Al-Kazemi’s Financial Advisor Talks About Changing The Exchange Rate

The Financial Advisor To The Prime Minister, Mazhar Muhammad Salih, Confirmed Today, Monday, That The Financial Surplus From The Rise In Oil Prices Will Cover Three Important Axes, Including Filling The Expected Deficit In The Current Year’s Budget.

Saleh Said, “The Financial Surpluses Achieved From The Rise In Oil Prices And Their Reaching $75 Per Barrel Will Cover At Least Three Axes,” Noting That “The First Axis Is Covering The Planned Deficit In The General Budget For The Year 2021, Which Amounts To 29 Trillion Dinars, While The Second Axis Is Related To Covering The Real Additional Deficit Gap Of Less Than 10 Trillion Dinars, Which Is Caused By The Failure To Estimate Non-Oil Revenues, Which Achieve Only 40% Of Their Estimated Or Planned Estimates In The Budget, Which Unfortunately Causes Pressure On The Planned Annual Spending And Its Ceilings, Which Is Caused By The Failure Of The Financial Collection Institutions In The Country

He Added, “The Third Axis Goes Towards Supporting Faltering Projects Whose Operation Is Intended To Continue, And For Which Many Business Contractors Demand An Amendment Of Implementation Costs (Spare Parts) Due To The Exchange Rate Change Before The Initial Contract Or Other Changes In The Operating Costs Of Ongoing Projects,” Noting That “The Disposition Of With Financial Surpluses, It Is Not Easy Due To The Many Restrictions And Obligations Within The General Budget Itself, Including Postponing The Payment Of Many Of The Expenses That Are Payable And Were Not Spent In Previous Years.”

He Pointed Out That “There Are Dozens Of Laws That Carry Financial Burdens That The Public Finances Are Unable To Implement The Resulting Increases, Even According To The Hypothesis Of Achieving An Annual Average Price Of A Barrel Of Oil Of $75 Compared To The Price Fixed In The Federal General Budget For The Year 2021 Of $45 A Barrel.”

On The Extent Of The Possibility Of Adjusting The Exchange Rate Of The Dollar Against The Iraqi Dinar, Saleh Said, “Adjusting The Exchange Rate Is One Of The Actions Of Monetary Policy In Achieving Stability, Targeting Inflation And Limiting Its Heights Under The Effective Central Bank Law,” Noting That “This Is A Matter That Takes Into Account Monetary Balance Considerations, Two Restrictions, The First The Coverage In Foreign Currency Of The Local Liquidity, Which Has Increased Significantly, Due To Financing The Deficit In Government Expenditures, Which Led To The Expansion Of The Monetary Base, Or What Is Sometimes Called In The Literature The (Domestic) Cash Reserve, And If The Foreign Reserves Outweigh The (Domestic) Cash Reserve In A Way That Does Not Threaten The Country’s Foreign Reserve Wealth Or Its Depletion And Maintains Its Stability, Accumulation And General Stability In Prices.

He Pointed Out That “The Second Limitation Is That The Effects Of The Adjustment In The Exchange Rate Should Be Fully Consistent With The Objectives Of The Country’s Fiscal Policy And Its Level Of Stability, Meaning That It Should Not Threaten The Sustainability Of The Budget Or Cause Sudden Stumbles In Public Revenues Due To The Change In Monetary Values ​​And The Entry Into Failures (Compensatory Value Deficit) In The General Budget, I.e. Itself, Due To The Fluctuation Of Monetary Policy,” He Explained, “This Requires Always High And Accurate Coordination Within The Country’s Supreme Economic Policy Operations.”

Alahadnews.net

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A former deputy warns against auctions

Baghdad / Obelisk: The deputy in the ended parliamentary session, Ali Ghawi, revealed the cancellation of the privileges of officials in all executive, legislative and judicial authorities.

Ghawi told Al-Masala that during our fourth parliamentary session, a decision was taken (unanimously) to cancel the privileges of all officials in all executive, legislative and judicial authorities.

Ghawi indicated that there is no such thing as “improving the living conditions” of the deputies during the fourth session, even before the decision was taken to cancel the privileges.

He continued: There is no pension salary for any deputy unless he has a pension service according to the unified retirement law, noting: What was mentioned above is not necessary for auctions and delusion of the people with media achievements only.

The privileges of officials have always been one of the most important motivators in all the popular protests that Iraq has witnessed since 2003 until today.

