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6ly410

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  1. The Central Bank issues an important statement regarding Iraq's money abroad Economie 2021-07-27 | 02:40 Source: Alsumaria news 4,723 views The legal authorities in the United States of America confirmed to the Governor of the Central Bank of Iraq that all the reserves and funds of the Central Bank of Iraq are fortified and that no party can seize them. They also confirmed that they will defend its immunity with the rest of the countries and these reserves cannot be compromised. A central bank statement received by Alsumaria News stated, "Iraq In the near future, the full compensation and benefits resulting from it will be paid before 2003, and that this will lead to the lifting of the international immunity for the funds Iraq abroad, and it will be subject to execution by some creditors from other parties and companies.” The statement added, "These legal authorities confirmed that the funds and reserves... Central Bank of Iraq Protected by the laws of United States of AmericaAnd pledged to defend what is available from them in the central banks and banks in other countries. https://www.alsumaria.tv/news/اقتصاد/391197/البنك-المركزي-يصدر-بيانا-هاماً-بشأن-أموال-العراق-ف
  2. The United States secures the Iraqi Funds, CBI says 2021-07-27 02:08 https://shafaq.com/en/Economy/The-United-States-secures-the-Iraqi-Funds-CBI-says Shafaq News/ The Central Bank of Iraq (CBI) announced, on Tuesday, that its funds are secured and no party can seize them. CBI said in a statement, that the legal authorities in the United States assured the Governor of the Central Bank of Iraq, who is accompanying the Prime Minister Mustafa Al-Kadhimi on his visit to Washington, that all the reserves and funds of the Central Bank of Iraq are secured. According to the statement, the US confirmed that it will not allow holding the Iraqi reserves even in other countries. The American legal authorities added that the funds and reserves of the Central Bank of Iraq are protected under the US laws, and pledged “to keep what is in the banks of other countries.” It is noteworthy that UN’s Resolution 1483 (2003), stated that the international community has come together to support Iraq's recovery and economic reconstruction. The Resolution also involves the international community so that oil revenues from export sales will be deposited in the Development Fund for Iraq housed in the Central Bank of Iraq. The Development Fund is monitored by an international board that includes representatives of the UN Secretary-General, the IMF, the Arab Fund for Social and Economic Development, and the World Bank. 1483 obligates Iraq for continued funding of the UN Compensation Commission, which deals with outstanding claims for victims of Saddam's aggression in Kuwait. Five percent of oil proceeds will be deposited into the UNCC Compensation Fund. The account which contains the Kuwaiti compensation is called the Central Bank of Iraq-Development Fund for Iraq (DFI) account, it was created at the U.S. Federal Reserve Bank of New York at the request of the Coalition Provisional Authority (CPA) Administrator. A part of the fund has been transferred to Baghdad and Iraq, and the DFI-Baghdad account was opened at the Central Bank of Iraq "for cash payment requirements." The US President offers additional guarantees to protect the funds of the Central Bank of Iraq in the United States from any prosecution that harms the interests and funds of Iraq.
  3. The legal authorities in the United States of America confirmed to the Governor of the Central Bank of Iraq that all the reserves and funds of the Central Bank are fortified and that no party can seize them.
  4. ERBIL, Kurdistan Region – Baghdad sent 200 billion dinars to the Kurdistan Regional Government (KRG) on Sunday, the finance ministry announced. “Today, the first sum of money amounting to 200 billion dinars was transferred from the federal Iraqi government to the Finance and Economy Ministry’s bank account at Iraq’s central bank, Erbil branch,” the KRG's ministry announced in a Facebook post. Last month, Iraq's parliamentary integrity committee announced that Baghdad will send 200 billion dinars a month to Erbil. Iraqi Prime Minister Mustafa al-Kadhimi later said the payment was an advance so the KRG could pay its civil servants. Baghdad is yet to send Erbil’s share of the 2012 budget. Last month, the KRG said it was sending a report to Baghdad on the Region’s revenues, including oil, amid talks over budget implementation. The budget was passed by the Iraqi parliament in late March after intense debate and more than three months after it was approved by the cabinet. One contentious point was Erbil’s share and requirements for the KRG to hand over oil. The delay in implementing the budget has contributed to the KRG's difficulties paying its employees. Baghdad sending the Kurdistan Region its budget share is conditional on Erbil fulfilling its commitments, which include handing over 250,000 barrels of oil per day, paying back the money it borrowed from the Iraqi Trade Bank, sending non-oil revenues and prioritizing paying the salaries of its civil servants and Peshmerga before any other spending.
