The Minister of Finance chairs a high-level meeting on the exchange rate of the dollar and the white paper

The Minister of Finance chairs a high-level meeting on the exchange rate of the dollar and the white paper

May be an image of 5 peopleBaghdad – People: On Wednesday, Finance Minister Ali Abdul-Amir Allawi discussed with the private sector and agents of some ministries the positive effects of changing the exchange rate, as well as the reform white paper procedures.

A statement issued by the media office of the Minister of Finance, which “people” received a copy of (February 24, 2021), stated that “Finance Minister Ali Abdul Amir Allawi chaired an expanded meeting to discuss the objectives achieved by changing the currency exchange rate.”

He added, “During the meeting, a review and discussion of the positive effects of changing the exchange rate of the dinar against the dollar and the impact of that step on re-balancing the Iraqi economic reality burdened with challenges and obstacles and protecting it from the risk of collapse.”

He continued, “The meeting also discussed mechanisms to change the investment environment, support the private sector and support industry and agriculture in line with corrective measures for the course of the national economy.”

He stated, “The meeting discussed the encouraging measures related to the work of the banking sector and its contribution to providing support to various productive sectors, as well as procedures for automating the tax and customs system and simplifying all administrative processes in line with the adoption of the white paper,” indicating that “the minister also heard most of the problems raised by representatives from the sector. Private and industrialist. ”

Allawi stressed, according to the statement, that “the Ministry of Finance has taken several measures in support of the effects of changing the exchange and is continuing to work on translating them effectively to protect the poor classes in conjunction with the approaching vote of the House of Representatives on the draft of the general budget bill.”

The statement indicated, “The meeting was attended by the representatives of the ministries of finance and planning, the advisor to the office of the prime minister, Abdul Hussein Al-Anbaki, the financial advisor to the Ministry of Finance, and a number of general directors, heads of bodies and a group of representatives from the private sector and industrialists.”

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The Council of Ministers forms a committee to study the consequences of changing the price of the dollar

The Council of Ministers forms a committee to study the consequences of changing the price of the dollar

مجلس الوزراء يؤلف لجنة لدراسة ما ترتب على تغيير سعر الدولارBaghdad: Al Furat News… The Council of Ministers decided, on Monday, to form a committee to study the consequences of changing the currency exchange rate, and to propose the required solutions as far as investment projects are concerned.

The General Secretariat of the Council stated in a statement that Al Furat News received a copy of, that “the committee is headed by a representative of the Ministry of Planning, and in its membership, besides the General Secretariat of the Council of Ministers, includes representatives from the ministries (Finance, Construction, Housing, Public Works and Municipalities, and Electricity) as well as the Authority. National Investment, the Central Bank of Iraq and the Iraqi Contractors Association.

She added, “The decision stipulates that the committee submits its recommendations within a month of work to the Council of Ministers.”

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Iraq is on the brink of economic recovery

Al-Kazemis Financial Adviser – Iraq is on the brink of economic recovery

الفرات نيوز{Baghdad: Al Furat News} The advisor to the prime minister, Mazhar Muhammad Salih, confirmed that Iraq is on the brink of economic recovery, indicating that the Supreme Committee for Reform has important decisions to advance the public and private sectors.

Saleh said, in a press interview, that “Iraq is on the edges of economic recovery at present in two areas. The first is that there is a tangible agricultural boom that will achieve growth in non-oil GDP in 2021 by more than 4%, which is about one and a half times higher than the population growth.” He added, “The second scope is the boom in the energy demand sector in the world. Oil prices have gradually recovered, which is a positive sign and strengthens the country’s overall financial capacity.”

Saleh stressed “the necessity of dealing with this matter with great caution, by laying a foundation for sustainable development and minimizing economic shocks.”

He pointed out that “the international community supporting Iraq through the International Financial Alliance team that was established months ago expressed its desire to support the firm principles of sustainable growth in the national economy as expressed in the white paper recently approved by the Council of Ministers by establishing a blueprint and an institutional entity (for economic reform), which is considered The support for this developmental sustainability. ”

He added, “The formation of the Supreme Committee for Reform that will have decisive and radical executive decisions to promote productive, investment and operational activity in the public and private sectors will be supported by a large international presence represented by international multilateral financial institutions and the Group of Seven major industrialized countries.”

He pointed out that “the availability of national and international will will be embodied by participation in reconstruction and the establishment of the reform team and the country’s transformation from (crisis economy) to (construction economy and sustainable development), to be the cornerstone of the economic transition for development.”

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AL-RAFIDAIN BANK LEAVES THE SEVENTH ITEM

AL-RAFIDAIN BANK LEAVES THE SEVENTH ITEM

المركز الخبري الوطنيAl-Rafidain Bank announced today, Thursday, that it has withdrawn from Article Seven that was previously imposed on it.

The director of Al-Rafidain Bank, Hussein Ali Al-Zubaidi, revealed in a statement singled out by the “National News Center” “about the fulfillment of the requirements for the exit of the Rafidain Bank from the UN decision of Chapter Seven.

Al-Zubaidi explained that “the exit decision came after fulfilling all the bank’s financial obligations to international financial institutions.”

He favored “his bank obtaining large bank credits after this decision, especially the foreign dealings of state institutions and departments.”

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Two sources will flood Iraq with money .. Baghdad is on the verge of economic recovery

Two sources will flood Iraq with money .. Baghdad is on the verge of economic recovery

Yes Iraq: Baghdad… The advisor to the economic ministers, the appearance of Muhammad Saleh, revealed positive indicators of the recovery of the Iraqi economy, while oil prices began to rise rapidly, he spoke of a 4% rise in the growth of the agricultural sector and production in the country.

Saleh explained, “Iraq is on the edges of economic recovery at present in two areas. The first is that there is a tangible agricultural boom that will achieve growth in non-oil GDP in the year 2021 by more than 4%, which is about one and a half times higher than the population growth, and the second range is A boom in the energy demand sector in the world. Oil prices have gradually recovered, which is a positive indicator that strengthens the country’s overall financial capacity.

Saleh stressed “the need to deal with this matter with great caution, by laying a foundation for sustainable development and reducing economic shocks.”

He pointed out that “the international community supporting Iraq through the International Financial Alliance team, which was established months ago, expressed its desire to support the established principles for the sustainability of growth in the national economy, as expressed in the white paper recently approved by the Council of Ministers by establishing a blueprint and an institutional entity (for economic reform), which is considered The support for this developmental sustainability.

He added, “The formation of the Supreme Committee for Reform that will have decisive and radical executive decisions to promote productive, investment and operational activity in the public and private sectors will be supported by a large international presence represented by multilateral international financial institutions and the Group of Seven Major Industrial Countries.” “By participating in the reconstruction and establishment of the reform and transformation team in the country from (crisis economy) to (construction economy and sustainable development), to be the cornerstone of the economic transition for development.”

For his part, the oil expert and economist Nabil Al-Marsoumi wrote that “the third largest oil exporter in the world is on the verge of economic recovery, not because of the implementation of government white paper policies, but because of high oil prices, which is the source of recovery and the source of misery as well !!”

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

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.

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

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.

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

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.”

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

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.”

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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 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.

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