The Minister of Finance announces the launch of the new experiment in the comprehensive banking system

Economy News _ Baghdad… On Wednesday, Minister of Finance, Ali Abdul-Amir Allawi, inaugurated the Al-Alawi branch in the Rafidain Bank, according to the comprehensive banking system.

The ministry’s media office said in a statement received by Al-Iqtisad News that, “Under the auspices of the Minister of Finance, Al-Rafidain Bank opened the Al-Alawiya branch in Al-Firdous Square in accordance with the comprehensive banking system.”

Allawi said, during the opening, according to the statement, that “the new branch is part of the development plan pursued by the Ministry of Finance by adopting modernity and development in the application of the banking system,” adding that “this branch represents the real breakthrough towards popularizing the new experience in all Iraqi banks.”

The statement stressed that “the departments of the Ministry of Finance are working hard and continuously to improve the quality of services provided to citizens.”
The opening was attended by the General Director of Al-Rafidain Bank, the branch manager and the bank’s staff.

Economy-news.net

A “final round” of talks between Baghdad and Erbil on the budget

Baghdad: Morning… The negotiating delegation of the Kurdistan Regional Government, headed by Qubad Talabani, deputy head of the regional government, resumed its meetings in Baghdad on the budget, with weights to approve it at the end of this week, so that these discussions would be a “last round”, to agree on the region’s allocations and the management of the oil file.

First Deputy Speaker of Parliament Hassan Karim Al-Kaabi warned against compromising or reducing the allocations of the social welfare network in light of the outbreak of the Corona pandemic and the economic crisis that Iraq is going through, and he said in a statement: “The decision to increase the exchange rate of the dollar has contributed significantly to reducing the amount of salaries in general and making The value of the dinar is very weak, and the burden of the poor and middle classes is exhausted. Al-Kaabi was surprised by the deletion of the article agreed upon in the draft budget, in the presence of the Minister of Labor, related to increasing social welfare allocations.

Alsabaah.iq

Movements to restore the dollar to its “original price” in Iraq are escalating sharply … legal and judicial “mobilization” based on a “severe” loss

Yes Iraq: Baghdad… The talk returned again about the exchange rate of the dollar against the dinar, and the need to reconsider it, despite the final discount revealed by the Finance Committee throughout the previous period, not to tamper with the exchange rate or return it to its old price and fix it in the budget.

Talking about political consensuses or parliamentary attempts, which ended and the door was closed to them after the statements of the Finance Committee, but a conversation has been going on for days about a “legal loophole” that may return the exchange rate to its previous era.

Rallying to restore the dollar price .. Claims to the judiciary and the public prosecution
Member of the Parliamentary Legal Committee, Hussein Al-Oqabi, revealed that Iraq had lost a trillion dinars as a result of speculation adopted by “corrupt” private banks after the conflicting news about the price of the dollar, while he revealed a “mobilization” to restore the dollar to its previous price.

Al-Aqabi said in a press statement, “We call on the judiciary and the public prosecution to open a file on the loss of Iraq about a trillion dinars in one month after the leaks of raising the dollar ahead of its time by corrupt banks.”

He added that “the currency auction and oil licensing rounds contain great suspicions of corruption and annually cost the state $ 15 billion, and the government must cancel it.”
Al-Aqabi explained that “the current trend is towards forming a political bloc that mobilizes in order to restore the unfair decision against the Iraqi economy to raise the price of the dollar and return it to its previous era.”

Yesiraq.com

The Central Bank talks about mechanisms that will boost hard currency and restrict importers and currency smuggling

Yes Iraq: Baghdad… The Iraqi Central Bank ruled out a threat to hard currency reserves as a result of borrowing, and while noting that the oil market recovery maximizes the reserve, he stressed that changing the exchange rate created competition between the local producer and the importer.

The Director General of the Accounting Department at the Central Bank, Ihssan Shamran, said in a press statement that “the dollar reserve of the Central Bank is not directly affected by the borrowings that the Ministry of Finance makes from banks,” noting that “its impact is indirect and limited.”

He pointed out that “the central bank is monitoring and ensuring the integrity of Iraqi dinars that are handed over to traders to buy dollars for fear that their sources are unknown or related to money laundering crimes. Then the dollar is delivered.”

He explained that the market now feels a little relaxed after changing the exchange rate, which contributed to reducing the import process and creating competition between Iraqi and foreign goods, noting that changing the exchange rate would help the national product in marketing its goods after the imported goods became high in value by 22%.

He pointed out that “the change of the exchange rate made by the Central Bank in favor of supporting the national product against the importer.”

He continued, “The recovery of the oil market would maximize the hard currency needs and reduce the deficit in the general budget for 2021, noting that the dollars collected from the oil sale differences will strengthen the foreign operation reserves of the Central Bank, as this will reduce the pressure on the bank’s reserves of currency.”

Yesiraq.com

Legal settles the debate over the possibility of filing a lawsuit against the Central Bank to restore the exchange rate

Legal settles the debate over the possibility of filing a lawsuit against the Central Bank to restore the exchange rateThe head of the Jurists Union in Diyala, Hussein Al-Taie, resolved, on Saturday, the controversy over the possibility of filing a lawsuit against the Central Bank to restore the dollar’s ​​exchange rate to what it was .

