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Parliamentary Crisis: There Is No Legal Objection To Sending The Budget To Parliament To Confront Corona !


DinarThug
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TRADE BANK OF IRAQ



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2nd April, 2020

 

Translation.....

 

As per the instructions of the Central Bank of Iraq, go to the use of electronic payment tools in financial transactions and avoid dealing in cash in order to preserve public health. The management of the Iraqi Trade Bank decided, or that the commissions be smaller for the citizen and the merchant when using the bank cards through all point of sale (POS) devices in all the commercial centers in support of the current stage.[/b]

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Brent erases its losses and rises above $ 30 a barrel in early European trade


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3rd April, 2020

 

Brent crude futures wiped out losses in the Asian trading session, rising in early European trade above $ 30 a barrel, as hopes for a major global deal to cut supplies to support prices remain

Brent futures rose seven percent, or $ 2.10, to $ 32.04 a barrel by 0748 GMT. Brent jumped 47 percent during Thursday's session, recording the highest percentage increase in an all-time session, before closing up 21 percent, but it was still down by less than half the price of $ 66 in end-of-2019 trading

US West Texas Intermediate crude futures rose 1 percent, or 28 cents, to $ 25.6 a barrel, after jumping 24.7 percent on Thursday

On Thursday, US President Donald Trump said he had brokered a deal in which Russia and Saudi Arabia might cut production by between 10 million and 15 million barrels per day - an unprecedented figure that represents 10 to 15 percent of global supply. Trump said he had not offered to cut US production

On Thursday, Saudi Arabia called for an emergency meeting between OPEC and non-OPEC producers, saying it was aiming to reach a fair deal to stabilize oil markets

On Friday, Kuwaiti Oil Minister Khalid al-Fadil said he supported Saudi Arabia's call for a meeting between OPEC and non-OPEC producers

The Russian Information Agency reported that the Energy Ministry of Azerbaijan, which is not a member of OPEC, said that the OPEC + meeting is scheduled to be held on April 6 via closed circuit television

"It seems that there is a recent collective acceptance that the market is in an exceptional state of excess supply that needs to be coordinated action," said Calum McPherson, head of commodities at Investc

UBS analysts say they are skeptical that producers can reliably pledge big cuts and expect prices to come under pressure again

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Advisor to the Prime Minister announces an emergency grant of 150,000 dinars to 10 million Iraqis

 

image.jpeg.08229047064facb75bd8fbf72b9ca82e.jpeg

 

2nd April, 2020


Advisor to the Prime Minister Abdel-Hussein Al-Hanin announced an emergency financial grant of 150,000 dinars, including 10 million Iraqi citizens. 

Al-Hanin said in a press statement, "The committee formed under the chairmanship of the Minister of Planning developed a proposal for an emergency grant of 150,000 dinars per month for 200,000 families, meaning 10 million citizens, which amounts to an amount of 30 billion dinars."

"It is hoped that an economic stimulus package will also be approved in addition to the important decisions taken regarding the provision of food and health supplies to citizens," he added.

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Disclosure of the date of the "OPEC +" emergency meeting

 

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3rd April, 2020

 


The Azerbaijani Energy Ministry said today, Friday, that all OPEC + alliance countries are expected to participate in a meeting on the 6th of April. The ministry added that the "OPEC +" meeting will be held via closed-circuit television.

The Azerbaijani ministry indicated that the OPEC + countries intend at the upcoming meeting to consider issuing a new declaration of cooperation, without clarifying whether new countries will join the agreement. For its part, Kuwait supported the issue of holding the emergency meeting, which aims to reach a new agreement to curb surplus oil supplies, but at the same time announced the resumption of oil exports from the divided region with Saudi Arabia for the first time after a pause for five years.

The meeting comes at a time when the oil market is under pressure due to the decline in demand for crude in light of the repercussions of the spread of the Corona virus, and the failure of "OPEC +" in a previous meeting to reach an agreement on reducing production. 

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Private banks in Erbil resume work and specify dealing in dollars and dinars

iraq-kurd.jpg
 

2nd April, 2020


On Wednesday, private banks in the governorate of Erbil, the capital of the Kurdistan Region, were resumed at work, and while the reviews witnessed great crowds, the return of patronage and favoritism cases was noted.

