6ly410

Iraq news now Deputy: The Central Bank will officially raise the exchange rate to 1450 dinars against the dollar on this date Posted 4 hours ago https://iraqakhbar.com/2811205 News source / Baghdad today News source / Baghdad today Baghdad Today - Follow-up A member of the Parliamentary Finance Committee, MP Abd al-Hadi al-Saadawi, confirmed, Thursday (12-17-2020), that the Iraqis will witness a near shock in which a new and large rise in the dollar exchange rate will take place. "The Central Bank of Iraq will raise the dollar exchange rate to 1450 Iraqi dinars next Sunday," Al-Saadawi said in a televised interview, which he followed (Baghdad Today), indicating that "what was leaked from the Ministry of Finance today from a copy of the 2021 budget encourages traders to control the exchange rate." He added that "most of the money that goes out from the auction selling the currency comes out with false invoices claiming to buy things while the currency is smuggled out by buying unrealistic materials." And on the border crossings, a member of the Finance Committee indicated that "the state does not control the financial policy, and the evidence is that it does not control the ports that enter prohibited materials or outside the specifications." Al-Saadawi stressed that "the government should take the initiative to agree with neighboring countries (Syria, Iran and Turkey) to stop dealing with 14 illegal outlets in the Kurdistan Region." Today, Thursday, the Ministry of Finance expressed its "resentment and deep regret" for the unauthorized publication of the draft budget for 2021. In a statement received (Baghdad Today) a copy of it, the ministry said, “Budget preparation is a complex technical process that includes many ministries, government institutions and international agencies concerned with the budget over a long period of time and cannot be fully understood without referring to the data, policies and strategies that are based on it, including Government White Paper ”. She added that "launching it to the media prematurely is an irresponsible act to a large extent, and this may precede the ability of ministers to comment impartially on the draft budget and amend it at a special budget session scheduled to be held next Saturday." The ministry requested "not to pay attention to the exciting statements related to the budget that may arise during the next two days." And she continued, "The Council of Ministers will discuss the budget in detail, which is the appropriate place to present its recommendations regarding it." Then the budget, after its approval by the Council of Ministers, is sent to the House of Representatives, ”adding that“ this is the correct approach and framework for discussion and deliberation regarding the budget, not social media, which may be full of inaccurate news

Parliamentary economy: Baghdad asked the Kurdish delegation to provide real figures on oil revenues 15:19 - 12/17/2020 https://www.almaalomah.com/2020/12/17/510638/ Information / Special ... The Parliamentary Economy Committee confirmed, Thursday, that the government and the House of Representatives called on the Kurdish delegation headed by Qubad Talabani to provide real figures on oil revenues. Committee member Mazen Al-Faili said in a statement to Al-Maouma that "the Baghdad government did not have accurate figures on the region's oil revenues during the negotiations between the two parties," noting that "the government and the House of Representatives called on the Kurdish delegation to provide real figures on oil revenues. He added, "Qubad Talabani, head of the Kurdish delegation, confirmed his stay in Baghdad until all disputes are resolved," indicating that "Talabani will wipe out the dispute with the government over oil and border crossings in accordance with a real agreement between Baghdad and Erbil ." Last Monday, the Parliamentary Finance Committee revealed that the Kurdistan Regional Government had smuggled 200,000 barrels of oil on a daily basis. Ended 25 T

