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DWS112

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  1. Japan does not remove zeros from its national currency Sept 11, 2021 In 1872, Japan issued its paper currency in denominations ranging from 10 sen (sen) to 100 yen (yen), where 1 yen equals 100 sen. In 1945, Japan issued a 1,000 yen coin. In 1953, Japan abolished banknotes under 1 yen, so there was no longer a single yen note. In the early 1950s, Japan exchanged notes of less than 50 yen into coins, followed by 50 and 100 yen notes in the late 1950s. In 1957 and 1958 Japan issued the 5,000 yen and 10,000 yen notes. It is also noted from the above historical narrative that the Japanese yen since its issuance in 1872 has been hit by inflation and its value has decreased at certain times and many zeros were added to it and its monetary mass increased, but the Japanese specialists did not suggest or even think of deleting zeros from their national currency under the pretext of reducing The monetary mass circulating in order to revive the Japanese economy, because they find in this procedure a waste of effort and money, and it opens the doors to many problems. They are indispensable. Instead, they dealt with the issue realistically and logically. mentally. The Iraqi dinar, in the style of the Japanese yen, was hit by inflation and its value decreased at certain times and many zeros were added to it and its monetary mass increased, but the Iraqi specialists do not act like the Japanese specialists. Iraqi specialists rant from time to time that deleting three zeros from the Iraqi currency to reduce the monetary mass in circulation will revive the Iraqi economy. May the Iraqi specialists follow the example of the Japanese specialists in dealing rationally and logically with Iraq's economic crises so that the Iraqi economy recovers according to the Japanese economy's approach. The recovery of the Iraqi economy begins with the elimination of corruption and the corrupt, not by deleting the zeros, as the claimants of Iraqi experience and conception utter.
  2. Video of "Moves to delete three zeros from the currency to strengthen the dinar" on Iraq TV Today. Aug 9, 2021 I saw a short version of the video below on Iraq TV, noon time news today, (12:30 iraq time). All instances of people talking into a mike were cut out. DWS112 LINK to IRAQ TV Red banner text: تحركات لحذف ثلاثة اصفار من العملة لتقوية الدينار في محاولة يجدها اقتصاديون صعبة التحقف مع اشستمرار الاعتماد على النفط Translation: Moves to remove three zeros from the currency to strengthen the dinar in an attempt that economists find difficult to verify with the continued dependence on oil
  3. Al-Kazemi: Today we launched the signal to start the administrative and executive mechanisms of the white paper Aug 2, 2021 Prime Minister Mustafa Al-Kazemi announced, on Monday, the launch of the signal to start the administrative and executive mechanisms of the white paper. Al-Kazemi said in a tweet on "Twitter", "Today we launched the signal to start the administrative and executive mechanisms of the reformist "white paper." He added, "We promised that reform would be Iraq's road map for the next stages, and we kept our promise despite the challenges." It is noteworthy that Al-Kazemi confirmed, in June 2020, that the government had prepared a "white paper" for the expected reforms.
  4. Planning reveals tomorrow the details of the "responsive" document and the reform and recovery plan Aug 1, 2021 The Ministry of Planning announced that it will reveal tomorrow, Monday, the details of the "responsive" document and the reform and recovery plan for the period 2021-2023. And the ministry’s spokesman, Abdul-Zahra Al-Hindawi, said in a statement that {Euphrates News} received a copy of it that “Minister Khaled Battal Al-Najm will announce tomorrow, Monday, 2/8-2021, the details of the responsive document, and the reform and recovery plan, for the period 2021-2023, which it has completed. The ministry, in cooperation with relevant ministries and authorities, and with the support of the United Nations Development Program (UNDP). He added, "The announcement will be during the conference held by the Ministry of Planning at nine thirty in the morning tomorrow, at the Babel Hotel, in the presence of a number of ministers, representatives, governors, deputy ministers, representatives of the private sector and civil society, as well as representatives of international organizations operating in Iraq."
  5. Immunity of Central Bank of Iraq funds abroad July 27, 2021 The legal authorities in the United States of America confirmed to the Governor of the Central Bank of Iraq that all the reserves and funds of the Central Bank of Iraq are fortified and that no party can seize them. They also confirmed that they will defend its immunity with the rest of the countries, and these reserves cannot be compromised. As Iraq will complete during the coming period the full payment of the compensation and benefits accrued from it prior to 2003, this will lead to the lifting of the international immunity for Iraq's money abroad and it will be subject to implementation by some creditors from other parties and companies. In this context, those legal authorities confirmed that the funds and reserves of the Central Bank of Iraq are protected under the laws followed in the United States of America, and pledged to defend what is in the central banks and banks in other countries. Central Bank of Iraq Media Office 27 July 2021
  6. What if the US is expecting Prime Minister Mustafa Al-Kazemi to show up on the 26th with monetary reform done, and it is not ? Will they send him packing back to Iraq? "Go on... scoot scoot, come back when you are ready!"
