WOTS MON OCT 18 21
Al-Kazemi's Financial Advisor Talks About Changing The Exchange Rate
Bank restructuring.. Measures to develop the financial sector
Parliament prepares for the ‘swearing in’ session of new deputies
The General Secretariat of the House of Representatives discussed, on Sunday, preparations for holding the constitutional swearing-in session.
And the media department of the Council stated in a statement, of which “Nass” received a copy, (17 October 2021), that “the General Secretariat of the House of Representatives held a meeting today, headed by the Secretary-General of the House of Representatives, Sirwan Abdullah Serini, in the presence of Mr. Sadiq Jumaa Hamid, Deputy Secretary-General for Administrative and Financial Affairs and Muhammad Hani Al-Badrani, Deputy Secretary-General for Parliamentary Affairs.
The meeting discussed, according to the statement, which was attended by the general managers of the council’s general secretariat, “technical and logistical preparations for holding the swearing-in session for the fifth electoral cycle.”
The attendees discussed “the plans and mechanisms of holding the first session, which is scheduled to be held after the approval of the Federal Supreme Court on the names of the winning candidates in the elections.”
Restructuring banks is an experiment that breaks into long-standing institutions, and experts fear its consequences.
After the Ministry of Finance decided to take a package of reform measures related to the restructuring of Al-Rafidain Bank, which is one of the most prestigious and oldest Iraqi state institutions, and after years of pressure and demands from the International Monetary Fund to restructure Iraqi government banks and make them more in line with the economy, some financial policy specialists considered It is economical that this step is necessary to develop the work of banks in Iraq, but some have expressed their reservations about these measures, which may be ill-considered.
Structuring the prestige of the state
The professor of economics at the Iraqi University, Abdul Rahman Al-Mashhadani, said in an interview with Shafaq News Agency; “Banks should be restructured according to a market economy mechanism like other banks, even if the Rafidain Bank operates according to this mechanism and the returns it sets are higher even than commercial banks, but we want to separate the board of directors from the Ministry of Finance and have an independent authority in the financial decision.” Indicating that "the decisions of government banks are currently subject to the authority of the minister, and therefore in every budget when they put financing with a deficit, the bonds are sold compulsorily to the Rafidain, the Rashid and the Iraqi for trade because these banks are affiliated with them."
Al-Mashhadani noted; He pointed out that “the structuring should not go with it until we convert the bank to the private sector or transfer it to a part of the private sector,” noting that “Iraq has commercial banks that were not effective during the past period, knowing that it built its capital from the government because it lived on the foreign currency auction. It did not enter into development over the past period, nor did it work to collect funds from the public for use in development investment projects.
Al-Mashhadani stressed that "the Rafidain and Al-Rasheed banks are part of the prestige of the state and were established since the beginning of the establishment of the Iraqi state, and therefore it must be returned in a way that it does not turn into the private sector," adding that "the Iraqi Trade Bank is more modern and works according to techniques and technology, and therefore the Rafidain Bank can adopt the same techniques and technology." This bank has to be a source of attracting public funds and to operate on the basis of real and actual competition.
Displacement of thousands of employees
And the economic expert, Jalil Al-Lami, said in an interview with Shafaq News Agency, "The measure taken by the government is incorrect because it will lead to the displacement of thousands of employees and thousands of families will be affected," noting that "this matter, which will also include Al-Rasheed Bank, that it was better for the ministry to create new internal borrowing for the bank." comply with the governance guide issued by the bank and issue appropriate instructions with the current reality with the country, especially with regard to credit.
He adds that "the separation of the new board of directors to be formed from outside the bank from the management of the main bank is a dangerous procedure because banking secrets will be at risk," noting that "it would have been better in the ministry to activate the comprehensive system and adopt the sober company instead of relying on the Jordanian company, which has proven its failure in Iraq." Reducing the branches inside Iraq, especially those close to each other, and developing them, especially the leased ones, keeping the leased branches, and opening branches in important countries with which there will be commercial dealings, as is the case with Turkey and China.
Break out of the classic mold
Economist Durgham Muhammad Ali said in an interview with Shafaq News Agency, "The measures brought by the Ministry of Finance to restructure Rafidain Bank may seem positive and enhance the inclusion of Iraq's banking system within the Arab advanced banking systems and the Rafidain Bank exit from its classic template and activate its credit role and banking services if they are Correct vocabulary.
He points out that "the separation of the board of directors from the management of the bank will enhance the supervisory role over the performance of the general administration and branches, provided that transparent mechanisms and governance are followed for the selection of the board of directors and it enjoys real independence and not partisan dependence."
Muhammad Ali questions "the financial ability to restructure the bank according to what is required, as the vocabulary of the white paper appears to be reform, and its reality is damage and complication of the Iraqi economic scene."
to the world
For his part, the financial expert, Muhammad Al-Tahhan, considered in an interview with Shafaq News that "Al-Rafidain Bank is a prestigious institution, and it owns most of the deposits, most of which are governmental, but it is still technologically backward compared to international banks," noting that "it is time to develop its banking system and to be able to to enter the global banking market.
He adds that "putting the bank under the supervision of the Central Bank will give the bank a strong impetus to start offering a diversified bank credit because of the great experience that the Central Bank has in this field," explaining that "the importance of restructuring these banks and setting up advanced systems commensurate with the scale of development reached by countries. advanced world in this field.
