November 2nd 21 My FX Buddies Podcast Will the dollar exchange rate be changed? Maliki's coalition responds

November 2nd 21 My FX Buddies Podcast Will the dollar exchange rate be changed? Maliki's coalition responds 

Economic construction and serious reform

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 A consensus on the need to create serious reform during the coming period in light of the rising voices calling for changing the economic reality to a better stage, while rejecting all justifications. This came during a meeting of elected representatives with the private sector to discuss the requirements of the next stage, which requires directions that actually promote investment in light of the inability of the federal budget to feed the projects required by the country.

The specialist in economic affairs, Adham Al-Qahar, said: {This periodic meeting, which brings together the legislative and private sectors, comes in order to correct the performance paths and create a serious approach that serves the national economy.}

 He added that "everyone would like to know the direction of the national economy and the perceptions of the people's representatives about the next stage in light of the escalation of voices demanding the creation of real reform that would put the country on the track of real development." 

 

country need

Elected member of the House of Representatives Madiha Al-Moussawi said: "We realize the country's need for requirements that require real effort, to advance the economy, where there are idle industrial plants and they can be the first development step."

And she indicated that {the private sector represents an important axis that must be activated to address the total economic problems that the country suffers from, foremost of which is the provision of job opportunities, in addition to dispensing with foreign workers.}

 

building the country

In turn, the elected representative, Atwan Al-Atwani, said: "The responsibility for building the country is shared," pointing to "the constants of the budget cannot be touched, including the salaries of employees, retirees, social welfare and governorate benefits." 

He stressed the "importance of working towards a plurality of resources to reduce the shocks of crises facing crude oil prices, which represents the most important resource for the federal budget, which requires realistic plans for a plurality of resources, and investing the country's wealth must take into account the entitlements of future generations." 

Al-Atwani stressed that investment is disrupted in the country and that issuing an investment license requires a great effort and goes through complex stages, and here it is necessary to find solutions to this matter, and for everyone to realize that investment is an absolute necessity to develop the national economy, and that planning should be present.

He pointed out that "the country has the ingredients to achieve economic success, which can achieve a plurality of resources."

 

real pluralism

The elected representative, Alaa Al-Rubaie, said: “The country’s problems are now known to everyone, and this requires the development of housing, education and health,” pointing to “the need to correct performance paths, and adopt real solutions that help build a solid economy that is not affected by crises, and there is a real plurality of the country’s financial resources and contribute to to all sectors.

 

financial sector

The expert in economic affairs, Louay Al-Saeed, said: "Developing the country's economic performance requires an effective financial sector, and here it is necessary to have a sober banking law, as the process of sustainable economic development is linked to the presence of a banking system capable of financing."

He cautioned that {decisions concerned with the private sector should provide a fertile environment for work and push it to promote activity in a direction that serves the national economy}, stressing {the importance of allocating funds for projects}.

As for the captain of the Iraqi Engineers Syndicate, Dr. Azhar Al-Rubaie, said: {The country suffers from a defect in all sectors, and here we must know and renew where to start}, pointing to {the need to address the administrative imbalance in the country and create a solid legislative oversight institution that does not realize the importance of its legislation. For the future, as the reality of the country requires us to create a secure political and economic environment to activate the wheel of development.”

Investment Bank: A barrel of oil will rise to $ 120 in 2022

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Investment bank "Bank of America" ​​has improved its forecast for oil prices in 2022, expecting oil prices to rise in the middle of next year to $120 a barrel

This was reported by the agency.Bloomberg On the US bank, the bank indicated that the global energy crisis led to a sharp rise in gas and coal prices around the world, which contributes to a rapid recovery in oil futures prices

the increasing demand for gasoline, diesel and jet fuel, along with restrictions on refining capacity, is also contributing to the acceleration of the rise in oil prices in 2022.

For comparison, oil prices are currently trading at the level of $85 a barrel, and this is accompanied by an increase in demand for black gold

Planning reveals the features of the 2022 budget and the groups affected by the delay in its approval

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Today, Monday, the Ministry of Planning revealed the features of the upcoming 2022 budget, while specifying the categories whose salaries will be affected when the budget is delayed.

The Undersecretary of the Ministry, Maher Hammad, told the Iraqi News Agency (INA), that "the continuous salaries of the\ employees are on the fixed owners and will not be affected in the event of delay in approving the next budget, or even not approving it, because the 1/12 ratio will cover the amounts," noting that "the delay in approving the budget." It may affect additional allocations at the end of the year for the purposes of bonuses or promotions, as well as new job grades. 

He added, "The Financial Management Law stipulates that in the event that the budget is not approved, the current

expenditures will be spent at a ratio of 1 to 12 of the previous budget. As for investment expenditures, they are dealt with according to the percentage of completion for each project separately, and this is called the draft budget allocation proposal," noting that " The price of oil was set in the next budget at $60 a barrel.