The "Shafaq News" reporter said, "The civil banks in Erbil today resumed official working hours in the midst of crowded auditors," noting that "the Iraqi Commercial Bank in Irbil witnessed great crowds and according to the instructions, his administration has entered all five auditors with each other."

He added, "This created a kind of grumbling, and also witnessed cases of patronage and cronyism, and the entry of some deputies without the obligation to wait until their role comes."

And that the bank’s administration spent the sums to the citizens by 75% in dollars and 25% in the Iraqi currency.

Private banks have stopped working since March 18, last year because of the curfew announced by the Iraqi government in the capital, Baghdad, and applied by other provinces, as well as in the Kodestan region, due to the outbreak of the Corona virus.

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The Minister of Planning announces the allocation of 300 billion dinars to those affected by the Corona crisis

 

image.jpeg.c8b6b7c3f808505684d6a4890ec85d74.jpeg

 

2nd April, 2020

 


Minister of Planning, Nuri al-Dulaimi, announced on Thursday, the allocation of 300 billion dinars for those affected by the emerging crisis of the Corona epidemic.

The media office of the Minister of Planning stated, in a statement received by / Mawazine News / a copy of it, that "Al-Dulaimi reviewed during his participation in the expanded meeting with the Parliamentary Crisis Cell in the presence of the Minister of Agriculture, the recommendations, work strategy and procedures that the committee went through in its first meeting to address the economic repercussions on the affected From the pandemic of the emerging corona virus."

Al-Dulaimi pointed out, "The importance of unifying all national and international efforts towards the best investment of efforts and allocations," noting that "the amount of 300 billion dinars has been allocated to those affected by the crisis, who do not receive a salary from employees, retirees and those covered by social care, and work to exempt them from electricity, water and services fees Until the end of the crisis."

For his part, the Minister of Agriculture reviewed "the recommendations made by the committee to the deputies with a view to adopting them, the most important of which was to launch all exemptions available for importing food and agricultural materials to meet the full need of the citizen, and to exempt companies, peasants and farmers contracting for the year 2020 in accordance with all laws from rental charges, and postponing loan repayment.  The sums due to the borrowers from the Agricultural Bank, and the postponement of the repayment of loans and sums due for the year 2020 for farmers and farmers due to their borrowing sums for the purchase of agricultural machinery, equipment and supplies from the State Company for Agricultural Supplies.”

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2 hours ago, DinarThug said:

Private banks in Erbil resume work and specify dealing in dollars and dinars

iraq-kurd.jpg
 

2nd April, 2020


On Wednesday, private banks in the governorate of Erbil, the capital of the Kurdistan Region, were resumed at work, and while the reviews witnessed great crowds, the return of patronage and favoritism cases was noted.

The "Shafaq News" reporter said, "The civil banks in Erbil today resumed official working hours in the midst of crowded auditors," noting that "the Iraqi Commercial Bank in Irbil witnessed great crowds and according to the instructions, his administration has entered all five auditors with each other."

He added, "This created a kind of grumbling, and also witnessed cases of patronage and cronyism, and the entry of some deputies without the obligation to wait until their role comes."

And that the bank’s administration spent the sums to the citizens by 75% in dollars and 25% in the Iraqi currency.

Private banks have stopped working since March 18, last year because of the curfew announced by the Iraqi government in the capital, Baghdad, and applied by other provinces, as well as in the Kodestan region, due to the outbreak of the Corona virus.


 

The Finance Committee comments on the central bank’s decision to stop the flow of the dollar 

 

116916.jpg?watermark=4

 

Politics 04/2020 17:34 3323    


Baghdad today _ Baghdad  

 

The Finance Committee commented, on Friday, on the Central Bank’s decision to stop the dollar from flowing into the market with the aim of floating the dinar and reducing its value, in order to fill part of the budget deficit and the needs of the government.

The committee’s rapporteur, Ahmed Al-Saffar, said in an interview with (Baghdad Today) that “reading the intention of the central bank to stop the flow of the dollar and floating the dinar to fill part of the state’s budget deficit is impossible, but it may be in harmony with the current situation to compensate for the shortfall in oil revenues” .

Al-Saffar added, "At the same time, the central bank may also be unintentional because of the curfew and the suspension of most life activities." 

