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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 !

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7 hours ago, happygilmores said:

I say let them print more money! The world needs more Toilet Paper right now!

 

What YOU said . . . the panicked herds are still ransacking the stores . . . :facepalm:

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An invitation to activate the digital economy and work from home


Sunday, March 29, 2020

 

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Baghdad / Mustafa al-Hashemi
 

 

The Iraqi economy, as well as the Iraqi market, are witnessing exceptional circumstances that call for adopting alternatives that will make things better and closer than they were before the spread of the Corona virus in recent weeks.

And a group of specialists in economic affairs sees the necessity of adopting the best alternatives that suit the current stage, which is activating the digital economy and supporting ways and means of working from home with exceptional legal legislations.

Digital economy

Digital economy is defined as the economy that is based on its overall operations on information, and is based in most of its steps on the use of information and communication technology, which removed barriers to the flow of information, goods, services and capital movement, to and from any point in the world, and at any time, and the digital economy allows to send And receive any amount of electronic currency instantaneously at any time and place.
In this regard, the economic researcher Lubna Al-Shammari said that "the widespread use of the Internet among the public and via mobile phones and computers has opened new horizons for work, including the possibility of working from home."
Al-Shammari added to Al-Sabah: “Working from home, especially in the government sector, needs to legislate and enact appropriate laws to enhance and activate this experience not only in times of crises and disasters, but at all times.”
She indicated that "activating work in this aspect would achieve advanced levels of achievement in employee productivity and save time and effort in carrying out transactions in the e-government."
 
Financial transactions
Through the payment systems in the central bank’s payments system, steps to enhance the role of financial inclusion are achieved through digital services provided by banks and electronic payment services providers as it represents an important dimension in the central strategyand automation of work through the use of electronic payment tools and encouraging the use of financial and banking services provided Banks and online payment service providers.
And the economic academic, Dr. Majid Al-Baidhani, believes, "The necessity of educating the public about the importance of dealing in cash over the phone through applications for mobile phone companies, which I started working on a few years ago."
Al-Baidhani added to Al-Sabah that “many citizens are unaware of the way e-wallets have been launched by telecommunications companies in cooperation with the Central Bank through points of sale to transfer money and receive amounts to and from family and friends from the phone line in an effective and safe and comfortable manner . "

Electronic shopping
Al-Baidhani indicated that "these services also allow the transfer of funds through the use of the phone line as well, along with the ability to shop online from electronic commerce sites in Iraq through the electronic payment portal, which allows the purchase of various types of goods, services and products, fashion, flight reservations and much more." . Al-Baidhani said: "What the country is going through is exceptional circumstances and restrictions of movement to prevent the spread of" Corona, "electronic shopping over the phone will be safe in all respects, as it obviates going to crowded markets and places, and avoids dealing in paper money that may be one of the reasons for the spread of the virus, What achieves feasibility at the health level And economist. "

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On 3/28/2020 at 12:37 PM, DinarThug said:

On the threshold of the crisis ... conflicting statements in the Prime Minister's Office regarding the issue of financing employee salaries by printing currency


2020-03-28
 
 
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Yassin Iraq: Baghdad

 

The issue of printing the Iraqi currency to finance the state budget, which the follow-up cell in the Prime Minister’s Office stated, has caused a great deal of social and economic circles, as Article 26 of the Iraqi Central Bank Law prohibits printing the Iraqi currency, while the economic advisor to the Prime Minister sees the appearance of Muhammad Saleh, The topic is just a suggestion.

Printed currency

The Follow-up Cell revealed, in the Prime Minister’s Office, 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. ), She explained that the salaries of employees amount to 3 billion and a half per month, which may push Iraq to print the currency as a last option, "as the state of the state will be affected starting from next month."

Cell leader Mustafa Jabbar Sanad said in a press statement, "The Corona virus crisis caused the disruption of the economy in general and the oil sector in particular, as 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."