Al-Rafidain Bank was established under Law No. (33) of 1941 and started its business on 5/19/1941 with a paid-in capital of (50) fifty thousand dinars. The number of the bank’s branches currently owns (164) branches inside Iraq in addition to (7) branches abroad, which are: Cairo, Beirut, Abu Dhabi, Bahrain, Sanaa, Amman, Jabal Amman.
Oil expert: Iraq will enter one billion dollars annually if the price of oil increases by one dollar
The oil expert, Hamza Al-Jawahiri, announced that the increase in the price of a barrel of oil by one dollar will increase the state treasury by one billion dollars annually.
Al-Jawahiri said that the current rise in oil prices is due to the OPEC Plus agreement, which led to a reduction in production and exports, in addition to a rise in gas prices.
He added that the Iraqi state treasury will increase after the increase in oil prices, and that every dollar will contribute to the entry of one billion dollars annually, calling for the money to increase oil prices to go to development funds
Iraq and the UAE sign the investment promotion and protection agreement
Today, Monday, the Iraqi and Emirati governments signed an agreement to encourage and protect investment.
The official media stated, "Iraq today signed an agreement to encourage and protect investment with the UAE at the headquarters of the UAE Ministry of Finance in Abu Dhabi."
He added, "The agreement was signed on the Iraqi side by the head of the Investment Authority, Suha Al-Najjar, and on the Emirati side, the Undersecretary of the Ministry of Finance Younis Haji Al-Khoury."
He stressed, "The signing ceremony was attended by the Ambassador of the Republic of Iraq to the UAE, Muzaffar Mustafa Al-Jubouri," noting that "the agreement can facilitate investment and economic cooperation between the two countries."
Al-Kazemi's Financial Advisor Talks About Changing The Exchange Rate
He Financial Advisor To The Prime Minister, Mazhar Muhammad Salih, Confirmed Today, Monday, That The Financial Surplus From The Rise In Oil Prices Will Cover Three Important Axes, Including Filling The Expected Deficit In The Current Year's Budget.
Saleh Said, "The Financial Surpluses Achieved From The Rise In Oil Prices And Their Reaching $75 Per Barrel Will Cover At Least Three Axes," Noting That "The First Axis Is Covering The Planned Deficit In The General Budget For The Year 2021, Which Amounts To 29 Trillion Dinars, While The Second Axis Is Related To Covering The Real Additional Deficit Gap Of Less Than 10 Trillion Dinars, Which Is Caused By The Failure To Estimate Non-Oil Revenues, Which Achieve Only 40% Of Their Estimated Or Planned Estimates In The Budget, Which Unfortunately Causes Pressure On The Planned Annual Spending And Its Ceilings, Which Is Caused By The Failure Of The Financial Collection Institutions In The Country.
He Added, "The Third Axis Goes Towards Supporting Faltering Projects Whose Operation Is Intended To Continue, And For Which Many Business Contractors Demand An Amendment Of Implementation Costs (Spare Parts) Due To The Exchange Rate Change Before The Initial Contract Or Other Changes In The Operating Costs Of Ongoing Projects," Noting That "The Disposition Of With Financial Surpluses, It Is Not Easy Due To The Many Restrictions And Obligations Within The General Budget Itself, Including Postponing The Payment Of Many Of The Expenses That Are Payable And Were Not Spent In Previous Years.”
He Pointed Out That "There Are Dozens Of Laws That Carry Financial Burdens That The Public Finances Are Unable To Implement The Resulting Increases, Even According To The Hypothesis Of Achieving An Annual Average Price Of A Barrel Of Oil Of $75 Compared To The Price Fixed In The Federal General Budget For The Year 2021 Of $45 A Barrel."
On The Extent Of The Possibility Of Adjusting The Exchange Rate Of The Dollar Against The Iraqi Dinar, Saleh Said, “Adjusting The Exchange Rate Is One Of The Actions Of Monetary Policy In Achieving Stability, Targeting Inflation And Limiting Its Heights Under The Effective Central Bank Law,” Noting That “This Is A Matter That Takes Into Account Monetary Balance Considerations, Two Restrictions, The First The Coverage In Foreign Currency Of The Local Liquidity, Which Has Increased Significantly, Due To Financing The Deficit In Government Expenditures, Which Led To The Expansion Of The Monetary Base, Or What Is Sometimes Called In The Literature The (Domestic) Cash Reserve, And If The Foreign Reserves Outweigh The (Domestic) Cash Reserve In A Way That Does Not Threaten The Country’s Foreign Reserve Wealth Or Its Depletion And Maintains Its Stability, Accumulation And General Stability In Prices.
He Pointed Out That "The Second Limitation Is That The Effects Of The Adjustment In The Exchange Rate Should Be Fully Consistent With The Objectives Of The Country's Fiscal Policy And Its Level Of Stability, Meaning That It Should Not Threaten The Sustainability Of The Budget Or Cause Sudden Stumbles In Public Revenues Due To The Change In Monetary Values And The Entry Into Failures (Compensatory Value Deficit) In The General Budget, I.E. Itself, Due To The Fluctuation Of Monetary Policy,” He Explained, “This Requires Always High And Accurate Coordination Within The Country’s Supreme Economic Policy Operations.”
