A parliamentary committee moving the oil and gas law file

Baghdad: The Parliamentary Oil and Energy Committee opened the Cabinet and the Ministry of Oil for the purpose of expediting the implementation of amendments to the oil and gas law and sending it to Parliament.

Committee member Sadiq Al-Sulaiti said, in an interview with “Al-Sabah”: The oil and gas law is one of the most important stalled laws, and the Parliamentary Oil Committee has addressed the Prime Minister and the Ministry of Oil for the purpose of expediting the necessary amendments to this law and returning it to the House of Representatives for the purpose of advancing its legislation, indicating that “ The law is in the drawers of the government, which is working to complete it, mature it, and treat some of its objectionable paragraphs, and return it to Parliament for the purpose of initiating its approval ».

He added: “This law is the radical solution to the problems between the center and the region, as in every budget it will create a crisis in the mechanism for settling oil receivables, the mechanism for exporting oil and the mechanism for delivering those receivables and other paragraphs that will be subject to political difference, and may be subject to political auctions as well.” Noting that “the issue does not go beyond being technical and mathematical related to revenues and duties and is supposed to be regulated by law,” expressing his hope during the coming period and the remainder of the parliament’s life, that “the government will accelerate the completion of this law and return it to Parliament ».

Alsabaah.iq

Floating the currency leads to the collapse of the market and warnings against its implementation

Sky Press / The Prime Minister’s Adviser for Financial and Economic Affairs, Muhammad Mazhar Saleh, confirmed today, Monday, that it is not permissible to float the currency in Iraq, indicating that this leads to the collapse of the market.

Saleh said that “it is not permissible to float the currency in Iraq because the market will collapse in this case,” indicating that “the entry and exit of hard currency does not enter the market, which is only an exit for it, but the government is the one that brings this hard currency.”

Saleh added, “If the government withdraws its hand, the supply will stop and the demand increases, and thus the market will collapse.”

He pointed out that “the problem in Iraq is that the market is demanding and that the state is offering, and in the event that the Central Bank does not sell the dollar, it means that all the supply has stopped and there is no other offer, and if there is another offer, it is a little offer that is not enough to meet the demand and therefore the prices will rise Because demand will be more than supply. ”

He stressed that “the state is the bidder in Iraq, and therefore if the state tends to float, then this means that there is no supply and thus prices collapse.”

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

It is noteworthy that some officials talk from time to time on the need to float and liberalize the currency to maintain hard currency reserves at the Central Bank.

Skypressiq.net

Saleh: The Central Bank is working to stabilize the purchasing power of the Dinar

Conscious / Baghdad / h. G… The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, revealed today, Thursday, the efforts of the Central Bank to work to stabilize the purchasing power of the Iraqi dinar.

Saleh said in a statement followed by (the Iraqi Media News Agency / INA) that “the central bank is working to meet the desired demand of foreign currency by market forces through the window of monetary policy operations or the so-called auction for the purposes of financing foreign trade for the private sector as well as providing a safe level of Cash dollar ”.

He pointed out, “The central bank pushed towards the fixed exchange rate with clarity, transparency and ability, with the supply tools in order to lead to stability in price levels, stability of price expectations, a higher degree of certainty in looking at the levels of price stability and reduced transaction risks for market makers and dealers in it.”

He explained that “the monetary policy of the Central Bank seeks to achieve its goals and achieve its objectives under its law in force and its quantitative and price tools aimed at stabilizing the purchasing power of the dinar.”

Al-iraqinews.com

More than a million dollars and gold bars were found in the rubble of the ancient region of Nineveh

The information / Baghdad .. On Friday, the Nineveh Investigation Court announced that it had seized large sums of money and valuable assets that were seized under the rubble of a house in Al-Shahwani area in Mosul for the purpose of handing them over to the Central Bank.

The Media Center of the Supreme Judicial Council stated in a statement received by the information, that “the court announced that an amount of one million six hundred thousand US dollars, gold and silver coins, bullion, and gold collectibles were found in the old“ Al-Shahwani ”area, while one of the excavators was removing the ruins of the old area’s role.

The statement added that “the aforementioned funds and materials were hidden in plastic barrels and nylon bags and were buried three meters deep under the ground.” It is likely that “these funds were used by ISIS gangs to finance their terrorist operations during their retreat to the right side of the Old City.”

He confirmed that “the judge of the Nineveh Investigation Court decided to withhold the seizures in preparation for handing them over to the Central Bank.” Ended 25

Almaalomah.org

Adjustment to the exchange rate

The Central Bank of Iraq explained in a statement, the reason for the decline in the exchange rate of the dollar in the parallel market – especially in February – from the official selling rate after the change of price by the Bank at the end of December 2020, and explained the central decline in what it called the “shock of the domestic market” which needed a period of adjustment to the adjustments that occurred between traders (wholesale, retail, singular) and wholesale settlements with banks, where imports declined to levels severe, and then lower demand for foreign currency.

However, this interpretation, based on the market mechanism, did not take into account the impact of the political space on this mechanism, as the apprehension of many of the public, including many traders and speculators, continued to escalate at other times and decline, according to statements and promises about influencing the central decision and the intention to undo it in favor of slogans, which were employed to win positions, without taking into account the nature of the variable that requires preparing for the flow of foreign investment and establishing an investment climate, led by allied capital of globalization capital in the region, which requires action on several axes.

In order to achieve this trend, the exchange rate did not rise in order to achieve this trend, the exchange rate in the parallel market did not rise, until after the approval of the budget, and to ensure that the relevant authorities are continuing their policy irreversibly, to create a competitive environment that protects the local product from the low prices of goods produced in the countries of geographical neighboring and preparing for monetary stability, encourages foreign capital to enter the Iraqi arena in a secure, legal and stable monetary atmosphere.

