Legal Expert: Iraq Has The Right To Recover Smuggled Money Outside The Country !

[southbeach]

Perfect

[DinarThug]

The value of the dinar!

Tuesday 02 June 2020

 

Jawad Ali Kassar

 

 

As usual, he is always angry, extreme, extremist, and this is how a close friend of mine confronted me on the phone, speaking with frustration and resentment about what he described as the catastrophe that befell us, if the Iraqi dinar exchange rate against the dollar was really reduced!

This has been his style all the time since we brought together a close relationship on the prep school levels more than four decades ago, and like many passive moods, his nature has not been tainted with a cultural and social life experience for decades. I assured him that a study issued by the Central Bank of Iraq a few days ago, entitled: «Reducing the exchange of the Iraqi dinar: determinants and alternatives» ruled out that the government would resort to such a measure, at least for the time being. 
The study pointed to eight related factors, including the effect of the supposed reduction in the consumer, and the increase in economic growth, then the expected impact on social groups that depend on government support, and then asked about the ability of politicians financial and monetary in the face of inflationary effects, before reaching A decisive result is that the government, when resorting to this measure to cover the budget deficit, will not gain anything according to the study, because what you earn by reducing it will be lost by compensating for inflation.

Instead, the central bank’s study recommended finding alternative practical steps for the reduction, and urged the government to face the waste in the state’s resources, because such a process, if it had taken place, would be able to provide the government several times the money that could be available from the devaluation of the dinar.
 For example, the study provides an example of $ 20 billion in electricity expenditures annually, while less than 10% is obtained from this expense. While the value of our imports is about (50) billion dollars annually, the government does not reap from these fifty billion billions of customs and other fees, except (10) only!

On this issue, the Central Bank study suggested that the government resort to saving money by reducing expenditures in these resources and rationalizing them, because in its view it is more useful to cover the budget deficit and Gibran the consequences of the current crisis, arising from the low oil prices and corona together.

I return now to my friend who asked him to rest assured that the general trend of government policy so far is not to prejudice the value of the Iraqi dinar, until I heard directly from the governor of the central bank, that the bank is ready to ensure that the exchange rate remains at its current levels for the next five years. I recognized to him frankly that it is my personal interest as a citizen to keep the dinar at its present value, because it facilitates for me and others like me to easily buy dollars for travel or for treatment outside Iraq, and I also confessed to him that this price helps to save an amount of dollars for me and others, so that it is a guarantee of the fluctuations of eternity and requirements Another life at the end of life!

But I asked frankly with him, Is keeping the exchange rate at its current value is in the interest of the country, especially if we take into consideration that the oil dollar constitutes more than 90% of our income sources? Estimates record that the lowest annual smuggling of difficult currencies out of Iraq to neighboring countries and other countries amounts to two billion dollars?

I cannot dwell on the story. Our angry friend finally agreed that one of the possible solutions for the future is the systematic gradual depreciation of the value of the dinar against the dollar, but certainly not in the style of shock or flotation, as happened to many countries around us. , Or forced float under pressure from the economy, war and blockade, as happened in Iran and Syria.

No one is thinking today about taking even a dollar out of Iran, Egypt, Syria and Turkey, because it is an uneconomic process; The opposite is happening. These countries and their likes have turned into attractive markets for the dollar.

Naturally, this is not an invitation to float, but rather are general ideas for deliberation, and the right decisions in such serious issues remain, which are those that depend on specialized studies, successful experiences, and what is more around us!

