WOTS FRI SEP 3 21 Al-Kazemi stresses the development of Iraq's oil wealth and not depleting it
These are the articles I discussed on the My FX Buddies Podcast
Al-Kazemi stresses the development of Iraq's oil wealth and not depleting it
Prime Minister Mustafa Al-Kazemi stressed on Tuesday the need to develop the country's oil wealth and not continue to deplete it.
Al-Kazemi said in a speech during the cabinet session that took place today, "We will continue to work to activate the Future Generations Fund, based on a sense of responsibility towards our children and grandchildren."
He added, "We want to secure Iraq's future away from dependence on an unsustainable economy, as the oil wealth will not be dominant for the rest of its life, and many countries have begun to search for alternative and clean energies."
Al-Kazemi continued by saying, "We inherited the oil wealth from our fathers, and we are supposed to develop this great legacy, not just drain it, and deprive future generations of its bounties.
Al-Kazemi, after resolving the controversy over the region’s salaries: I will not nominate myself, and I do not aspire to head the next government.
Prime Minister Mustafa Al-Kazemi confirmed, on Thursday, that the central government will continue to send 200 billion dinars to the Kurdistan Regional Government, while noting that there is a shortcoming between Baghdad and Erbil regarding the accounts of the accumulated money and sums.
Al-Kazemi said, "The central government will continue to send 200 billion dinars to the regional government, and there are continuous meetings during the coming period, the purpose of which is to unify the accounts between the two parties."
He added, "There is a shortcoming between the central government and the regional government regarding the accounts of the money and the accumulated amounts."
Al-Kazemi continued, "The government spent huge funds in order to make the electoral process successful."
He explained, "I will not nominate myself in the upcoming elections, and I will not aspire to head the next government
The race to enter the government palace: The Sadrist movement gives Al-Kazemi's fortunes a booster dose for a second term
The return of the Sadrist movement to the elections gave an energizing dose to the chances of the current prime minister, Mustafa Al-Kazemi, in obtaining a second term, while the leader of the State of Law coalition, Nuri al-Maliki, faces a number of obstacles, impeding the achievement of his goals in reaching the government palace.
According to leaks from the office of the Prime Minister and the circles surrounding him, he expressed his willingness to occupy his position in the next session, as a candidate for the Sadrist movement, especially since the relationship between the two parties is strong, and has gone beyond the exchange of views, to coordinating joint work, according to the writer and journalist Sarmad Al-Taei. "The upcoming elections will produce new numbers and according to two forms, the first will satisfy the people, if they are conducted according to acceptable contexts and appropriate conditions, and the second, if they are conducted according to the conditions of the armed forces, will be rejected, and no government will be produced," explaining that the next government, "will come on According to the rules that the people wanted, and expressed during the demonstrations, "noting that:" the Sadrist movement is the closest to Al-Kazemi, and the relationship between the two parties will impose its impact in the post-election stage, and put forward the appropriate personality to occupy the position of prime minister of the next government."
While the Sadrist movement announced its quest for the presidency of the Council of Ministers in the next stage, as part of its reform project, it expressed its willingness to nominate a person from outside the movement, to take over the position. For the purpose of implementing his reform project in establishing a state that enjoys complete independence and is able to meet the people’s economic, social and service requirements,” he added: “The leader of the current did not specify the nomination of a candidate for the new government, and it is not unlikely that Al-Kazemi will be, given his adoption of the Sadrists’ project in achieving comprehensive reform.” He stressed that the stage The future: “It requires the concerted efforts of all political forces and the strengthening of joint cooperation to achieve national interests,” noting that::The understandings of the Sadrist movement with the Kurdish parties and other forces have reached advanced stages in drawing up a road map that will be adopted in the negotiations to choose the three presidencies.
The Sadrist movement’s insistence on adhering to the premiership requires American support, and this condition is available in Al-Kazemi, who is also supported by Kurdish parties, and forces representing the Sunni component. Another candidate who may not meet the conditions that convince the other forces.” He added, “My information confirms the existence of understandings between the Sadrist movement and Al-Kazemi, which will lead to the latter’s nomination as a candidate for a second term.” A politician representing the Sunni component, and he will be one of the contenders for the position."