Iraq news now The exchange rate turmoil angered the Ministry of Finance .. This is how the dinar fell against the dollar Posted 3 hours ago https://iraqakhbar.com/2811035 News source / Baghdad today News source / Baghdad today Baghdad today - Baghdad Today, Thursday, the Iraqi markets witnessed a state of instability, after the price of the dollar jumped against the Iraqi dinar to an unprecedented level over the past few years before returning to decline. Budget leakage The turmoil of the Iraqi dinar exchange rates against the dollar began following the leak of a preliminary draft, for the 2021 budget that proposed a new exchange rate for the dollar that amounted to 1,450 dinars, which pushed the Iraqi dinar exchange rate up to 1380 dinars to the dollar in Baghdad exchange and a number of provinces. The draft budget included a table of revenues, expenditures, and the expected deficit in the initial version of the Federal Budget Law for 2021. According to the leaks, the expected revenues in the 2021 budget, within the initial version, amounted to more than 91 trillion dinars, while the total expenditures expected, in the 2021 budget, amounted to 150 trillion dinars, while the deficit reached more than 58 trillion dinars. Also, according to the initial version, the government may raise the price of the dollar in the central bank to 145 thousand dinars per 100 dollars. Following the leaks of the initial budget draft and after government and parliamentary assurances that it is not final and subject to modification, the exchange rate of the dollar decreased to reach in the Al-Kifah Stock Exchange in Baghdad to 132 thousand dinars for every 100 dollars, and in Basra reached 130 thousand dinars for every 100 dollars, and in the governorates of Dhi Qar , Maysan, Muthanna, Wasit, Diwaniyah, Najaf, Karbala, Babylon 132,600 for every $ 100. Expected effects A member of the Parliamentary Economy Committee, Representative Nada Shaker, talked about the impact of raising the dollar’s exchange rate on employee salaries, while describing the rise in the exchange rate of the dollar against the dinar as “a plunder of the Iraqi people,” according to her saying. Shaker said in an interview with (Baghdad Today), that she is "surprised by the silence of the Presidency of Parliament on what is going on in the economy file, especially the recent high exchange rates of the dollar and its negative repercussions on ordinary citizens, because all food prices will rise." She added that "the recent rise in the exchange rate of the dollar and the fall of the Iraqi dinar have made fantastic profits for some banks," stressing that "the state does not have any authority over the markets that will be subject to speculation by influential forces that are important to the general situation." A member of the Parliamentary Economic Committee indicated that "raising the dollar exchange rate will lead to a catastrophic effect in reducing the value of employees' salaries by a third, or 33 percent." "According to our experience in the banking sector for more than 30 years, the exchange rate in the local market will not return to the barrier of 1180 or 1190 dinars against one dollar," banking expert Abdul-Hussein Al-Mandheri said in a televised statement. He added that "the exchange rate may stabilize again up to 1210 or 1220 dinars against one dollar," indicating that "the central bank pumps cash from the dollar into the market and through the currency auction from the hard currency reserves it has." He pointed out, "On the other hand, there is information about discussions with the International Monetary Fund to reduce the value of the dinar against the dollar, and there may be a green light from the bank to adjust the exchange rate, and we believe that the proposals for reducing it are the ones that caused the recent jump in the price of the dollar against the dinar." The initial version of the draft federal budget bill for the year 2021 included determining the exchange rate of the dollar on the basis of 1450, equivalent to 145 thousand per 100 dollars, and restricting all actually realized revenues as final revenues to the state treasury account. The draft law also included reducing all allocations granted to employees of all government departments that are centrally and self-financed, according to the percentages set against each of them and granted to them by virtue of effective laws and decisions of the Council of Ministers. The fiscal deficit in the budget reached (58260763114) one thousand dinars (fifty-eight trillion two hundred sixty billion seven hundred and sixty-three million one hundred and fourteen thousand dinars), and in the case of excluding all arrears, indebtedness, and foreign and domestic loans that will finance investment projects amounting to (23229017817) one thousand dinars (three Twenty trillion two hundred twenty-nine billion and seventeen million eight hundred and seventeen thousand dinars). The indebtedness represented by the internal and external debt installments reached (14761959590) one thousand dinars (fourteen trillion seven hundred and sixty-one billion nine hundred and fifty-nine million five hundred and ninety thousand dinars). urgent meeting In an emergency meeting, the Parliamentary Finance Committee discussed with the governor of the Central Bank the recent rise in the dollar exchange rate. The media department stated, in a statement received (Baghdad Today), that “Parliamentary Finance hosted the Governor of the Central Bank, Mustafa Ghaleb, scary, to discuss the economic crisis and the implications of the high exchange rate of hard currency on the Iraqi market situation.” The committee focused during the hosting, which was held at its headquarters, on "ways to confront the negative repercussions of the increase in the exchange rate on citizens, especially the vulnerable and poor classes, as well as the measures that the Central Bank will follow towards banking companies to deter the weak people from exploiting this situation." The committee called on the government to "carry out rapid reforms to protect the vulnerable classes and those covered by the social welfare network and workers in the private sector, confront inflation and provide the necessary foodstuffs through the ration card." According to the statement, the governor of the Central Bank provided "an explanation regarding the reasons for the high exchange rate," stressing that the bank is preparing "to launch a package of measures that will achieve a shifting balance in the exchange rate for the year 2021, such as launching an initiative in the amount of 3 trillion to support low-income people, and doubling the hard currency savings in Market, and increasing interest rates on Iraqi currency deposited in banks. The Finance Ministry is furious Today, Thursday, the Ministry of Finance expressed its "resentment and deep regret" for the unauthorized publication of the draft budget for 2021. In a statement received (Baghdad Today) a copy of it, the ministry said, “Budget preparation is a complex technical process that includes many ministries, government institutions and international agencies concerned with the budget over a long period of time and cannot be fully understood without referring to the data, policies and strategies that are based on it, including Government White Paper ”. She added that "launching it to the media prematurely is an irresponsible act to a large extent, and this may precede the ability of ministers to comment impartially on the draft budget and amend it at a special budget session scheduled to be held next Saturday." The ministry requested "not to pay attention to the exciting statements related to the budget that may arise during the next two days." And she continued, "The Council of Ministers will discuss the budget in detail, which is the appropriate place to present its recommendations regarding it." Then the budget, after its approval by the Council of Ministers, is sent to the House of Representatives, ”adding that“ this is the correct approach and framework for discussion and deliberation regarding the budget, not social media, which may be full of inaccurate news. ” And bank experts' expectations indicate that the exchange rate of the dollar against the Iraqi dinar may return to its previous level in the event that measures are taken to control the market

It started with cutting salaries and reducing them ... a political game that the government is playing to put pressure on citizens economically https://alahadnews.net/144569/خاص-بوكالة-العهد-نيوز/ Author: ahad7 On 12/17/2020 - 7:55 PM 140 Political analyst Abbas Al-Ardawi revealed a game practiced by the government to put economic pressure on the Iraqi citizen. Al-Ardawi said in an interview with Al-Ahed News today, Thursday, that “What is happening is a series that started with cutting salaries and then reducing them to economically pressure the citizen. "This indicates a state of political pressure, as there are indications of printing the currency without legal cover and manipulating the prices of the dollar, which are all dangerous indicators and will increase the economic injection," he added. And that "what is happening is an attempt to pressure towards collapse, and it is one of the means that the current government deals with

Sumaisem for "Al Ahd News": The draft budget includes the high price of the dollar and the removal of gasoline subsidies https://alahadnews.net/144481/خاص-بوكالة-العهد-نيوز/ Author: ahad6 On 12/17/2020 - 1:33 PM 258 The economic expert, Salam Sumaisem, announced that the budget bill presented by the government to the House of Representatives raised the price of the dollar and removed gasoline subsidies. She said, "Al Ahd News", "The price of the dollar approved in the budget is 1445 dinars for one hundred US dollars, and the subsidy for gasoline is lifted." And she added, "The Iraqi citizen is the one who will bear the price of the drop of the Iraqi dinar against the dollar

The Ministry of Finance issues a statement regarding the leakage of the draft general budget law for the next year Thursday, 17 December 2020 6:44 PM https://nnciraq.com/45774/ Baghdad / National News Center - Today, December 17, 2020, the Ministry of Finance expressed its resentment and deep regret over the unauthorized publication of the draft budget for 2021. "Preparing the budget is a complex technical process that includes many ministries, government institutions and international agencies concerned with the budget over a long period of time, and it cannot be fully understood without referring to the data, policies and strategies that are based on it, including it," the ministry said in a statement received by the agency "National News Center." Government White Paper ”. She added, "Releasing it prematurely to the media is an irresponsible act to a large extent, and this may precede the possibility of ministers in commenting impartially on the draft budget and amending it in a special budget session scheduled to be held next Saturday." And the ministry called on "everyone not to pay attention to the exciting statements related to the budget that may arise during the next two days." "The cabinet will discuss the budget in detail, which is the appropriate place to present its recommendations regarding it," the ministry said in the statement. Then, after approval, the budget is sent by the Council of Ministers, to the House of Representatives. This is the correct approach and framework for discussion and deliberation regarding the budget, not social media, which may be full of inaccurate news.

