Saturday Catch-Up Can the dollar exchange rate return to the previous one in the near future?
Project financing and its impact on development
Development projects are the main nerve for the development and sustainability of the economy wheel in any developed economic system in the world, and it is indispensable for achieving financial stability, and it depends on financing.
The concept of finance is defined as the supply of funds in times of need, at any time and place, and this part is indispensable as it is an essential supplement supporting the advancement of the economy, along with the system of states to achieve economic balance by creating job opportunities for the private sector, which supports the balance sheet in liberation from The weight of the obligations that must be met, especially since the population of any country in the world is constantly increasing.
Therefore, it has become important for the specialized agencies to be aware of this very important matter, as it is the planting of today and the harvest of tomorrow, in order to secure a promising future that is planned wisely. Notable, in terms of providing financing for small and medium-sized projects to the community, in order to create job opportunities for young people, as well as building an infrastructure for projects affecting the economy that attract skilled human energies and others, and reducing the migration situation witnessed by a group of countries in the world, as well as securing projects that are proud of in front of the countries of the world. .
Such an important initiative contributes to limiting the expansion of the unemployment problem and moving the wheel of the economy forward. There is an important and significant role for the Central Bank of Iraq, where a large set of laws, instructions and facilities have been initiated, which enabled a number of banks to provide possible facilities in order to achieve the desired goal. Providing financing and building important and influential projects in the development of the private economy in order to support the public sector, achieve financial inclusion, and seek financial stability through concerted efforts that in turn enable the sectors to work freely and equally between the public and private sectors.
Banks are among the most important financial institutions in providing various production and financing units by securing financial liquidity, to take various forms, such as short-term, recurring, and micro loans or financing the purchase of assets, including commercial mortgages.
The interest in financing projects in developing countries has increased in order to reduce the state’s role in economic activities, to move towards the private sector, and to activate its important role as it should, as the focus is on important elements when the desired goal is achieved, which is the ability to repay the loan amount or Financing as it is called in Islamic banks, according to the terms and conditions agreed upon by the two parties, and the feasibility study of the project is one of the most important pillars upon which the legislator relies, as it serves as a road map to achieving the success we seek.
Borrowers ask banks to release their supplementary advances
Citizens borrowing from some banks demanded the release of the additional (supplementary) personal loans allocated to them, as the banks have been reluctant, for more than two months, to release these loans, despite the fact that they are citizens of their salaries to ensure their commitment to paying their monthly installments to the banks.
Citizen R.F says: “I had resorted to borrowing from a private bank because I needed an amount of 15 million dinars at the time, and the lending ceiling was about 20 million dinars, and I needed to increase the amount, so I submitted a request to the bank in which I announced my need for a supplementary loan, although I did not I was reluctant to pay because I had already deposited my salary with the bank.”
He added, "Since the beginning of last September, I submitted the request and the bank has not announced any action in this regard, although the period for taking the action and considering the request ranges from 40 to 50 working days (without calculating official holidays).
In turn, the citizen S. M: “A while ago I asked the bank about the possibility of increasing the amount of the loan that I borrowed earlier, and the employee answered me that my request will be available in a very short time and with simpler procedures, and that the bank will send a message on the phone to tell him to come for the date of receipt.” And he continued, “After two months of my review of the bank, I inquired of the employee about my transaction, and he told me that it had been sent to the main branch and the general administration for the purpose of approving and approving the supplementary loan, and in my turn, I reviewed the general administration of the concerned bank, but I was surprised that the employee blamed the central bank for the reason for the delay in launching loans.” SJ was surprised by the banks' refusal to launch additional (supplementary) personal loans, especially since the majority of borrowers are from the Emiratis, whose salaries are with the banks. , especially since most of them have completed localizing their salaries with both governmental and private banks.” She added that “the goal of localization is to ensure the provision of a banking service and obtain it from borrowers with sufficient guarantees to pay the amount without delay.”
For his part, the expert in economic affairs, Dr. Hussain Al-Khaqani, stated that "the banks grant loans only once, and it is difficult to grant the loan twice to the same person."
Al-Khaqani added to “Al-Sabah” that “there are cases that may occur from the bank setting a ceiling or an amount for lending to citizens, not to take it completely from the first time. To increase the number of borrowers and thus create such confusion.”
