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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries


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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries

27/03/2020

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The Follow-up Cell in the Prime Minister's Office revealed today, Friday, that the government will be able to distribute the salaries of the current month of March, while聽馃憠 it will resort to some solutions聽馃憟 to ensure the provision of salaries next month.


The head of the government follow-up cell, Mustafa Sanad, said in a radio statement followed by Mawazine News, 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)."


Sanad said, "The salaries of employees amount to 3 and a half billion per month, which may push Iraq to borrow or to print the currency as a last option," as the state of the state will be affected starting from the next month.

Edited by DWS112
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 27/03/2020 聽 The Follow-up Cell in the Prime Minister's Office revealed today, Fri

The Central Bank of Iraq (Basra branch) for Al-Mirbad: Next Tuesday is a last date to pay the salaries of all employees March 26, 2020 聽 The Central Bank of Iraq, Basra branch, an

I gotta idea... Pay everyone this month... Then flip the rate ... Won't have to pay anyone next month

35 minutes ago, DWS112 said:

starting from the next month.

APRIL starts "SOON!" ... About 4 days away! ... Beginning of the 2nd quarter! ... They might use currency already printed! ...馃檪

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Doubtful they can borrow money . Not with the World Bank declaring we will lend you no more $$$ . The IMF is rumored to be just around the corner from doing the same thing. Fingers crossed to the RV being the thing they will do to be able to pay salaries and bills for next month .

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might be wrong to ask but where's all the trillions of dinar they claim is in the system , they must be referencing iqd they can't print usd unless they have Iran counterfeit up a boat load for them , iraq keeps begging for money like they are broke but it cost a lot to print currency and to print / put more in circulation just devalues the money even more , seems something is not quiet right about all this like anything ever is with them though ...cheers聽 be well ....we wait聽

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4 hours ago, DWS112 said:

They might use currency already printed!

聽I am hoping that this is wishful thinking on your part and聽you are referring to, the yet to be released / circulated new聽LD (lower聽denomination) post RV notes......聽:rolleyes:

Semper Fi :salute:

RV there yet ?:pirateship:

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14 hours ago, Hotcurl said:

聽I am hoping that this is wishful thinking on your part and聽you are referring to, the yet to be released / circulated new聽LD (lower聽denomination) post RV notes......聽:rolleyes:

Semper Fi :salute:

RV there yet ?:pirateship:

That鈥檚 what I am thinking! Ducks in a row!

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18 hours ago, DWS112 said:

APRIL starts "SOON!" ... About 4 days away! ... Beginning of the 2nd quarter! ... They might use currency already printed! ...馃檪


CBI previous article stated they were ready to RV five years ago. CBI is ready.聽:bump:

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Posted (edited)

The Central Bank of Iraq (Basra branch) for Al-Mirbad: Next Tuesday is a last date to pay the salaries of all employees

March 26, 2020

The Central Bank of Basra for Al-Mirbad: Next Tuesday is a last date to pay the salaries of all employees

The Central Bank of Iraq, Basra branch, announced that next Tuesday is the last date for the payment of salaries of all employees of the governorate departments, indicating that it has begun from the day before yesterday to grant funds and notices to banks for the purpose of disbursing the salaries of employees in all departments in the province.


The director of the central bank in the province, Qassem Raheef, said that there is no delay in the bank鈥檚 work, explaining in his response to citizens 鈥檆ommunications in the program that the Basra treasury sent books to the bank, which in turn gave the exchange notice to the banks concerned.


Among Raheef, a financial exchange notice was given to the salaries of employees of the defense, the interior, borders, and the welfare of minors and the Directorate of Education, as well as other departments since yesterday.


Raheef pointed out that the problem of delaying salaries lies as a result of the momentum on some banks and consequently the reason for the delay, considering that it is possible to grant exchange notice for a period not exceeding 15 minutes if you complete what is required of it at the state treasury and banks.


The Crisis Cell in Iraq announced that it excluded the employees of the Central Bank in the capital and the rest of the provinces, as well as employees of the Ministry of Finance and employees of government and private banks from the curfew in order to expedite the payment of employee salaries.

(Next Tuesday sounds like an important deadline -JMO)

Edited by DWS112
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13 hours ago, DWS112 said:

Next Tuesday sounds like an important deadline -JMO)

Next Tuesday 3/31 is the end of theIr聽fiscal Year.

The 聽beginning of a new fiscal year is the perfect time for changes

Go RV

Thanksforthepost DWS馃憤馃徏

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46 minutes ago, Laid Back said:

Next Tuesday 3/31 is the end of theIr聽fiscal Year.

