"Banking and Economic News From Iraq" Posted by Samson 6-7-2021

by **rocky** Tue 08 Jun 2021, 8:28 am

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"Banking and Economic News From Iraq" Posted by Samson 6-7-2021

by rocky Tue 08 Jun 2021, 8:28 am

[size=30]"Banking and Economic News From Iraq" Posted by Samson 6-7-2021[/size]

KTFA:
Samson: Deputy: The government made the citizen a victim when it manipulated the price of the dollar
16:50 - 07/06/2021
On Monday, MP from the Sadiqoun bloc, Fadel Jaber, blamed the government's failure to control the rise in food products in the market and its failure to control them.
Jaber said in a statement to / the information / that "the government failed to develop a plan to control the markets and hold everyone who manipulates prices to account, and today Iraq is witnessing a new wave of price hikes," noting that "the government and the Ministry of Finance's plan to control prices killed the citizen."

He added, "The lack of supervision and a plan to control the markets resulted in the sacrifice of citizens." He pointed out that "the government and the Ministry of Finance do not have a new plan to control the rise in prices as a result of the dollar's rise against the dinar."
It is noteworthy that the Iraqi markets, since Ramadan, have witnessed a significant increase in the prices of products as a result of the high exchange rate of the dollar against the dinar and the absence of government oversight. LINK
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Samson: The National Approach: Parasitic banks win 300 million dinars from the currency auction per month
06/07/2021 16:42:28
The head of the National Approach Bloc, Ammar Tohme, announced on Monday that "parasitic" banks had acquired profits of more than (300) billion dinars per month in the currency auction.
Tohme said, in a statement that {Euphrates News} received a copy of it, that "with the passage of time, the failure and harm of the dollar exchange rate decision and its severe repercussions on the stability of the market and millions of Iraqis is proven, and there is no beneficiary of this decision except the owners of parasitic banks and their partners from the influential politicians." He added, "All the justifications put forward by the defenders of raising the exchange rate were that it turned out to be false and unrealistic, especially with the rise in the price of oil globally and with negligence and failure in controlling outlets and not restricting the import of materials similar to the local product and not taking even a simple step in providing the structure to support the national industry that they mentioned A farewell justification for their unjust decision to raise the price of the dollar.

Tohme continued, "On the contrary, the Central Bank returned to sell daily more than (200) million, without those sums, nor the parasitic banks that taking possession of it, contributing to huge profits through speculation in any economic or development activity that justifies the monopoly of these banks that are interconnected with forbidden beneficial relations with influential politicians. Greed and greed imprinted on their hearts, and they became a source of evil and great harm to the tested people. And he concluded,
“With a simple calculation from the sale of the Central Bank, what the owners of parasitic banks backed by oppressive and influential politicians in the political scene profit daily is ten billion dinars, and at a rate of (300) billion dinars per month, and all this is a drain on the hard currency reserves that are seized by opportunists and the tested people bear a saturation tax.” whims of selfish covetousness."

Tohme asked, "Has the world seen or heard in any part of it that corrupt merchants, in partnership with politicians, who followed the approach of Qarun, raise the exchange rate of the currency, so that the public will bear the harm and suffering, and the oppressors and thieves reap these huge illegal profits!!?".. And the head of the National Approach Bloc called To "converge the efforts of the loyal people of the people in the continuous pressure on the decision-makers in order to restore the dollar exchange rate to what it was before and end this painful farce." LINK

Samson: Expert: The government's economic policy will make Iraq live on international aid
18:10 - 07/06/2021
The economic expert, Hamid Al-Jubouri, criticized, on Monday, the economic policy of the Iraqi government, stressing that it will lead the citizen to “extreme poverty.”
Al-Jubouri said, in a statement to the "Information" agency, "Terrorism is not only characterized by killing and destruction, but from its other aspects, starvation and the mastery of bringing the citizen to the stage of extreme poverty, and this is what the Chamber of Economic Advisers in the Prime Ministry is doing."
He added, "Al-Kazemi's advisors need to be reconfigured, as they carry a destructive economic thought, and not to build a strong economic state, as they said in the white paper."
He pointed out that “the government’s policy in returning terrorist families and insisting on destroying the dollar is a two-sided process of terrorism, and disregarding his dismissal with his government and ministers will lead Iraq to live on international donations, as is the case of Egypt, Jordan and poor African countries.” LINK
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Samson: An achievement for Al-Kazemi! The dollar is at its highest price in 18 years and warnings of an economic disaster
12:59 - 07/06/2021
The Parliamentary Investment and Economy Committee warned, on Monday, of an imminent economic collapse in the Iraqi currency, with the Central Bank of Iraq continuing to raise the price of the dollar, while experts indicate that the Al-Kazemi government has not achieved any economic achievement despite raising the price of the dollar and the global oil price. It reflects the extent of government confusion.

