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Governmental Advisor: Central Bank Reserves Are Sufficient For 14 Months !

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CRISIS CELL EXCLUDES EMPLOYEES OF THE CENTRAL BANK, BANKS AND EXCHANGE OUTLETS FROM THE CURFEW DECISION


Tuesday, 24 March 2020 8:04 PM


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Baghdad / News Center - 

 

The Crisis Cell announced today, Tuesday, the exclusion of employees of the central bank and government and private banks from the ban.

The cell said in a press statement that it received the “news center” that “the head of the crisis cell and the Diwaniya Command Committee 55 for the year 2020 the Minister of Health and Environment Jaafar Sadiq Allawi decided to exclude the employees of the Central Bank of Iraq and governmental and private banks and exchange ports from the decision to ban roaming.” She added “for the purpose of facilitating the process Paying salaries of national employees to their salaries in those banks.

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Live news

Trump ignores warnings: We will not leave the US economy with "doctors"!

13:19 Tuesday, March 24, 2020

13:19 اس 2020
article image
 

Baghdad - people
 

US President Donald Trump said on Tuesday that he is studying how to reopen the US economy after a 15-day closure period ends next week, even if the Corona virus spreads.

"America will open again and quickly to commercial activity ... We will not allow that to turn into a long-term financial problem," Trump said at a White House press conference, which was followed by "People" today (March 24, 2020).

Trump added that economic activity could resume in states, which have what he described as relatively slow rates of coronavirus infection, citing Nebraska and Idaho as examples, while work continues on hotspots in other states such as New York.

He continued, "If it is left to the doctors, they will say let us close the whole world."

A week ago, Trump issued instructions that he said were aimed at slowing the spread of the disease within 15 days, including limiting unnecessary travel and stopping economic activity in some states.

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Mar 23, 2020,08:23pm EDT

Coronavirus Stimulus Offered By House Financial Services Committee Creates New Digital Dollar

 
Jason Brett  Contributor
I write about blockchain regulation and policy.
     

Updated on 3/24/20 at 11:45 AM: The final version of the economic stimulus package offered by Speaker Pelosi the House Democrats no longer includes the U.S. Digital Dollar proposal; however, the language as proposed by Chairwoman Waters of the House Financial Services Committee still contains this language. Links to the original and updated stimulus bills with the latest language are at the end of the story.

 

 

As the markets continue to drop and the U.S. looks to Congress for agreement on a massive stimulus package to save the economy from impacts of the coronavirus pandemic, the newest offer by House Democrats includes a very forward-looking kind of stimulus: the creation of a ‘digital dollar’ and the establishment of ‘digital dollar wallets.’ In what will send shock waves through the cryptocurrency and blockchain industry, particularly for those following central bank digital currencies around the world, this signals the U.S. is serious in establishing infrastructure for a central bank digital currency. 

Both Speaker Pelosi’s ‘Take Responsibility for Workers and Families Act’ and the ‘Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act (H.R. 6321),’ introduced by Chairwoman Maxine Waters of Financial Services Committee, introduced these concepts today as a way of delivering the economic stimulus payments to U.S. citizens. 
 

PELOSI CORONA


U.S. House Speaker Nancy Pelosi, a Democrat from California, speaks outside of her office on Capitol ... [+] © 2020 BLOOMBERG FINANCE LP

 

The bill establishes a digital dollar, which it defines as ‘a balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts of any Federal Reserve Bank or ... an electronic unit of value, redeemable by an eligible financial institution (as determined by the Board of Governors of the Federal Reserve System).’ Additionally, a digital dollar wallet is identified as ‘a digital wallet or account, maintained by a Federal reserve bank on behalf of any person, that represents holdings in an electronic device or service that is used to store digital dollars that may be tied to a digital or physical identity.’ 

A mandate also requires all ‘member banks’ establish a ‘pass-through digital dollar wallet’ to all customers eligible for the stimulus. Member banks include those banks that are ‘members’ of the Federal Reserve and regulated by the Fed. Additionally, ‘Non-Member’ state banks - those that not members of the Federal Reserve and regulated by the FDIC - could opt-in to offer pass-through digital dollar wallets as well.