A government statement about the possibility of adjusting the price of the dollar and the financial surplus from oil sales
link this is the article that ran in Kurdistan news
- The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Monday, that the financial surplus from the rise in oil prices will cover three important axes, also commenting on the adjustment of the exchange rates of the dollar against the Iraqi dinar.
he exchange rates of the dollar against the Iraqi dinar on a daily basis, according to the variables of the currency exchange market in the capital, Baghdad, and the provinces of the country .
In Baghdad :
The selling price of the dollar is 148,750 per 100 dollars
The purchase price of the dollar is 147,750 per 100 dollars
As for the north, the prices are today :
The selling price of the dollar is 149,000 per 100 dollars
The purchase price of the dollar 148,000 per 100 dollars
And in the south :
The selling price of the dollar is 148,750 per 100 dollars
The purchase price of the dollar is 147,750 per 100 dollars
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1437.3000 |  1489.2000 | 1458.3000 | 1458.1000 | 1458.3000 | 0.3000 | 10:32 |
| USD/VND | 22758.0000 | 22763.0000 | 22747.0100 | 22742.7100 | 22742.7100 | 5.2500 | 22:59 |
| USD/CNY | 6.4309 | 6.4329 | 6.4382 | 6.4296 | 6.4349 | -0.0041 | 05:20 |
| USD/KWD |  0.3014 | 0.3024 | 0.3014 | 0.3014 | 0.3014 | 0.0000 | 05:10 |
| GBP/USD | 1.3727 | 1.3729 | 1.3765 | 1.3716 | 1.3754 | -0.0008 | 05:23 |
| USD/IRR | 42000.0000 | 42400.0000 | 42180.4000 | 42167.4000 | 42180.4000 | 13.7000 | 00:00 |
| USD/IDR | 14105.0000 | 14105.0000 | 14116.0000 | 14053.0000 | 14065.0000 | 40.0000 | 05:23 |
European markets make lackluster start to the trading week
Defaults loom over more property developers as China reassures investors on Evergrande
Oil prices rise to their highest levels in years, and Brent touches the 86 dollars
Oil prices recorded their highest levels in years on Monday, with demand continuing to recover from the Covid-19 epidemic, supported by the rise in exorbitant gas and coal prices.
Brent crude futures rose 93 cents, or 1%, to $85.78 a barrel by 05:11 GMT, the highest price since October 2018.
US West Texas Intermediate crude futures rose $1.12, or 1.4 percent, to $83.49 a barrel, the highest since October 2014.
Both contracts rose at least 3% last week.
"Easing restrictions around the world is likely to help fuel consumption recovery," analysts from ANZ Bank said in a note on Monday.
They added that the switch from gas to oil for power generation alone could boost demand by up to 450,000 barrels per day in the fourth quarter.
However, supply may also increase from the US, where energy companies last week added oil and natural gas rigs for the sixth consecutive week as higher crude oil prices pushed drillers back to the rig.
Intense security deployment near the green
A security source said, on Monday, that the vicinity of the Green Zone, in central Baghdad, witnessed an intense security deployment.
The source told "Mawazine News", "The law enforcement forces and the Special Division intensified their deployment within the approaches of the Green Zone in central Baghdad."
He added, "This comes in conjunction with the approaching date of the central demonstration for the masses of the Al-Fateh Alliance in the two-storey square in the Jadriya area, to denounce the work of the Commission and object to the election results."
Legal expert: Article 45 did not change anything in the definition of the largest bloc
Legal expert Amir Al-Daami confirmed, on Sunday, that there is a "common mistake" about the definition of the largest bloc according to the election law, explaining that Article 76, which was interpreted by the Federation in 2010, is still valid.
Al-Daami stated in an interview with the “Al-Rasheed” channel news bulletin, and “Nas” followed him (October 17, 2021), that “some people explain that Article 45 of the election law abolished the so-called largest parliamentary bloc, as the Federal Court interpreted, but this is a common and incorrect mistake. Because Article 76, which was interpreted by the Federal Court in 2010, is still valid.
He added, "What is stated in Article 45 of the Elections Law is that the winning deputy may not be transferred from one bloc to another in an attempt to block the way to the purchase of debts, which was taking place in previous sessions."
He pointed out: "But alliances were not prohibited in accordance with Article 45, and therefore the Federal Court's interpretation is still that the largest bloc in Article 76 is the most numerous bloc that forms inside the parliament and is registered in the first session of the parliament, and therefore there is inevitable that there will be consensus."
He pointed out that "what happened during 2018 cannot be repeated during 2021 because the result of this consensus happened what happened from the October Revolution, and therefore the largest bloc is the bloc that forms within Parliament, not the winning bloc in the elections, knowing that this strikes the general concept that the winning bloc is the winning bloc." She is the one who makes up the government.
And he indicated that "what happened in 2010 from the interpretation of the Federal Court is what put matters into dark corridors."
However, the expert in the field of law, Tariq Harb, has another interpretation of the law, pointing out that the new election law prevented the alliance of blocs and parties to form the "largest bloc."
Harb said in his interview with "Nass" (October 17, 2021), that "the moderate parliament is the next parliament in Baghdad, even if it has become without virtue and with a minimum of wisdom (that is, the Virtue Party bloc that lost the elections and the deputies of the Wisdom Movement, whose number has declined terribly), The screaming and banging went from the deputies who used to fill the media with screaming and knocking, morning and evening.
