malls, large and small shops, even taxi drivers, stores selling vegetables and fruits, ovens, restaurants, and even traffic departments and the collection of water fees. Electricity, payment of transaction fees and tax collection.

He stressed that “the banking automation process in Iraq is deficient due to the imposition of electronic cash dealings on employees and retirees, in exchange for limiting cash withdrawal points to outlets and ATMs and not providing them in all shops and the aforementioned entities, which widens the cash gap between citizens and banks.”  link

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Tishwash:  After 7 years..Partial cancellation of the warning imposed on the airspace of Iraq

The General Company for Air Navigation Services of the Ministry of Transport announced on Friday the cancellation of part of the air warning imposed by the Federal Aviation Organization “FAA” in 2014 on airspace during the war against ISIS.

In a statement received by Shafaq News Agency, Director of the Air Traffic Department Jassem Abdel Ali said, “After implementing the directives of the Minister of Transport, Captain Nasser Hussein Al-Shibli, and the high coordination with all concerned parties and the efforts made to improve the level of navigational services provided and to participate in the numerous meetings and seminars with the International Civil Aviation Organization ( ICAO, the Air Transport Association (IATA) and the companies transiting the Iraqi airspace, part of the air warning that had been imposed since 2014 on the Iraqi airspace during the war against ISIS has been cancelled.

He explained that “reducing the warning on the Iraqi airspace is a positive step that has clear economic dimensions that lead to an increase in the number of planes transiting Iraqi airspace, and thus raise the revenues of the state’s general budget.”

Ali added, “The Federal Aviation Administration (FAA) today lifted the NOTAM declaration for Iraqi airspace, which considered the atmosphere unsafe and dangerous for American airliners, and for eight years, it was replaced today by a new declaration that considers high altitudes from above 32,000 feet as safe and valid altitudes for the passage and transit of companies.” Aviation”  link

 

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