He predicted the collapse of the Iraqi dinar this year, with the decline in hard currency revenues

[k98nights]

He predicted the collapse of the Iraqi dinar this year, with the decline in hard currency revenues

 

 

Version: paper - InternationalMonday, January 25, 2016 (00:00 - GMT)

Last update: Monday, January 25, 2016 (12:00 - GMT)BAGHDAD - Naseer Hassoun 

Expect a member of the investment committee of parliamentary Iraqi, Abdul Salam al-Maliki, an unprecedented collapse of the Iraqi dinar against other currencies during the current year, as a result of decline in the volume of imports of hard currency due to lower oil prices, which will reveal the falsity of foreign business dealings that cost the country an annual $ 50 billion.

And witness the official currency auction at the Central Bank a big drop in the volume of sales of the dollar compared with the previous months, which had dropped during the last session to $ 138 million, the lowest level in months. He noted the bank said in a statement, that «the amount became 138485000 dollars at the exchange rate in 1182 dinars to the dollar, and with the participation of 22 banks and 21 financial convertible company». He pointed out that «the value of remittances and credits amounted to $ 117305411, while the quantity sold in cash of $ 21180000». According to a daily count of the bank sold more than 63.997 billion dollars in the auction for the currency since January 4 (January 2015), until the end of that year.

Maliki said in a statement to «life», that «the foreign remittances in dollars through the Central Bank in 2014, amounted to $ 55 billion, while last year reached 46 billion, mostly in order to secure external import needs, but it certainly will not stay the same size during the current year, because projections indicate that the drop in oil prices means declining revenues from hard currency to below $ 40 billion. » Maliki warned the central bank from continuing drag balances of monetary reserves to cover the demand for the dollar in the auction, which caused lower these balances of $ 68 billion in early 2015 to below 46 billion, on the pretext that it is sufficient to cover the dinar ».

The deputy «block free» proof Mamouri, «life», that «the central bank governor on the Keywords was acknowledged when he was Secretary General of the Council of Ministers, that only 5 percent of foreign remittances are real and the remaining placebo, but strange that sales volumes the same at the auction continues, despite the adoption of simple mechanisms to check the import transactions but not sufficient ».

He said: «this year will be the year that reveal the masks counterfeit for many financial joints, there is not enough hard currency to cover foreign trade activity itself, and here will increase the market demand for the dollar, and thus will increase its price to a new ceilings affect the overall economic situation» . Confused and suffocating government work, which began since the middle of last year, the adoption of reforms of the financial crisis, but only a fraction of which has not been implemented because of objections from those affected, and most recently the so-called Declaration of compulsory leave without pay for 50 percent of public sector employees.

The parliamentary finance committee and confirmed that the government can manipulate the salaries of the staff, attributed to the Law No. 22 of 2008, which guarantees the rights of all employees. Said committee member Ahmed flesh: «remarks addressed the media about some legal experts regarding the freedom of the government to manipulate the staff salaries, unfounded and contrary to the truth», adding that «specified in Article I of law, and in the event of increased inflation is entitled to the Council of Ministers to improve standard of living of the employee ».

He revealed the parliamentary Finance Committee member Ahmed Sarhan, the circumstances of their salaries and reducing staff time, as is likely, the government issued domestic and foreign bonds to cover the deficit in the current budget. Ahmed said in a media statement: «There is no truth to the rumors about the government was considering the proposal of the Ministry of Finance to reduce consistently and salaries for employees», adding that «the 2016 budget will see a reduction in employees' salaries only». He added: «very suitable for this period, the budget», likely issuance of government «internal bonds to reduce the budget deficit».He pointed out that «there are points in the budget provides for the plug, including borrowing from the World Bank and IMF». He explained that «the issuance of internal and external bonds right to Finance Minister Hoshyar Zebari, in order to pay».

Zebari announced that «Iraq has revived a plan to sell bonds Bbleoni dollars this year, at a time when the government was working to address the threat posed by al« Daash. »

 

http://www.alhayat.com/Articles/13613972/%D8%AA%D9%88%D9%82%D9%91%D8%B9-%D8%A7%D9%86%D9%87%D9%8A%D8%A7%D8%B1-%D8%A7%D9%84%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-%D9%87%D8%B0%D9%87-%D8%A7%D9%84%D8%B3%D9%86%D8%A9-%D9%85%D8%B9-%D8%AA%D8%B1%D8%A7%D8%AC%D8%B9-%D8%B9%D8%A7%D8%A6%D8%AF%D8%A7%D8%AA-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9-%D8%A7%D9%84%D8%B5%D8%B9%D8%A8%D8%A9

 

[Zcountess]

Well this man doesn't paint a pretty picture does he -?

[zzztop]

Is this guy related to Nouri?

[eburt]

Don't make since to me! I believe it's smoke and mirrors - But who knows this is Iraq......

[limopeter]

Don't make since to me! I believe it's smoke and mirrors - But who knows this is Iraq......

Doesn't look like smoke and mirrors im afraid

[RV4CandyMan]

Pooh 

[BJinMontreal]

I'm afraid there's no smoke or mirrors hiding the fact oil is selling for around $ 20 a barrel when the budget has it pegged at $ 45.

 

At 3 million barrels a day exported 5 days a week times the $ 25 shortfall = $ 19,500,000,000

 

[djgabrielie1]

Abdul Salam al-Maliki seems to be one of those that were befitting from the currency auctions and doesn't want to see them come to a end. Probably a relative of the former PM. At any rate I am sure that there are many in Iraq that do not wish to see currency reform happen.

Lots of grumbling by the corrupt these days.

 

 

Job 24:13,15,17 (NIV) "There are those who rebel against the light, who do not know its ways or stay in its paths... The eye of the adulterer watches for dusk; he thinks, 'No eye will see me,' and he keeps his face concealed... For all of them, deep darkness is their morning; they make friends with the terrors of darkness."