He pointed out that the citizen here “may be considered that he misestimated his need for money, and that the bank should review its lending policies related to determining amounts and releasing them to the needy, especially since there are many employees who have settled their salaries with banks operating in Iraq, which is a guarantee for banks of continued payment.” ».
The Commission: The results of the investigations into the appeals will be sent tomorrow.. and the date of settlement is near
The Electoral Commission announced, on Saturday, that the results of the investigations regarding 15 appeals against which a decision was issued to recount and count electoral stations, will be sent to the judiciary tomorrow, while indicating that the results will be announced two days after the resolution of those appeals in the commission.
Imad Jamil Mohsen, a member of the media team in the Electoral Commission, said in a statement to the official channel, followed by “Nass” (November 27, 2021), that “the appeals that were procedurally overturned and the stations covered by them were investigated, will reach the judicial authority and the latter tomorrow, and after another arrival.” An appeal, a period of 10 days for consideration, and it determines the days you need, whether it is a day, two days, or ten days.”
He added, “After that, when the judicial authority’s decision is issued, the commission informs that it has completed the appeals file, and after two days or less, the commission announces the names of the election winners.”
He added, “There will be no recommendations yet, and new stations have been sorted, because the file of appeals and consideration by the judiciary has ended. We are now waiting for it to consider the last 15 appeals and inform the Commission of its decision.”
He stressed that “as soon as the judiciary ends the consideration of the appeals, its work will end, and then the Commission will announce the results and submit them to the Federal Court for approval.”
He pointed out that “there is a complaint filed by the brothers who object to the results before the Federal Court and it is considering it, and the decision is for the court and it will be sent to the Commission Council, and it will answer its inquiries about the complaint and the court is the one who issues the decision.”
Can the dollar exchange rate return to the previous one in the near future?
The economic expert, Basem Jamil Antoine, answered the question that is frequently asked in the Iraqi street about the return of the dollar’s price to the previous or changing it, in light of the high prices of goods, especially imported ones.
Antoine said in a statement to {Euphrates News}, that “what the white paper presented regarding the economic reality and changing the dollar exchange rate, which began to be implemented a whole year ago, cannot be modified or manipulated during the coming periods.”
He added, “The success of dealing with the exchange rate change in some countries, such as Turkey and others, is that they followed the policy of floating the lira, but Iraq at the present time cannot do this.”
He justified the reason, “because his wealth is in the hands of the government, unlike other countries where the economy is dominated by the private sector.”
Parliamentary Finance in the previous parliament reveals a government insistence on the exchange rate and the duration of its stay
A member of the Parliamentary Finance Committee in the former parliament, Sherwan Mirza, revealed on Saturday, the government's insistence on maintaining the current exchange rate of the dollar for another period.
Mirza said in an interview with "Mawazine News" that "there is a decision that accompanied the government's decision to change the dollar exchange rate for people with limited income, such as increasing salaries, including families with social care and increasing the vocabulary of the ration card, as well as supporting employees in accordance with the initiative of the Central Bank to purchase a plot of land or house or car.
He pointed out that "the government has not implemented any action or decision except to change the exchange rate," stressing that "keeping this price remains at least for another 3 years.
The Iranian Oil Company opens an office in Iraq and announces its readiness to work in 6 specialties
The Director-General of the Iraqi Drilling Company, Basem Abdul Karim Nasser, received in his office, on Saturday, a delegation from the National Iranian Oil Company.
According to a company statement received by Mawazine News, a copy of it, the two sides discussed the prospects for cooperation in the field of energy, as the visiting delegation stated that the government of the Islamic Republic aspires to expand the horizon of cooperation with the Iraqi Ministry of Oil in various specializations (drilling - production - seismic detection - lines and pipelines networks - refineries). - and petrochemicals), and the delegation expressed its willingness to supply drilling fluids materials directly through the Shalamcheh port.
He added, "Nasser emphasized the extent of the development of the Iranian oil industry by personally acquainting him with it during his previous visit to Iranian oil facilities."
The statement continued, "The two parties agreed to exchange information through the technical committees that will be formed in the ministry, according to the specialization of each of our oil companies, as the Iranian delegation announced the opening of an office inside Iraq to cooperate in this field."
A leader reveals the plan of the Democratic and Patriotic Kurdistan to negotiate with Baghdad
Mirza told Al-Furat News that "the two main parties (the Democratic and Patriotic Kurdistan) in the region agreed on a specific program and plan before going to the capital, Baghdad, for negotiations with other political parties."