And the rapporteur of the Finance Committee in Parliament, Ahmed Al-Saffar, spoke last Sunday about the authority of the Central Bank to issue a set of decisions on withdrawing the commission of the US dollar.

Ahmed Al-Saffar said, in an interview with (Baghdad Today), that "the decisions issued by the Central Bank regarding the commission of withdrawing the US dollar are considered within its powers and it is who determines the interest rate, whether by depositing or withdrawing." 

Al-Saffar added, "Iraq’s revenues from selling oil go to the Ministry of Finance account at the US Federal Reserve, which the central bank has a branch in," explaining that "the process is that the revenues are transferred to the central bank account and the bank transfers it to the Iraqi dinar to the Ministry of Finance to pay salaries." employees".

He continued, "The process of withdrawing the dollar and depositing it relates to the policy of the central bank, which is monetary policy. The central bank has the right to raise or reduce interest rates, and this is one of the methods of monetary policy that you use."

On Sunday (March 29, 2020), the Central Bank of Iraq issued a set of decisions regarding the US dollar withdrawal commission. 

And included a document issued by the bank and received (Baghdad today): "The commission for withdrawing cash for the US dollar, which comes from the incoming transfers to the bank to our accounts in the American Federal Bank, as well as the transfers received to banks from other banks by a rate of seven thousand."

The bank added: "The amounts of the above remittances are transferred to banks by (75%) in cash in dollars according to the above commission, and (25%) pay Iraqi dinars at the official bank rate (1182) dinars to the dollar."

He continued: "The banks must spend the (25%) above on their remittances customers at a price of (1200) dinars / dollars, and submit their requests at the end of each month to the accounting department at the central bank for the purpose of addressing the two price differences in our accounts in Iraqi dinars." 

And he continued: "Banks can spend the full amount of the transfer received in the Iraqi dinar if the customer desires to do so.

He stressed, "The above mechanism does not include customer deposits in dollars in cash, where it is paid to the customer in full, but is limited to customers who receive remittances received from outside Iraq of any kind, and internal dollar transfers between their banks in our accounts."

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Much Appreciated Thugs for bringing it during these unknown times, and Happy Friday DV. 

the amount of 300 billion dinars has been allocated to those affected by the crisis, who do not receive a salary from employees, retirees and those covered by social care

So does that mean they disinfected all of there supposedly infected dinar

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1 hour ago, DinarThug said:

The Finance Committee comments on the central bank’s decision to stop the flow of the dollar 

 

116916.jpg?watermark=4

 

Politics 04/2020


 

Identify market stability factors.

3 reasons ... clarification from the Central Bank on the rise in the exchange rate of the dollar


15:41 Fri, 03 April 2020


Baghdad - people

 

The Central Bank of Iraq revealed, on Friday, three reasons that contributed to raising the exchange rate of the dollar against the dinar.

The Director General of the Financial Operations and Debt Management Department, Mahmoud Dagher, said in a statement to the official agency affiliated with "NAS", today (3 April 2020), "The rise in the dollar exchange rate comes as a result of the overlap of a set of expectations for the financial crisis that Iraq is going through, caused by low oil prices And it was accompanied by the effect of the Coronavirus and the curfew, which resulted in the resulting interruption in economic activities.

He pointed out, that "all of these factors are added to the interruption of the outlets of selling currencies in the central bank, which led to a rise in the exchange rate of the dollar and a decrease in the value of the Iraqi currency."

He added, “The central bank was not able to stop the rise in exchange rates, due to the auction of selling the currency, and there was no real interventionist administration at the exchange rate from the central bank, as it had done previously,” explaining that “the window stopped, and there is no economic activity Real in the market only the food, and we find that the demand for the dollar rises, and the exchange rate rises with him.

And he stated, "The issue is related to future expectations, and the assurances were not at the required level regarding the payment of salaries and the talk of printing the currency, which led to a lot of efforts to convert what he has from dinars to dollars."

And it is likely, Dagher, the price of the dollar fell, "with the intervention of the central bank as of next week and the expected increase in the price of oil," noting that "the central bank announced the opening of a window to sell the dollar in the next week, and it has already opened the doors of certain transfers for food and drug purposes, and it did not succeed in a way Great because it remained open for a short time. ”

And Dagher identified, factors that contribute to the stability of the exchange rate, are "reassurances about oil prices and the improvement of public finances due to high revenue ratios, the intervention of the central bank and the pumping of foreign currency into the market."