In light of what is published by the media, and announced by the electoral campaigns of the leader of the State of Law coalition, Nuri al-Maliki, the former Minister of Youth Abdul-Hussein Abtan, Muhammad Shiaa al-Sudani, Qasim al-Araji, the Governor of Basra, Asaad al-Eidani, and the Secretary-General of the Iraqi Loyalty Movement Adnan al-Zarfi, all of them expressed their desire to run. to head the government. Among all the contenders to reach the government palace, Al-Zorfi is ahead of everyone, as he won the confidence of political forces and members of the House of Representatives, when the President of the Republic, Barham Salih, assigned him in March of last year to head the interim government, and soon decided to withdraw from performing the task in protest against regional interventions.
While the chances of candidacy vary between the contenders for the position of prime minister, the parliamentary size and the map of alliances will be the decisive factor in choosing the person qualified to take the position. The appropriate personality is subject to the parliamentary size, and the influence of the candidate’s bloc in persuading the other parties.” He added that: “The post-election stage will witness arduous negotiations regarding the selection of the three presidencies, for each party to adhere to its demands and refuse to make concessions.” He pointed out that the established rule in Iraq: “It will not change.” The president of the republic is for the Kurds and the parliament is for the Sunni component, and the presidency of the government is for the Shiites, with the emergence of differences within the parties to the one component to obtain the position in favor of one party at the expense of the other.”
By announcing the election results, the picture will be clear to identify the key players who will enter the negotiating marathon, and prepare to enter a new phase, achieving the demands of the Iraqis in an atmosphere of political and security stability, and economic advancement.
Al-Maliki on the 'Sadr Presidency': It will be determined by the alliances... I did not sign the document on the return of al-Sadr
On Thursday, the leader of the State of Law coalition, Nuri al-Maliki, denied that there was any connection between his travels and the return of the leader of the Sadrist movement, Muqtada al-Sadr, to participate in the elections.
Al-Maliki said during an interview with his colleague Harun Rashid, which was followed by "Nass" (September 2, 2021), that "his meeting with the head of the Kurdistan Democratic Party, Massoud Barzani, was not the reason for establishing the idea of al-Sadr's return to participate in the elections. We have previously invited everyone to participate in the process."
Al-Maliki added, "I am ignorant of the nature of the guarantees provided by some political blocs to Al-Sadr, and I did not see them or sign them."
And on the possibility of the arrival of a prime minister from the Sadrist bloc, al-Maliki stressed that "who will determine the next prime minister are the alliances - and I did not ask anyone to be prime minister."
And on the possibility of ending differences with the Sadrist movement, the head of the State of Law coalition said, "It is better for me and the political process not to remain rivalries and conspiracies."
To the PMF, Maliki emphasized that the PMF "should not" remain linked to the parties.
He added, "Whoever breaks the law is breaking the law, and the latter has a duty to return matters to their legal track, and the government is responsible for imposing security and controlling uncontrolled weapons, which does not comply with the instructions of the state and security institutions."
He explained that "the political blocs that own armed factions must control the behavior of their group members and control their weapons."
He continued, "The Popular Mobilization must not remain linked to the parties, but to the state as well as other security institutions, and the crowd's weapon must be committed to the contexts of the political process, and I think that the crowd is committed to the government and disciplined to a large degree despite some violations, and it must be an organ of the government and not the parties. political".
And al-Maliki said, "There are threats, threats and targeting of candidates, and these are negative phenomena that we are beginning to see now... Election centers and candidates must be protected."
He pointed out that "the security committee concerned with the elections is continuing its measures, and there is no tendency to postpone the elections, and in light of the operation, security matters must be adapted, and so on."
He pointed out that "the atmosphere has begun to tend to hold the elections on their scheduled date," noting that "postponing the elections will increase the repercussions of the situation, and if it is postponed, we will commit an explicit violation, and we may enter into constitutional crises, and Parliament dissolves and ends and the government becomes a caretaker government and confuses matters."
The leader of the State of Law coalition said, "No state entity should turn into a frightening element," noting that "there are parties that do not want Iraq's stability and move on premises far from the national spirit, and hope that the crowd will not exist."
He added, "The Iraqi army and the popular crowd are tools in the hands of the Commander-in-Chief of the Armed Forces, and they act according to his orders."
And he said, "We call on others to restore the state to its strength and make it a state of prestige, services and political and national harmony, and I am against all armed operations, particularly hitting embassies, because Iraq has agreements with those roles and targeting them complicates the situation."
He pointed out that "targeting embassies is a crisis between the political forces that own factions and the American side, and this matter needs rationalization," explaining, "We need American forces for the purpose of training, and the withdrawal of American forces must be matched by the faction's cessation of attacks and we are waiting for the implementation of the strategic agreement."