And he indicated that "the budget is currently in the mini-committee to formulate a preparatory framework for the

government, but the current cabinet is not authorized to approve it, but it will be ready for the next cabinet after the formation of the new government in it," stressing that "the budget has positive points, including unifying customs fees and working on preparing an investment budget. For 3 years, not one year, to ensure the continuity of projects.

He continued, "The budget also included addressing the deficit that might occur if approved, by preparing a budget that

is not dependent on a large amount of oil, because oil prices are usually variable."

Will the dollar exchange rate be changed? Maliki's coalition responds 

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Today, Monday the State of Law coalition confirmed the possibility of reducing the  exchange rate  of the dollar against the Iraqi dinar

A member of the State of Law Coalition, Abdul Hadi Al-Saadawi, said in an exclusive statement to (Baghdad Today) that "raising the price of the dollar against the dinar did not achieve its goal announced by the government, including creating job opportunities for the unemployed and providing housing units for citizens who do not have housing units and other matters related to the recovery economic situation in .the country

He added, "Due to the high price of a barrel of oil, the exchange rate can be restored at a slightly higher rate than the previous one, to settle at 125,000 dinars per $100," noting that "this level will create a balance between the old price and the ”.new price, as it will not affect the economy of the poor classes." and fragile Al-Saadawi pointed out that "the decision to raise the price of the dollar was a political decision, not an economic one," noting that "lowering the price of the dollar needs a parliament that is serious in this matter and works to give priority to the ".national interest 

In light of the delay, will the 2022 budget see the light in the dome of the new parliament, or will next year be without a financial budget?

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Ministry of Planning revealed the features of the upcoming 2022 budget, while specifying the categories whose salaries will be affected when the budget is delayed.

The Undersecretary of the Ministry, Maher Hammad, said that "the continuous salaries of employees on the fixed owners will not be affected in the event of delay in approving the next budget, or even not approving it, because the 1/12 ratio will cover the amounts," noting that "the delay in approving the budget may affect the additional allocations at the end of the year." year for the purposes of bonuses or promotions, as well as new job grades.

He added, "The Financial Management Law stipulates that in the event that the budget is not approved, the current expenditures will be spent at a ratio of 1 to 12 of the previous budget. As for investment expenditures, they are dealt with according to the percentage of completion for each project separately, and this is called the draft budget allocation of the proposal," noting that " The price of oil was set in the next budget at $60 a barrel.

And he indicated that "the budget is currently in the mini-committee to formulate a preparatory framework for the government, but the current cabinet is not authorized to approve it, but it will be ready for the next cabinet after the formation of the new government in it," stressing that "the budget has positive points, including unifying customs fees and working on preparing an investment budget. For 3 years, not one year, to ensure the continuity of projects.

He continued, "The budget also included addressing the deficit that might occur if approved, by preparing a budget that is not dependent on a large amount of oil, because oil prices are usually variable."

Militias missiles target the Iraqi Prime Minister during his visit to the Intelligence Service

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Pro-Iranian militias in Iraq carried out an attempt to assassinate Iraqi Prime Minister Mustafa Al-Kadhimi with a missile launch.

Security sources said that more than four missiles fell in the Mansour district, which is one of the wealthiest neighborhoods And paper in the Iraqi capital, indicating that the missiles were targeting the building of the Iraqi intelligence service, which remained Al-Kazemi His president even during his tenure as prime minister.

She said that what was rumored about missiles targeting the Green Zone, and the US Embassy in particular, is untrue, because those The rockets landed in areas far from the Green Zone, and that one of them exploded near the Red Crescent Hospital, which It is only hundreds of meters from the Iraqi intelligence building.

And she indicated that intelligence information was available to those militias, according to which Al-Kazemi was at the moment the missiles were launched A working visit to the intelligence service and that the rocket fire was a failed assassination attempt on the Iraqi prime minister.

A spokesman for the Iran-backed Hezbollah Brigades had called for Al-Kazemi to be tried.

Abu Ali Al-Askari said that Al-Kazemi should be referred to trial, in an explicit reference to his accusation of complicity With the Americans in the assassination of Qassem Soleimani and Abu Mahdi Al-Muhandis near Baghdad Airport, by a drone, and the militias fear Shiites are of two things:

The first is to dry up its sources of financing by removing its control over some important joints in the state.

The second is the dissolution of the Popular Mobilization Forces, in which most of the armed factions are involved.

A member of the Iran-backed Al-Fateh Alliance, Hussein Al-Yasari, said that there are fears of targeting and dissolving the popular crowd .

He added that the upcoming parliament and government may work to obtain a legislative decision from Parliament to integrate the popular crowd With government forces, this is what we warn of.

And he indicated that such attempts were made during the past few years, and if those parties succeeded in their endeavours The factions have a word that you will say at the
appropriate time.

There\ was no WOTS "Word on the Street" report today