  5. Finance Minister: The white paper will set the main steps for preparing budgets for the coming years Posted 5 hours ago https://iraqakhbar.com/3190674 news source / Mawazine News News source / Mawazine News | 02:35 – 11/07/2021 Baghdad - Mawazine News , Minister of Finance, Ali Abdul Amir Allawi, confirmed, on Sunday, that the white paper will set the main steps for preparing budgets for the coming years. A statement by the ministry, which Mawazine News received a copy of, stated that “the Minister of Finance, Ali Abdul Amir Allawi, chaired, today, at the ministry headquarters, a session to follow up on the implementation of the reform projects of the “white paper” in the presence of the Executive Director of the Economic Reform Committee Alaa Al-Saadi and the Undersecretary of the Ministry Taif Sami advisors to the Minister of Finance and the general managers of the ministry. The statement added, "The meeting discussed the axes of reform identified by the white paper represented by the public financial management and financial information systems, as part of its steps, which are among the important steps to achieve sustainable financial stability." And give an opportunity to achieve other structural reforms.” He continued: “The meeting discussed the implementation of the integrated financial information management system project, which will contribute to increasing the speed of electronic communication for the ministry and the rest of the ministries in order to provide accurate information and will enhance the oversight role on financial accounts and not exceed the financial appropriations established in the budget, in addition to facilitating the process of implementing the program and performance budget.” The minister said, "The application of the financial management system and the information management system will enhance the state's access to the necessary funds and control government spending, which will lead to spending these funds efficiently and effectively in accordance with the state's financial policy." Allawi pointed out, "The continued follow-up of the content of the white paper to reform the financial and economic affairs, which... It will set the main steps for preparing budgets for the coming years.” Ended 29/A 43
  6. Disclosure of a development in the case of 200 billion dinars and hosting the Iraqi Minister of Finance Posted 4 hours ago https://iraqakhbar.com/3190691 News source / First News Agency Today, Sunday, the Al-Fateh Alliance revealed a development in the case of Baghdad's deposit of 200 billion dinars in the account of the Kurdistan government, and the file of the questioning of the Minister of Finance, Ali Abdul-Amir Allawi. And the representative of the coalition, Karim Aliwi, said in an interview that was followed by (Al-Oula News), that “representatives from different political blocs were angry and announced their rejection of the Al-Kazemi government depositing 200 billion dinars in the Kurdistan government’s account as an advance allocated to pay the salaries of employees working in the public sector in the region, without The commitment of the regional government to its financial and oil obligations according to the budget law for the year 2021.” He pointed out, "There is a parliamentary movement aimed at hosting the Iraqi Minister of Finance, to find out the mechanism for launching such an advance to the region without fulfilling his obligations of oil delivery as well as the revenues of the ports." He stressed: "It is not possible to leave Iraq's money to be used for political purposes, deals and compliments in order to obtain personal gains."
  7. What are the implications of raising the value of the dollar against the Iraqi dinar? Hussein Abu Nader https://annabaa.org/arabic/economicreports/27388 Today, countries are built on several foundations and sectors, the most important of which is the economic sector, and the value of the country’s local currency and its strength against the currencies of other countries are included in this framework, and since the currency of the United States of America is the one that dominates the currencies of other countries and their economies, the Iraqi economy and its local currency ( The Iraqi dinar) must be affected by any increase or decrease in the exchange rates of the dollar, and this requires knowing the extent of its impact on all classes of society, especially the poor. The rich class with high salaries and many economic projects will have a small impact on it, while the middle class with reasonable salaries is affected by a higher percentage than the affluent class, but members of the toiling class with daily incomes (workers and earners) are the most affected and most harmful than others. Since Iraq is a rentier country that depends on one resource for its economy, which is oil, all other commodities are largely insured and competitive with local commodities, to the extent that it led to the closure of many local factories and the cessation of national production, and with the rise in the exchange rate of the dollar against the Iraqi dinar, prices must rise Consumers by merchants and various outlets, so the difference in price and the high cost of materials became a burden that burdens the simple-income citizen. In Iraq, one in five citizens falls below the poverty line according to a specialized study, and this percentage was before the implementation of the decision to raise the dollar exchange, but now the percentage has increased and this has led to an increase in crimes and attempts at theft, and accordingly the state must develop real plans and convincing methods of In order to change the conditions of the poor, and help them to obtain a decent life that every human being on this planet deserves. For the purpose of knowing the repercussions of raising the value of the dollar against the Iraqi dinar on the poor class, we involved a group of writers and academics in this survey, and we asked them the following question: - What are the repercussions of the rise in the value of the dollar against the Iraqi dinar on the low-income working class, and what are the ways to remedy the risks of this procedure? Dr. Haider Hussein Al Tohme/ College of Administration and Economics/ Holy Karbala University answered us by saying: Raising the dollar exchange rate has generated multiple economic and social costs, the most important of which is the loss of monetary stability, speculation on the dinar, and the weak investment-incubating environment, as well as the decline in aggregate demand rates and the deepening of the existing economic stagnation as a result of the repercussions of the Corona pandemic. The rise in the exchange rate of the dollar in a country like Iraq that depends