Specialists: The Central Bank Initiative To Finance Projects Achieved Positive Results !

[DinarThug]

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Member of Parliamentary Finance answers .. What will happen if the central bank stops selling the dollar?

 

14th May, 2020
 

Member of the Parliamentary Finance Committee, MP Ahmad Al-Saffar stressed, on Thursday (14 May 2020), the necessity of the dollar sale window in the central bank, while revealing the repercussions of what happens if the bank stops selling the dollar.

Al-Saffar said in an interview with (Baghdad Today), that "the central bank is an independent institution that has no room for parliament or the government to interfere in its work,"stressing that "the bank has a mission which is to maintain the Iraqi currency's price, i.e. the purchasing power of the dinar and its value against other currencies, including the dollar." 

He added, "The central bank’s selling window to the dollar is one that contributed to the stability of the exchange rate during the last period," pointing out that "the sale process stopped for a short period that led to an increase in the exchange rate of the dollar and a decrease in the value of the Iraqi dinar, which means that the owners of limited income will be affected because of the high Prices of goods and merchandise. " 

Al-Saffar pointed out that "the dollar sale window is very necessary to preserve the value of the Iraqi currency, but the amount of sales and its mechanism need to be reconsidered according to specific considerations, that is, that the sale process is specific for traders who import goods and goods in exchange for official papers," noting that "there is a recent talk that Others and banks that benefit from the sale. "

The Central Bank of Iraq confirmed, yesterday, Wednesday, its commitment to a list of criteria that include compliance points, in the introduction of banks to the window of sale of foreign currency.  Ihsan Shamran Al-Yasiri, Director General of the Central Bank’s Accounting Department said in a statement that “discrimination does not exist in entering the currency sale window, but some banks do not meet the criteria adopted by the bank, for the quality and compliance with decisions, especially regarding money-laundering units.” Al-Yasiri added that "some who fail to reach the criteria of the Central Bank, are accused of discrimination."

[DinarThug]

Fyi, This Economist Is Wholly Against The Devaluing Of The Dinar - And Puts Forth The Reasons Why !  

 

     

 

 

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An economist comments on a proposal to reduce the value of the Iraqi dinar against the dollar in order to provide salaries for employees

 

14th May, 2020

Economist Rasem al-Aqidi, Thursday (14 May 2020), warned against floating the Iraqi dinar against the dollar, that is, to reduce the value of the Iraqi dinar against the dollar, according to a proposal put forward by economists to provide additional funds for the Iraqi budget to be paid as salaries for employees. Al-Aqidi said in an interview with (Baghdad Today), 

"The issuance of any decision to float the dinar against the dollar in light of the current conditions in Iraq is very dangerous for the country which is basically suffering from uncontrollable losses, namely fees, customs, taxes and many other financial resources." And that "the flotation does not constitute an increase in the value of the Iraqi dinar, but rather we will see an increase in the exchange rates of the dollar because of the lack of its acquisition in the global market, especially with the decline in global oil prices."

He added that "the flotation will lead to a significant increase in prices, and will be paid by the poor," noting that "the flotation is taken in light of the stable financial conditions of the state, as well as the diversification of the economy and its dependence on resources other than oil."

Al-Akidi said that "floating the dinar against the dollar is launching the process of buying and selling without any limits, and the country will face an unprecedented rise in prices with limited and steady salaries, so conditions will be more difficult, especially in the humanitarian context."

Economists suggested reducing the value of the Iraqi dinar against the dollar by a value ranging between 1300 dinars or 1400 against one dollar to provide additional budget resources that allow part of the salaries to be spent, while others considered that any proposed float process may go out of control and cause a significant increase in the price of the dollar against the Iraqi dinar.

[horsesoldier]

..... the insanity continues 

[screwball]

Stopping selling dollar will drive prices up and you will have to revalue sounds like a plan to me!

Edited May 14, 2020 by screwball

[DinarThug]

Planning announces the transfer of the emergency grant to the Central and reveals the agency responsible for its delay

 

Localities 05/14 2020 20:44 407     

Baghdad today - Baghdad 

 

Abd al-Zahra al-Hindawi, spokesman for the Ministry of Planning, announced on Thursday (14 May 2020) that the emergency grant file has been transferred to the central bank, while he revealed the authority responsible for delaying its disbursement. 

Abdul-Zahra al-Hindawi said in an interview with (Baghdad Today), that "the emergency grant file has been transmitted in all its details to the Central Bank after the end of the procedures of the two ministries of planning."

He added, "The central bank, through banking companies, will pay the grant to the beneficiaries," noting that "the reason for the delay is due to the central bank, and it is not possible to know if the reason is technical, or there is no liquidity or because of government change."

On Wednesday (14 May 2020), Minister of Labor and Social Affairs, Adel Al-Rikabi revealed details of the emergency grant and the citizens benefiting from it, while it revealed 11 million people. 

