The dollar fell to its lowest level in a month

Mawazine News: The dollar fell to its lowest level in almost a month, against major counterpart currencies, before an important US jobs report that may spur the Federal Reserve to an early cut in stimulus.

There was little change in the dollar index, which tracks the performance of the US currency against a basket of 6 counterpart currencies, at 92.207, after it touched 92.151 earlier for the first time since the fifth of last August.

The euro also nearly settled at $1.1878, after hitting its highest level since August 4 at $1.1884, supported by rising inflation in the region to its highest level in 10 years, and a monetary tightening speech from European Central Bank officials ahead of a policy meeting on August 9. This September.

Meanwhile, the US central bank has made labor market recovery a condition for reducing asset purchases during the pandemic.

Mawazin.net

Oil: Price stability at $70 is a good indicator that enhances financial will and revives the economy

Economie – Today, the Ministry of Oil clarified the mechanism for dividing the gradual increase in production that was agreed upon in “OPEC +”, while confirming that this increase will contribute to reducing the deficit in the country’s financial budget .

A spokesman for the Ministry of Oil, Assem Jihad, said in a statement that “one of the most important priorities of the OPEC + member states is to maintain the stability of oil markets and control the required balance between supply and demand for crude oil, and work to address the oil surplus here and there .”

Dijlah.tv

Proposal to digitally reintroduce small denominations

Baghdad: The expert in economic affairs, Dr. Hussein Al-Khaqani, suggested to the Central Bank to digitally reintroduce small denominations, which would provide sums for the public, after amending the digital banking system. Al-Khaqani said that {small cash denominations, which are smaller than 250 dinars, if they are collected and accumulated annually, the citizen will get good savings from them, instead of wasting them on buying goods that are not worth their real value.

The 250 dinars

He pointed out that “the records of government departments used to contain parts of the 250 dinars currency, but they were settled and made into the currently circulating cash denominations, as imposed by reality, transactions and the public’s acceptance of them.”

Alsabaah-iq

Baghdad today publishes dollar prices after the capital conference for cooperation and partnership

Baghdad today – (Baghdad Today) publishes, on Saturday, the exchange rates of the US dollar against the Iraqi dinar, according to what the Iraqi stock exchanges recorded after the Baghdad Conference for Cooperation and Partnership.

The selling price of the dollar in Iraq reached 148,000 thousand dinars for each $100 bill.
After the Baghdad conference, the stock exchanges witnessed the purchase price of the dollar at 147,000 thousand dinars in exchange for the $100 bill.

Baghdadtoday.news

Finance Minister: We have started reform, and we need everyone’s concerted efforts

Baghdad: Finance Minister Ali Abdul-Amir Allawi stressed that the country’s situation is described as sensitive and requires concerted efforts by all, in order to achieve serious reforms that distance the country from potential dangers, pointing out that cooperation is most intense with the Central Bank of Iraq with the aim of building a clear financial map.

Allawi said during a meeting with a group of journalists: The budget for the year 2022 will be completed within 3-4 weeks and presented to the Council of Ministers, expecting to submit it to the next parliament.

And it will depend on the price per barrel of oil, $50, and it will be based on the current production level. Regarding the exchange rate and the decision to devalue the national currency, Allawi stated that {the exchange rate represents the external face of the economy, and the high exchange rate brings benefit to many economic sectors}, noting that {the price when it affects the economy negatively and encourages the transfer and transfer of resources. On the outside, it is necessary to reconsider and this is what happened.”

He said, “The decision to devalue the currency came in order to create a competitive economy that encourages the work environment in the country,” noting that “during the past six months, we have indicated an increase in demand for investment licenses in the industrial sector”.

Allawi pointed out that “the increase in prices in local markets, and the percentage that exceeds the rate of devaluation of the currency, came due to the increase witnessed by global markets, which coincided with the decision to reduce and the Corona pandemic, which had negative effects on the global economy as a whole.”

He stressed, “We are moving towards offering treasury bonds for trading in the Iraqi Stock Exchange, and we expect a great turnout for them in the absence of ideal investment opportunities in the country,” noting that “Iraq’s revenues are large, but the obligations are also wide, and there is an inflation in the number of employees that coincides with a lack of productivity.

He said: {Reform of government performance and the economic system is inevitable, and far from it we cannot create an incubating environment for the economy}, pointing out that we have begun a real reform of government institutions, banks, customs and taxes, in order to manage the economy”.

Alsabaah.iq

Baghdad summit

The Baghdad summit came to move Iraq’s chronic economic stagnation with its regional and international surroundings. After the hibernation of the vital industrial, agricultural and tourism sectors in the country, we sensed from the presence a serious desire to support Iraq in its various sectors, and international support for its return to its true place among the countries globe.