on imports to feed the local demand for various types of goods and services has generated inflationary pressures that have reduced the real incomes of the middle and poor classes, especially with weak government control over traders and suppliers of various types of goods imported into the Iraqi market. All of this requires the Central Bank of Iraq to fulfill its promises through strict procedural policies and flood the market with dollars in order to achieve a sustainable rapprochement between the official price and the market price, ensure monetary and economic stability, and limit the illegal activity of banks and exchange companies in the local exchange markets. The Iraqi government should also activate the text of Article (16/ Fourth) of the Federal Budget Law 2021, which requires the collection of customs duties on the basis of what was sold of foreign currency through the foreign currency window in order to reduce dollar sales for speculative purposes, reduce demand for the dollar and maintain reserves. The foreigner on the one hand, and maximizing the customs revenues as a result of linking the customs duties with the purchases of traders from the dollar on the other hand. Academic Professor Hamid Abdul-Hussein Al-Jubouri answered us by saying: First of all, we must bear in mind that the Iraqi economy is a rentier economy by virtue of its dependence on oil to a large extent, and given the characterization of oil as a capital-intensive industry, not labor-intensive on the part of the state’s dominance of it in particular and the Iraqi economy in general, on the other hand, the lack of Job opportunities and increased unemployment were the inevitable result. What made the matter worse was the Corona pandemic, as it led to a halt in movement due to the lack of treatment and the speed of its transmission from one person to another, which prompted the government to impose a curfew to reduce its severity, which led to the cessation of economic activity and the increase in unemployment again. In addition, oil is characterized by fluctuating prices, and due to the Corona pandemic that hit the global economy, oil prices fell, and then its revenues and public revenues with a slight decrease in public expenditures because the latter is characterized by weak flexibility towards the decline, due to the society’s refusal to reduce the expenditures that it is accustomed to. In light of the cessation of economic activity, which is mainly weak due to its dependence on oil on the one hand and the decline in oil prices on the other hand, the deficit in the public budget increased, which prompted the government to raise the price of the dollar against the Iraqi dinar in the hope of providing the necessary funds to cover the deficit and the financial situation of the state. This decision, raised the price of the dollar; It is also not without positive effects on the long-term level, as it is not without negative effects on the short-term level, as it led to a decrease in the purchasing power of citizens and an increase in prices. Those who were most affected by this decision are those with low incomes, as they became unable to purchase the goods and services that they acquired. Previously, due to high prices, which meant a reduction in the level of luxury they enjoyed. It is worth noting that the low-income people are not limited to those outside the state and its public sector, as most of the employees are from this category, as the rise in the price of the dollar means more suffering. In the context of alleviating this suffering, the state must work to provide material and monetary aid until the effects of this decision are overcome and the economy recovers. As raising the price of a dollar will lead to the movement of economic activity in the medium and long term, because it will make production more feasible for businessmen, and this leads to creating opportunities, increasing demand, decreasing unemployment and reducing the size of this category. Dr. Al-Fatlawi Phone Charter/ College of Administration and Economics/ Karbala Holy University Countries as a whole are constantly working on maximizing the value of their currency against other currencies, with the aim of achieving the general economic welfare of the people, especially the lower middle class in terms of purchasing power, and the option of devaluing the currency is the last possible solution for the state when it exhausts all means to improve the economy by making way for tourism. The arrival of the arrivals and this talk to countries that do not have goods such as Iraq, but in Iraq, the devaluation of the Iraqi currency is an unsuccessful step and carried with it an increase in the suffering of the lower middle classes, and even the middle classes were greatly affected, especially since the rise in the basic needs of living is in proportions that exceed the rate of change in the price of the currency This is economically clear, in addition to the decrease in spending for the most important category that supports internal economic activity, namely the employees. The wheel of the economy inside the country darkens a large percentage on those with fixed incomes in spending and moving the market towards recovery and reducing their purchasing power means an increase in the suffering of the working class, meaning that the working class receivedAn economic strike from several sides directly through the devaluation of the currency and indirectly through the tributaries that were part of the increase in their income such as employees, knowing that the results of the devaluation of the currency will extend for a long time and its impact includes all aspects of life, even security ones, as for ways to get rid of The country’s economic problems to boost the value of the currency again are clear if there is an honest government in it, which is to invest everything in the country from the sun to generate energy in the desert to the reclamation of millions of hectares for agriculture to the investment of the Iraqi airspace and the wilderness because Iraq is a center of the global economic movement to tourism and it is a very strong tributary to Organizing work in the private sector and supporting it to be the focus of investing all the country’s bounties in the same patriotism and benefiting from the Iraqi human energies in all of that. Dr. Qahtan Hussein, an academic and writer on politics and economics, replied: The increase in the value of the dollar against the Iraqi dinar came as a precautionary measure to prevent the collapse of the Iraqi economy and to maximize the state’s imports after the Iraqi economy was subjected to the shock of low oil prices and an ill-considered increase in state expenditures on consumer