He added, "The next parliament will be led by Saeroon (the Sadrist bloc) and the Kurdistan Democratic Party, progress and extension, and there is no value even if everyone's coalition happens against the Sadrist bloc."
And he indicated, "The President of the Republic is obligated to assign the candidate of the Sadrist bloc, because Article 45 of the House of Representatives Election Law No. 9 of 2020 (which was issued after previous Supreme Court decisions) did not appeal to the Supreme Court, and this article prevented the transfer of the deputy, the party and the bloc, not as Some interpret it erroneously as banning representatives only and not parties and blocs, and in that Article 45 states: (No deputy, party or bloc registered within an open list that wins elections has the right to move to a coalition with another party, bloc or list) and the text does not require comment or Explanation: The ban is general, absolute and comprehensive for the deputy, the party and the bloc.
He continued, that the alliances will have their effect "in the vote of confidence in the prime minister and his ministry, and thus, the approval of the Supreme Court on the electoral results remains only for a period estimated by the Electoral Commission Law No. 31 of 2019 in Article (18) and thereafter with less than a month after the House of Representatives decides Commissioners in complaints submitted to him.
He pointed out by saying, "There is a three-day period for the complainants' right to appeal against the decisions of the Commission's Council before the judicial authority, and ten days for the issuance of the decision of the Judicial Commission for Elections, i.e. the ruling, noting that the Commission is obligated to answer the decisions and inquiries of the Judicial Commission within a week only, and after completing the foregoing, the final results will be presented." for the approval of the Supreme Court.
Haider Al-Haddad, a spokesman for the Sadrist bloc, announced on Sunday that his bloc is the "largest", indicating the acceptance of those results, in a spirit of responsibility.
Al-Haddad said in a statement read to "Nass" (October 17, 2021), "The Sadrist bloc accepted these results, and as the largest bloc, it confirms that this great victory came under the auspices and supervision of Sayyid Muqtada al-Sadr, (may God honor him) and his wise guidance, and the members of the current Al-Sadr, the Mujahid in particular, (...) That is why we announce that we will be under his leadership, and we will spare no effort for the success of his reform project.
Restructuring banks is an experiment that breaks into long-standing institutions, and experts fear its consequences.
After the Ministry of Finance decided to take a package of reform measures related to the restructuring of Al-Rafidain Bank, which is one of the most prestigious and oldest Iraqi state institutions, and after years of pressure and demands from the International Monetary Fund to restructure Iraqi government banks and make them more in line with the economy, some financial policy specialists considered It is economical that this step is necessary to develop the work of banks in Iraq, but some have expressed their reservations about these measures, which may be ill-considered.
Structuring the prestige of the state
The professor of economics at the Iraqi University, Abdul Rahman Al-Mashhadani, said in an interview with Shafaq News Agency; “Banks should be restructured according to a market economy mechanism like other banks, even if the Rafidain Bank operates according to this mechanism and the returns it sets are higher even than commercial banks, but we want to separate the board of directors from the Ministry of Finance and have an independent authority in the financial decision.” Indicating that "the decisions of government banks are currently subject to the authority of the minister, and therefore in every budget when they put financing with a deficit, the bonds are sold compulsorily to the Rafidain, the Rashid and the Iraqi for trade because these banks are affiliated with them."
Al-Mashhadani noted; He pointed out that “the structuring should not go with it until we convert the bank to the private sector or transfer it to a part of the private sector,” noting that “Iraq has commercial banks that were not effective during the past period, knowing that it built its capital from the government because it lived on the foreign currency auction. It did not enter into development over the past period, nor did it work to collect funds from the public for use in development investment projects.
Al-Mashhadani stressed that "the Rafidain and Al-Rasheed banks are part of the prestige of the state and were established since the beginning of the establishment of the Iraqi state, and therefore it must be returned in a way that it does not turn into the private sector," adding that "the Iraqi Trade Bank is more modern and works according to techniques and technology, and therefore the Rafidain Bank can adopt the same techniques and technology." This bank has to be a source of attracting public funds and to operate on the basis of real and actual competition.
Displacement of thousands of employees
And the economic expert, Jalil Al-Lami, said in an interview with Shafaq News Agency, "The measure taken by the government is incorrect because it will lead to the displacement of thousands of employees and thousands of families will be affected," noting that "this matter, which will also include Al-Rasheed Bank, that it was better for the ministry to create new internal borrowing for the bank." comply with the governance guide issued by the bank and issue appropriate instructions with the current reality with the country, especially with regard to credit.
He adds that "the separation of the new board of directors to be formed from outside the bank from the management of the main bank is a dangerous procedure because banking secrets will be at risk," noting that "it would have been better in the ministry to activate the comprehensive system and adopt the sober company instead of relying on the Jordanian company, which has proven its failure in Iraq." Reducing the branches inside Iraq, especially those close to each other, and developing them, especially the leased ones, keeping the leased branches, and opening branches in important countries with which there will be commercial dealings, as is the case with Turkey and China.
Break out of the classic mold
Economist Durgham Muhammad Ali said in an interview with Shafaq News Agency, "The measures brought by the Ministry of Finance to restructure Rafidain Bank may seem positive and enhance the inclusion of Iraq's banking system within the Arab advanced banking systems and the Rafidain Bank exit from its classic template and activate its credit role and banking services if they are Correct vocabulary.
