Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
DinarThug

Advisor To The Prime Minister: The Federal Reserve Has Started To Cut Interest Rates To Zero And The Financial Discipline Is The Basis For Getting Out Of The Crisis !

Recommended Posts

CNN. Broadcasting Advise To The Advisor !
 

 

LINK

Advisor to the Prime Minister: The Federal Reserve has started to cut interest rates to zero and the financial discipline is the basis for getting out of the crisis


135345.jpg?width=750&&height=375

 

25th March, 2020


The financial advisor to the resigned Prime Minister, Mazhar Muhammad Salih, commented on Wednesday, March 25, 2020, on the option of resorting to the central bank to bridge the deficit produced by the drop in oil prices and the crisis of the spread of the Corona epidemic, while he pointed out that "financial discipline" is the basis for emerging from the recession. Economic.

Saleh said in an interview reported to the "obelisk", that the global crisis took its toll from the collapse of the major financial markets, as America lost 16 trillion of its value, and the Federal Reserve began to cut interest to zero, and measures were taken to confront the global economic recession.

He pointed out that the world is in an economic recession after the demand for oil fell, as China was the reason for the decline because it is the largest importer, in addition to falling demand from the rest of the world due to the halt in the transportation sector.

Saleh pointed out that the continuation of the economic crisis has repercussions on the financial situation in Iraq, as its economy depends mainly on oil, indicating that the measures to confront the recession start from the country that has only financial discipline through spending.

And Saleh continued, that the list of operational expenditures is very large in the initial budget plan for 2020, where the deficit was in the range of 52 trillion dinars out of the budget, which estimated 164 trillion expenditures, pointing out that the state entered into a financial warning to re-arrange the exchange and priorities and prepare a budget on the minimum of oil revenues.

And on the option of resorting to the central bank to bridge the deficit, the Prime Minister’s advisor explained that Iraq needs financial discipline and this is an opportunity for financial reform, and high costs cannot be enjoyed at the expense of the central bank’s reserves, indicating that the prevailing belief among decision-makers and economic circles is to rearrange the house Finance for Iraq, and the priorities start with organizing expenditures, stopping unnecessary expenditures, and maximizing some revenues.

  • Thanks 4
  • Upvote 4

Share this post


Link to post
Share on other sites

The Crisis Cell decides to exclude new categories from the curfew decision


Wednesday 25 March 2020


5bbedc48d24f026d7c711a48c688553c.jpg

 

Baghdad - conscious 


Today, Wednesday, the Crisis Cell decided to exclude employees of the Central Bank, government and private banks, electronic payment companies and judicial groups, and the General Company for Exhibitions from the ban.

A statement of the cell received by the Iraqi News Agency (INA) said, "The head of the Crisis Cell and Diwaniya Command Committee 55 of 2020 and the Minister of Health and Environment Jaafar Sadiq Allawi decided to exclude the Central Bank of Iraq, electronic payment companies, ATM gates, civil bank employees and government banks from the curfew."

The statement added, "This measure was made in order to facilitate the process of disbursing the salaries of national employees in the civil and governmental banks."

The statement referred to "the exclusion of judges, members of the public prosecutor, general managers, judicial investigators and the General Company for Exhibitions, to complete the licenses for importing medicines."
 
  • Thanks 4

Share this post


Link to post
Share on other sites

LINK

To Decision Makers: How do we face the economy and epidemic Corona?


19650.jpg
 

25th March, 2020

 

Indicators, analyzes and forecasts indicate that the country is going through a catastrophic and dangerouspolitical, economic and epidemiological juncture and requires immediate solutions and remedies

In light of this reality, which cannot be quickly and easily overcome with the high costs of facing the Corona epidemic, which will not allow God to turn into a humanitarian catastrophe in front of the weak health system in Iraq and the lack of public commitment to the instructions and the curfew decided by the crisis cell, added to this is the lack of a full-fledged government and structural imbalance in the approach Economic and the failure of all previous governments in its inability to stimulate and activate other economic sectors such as agriculture, industry and tourism to contribute the required amount to enhance non-oil revenues, therefore I see the implications and challenges that the Iraqi economy will face During this year, it will be large and requires finding remedies and solutions to mitigate its future effects, and it can be defined as follows

1- The continuation and exacerbation of the sharp decline in world oil prices, which decreased by more than 60% compared to prices a year ago, although Iraq and some OPEC countries will try to reduce daily production rates in order to maintain rates ranging between (3540) dollars per barrel, but that Uncertain and the oversupply will remain within the scope of expectations only, which will force the government to put pressure on spending significantly to large rates and ratios, as the budget deficit rates will rise

2- The drop in oil prices will stop the government's plans in the policy of reconstruction and investment, and the budget will be a payroll budget only and a budget to tackle the Corona epidemic

3- Since Iraq is one of the countries that imports most of the food, intermediate and consumer food, the recession and economic recession will be reflected in the presence of difficulties in supplying it easily to the Iraqi market, especially the ration card materials, which creates psychological, economic and pension problems for citizens

4- Unemployment rates for manpower able to work will rise and inflation and poverty rates will rise if economic policies and means to address them are not found from the above expectations. It is noted that Iraq faces numerous and suffocating economic problems if the current treatments and economic reforms are not radical and effective. Therefore, the following precautionary and proactive measures are required