Representative Finance: Transparency and accurate data are the pillars of solving problems with the region Posted 2 minutes ago Add a comment News source / Mawazine News News source / Mawazine News Political | https://iraqakhbar.com/2811241 04:36 - 12/17/2020 Baghdad - Mawazine News, a member of the Parliamentary Finance Committee , Majida Al-Tamimi, confirmed that data transparency is the basis for solving problems between the center and the region. Al-Tamimi said in a statement that Mawazine News received a copy of, that “there is a need to prepare budgets and final accounts by the region, through which the allocations and actual expenditures, the amount of oil produced, the average price of a barrel, as well as other revenues, numbers of employees and their salaries and retirees ... etc. will be known.” Al-Tamimi indicated that the financial position of the state is the sum of spending by spending units in all ministries, institutions and governorates that are not organized in a region as well as the Kurdistan region. Al-Tamimi stressed the need to take advantage of the circumstances and crises that occurred in previous years and address their causes And identifying the right and transparent mechanisms to overcome problems, especially since the 2021 budget is on the doorstep for equitable distribution of wealth among the people

Representative economy accuses political parties of raising the selling price of the dollar 18:58 - 12/17/2020 https://www.almaalomah.com/2020/12/17/510669/ Information / Special ... On Thursday, the Parliamentary Economic Committee attributed the reason for the high selling price of the dollar in the markets to the interventions of political parties in the currency auction. Committee member Nada Shaker said in a statement to "the information", that "speculative companies led by political parties are behind the increase in the sale of the dollar in the market," noting that "the increase in the sale of the dollar is an intentional matter and political parties stand behind it." She added that "the House of Representatives began collecting the signatures of Parliament to question the governor of the Central Bank," indicating that "the interrogation aims to find out the reasons for the rise in the dollar and hold the negligent accountable." Last Tuesday, the Parliamentary Finance Committee attributed the high exchange rate of the dollar in the markets to the floundering policy of the Central Bank. The dollar exchange rate for the past few days witnessed an unprecedented rise, as the exchange rate reached more than 131 thousand dinars against 100 dollars. Ended 25 W

Central Bank Governor: We will double the availability of hard currency in the market during 2021 18:06 - 12/17/2020 https://www.almaalomah.com/2020/12/17/510660/ The information / Baghdad ... The Governor of the Central Bank, Mustafa Ghalib, announced, on Thursday, that it will work to double the provision of hard currency in the market during 2021. The Parliamentary Finance Committee said, in a statement received by the information, that “discussions were held with the governor of the Central Bank regarding an increase in the currency exchange rate,” indicating that it “focused during the hosting on ways to confront the negative repercussions of the increase in the exchange rate on citizens, particularly the vulnerable and poor classes, as well as The procedures that the central bank will follow towards banking companies. The government called for "rapid reforms to protect the vulnerable classes and those covered by the social welfare network and workers in the private sector, confront inflation and provide the necessary foodstuffs through the ration card." For his part, the Governor of the Central Bank said that the bank “is ready to launch a package of measures that will achieve a shifting balance in the exchange rate for the year 2021, such as launching an initiative of $ 3 trillion to support low-income people, doubling the hard currency supply in the market, and increasing interest rates on the Iraqi currency deposited in banks. “. A member of the Parliamentary Finance Committee, Abd al-Hadi al-Saadawi, confirmed in a previous statement to "the information", that the rise in the dollar exchange was not according to a governmental approach and an economic policy, but rather as a result of confusion in the management of the Central Bank. Ended / 25 h