He points out that "the separation of the board of directors from the management of the bank will enhance the supervisory role over the performance of the general administration and branches, provided that transparent mechanisms and governance are followed for the selection of the board of directors and it enjoys real independence and not partisan dependence."
Muhammad Ali questions "the financial ability to restructure the bank according to what is required, as the vocabulary of the white paper appears to be reform, and its reality is damage and complication of the Iraqi economic scene."
to the world
For his part, the financial expert, Muhammad Al-Tahhan, considered in an interview with Shafaq News that "Al-Rafidain Bank is a prestigious institution, and it owns most of the deposits, most of which are governmental, but it is still technologically backward compared to international banks," noting that "it is time to develop its banking system and to be able to to enter the global banking market.
He adds that "putting the bank under the supervision of the Central Bank will give the bank a strong impetus to start offering a diversified bank credit because of the great experience that the Central Bank has in this field," explaining that "the importance of restructuring these banks and setting up advanced systems commensurate with the scale of development reached by countries. advanced world in this field.
Al-Rafidain Bank was established under Law No. (33) of 1941 and started its business on 5/19/1941 with a paid-in capital of (50) fifty thousand dinars. The number of the bank’s branches currently owns (164) branches inside Iraq in addition to (7) branches abroad, which are: Cairo, Beirut, Abu Dhabi, Bahrain, Sanaa, Amman, Jabal Amman.
CBI Update: Just a note:
including $63,390,000. CASH
ISX Update: Closed Today for a holidayShares Traded: not updated for todayValue Traded: not updated for today
10-17-2021 Newshound Guru Desert Advisor There were the elections. The guy who was elected he talked about raising the dinar gradually and bonds have now been issued for the government. Looks like they're continuing to do what they need to...based on the price of the Iraqi dinar today and let's say it takes 5 years to float back up to a dollar, three dollars what it used to be, What kind of rate of return would that be? What kind of opportunity is that?
10-17-2021 New Newshound Guru Edu Matrix Article: "Partial results show pro-Iran groups losing Iraq election" This is great news. We now know that the elections had a low turnout rate however the people who did vote voted down the pro-Iran groups. Meaning people are awake in Iraq. They know what time it is...we are hoping for a parliament that will supports Iraq's inclusion in the global financial world without going against Iraq's constitution...
10-17-2021 Newshound Guru Pimpy Banking meetings - there's a ton of them going on and it's not just in Iraq. It seems to be worldwide...bank reforms. There is a lot of that going on. Here's my theory on this... Article: "The Ministry of Finance announced the restructuring of Al-Rafidain Bank" We already seen an article similar to this...but this on seems to be a little more in detail...they were going to do an ad campaign on behalf of the dinar to encourage people to start using the dinar and get rid of the U.S. dollars...this new restructuring in banking is meant to try to get people to have more confidence in the dinar...
10-17-2021 Newshound Guru Clare Question: [Has anyone heard anything new about the lower denomination notes?] WHEN THE CBI IS READY TO RELEASE THEM ... THEY WILL RELEASE THEM INTERNALLY...THE CBI HAS NOT SAID THE NEW GOI HAS TO BE ANNOUNCED NOR HAVE THEY SAID LAWS HAVE TO BE PASSED FOR THAT TO HAPPEN...THERE IS NO ARTICLE STATING THAT ... AS A MATTER OF FACT MANY ARTICLES STATE THE CBI IS INDEPENDENT AND THE EXCHANGE RATE IS IN THE CBI'S HANDS...AND WE DO KNOW THE NSCN'S NEED A NEW RATE AT THE ONSET...IMO.
10-17-2021 Newshound/Intel Guru Mnt Goat Article: "IRAQI OIL IS HEADING TO APPROVE A “GIANT” EXPLORATION PROJECT IN THE WESTERN DESERT" ...Iraq is floating in oil and is very rich. There is so much wealth yet to be untapped...