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Authorities stipulated that it be 'sterilized' before it was distributed due to Corona ... Loss of financial liquidity prevents the payment of salaries to Sulaimaniyah employees!
 
 
Wednesday 1 April 2020 - 18:33
 
 
[[article_title_text]]

 
(Baghdad today) Kurdistan - In conjunction with the release of salaries of employees and retirees, in a number of cities in the Kurdistan region, including the city of Sulaymaniyah, a number of citizens of the city complained about the lack of sufficient financial liquidity in the banking offices, due to the strict measures by the provincial authorities to control an epidemic. Corona (Covid-19), while a government official confirmed that the provincial authorities stipulated that the banking offices and distribution outlets `` sterilize '' the money before distributing it to citizens as part of the prevention measures.
 
In light of the difficult economic conditions, and the continuation of the comprehensive curfew with strict procedures and penalties, a number of the citizens of the region demanded to find appropriate solutions to this crisis, which has become exhausting their shoulders and increasing their daily tragedies.
 
Citizens: Salaries are not paid due to lack of funds 
 
Ahmed Kamal, a citizen of Sulaimaniyah, told (Baghdad Today) that he "went to receive a money order from one of the banking offices, but most of the offices were in the Sulaimaniya Stock Exchange without money ..", while he made an appeal through (Baghdad today), to the responsible authorities "need Urgent action to find real treatment as this causes a new crisis that adds to the curfew and disrupts the interests of thousands of gainful citizens and workers in different fields and sectors.
 
The owner of one of the banking offices in Sulaymaniyah, whose name is Muhammad Hirsch, assured (Baghdad today) that "the complicated procedures in the banks are the ones that created this problem," noting that "according to his information, the banks have special procedures for dealing with the office owners, and because of the lack of cadres And not allowing them to reopen the banks only yesterday contributed to the creation of this problem, which coincided with the start of the salaries of most institutions in Baghdad and the Kurdistan region.
 
"The problem is on the way to being solved," he added. "We have contacted the governorate administration and private banks and promised to improve procedures and speed up the delivery of funds."
 
To that, the official of the joint committees in the Sulaymaniyah district, and a member of the crisis cell in the province, Kauran Qadir, told (Baghdad today), that "the problem of lack of financial liquidity in the exchange offices is temporary and on the way to a solution."
 
He pointed out that "the local government in Sulaymaniyah allowed banks today to reopen banks and five employees in each bank in implementation of measures to prevent the spread of the Corona virus."
 
In a step, the first of its kind, Qadir revealed, "We stipulated that banks and banks (sterilize funds), before distributing them to the exchange offices," noting that "this procedure is the last before the launch of financial liquidity in large quantities with the general banking offices."
 
Yesterday, the Minister of the Interior of the Kurdistan Region, Riber Ahmed, announced the extension of the curfew for another 10 days, as part of preventive measures to prevent an outbreak of (Corona-Covid-19), in the territory of the region.
 
And Ahmed, in a press conference held in Erbil, stated that "it was decided to extend the curfew comprehensive ban, for an additional 10 days in all governorates of the region."
 
Before that, the Ministry of Health in the Kurdistan Region revealed the reason for the increase in the number of cases of HIV in the territory of the region, in recent days.
 
The ministry spokesman, Mohamed Qadir, said in an interview with (Baghdad Today), that "the increase in cases of infection in the region is expected as a result of increasing tests and tracking suspected cases," stressing: "We are doing our duty towards the areas where the virus has spread."
 
Kadir added: "In exchange for the high number of infections, we had a group of cures, which is a good sign and the matter is still under control, but we need more cooperation and awareness from citizens, and quick support from the federal government to cope with the outbreak of the virus."
 
He pointed out that "the decline of the virus in the coming days depends on the degree of citizen awareness and his cooperation with medical teams," stressing that "those who came from Europe who came in the past weeks to the region, must undergo a comprehensive examination."
 
He explained, "The region has registered 161 injuries, 2 deaths and 56 healing cases so far, and all cases in isolation centers are stable, and there are no risks to its life."
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Parliamentary Finance: The economic situation is very dangerous .. !!