Al-Maliki added, "I do not rule out that Israel will have hands in Iraq, especially after normalization with some Arab countries."
{Neo} announces the name of the winner of the 2021 Kia car in Iraq
Zaid Fawzi, the managing director of the company, confirmed that "our vision is to use money digitally through a smart application that helps all citizens to use electronic payment methods correctly and easily, as we provided the most secure, quality and easy visa cards for the Iraqi citizen and fulfill all his needs and with this competition that we announced Previously, its aim was to urge citizens to buy and use cards, especially under the conditions of the Corona pandemic.
He added, "We, as electronic payment companies, must also do what we can in this field to educate the citizen about the importance of electronic payment, certainly based on the laws and instructions of the Central Bank of Iraq."
The “neo” application provides an electronic wallet that the citizen can recharge easily by visiting the Neo agents spread throughout Iraq, and creating your digital card directly from the application and using it to purchase from websites that support payment by Visa and promotion on social networking sites and with the feature of recharging when needed as soon as there is an amount of money in Your electronic wallet.
The plastic gift card product is distinguished by its availability at agents in various categories, once you buy it closed from the agent, you can activate it in seconds in the application and directly use it online, ATMs and POS points of sale in three ways (Chip-Swipe-Contactless locally and globally, and it is not refillable.
As for the "plastic" travel card, any citizen can request it by visiting any authorized agent and receiving it in an ideal period of time not exceeding two days as a maximum and with a financial ceiling of the card up to $10,000 and it can be recharged immediately from the wallet. It is used in POS devices in three ways (Chip- Swipe-Contactless and ATMs locally and globally.
Noting that the registration process in the application is according to the instructions of the Central Bank of Iraq and through the smart application you can follow all your financial movements easily and safely.It
is reported that the International Network of Cards for Electronic Payment Services started working in 2019 with a license to do With the work of electronic payment No. (7) of the Central Bank of Iraq and according to Law No. (56) of (2004) and it works with a young Iraqi cadre that is proud of providing the best services in the field of electronic payment to citizens.
The US State Department: We will remain militarily in Iraq until the elimination of ISIS
Parliamentary Finance dispels the hopes of the Iraqis: the dollar price is fixed
Today, Thursday, the Parliamentary Finance Committee resolved the controversy among popular circles regarding restoring the exchange rate of the dollar against the Iraqi dinar to its previous position, stressing that the price is fixed in the draft federal budget law for the year 2022.
Committee member, Faisal Al-Issawi, told the "National News Center" website, "Reconsidering raising the dollar's exchange rate against the Iraqi dinar, and returning it to its previous position has become impossible."
He stressed that "the dollar cannot be returned to its previous price in the 2022 budget bill," noting that "the Iraqi government has begun to draw up its economic plans in light of the current exchange rate, and therefore the monetary value of the dollar cannot be reduced at all."
He pointed out that "the new dollar exchange rate benefited the government a lot in reducing the budget deficit of 2021, and therefore it became part of the monetary policy."
On (March 31, 2021), the Iraqi parliament voted on the first article of the budget law, which included the adoption of the dollar exchange rate of 1450 dinars per dollar.
The first article proposed, calculating the price of a barrel of oil at 65 thousand dinars without mentioning the exchange rate, which leads to fixing the dollar exchange rate as proposed at 1450 dinars per dollar.
Iraq's benefit from expatriate remittances is limited
The amounts entered in hard currency do not represent an important number in the financial equation (
Iraq does not seem to be one of the countries that benefit greatly from the amounts of remittances sent by expatriates and workers in separate sectors abroad, as government sources report that the amount of money entering the country in hard currency (dollars) does not represent a number in the Iraqi financial and economic equation due to its smallness, unlike Arab countries. On the other hand, remittances from expatriates represented one of the barriers to the decline in foreign exchange reserves in light of the decline in revenues, due to the decline in oil prices, the setback of tourism activities due to the Corona pandemic, and the decline in foreign investments, services and energy exports.
According to figures issued by the World Bank and a number of Arab central banks, expatriate remittances witnessed an increase during the Corona pandemic period, and this happened in Egypt, Tunisia, Morocco, Lebanon, Sudan, Algeria and others, but this does not apply to Iraq, although the 2021 budget, which was estimated at 130 One trillion Iraqi dinars ($89.65 billion) suffers from a deficit rate of 28.7 trillion Iraqi dinars ($19.79 billion).