We stand here today among our family and loved ones; Let us celebrate with them the honorable birthday of the Prophet in the dear city of Adhamiya. Since childhood, I have been witnessing the Prophet’s birthday in Adhamiya, and in the mosque of Abu Hanifa al-Nu’man, to recall the virtues of our master Muhammad (may God’s prayers and peace be upon him, his family and his companions), which God Almighty described in his noble saying: The words of the Noble Qur’an summarize a number of lofty human meanings that characterized the Messenger, and it was the essence of his message, which we always say that it began with one man and became a nation. Ethics is the deep meaning of our true religion, and the greatest Messenger said: “I was sent only to perfect the noblest of morals.” Because it is the meaning that bestowed on humans their humanity and distinguished them from the rest of the creatures. Unfortunately, some of these meanings need a permanent reminder.. the corrupt, for example, is the one who abandoned his moral values. And politics is what really means serving people, leading them for the better, taking care of them, and resolving their conflicts and problems. Politics, unfortunately, has become for some people the concepts of blackmail, lying, fraud, conflict, and deceiving people. Today we fulfill our pledge before our people to hold early and fair elections, and the people have chosen who will represent them, and these new representatives will exercise their role in the new House of Representatives. I am confident that the sisters and brothers of the new members of the House of Representatives will put the past experiences, their negatives and positives, before their eyes as they practice their legislative work. The new representatives must invoke high religious values, and the approach of our Prophet Muhammad (may God bless him and his family and his companions) in caring for people, justice, honesty and honesty will be present in their consciences as they take the oath as new representatives. The current government has gone through difficult circumstances from financial, economic and health crises represented by Corona and a large number of other challenges, but we have overcome them. We are facing a new stage in which we are inspired by all the lessons and lessons of the past, and we have to put our hands in each other's hands, and transcend differences and partisan or personal jurisprudence; To cross our country to safety, and to provide what our people deserve in terms of well-being, stability and construction. Our greatest Messenger is a message of morals, work and solidarity, and the Muhammadan values are the values of justice, equality and integrity; On this path, we will proceed together to serve future generations. The birth of our greatest prophet is the birth of light and the source of values (may God bless him and his family and all his companions).In Baghdad :
The selling price of the dollar is 148,750 per 100 dollars
The purchase price of the dollar is 147,750 per 100 dollars
As for the north, the prices are today :
The selling price of the dollar is 149,000 per 100 dollars
The purchase price of the dollar 148,000 per 100 dollars
And in the south :
The selling price of the dollar is 148,750 per 100 dollars
The purchase price of the dollar is 147,750 per 100 dollars
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD | 1437.3000 | 1489.2000 | 1458.3000 | 1458.1000 | 1458.3000 | 0.3000 | 10:32 |
| USD/VND | 22758.0000 | 22763.0000 | 22747.0100 | 22742.7100 | 22742.7100 | 5.2500 | 22:59 |
| USD/CNY | 6.4309 | 6.4329 | 6.4382 | 6.4296 | 6.4349 | -0.0041 | 05:20 |
| USD/KWD | 0.3014 | 0.3024 | 0.3014 | 0.3014 | 0.3014 | 0.0000 | 05:10 |
| GBP/USD | 1.3727 | 1.3729 | 1.3765 | 1.3716 | 1.3754 | -0.0008 | 05:23 |
| USD/IRR | 42000.0000 | 42400.0000 | 42180.4000 | 42167.4000 | 42180.4000 | 13.7000 | 00:00 |
| USD/IDR | 14105.0000 | 14105.0000 | 14116.0000 | 14053.0000 | 14065.0000 | 40.0000 | 05:23 |
European markets make lackluster start to the trading week
Defaults loom over more property developers as China reassures investors on Evergrande
Oil prices rise to their highest levels in years, and Brent touches the 86 dollars
Oil prices recorded their highest levels in years on Monday, with demand continuing to recover from the Covid-19 epidemic, supported by the rise in exorbitant gas and coal prices.
Brent crude futures rose 93 cents, or 1%, to $85.78 a barrel by 05:11 GMT, the highest price since October 2018.
US West Texas Intermediate crude futures rose $1.12, or 1.4 percent, to $83.49 a barrel, the highest since October 2014.
Both contracts rose at least 3% last week.
"Easing restrictions around the world is likely to help fuel consumption recovery," analysts from ANZ Bank said in a note on Monday.
They added that the switch from gas to oil for power generation alone could boost demand by up to 450,000 barrels per day in the fourth quarter.
However, supply may also increase from the US, where energy companies last week added oil and natural gas rigs for the sixth consecutive week as higher crude oil prices pushed drillers back to the rig.
Intense security deployment near the green
A security source said, on Monday, that the vicinity of the Green Zone, in central Baghdad, witnessed an intense security deployment.
The source told "Mawazine News", "The law enforcement forces and the Special Division intensified their deployment within the approaches of the Green Zone in central Baghdad."
He added, "This comes in conjunction with the approaching date of the central demonstration for the masses of the Al-Fateh Alliance in the two-storey square in the Jadriya area, to denounce the work of the Commission and object to the election results."
Legal expert: Article 45 did not change anything in the definition of the largest bloc
Legal expert Amir Al-Daami confirmed, on Sunday, that there is a "common mistake" about the definition of the largest bloc according to the election law, explaining that Article 76, which was interpreted by the Federation in 2010, is still valid.
Al-Daami stated in an interview with the “Al-Rasheed” channel news bulletin, and “Nas” followed him (October 17, 2021), that “some people explain that Article 45 of the election law abolished the so-called largest parliamentary bloc, as the Federal Court interpreted, but this is a common and incorrect mistake. Because Article 76, which was interpreted by the Federal Court in 2010, is still valid.
He added, "What is stated in Article 45 of the Elections Law is that the winning deputy may not be transferred from one bloc to another in an attempt to block the way to the purchase of debts, which was taking place in previous sessions."
He pointed out: "But alliances were not prohibited in accordance with Article 45, and therefore the Federal Court's interpretation is still that the largest bloc in Article 76 is the most numerous bloc that forms inside the parliament and is registered in the first session of the parliament, and therefore there is inevitable that there will be consensus."
He pointed out that "what happened during 2018 cannot be repeated during 2021 because the result of this consensus happened what happened from the October Revolution, and therefore the largest bloc is the bloc that forms within Parliament, not the winning bloc in the elections, knowing that this strikes the general concept that the winning bloc is the winning bloc." She is the one who makes up the government.
And he indicated that "what happened in 2010 from the interpretation of the Federal Court is what put matters into dark corridors."
However, the expert in the field of law, Tariq Harb, has another interpretation of the law, pointing out that the new election law prevented the alliance of blocs and parties to form the "largest bloc."
