Bond Lady’s Corner Iraqi News Monday AM/PM 6-7-21

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Iraqi News Monday AM 6-7-21

TLM724 Administrator BondLady’s Corner

Alia Nassif Calls On The Governor Of The Central Bank To Implement A Reform Campaign To Stop Corruption In The Currency Auction

Posted On 2021-06-07 By Sotaliraq   Baghdad Now Agency » Alia Nassif congratulates the Iraqi people on the fall of the whale of corruption (former undersecretary of the Ministry of Electricity) in the grip of justice

Representative Alia Nassif warned against the continuation of the subversive role played by the currency auction, indicating that a group of merchants acquires the lion’s share of dollar sales and achieve insane profits at the expense of the Iraqi people, calling on the Governor of the Central Bank to implement a campaign to reform and root out spoilers.

And she said in a statement today: “The rise in dollar prices despite the high sales of the daily auction of the Central Bank is caused by the monopoly of dollar sales by three people who own well-known banks, and these get the largest share of dollar sales in collusion with some corrupt.”

And she indicated: “The sales of the Central Bank, for example, for the period from 4/11 to 6/4/2021 amounted to (6162125) dollars (six billion, one hundred and sixty-two million, one hundred and twenty-five dollars) and for 33 working days (excluding holidays and holidays), and it acquired The three merchants got most of these sales, as the first (who owns three banks) got 850 million dollars out of the six billion sold by the Central Bank, the second (a bank owner) got 264 million dollars, and the third (the owner of a Kurdish bank) got 200 million dollars.

Note that these three controlled the currency auction in the last three months of last year, which preceded the rise in the price of the dollar, because they were aware that it would rise, and thus hit their strike and their banks obtained nearly two billion dollars to resell it after raising its price by the state, meaning that they bought The dollar was for 119 dinars and they sold it for more than 140 dinars.”

Nassif indicated: “Since holding these merchants and employees accomplices with them is almost impossible because they are an octopus that extends even to Parliament, to the point that dismissing a minister or dismissing a government is easier than holding them accountable, the alternative solution is for the governor of the Central Bank to implement a campaign to reform and eradicate the corrupt and stop the wheel of corruption In the currency auction in one way or another, and to stop this attrition that destroyed the Iraqi economy, and if it is not stopped, poverty will increase to reach dangerous levels, knowing that the high price of the dollar serves all the corrupt and burdens the poor.” LINK

Economist: The Telecommunications Sector Can Finance The Budget By 4 Trillion Per Month

Economy  Monday 7 June 2021 | 09:13 am| Number of readings: 96  Economic expert Wissam Al-Tamimi clarified, on Monday, that the government is far from the telecommunications sector, and did not invest it for its own benefit, pointing out that this sector will spare the country from oil imports and can supplement the budget with a maximum of four trillion dinars per month .

Al-Tamimi said, “Recent statistics indicated that mobile phone companies receive monthly, in total, approximately 6 trillion dinars, while Iraq does not receive any revenue from these companies, except for some taxes and licenses .”

He added, “If the government were able to control the telecommunications sector and the companies operating in it, it would be able to achieve a revenue of up to 4 trillion dinars, during the first years of controlling this sector, provided that it would reach 6 trillion dinars after exceeding the year or calculating the increase in the number of subscribers “.

Al-Tamimi explained, “The telecommunications stream is equivalent to oil or a little less than it, while the telecommunications companies are controlled by political parties and influential figures in the state, and thus the budget deficit continues and the dollar rises due to dependence on the almost only resource, which is oil.” https://aynaliraqnews.com/index.php?aa=news&id22=148296

Parliamentary Finance Reveals To / NINA / Details Of Preparing Next Year’s Budget: No Change In The Currency Exchange Rate

Monday 07, June 2021 16:57 | Economic Number of readings: 43   Baghdad / NINA / – The Parliamentary Finance Committee revealed the details of preparing the draft federal budget law for the next year 2022.

In a statement to the National Iraqi News Agency ( NINA ), a member of the committee, Representative Jamal Kougar, said, “According to the Financial Management Law, the Ministry of Finance must decide on the budget in June and ask all governorates and ministries to submit their budgets to mid-August.

At that time, the ministries of Finance and Planning are supposed to prepare the draft. The priority for the budget law is to be submitted to the House of Representatives on October 15.”

He added, “The government has formed a ministerial committee to prepare next year’s budget with the participation of members of the Finance Committee within the budget law’s meetings and discussions,” noting that “if elections are held on October 10, the next government will arrive until the formation of the new legislative session, assigning the largest bloc and granting confidence to the new cabinet, we will arrive.”

Until next March, the discussion of the budget law will be automatically delayed at that time,” calling on the current government to submit the 2022 draft budget and be ready for discussion in the House of Representatives, if the elections are held on schedule and a new government is formed.