  7. Cabinet Secretariat sets Eid al-Adha holiday July 15, 2021 The General Secretariat of the Council of Ministers set, on Thursday, the Eid al-Adha holiday, starting from next Sunday. The secretariat said in a statement, "The Eid al-Adha holiday begins on Sunday, 7/18/2021, and ends on Saturday, 7/24/2021." And she added, "that official working hours will resume in all state departments, on Sunday, 7/25/2021."
  8. Alternate translation: Al-Kazemi’s government is on the verge of deleting three zeros from the currency.. Iraq saves the risks of crises
  9. Al-Kazemi’s government is at the gates of deleting three zeros from the currency.. Iraq saves the risks of crises July 13, 2021 Huff Post Iraqi - With the continuation of the financial crisis in Iraq, the government of Prime Minister Mustafa Al-Kazemi resorted to what was termed an Iraqi government reform paper, which included the devaluation of the Iraqi dinar against the US dollar, and the decision entered into force at the beginning of this year. With the rise in oil prices globally, the government is planning long-term financial strategies that may prevent the country from falling into a financial crisis that may be more effective. Among the most prominent strategies put forward by the appearance of Muhammad Salih, the economic advisor to the Iraqi Prime Minister, is to delete 3 zeros from the Iraqi currency, without specifying a date for implementing this step. Saleh says to the Iraqi Huff Post, and deleting zeros from the Iraqi currency requires the fulfillment of two conditions, the first is price stability within the country, which means the stability of the dollar exchange rate against the Iraqi dinar, which is still witnessing relative fluctuation after the Iraqi government decided to raise the value of the dollar at the beginning of this year. As for the second condition, Saleh adds, it is represented in the stability of political life inside Iraq, which is required to change the exchange rate from laws and political consensus and so on. In his interpretation of the reasons for deleting 3 zeros from the Iraqi currency, Saleh comments that the importance of deleting zeros from the currency and slimming its units is a necessary condition for reducing accounting numbers, facilitating arithmetic use, the cost of managing new large numbers, and the absence of small numbers and fractions. And about the importance of the deletion process and the extent of its realism, Saleh indicated that the Central Bank of Iraq has developed a project to delete 3 zeros from the Iraqi currency, the subject of research and study for a long time. Positive delete zeros Economists say that the smaller the number of currency figures, the stronger its strength among currencies in the economic perspective, but this requires strengthening the local economy inside the country and diversifying the sources of the Iraqi budget, which requires strengthening industry and agriculture as a preliminary condition for this step. The international deal in the Iraqi currency is not related to the number of zeros as much as it is related to the strength of investments inside the country and the size of the Iraqi product exported abroad. And MP Jamal Cougar gives an example of deleting three zeros that Turkey, which deleted the zeros from its currency years ago, has embarked on building a diverse and large economy and investments, and this is different from the Iraqi situation, whose currency is not found in global currency exchanges so far. In the opinion of Professor of Economics at the Iraqi University, Abdul Rahman Al-Mashhadani, that deleting zeros will save the state the costs of transferring the Iraqi currency between the central bank and government and private banks.