Al-Taie said, “Determining the value of the exchange rate for the dollar in front of the dinar is one of the exclusive powers of the Central Bank of Iraq, as it is responsible for the monetary policy in the country and the law according to its various contents allows it to regulate and determine the exchange rate for economic requirements, whether its decision is correct or wrong because it is the one who bears responsibility and is entitled to question it. The parliament accepted it as the highest legislative body in the country and has the right to control all state institutions, including the financial ones .

Al-Taie added, “It is not possible to file a lawsuit against the Central Bank to return the exchange rate of the dollar to what it was, because determining the price is an exclusive right of the bank, such as the exercise of a ministry or a specialized sector body concerned with its powers, that is, the matter is related to the exclusive powers and it is the right of the central bank .”

He pointed out that “the Iraqi judiciary intervenes through the existence of a case, and the latter must have a legal basis if it does not exist and is missing basically how will the judge rule,” noting that “even if it is lifted, the response of the Central Bank or its representative will have exercised its exclusive powers according to the law. He did not violate its provisions .

The central bank suddenly raised the exchange rate of the US dollar against the Iraqi dinar, without prior warning about a month ago, which led to confusion in the markets.

Aynaliraqnews.com

New Electronic Banking Service launched in Iraq

By John Lee.

The Central Bank of Iraq (CBI) has announced the launch of its “digital enrollment service”, which it says is the first of its kind in Iraq and the region.

According to a statement from the CBI:

“Digital enrollment is an integrated digital financial system that enhances financial independence and liberation from traditional financial systems, as it works to transform Iraq into a country less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial dealings within banks operating in Iraq.

“This service is considered a modern and different trend due to its many advantages, including conducting financial operations in a modern digital electronic form, which reduces time and geographical distances and raises the traditional barriers in the Iraqi banking sector. ”

Rudaw reports that First Iraqi Bank, established six months ago by Iraqi entrepreneur Kawa Rekani, is the sole bank to get permission to operate such a service, allowing customers to perform financial transactions online or through their mobile device with ease rather than through cash payments.

(Sources: Central Bank of Iraq, Rudaw)

Iraq-businessnews.com

Integrity announces the restoration and prevention of the waste of more than a trillion and a quarter of a trillion dinars

The Federal Integrity Commission revealed that the restoration and prevention of the waste of more than a trillion and a quarter of a trillion dinars came during its announcement of its annual report for the year 2020, indicating that the public funds that were recovered or that judicial rulings were issued to return them and that prevented and stopped the waste of the Commission based on its procedures, which were actually returned to The general treasury account totaled (702,593,974,949) billion dinars, and (481,934,358) million US dollars.

The commission clarified that it has worked on (13482) criminal cases in which the number of accused reached (8891) accused, and (12007) charges were charged, among them (63) ministers and of their degree, they were charged (92) charges, and (449) accused of special ranks. General managers and those of their rank were charged (701) charges, pointing to the issuance of (639) convictions (854), including (4) convictions against (4) ministers and those of their rank, and (37) judgments against (29) relatives Special grades, general directors, and their grade.

She indicated that she examined (28057) communications, news and criminal cases during the same period, of which (7,386) cases were completed through judicial procedures.

Alsumaria.tv

The central bank auction sales are down to more than $ 7 billion

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

The source said, according to the official news agency, that “the auction sales of the Iraqi Central Bank 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 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.”

Aynaliraqnews.com

An agreement to set a date for passing the 2021 budget bill

“Today, Sunday, an informed parliamentary source said that there has been A PRELIMINARY AGREEMENT BETWEEN THE POLITICAL FORCES TO PASS THE 2021 BUDGET BILL NEXT SATURDAY.”

“The agreement came after reaching an AGREEMENT AND CONSENSUS WITH THE KURDISH FORCES REGARDING THE REGIONS SHARE OF THE BUDGET DURING THE NEXT TWO DAYS.”

Yesiraq.com

There is a tendency to cancel the currency auction!

The Parliamentary Finance Committee confirmed that there is a tendency to cancel the currency auction, while indicating that the Central Bank’s reserves will not be affected in the 2021 general budget.

Committee rapporteur Ahmed Al-Saffar said in a press statement, “The draft budget when it is approved In the House of Representatives voting session, it becomes a binding law for the government and is enforceable, “indicating that” the Ministry of Finance then issues instructions within a week or two to send to ministries to facilitate the budget implementation process. ”

He continued: “The budget deficit was reduced from 71 to 24 trillion only, as the lending scheme deducted the treasury transfers to the central bank 47 trillion, but we reduced it to only two trillion, if the price of a barrel of oil remained at 45 dollars.”

The government will have an abundance of money if the price of a barrel of oil remains high. ”

The decision of the Finance Committee indicated that there is a tendency to cancel the currency auction because it does not exist in all countries of the world except in Iraq, explaining that the currency auction mechanism is incorrect, and hard currency is supposed to be given to actual importers, students, professors, and patients who travel outside the country and not to banks.

On the exchange rate of the dollar, Al-Saffar explained: “The exchange rate is exclusively within the authority of the Central Bank and it is not possible to interfere in its work as it is responsible for the monetary system, the monetary mass, the exchange rate and the cash reserve.”

Radionawa.com