Iraqis panic as leaked budget draft signals devaluation By SAMYA KULLAB 32 minutes ago https://apnews.com/article/financial-markets-baghdad-iraq-state-budgets-c691936afd77edd12ad776b993e79d9e BAGHDAD (AP) — A leaked draft of Iraq’s state budget sent Iraqis into a panic on Thursday as it confirmed the government’s intentions to devalue the national currency, the Iraqi dinar, and cut salaries to cope with the impacts of a severe economic crisis. Discussions about devaluating the Iraqi dinar, which has been pegged to the dollar for decades, have been going on for weeks as the government worked to finalized the 2021 budget. The draft law, which has to go through a parliament vote first, gives an anticipated exchange rate of 1,450 Iraqi dinars for the dollar — a significant drop from the central bank’s current official rate of around 1,182 dinars for $1. As the draft made rounds on social media, the Finance Ministry expressed “resentment and deep regret over the unauthorized publication” of the proposed law, saying public hysteria would impact the neutrality of the lawmakers. The parliament is to discuss — and introduce possible amendments — to the draft in a session scheduled for Saturday. Multiple officials said the leaked draft was authentic but stressed it might undergo changes in parliament. Sharp public reactions indicate the challenges the country will face implementing needed economic reforms in an election year, and in particular to the budget-draining public sector. Nationwide parliamentary elections, a year earlier than expected, are due in June. “Budget preparation is a complex technical process ... over a long period of time,” the ministry said. “Releasing it prematurely to the media is a largely irresponsible act.” Already, the value of the dinar is falling on the street, with exchange houses in Baghdad selling the dollar for 1,300 Iraqi dinars. Public discussion over the government’s reform policy — dubbed the “white paper” — focused sharply on ways to bring the wage bill down from 25% of the GDP to 12%. The draft budget took a step in this direction by looking to cut salary benefits, which sometimes exceeds the base pay of many in Iraq’s bloated public sector. Benefits can include incidentals such as danger pay, higher education degrees and hospitality expenses for high-level officials. The news prompted an outcry from government workers fearing serious cutbacks with the devaluation compounded with benefit reductions. “The majority of Iraq’s work force are government employees. We are the middle class, but (the government’s latest) decisions are going to make us the poorest class,” said Ali Kadhim, 50, a teacher. “I am paying off two loans that take up a third of my salary. After these decisions I don’t know how much I am going to earn.” Several public workers echoed his fears, including physicians, dentists, school teachers and administrators in various ministries. Reformists in the government consider public wages unsustainable. Facing a severe liquidity crisis brought on by spiraling oil prices, the crude-exporting Iraq has had to borrow from the central bank’s dollar reserves to pay the nearly $5 billion in monthly fees for public salaries and pensions. Oil revenues, which account for 90% of the budget, have brought in an average of $3.5 billion since the oil price crash earlier this year. In an October interview, Finance Minister Ali Allawi said devaluation was being considered seriously in talks with the International Monetary Fund. The IMF has proposed a rate of 1,600 dinars to the dollar, which the Iraqi government deemed “politically difficult” according to a senior-level official, speaking on condition of anonymity to discuss the IMF talks. The anticipated rate in the draft of 1,450 dinars against the dollar “will help cover the financial deficit, but, of course, if they don’t manage to make some supportive steps for poor people, then the impact of inflation will be very severe,” said Mohammed al-Daraji, a lawmaker in the finance committee. Parliament must still approve the law, expected to be deeply unpopular. This month protesters in the northern province of Sulimaniya burned down government buildings over delayed salary payments. But there is little choice, said the senior government official. Without these steps, Iraq’s foreign currency reserves would dip below $20 billion by next year, he said. They currently stand at $50 billion.

Iraq news now Baghdad Chamber of Commerce clarifies the exchange rate of the dollar and the reasons for its increase locally Posted 5 hours ago https://iraqakhbar.com/2810600 News source / NR TV News source / NR TV Digital Media NRT On Thursday, the Baghdad Chamber of Commerce assured merchants and citizens of the stability of the dollar exchange rate against the dinar in the coming days , confirming that the accelerating waves of news and rumors generated anxiety in the Iraqi market. The Chamber's Board Chairman, Firas Rasul Al-Hamdani, said in a statement today (December 17, 2020) followed by Digital Media NTT, that "the exchange rate of the US dollar will return to stability in the coming days," calling on the Iraqi government to "prepare a proactive plan to organize The process of monetary stability of the Iraqi currency against the dollar, through a plan organized by the competent authorities of advisers and expertise in the financial field . He added, "The events, the accelerating waves of news, speculation and rumors have generated anxiety within the Iraqi market," noting that "the specialized committees in the country are able to maintain the stability of the exchange, especially since the 2021 budget is still a draft under discussion and study

Urgent The economist Ahmed Saddam Dijlah: The rise in the exchange rate of the dollar will lead to an increase in commodity prices Posted 6 hours ago https://iraqakhbar.com/2810714 News source / Tigris Channel News source / Dijla Channel The economist Ahmed Saddam Dijlah: The rise in the exchange rate of the dollar will lead to an increase in commodity prices

Economy news Statement after the Parliamentary Finance meeting and the Central Bank Governor regarding dollar rates (document) Posted 4 hours ago https://iraqakhbar.com/2810896 News source / Alsumaria channel News source / Alsumaria channel On Thursday, the Parliamentary Finance Committee issued a statement after its meeting in the presence of the Governor of the Central Bank, Mustafa Ghaleb, to discuss the implications of the high exchange rate of hard currency on the Iraqi market.