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[DinarThug]

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The Central calls for revealing details of the services provided to citizens

 

2nd June 2020

 

On Tuesday, the Central Bank of Iraq called for the need for banks and electronic payment companies to disclose details of services provided to citizens

The Central said in a statement received by "Al-Iqtisad News", that it "calls the Iraqi Central Bank licensed banks and electronic payment companies to compel their agents to announce at their workplace the details of the services provided and the rates of wages and commissions deducted clearly and explicitly

He indicated that "for the purpose of organizing cash withdrawals through the use of points of sale

The statement added that "honorable citizens should make sure of the deducted commissions shown in the withdrawal tape for devices, which must be in accordance with the instructions of the Central Bank

And between: "The Central Bank previously set the ceiling for a single withdrawal from the points of sale, which is 2 million dinars, provided that the maximum commission limit is 0.006 for the withdrawn amount and not less than 2000 dinars

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The central bank clarifies regarding dealing with electronic payment companies and the commission rate for each drawing

[DinarThug]

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Saleh and Zaidan discuss resolving corruption files and punishing those who have crossed public funds

 

2nd June 2020

 

Today, Tuesday, President of the Republic, Barham Salih, received, at the Peace Palace in Baghdad, President of the Supreme Judicial Council, Judge Faeq Zidan.

A statement by the Presidency of the Republic, received by "Gilgamesh Press", stated that "the meeting discussed the role of the Iraqi judiciary in establishing justice and law enforcement by resolving corruption files and punishing those who crossed public funds, and emphasizing the importance of cooperation and coordination between the three authorities to review the laws in force and work to prepare laws and legislation Required by the next stage."

He added, "The principle of separation of powers and full support for the independence of the judiciary in a manner that achieves social justice was also emphasized."

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The President of the Republic discusses with the judiciary the resolution of the corruption files and the punishment of those who violate public funds  
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[DinarThug]

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The Strategic Planning Committee: We succeeded in getting Iraq out of the external debt trap

 

2nd June, 2020

 

Member of the Committee for Monitoring the Implementation of the Governmental Program and Strategic Planning for the Parliamentary Bloc of Inaam Al-Khuzai, today, Tuesday, to remove Iraq from the trap of foreign debt, and we did not borrow from the retirement fund nor one dinar

Al-Khazai said in a statement, "We succeeded, accompanied by a number of my colleagues, members of the House of Representatives, to get Iraq out of the debt trap and external borrowing after the persistence of previous governments in external borrowing to finance the federal budget exacerbated the sovereign debt burden on Iraq

Al-Khuzai denied, "Borrowing from the retirement fund, not even one dinar, despite our emphasis on internal borrowing when necessary

She added, "Iraq is now facing an acute financial crisis that needs to control public expenditures and maximize public revenues, and this can only be through organizing and auditing the sections of public spending and streamlining unnecessary ones," pointing to "the importance of maintaining the permanence of salaries and social and health protection programs because of their role In revitalizing the economy and achieving social peace

Al-Hazaie explained, "The Iraqi government is obligated today to continue to experiment with the 2019 budget and stop external borrowing and finance the fiscal deficit through internal borrowing." Financial sustainability away from external borrowing and the mortgage it leaves on the country’s economic resources and nibbling on national sovereignty

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Deputy: The previous government succeeded in getting Iraq out of the debt trap and external borrowing   
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[DinarThug]

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Economist: The end of the double salaries and space file will save 20 billion dollars
 

 

12:55 - 02/06/2020

 

Economic expert, Majed Al-Suri, confirmed on Tuesday, the government's ability to end the economic crisis in a very easy way, noting that ending the file of space and double salaries and reducing the salaries of higher grades will save 20 billion dollars.

Al-Suri said in a statement to "Information", that "Iraq has several solutions to face the economic crisis, but the government needs serious and quick measures."

He added that "one of the solutions is to eliminate double salaries, in addition to reducing the high allocations for the salaries of some groups and ending the file of aliens, which contributes to providing 24 trillion dinars, equivalent to 20 billion dollars, which is within 23% of the country's budget."

Al-Suri explained, “The cash mass stored in homes is equivalent to 40 trillion dinars, which cannot be exploited by the government except through an integrated banking system and incentive for citizens to deposit that money in banks.”