  10. Question and answer.. What are the pros and cons of deleting zeros from the Iraqi currency? And what are the conditions for that? July 12, 2021 Experts have warned that deleting 3 zeros from the Iraqi currency may cause psychological disturbances in the Iraqi market. The devaluation of the Iraqi dinar against the dollar is part of the government reforms paper (Reuters) Mosul - Iraq is witnessing a severe financial crisis that began with the outbreak of the Corona virus last year and the decline in global demand for oil, which represents nearly 91% of Iraq's financial imports. With the continuation of the financial crisis and the failure to pay the salaries of employees last year, the Iraqi government resorted to what was called the Iraqi government reform paper (the white paper), which included the devaluation of the Iraqi dinar against the US dollar, and the decision entered into force at the beginning of this year. With the rise in oil prices globally, the Iraqi government has been thinking about long-term financial strategies that may protect the country from falling into a financial crisis that may be more influential. , without specifying a date for the implementation of this step. Saleh believes that deleting zeros from the currency is a necessary condition for reducing accounting numbers and facilitating arithmetic use (Al-Jazeera) What are the conditions for deleting zeros? Deleting zeros from the Iraqi currency requires the fulfillment of two conditions, according to Saleh. The first is price stability within the country, which means the stability of the dollar exchange rate against the Iraqi dinar, which is still witnessing relative fluctuations after the Iraqi government decided to raise the value of the dollar at the beginning of this year. As for the second condition, Salj adds in his speech to Al Jazeera Net that it is represented by stability in political life inside Iraq, which is what is required to change the exchange rate from laws and political consensus and so on. why deleting? In his interpretation of the reasons for deleting 3 zeros from the Iraqi currency (a dollar is equivalent to 1450 Iraqi dinars), Saleh comments, "The importance of deleting zeros from the currency and slimming its units as a necessary condition for reducing accounting numbers and facilitating arithmetic and the cost of managing new large numbers and the absence of small numbers and fractions." He continues that the slimming of coins comes because of their role in sustaining the calculation of huge numbers of financial values that are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially when dealing with trillions, which means that one number in front of it has 12 decimal places. Regarding the importance of the deletion process and the extent of its realism, Saleh indicated that the Central Bank of Iraq put a project to delete 3 zeros from the Iraqi currency the subject of research and study a long time ago, after reviewing 54 international experiences since the end of World War II until now, the last of which was in Iran and before it. Turkey. Rashid believes that the current economic situation in Iraq is not ready to delete zeros from the local currency (Al-Jazeera) What effects? For his part, a member of the Iraqi Parliament's Finance Committee, Ahmed Hama Rashid, confirmed that the current economic situation in Iraq is not ready to delete zeros from the local currency. Hama Rashid continued in his speech to Al Jazeera Net that this process means withdrawing the current currency denominations and printing new ones, which requires huge funds to print them with technical specifications necessary to protect the currency from counterfeiting, in addition to the fact that replacing the currency will destabilize the monetary system, which may cause successive collapses, enslaving that The Central Bank of Iraq takes such a step. A member of the Finance Committee, Jamal Cougar, agrees with this proposition by confirming that this step is excluded in the next two years at the very least for several considerations, as he believes that deleting zeros is an unworkable step, especially that changing the currency exchange rate led to a shock to the Iraqi street, and therefore Iraqis are not Prepare for another shock. In an exclusive interview with Al-Jazeera Net, Cougar points out that the Iraqi economy does not have its own decision, and that many countries benefit from the current Iraqi currency in buying and selling transactions and others. Cougar: The lower the number of currency numbers, the greater its strength among currencies in the economic perspective (Al-Jazeera) What are the benefits? As for the benefits, Cougar believes that the smaller the number of currency numbers, the greater its strength among currencies in the economic perspective. However, this requires strengthening the local economy inside the country and diversifying the sources of the Iraqi budget, which requires strengthening industry and agriculture as a preliminary condition for this step. And about the extent of the benefit deriving from this change in restoring the Iraqi cash block hoarded by the Iraqis or smuggled abroad, he explained that the international deal in the Iraqi currency is not related to the number of zeros as much as it relates to the strength of investments inside the country and the size of the Iraqi product exported abroad. Cougar gives an example of this, that Turkey, which deleted zeros from its currency years ago, has embarked on building a diverse and large economy and investments, and this is different from the Iraqi situation, whose currency is not found on the global currency exchanges so far. On the other hand, Abdul Rahman al-Mashhadani, a professor of economics at the Iraqi University, believes that deleting zeros will save the state the costs of transferring the Iraqi currency between the central bank and government and private banks. Al-Mashhadani continues in his speech to Al-Jazeera Net that deleting zeros may lead to a decline in Iraqis' demand for the dollar for the sake of hoarding, as the Iraqis currently keep the dollar for ease of preservation, while preserving the same value in the Iraqi currency requires greater storage capacity, pointing out that this is conditional on printing cash denominations. A new denomination with a value higher than what is currently in existence, such as printing a denomination of 200 dinars (equivalent to 200 thousand dinars in the current currency), which requires 4 banknotes of a denomination of 50 thousand. Al-Shamaa believes that deleting zeros from the currency will not do anything for the Iraqi economy (Al-Jazeera) Who is the loser? In every economic equation, the ratio of profit and loss is calculated, which is what the economist Hammam Al-Shamma points out that this ratio will not be equally present in the equation, warning of psychological disturbances in the Iraqi market if zeros are deleted. Al-Shamma comments to Al-Jazeera Net, "Deleting zeros from the currency will not provide anything for the Iraqi economy, but rather it will cost the Iraqi state huge sums of money to print a new currency without this having a clear impact on the local economy." Al-Shammaa points out that the competitiveness of Iraqi goods against the imported ones will not witness a positive change inside the country, especially since international transactions are mostly made in US dollars. This is confirmed by Abdul Rahman Al-Mashhadani, professor of economics at the Iraqi University, and adds that competition with imported goods depends on the local product and its strength, pointing out that Iraq does not have industries that can compete with imported goods and overcome them in terms of quality, price, and state protection for them, according to him. Returning to Ahmed Hama Rashid, where he believes that deleting zeros from the currency will not be in the interest of the government currently, inferring that Iraq has 80 trillion Iraqi dinars from multiple monetary categories, and that printing 5 trillion dinars from the category (50 thousand) cost the Iraqi government 60 million dollars At that time, the cost of the rest of the denominations will be much greater, given that printing each denomination costs approximately (6 US cents) on average, according to him. who is the winner? In contrast to the losing party, Al-Shammaa believes that the government may derive limited benefits from deleting zeros, which is that the government and the central bank will face fewer problems in the accounting system and final accounts with limited zeros and small accounting numbers. The last proposition is consistent with what was revealed by the economic advisor to the Prime Minister that the hyperinflation that hit the Iraqi economy in the nineties of the last century added 3 numbers to the Iraqi monetary unit, while the small categories disappeared from circulation completely, as the category (250 dinars) became smaller. A monetary unit in daily circulation inside the country, which raised the cost of micro-transactions, as well as the inflation caused by the appearance of the huge numbers circulating in the accounting system inside the country.