Economy News • Iraq Today A looting of the Iraqi people ... a deputy talks about the catastrophic impact of the high exchange rate of the dollar Posted 3 hours ago https://iraqakhbar.com/2810928 News source / Noon Agency News source / Noon Agency A member of the Parliamentary Economic Committee, Representative Nada Shaker Jawdat, spoke on Thursday about the impact of raising the dollar’s exchange rate on employees ’salaries, while describing the rise in the exchange rate of the dollar against the dinar as“ a plunder of the Iraqi people, ”she said. Jawdat said that she is "surprised by the silence of the Presidency of Parliament on what is happening in the economy file, especially the recent high exchange rates of the dollar and its negative repercussions on ordinary citizens, because all food prices will rise." She added, "The recent rise in the exchange rate of the dollar and the fall of the Iraqi dinar have made fantastic profits for some banks," stressing that "the state does not have any authority over the markets that will be subject to speculation by influential forces that are important to the general situation." A member of the Parliamentary Economic Committee indicated that "raising the dollar exchange rate will lead to a catastrophic effect in reducing the value of employees' salaries by a third, or 33 percent," according to the Baghdad website today. Regarding the 2021 budget, Shakir confirmed that "the budget has not yet reached the parliament, and all the leaks published in the media are incorrect." And bank experts' expectations indicate the possibility of returning the exchange rates of the dollar against the Iraqi dinar to its previous state in the event that measures are taken to control the market. "According to our experience in the banking sector for more than 30 years, the exchange rate in the local market will not return to the barrier of 1180 or 1190 dinars for one dollar," banking expert Abdul-Hussein Al-Mandheri said in a televised statement. He added that "the exchange rate may stabilize again up to 1210 or 1220 dinars against one dollar," indicating that "the central bank pumps cash from the dollar into the market and through the currency auction from the hard currency reserves it has." He pointed out, "On the other hand, there is information about discussions with the International Monetary Fund to reduce the value of the dinar against the dollar, and there may be a green light from the bank to adjust the exchange rate, and we believe that the proposals for reducing it are the ones that caused the recent jump in the price of the dollar against the dinar." He pointed out that he conducted a calculation that sets the exchange rate at 1200 dinars against the dollar, instead of the current price sold by the bank, estimated at 1182 dinars, and got a difference of 900 billion dinars annually, which enters the treasury if the central bank continues to sell 200 million dollars per day in a currency auction. And he indicated that "in the event that an exchange rate of 1500 dinars is adopted against one dollar, then it means covering the financial deficit with the budget and also an increase in revenues, but on the condition that the state reinforces support for some basic materials and prevents price increases in order to prevent the impact of reducing the value of the dollar on the poor segments." The exchange rate of the dollar jumped to 1,370 dinars, after the leak of an initial copy of the 2021 budget, and its exchange rate was set at 1450 dinars to the dollar. The draft law included the federal budget (initial version), setting the dollar exchange rate on the basis of 1450, which is equivalent to 145 thousand per 100 dollars, and restricting all actually realized revenues as final revenues to the state treasury account. The budget stated that the number of state employees is 3.25 million, including (682 thousand employees in the Kurdistan region), salaries 41.5 trillion dinars, other salaries 6 trillion, retirement 20 trillion, social security 9.6 trillion, interest on debt loans 4,6 Trillions, offshore loan payments: 6.8 trillion. The project also included the reduction of all allocations granted to employees of all government departments financed centrally and independently, according to the percentages specified against each of them and granted to them by virtue of laws in force and decisions of the Council of Ministers and came as follows: (Risk allowances 50%, hospitality 20%, exceptional 20%, sustenance 33%, certificate 50%, lump sum, 40%, special 60%, university service 60%). The bill also stipulated raising the price of fuel (gasoline) from 450 dinars per liter to 540 dinars per liter. The budget authorizes the Minister of Finance to fill the actual deficit in the budget according to the amounts indicated in the sources mentioned below: 1- Issuing treasury transfers, 2- Issuing national bonds to the public, 3- Issuing bonds and treasury transfers to government banks, to be debited with the Central Bank of Iraq, 4- Loans from commercial banks, 5- Issuing foreign bonds, 6- Borrowing from international financial institutions, 7- Borrowing with the guarantee of international export guarantee institutions. The budget indicates that all loans, bonds, transfers and project contracts financed by loans will be exempt from taxes and customs fees for ongoing and new projects, including the loan granted by the World Bank to the Ministry of Finance for the PFM contract project for the years 2016, 2017, 2018 and 2019. The 2021 budget obliged federal ministries and entities not associated with a ministry and all governorates to cover their needs of local products, including private sector products that have an added value of more than (20%). The draft budget concluded that the Council of Ministers may not issue any decisions that include granting an advance to any ministry or entity not linked to a ministry without having allocations for it in the general budget approved during the fiscal year. The project included the suspension of all cabinet decisions and laws in force that allow the centralized state departments to dispose of the revenues collected through them for the purposes of operating expenses, and their revenues are transferred as final revenues for the account of the state's public treasury, including the state's public treasury's share of the profits of public companies and self-financed bodies and departments. The fiscal deficit in the budget reached (58260763114) one thousand dinars (fifty-eight trillion two hundred sixty billion seven hundred and sixty-three million one hundred and fourteen thousand dinars), and in the case of excluding all arrears, indebtedness, and foreign and domestic loans that will finance investment projects amounting to (23229017817) one thousand dinars (three Twenty trillion two hundred twenty-nine billion and seventeen million eight hundred and seventeen thousand dinars). The indebtedness represented by the internal and external debt installments reached (14761959590) one thousand dinars (fourteen trillion seven hundred and sixty-one billion nine hundred and fifty-nine million five hundred and ninety thousand dinars)

Central Bank: We are preparing to launch a package of measures that will achieve a balance in the exchange rate Banks https://economy-news.net/content.php?id=23186 Economy News _ Baghdad Central Bank Governor Mustafa Ghaleb Makheif announced, Thursday, that the bank is ready to launch a package of measures that will achieve a balance in the exchange rate. The Parliamentary Finance Committee said in a statement received by "Al-Iqtisad News", that it "hosted the Governor of the Central Bank, Mustafa Ghaleb, with the attendance of the members today, Thursday, to discuss the economic crisis and the implications of the high exchange rate of hard currency on the Iraqi market situation. The statement added that "the committee focused during the hosting, which was held at its headquarters, on ways to confront the negative repercussions of increasing the exchange rate on citizens, particularly the vulnerable and poor classes, as well as the measures that the Central Bank will follow towards banking companies to deter the weak people from exploiting this situation." The committee called on the government to "carry out rapid reforms to protect the vulnerable classes and those covered by the social welfare network and workers in the private sector, confront inflation and provide the necessary foodstuffs through the ration card." For his part, the Governor of the Central Bank said that the bank “is ready to launch a package of measures that will achieve a shifting balance in the exchange rate for the year 2021, such as launching an initiative of $ 3 trillion to support low-income people, doubling the hard currency supply in the market, and increasing interest rates on the Iraqi currency deposited in banks. “. Number of observations 94 Date of addendum 12/17/2020

The Financial Committee is discussing with the Governor of the Central Bank to increase the currency exchange rate Thursday, 17 December 2020 6:05 PM https://nnciraq.com/45764/ Classification: Iraqi Share article: Baghdad / National News Center - Official statement: The committee focused during the hosting on the means to confront the negative repercussions of the increase in the exchange rate on citizens, especially the vulnerable and poor classes, as well as the measures that the Central Bank will follow towards banking companies The Finance Committee calls on the government to carry out rapid reforms to protect the vulnerable classes and those covered by the social welfare network and workers in the private sector, confront inflation and provide the necessary foodstuffs through the ration card. Governor of the Central Bank provides an explanation on the reasons for the high exchange rate Central Bank Governor: We are ready to launch a package of measures that will achieve a displacement balance in the exchange rate for the year 2021, such as launching an initiative in the amount of 3 trillion to support low-income people, doubling the provision of hard currency in the market, and increasing interest rates on the Iraqi currency deposited in banks

