Parliamentary Source: Al-Kazemi's government Will Print The Currency To Pay Employee Salaries !

[DinarThug]

CNN. Broadcasting A Nameless And Totally Sourceless Source - Who’s Story Get’s Refuted In The Next Article By A Named An Actual Source !
 

 

Economy

Thursday 14 May 2020 | 3:30 pm

 

Parliamentary source: Al-Kazemi's government will print the currency to pay employee salaries 

 

Baghdad / ...

 

Parliamentary source confirmed, Thursday, that the government of Prime Minister Mustafa Al-Kazemi will go to print a new local currency in order to pay the salaries of employees.

The source said to "Eye of Iraq News", "This measure is one of the solutions to overcome this economic crisis that is ravaging the country, so it is necessary to find harmless solutions for future generations such as the use of cash or gold reserves in the central bank." 

He pointed out that we, "after the application of this procedure, we expect a decrease in the Iraqi dinar exchange rate against the dollar," stressing that "this will have a positive impact on activating the industry in Iraq and not resorting to global or regional markets that provide goods to Iraq at low prices because of the high exchange rate The dinar compared to the price of currencies in Turkey, Iran and others. "

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, had determined, on Wednesday, the loan disbursements that the government intends to request from home and abroad. Saleh said in a press statement, "The government submitted a draft law to Parliament in order to authorize it to borrow from internal and external financing sources, in order to bridge the deficit and enhance public financial liquidity when necessary." And, "The borrowing came because of the financial hardship that the country is going through, and in order to bridge the revenue deficit gap against fixed expenditures, especially in the operating budget." He added, "The legal cover did not provide the government with internal and external borrowing, due to the lack of a federal budget law for the year 2020." He pointed out that "internal or external loans will be included in the event of legislation for the budget for the year 2020 or its alternative the final account at the end of the fiscal year (as a reality)." Saleh said, "External loans will go toward supporting investment projects and completing the stalled ones and the urgent need to launch them, while internal loans will be allocated towards the operational budget in the government's needs for insurance of salaries and others."

It is mentioned that the Iraqi Council of Ministers approved the draft of the domestic and foreign borrowing law to finance the fiscal deficit for the year 2020 and refer it to the parliament in accordance with the provisions of the constitutional articles. Finished 2

LINK

 

Edited May 15, 2020 by DinarThug

[DinarThug]

Economy 

Thursday 14 May 2020 | 12:49 PM| 

Parliamentary finance comments on the ability of Iraq to print a monetary process

 

Baghdad / .. 

The Finance Committee in the Iraqi parliament, today, Thursday, commented on the possibility of Iraq printing a monetary process in order to confront the economic crisis and secure the salaries of Iraqi state employees. 

Committee member Hanin Qaddo said to "Eye of Iraq News" that "Iraq cannot print a monetary process, in order to face the economic crisis, because Iraq is committed within the international monetary policy, and its taking such a step means the destruction of the Iraqi dinar." 

And Qaddo that "there are a lot of solutions and proposals, with the Parliamentary Finance Committee, as well as the Ministry of Finance, to cross Iraq its economic crisis, without going to the issue of currency printing, this will cause economic and financial disasters."

LINK

 

Edited May 15, 2020 by DinarThug

[TexasMike1958]

22 minutes ago, DinarThug said:

CNN. Broadcasting A Nameless And Totally Sourceless Source - Who’s Story Get’s Refuted In The Next Article By A Named An Actual Source !
 

 

Economy

Thursday 14 May 2020 | 3:30 pm

 

Parliamentary source: Al-Kazemi's government will print the currency to pay employee salaries 

 

Baghdad / ...

 

Parliamentary source confirmed, Thursday, that the government of Prime Minister Mustafa Al-Kazemi will go to print a new local currency in order to pay the salaries of employees.

The source said to "Eye of Iraq News", "This measure is one of the solutions to overcome this economic crisis that is ravaging the country, so it is necessary to find harmless solutions for future generations such as the use of cash or gold reserves in the central bank." 