[DinarThug]

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Finance launches the salaries of all employees of the late state

 

2nd June 2020

The Director General of the Accounting Department of the Central Bank of Iraq, Ihsan Al-Yasiri, revealed, on Tuesday, the release of salaries for all government departments, indicating that a limited number of salaries will be transferred tomorrow entirely.

Al-Yasiri said in televised statements, followed by "Al-Iqtisad News", that "all the salaries of state employees were released this afternoon and I have contacted a number of banks to make sure that the procedures are completed."

He added, "The finance funded all the salaries, and the sums have been paid to the banks for distribution, and the remaining process will be completed tomorrow morning."

The delay in the Finance Ministry caused the release of employees' confusion among employees, especially those with limited salaries, before the Eid al-Fitr holiday. 

[DinarThug]

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Al-Kaabi demands the recovery of the stolen money and tight control over the ports

 

06/2/2020 19:31:49

 

The First Deputy Speaker of the House of Representatives, Hassan Al-Kaabi, called Prime Minister Mustafa Al-Kazemi to recover the looted money from the corrupt and tightly control the border crossings.

 

In a statement, Al-Kaabi called, "Al Furat News" received a copy of it, "not to prejudice the salaries of employees, retirees, the social welfare network, the families of martyrs and prisoners," expressing his support for "government measures related to tackling the financial crisis and the drop in oil prices, provided that the salaries of state employees, retirees and social welfare are not affected , As well as the families of martyrs and prisoners, as important segments of Iraqi society." 

Al-Kaabi also called on the Prime Minister to "move urgently towards some solutions that would address the financial crisis and secure salaries, including recovering the looted funds of senior corrupt or located in countries abroad, in addition to rationalizing government spending and finding ways to maximize non-oil resources and provisions for control of border crossings." All over the country and transfer its resources to the state treasury." 

Al-Kaabi recommended that "urgent action be taken to collect the debts arising from mobile phone companies, and the formation of a high committee to audit the data of employees in all state departments across the country, and the formation of another committee to audit movable and immovable funds for everyone who received the position of general manager and upward, in addition to activating a topic Reducing embassies and attachés, reviewing embassies where there is no Iraqi community or commercial exchange with the other country, giving priority to supporting the private sector, providing means for its recovery, encouraging investors, and operating all stalled factories."

On Tuesday, Prime Minister Mustafa Al-Kazemi assured employees and low-income people of the deductions. "We will not allow solutions to the financial crisis to be at the expense of the rights of low-income employees, retirees, and those entitled to social welfare," Al-Kazimi said in a tweet on his Twitter account. He added: "Our decision is: to reduce the salaries of presidencies, special grades and higher positions, to suspend the double-wage and delusional and to rationalize government spending." He continued: "We are determined to overcome the crisis together."

[DinarThug]

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Economist: Iraq needs $ 66 a barrel and resorting to currency reserves is a disaster

 

 

6/2/2020 21:13:56

 

 

The economic expert, Ali Al-Fariji, stressed the need for Iraq to price 66 dollars per barrel out of the economic crisis, while warning against resorting to currency reserves.

 

"The average price per barrel of $ 39 is expected to be at the end of the year or in the first quarter of 2021," al-Furaiji said, noting that "Iraq is linked to the OPEC agreement to reduce one million barrels per day, so we will face two problems in fluctuating price per barrel with The estimate imposed on Iraq is to face the same operational budget and the same numbers for years."  He added, "In the sense that the exchange rates in the government will be very large against a deficit in oil revenues because the price per barrel of oil is 34 dollars and Iraq needs from 62 to 66 the price of a barrel to meet the budget if compared to the 2019 budget, so it will be more than 55% deficit in the price of a barrel."

Al-Furaiji pointed out that "the financial crisis in the country depends on the type of plan or strategy and the urgent need for the prime minister's attention on the team leading this crisis; but if we rely on the same minds that caused the disaster and the economic crisis, we will fall into a quagmire that is suppressed than we are."  He also stressed "the need for Iraq to have very exceptional minds and experienced expertise worldwide to lead economic construction in a manner that differs in the nucleus of the crisis." 

