Iraqi News Monday AM 12-20-21
TLM724 Administrator BondLady’s Corner
Economist: We Do Not Need To Restructure The Currency, But Rather To Replace It Radically
Monday 20 December 2021 10:33 | economic Number of readings: 439
Baghdad / NINA / – The expert in economic affairs, Raad Twij, said: “The Iraqi currency needs a radical replacement, not restructuring by deleting zeros.”
Twig said in a statement to the National Iraqi News Agency / NINA /: “We do not need to restructure the currency by deleting its zeros, as it is a wrong concept. The exchange rate increased by 26%, the inflation rate increased by 7.6%, and the printing rate was 77%. The economic expert called on the Central Bank to set clear economic and financial plans to control the rise in the dollar exchange rate to avoid the collapse of the currency, as happened in Lebanon, Turkey and Iran./End 8
Al-Kazemi’s Advisor: The 2022 Budget Will Be Without Deficit In This Case
Economie| 10:53 – 20/12/2021 Baghdad – Mawazine News, the Prime Minister’s Adviser for Economic Affairs, Mazhar Muhammad Salih, set today, Monday, a condition for achieving an actual balance in the 2022 budget without a deficit.
Saleh said in a statement to the official news agency, followed by Mawazine News, that “the expectations of the World Bank, which it released in late October of last year, set out its vision regarding the average oil prices in the world 2022, which he expected, to be about $74 per barrel as an average throughout the entire period. Next year, he also expected it to drop to an annual average of $64 a barrel in 2023.
He added, “The estimated oil revenues at $50 in the draft law on the next year’s budget 2022, which was prepared inevitably for a precautionary deficit, may be less than the precautionary deficit shown in the 2021 budget, and assuming that the expenditure ceilings in the 2022 budget are similar to what they are in the 2021 budget, the budget The federal general for the year 2022 will achieve a state of actual balance (without any significant deficit).”
And Saleh added, “This will be if the average price of a barrel of oil in 2022 exceeds, to be about 71-72 dollars per barrel, according to the reality of expected government spending and its ceilings.” Ended 29/N33
US Embassy: We Have Provided More Than $60 Million To Support Iraq
Sunday 19 December 2021 19:59 | economic – readings: 813 Baghdad / NINA / – The US Embassy in Baghdad announced the size of its donations to Iraq to support it to confront the Corona pandemic, during a memorial ceremony at Ibn Al-Khatib Hospital complex, in memory of the victims of the fire that occurred last April.
The embassy said in a statement, “The US ambassador to Iraq, Matthew Tueller, attended a memorial service at the Ibn Al-Khatib Hospital complex, in memory of the victims of the tragic fire that occurred in April 2021.”
Since the fire, the US Agency for International Development (USAID) Iraqi Community Resilience Initiative has partnered with the American Medical Students Association – Iraq Chapter to provide equipment and help rehabilitate facilities through a $560,000 grant from the US Agency for International Development. .
The rehabilitation project is the latest in a series of initiatives launched by the United States to support Iraq in dealing with the Corona pandemic. According to the statement.
And about the amount of funds that the embassy has provided to Iraq since the beginning of the pandemic, it indicated that it is “more than 60 million dollars to support Iraq to combat the Corona crisis. For example, we provided support to the Iraqi people with our contribution of more than 4 million dollars to help renovate and equip Iraqi public health laboratories, in a month In August, the United States donated 500,000 doses of Pfizer vaccine to Iraq.
The embassy statement indicated that “the Centers for Disease Control and Prevention will launch a program to support the Iraqi Ministry of Health’s response to the pandemic by supporting cadres and providing technical assistance.”
She stressed that the United States is committed to its enduring partnership with Iraq, and “we will continue to search for ways to deepen our cooperation in the field of health care and epidemic response, as well as other priority issues for the Iraqi people.” / End 8 https://ninanews.com/Website/News/Details?key=945772
The Kurdistan Region Receives 200 Billion Dinars From Baghdad To Finance The Salaries Of Employees
Monday 20 December 2021 13:43 | economic Number of readings: 334
Baghdad / NINA / – The Ministry of Finance and Economy in the Kurdistan Region announced the arrival of 200 billion dinars to its bank account, for the purpose of financing the salaries of the region’s employees.
And the ministry stated in a brief statement: “At twelve thirty in the afternoon today, Monday, an amount of 200 billion Iraqi dinars arrived from Baghdad to the Kurdistan region, according to the agreement.”