And about the possibility of changing the currency exchange rate in next year’s budget, he explained that “the current economic conditions do not allow the government to resort to such an option, and it is the exclusive prerogative of the Central Bank and no one else.”/ Ended 5    https://ninanews.com/Website/News/Details?Key=908651

The Central Bank Issues A Decision On The Dollar

Time: 06/07/2021 09:59:28 Reading: 8,047 times  {Economic: Al Furat News} Today, Monday, the Central Bank of Iraq issued a decision regarding the dollar in the country.

A statement said that the agency {Euphrates News} received a copy of it “for the purpose of facilitating the procedures for citizens to obtain foreign currency (dollars) for the purposes of travel, study and treatment abroad. Card}”.

And he indicated that the sale via cards will be “at the official price specified by the Central Bank of Iraq.” LINK

Dollar Purchase Orders

For the purpose of facilitating the procedures for citizens to obtain foreign currency ( dollars ) for the purposes of travel, study and treatment abroad

The Central Bank of Iraq announces that all their requests to buy dollars for the above purposes are met by feeding electronic payment cards ( Master Card and Visa Card ) at the official price set by the Central Bank of Iraq. Central Bank of Iraq  June 7, 2021    https://cbi.iq/news/view/1743

The Central Bank Feeds Electronic Payment Cards At The Official Rate Of The Dollar

Monday 07, June 2021 10:18 | Economic Number of readings: 382 

Baghdad / NINA / – The Central Bank of Iraq announced, today, Monday, that it will meet all requests for buying dollars for the purposes of travel, study and treatment abroad by feeding electronic payment cards (MasterCard and Visa Card) at the official price set by the bank./End of 8    https://ninanews.com/Website/News/Details?key=908562

Source: Dinar Recaps


More Iraqi News Monday PM 6-7-21

TLM724 Administrator BondLady’s Corner

The Minister Of Finance Announces The Continuation Of Linking Long-Term Goals With Future Budgets

Time: 06/07/2021 16:49:28 Reading: 702 times   {Economic: Al Furat News} Minister of Finance, Ali Abdul Amir Allawi, announced, on Monday, to proceed with linking long-term goals with future budgets.

A statement from his office, which {Euphrates News} received a copy of, stated, “This came during his presidency of the tenth session meeting of the committee for preparing the federal general budget strategy for the medium term 2022-2024, in the presence of the Prime Minister’s advisers, the Undersecretary of the Ministry of Finance, the Ministry’s advisor, and the general managers of the ministry and related ministries “.

He added, “The committee discussed the strategic vision of the education sector for the medium term for the years (2022-2024) by the Ministry of Education.”

During the meeting, Allawi said that “attention to the education sectors of all kinds and levels, and the provision of a supportive and stimulating environment to raise the educational level will be among the priorities of the strategy of the upcoming budgets.”

He also stressed “the necessity of paying attention to the education sectors, discussing the challenges and difficulties facing the implementation of the projects of the two sectors and ways to address them within the available financial resources, and finding solutions to address the delay in vital projects related to the educational sector.”

Allawi stressed, “Continue to link long-term goals with future budgets to provide tools and procedures for preparation of financial departments and to prioritize activities to achieve the strategic objectives of the projects in proportion to the country’s financial revenues.”   LINK

The National Approach: Parasitic Banks Win 300 Million Dinars From The Currency Auction Per Month

Time: 06/07/2021 16:42:28 Reading: 663 times   {Local: Al Furat News} The head of the National Approach Bloc, Ammar Tohme, announced on Monday that “parasitic” banks had acquired profits of more than (300) billion dinars per month in the currency auction.

Tohme said, in a statement that {Euphrates News} received a copy of it, that “with the passage of time, the failure and harm of the dollar exchange rate decision and its severe repercussions on the stability of the market and millions of Iraqis is proven, and there is no beneficiary of this decision except the owners of parasitic banks and their partners from the influential politicians.”

He added, “All the justifications put forward by the defenders of raising the exchange rate were that it turned out to be false and unrealistic, especially with the rise in the price of oil globally and with negligence and failure in controlling outlets and not restricting the import of materials similar to the local product and not taking even a simple step in providing the structure to support the national industry that they mentioned A farewell justification for their unjust decision to raise the price of the dollar.

Tohme continued, “On the contrary, the Central Bank returned to sell daily more than (200) million, without those sums, nor the parasitic banks that taking possession of it, contributing to huge profits through speculation in any economic or development activity that justifies the monopoly of these banks that are interconnected with forbidden beneficial relations with influential politicians. Greed and greed imprinted on their hearts, and they became a source of evil and great harm to the tested people.