Member of the Economic Committee, Nada Shaker Jawdat, said in a statement to "Al-Maalouma" that "the government claimed that the economic reform paper will guarantee measures that give the poor new privileges, as well as work to reduce food prices." Jawdat added, "Increasing the dollar brought economic disasters and greatly increased the rate of poverty and deficit without any change under the banner of government achievements, Mustafa Al-Kazemi."

At this time, the economic expert, Abdul Rahman Al-Mashhadani, confirms in a statement to "The Information" that "the real income of the citizen has decreased by more than 50% compared to last year, and it is a real big crisis that cannot be overcome." He added, "The rise of the dollar to about 1500 means an increase in foodstuffs and medicines and the stability of their prices by about 40%, despite the presence of large financial flows as a result of oil prices reaching record numbers."

In addition, the oil expert, Hamza Al-Jawahiri, said in a statement to "The Information" that "the current government has not achieved any oil or economic achievement despite the rise in global oil prices, reaching about $72, while it did not exceed $30 last year."
He pointed out that "the smuggling of oil from Kirkuk through Kurdistan continues until now, in addition to the fact that it has not been imposed by law on the region, amid the continued sending of economic aid to Erbil."

The reason for the high exchange rate of the dollar in Iraq during the last period, a rise in the prices of goods, especially foodstuffs, and markets and commercial centers in Iraq were almost devoid of shoppers, for several days, due to the economic confusion from the high exchange rate of the dollar and the new rise in food prices and others.

The exchange rate of the dollar against the Iraqi dinar, today, Monday, set a new record in the currency markets in Iraq, where the exchange rate of 100 dollars against the Iraqi dinar exceeded 150 thousand and 150 dinars, after it was 150 thousand and 50 dinars yesterday, Sunday, attributing the reason to the increased demand for buying it by companies, traders and citizens. LINK

Samson: The government..the economy..and the citizen
17:16 - 07/06/2021 - Books / Qasim Al-Gharawi
The Iraqi parliament voted at the end of last March, by majority, on the draft federal budget law for Iraq for the fiscal year 2021, with a total of 129 trillion Iraqi dinars, while the ceiling of crude oil exports was set at a rate of 3 million barrels per day, including 250 thousand barrels from the fields of the Kurdistan region at a price of 45 dollars per barrel.
Lifting government support from the exchange rate represents one of the most daring decisions of the Al-Kazemi government, which caused an increase in prices.
Because of it, the Iraqi market was hit by severe turmoil after the dollar exchange rate was raised, and the first signs of this turmoil is the tangible increase in prices, as well as the suffering that affected many economic sectors in this market and thus the impact on the life of the citizen, according to the World Bank report, which confirmed that about 2.7 to 5 Millions of Iraqis are threatened with poverty as a result of the Corona pandemic and the drop in the price of a barrel of oil.
A double shock received by the Iraqi citizen by the increase in the poverty rate and the difficulty of life in light of the reduction in the price of the Iraqi dinar against the dollar due to the financial and monetary policy of the Ministry and the Central Bank.
Despite the fading of the panic from the Corona pandemic and the return of oil prices to a rise again towards a level of more than 70 dollars per barrel due to the increase in demand resulting from the return to operating the stalled factories in the world and the desire of the United States of America to restore its strategic oil reserves, the Iraqi reality remained in a state of crisis, and the market still poses a great challenge to the citizen. The Iraqi government is without a solution in light of an economic, financial and monetary policy and a reform paper adopted by the government to face the economic challenges at a time when the vision of the suffering of the people was absent.
At a time when the global economic situation indicates the stability and recovery of markets after economic challenges and expectations of an increase in the price of a barrel of oil, the economic policy in Iraq did not succeed in its expectations for the price of a barrel of global oil for 2021, contrary to global expectations, and therefore the budget relied on expectations that the price of a barrel of oil would continue to be $45 The difference in the price saved millions of dollars. However, the increase in the exchange rate of the dollar did not achieve the goal of controlling market prices and creating a balance in them, as evidenced by the fact that the bank is still selling more than 200 million dollars.
The approach of corruption in the Iraqi state is the first reason for this decline, and the approach of political quotas is what led to the deterioration of the economic file, as well as the intervention of politics in the management of the economic file and the diligence of politicians in it for their interests that are related to their banks and the profits made as a result of buying and selling the dollar and smuggling it abroad.
The reconciliation of the higher authority concerned with covering market transactions in dollars with black market dealers and monopolists of the currency will necessarily lead to the situation remaining unresolved, as the current government with its financial policies that have robbed Iraq’s economy of its most sensitive aspects and increased poverty rates within a few months to unprecedented levels, it will be written that be the worst government in the record economic performance. LINK

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