It is noteworthy that Prime Minister Mustafa Al-Kazemi decided last June to disburse 200 billion dinars as an advance allocated to pay the monthly salaries of the region’s employees./End 8
A Slight Decrease In The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:27 – 20/12/2021 Baghdad – Mawazine News: The dollar exchange rates recorded, on Monday, a slight decline in the main stock exchange and local markets in the capital, Baghdad.
The dollar exchange rate fell on the Central Kifah Stock Exchange in Baghdad today, recording 147,750 dinars, for each $100 bill.
The prices of buying and selling the dollar also decreased in exchange companies and local markets in Baghdad, where the selling price reached 148,250 dinars, for each denomination of 100 dollars, while the purchase prices amounted to 147,250 dinars, for each denomination of 100 dollars. Ended 29/A 4
Significant Increase In Central Bank Sales Of Hard Currency
Economie| 02:00 – 20/12/2021 Baghdad – Mawazine News: The Central Bank of Iraq’s sales of hard currency recorded, on Monday, a remarkable increase, reaching more than 198 million dollars.
Today, the Central Bank auction for the sale and purchase of foreign currencies witnessed an increase in dollar sales by 1.54%, to reach 198 million and 28 thousand, and 107 dollars, covered by the bank at a base exchange rate of 1460 dinars per dollar.
Most of the bank’s sales went to enhance balances abroad in the form of remittances and credits, reaching 149 million and 918 thousand and 107 dollars, while the remaining amount of 48 million and 110,000 dollars went in cash.
Moreover, 26 banks fulfilled requests to enhance balances abroad, including 19 banks to meet cash requests, in addition to 193 mediation companies. https://www.mawazin.net/Details.aspx?jimare=179064
The Council Of Ministers Decides To Release The Funds Related To The Iraqi-Chinese Framework Agreement
Economie| 11:00 – 20/12/2021 Baghdad – Mawazine News, the Council of Ministers decided to release the funds related to the Iraqi-Chinese framework agreement.
And the General Secretariat of the Council of Ministers stated in a statement received by Mawazine News that “the Council agreed to continue disbursing the ongoing projects financed by loans approved under the Federal General Budget Law for the fiscal year 2021 and previous years under the signed agreements in light of the allocations to be included in the draft law. The federal general budget for the fiscal year 2022,” indicating that “this comes in accordance with Article (13/second) of the amended Federal Financial Management Law (6 of 2019).
She added that “the text of the decision included that the Ministry of Finance launched the funds related to the Chinese-Iraqi framework agreement, for which allocations are made within the Federal General Budget Law for the fiscal year / 2021, according to contracts concluded with the implementing agencies, and within its obligations to disburse operational advances, based on what was reported by the Ministry of Planning.
According to the directives of the Diwaniyah Order Committee (83 of 2021) to determine national priorities and criteria for selecting projects within the framework agreement for cooperation between the Iraqi and Chinese governments. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=179035
Iraq Calls On The Countries Of The World To Stand Up To Corruption And The Corrupt In The Form Of A Compact Block To Reduce Its Danger
Political | 03:17 – 20/12/2021 Baghdad – Mawazine News , Iraq called on the countries of the world to stand up to corruption and the corrupt in the form of a compact block to reduce its danger, warning of its repercussions that threaten the future of all peoples of the world without exception, eroding state institutions, and impeding development and investment opportunities.
Judge Alaa Jawad Al-Saadi, head of the Federal Integrity Commission, head of the Iraqi delegation participating in the ninth session of the Conference of States Parties to the United Nations Convention against Corruption, held in Sharm El-Sheikh, Arab Republic of Egypt, indicated in his speech at the conference, “Iraq’s steps that fall into the door of responding to the requirements of the United Nations Convention to Combat Corruption. Corruption, and among those achievements, is the Cabinet’s approval of the National Integrity and Anti-Corruption Strategy for the three years (2021-2024) after it was prepared and drafted by the Integrity Commission, representing Iraq in this agreement in cooperation with the competent national authorities and the United Nations Development Program (UNDP).
He pointed out that “the enactment of some laws in support of the legal system addressing corruption, such as the Law of the Integrity and Illicit Gain Commission, as it expanded the powers of the Federal Integrity Commission and granted it what would enable it to pursue corruption and the corrupt more effectively and dynamically on the preventive and preventive sides, and the first amendment of Law No. 9 of the Iraq Money Recovery Fund Law No. of 2012, and a draft law to recover smuggled funds proposed by the Presidency of the Republic, as well as other approved and proposed laws,”
noting that “Iraq hosted an expanded international conference in which many countries participated in which obstacles to recovery and legal, political and technical problems were discussed without facilitating a stumbling block.” This mission, and Iraq’s recent accession to the “Globe” initiative, seeks to invest any effort that serves its steps in addressing corruption and leads to the failure to provide a safe environment for the corrupt.