And the Iraqis describe the privileges of the officials as a door that the current political class has separated to steal and waste people’s money.

Parliament had voted on a law abolishing the privileges of all state officials, starting from the position of director general to the president of the republic, including Law (12) of 2005, the most prominent of which was the abolition of the material grant as stated in the first paragraph of it, and the prohibition of allocating funds for the treatment of presidencies The three, determining the number of their cars, and stopping the payment of rent allowance to provincial representatives who own real estate in Baghdad.

The purpose of approving this law, according to the compelling reasons that came in it, is to reduce expenditures and cancel the privileges of state officials, in order to achieve social justice among the Iraqi people.

Almasalah.com

Al-Kazemi’s advisor: The new Central Bank’s instructions regarding the sale of the dollar came to combat money laundering

Shafaq News / The Financial Adviser to the Prime Minister, Mazhar Muhammad Salih, confirmed on Thursday that the new instructions of the Central Bank regarding the sale of foreign currency come within the framework of combating money laundering.

Saleh said in an interview with Shafak News Agency; “The new instructions of the Central Bank regarding the sale of foreign currency come within the framework of combating money laundering, by increasing the procedures for checking and disposing of foreign currency,” noting that “there is a lot of talk being said about the currency auction and the money that comes out of it.”

Saleh added that “the Central Bank is keen on the foreign currency to go to the beneficiary that benefits the Iraqi economy through high governance and transparency, which is a global international context, not just Iraqi,” noting that “not to fear these instructions as long as the transactions are sound and clean.”

And he indicated that “the existing foreign currency in terms of reserves is high and large, and there is no problem in meeting the demand through the auction,” noting that “these procedures in checking the currency’s disposal is a measure to address illegal operations and is part of national security.”

Saleh stressed that “there is no fear of the Central Bank’s measures as long as this currency is going in the right way,” noting that “the prior fear of that is unnecessary as long as the transactions presented for the purpose of buying the currency are clean.”

A number of exchange offices expressed their fear of a rise in the dollar exchange rate after the new strict instructions of the Central Bank to sell foreign currency through its daily auction, which will be implemented on the 17th of October.

It is noteworthy that the Central Bank issued on September 26, new instructions for the sale and purchase of foreign currency for authorized banks and mediation companies, which will be applied as of October 17, indicating that the goal behind this is to maintain the stability of currency exchange rates and adhere to the requirements of the Anti-Money Laundering and Terrorist Financing Law.

Shafaq.com

President Saleh: The end of the elections is a starting point for the desired reform

Baghdad – The President of the Republic, Barham Salih, stressed, on Sunday, that the completion of the elections is a starting point towards the reform that the people seek and an affirmation of their democratic choice.

Saleh said in a statement, of which “Nass” received a copy, on September 10, 2021, that the completion of the elections is a starting point towards the reform that the people seek and an affirmation of their democratic choice.

“We thank the government, the security services, the Electoral Commission, and international observers for preparing the requirements for success on this historic day,” Saleh concluded.

Nasnews.com

Pimpy – Dinar Guru  Here’s what everybody’s talking about.  Article:  “Al-Sadr: We will work to raise the level of the Iraqi dinar”  On Monday Sadr himself said they’re going to work to improve and raise the level of the Iraqi dinar to be in the ranks of global currencies gradually.  Pimpy, didn’t you say it might go up in increments?  I did.  As much as I want an RI or RV it was my thought they should do it in increments just to make sure it doesn’t damage the economy.  There’s plenty of reason to believe that Iraq’s currency can stand at a much stronger rate than currently is.  Only because of all the positive things…this is big news.  This is going to be spreading like wildfire.  Sadr saying they’re going to raise the level of the Iraqi dinar...

Dinarupdates.com/observer

Commerce reveals new measures to help foreign investors and companies

Economy News – The Ministry of Commerce announced, on Thursday, work on an automation system to facilitate procedures for auditors, while indicating that it had taken measures to reduce the burden on investment companies.

The spokesman for the ministry, Muhammad Hanoun, said, “The Ministry of Commerce, through the issuance of import licenses and the work of the Companies Registration Department, was able to provide transparent and clear procedures to help investors, businessmen and foreign companies to issue licenses to these companies, whether public or private, as well as to branches of international investment companies in Baghdad and the provinces.” According to “conscious”.