The economist warned against "resorting to the state's treasury," returning him "a catastrophe and a depletion of the country's energy," explaining that "Iraq possesses an average of 60 billion dollars, 30 billion of which is in bonds, therefore there is a limit allowed by the state that can be dealt with and almost according to decisions from 9" To 11 billion dollars." He noted at the conclusion of his speech that "if the deal exceeds this figure is too big glitch will happen in the economic structure of Iraq", warning the government of "special operations leveraged and Iraq are currently subject to $ 80 billion in debt negative".

[DinarThug]

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Video .. US economic official: Iraq has an endless opportunity
 

 

2nd June 2020

 

The economic advisor to the American embassy in Baghdad gave an overview of the economic cooperation between the United States and Iraq.
 

The US official said in a video aired by the embassy on its front page on Facebook that his country is cooperating with Iraq to fight corruption that spoiled Iraqis toiling money."

He noted that the United States supports the achievement of economic prosperity for Iraq as it deserves if we work hard together and there will be an opportunity to limitless for them to move Ahead."     

 

VIDEO IS IN ENGLISH AND IS ON THE LINK ABOVE

[DinarThug]

 

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The Presidency of the Republic issues a statement regarding financial belongings under Maliki

 

2nd June 2020

 

Today, Tuesday, the Presidency of the Republic denied the existence of financial belongings under the responsibility of one of the former Vice Presidents

The media office of the presidency said in a statement, "We deny what was stated in the (on the table) program that was broadcast recently by Al-Sumaria TV channel regarding the existence of an advance by an ex-vice president estimated at (4) billion dinars that has not been settled

The office added, "The presidency confirms that this information is incorrect and that it urges all media outlets to be accurate and beware of being drawn into political auctions that have negative impacts on the country's difficult challenges

The media had published news in the past two days talking about the existence of amounts under the authority of Nuri al-Maliki during his tenure as Vice President of the Republic, related to the furnishing of his office in Baghdad.

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[DinarThug]

A Sign Of Going International ?  

 

     

 

 

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Iraq’s marine fleet gets SOC certification

 

2nd June, 2020

 

The Minister of Transport, Nasser Al-Shibli, announced today, Tuesday, that all the ships of the General Maritime Transport Company have obtained, for the first time, a certificate of international compliance with SOC emission after completing all the basic requirements under the supervision of the French Classification Authority

Al-Shibli said in a statement received by "Al-Iqtisad News", that "all the company's ships conducted successful inspections under the supervision of the French Classification Authority and obtained the international compliance certificate SOC", noting that "having this certificate would enable Iraqi ships to sail to all ports of the world without reservation Or an exception

For his part, the company's general manager Muhyiddin Al Emara said in the statement that "the international compliance certificate SOC in 2020 has become an inevitable certificate and no ship is allowed to enter the ports of the world unless you obtain this certificate by examining the fuel used to protect the global environment from the risk of pollution

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All Iraqi shipping ships obtain SOC 
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Edited June 2, 2020 by DinarThug

[DinarThug]

16 hours ago, DinarThug said:

The Next 5 Articles Feature Magda Al-Tamimi The Tenacious Finance Committee Member Who Has Been Unmasking The Auctions !                   She’s Also An Outspoken Opponent On Devaluing The Dinar - And Would Definitely Be On The Short List For The Next CBI Governor ...       

Magda Al-Tamimi proposes a mechanism to amend the salary scale and warns: Money from the currency auction goes to finance terrorism!

 

Policy 01/06/2020 21:59 4239    

Baghdad today - Baghdad 

 

Member of Parliamentary Finance Committee, MP Magda Al-Tamimi, Monday (1 June 2020) spoke of a deficit of billions of dollars in the state budget rising every year since 2003, while revealing a proposal to "save Iraq".