He continued, “Iraq, represented by the Integrity Commission and other oversight bodies, has not only dealt with the scourge of corruption through deterrent injunctive aspects, but has also gone beyond it to preventive and other educational awareness aspects by organizing educational, awareness and preventive programs and several other measures to monitor the financial bodies, as well as the monitoring of several other measures. Those charged with revealing it, and imposing strict penalties against those who refrain from submitting the disclosure within the specified periods.
In the field of technical and technical assistance, he noted the launch of a project (supporting justice initiatives to combat corruption and promote the settlement of commercial disputes) funded by the European Union Mission and implemented by the United Nations Development Program (UNDP), with the aim of addressing legislative and strategic gaps to combat corruption and improve the capacity and legal framework in Iraq.
To conduct commercial litigation, create an atmosphere of support in Parliament to combat corruption, strengthen the commercial justice system, and engage civil society, the media and citizens in a constructive dialogue, with a view to achieving anti-corruption reform, referring to the (confidence-building) project that it launched in cooperation with the program’s regional office, It aims to build trust between the citizen and the government, support the national strategy for integrity and combat corruption, and raise the capabilities of workers in the supervisory bodies through training and transfer of expertise.
On the sidelines of Iraq’s participation in the activities of the conference, the head of the Iraqi delegation, Judge (Alaa Jawad Al-Saadi) met with (Ghada Wali), Under-Secretary-General of the United Nations and Executive Director of (UNDC), and during the meeting they discussed ways to enhance cooperation between Iraq and the international organization in the field of combating corruption.
During the meeting, the Iraqi side touched on the importance of supporting national oversight bodies, especially the Integrity Commission, after it represented Iraq in the UN Convention against Corruption, and enhancing that support through the exchange of experiences and technical and technical cooperation.
The international community to abide by its decisions, especially those related to asset recovery and to respond to requests for legal assistance, and to overcome difficulties in the efforts to recover those convicted in corruption cases in an effective manner that contributes to achieving the goals and objectives of the countries affiliated to the Convention.
The activities of the ninth session of the Conference of the States Parties to the United Nations Convention against Corruption, which was held in Sharm El-Sheikh over a period of five days, was concluded under the chairmanship of Egypt and with the participation of ministers and representatives of the States parties to the Convention, international organizations specialized in the field of transparency, protection of integrity and the fight against corruption, with the agreement on a number of Decisions related to the recovery of looted funds, activating regional and international cooperation, education and youth empowerment, as well as following up on the commitments made during the previous sessions of the conference;
In order to prevent corruption and cooperate among the oversight institutions and anti-corruption agencies in the States Parties, the date of the tenth session of the conference has been set in the United States of America – Washington.
While the Sharm el-Sheikh Declaration, presented by the Arab Republic of Egypt, regarding combating corruption in times of crisis was adopted as one of the decisions of the conference, as it stressed the need to recover from the Corona pandemic impartially, and to help countries support their readiness to face future emergencies, as well as focus on risks.
The growing corruption represented in economic spending and health relief, and calls for member states to conduct best practices; With the aim of developing guidelines to enhance cooperation to prevent, identify, investigate and prosecute corruption. https://www.mawazin.net/Details.aspx?jimare=179072
Source: Dinar Recaps
More Iraqi News Monday Afternoon 12-20-21
TLM724 Administrator BondLady’s Corner
My Predictions For The Banking Sector In 2022
Articles Samir Al-Nusairi*
On the occasion of the end of 2021, and in view of the special and new circumstances that our beloved country is going through due to the interactions with the formation of the new government after the approval of the election results by the Federal Court and the legitimate popular demands for change and economic and financial reform and because our banks are the first basic link in the national economy, we must clarify the results by analysis and evaluation The priority for banking activity in 2021.
That it faced the challenges of an unstable work environment, the non-performing debts reaching more than (6) trillion dinars, the continued decline in the prices of shares traded in the Iraqi stock market by (80%), the decrease in liquidity of some banks to the minimum limits set by the Central Bank, and the decrease in the realized revenues and deposits of some banks and the impact Others delayed approving the 2021 budget,
which affected the investment side of development projects and the lack of clarity in financial policies, laws, tax and customs instructions. It should be noted here. To the role played by the Central Bank in 2021 to confront these challenges and to lead and organize the banking sector and reform some of its links towards helping it overcome those challenges. challenges.
