WOTS THU JUN 3 21 Central Bank initiatives to revitalize the national economy and support citizens
The dollar exchange rates in the Iraqi local markets for Thursday, June 3, 2021, according to the monitoring of specialists.
Baghdad - the stock exchange
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1429.7000 |  1478.9000 | 1457.5000 | 1457.3000 | 1457.3000 |  0.0000 | 12:38 |
| USD/VND | 23041.0000 | 23044.0000 | 23042.9100 | 23042.7000 | 23042.8200 | -0.3200 | 04:34 |
| USD/CNY | 6.3872 | 6.3892 | 6.3952 | 6.3795 | 6.3795 | 0.0069 | 05:20 |
| USD/KWD | 0.3003 | 0.3013 | 0.3006 | 0.3004 | 0.3006 | -0.0002 | 04:10 |
| GBP/USD | 1.4195 | 1.4196 | 1.4202 | 1.4144 | 1.4168 | 0.0027 | 05:20 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14278.0000 | 14291.0000 | 14322.0000 | 14245.0000 | 14257.0000 | 20.0000 | 05:20 |
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Al-Kazemi and Talabani confirm commitment to the budget’s provisions
Prime Minister Mustafa Al-Kazemi and Deputy Prime Minister of the Kurdistan Regional Government Qubad Talabani affirmed commitment to the terms of the financial budget for the current year, and solving the outstanding problems between Baghdad and Erbil.
Talabani said in a statement seen by "Al-Iqtisad News", "I discussed with Iraqi Prime Minister Mustafa Al-Kazemi the latest developments regarding relations between the Kurdistan Regional Government and the federal government, especially the mechanism for implementing the 2021 budget and ensuring the region's financial dues."
He added, "We reaffirmed our commitment to the budget law in order to solve outstanding problems in accordance with the constitution and the law to build a sustainable and long-term understanding."
A Kurdish delegation headed by the Vice President of the Kurdistan Regional Government, Qubad Talabani, is currently visiting Baghdad to meet officials in the federal government regarding the outstanding issues between the two parties.
Central Bank initiatives to revitalize the national economy and support citizens
Indicators and official data indicate the success of the Central Bank’s economic and lending initiatives, which are a number of reform measures planned and put into practice by the Central Bank, which were accompanied by the decision to reduce the exchange rate of the dinar with the aim of alleviating the burdens expected to suffer from citizens with low incomes and for the purpose of creating monetary balance in the market Trading and facing the repercussions that can occur as a general situation facing countries that reduce the exchange rate of their local currency and investing in positive cases to strengthen the financial position of the government, reduce the budget deficit and overcome the causes of internal and external borrowing, in addition to protecting and supporting the local product. Governmental and private banks have contributed to the implementation of the aforementioned Central Bank initiatives in the above.
The important question is what is the role of banks in implementing the plans of the Central Bank in supporting the national economy? And what do you actually check?
Despite the complex and accumulated suffocating financial crises due to the fall in oil prices and the decline in revenues from it by more than 70%, the spread of the Corona pandemic and the comprehensive and partial health urbanization imposed locally during the years 2020 and 2021, our banks continued to work and implemented the Central Bank’s instructions to continue providing banking services and products to individuals and companies and granting grants to individuals and companies. Loans to finance small, medium, housing and large projects, and interacted greatly with the Central Bank's lending initiatives to stimulate and stimulate the economy.
As 9000 small and medium projects were financed, up to 17,000 unemployed people were funded, and 443 billion dinars were spent from the one trillion dinars initiative, while continuing to grant employees and citizens a loan, the recent Central Bank initiative of 15 million dinars, without interest and without a sponsor, in addition to the continuation of specialized government banks to lend to industrial projects. The agricultural and housing sector is part of the five trillion dinars initiative, which constitutes an advanced lending rate, especially housing loans, with reference to the role of the central bank and banks in supporting the national economy in crises. It achieved a growth of about 44% in the new opened accounts, and the number of accounts reached (4.8) million.
It also implemented the strategy of the Central Bank regarding the development of electronic payment systems and the transition to the cashless society. The number of ATMs operating in our banks reached (1,170) tellers and points of sale with up to (4 thousand) points of sale, and the number of active bank cards reached about (11) million cards and activated electronic wallets with limits (3) One million and (500) thousand portfolios. The other important aspect that our banks have done and played an active role in implementing is the commitment to international rules and standards for compliance, anti-money laundering, financial reporting and risk management.