 First مواجهة Facing the Corona pandemic and securing financial allocations to control the epidemic and stopping its spread in the country requires developing the initiative of the central bank and banks by making a donation to confront the Corona pandemic as it is a humanitarian initiative that emphasizes the societal goal of the banking sector and is a step that needs to be strengthened and converted into a national project to finance the requirements of the epidemic (by establishing the National Fund Emergencies) by motivating and encouraging all sectors of the private sector, investors, companies, businessmen and the affluent and  that it be maintained according to a system and instructions similar to the Tamkeen Fund supervised by the Central Bank or the Ministry of Finance and managed by a joint board of directors and subject to As for the supervision of the Financial Supervision Bureau, the National Emergency Fund, in addition to donations, will have allocations from the government that represents a 50% deduction from the salaries, allocations, and social benefits of the three presidencies

And the House of Representatives and special grades in the ministries and independent bodies for the months of March and April / 2020. They are deposited in open bank accounts in the central bank, in dinars, dollars and euros. This requires the government to start issuing instructions to exempt and postpone government premiums for the private sector, such as taxes and various fees for the year 2020. And that the central bank motivate banks and encourage them to donate by stopping and delaying the imposition of fines imposed on them at the present time for the period it deems appropriate this year

With a note that the work of the National Emergency Fund will continue after overcoming the Corona epidemic crisis, with a fixed allocation in the public budget to deal with epidemics, disasters and emergency situations

Second - The Ministry of Trade distributed two rations for the months of March and April in advance

Thirdly, it is left to the Central Bank to continue the applications of its approved monetary policy in accordance with its strategy (2020-2020) and its plan for its strategic banking projects until the year 2023 and not to interfere with its independence and establish its leadership and technical cadres that have proven successful during the economic and security shocks after 2014 until the present

Fourth - Benefiting from the excellent position and monetary indicators of the Central Bank, which are its foreign cash reserves, safe investments, exchange rate stability, price preservation, and stable inflation in dealing with the expected crisis

Fifthly: Failure to interfere with the bank’s work and influence the exchange rate, as the interference will undermine confidence in the Iraqi economy

VI- Reconsidering the structure of the 2020 budget and adjusting it to the (emergency) budget and focusing on

* Adoption of the price of oil in light of expectations for the next three quarters of the year 2020 and between (2030) dollars / barrel

* Continued coverage of the salaries of employees, retirees, and social welfare

* Coverage of allocations for the implementation of the reform decisions amounting to (10) trillion dinars that the resigned government committed to achieve the demands of the demonstrators

* Reducing government spending by conducting a surgical operation targeting users and space, imaginary projects, allocations and huge social benefits for the three presidencies and the House of Representatives Ministries, and that the reduction rate should not be less than 50% in the emergency budget

  This includes the pensions of the above entities that had previously assumed responsibility since 2003

* The Central Bank continues to implement its initiatives to finance small and medium projects and projects of more than one billion dinars, which it recently launched

* Covering immediate and special allocations to counter the Corona virus to the Ministry of Health and Environment

* Supporting and involving the private sector in making economic decisions related to the current economiccrisis

* Not to resort to external borrowing, and for internal borrowing to be within controlled limits

They are just visions and ideas that may help overcome the economy and epidemic Corona

  • Like 2
  • Thanks 3
  • Upvote 1

Share this post


Link to post
Share on other sites

What ‘Other’ Arab Currencies ? :o 

 

(see highlighted in orange below)

 

:D  :D  :D 

 

 

ARAB MONETARY FUND ANNOUNCE THE INCLUSION OF THE EGYPTIAN POUND AS A SETTLEMENT CURRENCY USED IN THE "STRUCTURES" PLATFORM FOR ARAB PAYMENTS


THE CENTRAL BANK OF EGYPT AND THE ARAB MONETARY FUND ANNOUNCE THE INCLUSION OF THE EGYPTIAN POUND AS A SETTLEMENT CURRENCY USED IN THE "STRUCTURES" PLATFORM FOR ARAB PAYMENTS Logo-ar


2020-03-23 

 

In line with the announcement of the launch of the Buna regional payment platform affiliated to the Arab Monetary Fund (AMF), and as central and commercial banks commence the on boarding process to join the Buna platform, AMF in collaboration with the Central Bank of Egypt is pleased to announce the inclusion of the Egyptian Pound (EGP) in Buna for the clearing and settlement of payments, alongside the U.S. Dollars, the Euro, the Jordanian Dinar, the Saudi Riyal, the UAE Dirham, and the Bahraini Dinar, as well as other Arab and international currencies to be announced soon.

Buna is a multi-currency payment platform that clears and settles cross-border payments in eligible Arab and international currencies across the Arab region and beyond, with links to to major trade partners.

https://www.amf.org.ae/ar/content/البنك-المركزي-المصري-وصندوق-النقد-العربي-يعلنان-عن-تضمين-الجنيه-المصري-كعملة-تسوية-مستخدمة

  • Like 3
  • Thanks 1
  • Haha 2
  • Upvote 3

Share this post


Link to post
Share on other sites

The Rafidain Bank in Dhi Qar confirms that the money will fade before handing it over to the citizens


20:57 - 25/03/2020

 

 
%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8

 

The information / Dhi Qar ..

 

Al-Rafidain Bank in Dhi Qar Governorate confirmed today, Wednesday, that the money has been disbursed before delivery to citizens in the province as part of precautionary measures to limit the spread of the new Corona virus.

The head of the banking association in Dhi Qar Hussein Al-Abadi told “Al-Maalouma”, “Our cadres took all necessary measures to protect health through fumigation of the citizen and sterilizing his hands and the money in his possession at the bank’s door as well as spraying money with sterilizers before handing them over to employees and citizens.”