He pointed out that we, "after the application of this procedure, we expect a decrease in the Iraqi dinar exchange rate against the dollar," stressing that "this will have a positive impact on activating the industry in Iraq and not resorting to global or regional markets that provide goods to Iraq at low prices because of the high exchange rate The dinar compared to the price of currencies in Turkey, Iran and others. "

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, had determined, on Wednesday, the loan disbursements that the government intends to request from home and abroad. Saleh said in a press statement, "The government submitted a draft law to Parliament in order to authorize it to borrow from internal and external financing sources, in order to bridge the deficit and enhance public financial liquidity when necessary." And, "The borrowing came because of the financial hardship that the country is going through, and in order to bridge the revenue deficit gap against fixed expenditures, especially in the operating budget." He added, "The legal cover did not provide the government with internal and external borrowing, due to the lack of a federal budget law for the year 2020." He pointed out that "internal or external loans will be included in the event of legislation for the budget for the year 2020 or its alternative the final account at the end of the fiscal year (as a reality)." Saleh said, "External loans will go toward supporting investment projects and completing the stalled ones and the urgent need to launch them, while internal loans will be allocated towards the operational budget in the government's needs for insurance of salaries and others."

It is mentioned that the Iraqi Council of Ministers approved the draft of the domestic and foreign borrowing law to finance the fiscal deficit for the year 2020 and refer it to the parliament in accordance with the provisions of the constitutional articles. Finished 2

LINK

 

 

 

While you're at it, print enough currency so you can RV......

[DinarThug]

Political 
Thursday 14 May 2020 | 12:56 pm|

A parliamentarian refused to go to Iraq to print the monetary process
 

Baghdad / .. 

The deputy of the Alliance of Saireon, Riyadh Al-Masoudi, confirmed today, Thursday, the existence of a parliamentary refusal, to go to Iraq towards printing the monetary process, to confront the economic and financial crisis in the country.

Al-Masoudi told "Eye of Iraq News" that "until this hour, the Iraqi government, the issue of orientation has not decided to print the monetary process, to confront the economic and financial crisis in the country, but this decision is rejected by parliament, and we will not allow it."

And that "this approach may temporarily solve the crisis, but it will create many and serious future problems and crises, especially as the Iraqi dinar will collapse significantly, and it is very difficult to return it to its natural state.

It will also be rejected by the international community, especially the international financial bodies." ".

LINK

[jcav]

WTF

[horsesoldier]

3 minutes ago, jcav said:

WTF

 

Barely a sane individual left on the planet and it's coming unraveled like a cheap suit. The whole world is MAD ! 

[Miamiheatnic]

Decrease in the exchange rate, there you go folks...

[tealadog]

Look to what the CBI says. Committees tend to say a lot of 🐫 dung.

[DinarThug]

The National Congress reveals the real economic problem that Iraq suffers from

Economie| 11:52 - 14/14/2020

 

Baghdad - Mawazine News

, Thursday, the Iraqi National Congress revealed the true problem that Iraq is suffering from, while stressing the need to invest local resources to build real development.

The Secretary General of the conference, Representative Aras Habib, said in a statement that Mawazine News received a copy of it. Accumulation of development, not just liquid money, which we are looking for for temporary solutions?

For his part, the leader of the Iraqi National Congress, Muhammad al-Musawi, said that "the real problem that Iraq suffers, especially in terms of economic reform, is the shortening of the treatment ranges due to the fact that they are related to the period when the minister takes over his ministry, no further."

Al-Moussawi pointed out that "short-term, quick-execution remedies are the guarantor of political and electoral returns, while strategic programs lack such a return." End / 29 / p.

LINK

[DinarThug]

Hamdoun: Addressing the financial and economic collapse in Iraq is linked to "intentions to reform"

 

 

Last updated: May 14 2020 - 1:40 PM

 

 Baghdad / Iraq News Network - Member of the Finance Committee, Mahasin Hamdoun, commented today, Thursday, on the expectations of the Special Representative of the United Nations Secretary-General in Iraq, Jenin Blashardt, on the contraction of the Iraqi economy by 9.7% and the high poverty rate to 40%.

Journalist, “The survival of the situation regarding the lack of state resources due to the crisis of the collapse of oil prices will increase the proportion of poverty naturally, but new economic measures can be taken by activating industry, agriculture and trade, and things can improve.”