Emphasizing that the results of the business of government and private banks, according to official data for the year 2020, have made progress compared to 2019 in cash credit by 19%, deposits by 4%, capital by 6%, and total assets by 2%.
*Economic and banking consultant
China begins a project to supply electricity to southern Iraq
The Chinese Embassy in Baghdad announced the operation of the new power station in Basra Governorate, as part of the "Belt and Road" project.
The embassy said in a statement that Unit 1 of the Rumaila combined-cycle power plant project built by Power China has been successfully connected once, with the smooth operation of all systems and excellent major operating standards.
She added that this project is the first power station project funded by the Chinese side since 2003, and the project has achieved Chinese design, manufacture and construction, which is an important step for implementing the (Belt and Road) initiative, provided that it provides a guarantee of safe, reliable and clean energy for the electricity grid in southern Iraq after its completion and operation. , which is of great importance to alleviate the energy shortage in southern Iraq and improve people’s livelihood.”
The statement continued, “By implementing the Rumaila combined-cycle power plant project, located about 50 km west of Basra, the former Rumaila power plant was developed from a simple to a combined cycle, with a total installed capacity of 707 megawatts.”
The "Belt and Road" initiative, announced by China years ago, includes huge global projects embodied in ports, railways and industrial parks, stretching across Asia, Africa, the Middle East and Europe, and Beijing says it will invest trillions of dollars to connect China with Europe via the shortest path.
CBI Update: Just a note:
including $13,050,000. CASH
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6-2-2021 Intel Guru BobTheTaxMan Taxes are always going to be there. There's no way around it period. 47% taxes on windfall gains...let me tell you, that number is changing. It's going to get higher particularly into the new current administration because you can expect some major tax reforms...I want you to understand...where our taxes are going under this current administration...not saying condemnation against them...pendulum swings both ways. At the moment it's swinging this way...with these anticipated changes for the future you really need to take the time to re-look at what your plan was... [NOTE: At the appropriate time consult your tax professional about your investment and tax liability.]
6-2-2021 Intel Guru Bruce [via WiserNow] ...the thinking is we...are looking really good and the wording I was given from a bank manager today was “Be ready for any moment now” Be ready...I think we are in good shape for something to occur with notifications over the next couple of days...The rates are very good...
6-2-2021 Newshound Guru Pimpy They can fuss all they want about the rate. I don't think their rate can stay the same for what they say, 3 to 5 years. It's not going to stay that long...if...they keep having a surplus and oil prices continue to rise I don't think it's going to take that long for them to really start to recover. The money is being used for all the right purposes at the moment...
6-2-2021 Intel Guru Footforward I'm getting more reports of banks telling people they aren't selling dong anymore...why is that happening now? ...it's clear something is up in the US, and I've been told by more then one person that I trust that currency flow out of Vietnam at this moment is being restricted. ...the pattern in Vietnam has changed. When patterns change, there is a reason...
6-2-2021 Intel Guru Holly I am still asked to be quiet. Things are happening and we are in the window for this week. All the news I am hearing is very good and positive. We are there, let’s let it unfold.
6-2-2021 Newshound Guru Jeff Article: "Al-Kazemi: Iraq is on the path to economic reform" They're on the path for economic reform but they're not able to implement economic reform...Why can't they bring the reforms forward? What are they waiting on? What do they need? Again, the reforms themselves are waiting on the rate change.
6-2-2021 Intel Guru MarkZ [via PDK] We are hearing that yesterday they attempted to launch the new banking system …We were told that the sheer number of transaction that had been waiting on it over loaded it…and that they are going to attempt again today in the next couple of hours…i hope this is accurate… We have seen some rates on screens for the dinar again…starting to show on bank screens …I find that interesting.
6-2-2021 Intel Guru Frank26 Dubai 1? Dubai 2? Dubai 3? Are you serious? Where do you get this kind of stuff? ...You gotta be careful. All this tier one and tier two and three tiers and 'come to me and only - I got 800 numbers' and the latest thing I'm hearing is there's a Dubai 1? That's so stu__ [stupid?] Be careful who 'you have lunch with'.
6-2-2021 Newshound Guru Pimpy Rumors...you guys need to be careful...yes I heard all the rumors. I heard about the rate change. It's not true. No rate changes are taking place...we know there's a lot of talk about the rate change. There's a group of people saying that this [devaluation] should not have been done...it was done illegally and there's a lot of talk about it being fixed. I do think it's going to be fixed. I do think it's going to change. I really do. But not anytime in the immediate future. But I do think it's going to happen sometime this year. It just depends on what's going on with these protesters and the civil unrest...
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