Harb said in his interview with "Nass" (October 17, 2021), that "the moderate parliament is the next parliament in Baghdad, even if it has become without virtue and with a minimum of wisdom (that is, the Virtue Party bloc that lost the elections and the deputies of the Wisdom Movement, whose number has declined terribly), The screaming and banging went from the deputies who used to fill the media with screaming and knocking, morning and evening.
He added, "The next parliament will be led by Saeroon (the Sadrist bloc) and the Kurdistan Democratic Party, progress and extension, and there is no value even if everyone's coalition happens against the Sadrist bloc."
And he indicated, "The President of the Republic is obligated to assign the candidate of the Sadrist bloc, because Article 45 of the House of Representatives Election Law No. 9 of 2020 (which was issued after previous Supreme Court decisions) did not appeal to the Supreme Court, and this article prevented the transfer of the deputy, the party and the bloc, not as Some interpret it erroneously as banning representatives only and not parties and blocs, and in that Article 45 states: (No deputy, party or bloc registered within an open list that wins elections has the right to move to a coalition with another party, bloc or list) and the text does not require comment or Explanation: The ban is general, absolute and comprehensive for the deputy, the party and the bloc.
He continued, that the alliances will have their effect "in the vote of confidence in the prime minister and his ministry, and thus, the approval of the Supreme Court on the electoral results remains only for a period estimated by the Electoral Commission Law No. 31 of 2019 in Article (18) and thereafter with less than a month after the House of Representatives decides Commissioners in complaints submitted to him.
He pointed out by saying, "There is a three-day period for the complainants' right to appeal against the decisions of the Commission's Council before the judicial authority, and ten days for the issuance of the decision of the Judicial Commission for Elections, i.e. the ruling, noting that the Commission is obligated to answer the decisions and inquiries of the Judicial Commission within a week only, and after completing the foregoing, the final results will be presented." for the approval of the Supreme Court.
Haider Al-Haddad, a spokesman for the Sadrist bloc, announced on Sunday that his bloc is the "largest", indicating the acceptance of those results, in a spirit of responsibility.
Al-Haddad said in a statement read to "Nass" (October 17, 2021), "The Sadrist bloc accepted these results, and as the largest bloc, it confirms that this great victory came under the auspices and supervision of Sayyid Muqtada al-Sadr, (may God honor him) and his wise guidance, and the members of the current Al-Sadr, the Mujahid in particular, (...) That is why we announce that we will be under his leadership, and we will spare no effort for the success of his reform project.
Restructuring banks is an experiment that breaks into long-standing institutions, and experts fear its consequences.
After the Ministry of Finance decided to take a package of reform measures related to the restructuring of Al-Rafidain Bank, which is one of the most prestigious and oldest Iraqi state institutions, and after years of pressure and demands from the International Monetary Fund to restructure Iraqi government banks and make them more in line with the economy, some financial policy specialists considered It is economical that this step is necessary to develop the work of banks in Iraq, but some have expressed their reservations about these measures, which may be ill-considered.
Structuring the prestige of the state
The professor of economics at the Iraqi University, Abdul Rahman Al-Mashhadani, said in an interview with Shafaq News Agency; “Banks should be restructured according to a market economy mechanism like other banks, even if the Rafidain Bank operates according to this mechanism and the returns it sets are higher even than commercial banks, but we want to separate the board of directors from the Ministry of Finance and have an independent authority in the financial decision.” Indicating that "the decisions of government banks are currently subject to the authority of the minister, and therefore in every budget when they put financing with a deficit, the bonds are sold compulsorily to the Rafidain, the Rashid and the Iraqi for trade because these banks are affiliated with them."
Al-Mashhadani noted; He pointed out that “the structuring should not go with it until we convert the bank to the private sector or transfer it to a part of the private sector,” noting that “Iraq has commercial banks that were not effective during the past period, knowing that it built its capital from the government because it lived on the foreign currency auction. It did not enter into development over the past period, nor did it work to collect funds from the public for use in development investment projects.
Al-Mashhadani stressed that "the Rafidain and Al-Rasheed banks are part of the prestige of the state and were established since the beginning of the establishment of the Iraqi state, and therefore it must be returned in a way that it does not turn into the private sector," adding that "the Iraqi Trade Bank is more modern and works according to techniques and technology, and therefore the Rafidain Bank can adopt the same techniques and technology." This bank has to be a source of attracting public funds and to operate on the basis of real and actual competition.
Displacement of thousands of employees
And the economic expert, Jalil Al-Lami, said in an interview with Shafaq News Agency, "The measure taken by the government is incorrect because it will lead to the displacement of thousands of employees and thousands of families will be affected," noting that "this matter, which will also include Al-Rasheed Bank, that it was better for the ministry to create new internal borrowing for the bank." comply with the governance guide issued by the bank and issue appropriate instructions with the current reality with the country, especially with regard to credit.
He adds that "the separation of the new board of directors to be formed from outside the bank from the management of the main bank is a dangerous procedure because banking secrets will be at risk," noting that "it would have been better in the ministry to activate the comprehensive system and adopt the sober company instead of relying on the Jordanian company, which has proven its failure in Iraq." Reducing the branches inside Iraq, especially those close to each other, and developing them, especially the leased ones, keeping the leased branches, and opening branches in important countries with which there will be commercial dealings, as is the case with Turkey and China.