Hamadoun added, “Prime Minister Mustafa Al-Kazemi promised By controlling border entry points electronically, This will augur well, because revenues can double to 7 trillion of them. ”

A member of the Finance Committee in Parliament confirmed that“ the situation in Iraq will not reach the stage of needing a miracle and overcoming the crisis, because solutions exist with the intentions of reform. ” 

"The expectations of the Iraqi economy to shrink by 9.7% and for the poverty rate to rise to 40%. I mentioned Balsakharat during her briefing at the United Nations Security Council," he said, "it is expected to shrink."The Iraqi economy increased by 9.7 per cent in 2020, with poverty rates rising to about 40 per cent, and large losses in employment income are expected, as well as a decrease in economic opportunities.

She added: “Iraq was encouraged to build a healthy environment conducive to broad-based growth. Distributed fairly and created jobs, with the help of the bank 

The Special Representative of the Secretary-General of the United Nations in Iraq confirmed that “the current economic situation has once again exposed Iraq’s weakness due to the severe shortage of economic diversification, and the monthly oil revenue for Iraq has decreased from 6 to 1.4 billion USD between February and April. ”

LINK

[DinarThug]

International News 

Thursday 14 May 2020 | 07:45 pm|

Trump confirms the end of the "globalization era" due to the pandemic of the Corona virus

 

Continue / ... 

US President Donald Trump confirmed that the outbreak of the Corona virus "Covid-19" in the world showed the end of the era of globalization. 

In an interview broadcast Thursday by "Fox News", Trump pointed to the need to manufacture American goods inside the United States, threatening to impose an additional tax on American companies that produce their goods outside the country's borders.

The US president launched a new attack on China, saying the United States has "not good" information for Beijing about the source of "Covid-19". Trump expressed his "deep disappointment" in China, blaming it for the failure to prevent the outbreak of "Creed-19" to various parts of the world, and pointed out that his relations with his Chinese counterpart Xi Jinping are good, but he does not want to communicate with him now. Finished 2

LINK

[DinarThug]

Mirza: Proposals to address the financial and economic crisis before Al-Kazemi's attention

 

Last updated: May 14 2020 - 12:47 PM 

 Baghdad / Iraq News Network -

 

Member of Parliamentary Finance Committee, Sherwan Mirza, revealed on Thursday (14 May 2020), to submit proposals to the government of Prime Minister Mustafa Al-Kazemi to bypass the economic crisis and secure salaries.

Mirza said, in a press statement, that “economic advisers in the Cabinet They presented two proposals to the new government to overcome the economic crisis and secure salaries, ”noting that“ the first proposal is to prepare a monthly federal budget law based on imports and expenditures for each month, and the second suggests that there be one budget for the remaining six months of the fiscal year. ”

He added,“ These two proposals Or two options Maz Except under study, research and discussion between the government and its economic advisors and the Ministry of Finance teams to adopt one of them, "explaining that" both options aim to secure payment of salaries of employees, retirees and social welfare. " 

Mirza pointed out that "the two proposals or options presented for discussion will be adopted by one of them in the Federal Budget Law before sending it to the House of Representatives to legislate it," adding that the budget for the year 2020 (monthly or for the remaining six months) will be operational and austerity without an investment budget.

The Patriotic Union of Kurdistan bloc said that "the next budget will be free of job grades due to the Corona pandemic crisis that has paralyzed the economic movement in all countries of the world," expecting that "the government's plan to prepare the federal budget law will be clear after the Eid holiday." 

Mirza stressed, "The government also She hates it Panels to fill the deficit this budget austerity by resorting to external and internal borrowing and savings compulsory and state departments and reducing its last destination for currency printing, "asserting that" the government is considering all of these proposals before proceeding with the preparation of the general budget of the law. 

"On Monday (May 11, 2020), Finance Minister Ali Allawi sent a letter of reassurance to employees regarding salary insurance. 

Abdul Amir told the Iraqi News Agency (INA): "We seek to distribute the salaries in full with our expectations for the continued improvement in oil prices." He added, "Financial matters are difficult, but salaries and people's strength are among the first concerns and priorities of the government."