Two sources specializing in financial affairs, who are close to Iraqi Prime Minister Mustafa Al-Kazemi, confirmed that "Iraq does not depend on money coming from abroad, specifically personal transfers, including expatriates' money that reaches their families, because they are not large sums on the one hand, and are usually spent in Markets, which slightly supports the Iraqi market, and Iraq does not have a clear vision of the size of these payments on the other hand, because they are volatile, even if they are limited to a period of time, which is the period of the Corona pandemic, but the regulatory authorities specialized in counting incoming hard currency look into consideration The financial payments launched by international organizations, as they are huge sums, especially what reaches the hands of journalists, human rights defenders and civil society workers.”
The two sources explained, to Al-Araby Al-Jadeed, that “the dollar inside could represent a great importance for the economy of Iraq, but what is being leaked through what is known as (the currency auction) in the Central Bank, and merchants and banks buy the dollar at prices lower than the approved local circulation. It contributes to reducing the state's benefit from the foreign currency, not to mention the financial corruption and the smuggling of dollars abroad through local politicians and banks.
One of the sources stated that "the Iraqi problem is mainly in the leakage of the dollar abroad under different addresses. As for the transfers that enter Iraq, they do not represent an important number, and hardly exceed $100 million annually, and include personal or family transfers, salaries of employees, workers in the press, foreign organizations, and companies." working in Iraq, and other aspects
For her part, a member of the Economy and Investment Committee in the Iraqi Parliament, Nada Shaker Jawdat, indicated that "any amount in US dollars that reaches Iraq is a gain for Iraq's budget and the purchasing power of Iraqis, and therefore the increase of the dollar circulating in the country is one of the most important tools of economic development, but on the condition that It is within government control, because turning the dollar into a permanent purchasing tool in the country will weaken the Iraqi dinar more than its current devaluation
She continued her conversation with Al-Araby Al-Jadeed by saying that “Iraq suffers from a financial policy tainted by many mistakes, including the decline in the value of the dinar, which is no longer justified, especially after the stability of oil prices in the country, as things must be returned to their previous nature. And return the situation to what it was before the outbreak of the Corona virus and the global economic crisis left by the virus
As for Ali Fadel, an accountant in a financial transfer company in Baghdad, he pointed out that “the money transfers in Iraq during the intensification of the Corona pandemic during the past months were not from outside Iraq to the inside, but on the contrary, the dollar transfer rates from Iraq to several countries, Some of them are European and Arab, such as Germany, Finland and France, in addition to Syria, Egypt and Lebanon. The amounts of individual remittances per person to those countries range from $300 to $1,000, and hundreds of daily transfers from all company branches.
Fadel explained, to Al-Araby Al-Jadeed, that "the dollar has been leaking for years from Iraq to the outside, but most Iraqi banks confirm that the dollar is the most, and most of it is related to salaries and commercial belongings."
In turn, an expert in economic and business affairs in Baghdad, Salam Sumaisem, pointed out that "Iraq is one of the countries that does not rely on external remittances, whether from expatriates or workers in the Gulf countries, the European Union and America, which is unlike countries such as Egypt and Jordan, whose budgets are supplemented by remittance dollars. Financial, through which it seeks to develop their economies, and some countries put an item in their budgets related to remittances and hard currency that arrive from abroad in order to advance the balance of payments in these countries, and Iraq is almost completely opposite of this thinking
Sumaisem indicated to Al-Araby Al-Jadeed that "the only party currently benefiting from financial transfers from abroad is the Iraqi or foreign transfer companies that have branches in Iraq, as they raised commissions for transfers after the depreciation of the Iraqi dinar, and the high exchange rate of the dollar against dinar"
The Central Bank determines the dollar price variables and the mechanism for disposing of oil differences
link very interesting hmmmm
Today, Friday, the Central Bank determined the variables that are subject to the process of selling the dollar from the specified outlets, while revealing the mechanism for disposing of oil price differences.
Deputy Governor of the Central Bank, Ihsan Shamran al-Yasiri, said in a statement to the Iraqi News Agency (INA) today, Friday: “Changing the dollar exchange rate is a studied step from several sides, and the decision to amend was not taken until after extensive studies from the Ministry of Finance (the Financial Authority) and between the Central Bank (the authority). monetary) and in agreement with important international institutions for a fair situation of the dollar,” noting that “the central bank reached this price, which is the fiscal policy price 1450, to which the central bank commission is added, as well as the bank’s commission, so there are three prices: the price of (financial policy) 1450 and The Central Bank) sells 1460 to the banks, and in turn (the banks) sells to the public 1470.”