Al-Abadi indicated that “there is an action plan drawn up by the Association of Banks in Dhi Qar to organize the banking staff’s time to deliver the salaries of employees and retirees in the province.” End / 25p

LINK

  • Like 2
  • Thanks 2
  • Upvote 1

Share this post


Link to post
Share on other sites
19 minutes ago, DinarThug said:

Fifthly: Failure to interfere with the bank’s work and influence the exchange rate, as the interference will undermine confidence in the Iraqi economy

IMPORTANT Statement! Thanks DinarThug!

 

  • Thanks 1
  • Haha 1
  • Confused 1
  • Upvote 2

Share this post


Link to post
Share on other sites

LINK

Because of the falling oil prices .. Iraq is facing a financial crisis

 

image.jpeg.396cd778f89230a12d07318f0f736ae4.jpeg

 

25th March, 2020


The falling oil prices have negatively affected the producers of crude in the Arab region, including Iraq, which depends on oil revenues. With expectations of continued declines and the price of a barrel falling to less than $ 30, the government is in trouble. Observers put forward several scenarios threatening Iraq, due to the collapse of oil prices, whose financial returns constitute about 93% of the country's total revenues, warning that the coming months may witness a financial crisis in Iraq.

According to the financial expert at the Baghdad Stock Exchange, Ali Al-Faraiji, that in light of the globally complex crisis, oil prices drop to less than $ 30 a barrel, and a contraction in the rate of oil demand exceeds 8% and a surplus in competition from the exporting countries, it is expected that the global oil prices will continue to decline , Especially since the world is in a recession due to the spread of the Coruna virus. According to a Qatari newspaper report.

According to Al-Fariji, “Oil prices may drop to 20 dollars a barrel before the end of the third quarter of this year, while oil prices are expected to witness a slight increase in the fourth quarter of this year, but this rise will not exceed 30 dollars per barrel if an agreement occurs between countries Organization of Petroleum Exporting Countries (OPEC) and major producers outside it. He added that "Iraq, in light of this decline, will continue to receive economic blows and tremors, due to its inability to at least cover the operational budget for 2020, which will compel it to search for creditors to borrow from abroad or home despite its negative effects."

Regarding the Iraqi government's resort to cash reserves, Al-Furaiji pointed out that "Iraq has about 30 billion dollars in reserves, more than half of which are invested in US treasury bonds," explaining that "resorting to the remaining financial reserves is a serious risk, Because of this effect on the price of the dinar against the dollar, which will create chaos in the local markets." Al-Furaiji clarified that "Iraq with the lowest estimates needs 89 billion dollars as an operating budget, while oil revenues do not reach a third of this figure." 

It is noteworthy that Iraq set the price of a barrel of oil at $ 56, within the draft budget this year, with a huge financial deficit expected to reach more than $ 30 billion of the total budget of about $ 135 billion An official in the Baghdad government, speaking on condition of anonymity, said that "Iraq's net income after the drop in oil prices decreased by 65% in 2020, compared to last year, causing a monthly deficit of $ 4 billion dedicated only to paying salaries and maintaining the continuity of government work."

For his part, Rep. Raad Al-Dahlaki, an Iraqi parliamentarian, warned that the fallout from oil prices to Iraq "will be catastrophic", especially as Iraq has been living in accumulated political and economic crises for years, which led to the accumulation of external and internal debt, and the rise in the budget deficit to more than 50 trillion dinars. He added that "Iraq is on the verge of a new phase that will be one of the harshest stages in its history, due to the failure to manage the economic file wisely by the current caretaker government and the governments that preceded it."  Al-Dahlaki reminded that "the Iraqi government has no options left to fill the budget deficit due to the drop in oil prices other than resorting to cash reserves, although it does not meet the need of Iraq for more than two or three months." 

  • Thanks 4
  • Upvote 3

Share this post


Link to post
Share on other sites

LINK

Parliamentary finance reveals the volume of internal and external debts for Iraq


11116.jpg
 

25th March, 2020

 

The Parliamentary Finance Committee revealed, on Wednesday, the size of Iraq's internal and external debts

The head of the committee, Haitham al-Jabouri, said in a statement reported by the official news agency, "Conscious", which was reviewed by "Al-Iqtisad News", that "the external debt incurred by Iraq amounts to 27 billion dollars," noting that "the external debt amounts to 39 billion dollars

Al-Jubouri expressed his hope that the payment of Iraq's debts will be postponed

The Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, said earlier that "the external debt of Iraq amounts to less than 30 billion dollars, and that there is external debt suspended on the Paris Club agreement, which deducted about 80% of the debts before 1990, was not settled

  • Thanks 2
  • Upvote 1

Share this post


Link to post
Share on other sites

LINK

Al-Rafidain: They continue to pay the salaries of employees and owners of private outlets offices

 

%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8

 

 

09:34 - 3/25/2020

 


Rafidain Bank announced, on Wednesday, that it will continue to pay the salaries of employees and owners of private outlets through its branches in Baghdad and the provinces.

The bank’s media office said in a statement that it received “the information”, a copy of it, that “the bank has sufficient financial liquidity to distribute the employees’ salaries and the dues of the owners of the outlets offices and other categories without interruption after allocating large amounts of money to feed its branches.”

The statement added, "The bank pays the employees' salaries via the electronic card and according to the specific timing and dates set by each department."