He pointed out that "among the solutions that the country's government may be heading towards is the printing of the currency," noting that "this is not possible without the presence of a cover of gold and hard currency. However, this option is offered as a last option, 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 at 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 do other countries that depend on the US dollar (referring to Iraq)".

Abdul Mahdi's advisor explains

The financial advisor to the Prime Minister, the appearance of Mohammed Saleh, revealed today, Saturday, Iraq’s options to face the new financial situation, which was imposed on the country after the decline in oil prices and the emergence of the Corona virus, while stressing that the issue of printing an Iraqi currency to avoid the crisis is just an opinion and a proposal.

Saleh said, in a statement, that "a team is working with the Ministerial Council to restructure state expenditures," noting that "our options to confront the financial situation are heading towards pressure expenditures."

He believed that "the issue of printing currency is merely a personal and suggested opinion that is not consistent with the Central Bank Law."

Economist explains

Today, Saturday, the economic expert, Nabil Al-Marsoumi, said that the Central Bank of Iraq Law of 2004 and its amendments prohibit government lending, but it allows him to purchase government securities from the secondary market only and that this is done through the use of a method of deduction of treasury transfers by the central bank as a debt to the bank The owner of the initial deduction, and this leads to an increase in his assets (the rights of the central bank over others), which requires an increase in his liabilities (the rights of others over the central bank) through an increase in the currency in circulation.

And the decree said in an interview to the platform "Yass Iraq" that "this is the same method that was used by the Central Bank of Iraq after the collapse of oil prices in 2014, knowing that the internal debts amount to about 40 trillion dinars representing treasury transfers and bonds discounted with government banks and the Central Bank of Iraq."

 

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He added, Iraq will resort to adopting this method now due to the large deficit in the 2020 budget and to cover the salary gap that may reach $ 15 billion.

The Central Bank of Iraq law does not allow the printing of the currency to finance the deficit in the public budget because this measure would expose the national currency exchange rate to collapse as well as its inflationary effects on the Iraqi economy.

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Parliamentary Economy: Resorting to the central reserve will not affect the exchange rate of the dinar

 

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12:11 - 3/29/2020
 

Member of the Economic and Investment Committee, MP Nada Shaker Jawdat, confirmed on Sunday that Iraq’s resort to withdraw funds from the central bank reserves is a natural right and that it will not affect the Iraqi dinar exchange rate because it is backed by a good cover of gold and a large oil reserve, denying the government's feet To print out the paper currency.

Jawdat said in a statement to the "information", that "all countries of the world suffer from a financial crisis, especially after the outbreak of the Corona pandemic, a decrease in oil prices, and the stopping of investments, factories and international trade, and that Iraq is the largest affected in this regard," noting that "most of the countries of the world resorted to borrowing from Its financial reserves.

She added that "the government has the right to borrow money from the central bank reserves to fill its financial deficit, just like the rest of the world." She explained that "the Iraqi government will resort to external and internal borrowing, including borrowing from the cash reserve in the Iraqi Central Bank."

Jawdat pointed out that "borrowing from the cash reserve will not affect the Iraqi dinar exchange rate because it is backed by a large reserve of gold and oil reserves," denying "the rumors raised about the government printing the paper currency to pay salaries."
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Parliamentary Finance warns of the Iraqi currency losing its value in the event of resorting to cash printing


8 Hours ago

 

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The Parliamentary Finance Committee warned of the danger of losing the Iraqi currency to its value if Iraq resorted to the option of printing cash.

Committee member Faisal Al-Issawi said in a statement that the continued decline in oil prices may push Iraq to think of the option to print currencies, but that requires setting a full monetary plan to preserve the value of cash from collapse or inflation, and to secure the dollar cover in the markets, adding that the option of cash printing is A final door for Iraq to meet the needs of salaries.

Al-Issawi indicated that the oil amounts do not cover fifty percent of the salaries, and that Iraq needs to go to other resources, pointing to the salaries of the month of March, which were completely completed, and work is underway to prepare the resources to provide the salaries for the month of April.