An important summit that opens political and economic horizons, as the delegations came to Baghdad, the kiss of all, and present in the hearts of the world, and they realize that the most important courses of action in this country rich in its history and heritage is that it is a virgin land for work and accommodates international efforts.

Iraq, which is important with its capabilities and location, can be an important hub and an eighth economic corridor on the surface of the globe, and this is supported by the assurances of economists and specialists.

We have an opportunity to invest this international and regional presence and plan for a new stage of work that will move the country to better levels, and here we must have a real reform of the reality of performance, and legally support investment efforts

Iraq can be an international commercial industrial center and we have a global economic city whose center can be in the south of Iraq and in the city of Al-Faw in particular. The transport of goods shall be within short periods, dependent on the dry channel established for this purpose and which generates revenue

Through the portal of this summit, we can open a door to communicate with the most important international companies to come to Iraq and work together to achieve mutual benefit, as we can significantly advance our economy and serve our country, and the countries of the region together, as the economic advancement in Iraq brings benefit to all countries of the world without exception.

Thus, it becomes clear to us the importance of the Baghdad Summit and its economic dimension, which must be before our eyes and invest in it in the right way.

Alsabaah.iq

Al-Kazemi meets his Kuwaiti counterpart on the sidelines of the Baghdad Conference for Cooperation and Partnership

Baghdad today – Prime Minister Mustafa Al-Kazemi affirmed Iraq’s keenness to strengthen the participants and reduce the causes of regional and international conflicts, pointing out during his meeting with his Kuwaiti counterpart on the sidelines of the Baghdad Conference for Cooperation and Partnership, directing joint efforts towards solving outstanding problems.

A statement by Al-Kazemi’s media office, received by (Baghdad today), stated that “Prime Minister Mustafa Al-Kazemi met the Prime Minister of the State of Kuwait, Sheikh Sabah Khaled Al-Sabah, on the sidelines of the Baghdad Conference for Cooperation and Partnership, which started its work today.”

The statement added that “the meeting discussed ways to strengthen relations and joint cooperation, in light of the principles of partnership and bilateral coordination, towards issues of common concern, and to strengthen bilateral positions that consolidate the security and stability of the region.”

Al-Kazemi noted, according to the statement, “Iraq’s keenness to strengthen the participants, reduce the causes of regional and international conflicts, direct joint efforts towards solving outstanding problems, and moving the region towards sustainable development.”

For his part, Kuwaiti Prime Minister Sheikh Sabah Al-Sabah praised Iraq’s role in strengthening the pillars of international and regional stability, stressing “the brotherly State of Kuwait’s keenness to strengthen joint work, towards achieving economic integration, and reducing sources of tension and instability in the region.”

Baghdadtoday.news

Iraqi Finance Minister “Supports Floating Exchange Rate” for Dinar

By John Lee.

Iraq’s Deputy Prime Minister and Finance Minister has reportedly said that he supports a floating exchange rate for the Iraqi currency, the dinar.

Shafaq quotes Ali Allawi (pictured) as telling a press conference on Thursday that the Central Bank of Iraq (CBI) intervenes occasionally to keep the dinar in the range of plus or minus 5 percent, adding:

“The exchange rate is not sacred as it was before. Fixing the rate leads to the accumulation of economic problems and explosion later.”

(Source: Iraq-businessnews.com)

The Iraqi Finance Minister supports the floating of the currency

Shafaq News/ Finance Minister Ali Abdul Amir Allawi confirmed on Thursday that he supports floating the currency in a flexible manner.

Allawi said in response to a question by Shafaq News Agency, “The Iraqi currency is floating, but the central bank intervenes from time to time until it places it within a certain bar, for example, plus minus 5 percent.”

He added, “Personally, for me, the best kind of floatation is flexibility in pricing so that the price is not sacred as it was before when it entered people’s minds without change, and thus economic problems accumulate and explode.”

The Minister of Finance continued by saying, “There must be some kind of flexibility; it is not the flexibility with which you lose control over it, but the flexibility that stabilizes the price and setting a range of 2 to 3 percent for both parties.”

Allawi pointed out that “the central bank’s policy is to maintain this price and put the gap between the official price and the market at an acceptable level,” noting that “it has also proven that the stability of the exchange rate is important, except in the case of economic indicators that push you towards change.”

Floating the currency is fully or partially liberalizing the currency exchange rate so that the government or the central bank does not interfere in determining it directly, but rather it is automatically released in the currency market through the supply and demand mechanism that allows determining the exchange rate of the national currency against foreign currencies.

Shafaq.com

The Minister of Finance talks about the process of changing the exchange rate of the dollar

Finance Minister Ali Allawi announced that the process of changing the exchange rate was not easy, and while he indicated that Iraq came out of the difficult economic situation safely, he revealed the reasons for the delay in paying salaries.