#####


Al-Rafidain: We have sufficient liquidity to distribute the salaries of all employees  

LINK

  • Thanks 1
  • Upvote 1

Share this post


Link to post
Share on other sites

LINK

Economist: Oil prices will return to normal with the return of Chinese industry to pre-SK

 

%D8%A7%D9%84%D9%86%D9%81%D8%B77-1-696x43
 
 
09:17 - 3/25/2020
 

Economist Dr. Safwan Qusai said on Wednesday that oil prices represent the compass by which the volume of global demand can be judged, pointing out that oil prices will return to normal or more with the recovery of the Chinese industry back to its era before Corona.

Qusai said in a statement to "Information", "The Chinese industry may return to what we used to do before the emergence of the Corona virus, but the process of restoring confidence to markets in developing countries and the European Union needs a period of time." He added that "the experience that should be used is dealing with a new component of fear, which is viruses, as there must be a trend towards the electronic industry (robots) in order to reduce the chances of transmission of the virus."

He indicated that "the level of demand will decrease in the current period, but in the long run, it is possible for China to return to where it was."

He pointed out that "the price of oil is the compass by which the volume of global demand can be judged, as the return of the Chinese economic situation to its former era will be accompanied by the return of high oil prices as they were previously or more than that, especially since China ranks second after America in terms of Economy".

  • Thanks 5
  • Haha 1

Share this post


Link to post
Share on other sites

Thank you 🤡 For all the news articles and your funny 😄 comments.

 

Go 🤡

Go news

Go RV

  • Thanks 1
  • Haha 3

Share this post


Link to post
Share on other sites

Thanks DInarThug - your posts are always a great read and topics and items in coloured is great but I am at the point where I am totally lost in getting my head around all the news that is being posted. So much happening watching the world imploding in on itself that is all seem so surreal. 

  • Thanks 1
  • Haha 2

Share this post


Link to post
Share on other sites
2 hours ago, NoviceInvestor said:

I am totally lost in getting my head around all the news. 
So much happening watching the world imploding seem so surreal. 


Or As They Call It In The Middle East - Just Ur Typical Thursday ...  :bananacamel:

:D  :D  :D 

  • Haha 3

Share this post


Link to post
Share on other sites

LINK

Parliamentary Finance reveals sources of insurance for the
salaries of employees and retirees

 

26th March, 2020


The Parliamentary Finance Committee revealed sources of insurance for the salaries of employees and retirees.

Member of the Committee, Deputy Ahmed Al-Saffar said, "The salaries of employees and retirees are secured for this year because of the funds recycled from times that witnessed an increase in oil prices and also the presence of reserves in the central bank, in addition to a surplus of ministries that did not exhaust their budgets," noting that "the allocations will be Also to address the Corona crisis over the next two weeks, based on the intensification of efforts and funds."

Al-Saffar added that "the central bank must take care of the poor who do not work now because of the curfew and must find a quick solution and financial support for them, because there are businesses that depend on daily wages."

  • Thanks 3
  • Upvote 2

Share this post


Link to post
Share on other sites

the central bank must take care of the poor who do not work now because of the curfew and must find a quick solution.

Oh ok So now they care about the poor, due the virus. But you know terrorism and muder corruption, displacement a currency worth less then camel hairs. Oh dont worry about the people then they can defend for themselves, they love to sound like they care about the people to get more money so they can get cut.

  • Thanks 1
  • Upvote 2

Share this post


Link to post
Share on other sites

LINK

The United States asks Saudi Arabia to "calm things down" in the global energy and financial markets

 

%D9%86%D9%81%D8%B7-%D8%B3%D8%B9%D9%88%D8
 
 
18:27 - 3/25/2020


 

The US Secretary of State, Mike Pompeo, asked the Saudi Crown Prince, Prince Mohammed bin Salman, to "calm" things in the global energy and financial markets that are witnessing a continuous and sharp decline against the background of several issues.

In a statement released on Wednesday, US State Department spokesperson Moogan Ortagos said that Pompeo spoke with Bin Salman via phone on Tuesday, noting that both sides "expressed deep concern about the issue of COVID-19 and the need for all countries to work jointly to contain The pandemic.

The statement added that "the US Secretary of State and the Saudi crown prince focused their attention on the need to ensure stability in global energy markets in the circumstances of global responses."

"Pompeo stressed that Saudi Arabia has a real opportunity to calm global energy and financial markets, as the leader of the Group of Twenty (in this period) and an important leader in the energy field, especially when the world faces a situation of serious economic uncertainty," the statement said.

Since January 2020, the world has been facing a deteriorating crisis caused by the outbreak of the new Corona virus infection “COVID-19”, which started spreading since December 2019 from Wuhan, China and led to huge losses in many sectors of the economy, especially transport, tourism, entertainment, and the collapse of global exchanges. The fall in energy markets has accelerated.

The World Health Organization has classified a new epidemic of corona virus, and has recorded more than 436,000 cases of this strain in nearly 160 countries worldwide, including 19,643 deaths and 111889 cases of recovery.

Oil prices are witnessing a continuous decline in recent weeks, against the backdrop of the significant increase in supply against demand, which has deepened due to the outbreak of the new type of Corona virus, especially after the failure to reach a new agreement on reducing oil production within the framework of the "OPEC +" group, what happened, according to informed sources Several, due to a dispute between Russia and Saudi Arabia over the issue, amid many reports indicating that the United States is seeking to reduce its losses due to this situation by holding an oil alliance with the Kingdom.

  • Thanks 4
  • Upvote 4

Share this post


Link to post
Share on other sites

Wait For It - Appropriately Highlighted In ‘Green’ Below ! :o 
 

 

Hey, A Wise ‘Blondie’ Once Said - ‘Dreaming Is Free’ ...