Our banks affirmed their sobriety and enhanced the public’s confidence in them during 2021 and the continuation of their daily activities and work despite the administrative, logistical and technical difficulties, which made an effective contribution to the implementation of the Central Bank’s policy in achieving stability in the money market and perpetuating internal and external banking operations, which enhanced international confidence in our international banking transactions.
This is evident when comparing the state of our banks with other countries experiencing the same conditions as happened in Lebanon, Syria and Iran, for example, and this confirms that our banks are moving in the right direction.
And its procedures and development towards its establishment and under the supervision of the Central Bank, to set its plans for attracting deposits, granting credit and banking facilities, implementing the Central Bank’s financing and lending initiatives that it launched in 2021, and increasing the rate of financial inclusion by raising the number of open accounts to the equivalent of 12 million issued credit cards, while increasing the number of ATMs to 3000 Automated teller machines, the trend for real banking work, the increase in the cash credit rate, and the activation of the central bank’s lending initiatives, especially the initiative to finance small, medium and housing projects,
and the central bank’s assignment of additional funds for the initiative in 2022, especially after the rate of implementation of loans granted by one trillion exceeded more than 85% in 2021 and the expansion in providing Modern systems, programs and technologies in the field of digital transformation.
And the implementation of the Payments Department’s proposal to expand the provision of banking services and reach the smallest administrative unit at the level of all governorates.
The banks’ completion of their plans for 2022 in accordance with the above visions requires them, under the supervision and control of the Central Bank, to work in quick steps, which is to move the Iraqi banking sector to a sober and developed economic sector that is committed to international regulations, rules and standards for compliance, combating money laundering, financial reporting and risk management,
and thus moving from the role of banking to a developmental role Contribute to revitalizing the economic cycle by activating and supporting the financing of small and medium projects and large development projects, through which the building of a solid national economy and sustainable development is achieved, ultimately serving the Iraqi people and their aspirations for a better life.
This requires that each bank have a plan with specific goals for 2022 in the areas of technical development and work in accordance with international standards to achieve financial inclusion, attract deposits, work on capacity-building, train and qualify human resources, achieve the goal of investing in human capital and develop the structural structure of the banking sector,
in addition to the banks paying attention By applying the financial stability criteria, which are indicators of financial safety such as the capital adequacy ratio, the liquidity ratio, the profitability ratio such as the ratio of profit and net profit to capital, the ratio of return on assets, the ratio of return on shareholders’ equity, the ratio of activity costs, financial leverage and the ratio of investment of funds in addition to the adoption of indicators for measuring performance efficiency and the creation of statistical units Studies, analysis and financial forecasting to indicate monthly, quarterly and annual deviations in the drawn plans.
This requires the government and the Central Bank to support the banks and enable them to continue banking activity, and to implement the decisions of the Council of Ministers and the Economic Affairs Committee related to revitalizing banking work, especially in the field of credit, bank financing, loans and banking facilities, and giving a key role to private banks and their involvement in making central economic decisions.
* Advisor to the Association of Iraqi Private Banks
Views 105 Date Added 12/20/2021 https://economy-news.net/content.php?id=26985
Al Rajeh Islamic Bank Receives The Award For The Best Bank In Terms Of Islamic Finance In Iraq For The Year 2021
Banks Economy News _ Baghdad Al-Rajeh Islamic Bank for Investment and Finance won the award for the best bank in terms of Islamic finance in Iraq for the year 2021, by the World Union of Arab Bankers, during the annual ceremony held by the Union in the Lebanese capital, Beirut, to distribute awards for Arab banking excellence and achievement, in the presence of a large number of personalities Prominent banking institutions of major regional and international.
The award of this award by the World Union of Arab Bankers comes for the bank’s distinguished efforts for the banking services it provides to its valued customers, and for its use of modern banking techniques used by international banks. Views 200, date added 12/20/2021 https://economy-news.net/content.php?id=26991
Iraq Ranks 142 In The Prosperity Index
Political | 04:20 – 20/12/2021 Baghdad – Mawazine News, Iraq ranked 142 in the Global Prosperity Index for the year 2021 issued by the British Legatum Institute.
The Prosperity Index is an annual ranking developed by the Legatum Institute. The index is based on a variety of factors including wealth, economic growth, quality of life, health, education and personal well-being.