Governmental resentment” at the “2021 budget leakage”: it will be subject to amendment within two days! 2020-12-17https://yesiraq.com/امتعاض-حكومي-من-تسريب-موازنة-2021-ستخضع-ل/ Yes Iraq - Baghdad Today, Thursday, December 17, 2020, the Ministry of Finance expressed its resentment and deep regret over the unauthorized publication of the draft budget for 2021. A statement by the ministry stated: The preparation of the budget is a complex technical process that includes many ministries, government institutions and international agencies concerned with the budget over a long period of time and cannot be fully understood without referring to the data, policies and strategies on which it is based, including the government white paper. He added: Releasing it prematurely to the media is an irresponsible act to a large extent, and this may precede the possibility of ministers in commenting neutrally on the draft budget and amending it in a special budget session scheduled to be held next Saturday. He continued: Therefore, we ask everyone not to pay heed to the exciting statements related to the budget that may arise during the next two days. The ministry stated in a statement that the Council of Ministers will discuss the budget in detail, which is the appropriate place to present its recommendations regarding it. Then, after approval, the budget is sent by the Council of Ministers, to the House of Representatives. This is the correct approach and framework for discussion and deliberation regarding the budget, not social media, which may be full of inaccurate news. On Thursday (December 17, 2020), the Yes Iraq platform obtained a “preliminary copy” of the draft federal budget bill for the year 2021, which included setting the dollar exchange rate at 1450, and reducing employee allocations. The bill included setting the exchange rate of the dollar on the basis of 1450, equivalent to 145,000 dollars per 100 dollars, and restricting all actually generated revenues as final revenues for the account of the state treasury. The budget stated that the number of state employees is 3.25 million, including (682 thousand employees in the Kurdistan region), salaries 41.5 trillion dinars, other salaries 6 trillion, retirement 20 trillion, social security 9.6 trillion, interest on debt loans 4,6 Trillions, offshore loan payments: 6.8 trillion. The project also included the reduction of all allocations granted to employees of all government departments financed centrally and independently, according to the percentages specified against each of them and granted to them by virtue of laws in force and decisions of the Council of Ministers and came as follows: (Risk allowances 50%, hospitality 20%, exceptional 20%, sustenance 33%, certificate 50%, lump sum, 40%, special 60%, university service 60%). The bill also stipulated raising the price of fuel (gasoline) from 450 dinars per liter to 540 dinars per liter. The budget authorizes the Minister of Finance to fill the actual deficit in the budget according to the amounts indicated in the sources mentioned below: 1- Issuing treasury transfers, 2- Issuing national bonds to the public, 3- Issuing bonds and treasury transfers to government banks, to be debited with the Central Bank of Iraq, 4- Loans from commercial banks, 5- Issuing foreign bonds, 6- Borrowing from international financial institutions, 7- Borrowing with the guarantee of international export guarantee institutions. The budget indicates that all loans, bonds, transfers and project contracts financed by loans will be exempt from taxes and customs fees for ongoing and new projects, including the loan granted by the World Bank to the Ministry of Finance for the PFM contract project for the years 2016, 2017, 2018 and 2019. The 2021 budget obliged federal ministries and entities not associated with a ministry and all governorates to cover their needs of local products, including private sector products that have an added value of more than (20%). The draft budget concluded that the Council of Ministers may not issue any decisions that include granting an advance to any ministry or entity not linked to a ministry without having allocations for it in the general budget approved during the fiscal year. The project included the suspension of all cabinet decisions and laws in force that allow the centralized state departments to dispose of the revenues collected through them for the purposes of operating expenses, and their revenues are transferred as final revenues for the account of the state's public treasury, including the state's public treasury's share of the profits of public companies and self-financed bodies and departments. The fiscal deficit in the budget reached (58260763114) one thousand dinars (fifty-eight trillion two hundred sixty billion seven hundred and sixty-three million one hundred and fourteen thousand dinars), and in the case of excluding all arrears, indebtedness, and foreign and domestic loans that will finance investment projects amounting to (23229017817) one thousand dinars (three Twenty trillion two hundred twenty-nine billion and seventeen million eight hundred and seventeen thousand dinars). The indebtedness represented by the internal and external debt installments reached (14761959590) one thousand dinars (fourteen trillion seven hundred and sixty-one billion nine hundred and fifty-nine million five hundred and ninety thousand dinars)

solutions from the Iraqi Central Bank to stop the crisis of the high exchange rate of the dollar 2020-12-17 https://yesiraq.com/3-حلول-من-البنك-المركزي-لإيقاف-ازمة-ارتف/ Yes Iraq - Baghdad Today, Thursday, the Finance Committee in the Iraqi Council of Representatives discussed with the Governor of the Central Bank of Iraq ways to confront the repercussions of increasing the exchange rate of the dollar, and while the committee called on the government to protect the "vulnerable classes" in Iraqi society, the bank governor presented an explanation on the reasons for the high exchange rate the currency. A statement by the Media Department in the House of Representatives stated; The Financial Committee, headed by MP Haitham Al-Jubouri, and in the presence of the members, hosted, on Thursday, the Governor of the Central Bank, Mustafa Ghaleb Makhif, to discuss the economic crisis and the implications of the high exchange rate of hard currency on the Iraqi market situation. The statement added that the committee focused during the hosting, which was held at its headquarters, on ways to confront the negative repercussions of increasing the exchange rate on citizens, especially the vulnerable and poor classes, as well as the measures that the Central Bank will follow towards banking companies to deter the weak people from exploiting this situation. According to the statement, the committee called on the government to carry out rapid reforms to protect the vulnerable classes, those covered by the social care network and workers in the private sector, confront inflation and provide the necessary foodstuffs through the ration card. On his part; The Governor of the Central Bank provided an explanation on the reasons for the high exchange rate, stressing that the bank is preparing to launch a package of measures that will achieve a shifting balance in the exchange rate for the year 2021, such as launching an initiative of 3 trillion to support low-income people, doubling the hard currency supply in the market, and increasing interest rates. On the Iraqi currency deposited in banks, according to the statement. In the same context; The Parliamentary Economic and Investment Committee, headed by Representative Ahmed Salim Al-Kinani, and its members attended, on Thursday, Mustafa Ghalib, Governor of the Central Bank. According to a statement issued by the committee; The meeting discussed the central bank’s work on the window for selling the currency and the instability of the dollar exchange rate, as well as the central bank’s monetary policy plan. The statement indicated that the governor of the central bank gave a detailed explanation of the work of the central bank and the sale of currency through the single window. The statement quoted Committee Chairman Ahmed Salim Al-Kinani as saying: The committee is working on preparing a detailed report on the work of the central bank and how to control the window of currency sale through practical procedures for progress to the central bank, monitoring imports and excluding false imports, calling for accountability for violating and lagging banks and imposing financial penalties on them