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Moussaoui attacks banks and banks donations to the crisis cell: "a meager efficacy"


18:08 Sunday, March 29, 2020
 

Baghdad - people

 

On Sunday, a member of the Parliamentary Health and Environment Committee, Jawad al-Moussawi, described the contributions of banks and government and private banks as a "meager media activity" that is not commensurate with the billions they have benefited from in previous years.

Al-Musawi said in a statement, "People" received a copy of it, today (March 29, 2020), "The contributions of banks and government banks in general and private in particular forty million dollars are not commensurate with what these banks have benefited from billions during the previous years of the currency auction."

Al-Musawi revealed that "the Ministry of Health has not yet benefited from these donations, or for one dollar, and it is only a meager media event."

And the World Health Organization predicted, on Sunday, that Iraq will see an increase in coronavirus infections in the coming weeks.

The representative of the organization in Iraq, Adham Ismail, said in a press statement that Nass followed today (March 29, 2020), that "the number of injuries is expected to increase in the coming weeks, and we expected this increase to occur in the last week of this March and since the middle of last January." .

He added that "the World Health Organization has repeatedly warned of this increase in the event of human gatherings and warned of their danger, but unfortunately those gatherings occurred."

And Ismail indicated that "in the event that the steps taken by the Iraqi state escalate, the country will not give in to the virus."

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Waiting for new instructions

By the time the salaries are due, how will they be distributed with the curfew?


12:09 Sunday, March 29, 2020


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Baghdad - people

 

Corona pandemic caused a major crisis in the Iraqi currency market, as well as the work of private and government banks, especially with the start of the distribution of monthly salaries to employees. 

In spite of the curfew, many governmental and private banks were able to resume their work after receiving exceptions to the curfew by the Crisis Cell and the concerned authorities, and began to disburse employees ’salaries and financial entitlements, as well as facilitate citizen transfers.

Al-Rashid Bank announced that it would begin distributing the salaries of employees of a number of ministries and institutions of the endemic country, their salaries with the bank using electronic payment tools.

The bank said in a statement that "people" received a copy of it, that "all bank branches were opened in implementation of the decisions of the crisis cell, and that all bank branches in the central and southern region continue to provide services to citizens despite the curfewand in coordination with the crisis cells in those provinces."

Regarding the departments that the bank began distributing its salaries, he stated that he raised the salaries of the employees of the endemic government departments with their salaries, and of all palm card holders and more than 30 ministries and institutions where the lifting operations were completed on 03/24/2020, and assured the bank that all salaries are insured and will be raised if It is received by the ministries and institutions by the bank, knowing that it is possible to receive from any of the bank’s branches or from the authorized agents of Suwij Company.

As for the Rafidain Bank, it has also announced that large amounts of money are available to feed its branches and distribute the salaries of employees and retirees, if available.

The bank’s media office said in a statement that “people” received a copy of it, today (29 March 2020), 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. 

He pointed out that "the bank pays the employees' salaries through the electronic card and according to the timing and specific dates set by each department."

But the curfew exacerbated the suffering of citizens, regarding their ability to access these banks.

Citizens in the capital, Baghdad, and Basra Governorate, said, "The measures imposed by the security forces to prevent curfews prevented their access to bank branches to receive their salaries, whether employees or retirees."

In turn, the Islamic Spectrum Bank announced the reopening of its branches in a number of Iraqi governorates, for an official working period starting from 9 am to 12 noon, in implementation of the crisis cell headquarters in this regard.

The bank stated in a statement, "The branches of the Islamic Spectrum Bank will resume operations from the date of (29 March 2020) at 9:00 a.m. until 12:00 p.m. every day."

And between the bank, that “the branches that will resume work in Iraq are the Erbil branch (Family Mall), the Mansour Mall branch in Baghdad, the Harthy branch in Baghdad, the Hilla branch, the Kut branch, the Najaf branch, and the Nasiriyah branch.”