sectors and the prevalence of corruption in determining the aspects of public government spending. Against the Iraqi dinar, it has fortified the Iraqi economy from collapse, but on the other hand, it had a very negative impact on the living situation of the citizen in general and the poor in particular, because this decision resulted in negative results on the purchasing power of the citizen due to the high prices of materials, especially imported ones, as it confused the labor market and negatively affected The self-employed who earn their living from the income of their simple daily work, which began to suffer from the fluctuations of the market.I think that the continued rise in prices resulting from the rise in the value of the dollar in exchange for the decline in the imports of the poor class will increase their suffering and will increase the size of the differences in income between a rich and a poor class, and this will cause a clear social imbalance that may put the overall situation in Iraq on the brink of a great danger that may threaten the situation Economic, political and social.. Therefore, the government must address the negative repercussions of raising the value of the dollar on the living situation, especially the poor
  8. https://almasalah.com/ar/news/212036/كردستان-تعلن-عن-تسلمها-200-مليار-دينار-من-الحكومة-الاتحادية 2021/07/11 18:17 Kurdistan announces receipt of 200 billion dinars from the federal government Baghdad / Obelisk: The Ministry of Finance in the Kurdistan Region announced, on Sunday, July 11, 2021, that it had received 200 billion dinars from the federal government. The ministry said in a brief statement, "Within the framework of the implementation of the agreement between the Kurdistan region and Iraq, the first amount of 200 billion dinars was placed by the federal government in the account of the Ministry of Finance and Economy of the Regional Government in the Iraqi Central Bank / Erbil branch
  9. Iraq opens up to countries around the world to develop the industrial sector Sunday 11 July 2021 623 https://alsabaah.iq/50296/العراق-ينفتح-على-دول-العالم-لتطوير-القطاع-الصناعي Baghdad: Farah Al-Khafaf At a time when Minister of Industry Manhal al-Khabbaz revealed government directives to open up to countries around the world to develop the industrial sector, an economist saw that partnerships are important to revive factories and laboratories and develop production lines. The baker discussed with the French Chargé d'Affairs in Baghdad, Jean-Noel Boniot, the opportunities available to enhance cooperation and partnership between Iraq and France in various industrial fields. During the meeting, the Minister of Industry confirmed that there are directives from Prime Minister Mustafa Al-Kazemi to open up to the countries of the world to develop the Iraqi industrial sector, including France, in light of the good and friendly relations that bind the two countries, pointing out that the ministry had previously cooperated with France through projects and production lines in most of the countries. The Ministry's factories, especially the successful investment experience with the French company Lafarge in the Karbala cement plant. For his part, the French Chargé d'Affairs affirmed the willingness and seriousness of his country's government to cooperate with Iraq in various industrial fields, and to contribute to the development of the Iraqi industrial reality and the implementation of joint projects. Prime Minister Mustafa Al-Kazemi had recently discussed with French President Emmanuel Macron by phone, strengthening joint cooperation between Baghdad and Paris, during which the importance of developing economic cooperation between the two countries, as well as providing the appropriate environment for French companies to work and invest in Iraq, while Macron renewed his support for the Iraqi government, and the willingness France to provide various aspects of support needed by the Iraqi government. In a related context, industrial expert Aqil Al-Saadi confirmed to Al-Sabah the importance of partnerships between Iraqi and French companies, whether governmental or private. industrial development Al-Saadi pointed to "the need to support the trends of government openness to countries of the world, to attract international investment companies, and to agree with them to establish industrial development projects that provide job opportunities for youth and advance the national industry." He added that "the competent government agencies should work to revive the stalled factories and factories by supporting international partnerships and helping local businessmen and investors," pointing out "the importance of the state sponsoring meetings and meetings between Iraqi and foreign businessmen and industrialists, especially since the private sector is the supporter." President for the advancement of industrial reality. industrial projects The specialist in industrial affairs, Abdul-Hassan Al-Shammari, stated that “Iraq suffers from the suspension of thousands of industrial projects in all the public and private productive sectors and the mixed sector, which makes us urgently need to cooperate with the international industrial effort developed, and France is one of the most important industrial countries in the world and we can extend bridges of cooperation.” We are building bilateral relations that contribute to reviving a large percentage of our industry.” He cautioned that «the Iraqi economy is in dire need to rotate the wheel of industrial production, which is the focus of development in the country».
  10. Economie Sumo: The region's lack of commitment to the OPEC Plus agreement contributed to the accumulation of compensation for Iraq https://nnciraq.com/75214/ Sunday, July 11, 2021 5:31 PM Baghdad / National News Center الخبر The assistant director of Sumo, Ali Nizar, confirmed today, Sunday, that the Kurdistan region's failure to comply with the OPEC Plus agreement contributed to the accumulation of compensation on Iraq, indicating that Iraq is required to reduce 6 million barrels per month. Nizar said in a press statement, followed by the “National News Center”, that “Iraq’s share of oil production is 3.950 thousand barrels per day within the OPEC Plus agreement,” noting that “Iraq’s exports are 2950 thousand barrels per day to 3 million barrels, the OPEC Plus share.” He added that "the Kurdistan region's lack of commitment to the OPEC Plus agreement contributed to the accumulation of compensation on Iraq," noting that "Iraq is required to reduce 6 million barrels per month due to the Kurdistan region's lack of commitment." Nizar explained that "Parliament granted legitimacy to the Kurdistan region's non-compliance with the OPEC Plus agreement."