Break out of the classic mold
Economist Durgham Muhammad Ali said in an interview with Shafaq News Agency, "The measures brought by the Ministry of Finance to restructure Rafidain Bank may seem positive and enhance the inclusion of Iraq's banking system within the Arab advanced banking systems and the Rafidain Bank exit from its classic template and activate its credit role and banking services if they are Correct vocabulary.
He points out that "the separation of the board of directors from the management of the bank will enhance the supervisory role over the performance of the general administration and branches, provided that transparent mechanisms and governance are followed for the selection of the board of directors and it enjoys real independence and not partisan dependence."
Muhammad Ali questions "the financial ability to restructure the bank according to what is required, as the vocabulary of the white paper appears to be reform, and its reality is damage and complication of the Iraqi economic scene."
to the world
For his part, the financial expert, Muhammad Al-Tahhan, considered in an interview with Shafaq News that "Al-Rafidain Bank is a prestigious institution, and it owns most of the deposits, most of which are governmental, but it is still technologically backward compared to international banks," noting that "it is time to develop its banking system and to be able to to enter the global banking market.
He adds that "putting the bank under the supervision of the Central Bank will give the bank a strong impetus to start offering a diversified bank credit because of the great experience that the Central Bank has in this field," explaining that "the importance of restructuring these banks and setting up advanced systems commensurate with the scale of development reached by countries. advanced world in this field.
Al-Rafidain Bank was established under Law No. (33) of 1941 and started its business on 5/19/1941 with a paid-in capital of (50) fifty thousand dinars. The number of the bank’s branches currently owns (164) branches inside Iraq in addition to (7) branches abroad, which are: Cairo, Beirut, Abu Dhabi, Bahrain, Sanaa, Amman, Jabal Amman.
CBI Update: Just a note:
including $63,390,000. CASH
ISX Update: Closed Today for a holidayShares Traded: not updated for todayValue Traded: not updated for today
10-17-2021 Newshound Guru Desert Advisor There were the elections. The guy who was elected he talked about raising the dinar gradually and bonds have now been issued for the government. Looks like they're continuing to do what they need to...based on the price of the Iraqi dinar today and let's say it takes 5 years to float back up to a dollar, three dollars what it used to be, What kind of rate of return would that be? What kind of opportunity is that?
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10-17-2021 Newshound Guru Clare Question: [Has anyone heard anything new about the lower denomination notes?] WHEN THE CBI IS READY TO RELEASE THEM ... THEY WILL RELEASE THEM INTERNALLY...THE CBI HAS NOT SAID THE NEW GOI HAS TO BE ANNOUNCED NOR HAVE THEY SAID LAWS HAVE TO BE PASSED FOR THAT TO HAPPEN...THERE IS NO ARTICLE STATING THAT ... AS A MATTER OF FACT MANY ARTICLES STATE THE CBI IS INDEPENDENT AND THE EXCHANGE RATE IS IN THE CBI'S HANDS...AND WE DO KNOW THE NSCN'S NEED A NEW RATE AT THE ONSET...IMO.
10-17-2021 Newshound/Intel Guru Mnt Goat Article: "IRAQI OIL IS HEADING TO APPROVE A “GIANT” EXPLORATION PROJECT IN THE WESTERN DESERT" ...Iraq is floating in oil and is very rich. There is so much wealth yet to be untapped...
We stand here today among our family and loved ones; Let us celebrate with them the honorable birthday of the Prophet in the dear city of Adhamiya. Since childhood, I have been witnessing the Prophet’s birthday in Adhamiya, and in the mosque of Abu Hanifa al-Nu’man, to recall the virtues of our master Muhammad (may God’s prayers and peace be upon him, his family and his companions), which God Almighty described in his noble saying: The words of the Noble Qur’an summarize a number of lofty human meanings that characterized the Messenger, and it was the essence of his message, which we always say that it began with one man and became a nation. Ethics is the deep meaning of our true religion, and the greatest Messenger said: “I was sent only to perfect the noblest of morals.” Because it is the meaning that bestowed on humans their humanity and distinguished them from the rest of the creatures. Unfortunately, some of these meanings need a permanent reminder.. the corrupt, for example, is the one who abandoned his moral values. And politics is what really means serving people, leading them for the better, taking care of them, and resolving their conflicts and problems. Politics, unfortunately, has become for some people the concepts of blackmail, lying, fraud, conflict, and deceiving people. Today we fulfill our pledge before our people to hold early and fair elections, and the people have chosen who will represent them, and these new representatives will exercise their role in the new House of Representatives. I am confident that the sisters and brothers of the new members of the House of Representatives will put the past experiences, their negatives and positives, before their eyes as they practice their legislative work. The new representatives must invoke high religious values, and the approach of our Prophet Muhammad (may God bless him and his family and his companions) in caring for people, justice, honesty and honesty will be present in their consciences as they take the oath as new representatives. The current government has gone through difficult circumstances from financial, economic and health crises represented by Corona and a large number of other challenges, but we have overcome them. We are facing a new stage in which we are inspired by all the lessons and lessons of the past, and we have to put our hands in each other's hands, and transcend differences and partisan or personal jurisprudence; To cross our country to safety, and to provide what our people deserve in terms of well-being, stability and construction. Our greatest Messenger is a message of morals, work and solidarity, and the Muhammadan values are the values of justice, equality and integrity; On this path, we will proceed together to serve future generations. The birth of our greatest prophet is the birth of light and the source of values (may God bless him and his family and all his companions).
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