  11. Will Iraq succeed in overcoming the financial crisis by deleting 3 zeros from the local currency? July 12, 2021 http://iraqnews.info/wp-content/uploads/2021/07/%D8%B9%D9%85%D9%84%D8%A93-600x380.jpg Iraq News: A proposal was recently re-submitted to delete 3 zeros from the Iraqi currency to provide a monetary value in the Iraqi market with the aim of facing the financial crisis, which began with the outbreak of the Corona virus last year and the decline in global demand for oil, which represents approximately 91% of Iraq’s financial imports . With the rise in oil prices globally, the government is planning long-term financial strategies that may protect the country from the risks of falling into a financial crisis that may be more effective. Among the most prominent of these strategies was put forward by the appearance of Muhammad Salih, the economic advisor to the Iraqi Prime Minister, and is represented in deleting 3 zeros from the Iraqi currency, without specifying a date for the implementation of this step. Saleh says in a press interview, that deleting zeros from the Iraqi currency requires the fulfillment of two conditions, the first is price stability within the country, which means the stability of the dollar exchange rate against the Iraqi dinar, which is still witnessing relative volatility after the Iraqi government decided to raise the value of the dollar at the beginning of this year . As for the second condition, Saleh adds, it is represented in the stability of political life inside Iraq, which is required to change the exchange rate from laws and political consensus and so on. And about the importance of the deletion process and the extent of its realism, Saleh indicated that the Central Bank of Iraq has developed a project to delete 3 zeros from the Iraqi currency, the subject of research and study for a long time. The Iraqi economist, Khalifa Al-Zubaidi, says that deleting zeros from the local currency without feasible and effective economic reforms in all economic sectors will be negative and have no positive impact on the national economy and does not contribute to reducing inflation, although it may delude some that prices have decreased and that the purchasing power of the currency I got better. He points out that the Netherlands succeeded in this work in 1960 because it established a strict policy to control prices and liquidity. Turkey also succeeded in this measure, with the testimony of the International Monetary Fund, for taking effective measures in the fight against inflation. International dealing in the Iraqi currency is not related to the number of zeros as much as it is related to the strength of investments inside the country and the size of the Iraqi product exported abroad. In the opinion of Professor of Economics at the Iraqi University, Abdul Rahman al-Mashhadani, that deleting zeros will save the state the costs of transferring the Iraqi currency between the central bank and government and private banks.
  12. This post by Yota, IMO indicates they are very near implementation: Bottom of article "the ministry provided communication cards for subscribers Land lines, in the category of 5 dinars, and another card in the category of 15 dinars, and the categories reach 100 Iraqi dinars. And he stressed that "the ministry's detachments deployed in the relevant departments will severely hold price manipulators accountable."