He pointed out that “the exchange rate change is not due to the existence of a financial problem, and it was increased and when the price is reduced, but the exchange rate is a financial tool that has nothing to do with the immediate problem,” explaining that “the exchange rate change was long overdue, and it was supposed to be modified from 2010, and we hope that The price stabilizes, takes sustainability and restores economic activity in light of the current price.”
He added that "the budget surplus due to the improvement in oil prices will help reduce the fiscal deficit, and he does not believe that it will help until the end of the year to bridge the deficit because it is large," noting that "there are proposals for the use of oil price differences for projects, governorates and others, but the opinion of the government and the parliamentary and financial authority That filling the deficit takes precedence over the expansion of spending
With the participation of Iraq.. Islamic Development Bank governors discuss supporting recovery from the effects of the pandemic and combating poverty
The delegation of Iraq was headed by Mustafa Ghaleb feared, Governor of the Central Bank of Iraq.
The conference discussed a number of issues related to development in Islamic countries and the challenges that faced their economies in the wake of most of them being exposed to the repercussions of the Corona pandemic.
The conferees discussed enhancing the importance of the role of the Islamic Development Bank in assisting member states in sustainable recovery from the ongoing impact of the emerging Corona pandemic, efforts to combat poverty, build resilience and create job opportunities for young people.
It also discussed the implementation of national development plans for member states, stimulating green economic growth and mobilizing additional resources for development.
The governor, head of the Iraqi delegation, reviewed the government's plans in the short and medium terms to revive the economy and achieve the goals stated in the government program and the role of the Central Bank in creating job opportunities through its various development initiatives.
Finance Minister: The white paper seeks to fundamentally change the nature of the Iraqi economy
Finance Minister Ali Abdul Amir Allawi confirmed that the white paper seeks to fundamentally change the nature of the Iraqi economy, while noting that increasing the efficiency of clean energy will allow creating job opportunities, and revealed the disbursement of 120 billion dollars on electricity in seven years.
Allawi said in an article published by the Guardian newspaper, "Estimates indicate that poverty rates in Iraq doubled in 2020 due in large part to declining revenues Iraq We cannot allow the livelihoods of millions of families to continue to be dictated by the unpredictable fluctuations of the oil market.
He explained that "correcting this will require policies and investments that enable oil and gas producing countries such as IraqFrom directing capital and labor to productive industries in the future and contribute to empowering and stimulating the role of the private sector. In fact, this was one of the main motives behind the economic reform white paper, which seeks to fundamentally change the nature of the Iraqi economy, allow the private sector to play a greater role, and reduce the dependence ofIraq on oil exports and a commitment to economic renewal focused on environmentally sound policies and technologies
Allawi continued that "Iraq It can play an important role by taking advantage of the huge potential to produce and provide clean energy, as oil and gas production accounts for up to 40% of the total greenhouse gas emissions and the continuous burning of natural gas in oil wells, which necessitates our commitment to reduce gas flaring and investing it,” stressing that “increasing energy efficiency will have other benefits as well, and this means that we will not need to spend huge amounts to increase the general level of electricity provision, and that the deficit IraqProviding enough electricity to meet demand has cost the country nearly $120 billion over the past seven years
He pointed out that “increasing energy efficiency will allow for job creation in areas such as building and maintaining energy-efficient green buildings, as a recently published International Energy Agency report showed. that for every $1 million invested in energy efficiency, up to 30 jobs are created, and that this is critical in a country likeIraq, which is witnessing large population increases that will need job opportunities in the future
He continued, “The worst potential solar sites are happening inIraq On up to 60% of direct energy from the sun, and that this percentage is higher than the best locations in Germany But nevertheless, the solar power plants it built Germany To date, it provides two and a half times more electricity to all oil, gas and hydroelectric plants operating in Iraqcombined.
And he noted “and let him be able toIraq To move towards clean energy, it needs the financial resources, expertise and policies that will transform its economy in an equitable and affordable manner, and this requires international support. Otherwise, heading towards net zero carbon dioxide emissions by 2050 will be a distant dream.”
e dollar exchange rates are still maintaining their stability in the localT markets, for the eighth consecutive day.
The selling prices of the dollar recorded today, Friday, 147,500 dinars per 100 dollars, while the purchase prices of the dollar recorded 147,000 dinars per 100 dollars.
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar.