 

 

 

The Federal Reserve banks themselves would also make available a digital dollar wallet to any U.S. person eligible for the payments as well. Additionally, the U.S. Postal Service would aim to help unbanked individuals and/or those without proper ID to establish their identity be provided a digital dollar account, and would set up ATMs for customers to access their funds. 
 

Public Interest Groups Weigh In 

 

Daniel Gorfine, founder of fintech advisory firm Gattaca Horizons and former chief innovation officer at CFTC, as well as a founding director of the Digital Dollar Project, stated to Forbes, ‘It is worth exploring, testing, and piloting a true USD CBDC and broader digital infrastructure in order to improve our future capabilities and resiliency, but it is also important that this effort not delay the government from deploying critical emergency funds using existing channels during this crisis. While the crisis underscores the importance of upgrading our financial infrastructure, broadly implementing a CBDC will require time and thoughtful coordination between the government and private sector stakeholders.’ 

Carmelle Cadet, Founder and CEO of EMTECH, a modern central bank technology and services company, is a technology provider in the world’s first live retail CBDC with the Central Bank of Bahamas called the Sand Dollar. She has recently started a new initiative in the U.S. called ‘Project New Dawn’ to ensure the unbanked and underbanked receive economic stimulus payments. Pointing to a FDIC report in 2017 that identified 63 million people that are unbanked and underbanked in the U.S., she notes, ‘If checks are the form of payment, the stimulus is not going to reach many of them. That would be approximately $100B underutilized of stimulus for lower income householders.’

 

 

Financial Services Committee Proposal: Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act (H.R. 6321)

 

Original Bill With Digital Dollar: Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act (H.R. 6321) 


https://www.forbes.com/sites/jasonbrett/2020/03/23/new-coronavirus-stimulus-bill-introduces-digital-dollar-and-digital-dollar-wallets/?fbclid=IwAR2Dkn2CEBOn_HuEzmBEXvrgMyWaV-xYTz4gqnMGvo2K6zmGxPfrj0sZjJ0#270ebab14bea

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Deprivation and closed doors" .. One way to confront the financial crisis in Iraq

March 24, 2020

 

GettyImages-1207932621.jpg?itok=-9qQH9UD


-Iraq faces a major economic crisis in light of the collapse in oil prices (Getty
Ultra Iraq - Editorial Team

 

The financial advisor to the Prime Minister reviewed the appearance of Mohamed Saleh, "the doors of closed solutions" to face the economic crisis in light of the continuing decline in oil prices, while stressing the need to legislate "an emergency budget"

The financial advisor to the Prime Minister called for the approval of an emergency budget that meets only the necessary needs 

Saleh said in a statement to the official news agency, "The drop in oil prices to less than $ 30 for a period of no short-term means, of course, dealing with a major financial-economic shock, based on the absence of important sovereign resources and depriving the public budget of them, taking into account that the country's budgets depend 92% on oil revenue"

And Saleh pointed out that "the initial deficit indicators estimated in the draft federal budget law 2020 if they are taken into consideration, which are close to 50 trillion dinars, (after adopting the high price of oil, which has passed away, which is about $ 56 per barrel), meaning that the deficit It will double, if the spending ceiling remains in the 2020 budget over its current initial estimate of 164 trillion dinars

He stressed, "The financial deficit of this magnitude cannot be funded (especially if oil prices remain below $ 30 per barrel), except by borrowing from international capital markets, or resorting to agreements with international financial and monetary institutions"

On the possibility of resorting to borrowing, Abdul-Mahdi’s advisor considered that “borrowing amounts equivalent to the amount currently accumulated from external debt specifically, in a manner that exceeds $ 70 billion, is akin to the imagination, due to the lack of international agencies providing such loans in the short period,in addition to the absence of economic logic When taking such imaginary financial steps, which is an adventure that does not match the sustainability of public debt and its standards in Iraq

