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DWS112

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About DWS112

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  1. The central bank begins selling the dollar through its daily auction 4/5/2020 '' On Sunday, the Central Bank of Iraq began selling the dollar through its daily auction, after stopping the result of the embargo and since March 17. The bank’s sales today amounted to 245 million and 669 thousand and 143 dollars, covered by the bank at a base exchange rate of 1190 dinars per dollar. The bank's sales were all to enhance the balances abroad in the form of transfers and credits that were fully covered by the bank at an exchange rate of 1190 dinars per one dollar., While there was no cash sale to banks. While none of the 27 banks participating in the currency auction made any offers to sell the dollar.
  2. The central bank reveals the reasons for the high dollar exchange rate 4/3/2020 Baghdad / Al-Ghad Press: The Director General of the Financial Operations and Debt Management Department of the Central Bank of Iraq, Mahmoud Dagher, revealed on Friday the reasons for the high dollar exchange rate against the dinar. Dagher said in a press statement, "The rise in the exchange rate of the dollar is due to the overlap of a set of expectations for the financial crisis that Iraq is going through, resulting from the drop in oil prices and accompanied by the impact of the Corona virus and curfews, which resulted in them as a result of a halt in economic activities." He added that "all these factors are added to them by stopping the outlets of selling currencies in the central bank, which led to a rise in the exchange rate of the dollar and a decrease in the value of the Iraqi currency." And Dagher stated that "the central bank was not able to stop the rise in exchange rates, due to the auction of selling the currency, and there was no real interventionist administration at the exchange rate from the central bank, as it was in the past", explaining that "the window stopped, and there is no economic activity Real in the market only the food, and we find that the demand for dollars rises, and the exchange rate rises with him. " He pointed out that "the issue relates to future expectations and that the assurances were not at the required level regarding the payment of salaries and the talk of printing the currency, which led to a lot of efforts to convert what he has from dinars to dollars." "I think with the intervention of the central bank from next week and the expected high price of oil, it might mitigate the sharp increase in the exchange rate," Dagher said, explaining that "👉 the central bank announced the opening of the dollar sale window next week,👈 and it has already opened the doors of certain transfers for food purposes." And the medicine, and it did not work much because it remained open for a short time. " He pointed out that "if there is reassurance in terms of oil prices and improvement in public finances due to high rates of revenue and because of the intervention of the central bank and foreign currency injection into the market, then all of these factors, if combined correctly, and not one of them, will stabilize the exchange rate."
  3. Is Iraq resorting to printing currency to overcome its financial crisis? 31/3/2020 Adel Fakher - Baghdad The appearance of Muhammed Salih, advisor to the Iraqi Prime Minister, confirmed that the options to face the financial situation are heading towards the pressure of expenditures, and that the issue of printing the currency is just a proposal that is not consistent with the Central Bank Law, which confirms that the printing of banknotes is a routine technical procedure practiced by the bank according to the requirements of cash circulation, and that the printing process Completely separate from the cash issue process. Saleh said that the government has financial procedures that will not lead to stumbling the salaries of employees, as it is one of the priorities of the government, indicating that their options for facing the financial situation are heading towards pressure expenditures, indicating that there is a team working with the Ministerial Council to restructure state expenditures, and that the issue of printing the currency is just a proposal that does not Consistent with the Central Bank Law. And the Central Bank of Iraq issued an explanation regarding what is being circulated from the news about the possibility of printing an Iraqi currency to avoid economic problems, in which he affirmed that any party cannot withdraw banknotes from the central bank unless there are funds in its accounts that cover the amount to be withdrawn, and therefore, does not mean To say that the dinar is of any meaning other than strengthening the treasures of the central bank in accordance with the monetary management policy, and not for any other purpose or purpose. The law of the central bank and monetary policy do not allow the issuance of cash in favor of an account without a balance. The bank said in a statement that when the Ministry of Finance wishes to finance spending on different spending units and salaries, it requests the central bank to strengthen its account in Iraqi dinars in exchange for withdrawing from its account in dollars, so no amount is deposited into the finance account in dinars unless a withdrawal from its dollar account is offset. Noting that the Central Bank Law does not allow him to lend to the government, whether by printing the currency or any other way, direct or indirect, and he is entitled to deduct the treasury transfers, if they are present in the secondary trading market, as it is one of the tools of monetary policy, as he saw this based on data Precise objectivity serving the objectives of monetary policy 👉The balance of economic deficits and economist Salam Semsem asked about the nature of the cash issue and whether it was in the normal form issued by the government in exchange for coverage with a quantity of cash and a quantity of gold, the state’s commitment to the international community, the international economy, and the International Monetary Fund, and all this is measured by the state’s economic standing and the amount of wealth. Sumaisem told Al Jazeera Net that the state now hints at the printing of the coin to coincide with the talk about the cash crisis and the existence of a deficit, and this means that there is a deficit in the economic balances represented by the general budget, the trade balance and the balance of payments, and this requires more money, so how can the state pay this deficit with the increasing expenses represented by salaries Wages and social benefits.