  13. July 20 Tuesday Eid al-Adha Official holiday July 21 Wednesday Eid al-Adha bank holiday July 22 Thursday Eid al-Adha bank holiday July 23 Friday Eid al-Adha bank holiday The market would be closed from Tues thru Sat - 5 days enough time? Normal days of operation are Sunday to Thursday
  14. This time frame looks promising: July 20 Tuesday Eid al-Adha Official holiday July 21 Wednesday Eid al-Adha bank holiday July 22 Thursday Eid al-Adha bank holiday July 23 Friday Eid al-Adha bank holiday Public holidays and celebrations in Iraq
  15. Why is the project to delete zeros from the currency now? June 27, 2021 Ibrahim Al-Mashhadani After the Central Bank reduced the value of the Iraqi currency and the implications of this decision on the high level of prices and inflation rates in the economy and the deterioration of the standard of living of Iraqi citizens and the arrival of millions of people to the poverty line, there is talk about raising zeros from the national currency in a move to restructure the currency and thus raise a problem Controversy over the imminent implementation of this project, which was previously put forward by the Central Bank in 2005 and met strong opposition from those interested in economic and monetary affairs. It is indisputable that in 2003, Iraq inherited volatile economic and financial conditions and massive monetary inflation as a result of wars and the economic blockade that led to negative effects on the regularity of the commercial market, labor and production markets, and a deteriorating standard of living that generated many distortions in structures and economic relations, among which was the presence of a large monetary bloc Low-value zeros are not commensurate with any developments in the present and future of Iraq. For example, the value of the largest currency rose from 25 dinars to 25000 dinars, which requires in this situation to find exits for these situations and their remnants. It is necessary, as we discuss this controversial project, to point out that monetary policy is the first task of the Central Bank, just like fiscal policy as a tool of economic development and economic stability in Iraq. From this point of view, reducing the monetary mass is one of the manifestations of this policy, not as a policy isolated from economic activities. The other, rather, it is an essential part of this system that aims to improve economic performance, but its effectiveness and success depends, among many things, on the existence of an efficient regulatory and administrative system for the governmental and private banking system, capable of studying and analyzing all the factors that directly and indirectly affect the determination of the mechanisms of this project. Ranth and adjust the rhythm. The implementation of this project requires an in-depth study of the reality of the economy in the current circumstances before taking hasty action, especially if we know that one of the requirements of such a decision is to provide stability in price levels, political stability, moderation in inflation rates and an effective productive sector, all of which are not available at this stage, add to This is because deleting zeros and reducing the monetary mass as any major operation will undoubtedly leave negative effects and fear among institutions and parties that deal in cash, including: 1. Psychological effects of debt operations outside banks and the official money market that may lead, out of ignorance, to disputes that may lead to disturbances adding to the tense security situation. 2. Repercussions on the stock market, where the capital belonging to companies and individuals dealing with the market will decrease with the same percentages of zeros, which will have to close the market for a certain period for the purpose of issuing new share certificates. 3. The large sums required to print new currencies that can be employed in other fields are much needed, such as health services in the time of Corona, as well as education. 4. Raising zeros will lead to a decrease in the nominal value of the income of workers in all sectors, even if it retains its real value, a condition that precedes the drop in prices that often come late From the foregoing, and in order to create the appropriate environment for deleting zeros, the central bank must take into account a package of measures, foremost of which is restoring the dinar exchange rate to its previous era in order to eliminate the reasons that led to raising the value of the dollar in preparation for the stability of the currency value and price levels and reducing inflation rates while curbing financial speculation carried out by private banks owned by influential parties, in addition to building foreign reserves supporting the Iraqi dinar, which is a cover for the Iraqi currency, and improving and rebuilding the payments system in connection with the future of economic development and its real and nominal data. It is very necessary to gradually build this promising project away from seasonality and urgency.
  16. Communications: The national project will provide the service of opening encrypted channels July 6, 2021 The Ministry of Communications announced today, Wednesday, that the National Communications Project will provide the service of opening encrypted channels, as well as the service of downloading videos. The ministry's spokesman, Raad al-Mashhadani, told the Iraqi News Agency (INA), that "work on the national communications project has reached more than 1,500 homes in the Zayouna area in Baghdad governorate," noting that "this project contains FG services that are comparable to Internet services." He added, "90% of the Iraqi workforce will be employed in this project, according to the agreement with all companies contracting with the Ministry of Communications," noting that "the project will reduce Internet problems, because it reaches every home and region very quickly." He stressed that "the project will provide several services, which are downloading videos and opening encrypted channels, in addition to the service of strengthening voice communication." Regarding land lines, Al-Mashhadani stressed that "the Ministry of Communications does not deal in dollars regarding land lines, but rather in Iraqi dinars, as it renewed the previous paper exchanges, and turned them into modern electronic land exchanges, in order to return the land phone," noting that "the ministry provided communication cards for subscribers Land lines, in the category of 5 dinars, and another card in the category of 15 dinars, and the categories reach 100 Iraqi dinars. And he stressed that "the ministry's detachments deployed in the relevant departments will severely hold price manipulators accountable."