According to informed sources I spoke to "people", "The financial transactions offices between the Iraqi provinces are facing difficulty in their work after imposing the curfew, except for many remittance offices, financial dealings and private banks that have started to resume their work partially since yesterday, and waiting for new instructions on the work of the currency market And the exchange and transfer shops near the beginning of next April.

Yesterday, member of the Parliamentary Security and Defense Committee, Saad Ma`a Al-Halfi, criticized the government silence over the suffering of low-income families.

In a statement, a copy of which was received by “people”, Al-Halfi said, “The fear of transmission of the Corona virus has imposed a number of measures, including a curfew that will prove its effectiveness and perform its intended purpose if it is applied with regard to the humanitarian side,” noting that “the restrictions that The decision imposed by the ban on families with low incomes has added suffering to their suffering, especially since the heads of those families depend on bridging their children to earn their living from their daily work.

He added, “The sons of the Iraqi people presented a wonderful image of compassion among themselves, and a clearer picture of that is what we are seeing in the Tramaum campaign launched by His Eminence the Leader, Muqtada Al-Sadr, which relieved many of the shoulders of the needy families,” noting that “this does not absolve the government of its responsibility.” Toward its people, which is moving from crisis to crisis and from intensity to the next due to the entrenched partisanship and interests at the expense of the public interest.

Al-Halfi criticized “the government silence regarding the suffering of families with low incomes and the choice of the people between death by corona or starvation if they abide by the decisions issued to limit the spread of the deadly virus,” calling for “allocating a sum of money provided in the form of a monthly grant to each family that does not have a salary to be able to bridge Its needs during the curfew period, as well as obliging the Ministry of Trade to provide the ration card items in full and as quickly as possible.

The Human Rights Committee warning coincides with the security forces' tightening of measures to impose a comprehensive curfew in cities and popular neighborhoods.

An officer in the Ministry of Defense told Anatolia, (asked not to be identified), that this morning, the army and security forces closed five markets in the cities of Al-Sadr and Al-Shaab, east of Baghdad.

The source pointed out that the security forces prevented all kinds of gatherings outside the homes, and closed all small squares that the youth segment used to practice sports.


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TRADE BANK OF IRAQ


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28th March, 2020

 


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Translation.....

 

Dear valued customers ... The administration of the Iraqi Bank of Commerce decided that the branches of all branches should be open every Sunday and Wednesday only every week, from:: 9:30 am And until 12.30 o'clock, starting tomorrow, Sunday, corresponding to 2020/03/29, and until further notice for the purposes of transactions, cash deposits, and making bank transfers. Banking campaigns are currently available to all countries of the world, including (Jordan and Malaysia), so notice required 

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An improbable crisis


Sunday, March 29, 2020


Mohammed Sharif Abu Maysam 

 

 

What is said about the prospects of a global economic crisis looming, mainly due to the collapse in oil prices caused by the disagreement between the major producers in the world (Russia and Saudi Arabia) in conjunction with the global epidemic crisis caused by the "emerging krona virus" which affected the global trade movement negatively And on the rates of production and flow of goods from China as the largest marketer of commodities in global markets, which withdrew on the rates of energy consumption in a country that is the largest consumer of oil on the Asian continent. 


Naturally, the oil producing countries should not stand idly by without looking for a way out of prices, while their economies are exposed to severe losses, which means that this drop in oil prices is only temporary, with the decline of Corona virus activity according to the relevant international agencies. As the summer season approaches, the temperature rises, and with all of that, setting the necessary arrangements to face the repercussions of such a crisis is one of the priorities of the economic plans maker in the country. For everyone who still suffers from structural imbalances that need radical treatments capable of making a positive variable that contributes to building an economic structure based on the existence of real and effective sectors and sectors that support economic integration rings, without resorting to the method of reactions that usually lead to counterproductive reality. Macroeconomic. 

Hence, stopping investment spending and reducing operational spending in all aspects of government activity in the public budget is not conducive to more than dedicating the state of economic contraction, which usually leads to a recession that may overthrow some of the successes that have been achieved in some sectors, including the agricultural sector, for example. 