Speaking during the program (Shortest Roads) presented by the media, Dr. Nabil Jassem, on Al Sharqiya News screen , Al-Tamimi said : “We spent from 2003 to the end of 2019 a trillion (15 zero), 226 trillion and 631 billion dollars,” noting that “the oil and non-oil revenues reached a trillion And 24 billion dinars. " 

He added: "From the beginning of 2003 to the end of 2019 there is a deficit of approximately $ 70 billion." 

She explained: "We suffer from emotional and confusion and lack of planning in drawing and spending state budgets." 

And she added: "I spoke to President of the Republic Barham Salih that we need a committee called the Iraq Salvation Committee, which consists of a small team from the executive and legislative branches, and those who live inside the country work according to two tracks, the first is urgent and the second is medium and long-term." 

And she continued: "This committee must reconsider the salary scale, because there is a disparity in salaries between a ministry and a ministry, there must be justice in which salaries are equal between all and this proposed mechanism has been put forward in practice." 

And after 2003, laws were enacted on emotional backgrounds that created allocations that allowed dual salaries to exist, she added, adding: "It is impossible to imagine an employee with two or three salaries, and an employee and citizen who cannot find what he eats.

She went on to say, "The graduates are thinking of the appointment and that behind him retired because of the lack of support system" rel="">support from the private sector," adding that "Iraq is able to overcome the crisis according to my vision three months by restoring the economic situation."

And she saw that "the financial situation is bad in the country, but the solution is easy with the presence of the will, and the decision-maker needs boldness and strength in applying the law, and many of the decisions and reform laws were initiated and not implemented."

He pointed out that "the doors of appointments recently opened without planning", warning that "there is no database in some ministries, showing the number of those who were referred for retirement, for example the Ministry of Education does not have and 13,000 new employees were appointed without knowing the size of the number of those who left." 

And she added: "There is no accuracy indicating the number of people referred for retirement, there is a discrepancy between the numbers installed on paper and what is mathematically proven, there is no computing." 

She talked about "forgery that occurred in some appointment orders issued by the previous government," noting that "we have a lot of money but it is not collected or received less money according to the law, we have a lot of money that must be collected and go to the state but it does not reach the treasury."

She pointed out that "there is an agreement with the electricity distribution centers for some malls, and 50 thousand instead of one million dinars are received, for example, and this includes commercial shops as well."

And he talked about the auction of selling currency in Iraq, and the currency auction said that his money goes to 4 sides which are employees of the central bank, parties, merchants, terrorism and financing of terrorism, which was through the currency auction.

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Surprisingly, high caliber .. "Iraq issued a loan of one billion dinars for a suicide bomber"

 

2nd June, 2020
 

Iraqi Parliament member Basem Khashan revealed, today, Tuesday, that one of the terrorists received a billion-dinar loan from the official authorities, while he pointed out that that terrorist later blew himself up, stressing that "the financing of "terrorism and terrorists in Iraq is taking place" through the Iraqi state

Khashan told Shafaq News that "the Iraqi state funds terrorism and terrorists, in more than one way and through, including the currency auction

He added that "one of the large agricultural loans was provided to a terrorist who blew himself up, and the loan exceeded one billion dinars," noting that the loan was "made through fake real estate guarantees

And Khashan added, "Terrorism and terrorists are funded by the Iraqi government and its banks, and it is not excluded that there are a large number of Iraqi officials who know this

On the other hand, a member of the Parliamentary Finance Committee, MP Majida Al-Tamimi, said yesterday, Monday, in a televised meeting that her research in the Iraqi currency auction led her to shocking results, represented by the arrival of funds from the auction to the terrorist groups, as well as another part of it going to Iraqi political parties

The Integrity Commission last December disclosed details of the criminal and intelligence cases related to the file (currency auction) that it is investigating, indicating that it received (4) intelligence, and opened (8) criminal cases in it