  17. The opening of the branch of the Tax Authority north of Baghdad, in the presence of Al-Araji July 7, 2021 The General Authority for Taxes announced, on Wednesday, the opening of the authority’s branch in Tarmiyah district, north of Baghdad, in the presence of National Security Adviser Qassem al-Araji and former Parliament Speaker Mahmoud al-Mashhadani. The authority said in a statement, that "under the guidance of the Director General of the General Authority for Taxes, Shaker Al-Zubaidi, the branch of the General Tax Authority was opened on Wednesday morning in the Tarmiyah district, north of Baghdad, in the presence of the National Security Adviser Qassem Al-Araji and the former Speaker of Parliament Mahmoud Al-Mashhadani, as well as the presence of representative clan and academic figures. about the judiciary. The statement added that "the prime minister's merits and high interest is to have a major role in the inauguration of the authority's branch in Tarmiyah, whereby alleviating suffering, routine and distance of the road sends messages that Tarmiyah is a vital, safe and stable area and we challenge the groups of darkness and evil."
  18. Al-Kazemi approves the promotion of border crossing officers July 7, 2021 Today, Wednesday, Prime Minister Mustafa Al-Kazemi approved the promotion of border crossing officers within the July 2021 schedule.
  19. Where does the Iraqi oil revenue surplus go? June 30, 2021 In early April 2021, the House of Representatives approved the state’s general federal budget for the same year, and as soon as the budget was approved, international oil prices began to rise with the decline in the severity of the Corona outbreak and the world’s recovery gradually from the repercussions of the pandemic, and in conjunction with that, the exchange rate of the US dollar rose against the Iraqi dinar, which is Which means a surplus in the revenues of the Iraqi state, and thus raises questions about the aspects of spending these amounts. The federal budget approved by the Council in its session on 1/4/2021, amounts to 127 trillion Iraqi dinars (about 88 billion dollars), and a deficit of more than 18 million, while the price of a barrel of oil was calculated at 45 dollars per barrel, with an export rate of 3.25 million barrels per day, and the exchange rate of the dinar against the dollar was calculated at 1450 dinars per one US dollar. Today, about 3 months after approving the budget, the price of a barrel of oil in global markets exceeded the barrier of 75 dollars per barrel, while the exchange rate of the dollar against the dinar remained between 1470 and 1500 without settling on 1450 dinars to the dollar, which was approved by the Federal Budget Law, and this means that there are funds Surplus will be returned to the state treasury, what is the size of this money? What are the ways in which the government will dispose of this money?, especially since there are demands for citizens to be the first beneficiaries of this money. Strengthening the monetary reserve of the central bank After the outbreak of the Corona pandemic and its impact on the global economy, Iraq was also affected economically, which prompted the government to borrow from the central bank and thus decreased the cash reserve of the central bank, which means that the government has to compensate for the shortfall in the cash reserve, which is what the government actually started with with the high prices Oil, says a member of the Parliamentary Finance Committee, Representative Jamal Kougar Representative Jamal Cougar told PUKmedia , so far, the government's steps to benefit from these amounts are to strengthen the bank reserves, as they have fallen to very low levels from 82 billion dollars to less than 55 billion dollars, adding that now they are being strengthened and I think it has reached above 60 billion dollars. Representative Jamal Kojer believes that this is one of the options for disbursing the surplus funds, noting that the government can dispose of this money to pay the internal and external loans owed on it, including loans that are due, or when it is time to pay them, so they can benefit from these amounts to pay them, especially those loans that have been delayed such as the Iranian loan By purchasing gas for electric stations, and similar loans. There is a third option for the government of Prime Minister Mustafa Al-Kazemi to deal with this surplus money, which, according to MP Jamal Kougar, is to present a supplementary budget, but he excludes the government from taking this measure for two main reasons, the first of which is that the government has not yet been able to spend the federal budget for the current year, as 80% of these The budget has not been spent yet, adding that the supplementary budget is going to it if there are many deficiencies in the existing budget and there is a great financial abundance. The government will present another budget for the missing paragraphs in the existing budget to take advantage of those amounts. As for the second reason for excluding presenting a supplementary budget, MP Cougar continues, that this budget needs to be prepared and then sent to the House of Representatives, and the House needs to hold sessions in the Parliamentary Finance Committee with the participation of the rest of the committees, communicate with the ministries, make a first reading and then a second reading and vote on it, we believe the government She will not go for this option while she is now busy preparing a draft budget law for 2022, stressing that preparing the supplementary budget needs time to prepare, discuss it in the parliament and vote on it, and we are heading to elections, which have become the preoccupation of many deputies nominated for an upcoming election cycle, thus completing the quorum and reading the draft The budget law is a first and second reading and voting on it needs to complete the quorum. I think this is very difficult in the next stage. The law grants Al-Kazemi