The purpose of the index is to highlight the strengths and weaknesses of countries to identify the economic choices that must be made to continue building inclusive societies, unlocking innovation, and enabling people to achieve prosperity.
The index measures the performance of 167 countries, based on 12 pillars in three basic areas of prosperity, including the comprehensive standards of societies, the investment environment and open economies, and the living, health and educational conditions of people.
In the Arab world, the UAE (41 globally) ranked first, followed by Qatar (46 globally), then Bahrain (56 globally), then Kuwait (58 globally), the Sultanate of Oman (67 globally), then Saudi Arabia (75 globally), while Iraq ranked 142.
At the global level, Denmark came at the top of the list of the most prosperous countries, followed by Norway and Sweden, followed by Finland and Switzerland. Ended 29 / h
Memoranda Of Understanding Pave The Way For Economic Agreements With Syria
Monday 20 December 2021 348 Baghdad: Mustafa Al-Hashemi The Syrian-Iraqi Forum, which was held on the 12th of this month, under the auspices of the Syrian Minister of Economy and Foreign Trade, Dr. Muhammad Samer Al-Khalil, which was organized by the International Group of Businessmen and Women, in cooperation with the Federation of Chambers of Industry, the Federation of Chambers of Commerce and the Federation of Arab Contractors, announced the signing of preliminary agreements in various economic fields, divided between transport, insurance, industry, exchange of experiences, and tax and customs exemptions.
The Federation of Iraqi Businessmen Abdul Hassan Al-Ziyadi said, “The forum produced good results in the interest of the economy of both Iraq and Syria in the sectors of industry, trade and exchange of experiences, as well as developing the reality of transportation between the two countries, and other important and vital economic aspects.”
Al-Ziyadi added to Al-Sabah, “The forum witnessed the signing of memoranda of understanding in preparation for reaching future agreements between an elite group of investors and Syrian and Iraqi businessmen, in important economic aspects, such as a joint cooperation agreement between the International Group of Businessmen and Women in Syria and the Iraqi Industrial Cities Authority to launch a guide Syrian industrial cities Iraqi.”
“A joint cooperation agreement was signed between the aforementioned group and the Federation of Businessmen to set up a mobile Syrian export exhibition in Erbil, in addition to establishing an Iraqi insurance company in Syria, and establishing a Syrian-Iraqi company for agricultural investment and marketing between the two countries in coordination with the Union of Agricultural Societies in Iraq,” he added. To “agree to work on the proposal to activate the Syrian-Iraqi Business Council in coordination with the relevant authorities.”
The participants in the event presented a set of recommendations and proposals, after a joint workshop, which was attended by the Director of the Iraqi Industrial Cities Hamid Al-Issawi, and the President of the Iraqi Businessmen Union Ragheb Reda Blibel, along with the President of the Syrian Investment Authority, Madian Diab, and the Director of the Syrian Hassia Industrial Zone, Dr. Bassam Mansour. The importance of exchanging experiences and skills between the two countries and benefiting from common denominators, especially in the areas of training, professional and scientific development, and work to reduce production costs.
Al-Zayadi indicated that the recommendations included “examining facilitating the entry of Syrians with experience and competence to Iraq by guaranteeing their work in their companies, as well as ways to reduce the costs of land and sea transport in proportion to the purchasing power of the citizens of the two countries, as well as ways to find a legal formula to reduce fees and taxes imposed between the two countries, or Full or partial exemption.
A member of the Federation of Businessmen stressed the necessity of “reactivating the railway line linking Iraq and Syria, as it is the fastest, safest, and least expensive in transporting passengers and goods alike, in addition to the need to make such forums periodic and preferably multiple with interested people from Arab countries.” other.”
Al-Zayadi continued, “The recommendations emphasized the need to communicate with the Chambers of Industry and Commerce and the Federation of Businessmen in both countries to find a database of companies and owners of commercial and industrial events and distribute it among the participants, with the aim of establishing links and job opportunities and exchanging experiences.”
He concluded his speech by saying, “The participants unanimously agreed on the need to work on forming work teams and follow-up to implement the outputs of the forum and issue periodic reports, including those outputs that have been implemented, in addition to diagnosing obstacles to their implementation.”
It is noteworthy that the event was preceded by a meeting, which was held at the headquarters of the Iraqi Businessmen Union, on the fifth of this month, between the union and a delegation from the International Group of Syrian Businessmen and Women, on the sidelines of the preparation for the conference and exhibition that was held in Syria for the period from 12 to 14 of this month. which was organized by the group mentioned. LINK
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Source: Dinar Recaps
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