And he concluded, “With a simple calculation from the sale of the Central Bank, what the owners of parasitic banks backed by oppressive and influential politicians in the political scene profit daily is ten billion dinars, and at a rate of (300) billion dinars per month, and all this is a drain on the hard currency reserve acquired by opportunists and the tested people bear a saturation tax.” whims of selfish covetousness.”

Tohme asked, “Has the world seen or heard in any part of it that corrupt merchants, in partnership with politicians, who followed the approach of Qarun, raise the exchange rate of the currency, so that the public will bear the harm and suffering, and the oppressors and thieves reap these huge illegal profits!!?”..

And the head of the National Approach Bloc called To “converge the efforts of the loyal people of the people in the continuous pressure on the decision-makers in order to restore the dollar exchange rate to what it was before and end this painful farce.”  LINK

The Dollar Recorded An Unprecedented Rise In The Iraqi Local Markets

Pratha News Agency128 2021-06-07   Today, Monday, the dollar exchange rates recorded an unprecedented rise in the main stock exchange in Baghdad and in the local markets.

And the prices on the Al-Kifah and Al-Harithiyah Central Stock Exchange in Baghdad rose today, 149.900 Iraqi dinars, compared to 100 US dollars, after recording yesterday 149.600 dinars.

While the selling prices in money exchange shops in the local markets in Baghdad increased to 150,500 Iraqi dinars, while the purchase prices amounted to 149,500 dinars per 100 US dollars.

http://burathanews.com/arabic/economic/393922

A Second Wave Of Price Hikes Amid Calls For Urgent Government Action

Monday 07 June 2021  183 Baghdad: Ali Mowaffaq   The rise in the exchange rate of the dollar again led to a second wave of food price hikes in the wholesale and retail markets in Baghdad, at a time when the Parliamentary Committee on Economy and Investment and an economist called for urgent government intervention to control prices.

Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded 149,600 dinars, compared to 100 US dollars, while selling prices in money exchange shops in the local markets in Baghdad stabilized at 150 thousand dinars, and purchase prices at 149 thousand dinars per 100 US dollars. Shorja al-Bayaa told “Al-Sabah”: “Most food prices are directly affected by the rise in the price of the dollar in the market, given that these materials come through imports and therefore their bills are paid in dollars.”

The rise of the dollar is not the first of its kind, but it is the highest, compared to the past period, and the markets and commercial centers are almost devoid of shoppers, due to the economic confusion from the new rise in food prices and others.

The rise in the exchange rate of the dollar was strong on them, in light of the weak control over the markets as well. They added to “Al-Sabah” that they were affected by the rise in the dollar price twice, the first by reducing the value of their salaries and the second by the increase in prices in the market, so the concerned government agencies must take the necessary measures to reduce the impact this crisis.

They stressed that the ration materials are not completely disbursed monthly and come intermittently, and therefore this matter affects them, as they are forced to buy some materials from local markets until they are distributed.

The Council of Ministers decided in its last session held last week that the Ministry of Finance allocate an additional amount of (500) One billion dinars to support the ration card allocations, improve its vocabulary and provide it throughout the year, based on the provisions of Article (50 / b) of the General Budget Law 2021.

For his part, the economist Mustafa Ankush called on the government to invest the stores of the Ministry of Trade and secure a strategic balance of foodstuffs through Importing them and providing them in the market in appropriate quantities and at subsidized prices in order to maintain the price level and ensure that they do not rise

He explained to “Al-Sabah”, that “these stores are untapped and most of them are empty and are rented for various purposes,” suggesting that “dollar prices will rise more in the coming days in light of the loss of confidence in the local currency and the increasing demand for buying the dollar.”

He pointed out that “fixing the new price of the dollar in the budget has increased the movement of demand for goods, including foodstuffs, after witnessing a voluntary reduction of purchases by merchants and citizens after fluctuations in prices during the period prior to approving the budget.”

In turn, a member of the Parliamentary Economy and Investment Committee Salem Al-Tufaili believes that “the main reason for the continued rise in the dollar exchange rate is the lack of real government control over the market, as well as the work of private banks and exchanges, which manipulate prices according to their interest without any oversight or accountability,” he says.  LINK

Issue (4633) Of The Iraqi Gazette, issued on 05/31/2021   2021-06-07 08:51:00

1- The law of the accession of the Republic of Iraq to the Convention on the Recognition and Implementation of Foreign Arbitral Awards (New York 1958) No. (14) of 2021.

2- Dhi Qar Governorate Reconstruction Fund Instructions No. (2) of 2021 issued by Cabinet Resolution No. (172) of 2021.

3- A statement issued by the Central Bank of Iraq (the financial statements of the Central Bank of Iraq for the year 2020).

Those wishing to acquire a copy of the Iraqi facts can refer to the Iraqi facts department located in Salhiya / Haifa Street (Ministry of Justice Building), and obtain the required number.    https://www.moj.gov.iq/view.5672/

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Source: Dinar Recaps

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