Wed. AM TNT News Articles 2-2-22



What does it take to change the dollar exchange rate and return it to the previous? Iraq should follow the example of neighboring countries

Today, Wednesday, economic experts considered it difficult to change the exchange rate of the dollar and return it to its previous rate.

Economist Uday Al-Alawi said, according to the official newspaper, that “some of them see that changing the exchange rate is just a digital process that goes up or down,” noting that “this change greatly affects the market and the obligations of many who live on selling materials in it.”

Al-Alawi added that “it is absolutely not possible to change the exchange rate overnight, because the damages of those decisions that are taken without knowledge are estimated at billions of losses on citizens,” noting that “changing the exchange rate requires overlapping processes of continuous preparation of the market that take at least two years.”

He explained that “the statements regarding the change in the dollar exchange rate confused the market and stopped many commercial operations, and imposed on families to reduce spending and be satisfied with important goods, despite the fact that workers in the private sector constitute about 80% of society and they are more than directly affected by such statements.” .

And he stated, “Any moves in the process of decreasing and raising the exchange rate must be deliberate, because there is a benefit between the merchant and the simple citizen, in addition to the fact that many citizens have converted their transactions to the dollar after decreasing the price of the dinar, which suggests that it is not fixed internally, which causes a change A significant economic situation in the event of a decrease or increase in the exchange rate of the dinar against the dollar.

Al-Alawi linked “the efforts to change the exchange rate on the one hand and the government formation talks on the other hand,” noting that “they will be temporary statements and will not go beyond promotion and media marketing.” 

On the technical level, experts believe that “Iraq should follow the steps of some neighboring countries that have fixed the dollar’s exchange rate against its currency for years, even though they do not have any economic data, while the exchange rate in Iraq changes frequently.”

On the same level, other blocs, on the other hand, are trying to push economic laws to the House of Representatives, as Hakim al-Zamili, the first deputy speaker of parliament, had announced the Sadrist bloc’s intention to legislate a law to deduct a financial grant from oil revenues to be distributed directly among citizens under the title “People’s Oil Grant.” However, experts and observers pointed out that these endeavors cannot be implemented within the law, as there is a budget deficit estimated at more than 27 trillion dinars.

Observers warn of Iraq’s dependence on the current high oil prices, especially that their fluctuations will continue according to market requirements and the consequences of the world’s actions regarding the general closure to confront the Corona pandemic.

They stressed the need for there to be alternatives away from oil rents, as this wealth may not last long, and could decrease at any moment, noting that those funds can be invested in establishing infrastructure for industrial cities that can compete with the world.   link

The House of Representatives announces the names of candidates for the post of President of the Republic

Shafaq News/ The Iraqi Council of Representatives announced, on Monday, the names of 25 candidates for the Presidency of the Republic.

The General Secretariat of the Council said, in a statement received by Shafak News Agency, based on the provisions of Article (4) of the Law No. (8) for the position of President of the Republic, No. (8) of 2012, below are the names of the candidates accepted to run for the position of President of the Republic, and they are as follows:

1- Khaled Siddiq Aziz Muhammad

2- Faisal Mohsen Abboud Al-Kalabi

3- Shehab Ahmed Abdullah Al-Nuaimi

4- Hussein Ahmed Hashem Al-Safi

5- Ahmed Moh Imran Al-Rubaie

6- Ahmed Yahya Jassim Juwaid Al-Saadi

7- Sabah Saleh Saeed

8- Kazem Khudair Abbas Daughneh

9- Rizgar Muhammad Amin Hama Saeed

10- Clauise Ali Amin Bireh

11- Louay Abdel-Saheb Abdel-Wahhab Al-Mohsen

12- Rebwar Orahman and Setasaleh Arif

13- Hamza Bresim Thajeel Al Maamouri

14- Hashyar Mahmoud Muhammad Mustafa Zebari

15- Hussein Mohsen Alwan Al-Hasani

16- Abdul Latif Muhammad Jamal Rashid Sheikh Muhammad

17- Omar Sadiq Mustafa Majid Al Abdali

18- Barham Ahmed Al-Hajj Saleh Ahmed

19- Thaer Ghanem Muhammad Ali Baksh Al-Othman

20- Iqbal Abdullah Amin Al-Fatlawy

21- Khadija Khada fears the lion of Qalaws

22- Jabbar Hassan Jassim

23- Hadi Abdul-Hussein Saddam Al-Fraiji

24- Raad Khudair Dfak Sayel

25- Omid Abdel Salam Qader Taha Balani

On the twenty-ninth of this month, the First Deputy Speaker of the Iraqi Council of Representatives, Hakim Al-Zamili, announced the holding of an expanded meeting to check the names of the candidates for the presidency, and confirmed the adoption of “data, provisions, and restrictions imposed on each candidate away from all tendencies, trends, or external or internal influences.

The House of Representatives announces the names of candidates for the post of President of the Republic

The Investment Authority obtains approval to contract with two international companies regarding Bismayah contracts

Today, Wednesday, the National Investment Commission announced that it obtained the approval of the Council of Ministers to contract with two reputable international financial auditing and law firms to audit previous contracts in the Basmaya residential complex.

A statement by the authority, received by Al-Iqtisad News, stated that “the head of the National Investment Commission, Suha Daoud Najjar, obtained the approval of the Council of Ministers, in its session held yesterday, Tuesday, to contract with two solid international law firms to audit previous contracts regarding the Basmaya housing project and to contract with an auditing company.” A discreet international financial institution to propose a financial model, and to audit the financial matters of the project.

The statement added, “The Council of Ministers hosted the President of the National Investment Commission, Suha Daoud Najjar, where the latter provided a detailed explanation of the authority’s procedures with regard to the Basmaya residential complex, and with regard to investments and plans to ensure that investment in Iraq is placed on the right path, and in accordance with international standards. Measures taken by the authority to combat corruption and lagging projects.

He pointed out that “the Council of Ministers agreed to approve the recommendation of the Ministerial Council for the Economy, as follows, which is to approve the contract of the National Investment Commission with a solid international law firm to audit previous contracts regarding the Basmaya residential project, to put forward a new contract formula, to state the legal position of the contracts, and to contract with an auditing company.

A solid international financial model to propose a financial model, and to audit the financial matters of the aforementioned project, according to what was stated in the letter of the National Investment Commission No. (8506) dated October 6, 2021, and the two contracts were excluded from the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014)


Source: Dinar Recaps


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