Saleh stressed the necessity of "going in the short term to legislating an emergency budget that provides financial sustainability at this stage and meets the necessary needs, foremost among which are the salaries of employees, retirees, social welfare and health life necessities and necessities, and going in the medium term to recheck all financial laws that burdened the country and its future." Economic and establish a real structure for alternative development of the rentier economy"

In the same context, Abdul Mahdi’s advisor explained, “The World Bank has ongoing financing projects in Iraq and there is continuous communication with this important international institution to build positive future relations.” In response to information that indicated the World Bank’s refusal to provide a new loan to Iraq

Saleh denied the possibility of borrowing Iraq again in the accumulated debt, ruling out a loan from the World Bank

Saleh said, "The option of external borrowing, as one of the government's means to alleviate the financial crisis, is not on the table due to assurances received from the World Bank that it is not ready to discuss any new loan to Baghdad in the current state of the country." Financial deficit"

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Shocking numbers ... a list of Iraqi losses due to political conflicts


March 23, 2020
 

 

أرقام صادمة.. قائمة خسائر العراق بسبب الصراعات السياسية

أرقام صادمة.. قائمة The value of money wasted is estimated at $ 40 billion annually (Getty)خسائر العراق بسبب الصراعات السياسية
(The value of money wasted is estimated at $ 40 billion annually (Getty

 

Ultra Iraq - Editorial Team

 

The persistence of an environment of violence and political instability provides a favorable climate for strengthening the control of parties over state resources to enhance their economic influence, paralyze the state and restrict its functions, as affirmed by the Alliance of Others led by Muqtada al-Sadr

The Sadr Movement, led by Sadr, estimated the country's losses as a result of political disputes and corruption at tens of billions of dollars annually

"The continuation of political differences is only a method used by some political parties to weaken the state and the continuation of the struggle over the spoils and gains, amid the disruption of the law," said the deputy for the alliance, Riyad Al-Masoudi, for "Ultra Iraq"

And he adds, that "those conflicts prevent the formation of a strong government, because these parties continue to control the resources of the state, by jumping on the law," noting that "those conflicts cost Iraq about $ 40 billion annually, going to the treasury of political forces"

It also shows, "Iraq loses only in the file of importing gas from one of the countries, up to $ 20 billion annually," explaining that "Iraq is able to extract and export gas, but the interests of those parties prevent this from being achieved, not to mention the losses of licensing rounds, and mobile phone companies." And the lack of a national company"

Al-Masoudi notes that "the country's losses in the border outlets are estimated at 7 billion dollars annually, as a result of the control of political parties and armed groups on those ports," noting that "the Iraqi Central Bank causes annual losses to the country of not less than 5 billion dollars"

The leader of the Sadr Alliance explains that "failure to complete the optical cable project costs the country 4 billion dollars annually, while the revenues of the Ministry of Communications do not exceed 380 dollars out of 3 billion dollars," noting that "the remaining revenue amount ends up in the pockets of the corrupt as a result of the continuing Political differences "

The deputy in Parliament notes that "failure to collect water and electricity costs the dolu up to $ 15 billion annually, as well as losses resulting from the loss of control over airports and the strike collection file, which is estimated at 6 billion dollars, while the stopping of the port of Faw incurs the country a loss of two billion dollars annually"

On the oil file, Masoudi says, "The government sells a barrel of crude oil to refineries for only $ 5, while its price in global markets exceeds $ 40," explaining that "this costs the country tremendous losses estimated at billions of dollars"

Al-Masoudi adds, "Iraq includes about 5 million domestic generators, each generator consumes the equivalent of 12 liters per day," noting that "that amount of fuel is sufficient to meet the needs of four countries, which are Syria, Lebanon, Jordan and Egypt"

The wasted money was distributed among the oil, energy and telecommunications sectors, as well as the tourism sector 