"There is an initial agreement and talks for the alliance, and an agreed political action plan that took place between the two parties," he said.
Mirza pointed out, "We do not know the position of the small parties in the region, and they have not clarified their vision and policy so far."
We will lift the immunity of the accused.. A new comment from Al-Maliki's coalition on the Al-Kazemi assassination
The State of Law coalition, led by Nuri al-Maliki, sent a letter to the current Iraqi Prime Minister, Mustafa al-Kazemi, regarding his assassination attempt.
The leader of the coalition, Wael Al-Rikabi, said, "Prime Minister Mustafa Al-Kazemi is required and invited to announce all the details and information available regarding his assassination, especially since Al-Kazemi has not revealed anything until now, and there is ambiguity in the investigation of this incident."
Al-Rikabi stressed that "the State of Law coalition and all the forces of the coordination framework will put pressure on all parties and will lift all immunity for any person, party or party accused of a case that targeted Al-Kazemi's house," explaining that "Al-Kazemi must disclose all information in this regard as soon as possible.
Al-Kazemi's government plans to indirectly raise the purchasing power of citizens
so I hope his government goes into 2022 hahaha
The General Customs Authority revealed the existence of a comprehensive review of amending and reducing customs duties, which is scheduled to be presented to the Council of Ministers, while revealing positives that would reduce unemployment rates and raise the purchasing power of citizens.
Director-General of the authority, Shaker Al-Zubaidi, said that "determining the value and customs duties for personally imported materials is among the reasons leading to the decline in the trade record in ports and federal ports, as well as double taxes and a lack of logistical support in ports."
He added, "The audit that is being worked on includes a review of the fees of all categories, especially with regard to reading the numbers of imports, which can accommodate up to 5,000 categories ranging from those covered by fees and exempted, as well as production inputs that constitute an average percentage of the total of these items."
He continued, "The proposed regulation for this review comes in implementation of the directives of Finance Minister Ali Allawi, based on the provisions of Article / Second of the amended Customs Tariff Law No. 22 of 2010, in which the Minister of Finance was authorized to amend the percentage of fees and present it to the Council of Ministers for a vote."
He revealed Zubaidi , at the same time directed the customs to work on the adoption of the import value of the invoice certified in the embassies of Iraq in the countries of origin and to the fact that the customs value of imported goods to the country deal represents the value of the price actually paid or payable on the sale of such goods for export. "
And that" the Commission will adopt Calculating the speculative rate of customs in the event of detecting a case of willful manipulation or forgery in the certified certificate of origin.
With regard to determining the value by the customs officials responsible for this file, Al-Zubaidi explained, “The clear discrepancy in determining it came due to the adoption of custom and personal diligence among the employees in our customs centers when clearing goods because of the reliance on the higher measurement than the value established in the certificate of origin, which leads to a breach in The legal powers and the margin of personal judgment for the assessed employee, taking into account the possible suspicions of forging certificates of origin, as well as the accusation of job corruption.
In turn, the Director of the Legal Department at the Customs Authority, Adel Al-Metiouti, stressed that reducing customs duties and activating the law by calculating the official estimated value will lead to settling gaps and reducing the risk of stumbling in the commercial development program between Iraq and countries of the world, and the most important advantage that will be achieved lies in restoring the interface of the ships’ route to our ports, and land trade. To our federal outlets, and to encourage the logistics sector and the segment of entrepreneurs in the field of trade at all levels.
He added, "There is a gap in the application of customs tariff laws during the past period, especially Law No. 22 of 2010, which weakened the means of governance and control at the outlets for monitoring and follow-up, monitoring the entry of goods, audits and revenue collection."
He added, "The proposed measures aim to raise the purchasing power of citizens by reducing unemployment rates due to the revitalization of the economic movement, raising the treasury's revenue and supplying it with losses that go to the ports of neighboring countries and illegal outlets, corruption and customs evasion."
Al-Metiouti stressed that "the customs reform programs of the current government can be accompanied by programs to stabilize the national economy in the customs sector."
He pointed out that "South Korea's experience can be a catalyst by liberalizing trade from restrictions and adhering to a clear policy aimed at achieving efficient economic growth based on comprehensive reforms."
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