  11. Kurdistan Region: Received 200 billion dinars from Baghdad Posted 54 seconds ago https://iraqakhbar.com/3190279 / Baghdad / h. g On Sunday, the Ministry of Finance in the Kurdistan Region announced that it had received 200 billion dinars from the federal government. The ministry stated in a statement received by (the Iraqi Media News Agency /) that "within the framework of the implementation of the agreement between Kurdistan and Iraq, the first amount of 200 billion dinars was placed by the federal government in the account of the Ministry of Finance and Economy of the Regional Government in the Iraqi Central Bank / Erbil branch
  12. Baghdad deposits 200 billion dinars into the account of the Kurdistan Regional Government Posted 30 seconds ago news source / noon agency News source / Noon Agency https://iraqakhbar.com/3190129 Today, Sunday, a source in the Kurdistan Regional Government reported that the federal government deposited a sum of 200 billion dinars in the account of the Bank of the Regional Government, according to Shafaq News Agency. An official source in the Kurdistan Regional Government had announced at the end of last June that Prime Minister Mustafa Al-Kazemi signed an official letter to disburse 200 billion dinars as an advance earmarked to pay the salaries of employees working in the public sector in the region.
  13. The federal government transfers 200 billion dinars to the bank account of the Kurdistan Region Posted 2 hours ago The source of the news / Euphrates News https://iraqakhbar.com/3189795 {Economic: Al Furat News} A source in the Kurdistan Regional Government stated that the amount of 200 billion dinars, which was previously scheduled to be sent from the federal government to the Kurdistan Region, was transferred to the bank account of the regional government today, Sunday. On June 15, 2021, the Presidency of the Iraqi Council of Ministers decided to send 200 billion dinars from the Kurdistan Region’s share of the general budget for the year 2021, and the decision of the Iraqi Council of Ministers caused various reactions among political forces and blocs within the Iraqi parliament. On June 24, the Iraqi Prime Minister, Mustafa Al-Kazemi, said in a television interview, regarding what was said about the payment of 200 billion dinars to the Kurdistan Region, that “the Kurdish people are our people, and we did not pay the region’s budget, but rather we paid an advance for the purpose of paying the salaries of the region’s employees, it is unreasonable.” That the region’s employees be without salaries, despite all this, this is not a budget, but rather an advance that is deducted through an accounting process after the Bureau of Oversight in the region and the Bureau of Federal Oversight make an inventory of accounts and a clearing, only nothing more. More than three months after the Iraqi parliament ratified the Iraqi federal budget law, some political parties in Baghdad continue to obstruct the implementation of articles related to the rights of the Kurdistan Region in the general budget. The details of the Kurdistan Region’s share were established in Article (11) of the Iraqi Federal Budget Law for the year 2021, which amounts to 129 trillion Iraqi dinars. The Kurdistan Region needs 895 billion dinars to cover the salaries of its employees in full, which means that the Kurdistan Region needs 10 trillion and 740 billion dinars per year for this purpose. According to Article (11) of the Iraqi Federal Budget Law for the year 2021, the Kurdistan Region must produce at least 460,000 barrels of oil per day from its oil fields, and after deducting the costs of extraction, transportation and quantities needed for local consumption, it must hand over to the federal government the revenues of 250 thousand barrels. Daily at Sumo's price. It must also hand over to Baghdad 50% of its non-oil revenues. Then the Iraqi federal government releases the Kurdistan Region's share of the federal general budget.