 

:D  :D  :D 

 

 

G20 leaders: pumping $ 5 trillion into the global economy to tackle Corona



قادة مجموعة العشرين: ضخ 5 تريليونات دولار في الاقتصاد العالمي لمواجهة "كورونا"
King Salman at the presidency of the extraordinary virtual summit of the Group of Twenty


March 26, 2020 5:52 PM

 


RIYADH - Mubasher: The leaders of the Group of Twenty agreed, in an exceptional meeting by virtual means, on Thursday, headed by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, to pump $ 5 trillion into the global economy, as part of financial policies, economic measures and targeted security plans to counter the social, economic and financial impacts of a pandemic Sk.

In a closing statement, the leaders emphasized commitment to protecting lives, preserving individual jobs and incomes, restoring confidence, maintaining financial stability, reviving growth and supporting a strong pace of recovery, and reducing disturbances to trade and global supply chains.

The leaders said: "We are currently taking strong and immediate measures to support our economies, protect workers and companies, in particular the micro, small and medium enterprises - and the sectors most affected, in addition to protecting vulnerable groups by providing appropriate social protection."

The leaders affirmed a commitment to provide assistance to all countries in need of support, to coordinate actions related to public health and financial measures, as well as a commitment to maintain the protection of lives, jobs and income, and a commitment to restore confidence in the global economy and achieve growth .

They said that the scale and scope of this response will restore the global economy to its threshold, while laying strong foundations for job protection and recovery.

The leaders asked the finance ministers and central bankers to coordinate with them periodically to develop an action plan to respond to the Corona virus (Covid-19), in addition to working closely with international organizations to provide appropriate international financial assistance and urgently.

They stressed the support for the exceptional measures taken by the central banks in line with their tasks. As these banks worked to support the flow of credit to families and companies, enhance financial stability, and raise the level of liquidity in global markets. We also welcome the extension of the currency swap arrangements made by our central banks.

The leaders supported the regulatory and supervisory measures taken to ensure the financial system continues to support the economy, and we welcome the coordination announced by the Financial Stability Board regarding these measures.

They welcomed the steps taken by the International Monetary Fund and the World Bank Group to support countries in need of assistance by using all tools to the maximum extent as part of a coordinated global response, and asked them to inform the Group of 20 periodically about the effects of this pandemic, and their response and recommendations to them.

The leaders said: "Addressing the health, economic and social impacts of the Corona pandemic is a priority for us ."

They emphasized taking the necessary measures to reduce the economic losses from the pandemic, calling on international organizations to clarify the impact of the pandemic on jobs.

They affirmed the continuation of providing broad and bold financial support, stressing that the collective measures of the Group of Twenty will work to amplify the impact of this support, and ensure its coherence, and benefit from the synergies between them.

“We task our senior officials to coordinate closely to support global efforts to counter the effects of the pandemic, including taking appropriate measures to manage borders in accordance with national regulations, and to provide assistance when needed to return citizens to their countries,” the leaders said.

They expressed deep concern about the grave risks facing all countries, especially developing and least developed countries, particularly in Africa and small island states, whose health systems and economies may be less able to adapt to this challenge, as well as about the risks faced by refugees and displaced persons. 

LINK

  • Like 1
  • Thanks 3
  • Upvote 3

Share this post


Link to post
Share on other sites
On 3/26/2020 at 10:12 AM, DinarThug said:

What ‘Other’ Arab Currencies ? :o 

 

(see highlighted in orange below)

 

:D  :D  :D 

 

 

ARAB MONETARY FUND ANNOUNCE THE INCLUSION OF THE EGYPTIAN POUND AS A SETTLEMENT CURRENCY USED IN THE "STRUCTURES" PLATFORM FOR ARAB PAYMENTS


THE CENTRAL BANK OF EGYPT AND THE ARAB MONETARY FUND ANNOUNCE THE INCLUSION OF THE EGYPTIAN POUND AS A SETTLEMENT CURRENCY USED IN THE "STRUCTURES" PLATFORM FOR ARAB PAYMENTS Logo-ar


2020-03-23 

 

In line with the announcement of the launch of the Buna regional payment platform affiliated to the Arab Monetary Fund (AMF), and as central and commercial banks commence the on boarding process to join the Buna platform, AMF in collaboration with the Central Bank of Egypt is pleased to announce the inclusion of the Egyptian Pound (EGP) in Buna for the clearing and settlement of payments, alongside the U.S. Dollars, the Euro, the Jordanian Dinar, the Saudi Riyal, the UAE Dirham, and the Bahraini Dinar, as well as other Arab and international currencies to be announced soon.

Buna is a multi-currency payment platform that clears and settles cross-border payments in eligible Arab and international currencies across the Arab region and beyond, with links to to major trade partners.

https://www.amf.org.ae/ar/content/البنك-المركزي-المصري-وصندوق-النقد-العربي-يعلنان-عن-تضمين-الجنيه-المصري-كعملة-تسوية-مستخدمة

Yeah baby! It’s coming 

  • Like 3
  • Thanks 1
  • Upvote 1

Share this post


Link to post
Share on other sites

Dang .....the dreaded word “ soon “ again. Lots of stuff going down all at once lately. Perhaps this “ soon “ will be sooner than the Iraqi “ soon.” Git R Done.

  • Thanks 1
  • Haha 2
  • Upvote 1

Share this post


Link to post
Share on other sites

 

Head of the government follow-up cell: Iraq may resort to printing currency to secure employee salaries .. The crisis will begin early next month

 

116132.jpg?watermark=4


 

Localities 27/2020 17:59 4836 Editor: gf   

Baghdad today - follow up

 

The Follow-up Cell revealed in the Prime Minister's Office on 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, while it indicated 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), she explained that the salaries of employees amount to 3 billion and a half per month, which could prompt Iraq to print the currency as a last option, "as the state of the state will be affected starting next month."