Iraq news now The Council of Ministers issues an explanation regarding the exchange rate of the dollar in the budget Posted 3 hours ago https://iraqakhbar.com/2810663 News source / Iraq Today Agency News source / Iraq News Agency today Baghdad - Iraq today: The Iraqi Council of Ministers said, on Thursday, that the exchange rate of the dollar contained in the draft budget law, proposed by the Ministry of Finance. An official source told the Council that this proposal will be discussed in the next session of the Council, in addition to other items, and it is subject to amendment. And earlier today, the draft budget law was published, which included the exchange rate of the Iraqi dinar at 145 thousand dinars, compared to 100 dollars After that, the Kifah Stock Exchange recorded 136,000 dinars, compared to 100 dollars. This prompted the Finance Committee to hold an emergency meeting this afternoon. He said that it was to discuss the reasons for the high exchange rate of the dollar, and to discuss the leaked draft of the 2021 Budget Law.

Iraq news now In the end, one of them will be settled .. Experts expect two rates to exchange the dollar against the dinar - urgent Posted 3 hours ago https://iraqakhbar.com/2810645 News source / Baghdad today News source / Baghdad today Baghdad Today - Baghdad Bankers 'experts' expectations indicate that the exchange rate of the dollar against the Iraqi dinar may return to its previous level in the event that measures are taken to control the market. "According to our experience in the banking sector for more than 30 years, the exchange rate in the local market will not return to the barrier of 1180 or 1190 dinars against one dollar," banking expert Abdul-Hussein Al-Mandheri said in a televised statement. He added that "the exchange rate may stabilize again up to 1210 or 1220 dinars against one dollar," indicating that "the central bank pumps cash from the dollar into the market and through the currency auction from the hard currency reserves it has." He pointed out, "On the other hand, there is information about discussions with the International Monetary Fund to reduce the value of the dinar against the dollar, and there may be a green light from the bank to adjust the exchange rate, and we believe that the proposals for reducing it are the ones that caused the recent jump in the price of the dollar against the dinar." He pointed out that he conducted a calculation that sets the exchange rate at 1200 dinars against the dollar, instead of the current price sold by the bank, estimated at 1182 dinars, and got a difference of 900 billion dinars annually, which enters the treasury if the central bank continues to sell 200 million dollars per day in a currency auction. And he indicated that "in the event that an exchange rate of 1500 dinars is adopted against one dollar, then it means covering the financial deficit with the budget and also an increase in revenues, but on the condition that the state reinforces support for some basic materials and prevents price increases in order to prevent the impact of reducing the value of the dollar on the poor segments." The exchange rate of the dollar jumped to 1,370 dinars, after the leak of an initial copy of the 2021 budget, and its exchange rate was set at 1450 dinars to the dollar. And (Baghdad Today) Agency, Thursday (17 December 2020), obtained a `` preliminary copy '' of the draft federal budget bill for the year 2021, which included setting the dollar exchange rate at 1450, and reducing employee allocations. The bill included setting the exchange rate of the dollar on the basis of 1450, equivalent to 145,000 dollars per 100 dollars, and restricting all actually generated revenues as final revenues for the account of the state treasury. The budget stated that the number of state employees is 3.25 million, including (682 thousand employees in the Kurdistan region), salaries 41.5 trillion dinars, other salaries 6 trillion, retirement 20 trillion, social security 9.6 trillion, interest on debt loans 4,6 Trillions, offshore loan payments: 6.8 trillion. The project also included the reduction of all allocations granted to employees of all government departments financed centrally and independently, according to the percentages specified against each of them and granted to them by virtue of laws in force and decisions of the Council of Ministers and came as follows: (Risk allowances 50%, hospitality 20%, exceptional 20%, sustenance 33%, certificate 50%, lump sum, 40%, special 60%, university service 60%). The bill also stipulated raising the price of fuel (gasoline) from 450 dinars per liter to 540 dinars per liter. The budget authorizes the Minister of Finance to fill the actual deficit in the budget according to the amounts indicated in the sources mentioned below: 1- Issuing treasury transfers, 2- Issuing national bonds to the public, 3- Issuing bonds and treasury transfers to government banks, to be debited with the Central Bank of Iraq, 4- Loans from commercial banks, 5- Issuing foreign bonds, 6- Borrowing from international financial institutions, 7- Borrowing with the guarantee of international export guarantee institutions. The budget indicates that all loans, bonds, transfers and project contracts financed by loans will be exempt from taxes and customs fees for ongoing and new projects, including the loan granted by the World Bank to the Ministry of Finance for the PFM contract project for the years 2016, 2017, 2018 and 2019. The 2021 budget obliged federal ministries and entities not associated with a ministry and all governorates to cover their needs of local products, including private sector products that have an added value of more than (20%). The draft budget concluded that the Council of Ministers may not issue any decisions that include granting an advance to any ministry or entity not linked to a ministry without having allocations for it in the general budget approved during the fiscal year. The project included the suspension of all cabinet decisions and laws in force that allow the centralized state departments to dispose of the revenues collected through them for the purposes of operating expenses, and their revenues are transferred as final revenues for the account of the state's public treasury, including the state's public treasury's share of the profits of public companies and self-financed bodies and departments. The fiscal deficit in the budget reached (58260763114) one thousand dinars (fifty-eight trillion two hundred sixty billion seven hundred and sixty-three million one hundred and fourteen thousand dinars), and in the case of excluding all arrears, indebtedness, and foreign and domestic loans that will finance investment projects amounting to (23229017817) one thousand dinars (three Twenty trillion two hundred twenty-nine billion and seventeen million eight hundred and seventeen thousand dinars). The indebtedness represented by the internal and external debt installments reached (14761959590) one thousand dinars (fourteen trillion seven hundred and sixty-one billion nine hundred and fifty-nine million five hundred and ninety thousand dinars