And the MP from the Alliance of Saireon points out that "saving electric energy means providing these quantities and selling them, but there are those who obstruct that benefit from the continuation of the situation as it is now," stressing that "inviting foreign companies to invest in glass fields, limestone, sulfur and phosphate, for a period Five years, and in limited quantities, will bring us profits of no less than 15 billion dollars per year, bearing in mind that the Iraqi stockpile of these materials is sufficient for more than 70 years"

On the tourism front, Al-Masoudi states that "the tourist side in the country is idle compared to other countries, and does not return any revenues to the state budget, despite the presence of 480 hotels in Karbala Governorate, and 590 in Najaf, as well as in Kadhimiya and Samarra, meaning that there are a million Iraqi citizens." Living on the tourism sector, but unfortunately it is broken

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7 hours ago, DinarThug said:

The financial advisor to the Prime Minister reviewed the appearance of Mohamed Saleh, "the doors of closed solutions" to face the economic crisis in light of the continuing decline in oil prices, while stressing the

Interesting 

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23 hours ago, DinarThug said:

Corona may revitalize the Iraqi economy .. Baghdad is on the cusp of exemptions from foreign debt payments


From The Previous Page Yesterday ...

 

Corona may revitalize the Iraqi economy .. Baghdad is on the cusp of exemptions from foreign debt payments

 

2020-03-24
 
 
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Yassin Iraq: Baghdad

 

World Bank Group President David Malpas said on Monday that the bank may harness up to $ 150 billion in resources over the next 15 months to help developing countries fight and recover from the Corona virus pandemic, while calling on G20 leaders to allow the poorest to suspend all debt payments .

In a statement to the finance ministers and central bankers of the Group of Twenty countries issued by the World Bank, Malpas called the creditor countries in the group to allow the poorest countries to suspend all bilateral debt payments while fighting the virus.

He said the poorest countries should be allowed to focus their resources on health measures in the face of the crisis.

"I call on the leaders of the Group of Twenty to allow the poorest countries to suspend all official bilateral debt payments, until the World Bank and the International Monetary Fund have completed a comprehensive assessment of their needs for reconstruction and financing,"he said in the statement.

Malbas said that the bank is currently preparing projects in 49 countries to help fight the virus under a new fast-track credit facility, and decisions are expected this week on up to 16 projects.

He explained that the bank is consulting with China and other major countries to obtain assistance for the rapid industrialization and delivery of many of the medical supplies that countries need.

Iraq debt

A parliamentary committee in the Iraqi parliament revealed, at the end of last year, the foreign debts of Iraq, noting that it had reached the stage of the threat to the economic future.

Member of the Parliamentary Finance Committee, Ahmad al-Jubouri, told the official Al-Sabah newspaper that “the committee had previously suspended debt, especially foreign, in the 2019 budget, at a time when there is an obligation to continue debt as it was present during the war against ISIS gangs in the governorates of Nineveh, Anbar and Salah al-Din.”

He pointed out that "debts, especially foreign affairs, amounted to 125 billion dollars."

He warned that "its survival portends a danger to the economic future of Iraq," noting that "there are 20 paragraphs of debt that will be in the 2020 budget."

The International Monetary Fund said, last year, that Iraq’s debts worsened during the past years, where they were 6 years ago 73.1 billion dollars, and rose in 2014 to 75.2 billion dollars, and in 2015 they became 98.0 billion dollars, while two years ago it was 114.6 billion dollars, to rise In the year 2017 to $ 122.9 billion.

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On 3/24/2020 at 2:50 PM, DinarThug said:


Forget The $3 Dollars - Even Weegie Says To Just Take The ‘Fitty Cent ! :o 

 

nintendo mario GIF

 

:D  :D  :D 

 

And with :

 

 

 

It would be 45 cents!

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SMH....I give up...The corruption wins in Iraq. Debt forgiveness and handouts......Never have they mentioned to revalue their currency. Everyone in the world knows the Iraqi govt steals the money as fast as they get and yet they still get bailouts and forgiveness.......

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