 
Economy  ,   3/24/2020 23:38   

 

39175.jpg?watermark=4
 

 

Baghdad - Iraq today:

 

The Finance Committee in the House of Representatives announced by one of its most prominent members that the economic situation in Iraq has become very dangerous, and it is not possible any setback.

It came in a publication released by Member of Parliamentary Finance and former Minister of Industry Eng. Muhammad Sahib al-Daraji, (Iraq Today) received a copy of it, that the state must take a package of quick decisions before it is too late.

Darraji has listed ten points:

 1. Change the exchange rate of the dinar gradually

 2- off the auction currency

3. Develop Platform for importing and stop some imports

4. The construction of the budget on the price of oil fixed and operating a moving budget for investment budget

5-postponement of dues of oil companies

6. sell coupons locally oil prevailing and buying after the price a year At the prevailing price then

7 - Allocating the budget to salaries, purchasing the ration and medicines, and sterilizing water and the educational process only

8 - The state imports commercial foodstuffs to the markets

9 - Negotiating to stop the payment of external debt

10 - Handing over the protection of the border ports of the anti-terrorism agency

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International Energy: Opec + production cuts will not be enough to prevent oil stocks from building up


19872.jpg
 

3rd April, 2020

 

The Director of the International Energy Agency, Fatih Birol, said that a significant reduction in OPEC and other oil producing countries would not be sufficient to prevent the massive accumulation of global crude stocks in the second quarter of the year, as measures to contain the Corona virus lead to an "unprecedented" loss of demand

Reuters quoted Birol as saying that even with a production cut of up to ten million barrels per day, which OPEC and other producers may be discussing next week, there will still be a daily accumulation of 15 million barrels in the second quarter

He appealed to the director of the international energy watchdog, Saudi Arabia, the largest producer in OPEC and the current president of the Group of 20 major economies, to discuss ways to achieve market stability with the countries of the group

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Trump: Saudi Crown Prince and Russian President want stability of the oil market


19878.jpg
 

4th April, 2020

 

US President Donald Trump said that Saudi Crown Prince Muhammad bin Salman and Russian President Vladimir Putin both want something to happen to stabilize the global oil market, in which prices have fallen by nearly two-thirds this year

At the start of a meeting at the White House with the heads of US oil companies, Trump said that the meeting will address the effects of the Corona virus on the oil industry

"We will overcome this impasse and restore our energy sector's activity," he added

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Oil prices jump more than 16% thanks to hopes of a deal to cut supplies


19876.jpg
 

4th April, 2020

 

Oil prices closed, on Saturday, on a significant increase of more than 16%, thanks to hopes that a global agreement to reduce supplies around the world may be reached next week

In Thursday's session, oil recorded the biggest one-day jump in the history of crude markets, due to the potential for supply cuts equivalent to between 10 percent and 15 percent of global demand
 
The sharp recovery came from weeks of losses after US President Donald Trump said Russia and Saudi Arabia would negotiate an end to a price war that pushed crude prices last month by more than half
 
The rise in prices continued to close global benchmark Brent crude contracts $ 34.8, up 16.3%
 
US benchmark West Texas Intermediate crude futures ended the trading session higher, 14.42%, to settle at $ 28.97 a barrel
 
OPEC is scheduled to hold an emergency meeting on Monday, led by Saudi Arabia, where cuts equivalent to 10 percent of global supplies, or about 10 million barrels per day, may be agreed upon
 
Fatih Birol, CEO of the International Energy Agency, said that even if the OPEC + group cuts supplies by ten million barrels per day, global oil stocks will increase by 15 million barrels per day in the second quarter of the year

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6 hours ago, DinarThug said:

Parliamentary Finance: The economic situation is very dangerous .. !!

 
Economy  ,   3/24/2020 23:38   

 

39175.jpg?watermark=4
 

 

Baghdad - Iraq today:

 

The Finance Committee in the House of Representatives announced by one of its most prominent members that the economic situation in Iraq has become very dangerous, and it is not possible any setback.

It came in a publication released by Member of Parliamentary Finance and former Minister of Industry Eng. Muhammad Sahib al-Daraji, (Iraq Today) received a copy of it, that the state must take a package of quick decisions before it is too late.