At a time when we are in urgent need to devote these successes, which have restored the local product, and contributed, albeit partially, to limiting the flow of hard currency out of the country, and provided many jobs and job opportunities in the supporting sectors, which requires the Central Bank’s intervention in the face of the large deficit In the public budget to activate its initiative to support specialized banks, with the one trillion initiative to support credit in private banks, towards moving the productive sectors that will need, necessarily, the existence of supportive investment spending in infrastructure rings and an acceptable level of operational spending to ensure the flow Cash liquidity in trading arenas, while it can focus on pressure on non-core government expenditures, and obtaining state debts from telecom companies that have wavered in some joints, and demanding the value of the region's exports of crude oil and border ports, without resorting to enhancing government imports by raising rates Collection and fees for services
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Corona threatens China's hopes for the success of the economic belt project


- 6 Hours Ago
 
The initiative of Chinese President Xi Jinping, "The Belt and the Road", has long been considered a way to project China's influence around the world. Now, the Corona virus shows how the trade and infrastructure program can help export the country's problems.

The deadly epidemic raises delays and delays to Chinese construction and investment plans abroad, and endangers years of planning and hundreds of billions of dollars in economic diplomacy, as quarantine measures prevent Chinese workers from accessing foreign construction sites, and domestic companies supplying overseas projects face severe shortages In employment, concerns are growing that workers will unintentionally spread the virus to new areas.

Projects affected since the virus appeared in December include a $ 5.5 billion high-speed railway in Indonesia. There is also a separate rail initiative in neighboring Malaysia, construction projects in Sri Lanka, and corporate expansion plans in Pakistan.

The risks of relying on Chinese projects

According to the (Economic Times), the turmoil left by the Corona virus revealed another problem, which is the region's growing dependence on China's support for major infrastructure projects. Even as the incidence of new coronavirus cases in China slows, host countries are still wary of avoiding an outbreak in the future, as deadly infections escalate in places like Iran, Italy, South Korea, Spain, the United Kingdom, and the United States, and they serve as a warning about how quickly the virus exits outside Scope of control, hence the risk of delaying and canceling projects.

Bonnie Glaser, who advised the US government and directed the Chinese energy project at the Center for Strategic and International Studies in Washington, says that although there are risks of delay and project cancellation, there are also risks in early project resumption. The Chinese president is determined to demonstrate that life is returning to normal in his country , And wants to put the economy back in reverse. It is possible that the resumption of the "Belt and Road" projects will be among its objectives, not only for economic reasons, but also because the "Belt and Road" activities are a lever to enhance Chinese political influence.
Even before the outbreak of the Coronavirus and Chinese President Xi Jinping sought to change the brand and reduce the ambitions of the “Belt and Road” amid an economic slowdown at home and a violent backlash from some cost-conscious partner countries, the United States led a global campaign against the program, arguing that China’s accreditation Loans should imprison the poorest countries for “debt traps,” while China presents its own strategic goals.

The virus has presented yet another obstacle, as countries prevent Chinese visitors. One of the officials involved in planning the "Belt and Road" initiative in Beijing said that failure to stop the spread of the virus outside China would inevitably affect the projects.

"Belt and Road" projects affected

However, another Chinese official said in Beijing that the impact on major projects was still limited and that major unrest was likely to remain a problem only in the short term, and this optimistic assessment was echoed by Chinese Vice Foreign Minister Ma Zhaoxu at a press conference on international support. Efforts to tackle the Corona virus.

The Deputy Minister of Al-Khajia Al-China recently told reporters in Beijing that "the impact of the outbreak of the disease on the construction of projects (the belt and the road) is temporary."

On the same day, however, the Indonesian Minister of Coordination for Maritime Affairs and Investment, Lohot Pangaitan, acknowledged that the billions of dollars worth of high-speed railway between Jakarta and Bandung - a major project (Belt and Road) - is likely to face delays in what not More than 300 workers are still stuck in China.

