Fri. AM TNT News Articles 6-11-21



Abu Dhabi hosts the Iraqi Gulf Economic Forum

The Federation of Iraqi Chambers of Commerce announced, on Friday, that Iraq has obtained membership in the Executive Committee of the Federation of Arab Chambers of Commerce, while stressing that Baghdad will host the next meeting of the Federation.

The union said, in a press statement seen by “Al-Iqtisad News”, that the Iraqi delegation held talks with the Federation of Gulf Chambers in the context of seeking to strengthen economic, trade and investment relations with all regional and international chambers of commerce.

TheUnion explained that it was agreed to hold the Iraqi Gulf Forum in AbuDhabi at the beginning of next September, which will be the nucleus forthe beginning of the Iraqi-Gulf work, with the participation of all Gulfcountries and in the official presence of both sides from the ministersof the two countries, the General Secretariat and a large number ofbusinessmen.

Thehead of the Federation of Iraqi Chambers of Commerce, Abdul RazzaqAl-Zuhairi, said that the Iraqi-Gulf Forum includes large sectors ofinfrastructure, agriculture, energy, transportation, banking, educationand health, continuing, “We will have two months to prepare for thisforum.   link

Disclosure of an upcoming tour for Al-Kazemi that includes European countries

Today, Friday, the Secretary-General of the Council of Ministers, Hamid Naim Al-Ghazi, discussed special preparations for the upcoming visit of Prime Minister Mustafa Al-Kazemi to Europe.


And the General Secretariat of the Council of Ministers stated in a statement received by Alsumaria News, that “Al-Ghazi received the Serbian ambassador to Iraq, Balov Oroch, and discussed with him strengthening bilateral relations between the two countries and joint cooperation files, in addition to special preparations for the upcoming visit that the Prime Minister, Mustafa Al-Kazemi, will make to Iraq.” Serbia and other European countries

According to the statement, “the Secretary-General stressed, during the meeting, the depth of bilateral relations between Serbia and Iraq, and called for strengthening the bonds of communication to serve the common interests of the two countries.

He added that “Baghdad aspires for the Serbian diplomatic mission to play a greater role in terms of cooperation in the economic, trade and reconstruction efforts.

And the Secretary-General indicated, “The visit of Mr. Al-Kazemi comes within a program that includes several European countries, including Serbia, and if the date of the visit approaches, the Serbian side will be informed of it, to arrange a schedule of appointments and meetings.

He added, “The upcoming European tour is a responsible initiative by the Iraqi government and a serious effectiveness that demonstrates its commitment to international conventions, and its consideration of the approach of openness to global experiences, based on the principle of sovereignty and good dealing.

For his part, the Serbian ambassador praised Baghdad’s unique cooperation and great effort with his country’s government, and with the embassy team inside Iraq, stressing that relations between the two countries rest on a solid history that extends back to 63 years of distinguished diplomatic ties

He pointed out that “one of the priorities of his work is to activate economic, military and investment cooperation with Baghdad, and to develop the work of Serbian companies in it in accordance with the applicable agreements and joint memoranda of understanding    link


Parliament hosts the Governor of the Central .. and the Finance Committee talks about sales in violation of the dollar and beneficiary parties

The Finance Committee revealed, in the House of Representatives, on Friday, a hosting of the Governor of the Central Bank, pointing to the existence of unofficial sales of the dollar.

Committee member, Naji Al-Saidi, pointed out that “an invitation was sent to the governor of the Central Bank for the purpose of hosting him next week to inquire about the high exchange rate of the dollar against the dinar, and the presence of unofficial sales of the dollar.”

Al-Saidi said, “There is a problem related to the economic awareness of the ruling political class, which is a big problem that only the specialist knows, and it needs major government interventions, because there are more than 100 million dollars that go to speculation, and there are those who benefit from the difference between the official and nominal exchange rate, as The official exchange rate is 145 thousand dinars, and the nominal is 150, meaning a difference of about 6 thousand dinars for every 100 dollars, and if the process is calculated, the profits of the banks involved in speculation will appear, and there are political figures supporting this issue that political parties and others benefit from.

And he indicated, “It is the responsibility of the Central Bank to use some steps to increase the money supply of the dollar in order to return it to the 148 thousand, which is a price parallel to the official price.”

He pointed out, “The issue of the currency sale window, if the state does not interfere with all its security, military and economic capabilities with regard to the monetary policy of the Central Bank, then this dilemma cannot be resolved.”

He added that “speculative requests do not exceed between 50 and 70 requests, while selling is carried out at a rate of 210 requests, so who is the one who buys at this price and with this volume of requests, and this confirms the existence of a clear and diagnosed defect.”   link

Using $3 billion… Disclosure of a mechanism planned by the Central Bank to “control the market”

A member of the Parliamentary Finance Committee, Salim Cougar, confirmed that the rise in the oil price will provide cash liquidity, and the Central Bank has allocated three billion to control the market.

Cougar said in a press statement, “The rise in oil prices will provide cash liquidity, and the Central Bank has allocated three billion dollars to control the market and raise prices,” noting that “financial liquidity will control the price of food and commercial products.”

He added that “the central bank has sold 460 million dollars in the currency auction to control the market prices,” noting that “the rise of the dollar is the result of supply and demand.”

And he indicated that “the cash that will be available as a result of the rise in the price of a barrel of oil, which reached 72 dollars per barrel, will contribute to controlling the markets and increasing prices.”

The markets, food and commercial products in Iraq are witnessing a significant increase in prices as a result of the high exchange rate of the dollar.   link

Source: Dinar Recaps



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