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1430.4000 |  1480.9000 | 1455.6000 | 1455.6000 | 1455.6000 | -1.9000 | 00:00 |
| USD/VND | 22760.0000 | 22770.0000 | 22747.9200 | 22747.9200 | 22747.9200 | 0.9300 | 01:30 |
| USD/CNY | 6.4502 | 6.4522 | 6.4601 | 6.4497 | 6.4556 | -0.0055 | 04:55 |
| USD/KWD | 0.3002 | 0.3012 | 0.3005 | 0.3003 | 0.3005 | -0.0001 | 04:22 |
| GBP/USD |  1.3836 | 1.3836 | 1.3844 | 1.3824 | 1.3832 | 0.0004 | 04:56 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14253.0000 | 14254.0000 | 14270.0000 | 14231.0000 | 14245.0000 | 9.0000 | 04:55 |
You should keep your checking and savings accounts at different banks
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Oil rises thanks to hopes of economic recovery and the decline of the dollar
Oil prices rose by more than a dollar a barrel on Thursday, supported by a state of optimism about the pace of global economic growth despite the Corona pandemic, as well as due to the decline in US crude stocks.
Brent crude rose $1.78, or 2.5 percent, to $73.37 a barrel by 1543 GMT. US West Texas Intermediate crude rose $1.92, or 2.8 percent, to $70.51 a barrel.
The number of Americans filing new claims for unemployment benefits fell last week, while the layoff rate in August fell to its lowest level in more than 24 years, indicating labor market activity despite new Covid-19 infections.
The Organization of the Petroleum Exporting Countries and allied producers, including Russia, a cartel known as OPEC+, raised demand forecasts for 2022, in a sign of optimism about the global economic recovery.
And “OPEC +” agreed yesterday, Wednesday, to continue the policy of phasing out record production cuts by adding 400,000 barrels per day each month to the market.
But “OPEC +” raised its demand forecast in 2022 while also facing pressure to accelerate production increases from the administration of US President Joe Biden, which said it was “happy” that the group reaffirmed its commitment to increasing supplies.
The US Energy Information Administration said yesterday that US crude stocks fell by 7.2 million barrels, and that the supply of oil products provided by refiners increased to a record level, despite the increase in Corona virus infections across the country
The US State Department: We will remain militarily in Iraq until the elimination of ISIS
An expert provides an explanation for the gains of the sovereign fund... the project that has been delayed for decades
On Thursday, economist Mahmoud Dagher gave a detailed explanation of the differences between the sovereign fund and the reserves of the Central Bank.
This project was delayed for decades, as several previous governments wanted to establish it.
Dagher, during an intervention with colleagues Anas Al-Badri and Sherine Darwish, followed by "Nass" (September 2, 2021), praised the current government's approach and serious thinking to establish this fund, stressing that "the correct rules and successful projects must be supported and not stand against."
Dagher said, "There is a big difference between the fund, whatever its objectives (investment - growth - stability - etc...) are all sovereign investment funds - the reserves of the Central Bank were established for specific purposes to correct the imbalance in the balance of payments and protect the exchange rate, and investment doors are often restricted to investments It is short-term, intrusive and characterized by high liquidity, so it is not suitable for development issues and economic growth, unlike the investment fund, as it is able to contribute to projects at home and abroad according to the market vision for investing the funds of the fund.
He added, "The delay of serious thinking to the previous session of the Council of Ministers indicates the existence of a serious tendency to establish this fund, which is linked to two aspects: the first; the financial management law approved in 2019, which was concerned with employing surpluses that exceed the actual budget need, and the second Iraq between 2004 Until 2020, only 4 years witnessed an actual deficit, and the rest of the years are all an actual surplus, but they were not used correctly, so either it will revolve for the next year, or it will be spent quickly before the end of the year.”
He stressed that "all the oil countries that depend on a depleting rent resource seek to establish such funds, so Iraq must establish a sovereign fund, especially since we have a nucleus that has a legal nature and there is an administrative structure and a law legislating for a sovereign fund, which is the Iraqi Fund for Economic Development."
He continued, "It is possible to benefit from this legislated structure to improve performance, and most importantly, the project must be based on market rules, away from the government's vision associated with the mentality of public spending."
He pointed out that "the Sovereign Fund, in order for it to function, must establish an investment process based on the rules of the profitable market, away from government bureaucracy or the interference of ministers or from subordination to projects approved by the general budget."
Corruption and the stifling economic crisis
Dagher said, "All projects in Iraq face challenges, but this does not prevent the selection of projects and proposals as presented by the Council of Ministers, as well as solutions that go beyond bureaucracy and waste of money, through an independent entity with great powers and expertise, whether internal, or using the experiences of others in investing money, whether internal or external investment.