In neighboring Malaysia, dozens of nearly 200 Chinese workers descend from the $ 10.4 billion east coast railway from Wuhan, the epicenter of the disease. They are not allowed to return to their homes, while other workers can return after 14 days of quarantine.

In Pakistan, which hosts many of the Belt and Road initiative that spans energy and construction, the two companies - Engro Polymer & Chemicals and Pakistan Oxygen - said their projects were facing a slowdown as their Chinese contractors alerted them to the delay caused by the mainland's handicapped facilities.

There has also been a widespread disruption of efforts in Sri Lanka, where Chinese investment is building the huge city of Port City Colombo, and it is expanding into the capital through land reclamation.

The Ceylon Chamber of Commerce recently reported that the half of the 100 companies surveyed said that businesses were affected by the spread of the Coruna virus. Nissanaka Weijiraten, the chamber's general secretary, said that road construction projects and government apartments that include Chinese contractors have slowed down.

Thulsi Aluvihari, head of strategy and business development for the project, which is being built by the China-owned telecommunications construction company, said that the Chinese workers returning to Port City Colombo are subject to self-quarantine and there are as yet no major delays at the country's largest construction site.

According to Arf Sridhar, CEO of the investment firm Atlantic Partners Asia, the virus could drive a shift in focus in Chinese companies in the future. "China is under unbelievable pressure from the current situation and has other priorities for its money, such as reaching an acceptable agreement with the United States on trade war and fighting both the health and financial aspects of the virus," he said.

Countries facing pressure from China

There is pressure on the Belt and Road initiative partners, as research firm Fitch Solutions said in a note that developing countries such as Cambodia, Laos, Myanmar and Pakistan may be afraid to tackle the virus aggressively for fear of alienating China. These countries - which rely heavily on China care - have so far reported zero or a few confirmed cases, and we believe this could be due to both lack of access to health care, which is likely to prevent infection detection, which she described Fitch Solutions, “The Desire to Avoid China’s Hostility,” is overreacting to the outbreak. China's foreign investment has already begun to fade and merge before the virus reaches the industry in the country.

Foreign investment in China is declining

The American Foundation Institute and Heritage Foundation, which have followed 3,600 major Chinese deals abroad since 2005, found that last year’s overseas investment was only $ 68.4 billion. This represents a 41 percent decrease compared to 2018, the lowest in a decade. This number is much lower than the official figure of the Chinese Ministry of Commerce, which reached 124.3 billion dollars in total foreign investment last year.

According to Derek Scissors, Resident Researcher at the American Enterprise Institute, in the future, China could focus its Belt and Road Initiative programs in a smaller number of countries and work to avoid criticism by making its foreign investment less fierce and unilateral.

He added that Xi could "recede and the voices that the initiative is a collective effort, as it will be difficult for the host governments during the next year to promote their supposed relations with China as contributing to development."

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Parliamentary Finance comments on the interruption of employee salaries: insured for 9 months


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29th March, 2020


The head of the Parliamentary Finance Committee MP Muthanna al-Samarrai confirmed, on Sunday March 29, 2020, that low oil prices and economic repercussions of the spread of the Corona pandemic had a significant negative impact on the Iraqi economy, which is already suffering from the problem of not having multiple sources of income and its dependence on exporting oil as a single solution To finance his financial budgets.

Samarrai said in a television interview, that facing the expected economic crisis requires the efforts of all political blocs that must leave their differences aside and work with the team spirit to save the country, and the next government must be resolute in solving the problem of financial and administrative corruption in the joints of the state. He pointed out that the financial budget will be reduced according to the decline in oil prices, but there is no problem with regard to the distribution of employee salaries for the next nine months at least.

Officials confirmed that Prime Minister Adel Abdul-Mahdi received the state with a $ 14 billion surplus for the government of Abdul-Mahdi, in addition to the 2019 budget. They pointed out that financial waste and mismanagement put the country on the verge of collapse, in light of the financial crisis that it is witnessing due to the deterioration of oil prices.