  14. Al-Kazemi’s advisor: 3 reasons that prevent us from adjusting the dollar exchange rate again Saturday 10 July 2021 - 19:08 https://akhbaar.org/home/2021/7/284897.html Economic Adviser to the Prime Minister, Alaa Abdel Hussein Baghdad (NAS) - The Economic Adviser to the Prime Minister, Alaa Abdel Hussein, spoke today, Saturday, about the government's vision to address the issue of the dollar exchange rate against the Iraqi dinar, and its effects on investment projects, while identifying 3 reasons that prevent the exchange rate from being modified again. Abdel-Hussein said, in a statement to the official agency, followed by “Nass” (July 10, 2021), that “with regard to investment projects and the issue of the exchange rate, many of the materials that contractors enter for work are imported from abroad, and cost accounts and previous contracts are fixed at the old exchange rate, Especially the projects that take a long time. He added, "The vision of the treatment is more comprehensive than being money or seeing the exchange rate, and it is applied as a development project, as the problem of the exchange rate difference, if not addressed, will lead to project disruption, erosion of the achievement, delay in development and the benefit that comes from the project," pointing out that "the treatment It comes from the perspective that there are projects we are waiting for completion, and by completing them, the benefit of the people will be achieved, and therefore the main and supreme goal is treatment in order to hasten the benefits derived from these projects for the people.” He explained that "the projects were divided into a number of sections according to their type, including construction projects, electrical and metal projects, and others, and each type of them contains materials imported from abroad, and therefore the percentages were determined based on the price changes that occurred, and then work is done on the treatment." He stressed that "prices did not change because of the exchange rate only, but prices at the global level changed, and the reason for this is the increase in demand as a result of the Corona pandemic, as the world stopped and this led to all countries depleting their stocks of materials in addition to their monthly consumption, which led to an increase in demand to cover its strategic stocks and its monthly consumer demand. He continued: "If we look at the increase in demand with the stability of the production capacity of factories in the world, we find that this led to a general rise in all prices globally, and therefore the price change did not come as a result of changing the exchange rate in Iraq, but rather it came at the world level." And he indicated that "within the foreseeable future, the exchange rate cannot be reconsidered for several reasons, including firstly that the exchange rate is a prerogative of the Central Bank, and secondly that the current rate was approved in the budget law and is valid, in addition to a third reason is that all revenues derived from Oil, even if it increases, will only be able to cover the budget deficit of about 30 trillion dinars, and therefore we do not expect to guarantee oil prices for the next six months, and it is dangerous to think about dealing with the exchange rate.” Regarding the budget for the next four years, Abdul Hussein said, “The Minister of Finance, Ali Abdul Amir Allawi, heads a committee of various ministries and government agencies to develop general strategies for the budget of the next years 2022 to 2024, and the broad outlines are not yet clear as far as the ministries’ budget is discussed in light of The priorities set by the Iraqi state.
  15. A new comment from the government regarding changing the dollar exchange rate Economie| 08:04 - 10/07/2021 https://www.mawazin.net/Details.aspx?jimare=160056 Baghdad - Mawazine News , the economic advisor to the Prime Minister, Alaa Abdel Hussein, spoke today, Saturday, about the government's vision to address the change in the exchange rate of the dollar against the Iraqi dinar, especially with regard to its effects on investment projects, while stressing that there are 3 reasons preventing the change now. Abdul Hussein said, "With regard to investment projects in the beginning and the issue of the exchange rate, many of the materials that contractors enter to work are imported from abroad, and cost accounts and previous contracts are fixed at the old exchange rate, especially contracts that take a long time." He added, "The vision of the treatment is more comprehensive than being money or seeing the exchange rate, and it is implemented as a development project, as the problem of the exchange rate difference, if not addressed, will lead to project disruption, erosion of the achievement, delay in development and the benefit that comes from the project," noting that "the treatment It comes from the perspective that there are projects we are waiting for completion, and by completing them, the benefit of the people will be achieved, and therefore the main and supreme goal is treatment in order to hasten the benefits derived from these projects for the people.” He explained that "the projects were divided into a number of sections according to their type, including construction projects, electrical and metal projects, and others, and each type of them contains materials imported from abroad, and therefore the percentages were determined based on the price changes that occurred, and then work is done on the treatment." He stressed that "prices did not change because of the exchange rate only, but prices at the global level changed, and the reason for this is the increase in demand as a result of the Corona pandemic, as the world stopped and this led to all countries depleting their stocks of materials in addition to their monthly consumption, which led to an increase in demand to cover its strategic stocks and its monthly consumer demand. He continued: "If we look at the increase in demand with the stability of the production capacity of factories in the world, we find that this led to a general rise in all prices globally, and therefore the price change did not come as a result of changing the exchange rate in Iraq, but rather at the world level." And he indicated that "within the foreseeable future, the exchange rate cannot be reconsidered for several reasons, including firstly that the exchange rate is a prerogative of the Central Bank, and secondly that the current rate was approved in the budget law and is valid, in addition to a third reason is that all revenues derived from Oil, even if it increases, will only be able to cover the budget deficit of about 30 trillion dinars, and therefore we do not expect to guarantee oil prices for the next six months, and it is dangerous to think about dealing with the exchange rate.” Regarding the budget for the next four years, Abdul Hussein said, “The Minister of Finance, Ali Abdul Amir Allawi, heads a committee of various ministries and government agencies to develop general strategies for the budget of the next years 2022 to 2024, and the broad outlines are not yet clear as far as the ministries’ budget is discussed in light of The priorities set by the Iraqi state.” Ended 29 / h