Hannoun added: “We are now working on an automation system and facilitating the task of auditors for the Companies Registration Department and the General Company for Exhibitions and Commercial Services. A few days ago, we agreed with an electronic payment company in order to help these companies pay through the use of electronic technologies, and thus we facilitated a lot of audits and deadly routines that It used to happen in previous years.”

He continued, “These measures contributed significantly to easing the burden on investment companies to obtain opportunities inside Iraq, as well as import licenses for materials entering Iraq through border gates and outlets.”

Economy-news.net

Deep differences draw the scenario of Al-Kazemi’s extension…

Baghdad/The Obelisk: According to a report by Foreign Policy magazine, Thursday, October 14, 2021, the results of the Iraqi elections highlighted a class of independent candidates who won seats in parliament through the direct vote of Iraqis, according to what was achieved through the electoral law reforms.

The extension movement led by Alaa Al-Rikabi, a pharmacist who gained fame during the October 2019 protests, won 10 seats.

The independent parliamentary group will have to decide whether to join the ruling coalition – and risk spoiling the political process or remain pure but powerless as part of the opposition.

The magazine asks: Shouldn’t al-Sadr and his future parliamentary allies look for a new prime minister that they agree on? The consensual candidate may be the current Mustafa al-Kazimi, who has a good relationship with al-Sadr, al-Halbousi and the Kurds. If coalition talks stop and continue for months, this will be the likely scenario.

And the circulation is repeated about a political agreement between Prime Minister Mustafa Al-Kazemi and the leader of the Sadrist movement, Muqtada Al-Sadr, to rename the first as head of the next government for a second term, in coordination with Sunni and Kurdish political forces and parties.

Political forces are betting on Al-Kazemi as the safest option in order to control the street and prevent the outbreak of new protests, especially in light of the emergence of indications that the anti-corruption campaign will move forward in overthrowing corrupt people belonging to the first echelon of the political class.

Observers believe that al-Sadr has changed his position from his desire for the next prime minister to be a Sadrist to supporting Al-Kazemi to run for a second term, as this is considered a kind of practical understanding of reality.

Almasalah.com

The Silk Road and Iraq’s promising economy

Baghdad: Economists and those interested in it addressed during a recent economic conference the importance of the Silk Road and the positives it generates for the country and the region, and its impact on the development of the economies of the region. An important location on the Silk Road and the importance of utilizing it for the benefit of the country.

The head of the center, Dr. Ali Abdul Razzaq Mohieddin, said: “The importance of the Silk Road Agreement between Iraq and China stems from what he called the bartering of raw materials from countries in exchange for reconstruction, and Iraq intends to pay oil in exchange for reconstruction to pay the economic burden without debts, and because it cuts off corruption and provides opportunities The work of academic minds and skilled hands in accordance with the terms of the agreement, which contributes to solving a large part of the unemployment problem of forty percent of the people, and moves the wheel of the Iraqi economy… locally and internationally, and its impact is consolidated globally, adding seventy billion dollars in concert with oil on the arrival of Iraq’s budget to one hundred and fifty Billion dollar annually}.

Dr. Mohieddin said: “Iraq’s location in the heart of the Silk Road enables it to lay the economic and political foundations, to have an independent sovereign role that enables it to take major decisions in its favour.”

The first session of the conference dealt with: “The geo-economic dimensions of the Silk Road and its impact on Iraq, Iraq and regional and international transformations.. A reading of the strategic agreements.. Arab and Chinese, and hand in hand to achieve the Iraq-China agreement, and the Chinese strategy…

The new Silk Road project and its repercussions on the Iraqi economy

While the second session included important topics, the most important of which are the Silk Road and Iraq’s economic future, the role of the Iraqi-Chinese agreement in investing in infrastructure, sustainable urban development for Iraq, the Silk Road to promote sustainable tourism development, the Silk Road and Iraq’s promising economic future.

Alsabaah.iq

Finance decides to restructure Rafidain Bank

Economy News – An official source in the Ministry of Finance revealed that the ministry has restructured Al-Rafidain Bank as part of the reforms it is undertaking in the white paper.

The source, who preferred not to be named, told “Economy News”, “The Ministry of Finance is currently working on restructuring the Rafidain Bank, which is represented by several measures, including the separation of the bank’s board of directors from the Ministry of Finance and the introduction of a technical system instead of the current system used.”

He added that the reforms also include the selection of a new manager for the Rafidain Bank, noting that the next phase, which will start after two years, may be a merger of the bank’s branches.

Economy-news.net