Allawi said in an interview with a number of media outlets, “Iraq’s financial policy during a year and a half went through five exceptional circumstances,” noting that “entering at the beginning of the government’s work, there was no financial safety valve.”

He pointed out that “the Iraqi economy has changed since 2019 and the obligations of the previous government, and the Corona crisis led to the collapse of oil prices and increased unemployment,” noting that “the government’s policy worked to control expenditures and thus reflected on state revenues.”

He added, “The process of changing the exchange rate was not easy, but the fiscal and monetary policy is reformist and it must be continued. The reform process is correct and started with banks and customs,” stressing that “the fiscal policy aims to balance oil and maximize other resources.”

He pointed out that “the process of changing the dollar exchange rate should have taken place years ago, which reflects something beneficial to reform the economic system, as it is not possible to create an incubating environment for a private economy without the government’s ability to change the distortion of public finance.”

And he indicated, “The exchange rate reflects many issues and its rise is beneficial for some economic sectors,” noting that “the process of changing the exchange rate was wanted to create a competitive atmosphere in Iraq, especially since today there is a balance between demand for currency and supply.”

The Minister of Finance stressed, “The ministry aims to stabilize the exchange rate and will defend it, and government banks aim to support the national economy, not the advances per se,” noting that “the government is not against the advances, but it must diversify the sources to which these advances go.”

He stated, “The relationship with the IMF is good, and it stands with Iraq’s policy of reform, including changing the dollar exchange rate, and during the recent visit to the World Bank, we did not ask for any loan, especially that the financial situation is going better.”

On the other hand, Allawi stressed, “We came out safely from the difficult economic situation, and we have coordination with the Central Bank and cooperation is necessary between the fiscal and monetary policies.”

In the meantime, the Minister of Finance revealed, “The Kurdistan Region has not implemented its obligations regarding the payment of oil prices,” stressing that “the federal government has paid the region’s entitlements, and as a result, the center must be granted oil and customs entitlements.”

He added, “The price of oil obtained by the region is above the equilibrium price by about $10, and for humanitarian purposes, the Council of Ministers granted the region’s salaries according to the Council’s directive and with a reservation of finance.”

He continued, “Our position is neutral, professional and objective regarding the region’s salaries, and it should be given 200 billion dinars per month, and the interest will be about 6 percent in terms of bonds, and we expect a great demand for it.”

He pointed out, “The state’s oil resources are eroding due to the large obligations of salaries and retirement, and the improvement in oil prices does not solve the financial distress quickly, due to internal and external debts,” noting that “the delay in the payment of salaries is caused by massive inflation in Iraq, especially since 65 percent of the state budget goes for salaries.”

He added, “We are not against government employment, but we are against the loss of productivity in the state’s sectors,” noting that “taxes are important in stimulating production and investment, and they are very few in Iraq, as they are not equivalent to 1% of the national income.”

He added that “the citizen has the right to complain about taxes because the method of obtaining them from them is not a proper method, and the state’s resources in Iraq are used incorrectly,” noting that “the tax law will reconsider the issue of tax in Iraq and draw up a new policy and a new law.”

And the Minister of Finance indicated that “the energy sector costs the state $25 billion annually, and we get only 7% of the dues from citizens,” explaining that “reconsidering the state’s financial structure is one of the most important challenges ahead.”

Allawi pointed out that “the cost of managing the state increased by 30% between the two years: 2018 and 2020″.

The minister added, “The sums of the smuggled former regime and property do not exceed several palaces or houses,” noting that “the property of the former regime is not equal to 5% of the other assets that were taken from Iraq.”

And he indicated that “nearly 200 billion dollars were smuggled out of Iraq due to corruption operations,” explaining that “it is not easy to recover these funds and we have started dialogue with the neighboring countries that received our money.”

He stressed that “about 20 billion dollars evaporated from the smuggled Iraqi money in the banks of the countries.”

He added that “the insurance sector in Iraq is really profitable and we want to move it,” noting that “the 30% increase in state costs is caused by the increase in the number of employees, their salaries and incentives.”

And he indicated that “the foreign debt is about 50 billion dollars,” noting that “the debts of the Paris Club have become few after Iraq paid a lot of them.”

Allawi warned, “against entering into any external obligations related to debt,” stressing, “We are in the process of issuing bonds and the Iraqis will not buy them without guaranteeing the payment of interests to them, and this is their right.”

The Minister of Finance explained that “there are about 6.5 million citizens who receive financial dues from the state.”

Regarding compulsory conscription, Allawi stated that “the conscription law has not yet been discussed in the Council of Ministers,” noting that “the Ministry of Defense expects conscription to include 10,000 people, which costs the budget 150 billion dinars.”

non14.net