👈 She also asked, "Will the printing of the currency be free of charge, and if it is, it will negatively affect the reality of the Iraqi economy through the collapse of the Iraqi dinar, which will lead to significant monetary inflation, and here the risk is possible because it will affect the classes with limited income, meaning that the amount of goods and services that it gets The individual as a result of using this income will decrease, and with it the living standards of the individual represented by the most important files such as food and medicine will decrease. " The value of remittances in related context,Central Bank issued instructions concerning commission cash withdrawal to dollar, that it will regardless accounted 25% of value remittances dollars that come Iraqi banks dinar Iraqi, as measure to over come financial and economic crises. In this regard, economic analyst Dhargham Mohammed Ali explained to Al-Jazeera Net that this measure is caused by a shortage of foreign currency caused by the decline in the price of crude oil in global markets, which is a temporary measure to cross the current crisis, indicating that it is a procedure followed in many countries that suffer from currency shortages Foreign , as for the printing of the currency, it is not possible because it will harm the economic and financial position of Iraq and float the price of the currency and create greater economic problems, he said. And on the ways to support the federal budget to cover the deficit, Muhammad Ali explained that this is done by giving away all unnecessary forms of spending, reducing the salaries of special grades and stopping the statements completely. The Iraqi currency went through several phases, the royal edition bearing the image of King Faisal and continued until 1958, the edition bearing the Republican emblem until 1978, and the international edition, called the Swiss edition, which was printed at the British company Delaw and Soviet Exports until 1990. Then, as a result of the circumstances of the economic blockade that Iraq passed through, the Central Bank of Iraq printed the banknotes at Dar Al-Nahrain for printing, and in the beginning of 2003 the central bank withdrew all local and international banknotes named Swiss edition and put the new series of Iraqi dinars consisting of seven categories that were printed with specifications High security, while continuing to develop these specifications, which prevents the ability to counterfeit or counterfeit them. Source: Al-Jazeera
  4. Central Bank: We have completed the delivery of salary amounts to all southern governorates 31/3/2020 The Iraqi Central Bank announced the Basra branch, on Tuesday, to complete the process of providing funds in Basra and the southern governorates with funds for the purpose of distributing salaries. The branch general manager, Qasim Raheef, said in a radio interview followed by Mawazine News, that they "completed the handing over of all amounts to the banks of Basra and the southern governorates since yesterday, indicating that the process was carried out smoothly due to their continuous work, by including them with the exception of imposing a curfew in the province." . And Raheef stated, "The staff time during the salaries delivery period was 100% due to the urgent need in that period and to complete all related matters."
  5. (GOOD NEWS IF TRUE) The central bank denies infection of the province of Al-Alaq with Corona virus 2020/3/30 On Monday, the Central Bank of Iraq denied reports that its governor, Ali Mohsen al-Alaq, was injured, stressing that the relationship is keen on preventive measures, calling for accuracy to be published in such news. A source authorized by the bank said in a statement that Alsumaria News received a copy of it. He added, "And while he wishes safety for all Iraqis, the central bank urges the media to be accurate during the news circulation, and to receive it from its sources, in order to ensure credibility in front of public opinion." A number of media and social media also reported that the Central Bank Governor Ali Alaq and his family had contracted the Corona virus.
  6. (I HOPE THIS IS FAKE NEWS) News that the Central Bank Governor Ali Al-Alaq and his family have been infected with the Corona virus 30/3/2020 Baghdad - Mawazine News , news reports, Monday, that the Central Bank Governor Ali Al-Alaq and his family had contracted the Corona virus. According to the information, "Today, central bank governor Ali Al-Alaq and his family were diagnosed with the Corona virus."
  7. Almost 3 trillion ... there's the problem ! They can only rebuild the country with that amount! There won't be any money left to line their pockets!
  8. 140 billion barrels proven reserves! That's: 140,000,000,000 x $50 a barrel = WOW - 7 trillion ! Thanks Yota, have missed your posts!
  9. The Central Bank of Iraq (Basra branch) for Al-Mirbad: Next Tuesday is a last date to pay the salaries of all employees March 26, 2020 The Central Bank of Iraq, Basra branch, announced that next Tuesday is the last date for the payment of salaries of all employees of the governorate departments, indicating that it has begun from the day before yesterday to grant funds and notices to banks for the purpose of disbursing the salaries of employees in all departments in the province. The director of the central bank in the province, Qassem Raheef, said that there is no delay in the bank’s work, explaining in his response to citizens ’communications in the program that the Basra treasury sent books to the bank, which in turn gave the exchange notice to the banks concerned. Among Raheef, a financial exchange notice was given to the salaries of employees of the defense, the interior, borders, and the welfare of minors and the Directorate of Education, as well as other departments since yesterday. Raheef pointed out that the problem of delaying salaries lies as a result of the momentum on some banks and consequently the reason for the delay, considering that it is possible to grant exchange notice for a period not exceeding 15 minutes if you complete what is required of it at the state treasury and banks. The Crisis Cell in Iraq announced that it excluded the employees of the Central Bank in the capital and the rest of the provinces, as well as employees of the Ministry of Finance and employees of government and private banks from the curfew in order to expedite the payment of employee salaries. (Next Tuesday sounds like an important deadline -JMO)
  10. APRIL starts "SOON!" ... About 4 days away! ... Beginning of the 2nd quarter! ... They might use currency already printed! ...🙂
  11. Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 27/03/2020 The Follow-up Cell in the Prime Minister's Office revealed today, Friday, that the government will be able to distribute the salaries of the current month of March, while 👉 it will resort to some solutions 👈 to ensure the provision of salaries next month. The head of the government follow-up cell, Mustafa Sanad, said in a radio statement followed by Mawazine News, that "Iraq's monthly income from oil is currently estimated at one billion dollars only (after the price of a barrel drops to 18 dollars)." Sanad said, "The salaries of employees amount to 3 and a half billion per month, which may push Iraq to borrow or to print the currency as a last option," as the state of the state will be affected starting from the next month.
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