LINK

[DinarThug]

Among them is the sale of state real estate .. Parliamentary finance proposes solutions to bridge the fiscal deficit

 

05/14 2020 04:50:27  

Twilight News /

 

made a member of the Committee of Finance Parliamentary Thursday, a group 's proposals to bridge the deficit fiscal in the draft law of the budget for the year the current 2020 , including resort to " loans and the sale of real estate state and laboratories " , as pointed to that Iraq paid off more than 15 billion dollars annually as " Debt ".

He said MP Jamal PANTHER told the " Twilight News " , it " could be the government of Prime Minister Mustafa Kazmi addressing the deficit fiscal in the draft law of the budget year , the current after a decline in the prices of oil to the lowest level of through several ways, including recourse to loans internal and external ." 

He added cougars, that " the government search for investments in foreign to reduce the deficit financial, and work also to postpone repayment of debt , which paid annually to states and estimated to 15 to 20 billion dollars " , stressing at the same time , the need to " fight against corruption , financial and administrative in the departments and institutions of the State ".

As suggested panthers, the government of Iraq , " put some plants and factories to invest, or so - called partnership between sectors , private and public, and the sale of real estate state exploited from by the parties , the political and the heads of blocs , politicians and members of parliament , former which is estimated in the billions can be sold to take advantage of them financially to cover the deficit in the budget of public ".

It is noteworthy to be Prime Minister Mustafa Kazemi revealed in a speech to him at the end of the meeting , the first of the Council of Ministers Saturday last, for the determination of his government 's orientation towards borrowing domestic and external to finance the deficit fiscal budget for the year the current 2020

LINK

 

Edited May 15, 2020 by DinarThug

[DinarThug]

LINK

Iraq maintains the size of gold reserves at 96.3 tons

 

15th May, 2020

 

The UAE continued to increase its gold reserves by the UAE Central Bank by more than 3.9 percent during the month of March of 2020, by buying 1.1 tons more, to be the only Arab country to continue buying gold under the current conditions of the Corona virus

According to the latest data issued by the World Gold Council, the UAE's possession amounted to 29.5 tons, which represents 1.4 percent of all reserves in it at the end of last March, as the data is issued two months late

And the possession of central banks in 100 countries around the world is estimated at 34.86 thousand tons of gold by the end of March, according to the newly released official data

The United States continues to dominate the first place with possession of 8133.5 tons of gold, which constitutes 78.3 percent of all the country's reserves, while Germany is second in possession of 3364.2 tons of gold, which 74.3 percent of all reserves

And the Monetary Fund comes in the third place in light of its possession of gold reserves estimated at 2814 tons 

The development of Arab states' possession

Most of the Arab countries' holdings of yellow metal did not change during the month of March of this year, compared to February, in order for the UAE to maintain the same position in the 10th rank at the level of the Arab countries

The UAE was ranked fourth among the Gulf Cooperation Council countries after Saudi Arabia, Kuwait and Qatar

The Kingdom of Saudi Arabia preceded it with an Arab head of a fixed size from the beginning of this year, 323.1 tons, which represents 3.2 percent of its total reserves, to maintain the same 18th position in the world

The possession of Lebanon of the yellow metal has reached the same since last January at 286.8 tons, with the acquisition of 28.8 percent of its total reserves, to maintain the 20th position globally

Algeria's possession of gold reaches 173.6 tons, with the acquisition of 11.8 percent of the reserves in the country, to be ranked 26th globally at the same levels at the beginning of 2020

Libya ranked 33rd with possession of 116.6 tons of gold, the same at the beginning of this year, with the acquisition of 7.1 percent of its reserves

And Iraq was positioned in the same 38th position with the size of the same gold reserves at the beginning of this year at 96.3 tons, with the acquisition rate of 7.2 percent of its reserves

Egypt was ranked 40th in the world after possession of 79.4 tons, representing 9.2 percent of the country's reserves, with the same reserves last month, and rising from 79.3 tons during the month ending January

While Kuwait came in the same rank 41st in the world with the same size of its possession of the yellow metal with a volume of 79 tons, thus accounting for 9.2 percent of its reserves

