WOTS TUE JUN 15 21 A national campaign to support the Iraqi dinar
These are the articles I discussed on the My FX Podcast
A national campaign to support the Iraqi dinar
this one has a few more details then yesterday's article
The Governor of the Central Bank visits a number of private banks
The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mikheib, visited a number of private banks today, Tuesday .
During the visit, he stressed the importance of loans granted to citizens by the Central Bank's initiative, and the need to facilitate and expedite the procedures for granting them to cover the largest possible number of citizens' beneficiaries .
It is noteworthy that the Central Bank of Iraq launched more than (580) billion dinars from the initiative of one trillion dinars for private banks to finance about (7500) projects in the sectors of housing, industry and services .
Private Banks Participate in the Entrepreneurship and Innovation Exhibition
On Tuesday, the Iraqi Society of Engineers held an exhibition of entrepreneurship and innovation in the assembly hall, with the participation of a number of governmental and private institutions, private banks and the Central Bank of Iraq.
Representatives from the Central Bank of Iraq, the Association of Iraqi Private Banks, the Union Bank of Iraq, the Iraqi Islamic Bank, the Ashur International Bank, the National Bank of Iraq and the Islamic World Bank participated in the exhibition.
The head of the Iraqi Society of Engineers, Riyad Kitab Hussein, said during the opening of the exhibition, which was attended by "Economy News", that the exhibition aims to achieve meetings and communication between entrepreneurs, investors, and governmental and private institutions represented by the participating banks in the exhibition to transform pioneering ideas into projects on the ground.
He added that the owners of entrepreneurial projects presented their ideas to the participating banks to work on lending them through the initiative to finance small and medium enterprises, which is supervised by the Central Bank of Iraq and to finance their emerging projects.
For his part, the advisor of the Iraqi Private Banks Association, Samir Al-Nusairi, thanked the Iraqi Society of Engineers for holding this exhibition, noting that the banking sector is the first basic link in the economy and without a sound banking sector, a sound national economy cannot be built.
He added that private banks have started to finance projects through realistic initiatives carried out by the Iraqi private banking sector and according to the instructions and directives of the Central Bank of Iraq in the issue of bank financing, indicating that innovation does not occur without financing and it is not possible to support young people and entrepreneurs without a central core objective established in all the tasks of government institutions. and the private sector.
Action: A plan to develop the social protection system in cooperation with the World Bank
The headquarters of the Ministry of Labor and Social Affairs. "Internet"
On Tuesday, the Ministry of Labor and Social Affairs announced an agreement with the World Bank to implement two plans for rehabilitation, development and modernization of the social protection system.
Undersecretary Abeer Chalabi said in a statement reported by the official newspaper and followed by "Al-Iqtisad News", that "a ministerial team was formed for the purpose of proceeding with the implementation of the reform plans and projects of the ministry included in the white paper for government reforms for the current year at specific times."
She pointed out that "the need to start with practical steps away from the theoretical side, by giving fixed time ceilings for procedures and mechanisms for their application, and to ensure that the ministerial team submits monthly reports that include ideas and proposals that support the actual reform steps."
Work: We agreed with the Central Bank to develop and modernize the social protection system
Undersecretary Abeer Chalabi said, in a press statement, that "a ministerial team was formed for the purpose of proceeding with the implementation of the reformist plans and projects of the ministry that were included in the white paper on government reforms for the current year at specific times," noting the "necessity to start practical steps away from the theoretical side, from By giving fixed time limits for the procedures and mechanisms for their implementation, and by ensuring that the ministerial team submits monthly reports that include ideas and proposals that support the actual reform steps.
Chalabi added, "The ministry agreed with the World Bank to implement two plans, the first for rehabilitation and development, and the second for social protection within specific programs, because there is an urgent need for support in implementing those programs."
She pointed out that "there is a plan to implement a project to standardize and develop the ministry's database, as well as networking, which will contribute to improving the protection system and exclude emergency and violators of the system
Al-Bayati: The constitution granted independence to the Central Bank, but linked its actions to Parliament
The leader of the Al-Fateh Alliance, Muhammad al-Bayati, confirmed, on Tuesday, that the Iraqi constitution did not give the central bank absolute powers, but rather made it return to consultation with Parliament.
Al-Bayati said, in a statement to the "Information" agency, that "the Central Bank is one of the independent bodies, so the constitution imposed on it to return to Parliament to consult on crucial issues, and therefore any delay or error bears the responsibility of Parliament."
He added, "Granting absolute powers to the government without returning to the legislative institution is very dangerous and is considered a uniqueness in the decision and ignoring what is stipulated in the articles of the Iraqi constitution."
He pointed out that “the government does not give itself the amount of powers granted to it by Parliament, and therefore the two parties participated in the bidding on the exhaustion and impoverishment of the people.