The cell leader Mustafa Jabbar Sanad said in a press interview that "the crisis of the Corona virus caused the disruption of the economy in general and the oil sector in particular, as the global demand for oil decreased by 10 million barrels per day, while it will decrease during the next month by 9 million barrels." "The drop in the world oil price by one dollar means the loss of Iraq's annual budget of one billion dollars."

And that "the price of a barrel of Iraqi oil fell from 58 dollars in the month of February to 18 - 19 dollars in the current month. This has led to a loss of the budget about 40 billion dollars after it was previously estimated at 90 billion dollars."

 He continued, "The country imports at this price ($ 18), which amounts to two billion dollars per month, of which one billion dollars goes to licensing tour companies (at a rate of 12 billion during the year), so the state treasury remains only one billion dollars, while the salaries of employees amount to 3 and a half billion dollars."

Sanad added, "Iraq receives its sold oil money after 40 days of selling, which means that the salaries of this month are insured from the amounts of oil sold last month before its prices drop in the markets, while the state will resort to other solutions to secure the salaries of the coming months, including selling bonds on banks or borrowing." From foreign or domestic banks. "

He pointed out that "other sectors, such as customs, taxes, etc., which were entering about 6 billion dollars during the year, were also stopped due to the spread of the Corona virus."

The head of the cell lamented that "there is an offer currently from the World Bank worth $ 3 billion, in which the latter stipulates that it should not be spent on the operational budget (salaries), explaining that among the solutions that the country’s government may be heading is to print the currency," noting that "that is not possible Without a cover of gold and hard currency, however, this option is on the table as a last resort, as things can go for a month or two. " 

Sanad cited his talk about currency printing that "the United States decided today, through a decision by the Congress, to print the currency with a value of two trillion dollars, which is the first country in the world, but it did not adhere to the issue of currency printing, so how about other countries that depend on the US dollar (referring to Iraq)."

And he added, "The stability of the American economy reflects positively on the stability of the global economy and vice versa, whereas the US economy has experienced major collapses in the last 20 days as the most famous indicator in the world (Dow Jones) has fallen to levels that throughout history have only reached in the Great Depression that It happened in 1929, which then affected all countries of the world. "

He continued, "The American economy has returned to recovery following the request of the US President and the agreement of Republicans and Democrats in Congress to print 2 trillion dollars from the US federal fed as bonds of interest to the American government, after they found that their country's already indebted economy was 20 trillion dollars, 6 trillion dollars of which to China has become The test. "

He added that "the Congressional decision led to historic jumps in market indicators, which led to the revival of the European and Japanese market, as the oil market revived by 3 dollars, which returned to the end of the week as a natural state of oil."

LINK

 

Edited by DinarThug
  • Thanks 7
  • Upvote 2

Share this post


Link to post
Share on other sites

The fiscal deficit in the budget will reach 70 trillion dinars and will not affect the payment of salaries ... Parliamentary finance assures Al-Zawraa: No deductions in the salaries of employees and retirees and their entitlements are insured in the 2020 budget

 


March 26, 2020 8:27 AM Author: alzawraapaper
 
 
%D8%A7%D9%84%D8%B9%D8%AC%D8%B2-%D8%A7%D9
 
 
Al-Zawra / Yusef Salman:
 

With the continuing political disputes opposing the candidacy of Adnan al-Zrafi to the post of Prime Minister in charge of forming the interim government, and the increasing pace of popular and governmental efforts to confront the crisis of outbreaks of Corona virus cases, the Parliamentary Crisis Cell announced the cancellation of its controversial recommendation to deduct a percentage of employee salaries.

The Parliamentary Crisis Cell announced a recommendation to the government to deduct 25% of the salaries of special grades and 5% of the salaries of fourth-class employees up and transfer them to the account of the government crisis cell, which sparked intense controversy among the popular and political circles in general.

In light of that, the Parliamentary Finance Committee confirmed that employees ’salaries are guaranteed in the draft federal budget law for the year 2020, noting that the value of the fiscal deficit will reach 70 trillion dinars in light of the low oil prices.

Member of the Committee, MP Haneen Qaddou said to Al-Zawraa that “the 50% drop in oil prices naturally affected the construction of the federal budget for the year 2020, because Iraq depends on oil imports to build federal budgets.”

He added that «the value of the financial deficit in the budget will reach 70 trillion dinars due to the low oil prices, this will push the government and the House of Representatives to adopt other non-oil imports and reduce public expenditures to fill the fiscal deficit in the budget», indicating that «the government will resort to internal loans from government banks Eligibility to fill the deficit in the public budget.

A member of the Parliamentary Finance Committee affirmed that “the incurred deficit does not affect the payment of salaries of employees and retirees,” pointing to the cancellation of any governmental or parliamentary recommendation to the crisis cell to deduct any portion of the employees ’salaries and not prejudice the entitlements of this important segment under any circumstance.

He explained that «the average external debt incurred by Iraq is 27 billion dollars, and the internal debt rate of 39 billion dollars», pointing out that «there is talk about the Iraqi government’s request to postpone the payment of external debts and loans in light of the global oil crisis».

He continued by saying that "Iraq needs an appropriate budget for the economic and health circumstance that the country is going through," noting that "the emergency budget is limited to paying the salaries of employees, which is the most important and creating the conditions for holding elections."