The Investigation Department of the Commission noted that (6) of these cases were referred to the trial court and other investigation courts, in addition to a case that was previously decided upon, and another that is still under investigation, explaining that among these cases are major corruption cases in the work of a private bank and indications of cases Smuggling foreign currency outside Iraq through the bank's purchase of foreign currency for the benefit of companies claiming to import goods,pointing out that, upon investigation and scrutiny, it was found that those companies had not introduced goods to Iraq since 2004

The Authority had announced that it had completed several criminal cases that it had investigated, which resulted in the imposition of fines amounting to more than 245 billion dinars on private banks; The result of legal violations regarding the two-year permits only, and the violation of the foreign exchange auction instructions for 2012

[DinarThug]

Economic ministerial curriculum

Monday 01 June 2020

 

Thamer Al-Heims

 

 The ministerial curriculum was issued on 7/5/2020 under the shadow of the two emergency pandemics Corona and the drop in oil prices, which reduced the quantities of crude oil exported to almost a third and greatly affected the budget of Iraq, which has not been approved yet despite our arrival to the middle of the year. 

Corona came as an accelerator of economic stagnation, as the preparation for the traditional cycle of the world economy had completed its terms, according to his experts, but the disease was like the straw that was broken ... 

In either case ... the continuation of the effects of the virus or the repercussions of global markets, the source crude oil is no longer a single bet, and as a result of the foregoing it has become accustomed to supporting it to prevent industrialization even in oil as a parallel solution. 

Here lies the fear of politicizing the oil paper, which we will touch upon when approving the law of the National Oil Company and completing the draft oil and gas law, and reviewing the laws of licensing rounds after specific developments and their force majeure.

The key to getting out of the door of the crisis is to pass legal packages with full force and national will, because the alternative is not just domination Agents, but rather the collapse of the two parties, as systems that manage the oil and gas fields, as internal and external borrowing on its harsh terms and severe dependencies constitute To patch up a larger hernia, because loans of both types create neither development nor investment. 

The investment is required, but it is not available, in Jordan 

The capital of Iraq invests 22 billion dollars, and the rest of the money is distributed among the three main sources of the country, and they are China, including nearly 30 billion dollars, Turkey and Iran, including about So, as well as situations Smuggling and forgery in certificates of origin, and the exclusion of external transfer only to money exchanges Correspondent banks, in addition to the outlet crisis, for which we have not received 10 percent of their returns.

 In light of this, the concerned authorities should not be the custodian of all deviations in the economic, financial and administrative performance, and that the interests of those bodies be Iraqi Exclusively by supporting the decision-maker in achieving the oil policy to rearrange his priorities, by extracting and manufacturing according to the constitution, because oil belongs to the Iraqi people. 

The electronic government comes as one of the most prominent elements of time-winning, as it represents the most important tools and levers. Perhaps the new leverage that crosses international obstacles is the agreement with China within the framework of the belt and the road, as it is unique in form and theme and adopts the exchange of oil for the achievement specified by a time ceiling with infrastructure. 

Thus, even regional and international parties have been thinking in a more rational and less greedy way in drawing up reasonable long-term trade policies and stopping smuggling and piracy policies, as the practices before the two pandemics evaporated and lost.

LINK

[DinarThug]

Sudanese - Millions Of Dollars Go Out Every Day From The Window Selling Fake Documents !

 

 

 

 

MP Eng. Muhammad Shi'a Al-Sudani aimed his bullet to break the window of the currency sale in the Central Bank of Iraq, noting that there are millions of dollars per day leaving Iraq from the window of selling currency with documents for fake goods that did not enter Iraq at all, warning the government against prejudice to the salaries of the families of martyrs and victims of terrorism and employees as an alternative solution The financial crisis.
Deputy Eng. Muhammad Shia'a Al-Sudani stated in a statement received by (Iraqi Media News Agency / INA) that the new government warned of stopping or deducting the salaries of martyrs and victims of terrorism and employees as a basic solution to provide funds for the state's public treasury to fill the financial deficit while there are many solutions for that, for what this issue will cause From violent reactions against the state, and the crisis will turn from an economic financial crisis to a social crisis that will also negatively affect the Iraqi street and the government.