Results of a parliamentary committee meeting with the governor of the Central Bank regarding the fluctuation of the dollar exchange rate Posted 2 hours ago https://iraqakhbar.com/2810884 News source / NR TV News source / NR TV Digital Media NRT On Thursday, the Finance Committee in the Iraqi Council of Representatives discussed with the Governor of the Central Bank of Iraq ways to face the repercussions of increasing the dollar exchange rate. A statement by the Media Department in the House of Representatives followed by "Digital Media NRT" ( December 17 , 2020 ) stated, “The Finance Committee headed by Representative Haitham Al-Jubouri and the presence of members, hosted on Thursday the Governor of the Central Bank, Mustafa Ghaleb Makhaif, to discuss the economic crisis and the implications of the price hike. Hard currency exchange on the Iraqi market situation. The statement added, "During the hosting, which was held at its headquarters, the committee focused on ways to confront the negative repercussions of increasing the exchange rate on citizens, especially the vulnerable and poor classes, as well as the measures that the Central Bank will follow towards banking companies to deter the weak people from exploiting this situation." According to the statement, the committee called on the government to carry out rapid reforms to protect the vulnerable classes, those covered by the social care network and workers in the private sector, confront inflation and provide the necessary foodstuffs through the ration card. On his part; The governor of the Central Bank provided an explanation regarding the reasons for the high exchange rate, stressing that the bank is preparing to launch a package of measures that will achieve a shifting balance in the exchange rate for the year 2021, such as launching an initiative in the amount of 3 trillion to support low-income people, doubling the provision of hard currency in the market, and increasing rates Interest on the Iraqi currency deposited in banks, ”according to the statement

Iraq's local stock exchanges close on the exchange of 140,000 dinars for $ 100 Posted 5 hours ago https://iraqakhbar.com/2810484 News source / Independent Press Agency News source / Independent Press Agency Al-Mustaqila /… The local Iraqi stock exchanges closed Al-Kifah and Al-Harithiya to exchange 140,000 dinars for 100 US dollars. The Independent Correspondent said today, Thursday, that the Kurdistan Region Stock Exchange recorded a price of 132,500 Iraqi dinars per 100 dollars for the sale price. He added that the Central Al-Kifah Stock Exchange in Baghdad registered 140,000 dinars at the end of Thursday noon, compared to 100 dollars. Al-Harithiya Stock Exchange recorded the same closing price. He explained that the exchange rate deteriorated after the news of fixing the Iraqi dinar exchange rate in the budget at 145,000 dinars against $ 100 The post Iraq’s Local Stock Exchanges Close On The Exchange of 140,000 Dinars for $ 100 appeared first on the Independent Press Agency

Economy News • Iraq Today The rise in the price of the US dollar to 1380 Iraqi dinars Posted 2 hours ago https://iraqakhbar.com/2810822 News source / Sky Press News source / Sky Press Sky Press / The exchange rate of the dollar on the Iraqi stock markets in Baghdad and Erbil rose to unprecedented levels, touching 1380 dinars per dollar for more than two hours on the Al-Kifah Stock Exchange. Observers say that the exchange rate of the Iraqi dollar rose after the leakage of a draft of the federal budget law for 2021 in which the Council of Ministers fixed a fixed exchange rate of 1450 dinars per dollar as a basis for calculating the next budget numbers that have not been approved by the government yet. And the dollar exchange rates fell again to settle at about 1,340 dinars per US dollar in Baghdad and 1,330 dinars per US dollar in the Kurdistan region

Central Bank: We are preparing to launch a package of measures that will achieve a balance in the exchange rate 2020-12-17 | 11:17 https://www.alsumaria.tv/news/اقتصاد/367250/البنك-المركزي-نستعد-لاطلاق-حزمة-من-الاجراءات-التي 6,222 Views Central Bank Governor Mustafa Ghaleb Makheif announced, Thursday, that the bank is ready to launch a package of measures that will achieve a balance in the exchange rate. ADVERTISING The Parliamentary Finance Committee said in a statement, that it "hosted, headed by MP Haitham Al-Jubouri, and the presence of the members today, Thursday, was the Governor of the Central Bank, Mustafa Ghaleb, to discuss the economic crisis and the implications of the high exchange rate of hard currency on the Iraqi market situation." The statement added that "the committee focused during the hosting, which was held at its headquarters, on ways to confront the negative repercussions of increasing the exchange rate on citizens, particularly the vulnerable and poor classes, as well as the measures that the Central Bank will follow towards banking companies to deter the weak people from exploiting this situation." The committee called on the government to "carry out rapid reforms to protect the vulnerable classes and those covered by the social welfare network and workers in the private sector, confront inflation and provide the necessary foodstuffs through the ration card." The committee’s statement pointed out that “the governor of the Central Bank provided an explanation on the reasons for the high exchange rate,” stressing that “the bank is preparing to launch a package of measures that will achieve a comfortable balance in the exchange rate for the year 2021, such as launching an initiative with an amount of 3 trillion to support low-income people, and double saving Hard currency in the market, and an increase in interest rates on the Iraqi currency deposited in banks.