the right to determine the terms of disbursement of these funds The legal expert, Mosaddeq Adel, and in an interview with PUKmedia , confirms that the constitution and the law do not specify the aspects of spending this surplus, and therefore the federal government disposes of part of it to finance the deficit and the rest is outside financing the budget deficit, stressing that there is no text in the budget law nor the financial management law that specifies the aspects of spending this money. The legal expert, Mosaddeq Adel, adds that this issue does not involve any legal officer, and the disbursement of this money remains at the discretion of the government, and it is not restricted to specific exchange aspects of this money, whether it is handed over to the Central Bank to fill the shortfall in the cash reserve or spend it in another way, stressing that the Federal Prime Minister is one of the He decides the terms of disbursement of these amounts and the law never obliges him to do anything with regard to their disbursement. The investment was made from the reserves of the Central Bank Compensating the Central Bank’s reserves from the surplus funds is not accepted by experts and economic analysts, who demand that this money be spent to implement investment projects and to achieve job opportunities for the unemployed, and that this money be employed in providing services to citizens, stressing that the Central Bank can compensate for the shortage in its reserves from currency exchange operations. . Economic analyst Abdul-Hassan Al-Shammari told PUKmedia , when the budget law was approved, the price of a barrel of oil was below $40, and the Iraqi state was in a situation in which it might not be able to pay the salaries of employees, especially since the huge number of employees took all the budget resources, but when the price of the US dollar was raised Against the Iraqi dinar, this achieved for Iraq 13 trillion dinars, covering all salaries, and this is a very important aspect. Al-Shammari adds that when the government approved the budget, it did not know that oil prices will rise when the world recovers from the Corona virus and the demand for oil increases, and the price of a barrel of oil rises to 76 dollars, noting that now the budget has been approved and the difference between the two prices when the budget is approved and now this will constitute a cash surplus. It exceeds 35 billion dollars and may reach 40 billion dollars, and the budget deficit is about 18 billion dollars, meaning that the rest is between 15 to 22 billion dollars. Al-Shammari believes that this amount is either added to the monetary mass in the central bank, or there is a supplementary budget and it is exclusively an investment because we do not need an operational budget because the operating budget is full of resources, and when the budget is an investment, it is possible to build infrastructure in Iraq and complete suspended projects, especially whose completion rate exceeded 50%, and this is another aspect of disbursing this amount, noting that there is another matter that these huge funds are invested in industrial and agricultural projects to provide job opportunities for the unemployed and eliminate poverty in Iraq, especially since the country suffers from extreme poverty due to The floundering policy of the Iraqi government. Al-Shammari stresses the need to seek the assistance of economists to develop a real plan in order to provide job opportunities for the unemployed and eradicate poverty in Iraq, even at a certain percentage, pointing out that the government has two options, either the sums will be transferred to the 2022 budget and I think this cannot be implemented because the law confirms the disbursement of annual resources every year. during the same year. He added that if the amount is not recycled for the next year’s budget, there must be a supplementary budget, and this is correct, and this budget is spent on projects, and if the year ends and this money has not been utilized, it must then be added to the monetary block of the Central Bank, which currently amounts to about 50 billion. dollars to rise with the amount added to it, and I believe that the surplus amount will exceed 22 billion dollars. The economist Bassem Jamil Antoine, for his part, stresses that the first aspect of spending this money should be investment. He tells PUKmedia, that the first outlet for spending this amount is the investment door, as it expands investment to create job opportunities for the unemployed, and not to waste these surpluses and cover the deficit. What is in the budget and that is better than borrowing external loans and paying the interests of these loans, wondering, but where is the mind in this? The rampant corruption, waste and mismanagement are all factors that have led to the deterioration of the economic situation in the country. Bassem Antoine refuses to let this money go to the central bank, explaining that these surpluses are not for the central bank, they are for the Federal Ministry of Finance, the central bank is in the process of changing the currency from the dollar to the dinar and this money remains for the finance, indicating that the central bank makes profit through a certain percentage of the exchange and its role It is to control the monetary process, not the financial, explaining that the bank’s reserves rise in cases such as that the Ministry of Oil deals in dollars and spends it at the central bank, which receives the dollar and delivers the ministry in dinars, and in this case the surplus of the currency difference is added to the central bank’s reserves, noting that The monetary reserve of the central bank has decreased as a result of government borrowing from the central bank. The economic expert, Basem Antoine, draws attention during his talk to the suspended projects in Iraq and the debts of the private sector owed by the government, as he confirms that there are thousands of suspended