"The current government must change the approach followed by the previous government and violate effective laws targeting the salaries of the families of martyrs and political prisoners who fought a dictatorial regime, and victims of terrorism and martyrs of the popular crowd who sacrificed themselves for crucial issues that represent eternal stations in the history of Iraq, those precious sacrifices that They represent lessons and lessons in the battle of truth against falsehood, which is a fundamental reason for preserving Iraq, the land and the people.

He added, "What is referred to from time to time for dual salaries is considered a moral honor approved by law and continues for a specified period and stops and is very small amounts unlike what is promoted and does not represent a solution to the persistent financial crisis that the country suffers from," explaining that "raising this issue will pay Others to ask a legitimate question in explaining the intent of targeting the salaries of this victim group, while the salaries of employees of the oppressive apparatuses and the regime's overthrowers remain in excess of the 550,000 affiliates, most of whom live outside Iraq.

The Sudanese expressed his surprise at the government's targeting of salaries as a solution to the crisis, while there are many other solutions, for example: “There are millions of dollars a day out of Iraq from the currency sale window with documents for fake goods that did not enter Iraq at all, and obscene profits are returned to banks daily amounting to an amount of (250 to 500 million dinars) (It provides a lot of money for the country. ”

He continued, "There are also specialized outlets for entering goods and products without paying any fees as fees and causing the state to lose amounts of 4-5 billion dollars annually, especially the Iraqi ports in the Kurdistan region, as indicated by the head of the Border Ports Authority in a previous statement."

He stressed that "there are many citizens who waste public money, and we were still hoping for the government to target it with effective decisions and measures that would save the treasury huge sums."

And Al-Sudani said, “The issue of Rafha’s salaries has been addressed by the Committee of Martyrs and Political Prisoners in Parliament, and a proposal has been made to cancel the salaries of all family members and replace it with one salary for the head of the family. The law has been read first reading and it is hoped to read it again and vote on it if Parliament resumes its sessions.”

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[Floridian]

WHAT ?????

 

 "I heard directly from the governor of the central bank, that the bank is ready to ensure that the exchange rate remains at its current levels for the next five years."

[DinarThug]

40 minutes ago, Floridian said:

WHAT ?????

 "I heard directly from the governor of the central bank, that the bank is ready to ensure that the exchange rate remains at its current levels for the next five years."

 

Relax - And Come Back In Off Of The Drama Ledge !  

 

 

They’re Speaking In Context To Ending The Speculation From All Of The Recent ‘Devaluing The Dinar’ Articles !  

 

 

So It’s Actually A Good Thing - Of Course, Significantly Raising The Dinar’s Value Would Permanently Jack-Smack All Of The Babbling...

 

     
 

Edited June 2, 2020 by DinarThug

[Floridian]

5 minutes ago, DinarThug said:

 

Relax - And Come Back In Off Of The Drama Ledge !  

 

They’re Speaking In Context To Ending The Speculation From All Of The Recent ‘Devaluing The Dinar’ Articles !  

 

 

Well, I suppose if you say so, it must be so.  

 

[DinarThug]

4 hours ago, DinarThug said:

The value of the dinar!

Tuesday 02 June 2020

 

Jawad Ali Kassar

 

 

As usual, he is always angry, extreme, extremist, and this is how a close friend of mine confronted me on the phone, speaking with frustration and resentment about what he described as the catastrophe that befell us, if the Iraqi dinar exchange rate against the dollar was really reduced!