But adjusting to the exchange rate will not take its attractive form of investment, except by liberalizing the exchange rate and creating monetary stability in an atmosphere of free exchange and trading to ensure the movement of capital to and from within Iraq, without any effect on the difference in the value of the exchange rate with the other one (currency).

To ensure investment accounts in feasibility studies developed by investors, they are keen in financial feasibility studies to ensure that the price in the parallel market does not change during the life of the project to achieve the feasibility of the establishment of the project, as well as the importance of competitiveness to protect the local product, which is likely to adopt the method of “managed float” in the next step in conjunction with the increase of central reserves, which will contribute to giving more freedom of maneuver to those in charge of monetary policy, and ensuring adjustment to parallel market fluctuations to reach for stability.

Alsabaah.iq

The Board of Trustees organizes a seminar to discuss economic challenges

Baghdad: The Center for Strategic Studies and Research in the Board of Trustees of the Iraqi Media Network organized an open dialogue seminar entitled “The Dinar, the Dollar and the Challenges of the Economy” attended by a number of officials in the monetary and financial departments and a number of advisors and economic experts.

The head of the Board of Trustees of the Iraqi Media Network, Jaafar Al-Wenan, said during the symposium: “The Central Bank’s move has contributed to reducing the financial deficit, but there are groups affected by this rise.”

Alwanan added, “There must be plans to activate the agricultural and industrial sectors with the participation of the citizen,” noting that “the goal of the Iraqi media network is to guide and educate the citizen, especially with regard to exchange rates, the dinar against the rise of the dollar, as it has a major and general impact on citizenship.”

Alsabaah.iq

Parliamentary legal: the exchange rate of the dinar is fixed and the “appeal” does not stop the implementation of the budget

The Parliamentary Legal Committee confirmed on Sunday that the 2021 general budget law cannot be challenged and the dollar exchange rate changed against the Iraqi dinar.

“Some articles and paragraphs of the general budget law can be challenged by the Federal Court, but this appeal will not stop the implementation of the law, but will stop some paragraphs pending consideration and broadcasting of the appeal against those paragraphs,” committee member Salim Hamza told Shafq News.

“The exchange rate of the dollar against the Iraqi dinar is fixed and cannot be challenged, considering that the paragraph is not an addition to the budget law, but is a decision issued by the executive government and the central bank and does not contain any violation of the law or constitution,” he said.

Shafaq.com

The Central Bank of Iraq announces the prices of bullion and gold coins.

The Central Bank of Iraq announced, on Sunday, the prices of gold bullion and coins.

Nasnews.com

The Prime Minister vows to continue ‘anti-corruption measures’: We ask you for patience

The most important thing was mentioned in the speech of the Prime Minister, Mr. Mustafa Al-Kazemi, during laying the foundation stone for the project (FCC) of the Southern Refineries Company to enhance the production capacity of improved gasoline. ..

Prime Minister Mustafa Al-Kazemi announces that the Central Bank’s foreign currency reserves have risen to more than 60 billion dollars, after it was 51.9 billion before the initiation of the reform measures of this government. The increase came as a result of the reform measures taken by the government after many gambled on its failure and failure to continue.

We succeeded in stopping the waste and the great corruption in the notorious Central Bank auction, and we are continuing with our procedures, and we will not stop.
Our anti-corruption measures continue despite the obstacles that some try to put in place, but we will continue without retreat.

We have accomplished many projects in the southern provinces that are deprived due to wars and mismanagement, and we are working with all efforts since we received this government to bring justice to these cities and all regions of Iraq.

We have overcome many challenges and are working to put the country on the right path.

What we ask of our people is patience and a spirit of hope.

Media Office of the Prime Minister

Nasnews.com

Planning announces the allocation of 4 trillion dinars to the provinces

The Minister of Planning, Khaled Battal Al-Najm, announced, on Wednesday, the allocation of 4 trillions to the provinces, while he confirmed the allocations for the development of regions, which are good within the current year’s budget.

The media office of the Minister of Planning stated, in a statement that Al-Ahed News received a copy of, that “Al-Najm chaired an expanded meeting of the governors, in the presence of Kazem Al-Sahlani, secretary of the Supreme Coordination Committee for the provinces.”

Al-Najm affirmed, “The Ministry of Planning’s support for the efforts of local governments to enable them to accomplish their tasks, foremost of which is the implementation of service and investment projects in each governorate.”

He pointed out, “The Ministry has put in place easy and accessible mechanisms to ensure the completion of projects according to their timing, and in a way that contributes to providing services to citizens,” noting that “there are new powers for governors, including the possibility of transfer between the doors, and spending on the development of regions.”

He pointed out, “Establishing important measures that will be announced, to deal with the effects of changing the exchange rate on contractors,” calling on the governors “to focus on continuing projects, especially projects that have witnessed advanced completion rates.”

He added, “The Ministry of Planning will provide the best conditions to assist the provinces in implementing their projects, in accordance with the legal mechanisms.”

For his part, the Secretary of the Supreme Coordinating Committee for the Governorates, Kazem Al-Sahlani, confirmed that “the Ministry of Planning today plays an important and vital role in supporting the efforts of the provinces, indicating that the approval of the budget law in the first quarter of the year will provide a good time space for the governorates, to move forward in the achievement Projects, with the availability of appropriate financial allocations.

According to the statement, the meeting “discussed a number of issues related to the mechanisms for implementing ongoing projects, and the inclusion of new projects within the regions development program for 2021, according to the financial allocations allocated to each governorate.”

The governors emphasized that “the easy measures taken by the Ministry of Planning have contributed to and contribute to creating a state of stability, which will positively affect the implementation of projects.”

Alahadnews.net