Officials called on parliament to hold the current government accountable for its reckless spending policies and abuse of power by managing public interests.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, on Saturday, 28 March 2020, revealed Iraq’s options to face the new financial situation, which was imposed on the country after the drop in oil prices and the emergence of the Corona virus, while stressing that the issue of printing an Iraqi currency to avoid the crisis is just an opinion and a proposal.

Saleh said, in a statement to the obelisk, that a team working with the Ministerial Council to restructure the state’s expenditures, indicating that our options for facing the financial situation are heading towards pressure expenditures, indicating that the issue of printing the currency is merely a personal and suggested opinion that does not comply with the Central Bank Law, and the salaries of employees are priorities The government has financial measures that will not lead to its failure.

And the Follow-up Cell in the Prime Minister's Office revealed on Friday 27 March 2020 that the government will be able to distribute the salaries of the current month of March, while it will resort to some solutions to ensure the provision of salaries next month.

The head of the government follow-up cell, Mustafa Sanad, said in a televised statement that Iraq’s monthly income from oil is currently estimated at only one billion dollars, after the price of a barrel drops to 18 dollars. He explained that the salaries of employees amount to 3 billion and a half per month, which may prompt Iraq to borrow or to print the currency as a last option, as the state will be affected starting from next month.

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Parliamentary Finance: Reducing the 2020 Budget to Drop Oil Prices

 

Parliamentary Finance: Reducing the 2020 Budget to Drop Oil Prices
 
 
03/29/2020 14:31:03
 
 
The Deputy Chairman of the Parliamentary Finance Committee, Muthanna al-Samarrai, stressed that the decline in oil prices and the economic repercussions of the spread of the Corona epidemic negatively and significantly affected the Iraqi economy, which is already suffering from the problem of not having multiple sources of income and its dependence on exporting oil as the only solution to finance its financial budgets".
 
Al-Samarrai said in a press statement that "facing the expected economic crisis requires the efforts of all political blocs that must leave their differences aside and work with the team spirit to save the country, and the next government must be resolute in solving the problem of financial and administrative corruption in the joints of the state."

Samarrai said that "the financial budget will be reduced according to the lower oil prices, but there is no problem with regard to the distribution of staff salaries for nine months to come at least".
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Erbil sets working days for private banks and banking offices

 

image.jpeg.0918cc313030154d0cfc47820378e5f3.jpeg

 

28th March, 2020
 

Erbil governorate announced on Saturday that civil banks and banking offices will be allowed to work two days a week from tomorrow, Monday, March 30, 2020, as an exception to the curfew measures in the city of Erbil.

A statement issued by the media office of the governorate of Erbil, which was received by Mawazine News, stated that "civil banks are allowed to operate on (Monday and Wednesday) every week." The statement specified the working hours of the private banks as follows: "Work begins in the private banks from eight in the morning until one in the afternoon, and there are only five employees in each bank who are transferred to and from the bank by one car provided with a special license from the District Council of the District of Erbil."

The media office statement for Erbil Governorate added: As for banking offices located inside the area surrounded by Street 60, the statement clarified: "These offices can coordinate with authorized offices outside the area surrounded by Street 60, or use temporary locations for them outside this region, and provide their services in the two days specified above." And the authorities in the Kurdistan region imposed a curfew since the night of March 14/14 in the cities of Arbil and Sulaymaniyah for two days before its successive extension until April 1 to cover all parts of Kurdistan, in addition to preventing movement between cities, districts and districts.

To date, the Kurdistan Region has recorded 122 new cases of Coronavirus, including two deaths and 53 cures. 

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The obsession with salaries occupies the Iraqis ... and the "Central" denies printing banknotes
 

After oil prices drop the main source of income
 
 
Monday - 6 Shaaban 1441 AH - 30 March 2020 AD No. No. [15098]
 
 
Baghdad: Fadel Al-Nashmi
 
 
The Iraqi people are clouded these days by the specter of the expected financial crisis and the inability of the country's authorities to secure the salaries of government employees as a result of the sharp drop in oil prices, which supply the country's financial budget by about 90 percent of its total annual income.