The 聽beginning of a new fiscal year is the perfect time for changes

Go RV

Thanksforthepost DWS馃憤馃徏

IRAQ fiscal year start in Jan and not April ...聽

raq 路 Fiscal year
Iraq 路 Fiscal year
Calendar year
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5 hours ago, SONIA1 said:

IRAQ fiscal year start in Jan and not April ...聽

raq 路 Fiscal year
Iraq 路 Fiscal year
Calendar year

Your information is incorrect聽

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The Central Bank of Iraq
聽聽

The Economy News - Baghdad

The Central Bank of Iraq issued, on Sunday, a clarification regarding what is being circulated by news about the possibility of printing an Iraqi currency to "avoid" the economic problems that face the outbreak of the "Corona" virus.

The central bank said in a statement received by "Economy News", "The printing of Iraqi banknotes is a routine technical procedure practiced by the central bank in accordance with the requirements of cash circulation, and that the printing of banknotes is completely separate from the process of issuing cash."

The statement added, "No party can withdraw banknotes from the central bank unless there are funds in their accounts that cover the amount to be withdrawn. Therefore, the central bank law and monetary policy do not allow the issuance of cash in favor of an account without balance."

He pointed out that "when the Ministry of Finance wishes to finance spending on the various spending units and salaries, it requests the central bank to strengthen its account in Iraqi dinars in exchange for withdrawing from its account in dollars .. No amount is deposited into the finance account in dinars unless there is a corresponding withdrawal from its dollar account."

He continued, "The Central Bank Law does not allow him to lend to the government, whether by printing currency or any other way, direct or indirect, and he is entitled to deduct treasury transfers, if they are present in the secondary trading market, as it is one of the tools of monetary policy, if he deems it based On accurate objective data serving the objectives of monetary policy. "


Views聽70聽聽聽Date Added聽03/29/2020

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Adviser to the Prime Minister, Mazhar Muhammad Salih, spoke on Saturday of the salaries of the employees, while noting that the government has procedures that will not lead to the stalling of salaries.

And the Iraqi News Agency quoted Saleh as saying that "the salaries of the employees are among the priorities of the government and they have financial measures that will not lead to their failure," noting that "our options to confront the financial situation are heading towards pressure of expenditures."
He added, "There is a team working with the Ministerial Council to restructure state expenditures," noting that "the issue of printing the currency is only a personal opinion and a proposal that is not consistent with the Central Bank Law."
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The Central Bank of Iraq issued instructions to legalize the withdrawal of the dollar in cash

The Central Bank of Iraq issued instructions to legalize the withdrawal of the dollar in cash
Iraqi Central
March 29, 2020 5:57 PM

Direct:聽The Central Bank of Iraq issued instructions on withdrawing the dollar in cash, which includes two cases that include withdrawing the dollar to the customer (if it is a transfer) at 75 percent dollars and 25 percent dinars and is calculated on the price of 1200 dollars per dollar, in addition to withdrawing the dollar to the customer if the deposit is 100 percent Dollars without any change.

According to a statement posted on the bank鈥檚 website on Sunday, the instructions allowed the customer to withdraw the deposit deposited in dollars by 100 percent as it was in place, without change.

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An explanation from the Iraqi Central Bank about the ability to print cash to cover expenses

An explanation from the Iraqi Central Bank about the ability to print cash to cover expenses
The Central Bank of Iraq
March 29, 2020 06:17 PM

Direct: The Central Bank of Iraq issued a clarification on the possibility of printing an Iraqi currency to avoid economic problems.

The Iraqi News Agency "conscious" quoted an official source in the bank today, Sunday, that "printing Iraqi banknotes is a routine technical procedure that the bank practices according to the requirements of cash circulation, and that printing the banknotes is a completely separate process from the cash issuance process."

The official added: "No party can withdraw banknotes from the central bank unless there are funds in their accounts that cover the amount to be withdrawn."

He stressed that "the statement of the dinar's nature does not mean any meaning other than strengthening the treasures of the Central Bank in accordance with the monetary management policy, and not for any meaning or other purpose", indicating that the central bank law and monetary policy do not allow the issuance of cash in favor of an account without balance.

He pointed out that "when the Ministry of Finance wishes to finance spending on different spending units and salaries, it requests the central bank to strengthen its account in Iraqi dinars in exchange for withdrawing from its account in dollars, so no amount is deposited into the finance account in dinars unless there is a corresponding withdrawal from its dollar account."

He explained that "the Central Bank Law does not allow him to lend to the government, whether by printing the currency or any other way, direct or indirect, and he is entitled to deduct treasury transfers, if they are in the secondary trading market, as it is one of the tools of monetary policy, if he deems it based on Objective, accurate data that serves the objectives of monetary policy. "

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聽SPA - Baghdad聽
15:57聽Sunday 29/03/2020
Today, the Central Bank of Iraq issued new instructions for withdrawing the cash dollar from Iraqi banks.

The instructions authorized the customer to withdraw transfers by 75% in dollars and 25% in Iraqi dinars, provided that the dollar is calculated at a price of 1200 dinars per dollar.

The instructions allowed the client to withdraw the deposit deposited in dollars by 100% as it is applied, without change.
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