He added, "The fund's initiative must be invested, and the private sector must have an important and pioneering role in contributing to the management of this fund and the creation of income-generating investment projects that achieve new growth."
He added, "But the correct rules and successful projects must support and not stand against them... This project, for example, is for Iraq and will pave the way for the establishment of a sovereign fund, which requires us to find a law, independence and expertise that will make the fund's relationship with the government a transparent one represented by providing data, a vision and a strategy for the fund and not a vision of subordination to the government." Otherwise, it is useless if his administration falls under the government's desires."
Al-Maliki on the 'Sadr Presidency': It will be determined by the alliances... I did not sign the document on the return of al-Sadr
On Thursday, the leader of the State of Law coalition, Nuri al-Maliki, denied that there was any connection between his travels and the return of the leader of the Sadrist movement, Muqtada al-Sadr, to participate in the elections.
Al-Maliki said during an interview with his colleague Harun Rashid, which was followed by "Nass" (September 2, 2021), that "his meeting with the head of the Kurdistan Democratic Party, Massoud Barzani, was not the reason for establishing the idea of al-Sadr's return to participate in the elections. We have previously invited everyone to participate in the process."
Al-Maliki added, "I am ignorant of the nature of the guarantees provided by some political blocs to Al-Sadr, and I did not see them or sign them."
And on the possibility of the arrival of a prime minister from the Sadrist bloc, al-Maliki stressed that "who will determine the next prime minister are the alliances - and I did not ask anyone to be prime minister."
And on the possibility of ending differences with the Sadrist movement, the head of the State of Law coalition said, "It is better for me and the political process not to remain rivalries and conspiracies."
To the PMF, Maliki emphasized that the PMF "should not" remain linked to the parties.
He added, "Whoever breaks the law is breaking the law, and the latter has a duty to return matters to their legal track, and the government is responsible for imposing security and controlling uncontrolled weapons, which does not comply with the instructions of the state and security institutions."
He explained that "the political blocs that own armed factions must control the behavior of their group members and control their weapons."
He continued, "The Popular Mobilization must not remain linked to the parties, but to the state as well as other security institutions, and the crowd's weapon must be committed to the contexts of the political process, and I think that the crowd is committed to the government and disciplined to a large degree despite some violations, and it must be an organ of the government and not the parties. political".
And al-Maliki said, "There are threats, threats and targeting of candidates, and these are negative phenomena that we are beginning to see now... Election centers and candidates must be protected."
He pointed out that "the security committee concerned with the elections is continuing its measures, and there is no tendency to postpone the elections, and in light of the operation, security matters must be adapted, and so on."
He pointed out that "the atmosphere has begun to tend to hold the elections on their scheduled date," noting that "postponing the elections will increase the repercussions of the situation, and if it is postponed, we will commit an explicit violation, and we may enter into constitutional crises, and Parliament dissolves and ends and the government becomes a caretaker government and confuses matters."
The leader of the State of Law coalition said, "No state entity should turn into a frightening element," noting that "there are parties that do not want Iraq's stability and move on premises far from the national spirit, and hope that the crowd will not exist."
He added, "The Iraqi army and the popular crowd are tools in the hands of the Commander-in-Chief of the Armed Forces, and they act according to his orders."
And he said, "We call on others to restore the state to its strength and make it a state of prestige, services and political and national harmony, and I am against all armed operations, particularly hitting embassies, because Iraq has agreements with those roles and targeting them complicates the situation."
He pointed out that "targeting embassies is a crisis between the political forces that own factions and the American side, and this matter needs rationalization," explaining, "We need American forces for the purpose of training, and the withdrawal of American forces must be matched by the faction's cessation of attacks and we are waiting for the implementation of the strategic agreement."
Al-Maliki added, "I do not rule out that Israel will have hands in Iraq, especially after normalization with some Arab countries."
CBI Update: Just a note:
including $44,760,000. CASH
ISX Update:
The Iraqi Stock Exchange organized during the first week of September 2021 five trading sessions from Sunday to Thursday.
A statement to the stock market received by the Iraqi News Agency (INA), stated that "the number of shares traded during this week amounted to more than (92) billion shares, while the value of shares traded this week amounted to more than (25) billion dinars."
He pointed out that "the trading index in the market closed for the first session of the week at (588.84) points, while the index closed at the end of the week at (599.18) points, achieving an increase of (1.73%) from its closing in the first session."
He added, "During the week, it executed more than (3,200) buying and selling contracts on the shares of companies listed in the market."