The Parliamentary Finance Committee also affirmed that any deduction in the salaries of employees of state departments is illegal.

The other member of the committee, MP Majida Al-Tamimi, said in a press statement that she “made contact with the Ministry of Finance and the head of the Parliamentary Crisis Cell, Hassan Al-Kaabi. The two parties agreed that the deduction is illegal because the law is only amended by law.”

Al-Tamimi added that she "proposed offering other alternatives to reduce the volume of operating expenses without compromising the salaries of employees."
LINK
  • Thanks 1
  • Upvote 2

Share this post


Link to post
Share on other sites

Governmental and parliamentary efforts to pay harm to the citizens ’food

 


Friday 27 March 2020


alsabaah-33849.jpg


Baghdad / Hoda Al-Azzawi

 
 
The economic situation caused by the low oil price and the spread of the Corona epidemic, prompted the relevant authorities in the government and the House of Representatives to search for alternatives to cover the shortfall in funds and at the same time manage the health crisis in the country.

Despite the objection to prejudice to the salaries of the employees, the challenges impose austerity measures to cross this stage, according to deputies, officials and specialists in economic affairs, including the pressure of government expenditures and the review of financial concessions for some groups, while others see that this complex crisis and the political conditions of the country, prepared for Any opportunity to approve the general budget for the fiscal year 2020.

In this regard, Dr. Magda Al-Tamimi, a member of the Parliamentary Finance Committee, said that the budget in its nature depends on two parts: oil revenues and non-oil revenues.

She adds to "Al-Sabah", saying: that oil revenues constitute about 93 of the budget value, because the Iraqi economy is unilateral, in exchange for a few revenues that come from taxes, customs, state real estate and other collection money, noting that these revenues decreased significantly during the current and past two years , Due to the lack of use of electronic transactions to maintain opportunities for corruption.

Al-Tamimi asserts that Iraq has very large non-oil revenues, but what amounts to the state treasury does not constitute only 10 percent, and the rest goes to the pockets of the corrupt.

Al-Tamimi noted that the sharp drop in oil prices, which coincided with the outbreak of the Corona virus, led to paralysis in most of the country's departments, not only in Iraq but also in the countries of the world as a whole.

She added that these challenges prompted the executive and legislative bodies to search for solutions, including adopting a recommendation to deduct the salaries of certain categories of employees in order to support efforts to combat the Corona virus and strengthen health services that suffer from a deficiency.

Al-Tamimi added: "There are also other proposals to tackle the financial crisis, by going to the doors that do not affect the salaries of employees, which will be discussed in the next meeting of the Parliamentary Crisis Cell, stressing the necessity of squeezing expenditures, and directing money towards providing health services, salaries, and support for pooR segments."

Al-Tamimi acknowledged that the state is having difficulty securing these requirements and managing the funds in the next stage.

For his part, adviser to the Prime Minister Abdel-Hussein Al-Hanin says: The big drop in oil prices will greatly affect the budget, whose approval was delayed due to the political situation in the country.

He added to "Al-Sabah", saying: "We found it inappropriate to continue in this situation, especially with the delay in forming a government that is responsible for approving a new budget for the country, which prompted the government to form a team assigned by the Prime Minister to prepare a budget differently from previous budgets, dependent on performance." And the programs also take into account the significant decline in oil prices. "

Al Hanin revealed the existence of a proposal to deduct a limited percentage of the employees ’allowances and not from their original salaries, temporarily, provided that these percentages return with the recovery of oil prices gradually, but the matter is still under discussion.

He pointed out that the new budget, which is being prepared by the assigned team, will be devoid of deficit or there will be a low rate not exceeding seven trillion dinars, which will be covered through the issuance of government bonds, in cooperation with the Central Bank.

There is also another opinion, which lies in the adoption of bonds as a resource to meet the necessary expenses, a proposal that is still under discussion and study, according to Al-Hanin, indicating that the Corona crisis has cast a shadow over the economies of the whole world, and Iraq may be better than other countries, after taking a series of measures, 

Also, the government tends to postpone the payment of many installments of loan installments and there is a study to revitalize the private sector to face this ongoing circumstance through banking facilities to allow the private sector to revitalize the economy.


But the economic expert, Dr. Jaafar Baqer Alloush, sees the importance of suspending the budget approval at the present time, and he tells Al-Sabah that "the re-engineering of public expenditures is the only outlet available to the monetary authorities in Iraq to get out of the crisis."

Alloush adds: "The decline in oil prices to levels that reached one third of their value in 2018 and half of their value calculated on the basis of the 2020 budget has created a faltering economic environment in front of the implementation of the general budget ... And with the decline of global stock indicators and the collapse of many global financial markets, which are heading Towards the economic recession, which may extend for the remaining months of this year, cuts off the way for Iraq to obtain additional funding to bridge the budget deficit.

He pointed out that "there is a global crisis represented by declining values of economic assets and a reassessment of the prices of international commodities, including oil. Also, the coming recession will put real determinants of the return of the oil price to its previous era."

Alloush said that "the general form of the Iraqi economy is dominated by the distributive character, as the services and distribution sectors occupy 42% of the gross domestic product, and oil occupies approximately 56%, and the productive sectors remain the weakest part."