Darraji has listed ten points:

 1. Change the exchange rate of the dinar gradually

 2- off the auction currency

3. Develop Platform for importing and stop some imports

4. The construction of the budget on the price of oil fixed and operating a moving budget for investment budget

5-postponement of dues of oil companies

6. sell coupons locally oil prevailing and buying after the price a year At the prevailing price then

7 - Allocating the budget to salaries, purchasing the ration and medicines, and sterilizing water and the educational process only

8 - The state imports commercial foodstuffs to the markets

9 - Negotiating to stop the payment of external debt

10 - Handing over the protection of the border ports of the anti-terrorism agency

LINK

DT Thanks,  DV,  Excellent article come on boys & girls git er done asap...👍👍😁😁

 

GO RV & RI

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Deputy: The net of Iraq from selling a barrel of oil has become $ 13 .. and it is far below the salary insurance ceiling

 

116989.jpg?watermark=4

 

Economy 04/04/2020 13:50 305 Editor: am   


Baghdad today - Baghdad 

 

Member of Parliamentary Finance Committee, MP Ahmad Hama Rashid, revealed on Saturday (04 April 2020) the net sale of Iraqi oil barrels at the present time, while determining the price that secures the provision of employees salaries after the oil money goes to the federal budget.

Rashid said in an interview with (Baghdad today), that "the price of selling Iraqi oil in global markets reaches 22 dollars today," noting that "9 dollars are deducted from each barrel as different costs, so that the net sale remains 13 dollars per barrel entering the country treasury." .

He added, "The figures show the size of the huge material damage to the collapse of oil prices, especially since the price of a barrel at 31 dollars is what secures the provision of employee salaries according to the current production."

Regarding the basic income of citizens, Rashid stressed, "The basic income is a simple financial program based on the idea of distributing an equal financial share to all Iraqis, regardless of their segments, which are best suited to the current situation, especially with the collapse of global oil prices and the challenges of the Corona virus, these matters need to have a government In order to push towards the adoption of an emergency budget, to pull the country out of its current crisis. "

He explained, "The basic income depends after securing the salaries of employees and supporting the health institution, and it will provide money for all citizens, including the poor, to purchase their basic needs, and leave the citizen free to buy what he wants, but the card file represents for years one of the largest corruption files in the country."

He pointed out that "pushing the citizen to buy what he needs and rely on local production will lead to providing endless job opportunities, especially with real implementation of the term of protecting national production, and opening the doors of investment in all sectors, to secure the needs of the people from materials and goods."

Oil prices fell on Friday, after yesterday had recorded its biggest gains for one session ever, as prices jumped more than 20%.

On Thursday (02 April 2020), the Kingdom of Saudi Arabia called for an emergency meeting of the OPEC alliance and other countries in order to rebalance the oil markets. After that, the Minister of Oil, Thamer Al-Ghadban, confirmed that Iraq supports Saudi Arabia's call for an urgent meeting of OPEC, and the return of stability in the oil markets.

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Good morning DV

DT, thank you so much for the very very interesting articles. 

 

1. Change the exchange rate of the dinar gradually

 2- off the auction currency

Ladies and gentlemen, at the current price of oil, and, Iraq being an oil producing nation, where its balance sheet heavily relies on crude production. At the current price of oil, Iraq must make the leap to the international stage. 

And, what a better moment to have the RV, then oil prices slowly and surly, return to its rightful price????

Iraq, could be the major power player of the Middle East 

This is the perfect storm :cigar:

Edited by Wiljor
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8 minutes ago, DinarThug said:

"9 dollars are deducted from each barrel as different costs,

 

I am pretty sure this is an "all" "in" cost of sticking a crude oil "straw" in the ground, operating costs, maintenance costs, depreciation costs, renewal costs, etc. to maintain production and crude oil sale income from straw in the ground to port loading at the dock as derived from DeLoitte and Touche and Ernst & Young assessments or like assessments.

 

WHEN, pray tell, WILL THEE Bicraqi Iraqi SCREAM "uncle" AND ReInstate/ReValue THEE Bicraqi Iraqi Dinar INTERNATIONALLY???!!!

 

Go Moola Nova!

:pirateship:

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