With the oil prices not returning to their previous times, the number of possible scenarios that the Iraqi government could resort to to secure the salaries of employees multiplied, and among those possibilities raised by those close to the prime minister, the government printed banknotes. However, the Central Bank of Iraq issued a statement yesterday denying this. 

An authorized source in the bank said through the statement that "printing Iraqi banknotes is a routine technical procedure practiced by the central bank according to the requirements of cash circulation, and that printing the banknotes is a completely separate process from the cash issuance process." 

He added: “No party can withdraw banknotes from the central bank unless there are balances in their accounts that cover the amount to be withdrawn. Therefore, saying the dinar does not mean any meaning other than strengthening the central bank’s treasury in accordance with the cash management policy, not any other meaning or purpose, The central bank law and monetary policy do not allow the issuance of cash in favor of an account without balance. The statement also mentioned the authorization:....................... CONTINUES

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Opening of banking offices to facilitate commercial exchange in Mosul

 

Monday 30 March 2020

 

alsabaah-33931.jpg

 

Mosul / Shorouk Maher 
 
 
The Governor of Nineveh Najm al-Jubouri announced yesterday, Sunday, the opening of banking and financial transfer offices throughout the province, while the spokesman for the province, revealed the allocation of the Nineveh Palace Hotel, as a site for the arrivals stone for the city.

Al-Jubouri told Al-Sabah: “The offices were opened yesterday in order to give suppliers of goods an opportunity to import what the citizen needs of basic goods and materials, including food, as well as to maintain the commercial movement in the city.”

Al-Jubouri added, "The decision to open the offices was made after several appeals by the merchants of the province, as it was agreed to specify a period of (three weeks) to open them."

Meanwhile, the spokesperson for the Nineveh Governorate, Raad al-Abbasi, revealed the allocation of the Nineveh Palace Hotel in the Al-Majma area in Mosul, as a site for the arrivals stone for the city.

Al-Abbasi told Al-Sabah that “suspects from the expatriates will be detained in this hotel, as some 33 suspects were quarantined until the results of their freedom from Corona were proven.”

 In addition, the Crisis Cell in Nineveh revealed that several measures were taken to serve the province's residents.

The spokesperson for the Crisis Cell in Nineveh, Uday Al-Abadi, told Al-Sabah: “The Crisis Cell in Nineveh Governorate allowed wholesalers of foodstuffs in the Al Borsa and Kocaeli regions to open their stores from eight in the morning until three in the evening in order to equip citizens in the city of Mosul, the center of the governorate. Nineveh with food. "

Al-Abadi added that "the crisis cell in Nineveh also allowed within its decisions for farmers to transport fertilizers and open stores for agricultural supplies from morning until three in the afternoon to serve farmers."

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DT, I like the sound of this.

 

“The Iraqi economy, as well as the Iraqi market, are witnessing exceptional circumstances that call for adopting alternatives that will make things better and closer than they were before the spread of the Corona virus in recent weeks.”
 

Thanks for all the Articles and comments.

 

Go RV

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Laid Back

  • Om sai Ram
  • Laid Back
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5 minutes ago, Laid Back said:

DT, I like the sound of this.

 

Well It’s A Good Thing That I Was Talking Above Ur Snoring Then Hammock Boy ! :o 

 

 

And Who Knew That U Were Proactively Self Quarantining In Hibernation This Whole Time ...

 

:D  :D  :D 

 

 

What Else Do U Know ...

 

:lmao:  :lmao:

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12 hours ago, DinarThug said:

Laid Back

  • Om sai Ram
  • Laid Back
  • Platinum VIP!" rel="">VIP

 

 

Well It’s A Good Thing That I Was Talking Above Ur Snoring Then Hammock Boy ! :o 

 

 

And Who Knew That U Were Proactively Self Quarantining In Hibernation This Whole Time ...

 

:D  :D  :D 

 

 

What Else Do U Know ...

 

:lmao:  :lmao:

I will get off the hammock as soon the RV happens 😀😀😀

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