projects and there are debts of the private sector, and with this money it is possible to pay these debts and implement the suspended projects, which number 6 thousand projects, explaining There are debts to the private sector of more than 30 trillion dinars, and the government must pay it off so that it can create job opportunities for the unemployed and the youth, stressing the efficient management of funds required to achieve balance and disbursement of this money in the correct ways without paying interest on it, but rather to get rid of part of the debt with this money. Citizens demand their share of this money PUKmedia met with a number of citizens from central and southern Iraq, where they had demands such as returning the dinar exchange rate to what it was before, and that part of the citizens' surplus funds be disbursed directly. Ahmed Ali, a citizen of Baghdad, says that when the budget law was voted on in Parliament, the budget determines that the price of a barrel of oil is 45 dollars per barrel, now the price of a barrel is 75 dollars, the questions here we ask as citizens, where does the money from oil imports go? Which amounts to $30 per barrel of oil, and why when the price of oil drops globally, the government cuts salaries and the crisis falls on the shoulders of the citizens who are basically going through economic and financial crises. He adds that when the price of oil goes up, its money goes to the pockets of the parties and the corrupt, and when the price of a barrel of oil drops, the citizen becomes pliers and scapegoats in order to strengthen the national economy, stressing that whoever leads the authority at the present time, can find political and economic problems and is unable to solve them, so must He must leave and give the opportunity to those who are better and able to find appropriate solutions and get out of this bitter reality, as he put it. Hadi Mahdi, a citizen of Diyala province, says everyone knows that the Iraqi government approved the budget at a price of 45 dollars per barrel of oil, but now the price of a barrel has exceeded 75 dollars. He added that the dollar price is supposed to be reduced on the grounds that it is he who caused the harm to the entire people, and therefore there will be an equal distribution of this amount across all Iraqi governorates. Distributing the amount in the implementation of service projects such as paving streets and constructing bridges and other services, and I do not think that this will meet all the needs of the citizen. He asserts that the Iraqi citizen today is in dire need of reducing the dollar because every Iraqi citizen was affected by the price hike process, and we demand the return of the exchange rate of the dollar against the dinar to 1300 dinars for you at least one dollar and not as it was in the past at 1200 dinars per dollar. Citizenship Salwa Karim demanded the distribution of this money to the citizens directly, as she says that these amounts should be for the citizen, the government can distribute them as an increase in the salaries of employees for a month and at a uniform rate, noting that this money can also be invested in improving electrical energy and contracting with companies that provide generators Electricity is huge and contributes to increasing energy production across the country. And she adds, I am not with the fact that the amount is deposited in the central bank because decreasing the price of the dinar against the dollar will bring the bank an increase in its cash reserves and it does not need this amount, the amount, according to what we hear from economists, is more than 15 billion dollars, this amount even if it is not added to salaries The staff, nor the improvement of electricity, could build a large, advanced hospital in the capital, Baghdad, that would be a destination for all Iraqis for treatment without the need to travel to neighboring countries and bear the trouble of traveling and increasing expenses and costs.
  20. So they had a meeting on Sunday...and then today, (Monday) and now a plan for Tuesday, Wednesday, and Thursday. Indicates something may happen this week! - JMO DWS112 Parliament Presidency holds a meeting with heads of blocs June 26, 2021 Today, Monday, the Presidency of the House of Representatives held a meeting that included the heads of parliamentary blocs, to discuss the sustainability of the work of the Council during the coming period. In a statement received by Alsumaria News, the media department stated that "the meeting discussed the importance of legislating some laws and agreements that have reached the voting stage, and activating the oversight role of the council, in addition to the need to vote on the members of the Federal Court of Cassation during the upcoming sessions." He pointed out that "the meeting formed a committee of experts to select members of the Commission on Human Rights." During the meeting, it was decided that successive sessions will be held this week on Tuesdays, Wednesdays and Thursdays.
  21. Disclosure of the postponement of the parliament session scheduled for tomorrow June 26, 2021 Today, Saturday, a parliamentary source revealed that the parliament session scheduled for tomorrow, Sunday, will be postponed to another day. The source said in an interview with Alsumaria News, "The parliament session scheduled for tomorrow, Sunday, will be postponed to another day," likely to be "held next Monday." The source added, "The postponement has not been officially announced or its reasons, but it is possible that it coincides with the date of the tripartite summit." He pointed out that " tomorrow will witness a meeting of the heads of the political blocs to discuss the mechanisms of activating the work of Parliament in the next stage. The House of Representatives had postponed its session, which was scheduled to be held last Tuesday, June 22, 2021, to tomorrow, Sunday, due to the lack of a quorum.
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