  16. Bahraini banks sign a memorandum of understanding with the Iraqi Private Banks Association https://economy-news.net/content.php?id=25628 The Bahrain Association of Banks signed with the Association of Iraqi Private Banks a memorandum of understanding aimed at achieving fruitful cooperation between the two associations in the field of exchanging experiences and knowledge and strengthening banking cooperation in all fields, during a recent remote meeting. The memorandum was signed by Mr. Adnan Ahmed Yousef, Chairman of the Board of Directors, and Mr. Wadih Nuri Al-Handal, Chairman of the Board of Directors of the Association of Iraqi Private Banks. This memorandum stems from the message of the Bahrain Association of Banks and the Association of Iraqi Private Banks, and their tasks in defending the interests of banks and financial institutions and highlighting their role in sustainable development programs through close cooperation with regulatory authorities and all partners and stakeholders, as well as effectively promoting their effective contribution to promoting and attracting investments. . The two parties also agreed to form a joint committee to consult and agree on implementing and following up joint plans and programs and setting implementation mechanisms. On this occasion, Mr. Adnan Ahmed Yousef, Chairman of the Board of Directors of the Bahrain Association of Banks, said, "Bahrain has had a rich and diversified banking experience over the past five decades, which has greatly enhanced it in its response to the repercussions of the Corona pandemic. We are working in the Association to employ this rich experience in supporting and strengthening cooperation With Arab banks, at the forefront of which is the Association of Iraqi Banks, and Iraqi banks, with which we have strong brotherly relations and have broad prospects for diversifying and developing them during the next stage.” On the other hand, the head of the Association of Iraqi Private Banks, Mr. Wadih Al-Handal, said, "The Association of Iraqi Private Banks has a long history in developing the banking sector, at various technical, administrative, advisory, human resources and other levels, and this memorandum will contribute to opening horizons with the Bahraini banking sector." He added, "This memorandum will enhance joint work between Iraqi and Bahraini banks, transfer experiences between the two parties, in addition to holding training courses at a high level." Al-Handal valued the role played by the Bahrain Association of Banks, and we affirm that the Association of Iraqi Private Banks is working with the Central Bank of Iraq and other parties to create a solid banking sector. The two parties will work through the memorandum of understanding to exchange experiences, studies and relevant research, depending on the resources available to them. The two parties will also cooperate in providing consultations, conducting joint research and studies that fall within their competence, and organizing and implementing conferences, workshops, seminars and events in various common fields, in addition to To cooperate in the field of organizing training programs related to the rehabilitation of banking cadres and according to the common interests and needs between the two parties, and in line with the current and future needs of the banking sector in Bahrain and Iraq, and to exchange information and its sources and databases between the two parties, and to coordinate at the level of executive departments and their committees in order to exchange experiences information and joint research. Views 98 Date Added 07/06/2021
  17. 2021/07/01 19:15 number of readings 1878 Section : Iraq http://almasalah.com/Template/Site/Images/APlus.png http://almasalah.com/Template/Site/Images/A-.png Iraq seeks to possess effective tools to curb money laundering and terrorist financing https://almasalah.com/ar/news/211544/العراق-يسعى-الى-امتلاك-الأدوات-الفعالة-لكبح-جماح-غسيل-الاموال-وتمويل-الارهاب Baghdad / Obelisk: Money laundering and terrorist financing operations in Iraq are a source of concern after the phenomenon has spread since 2003 as a result of poor management and weak oversight. Prime Minister Mustafa Al-Kazemi has sought, since assuming the premiership, to eliminate money laundering and terrorist financing operations to remove Iraq from the list of high-risk countries in money laundering operations. On Thursday, July 1, 2021, Iraqi Prime Minister Mustafa Kazemi called on the European Union to remove his country's name from its list of countries with a high risk of money laundering, stressing the need to form a coordination committee between the two parties to support Baghdad's efforts in fighting corruption and recovering and prosecuting smuggled funds in European countries. Iraq is trying to have the appropriate tools to curb the whales of corruption that have swallowed public funds over the past 17 years. In July 2020, Iraq announced the launch of a political and diplomatic campaign with European countries to raise its name in its list of high-risk countries that witness money laundering and terrorist financing. The decision to put Iraq on the list constituted a danger to the Iraqi economy and foreign investments on its lands, whose name was included in 2019. Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said that removing the name of Iraq from the list of countries with high risks in the issue of money laundering and terrorism financing crimes, will provide the Iraqi financial market with an increase in the confidence of the international financial community towards Iraq and its banking institutions. In July 2019, the European Commission included Iraq and some other countries, among the list of countries that pose financial risks to the Union due to the apparent failure to combat money laundering and terrorist financing. And sales of hard currency are carried out through the window of the Central Bank, to banks, private banks and financial transfer sectors with the aim of importing goods and services. Authorities and personalities who manage a number of banks are accused of acquiring the total that is being sold, but the move to reduce the value of the dinar against the dollar paralyzed this phenomenon and shocked the personalities who were trading Iraqi money. Economists considered that the currency auction is one of the most dangerous unknown corruption files in Iraq, which are unknown because they are linked to partisan interests with regional and international extensions. Over the past years, the corrupt have devised many ways to launder money and smuggle it outside the country, and parties have even exploited public money to finance terrorism.