This has been his style all the time since we brought together a close relationship on the prep school levels more than four decades ago, and like many passive moods, his nature has not been tainted with a cultural and social life experience for decades. I assured him that a study issued by the Central Bank of Iraq a few days ago, entitled: «Reducing the exchange of the Iraqi dinar: determinants and alternatives» ruled out that the government would resort to such a measure, at least for the time being. 
The study pointed to eight related factors, including the effect of the supposed reduction in the consumer, and the increase in economic growth, then the expected impact on social groups that depend on government support system" rel="">support, and then asked about the ability of politicians financial and monetary in the face of inflationary effects, before reaching A decisive result is that the government, when resorting to this measure to cover the budget deficit, will not gain anything according to the study, because what you earn by reducing it will be lost by compensating for inflation.

Instead, the central bank’s study recommended finding alternative practical steps for the reduction, and urged the government to face the waste in the state’s resources, because such a process, if it had taken place, would be able to provide the government several times the money that could be available from the devaluation of the dinar.
 For example, the study provides an example of $ 20 billion in electricity expenditures annually, while less than 10% is obtained from this expense. While the value of our imports is about (50) billion dollars annually, the government does not reap from these fifty billion billions of customs and other fees, except (10) only!

On this issue, the Central Bank study suggested that the government resort to saving money by reducing expenditures in these resources and rationalizing them, because in its view it is more useful to cover the budget deficit and Gibran the consequences of the current crisis, arising from the low oil prices and corona together.

I return now to my friend who asked him to rest assured that the general trend of government policy so far is not to prejudice the value of the Iraqi dinar, until I heard directly from the governor of the central bank, that the bank is ready to ensure that the exchange rate remains at its current levels for the next five years. I recognized to him frankly that it is my personal interest as a citizen to keep the dinar at its present value, because it facilitates for me and others like me to easily buy dollars for travel or for treatment outside Iraq, and I also confessed to him that this price helps to save an amount of dollars for me and others, so that it is a guarantee of the fluctuations of eternity and requirements Another life at the end of life!

But I asked frankly with him, Is keeping the exchange rate at its current value is in the interest of the country, especially if we take into consideration that the oil dollar constitutes more than 90% of our income sources? Estimates record that the lowest annual smuggling of difficult currencies out of Iraq to neighboring countries and other countries amounts to two billion dollars?

I cannot dwell on the story. Our angry friend finally agreed that one of the possible solutions for the future is the systematic gradual depreciation of the value of the dinar against the dollar, but certainly not in the style of shock or flotation, as happened to many countries around us. , Or forced float under pressure from the economy, war and blockade, as happened in Iran and Syria.

No one is thinking today about taking even a dollar out of Iran, Egypt, Syria and Turkey, because it is an uneconomic process; The opposite is happening. These countries and their likes have turned into attractive markets for the dollar.

Naturally, this is not an invitation to float, but rather are general ideas for deliberation, and the right decisions in such serious issues remain, which are those that depend on specialized studies, successful experiences, and what is more around us!

LINK

 

16 minutes ago, Floridian said:

Well, I suppose if you say so, it must be so.  

When Clownie F Hutton Talks - People Giggle !  

 

 

But All Of The Numerous Article’s Against Devaluing The Dinar Probably Speak Louder ...

 

     

[Floridian]

3 minutes ago, DinarThug said:

 

When Clownie F Hutton Talks - People Giggle !  

 

 

But All Of The Numerous Article’s Against Devaluing The Dinar Probably Speak Louder ...

 

     

 

I know you were joking.  I was joking, too.  

I should have added this to my post -    😂

[Pitcher]

40 minutes ago, DinarThug said:

Relax - And Come Back In Off Of The Drama Ledge !  

 

She’ll be just fine unless she run into Jose Jimenez or LGD ( Santa)  😝 

BTW Burt Ward ( Robin is 75 this year). 

 

https://m.youtube.com/watch?v=9p4jjZTTnWI

[Pitcher]

19 minutes ago, DinarThug said:

When Clownie F Hutton Talks - People Giggle !

 

When MR ED  plays ball everyone stops what they are doing. 

 

He got an inside the park HR off of Sandy Koufax