Jordan maintained the 49th position globally with a size of 43.5 tons of gold, accounting for 14.8 percent of its reserves, followed by Qatar in the 51st position the same month last month with 42.2 tons of yellow metal, representing 5.4 percent of the total Qatar reserves, at the same levels

Syria was ranked 60th after the UAE, with a reserves size of 25.8 tons, with a acquisition of 7.4 percent of the country's total reserves, and Morocco ranked 63rd in the world with a volume of 22.1 tons, with a 4.4 percent acquisition of the country's reserves

Tunisia occupied the 81st position in the world, with gold reserves amounting to 6.8 tons, representing 4.5 percent of the country's reserves, and then the Kingdom of Bahrain ranked 87th globally with a volume of 4.7 tons, with the acquisition of 6 percent of the total reserves in the country

[DinarThug]

LINK

Al-Rafidain invites some departments to activate the Master Card and receive their salaries electronically

 

 

10:20 - 05/15/2020

 

 

Rafidain Bank called on some state departments to expedite the activation of the MasterCard cards and receive the salaries of their employees for the month of May electronically and not manually.

The media office of the bank said in a statement received / information /, that "the bank demands from some directors of the departments accounts to activate the mastercard cards for its employees that were received by the bank so that the salary for this month can be disbursed electronically."

He pointed out that “the directors of the accounting departments of some departments must address the general administration of the bank and instruct to complete all procedures related to activating the Master Card especially in light of the conditions the country is currently living in due to the Corona virus and the need to leave manual cash and deal with the electronic system for salary payment.” 

[jcav]

6 hours ago, horsesoldier said:

 

Barely a sane individual left on the planet and it's coming unraveled like a cheap suit. The whole world is MAD ! 

 

Yes.  The world is insane.   But the article says a "New" Currency.  Hmm  Small denoms?

 

5 hours ago, Miamiheatnic said:

Decrease in the exchange rate, there you go folks...

 

I remember Years ago someone explained that lowering it made it closer to revaluing it.   Not sure how that goes though.  

Anyone?

[ChuckFinley]

There is a lot of WTF and I believe it is in the translation.

 

Al-Kazemi will go to print a new local currency – To me the new Local Currency would be the small notes as it would serve the local population to do business. Why trade in a 10 dinar internationally. 

 

 

 "after the application of this procedure, we expect a decrease in the Iraqi dinar exchange rate against the dollar," – Could this be that when translated by a native Iraqi as “we expect the dollar to decrease against the dinar”. How many times have these auto translators screwed translations up? 

 

Therefore

 

 

"this will have a positive impact on activating the industry in Iraq and not resorting to global or regional markets that provide goods to Iraq at low prices because of the high exchange rate The dinar compared to the price of currencies in Turkey, Iran and others. "  - We will be on par with our neighbors such as Kuwait. 

 

Edited May 15, 2020 by ChuckFinley

[jcav]

I very much like your explanation Chuck.  Plus, if they print and disseminate small denoms into circulation, a new higher value must accompany this as well.  

[ChuckFinley]

I would have to agree. I am a very positive person in nature but also realistic. This release just had too many question marks as to what they were intending to say. Tealadog has it right, with regards to watching the CBI. 

[screwball]

Positive is good....rev!ue  is much better! LOL

[King Bean]

9 hours ago, DinarThug said:

currency printing, this will cause economic and financial disasters."

 

Well, at least there's one person in Iraq with their head screwed on straight.  And to answer JCAV above: we want the exchange rate to go lower. The closer to 1:1 we get, the better. Right now it takes 1190 IQD to equal 1 USD.  So it's 1190:1.  If they made a small drop to let's say 1000:1 that means more purchase power for the IQD. 750:1 is better. 500:1 great. 1:1 Exceptional. Hope that helps.

 

[olivesman]

2 hours ago, ChuckFinley said:

There is a lot of WTF and I believe it is in the translation.

 

Al-Kazemi will go to print a new local currency – To me the new Local Currency would be the small notes as it would serve the local population to do business. Why trade in a 10 dinar internationally. 

 

 

 "after the application of this procedure, we expect a decrease in the Iraqi dinar exchange rate against the dollar," – Could this be that when translated by a native Iraqi as “we expect the dollar to decrease against the dinar”. How many times have these auto translators screwed translations up? 