Al-Rikabi said during his hosting of the program (Shortest Roads) presented by Dr. Nabil Jassem on Al Sharqiya News Channel, "The issue of the emergency grant is a government measure carried out by the previous government. One million citizens applied for the emergency grant, and the Ministry of Labor was part of a work team. The data was crossed at the Ministry of Labor and the cell was provided with these lists. Anyone who received a salary was excluded even if it was a care salary. ” 

The Minister of Labor added, "The procedures have been completely completed and the file has been transferred to the staff of the Prime Minister and the Central Bank and the electronic payment companies that handle the payment process, and there are technical and technical matters pertaining to the Ministry of Finance. I believe that during the next few days the grants will be distributed to the beneficiary families." 

Regarding the amount of the grant, Al-Rikabi stressed that "the amount has not been changed by the new government, and the first month will pay 300,000 dinars to each family benefiting from the emergency grant, as 900,000 people were included in it," noting that "the family consisting of more than one person applied to the grant and mentioned One phone number did not include all of them, only one person to repeat the number. "

LINK

[DinarThug]

Here’s An Iraqi Bank Story !  

 

     

 

 

The arrest of a bank manager who tried to embezzle 3 billion dinars in Najaf

 

Data 05/14 2020 12:41 1512 Editor: am   

Baghdad today - Najaf 

 

The Federal Integrity Commission announced, on Thursday (May 14, 2020), that it can control cases of fraud and embezzlement in a private bank in Najaf, at an amount of more than three billion dinars (about $ 2.6 million), indicating that the accused in this case is the bank’s director in association with her husband The customer at the bank.

The Investigation Department of the commission stated in a statement received (Baghdad today), that the "Najaf Investigation Office" team that transferred to the bank seized the original deposit and withdrawal bonds that were tampered with and embezzled by the accused (the bank manager), who transferred funds to her husband's accounts and arrived To (2,708,000,000) billion dinars and (350,177) thousand US dollars, after issuing the financial competencies that were not entered in the bank's accounts and without deposit funds, "explaining" that they sign on behalf of customers the restrictions of depositing and withdrawing without their knowledge. "

And the department added, "The defendant canceled letters of guarantee and issued them again without referring to the general management of the bank, keeping the commissions resulting from the letters for their personal benefit, taking more commissions than the prescribed percentage from the public administration, and transferring the extra percentage to her husband's account, as well as leasing the moneylender located in front of The bank for a period of three years, and depositing the collected amounts in the same account.

She pointed out that "a fundamentalist minutes of seizure of the seizures were organized in the process and presented to the investigating court judge specializing in integrity issues in Najaf to take appropriate legal measures."

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[southbeach]

he must know what we know

[DinarThug]

Member of Parliamentary Finance suggests that the government will resort to a "monthly" budget due to the oil price crisis

 

Policy 05/14 2020 19:06 236 Editor: mst    

Baghdad today - follow up

 

Member of the Parliamentary Finance Committee, Siham Al-Aqili, suggested that the government of Prime Minister Mustafa Al-Kazimi should resort to a monthly interim budget, due to the repercussions of the crisis in the oil price decline on the country.

Siham Al-Aqili said, in press statements, that "the cabinet’s approval of the need to pass the budget law will prompt the Ministry of Finance and the concerned authorities to expedite the preparation of the budget during the next few days."

She added that "there is a great possibility that the next budget will be interim, that is, monthly due to the crisis of falling oil prices in global markets," noting that "it is difficult to prepare an integrated budget in light of volatile oil prices."

The deputy from the National Approach bloc states that "the budget prepared by the previous government of Adel Abdul Mahdi will change all its numbers and a new budget will be prepared in view of the changes that have occurred in the price of a barrel of oil." 

She pointed out that her committee "requested to host the new finance minister, Abdul Amir Allawi, to discuss the problem of border crossings, state real estate and the budget law," noting that "the minister requested a deadline of no more than a week to attend the hosting."

Iraq, which is the second largest producer of OPEC, faces an economic crisis as a result of falling oil prices and an agreement to cut production by more than one million barrels per day, which takes effect this month. 

Oil prices collapsed in world markets due to the global economic slowdown as a result of the Corona pandemic, and the price war that broke out between Saudi Arabia and Russia. The major oil-exporting countries reached an agreement to reduce exports. 

And the government of Adel Abdul Mahdi, which submitted its resignation last December, was unable to send the federal budget bill for 2020 to the House of Representatives due to the high estimated budget deficit that reached more than forty billion dollars, and then doubled due to the decline in demand for oil. 

And with low oil prices, it is not expected that Iraq will consider any importance in paying for external debt until the end of this year in the best estimates, and according to observers, Al-Kazemi may save much on his sleeve in relation to the file of foreign relations, and his ability to use it to provide urgent solutions to the crisis His country is economic.

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