  18. Oil announces the signing of the first "green loan" in Iraq's history Economie 2021-07-01 | 13:20 https://www.alsumaria.tv/news/اقتصاد/388337/النفط-الحصول-على-القرض-الاول-في-تاريخ-العراق-القرض 13,062 views Today, Thursday, the Ministry of Oil announced the signing of the "green loan" with the International Finance Corporation, which is the first of its kind in Iraq. In a statement, Alsumaria News received a copy of it, the ministry said, "It is a great achievement achieved by our distinguished partnership in Gas Company Basra By signing the first vital agreement with International Finance Corporation To obtain a loan that does not require any guarantees from shareholders, the first “green loan” on the date of Iraq". And she added, "Getting this support is at the heart of Iraqi efforts to reduce gas flaring and will contribute to the growth projects of a gas company Basra Enhancing the country's transition opportunities towards clean energy and a green economy, and opening the country to long-term international support from major international banks.
  19. 2021/07/01 12:37 https://almasalah.com/ar/news/211526 Will Al-Kazemi succeed in removing the name of Iraq from the list of countries with a high risk of money laundering? https://almasalah.com/ar/news/211526/هل-ينجح-الكاظمي-في-ازالة-اسم-العراق-من-لائحة-الدول-عالية-الخطورة-في-غسيل-الأموال Baghdad / Obelisk: Iraqi Prime Minister Mustafa Kazemi called, on Thursday, July 1, 2021, the European Union to remove his country's name from its list of countries with a high risk of money laundering, stressing the need to form a coordination committee between the two parties to support Baghdad's efforts to fight corruption and recover smuggled money. and pursued in European countries. The Prime Minister referred to the efforts made to remove Iraq's name from the European Commission's list of countries with a high risk of money laundering, calling for the formation of a committee to coordinate between the two parties in this regard and support the government's efforts in fighting corruption and recovering and prosecuting smuggled funds in European countries. Al-Kazemi affirmed his government's determination to implement its reform white paper, noting what it has done in the field of attracting investors and facilitating their work in Iraq, calling on the European Commission to support Iraq's trend towards financial and economic reform. For her part, von der Leyen praised the economic reforms pursued by the Iraqi government headed by the White Paper and the anti-corruption mechanisms considered steps towards bold reforms that it is important for Iraq to pursue, and expressed the Commission's support for them. On May 23, Iraqi President Barham Salih announced that $150 billion had been smuggled from corruption deals abroad since 2003, stressing that these funds were enough to put the country in a better place. And Iraq had previously announced in July 2020 the launch of a political and diplomatic campaign with European countries to raise its name in its list of high-risk countries that witness money laundering and terrorist financing operations because of the danger this poses to the Iraqi economy and foreign investments on its soil, which was listed in 2019. Iraqi Foreign Minister Fouad Hussein expressed Iraq's disappointment with the decision of the European Union Commission and explained that Iraq had made great progress, which in 2019 led to its removal from the global list of the Task Force on International Financial Action "FATF" for countries with strategic deficiencies in anti-laundering operations. money, and the financing of terrorism. Minister Hussein stressed in a letter to his European counterparts that Iraq has implemented important laws and procedures over the years with the aim of combating money laundering and terrorist financing and mitigating the risks associated with it. It is noteworthy that under European Union laws, banks and other financial companies and tax companies are obliged to more carefully scrutinize their customers who have dealings with the countries on the list: Afghanistan, Iraq, Vanuatu, Pakistan, Syria, Yemen, Uganda, Trinidad and Tobago, Iran and North Korea
  20. The central bank is launching a collection system Thursday 01 July 2021 https://alsabaah.iq/49640/المركزي-بصدد-اطلاق-نظام-الجباية Baghdad: morning The Central Bank announced the imminent launch of an identity that organizes the opening of an account for citizens from their homes, while referring to the preparation of the electronic collection system that the bank has been working on since the year 2019. This came during the hosting of the Committee to Monitor the Implementation of the Governmental Program headed by Deputy Hazem Al-Khalidi, Governor of the Central Bank, Mustafa Ghaleb, and a number of government bank managers, to discuss the achievements of the ministerial curriculum. And the governor of the Central Bank indicated that {the bank demanded the government to automate border crossings to control the imports of the ports, which comes after oil in terms of importance}, pointing to {the nearness of creating an electronic collection system, which the bank has been working on since 2019, as well as working on the digital identity that Organizes the opening of an account for citizens from their homes and the transition from paperwork to a system (Digital Bank). The committee raised questions regarding a number of issues within the work of the Central Bank, most notably the negative effects of the decision to raise the exchange rate, as well as the absence of the reasons and justifications mentioned for this, especially with the increase in bank sales through the currency sale window and the possibility of filling the deficit after the increase in the price of oil, in addition to the lack of necessary conditions By preserving the local product, the many exceptions to this, and the apparent reluctance of the Made-in project The committee touched on the consequences of raising the exchange rate on the poor and middle class, stressing the need for coordination between the government and the central bank to start drafting a bill. to the bank
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