Shares Traded: not updated for todayValue Traded: not updated for today
The Iraqi Stock Exchange organized during the first week of September 2021 five trading sessions from Sunday to Thursday.
A statement to the stock market received by the Iraqi News Agency (INA), stated that "the number of shares traded during this week amounted to more than (92) billion shares, while the value of shares traded this week amounted to more than (25) billion dinars."
He pointed out that "the trading index in the market closed for the first session of the week at (588.84) points, while the index closed at the end of the week at (599.18) points, achieving an increase of (1.73%) from its closing in the first session."
He added, "During the week, it executed more than (3,200) buying and selling contracts on the shares of companies listed in the market."
9-2-2021 Intel Guru Bruce ...there may be a few additional things that need to be done for this to begin – for the initiation of our exchanges – We know that new currency has been printed – we know we’ve got new lower denominations of our monies like 20’s and 50’s that are ready to go out and we think they are going out tomorrow...I am very positive about the fact that it is imminent – I don’t have it necessarily having to wait until after Labor Day Weekend which is this coming weekend – I don’t have that – but to be fair – I don’t have it necessarily starting tomorrow either – to be completely candid...
9-2-2021 Newshound/Intel Guru Frank26 [Boots-on-ground Firefly TV report] Firefly: On TV again today they did it again. We see several experts saying Iraq is wasting its money. He says the main reason is because there's no small denominations. They're saying if Iraqis were to go and buy something from a store like veggies they must buy a little and get no change back with the current prices, the current exchange rate and the current currency that we have right now...They're saying to us that Iraqi citizens need a smaller note on the street...another guy came out and he's saying the White Papers are supposed to support an economy thus making the smaller notes a reality... Frank: Everything [guru] Walkingstick and I presented to you, this is what they told them on their television today. Do you see it in articles? You will.
9-2-2021 Newshound Guru Pimpy When the first rate change takes place I have a feeling it's going to be a little bit on a low side. Not tool low but let's say it's a $1.74...a bulk of people are gonna go running down there and cash it in because they want to hurry up and do that...if you have enough dinar to do this I say you take enough down there to pay off your bills, to get enough money to live very very comfortably and then hold on to some. Exchange rates are going to keep going up because they're much stronger country than Kuwait is. This is going to be the trading Mecca of the Middle East. There's no doubt about it.
9-2-2021 Intel Guru Rod Steele ...there are rates popping up again. We saw some rates on screens yesterday. They had gone live on some of the bank screens. And there was even some global markets for a few minutes that came up and disappeared. What I was showing was dong was remaining consistent at a minimum of .47 cents up to $2.37...Dinar ran from $3.85 and up to $20.00.
9-2-2021 Newshound Guru Kaperoni The only way that dinar can go up in value is for them to float the currency gradually over time. Doing so would allow them to not only reduce the currency in circulation, but allow it to go up in value gradually to counter any inflationary pressure created from economic success.
9-2-2021 Intel Guru MarkZ ...we are seeing a lot of changes as they are adjusting rates... also had a couple bankers reach out to me today and they are seeing different rates. Rates are popping in and popping off the screens. They are seeing the Iraqi dinar popping in and out and its not normally on the screens at all…so this is interesting. They are also seeing fluctuations in the Kuwait dinar…this has been sliding up into the low to mid teens…..they have not seen anything pop over the $15 range yet. This should tell you there is movement because we have always been told that the Iraqi dinar rate will be close to the Kuwaiti Dinar or on parity with it…
9-2-2021 Newshound Guru Desert Advisor Article "Minister of Finance Ali Abdul-Amir Allawi confirmed that the process of changing the dollar exchange rate contributed to reforming the economic system" Changing the dollar exchange rate? Read that? They changed the dollar exchange rate? Well what is it? They haven't told us...they reformed their banking system already...within three weeks a new budget...they changed the exchange rate but they having said what it is.
9-2-2021 Intel Guru Frank26 Article "Proposal to digitally reintroduce small denominations" What's that say? ...6 or 7 articles show you just raised the value of your currency? Why? If you raise the value of your currency it will not work with the 3 zero notes. You'd have to introduce another denomination... Quote "Central bank to digitally reintroduce small denominations, which would proved sums for the public, after amending the digital banking system." They're telling the citizens the new small category notes {NSCN's] will come after [The RI/rate change]...they will coexist [with 3 zero notes]...
ARTICLE 1 (from PM Kadhimi's website; posted only on Arabic side, not on English side)
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