Calls to expedite the disbursement of the budget: the delay confuses the market and disrupts investment projects
There is growing discontent among Iraqi citizens, traders, investors, farmers, and public stakeholders about the delay in disbursing the budget for the year 2021, and its negative repercussions on the Iraqi market and daily business that are linked to the core of the daily life of the .citizen, state activities and projects
Through its mail, the obelisk received dozens of invitations to the Ministry of Finance regarding the necessity of spending the budget, so that .government institutions and the concerned authorities could pay the dues of companies, investors, farmers, contractors, project owners and contracts And the Iraqi budget law 2021 had been delayed for months due to political and financial differences and contained “mistakes”, according to the Ministry .of Finance, to complete the scene of obstruction after its disbursement until the time of writing this report Experts link even the rise in goods in the Iraqi market, and the confusion of financial transactions, to the delay in disbursing the budget, which affects .prices, especially goods that directly affect the lives of consumers And the Iraqi Council of Representatives voted on the budget law last March 31, after months of controversy between the political blocs, Baghdad and .Erbil, and the government’s objections to some items and long discussions within the corridors of the House of Representatives
Economist: Returning the exchange rate to normal requires excluding this character
The economist, Ali Al-Afandi, confirmed, on Tuesday, that reforming the wheel of the Iraqi economy and returning it to its normal state requires great risk and support.
Al-Afandi said, in a statement to the "Information Agency", that "it is not easy for exchange rates to regain their normal position anymore, but there are bold steps that need a bold personality to take and implement with the support of political forces."
He added, "The first step is to exclude the governor of the Central Bank, as he is a dangerous figure on the economic scene and does not have a previous economic vision that qualifies him to take over the administration of this great and great facility," noting, "It is also necessary to remove the treasury of economic advisors around Al-Kazemi."
He noted that "the other personality is the Minister of Finance, who is considered the weakest personality and the most dangerous mentality on the Iraqi economy and does not even have the principle of politeness of feelings in statements with citizens."
He pointed out that "these steps need popular and political support, since these figures certainly have hidden support from political and partisan sides in the government and outside."
The rise in fuel irritates the street in Kurdistan and the threat to take to the street again
With the continued decision of the Kurdistan Regional Government to raise fuel prices, this decision led to the growing anger of citizens against the government, which was not satisfied with deducting employee salaries and imposing high taxes.
Taxi drivers say that this decision was taken in order to starve the citizens and increase the big problems by the corrupt power parties.
Cougar Muhammad, one of the taxi drivers in Sulaymaniyah, spoke to the "Information" agency, saying that "we expected with the rise in oil prices and Baghdad's reaching a budget agreement with the region that the suffering would end, but it seems that it will continue thanks to the corrupt parties."
He added that "the rise in the price of fuel affected the public movement and paralyzed the markets completely, as the citizen refuses to increase the fare."
On the other hand, a member of the parliament of the region from the Islamic Group bloc Muslim Abdullah indicated that the decisions of the Kurdistan government are to serve the parties and their families.
Pointing out in an interview with the Information Agency that "the government did not increase the suffering of the citizens and their concerns, and raising the price of fuel is an unfair and ill-considered decision, and we must return to the previous price."
Fuel prices in the region increased by 200 dinars over the previous price, in a move that the regional government says is up to the private companies producing fuel.
After Barzani’s announcement, a government source clarifies how to pay the region’s share of the budget
A government source explained how to pay the Kurdistan region’s share of the federal financial budget for 2021.
The source told {Euphrates News}, that “the amount will be an advance and for the purpose of addressing the suffering of the region’s employees who have not received their salaries for a while.”
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, announced this evening that he had reached an agreement with Baghdad regarding the region’s budget after his phone call with Prime Minister Mustafa Al-Kazemi.
Barzani said in a statement: “I am pleased to announce that an agreement has been reached under which the dues from the federal budget will be sent back to the Kurdistan region, with a retroactive effect, starting from January 2021.”
And he added, “During our phone call, I thanked him for his leadership, and I thanked the federal government for its support for this important turning point, through which we together overcame this difficult and long-standing obstacle.”
The Kurdistan Regional Government announced two weeks ago that it would send two important files to Baghdad related to “the region’s oil expenditures and non-oil revenues.”
And regarding sending the salaries of the region’s employees, the spokesman for the Kurdistan government, Jutiar Adel, suggested that “this issue will reach the implementation stage, and part of it has already reached the implementation stage, and in the near future financial dues will be sent to the Kurdistan region within the federal budget.”
It is noteworthy that the House of Representatives voted on March 31, 2021, to approve Article (11) of the Iraqi Budget Law for 2021, which is related to the Kurdistan Region’s share of the budget.
The Kurdistan region needs 895 billion dinars per month to distribute salaries without deduction, ie up to 10 trillion and 740 billion dinars annually.
Below here is the daily WOTS "Word on the Street" report:
The exchange rates of the dollar in the local markets for Tuesday, June 15, 2021, according to the monitoring of specialists.
Baghdad - Stock Exchange of struggle الكف
149,550
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Exchange rate (approximate)
149,000
150,000
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Erbil / Bursa
149,650
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Basra / Bursa
149,650
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Mosul / Bursa
149,700
Iraqi Articles:
CBI Update: Just a note:
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