He adds: "With such conditions, fast solutions must be available and really available. One of the most important is re-engineering of expenditures, which we mean by keeping the budget not approved and spending on the basic requirements only ... and reducing the value of the Iraqi dinar in a controlled manner before it is forced to reduce the burden of obligations Interior of the state. "

This opinion is agreed by the oil expert Hamza Al-Jawahery, stressing that "overcoming the crisis of low oil prices requires stopping the approval of any budget and relying on the 2019 budget by reducing 30 percent on all aspects of exchange, including salaries and benefits starting from the presidents and general managers, and those with special grades, and finding legislation to reduce Amounts of concessions, preventing the combination of two salaries, and activating non-oil revenues resulting from fees and taxes, up to a minimum of 10 billion dollars.

Added to this is the restoration of the agreement with the Kurdistan region to ensure obtaining the revenues of the oil exported there, and finding guaranteed payment methods, as well as the pressure of government spending.

It is also possible, and the hadith of Al-Jawahiri, to postpone the payment of the dues of the oil companies operating in Iraq, to provide sufficient funds and to manage them properly during the remainder of this Year.

LINK

  • Thanks 1

Share this post


Link to post
Share on other sites

Work pays the salaries of retired workers

 

Saturday 28 March 2020

 

alsabaah-33852.jpg

 

Baghdad / Al-Sabah / Batoul Al-Hassani 
 
 
Yesterday, Friday, the Ministry of Labor and Social Affairs released the salaries of retired guaranteed workers for March and April in Baghdad and the provinces, while it announced that coordination with the Rafidain Bank would continue to distribute unemployment benefits in a timely manner.
 

The Director General of the Ministry of Retirement and Social Security for Workers, affiliated with the Ministry, Raed Jabbar Bahd, told Al-Sabah that his department has completed procedures related to disbursing the salaries of secured workers. Bahid added that "the Rafidain Bank has been informed, to deliver the salaries of retired workers through their banks based on their payroll without referring to the department for the purpose of providing the beneficiary with a manual exchange book," explaining that "the procedure came in consideration of the current situation the country is going through and what it contributes to Reducing the spread of Corona virus.

 In the same context, the Ministry of Labor and Social Affairs announced that coordination with the Rafidain Bank will continue to distribute unemployment benefits in a timely manner. 

The Ministry's media director, Najm Al-Rubaie, told Al-Sabah: “The ministry is committed to the same mechanism for distributing subsidy salaries to the unemployed every two months in coordination with the Rafidain Bank.” 

He indicated that “the Ministry is awaiting financial allocations and approving the 2020 budget to include those who are not registered in the unemployment benefit form.” 


Al-Rubaie continued, “The social security benefit salary and those with disabilities have been secured.”

LINK

  • Thanks 2
  • Upvote 1

Share this post


Link to post
Share on other sites

LINK

The Kurdistan government responds to the allegations of
losing one billion dollars in Lebanon

 

gotear-444.jpg

 

28th March, 2020

 

The Kurdistan Regional Government denied on Friday the statements made by parliamentarians claiming that the region is at risk of losing a billion dollars deposited in a bank in Lebanon.

Government spokesman Gutiar Adel said in a statement reported to Shafak News that, with regard to the billion dollars and the siblings that are allegedly seized in a Lebanese bank, we heard these allegations through the media and its source is old and he was a minister in Hezbollah.


He added, "We investigated these allegations and turned out to be incorrect," noting that oil companies operating in the Kurdistan Region have accounts deposited in that Lebanese bank.

"We thank the brothers in the movement for change and any other person who investigates the facts and shows them to the people. Otherwise, we ask them to stop the auctions and the practice of misleading," he said.

Members of the region’s parliament were for the Change Movement, and a member of the Iraqi Council of Representatives for the Future Bloc, Sarkot Shams al-Din, claimed earlier in the day that the Kurdistan region was at risk of losing a billion dollars deposited in a Lebanese bank threatened with bankruptcy.

Shams Al-Dabn said in a statement today that "the latest information that we obtained that this bank is threatened with bankruptcy, and cannot recover the funds deposited with him, including those of the region's government."

Share this post


Link to post
Share on other sites

LINK

Oil continues its losses for the fifth week and there is no agreement between Saudi Arabia and Russia


19732.jpg
 


28th March, 2020

 

Oil prices closed large losses amounting to nearly five percent, on Saturday, to continue its losses for the fifth consecutive week with weak demand resulting from the Corona virus and the lack of agreement between Saudi Arabia and Russia to reduce production

Brent crude fell 1.28 dollars, or 4.86 percent, to settle the settlement price at 25.06 dollars a barrel
 
And US crude closed down 0.76 dollars, or 3.36 percent, to 21.84 dollars. And American crude fell more than three percent over the week
 
Fatih Birol, director of the International Energy Agency, said that, given the need for three billion people in their homes, the global demand for oil may drop 20 percent, calling on major producers such as Saudi Arabia to lend a hand to bring stability to the crude markets
 
A three-year agreement between the Organization of Petroleum Exporting Countries (OPEC) and other producers, including Russia, collapsed this month after Moscow refused to support Riyadh's plan to deepen production cuts, prompting Saudi Arabia to pledge to increase production to a record level
 
"There is no communication between the Saudi and Russian energy ministers about increasing OPEC + members, and there are no negotiations to reach an agreement to balance the oil markets," an official from the Saudi Energy Ministry said
 
The statement came after a senior Russian official said on Friday that more oil producers may cooperate with OPEC and Russia, in an indirect reference to the United States, the world's largest producer, which has never cut production
 
The International Energy Agency, which advises the United States and other industrialized countries, called on Saudi Arabia to lend a hand in order to stabilize the market
 
Algeria, the current head of the Organization of Petroleum Exporting Countries, has called for a meeting of the organization's economic committee no later than April 10 to discuss the current situation in the oil market

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.