 

Therefore

 

 

"this will have a positive impact on activating the industry in Iraq and not resorting to global or regional markets that provide goods to Iraq at low prices because of the high exchange rate The dinar compared to the price of currencies in Turkey, Iran and others. "  - We will be on par with our neighbors such as Kuwait. 

 

I was thinking the exact same thing with regard to translation.

When they say "next Sunday"we would say "this Sunday".

[ChuckFinley]

26 minutes ago, olivesman said:

I was thinking the exact same thing with regard to translation.

When they say "next Sunday"we would say "this Sunday".

[TexasMike1958]

4 hours ago, DinarThug said:

LINK

Iraq maintains the size of gold reserves at 96.3 tons

 

15th May, 2020

 

The UAE continued to increase its gold reserves by the UAE Central Bank by more than 3.9 percent during the month of March of 2020, by buying 1.1 tons more, to be the only Arab country to continue buying gold under the current conditions of the Corona virus

According to the latest data issued by the World Gold Council, the UAE's possession amounted to 29.5 tons, which represents 1.4 percent of all reserves in it at the end of last March, as the data is issued two months late

And the possession of central banks in 100 countries around the world is estimated at 34.86 thousand tons of gold by the end of March, according to the newly released official data

The United States continues to dominate the first place with possession of 8133.5 tons of gold, which constitutes 78.3 percent of all the country's reserves, while Germany is second in possession of 3364.2 tons of gold, which 74.3 percent of all reserves

And the Monetary Fund comes in the third place in light of its possession of gold reserves estimated at 2814 tons 

The development of Arab states' possession

Most of the Arab countries' holdings of yellow metal did not change during the month of March of this year, compared to February, in order for the UAE to maintain the same position in the 10th rank at the level of the Arab countries

The UAE was ranked fourth among the Gulf Cooperation Council countries after Saudi Arabia, Kuwait and Qatar

The Kingdom of Saudi Arabia preceded it with an Arab head of a fixed size from the beginning of this year, 323.1 tons, which represents 3.2 percent of its total reserves, to maintain the same 18th position in the world

The possession of Lebanon of the yellow metal has reached the same since last January at 286.8 tons, with the acquisition of 28.8 percent of its total reserves, to maintain the 20th position globally

Algeria's possession of gold reaches 173.6 tons, with the acquisition of 11.8 percent of the reserves in the country, to be ranked 26th globally at the same levels at the beginning of 2020

Libya ranked 33rd with possession of 116.6 tons of gold, the same at the beginning of this year, with the acquisition of 7.1 percent of its reserves

And Iraq was positioned in the same 38th position with the size of the same gold reserves at the beginning of this year at 96.3 tons, with the acquisition rate of 7.2 percent of its reserves

Egypt was ranked 40th in the world after possession of 79.4 tons, representing 9.2 percent of the country's reserves, with the same reserves last month, and rising from 79.3 tons during the month ending January

While Kuwait came in the same rank 41st in the world with the same size of its possession of the yellow metal with a volume of 79 tons, thus accounting for 9.2 percent of its reserves

Jordan maintained the 49th position globally with a size of 43.5 tons of gold, accounting for 14.8 percent of its reserves, followed by Qatar in the 51st position the same month last month with 42.2 tons of yellow metal, representing 5.4 percent of the total Qatar reserves, at the same levels

Syria was ranked 60th after the UAE, with a reserves size of 25.8 tons, with a acquisition of 7.4 percent of the country's total reserves, and Morocco ranked 63rd in the world with a volume of 22.1 tons, with a 4.4 percent acquisition of the country's reserves

Tunisia occupied the 81st position in the world, with gold reserves amounting to 6.8 tons, representing 4.5 percent of the country's reserves, and then the Kingdom of Bahrain ranked 87th globally with a volume of 4.7 tons, with the acquisition of 6 percent of the total reserves in the country

 

 

If my math is correct, at today's price of gold per ounce, that is $52,941,888,000.  Looks like they have plenty of money to work with for an RV

[alreis]

I recall reading some where here that a certain Maliki had about 50 billion in his possession, that brings them to 100 billion plus.