Conscious / Reduce The Iraqi Dinar Exchange Rate ... Punish People !

[DinarThug]

CNN. Broadcasting The Logic That it is possible to talk about raising the price of the currency Revaluation !

 

 

 

Conscious / reduce the Iraqi dinar exchange rate ... punish people

 

/ d. Hussein al-Asadi

June 3, 2020

 

Iraq is going through extremely sensitive conditions, as the Iraqi economy faces a real challenge after the catastrophic failure to find alternatives to selling crude oil. I confirm here the sale of crude oil and not the oil refining industry and the petrochemical industry. 

Iraq is one of the largest oil reserves in the world, as it has 147.2 billion Barrel according to explorations in 2018, or 8.5% of the balance's global reserves - - and yet he annually imports 3.3 trillion Iraqi dinars in oil products - the annual report of importing Iraq 2018, the Central Statistical Organization 2019 - and he imports energy worth 7 trillion Iraqi dinars - the 2019 budget Iraqi facts: Issue 4529 on 11/11/2019 - all of which can be produced in Iraq, as well as other resources such as agriculture, various industries, trade, tourism, etc., 

With no Sovereign Wealth Fund that provides additional imports and a portfolio to protect the future of generations, especially in times of crisis, Iraq today Asking for aid to pay the salaries of employees and retirees is that what enters the treasury is not equal to a quarter of what Iraq needs to cover salaries only.

The financial budget for the year 2019 was allocated to the salaries of retired civilians and the military (9,316,652,417,000) Iraqi dinars, and the salaries of employees equal (43,404,629,267,000) Iraqi dinars For the year 2019, the amount is (52,721,281,684,000) Iraqi dinars, which means that Iraq needs monthly (4,393,440,140,000) Iraqi dinars, and if we take into consideration that the Iraqi dinar exchange is 1,200 dinars per dollar, it means that Iraq needs monthly to (3,660,000,000) approximately one dollar, while the GDP of Iraq is approximately (1,100,000,000) dollars for the month of March and (1,200,000,000) dollars approximately for the coming months, as Iraq needs (2.5) billion dollars approximately per month to cover monthly salary expenses only, this is regardless of other needs,

And to address This catastrophic failure began to raise some voices in order to reduce the Iraqi dinar exchange rate against the US dollar in order to increase the budget number and reduce the deficit in it, and I find it necessary to clarify some of the terms, so the reader may be surprised by the ignorance of many of those who speak in this field, and perhaps they are among those in important positions of responsibility. 

Floating Exchange Rate: 
A floating currency is the rate of currency that has floated so that it has become fully liberalized, so the government or the central bank does not interfere in determining it directly, but it is automatically generated in the currency market through the Supply And Demand mechanism that allows By setting the exchange rate of the national currency against foreign currencies, this term corresponds to the fixed price of the currency exchange 

Fixed Exchange Rate:
A specific price will be set against a major global currency (usually the US dollar, but also other major currencies such as the euro, yen, or basket of currencies), in order to maintain On the local exchange rate, the central bank buys and sells its own currency on the foreign exchange market for the currency in which it is linked. 

Devaluation:
is the devaluation of the official exchange rate of this currency against an international reference currency (the US dollar or the euro, for example), so that the number of units of foreign currency that can be obtained against one unit of the national currency is low, and it is correct to talk about devaluation when it is The exchange rate is subject to the direct management of the government or the central bank, which determines this price through a government decision, 

and according to the same logic, it is possible to talk about raising the price of the currency Revaluation in exchange for reducing it, and this is when the exchange rate is subject to the direct management of the government or the central bank as well, and we note that the reduction The price of the currency and its elevation are within one framework which is the fixed exchange of the currency, 

but when the exchange rate is subject to the forces of supply and demand (floating the currency) and there is a decline in the value of this currency, depreciation of the currency, the decline is an automatic result of the free interaction between supply and demand in the foreign exchange market without interference Direct from the government or the central bank,according to For the same logic, we can talk about the rise in the value of the currency Appreciation versus its decline, and we note that the rise and fall of the currency price within the currency float.

Since Iraq works within the fixed fixed rate system, we can talk about reducing and raising the exchange rate of the currency, and here I do not want to differentiate between the two systems, each of them has its conditions despite the market economy and its idea that the state should not interfere in economic activities and let the market control itself 

It operates a system of floating the currency and its price depends on the iron principle of supply and demand, but the actual conditions of Iraq do not allow for reasons that are too long to be explained. 

Countries with a fixed exchange rate resort to reducing the currency exchange rate for economic reasons to improve their balance of trade mainly due to an increase in domestic production versus the importer. The currency reduction makes the difference between the outside and the inside and reduces the importer in front of the exporter, and this assumes that there is internal production It covers the local need and wants to preserve it and export it abroad, but in the Iraqi case, unfortunately, there is no industry, no agriculture, no internal production, it covers the local need as well as being an exporter, as Iraq has nothing to export other than Crude Oil, and I speak here As for the reality of what is there and not what I am calling for, the total imports for the year 2018 for commodities and petroleum products amounted to (37) billion dollars, equivalent to (43.8) trillion Iraqi dinars, and the total imports for the year 2018 for the non-oil commodities (34.1 dollars), i.e. Equivalent (40.5) One trillion Iraqi dinars, and Iraq has no need to reduce the exchange rate, but it is sufficient for it to prevent the import of any material that can be dispensed with.

As for the real effect of the devaluation, it is the direct punishment for the Iraqi people, if we know that 6 million Iraqis receive a salary or aid from the Iraqi government and the number of individuals The Iraqi family is 5 people, we are talking about about 30 million Iraqis who live on what they receive from salaries or aid from the Iraqi government, all of these will be affected by this procedure, because inflation occurs.

Inflation in prices is due to the low purchasing power of the Iraqi dinar, so the family that could have lived in a million dinars An Iraqi after the currency devaluation has become worth 500 thousand dinars, and if she receives a number that is a million, therefore she will live in great distress due to this reduction,
and the other affected are the owners of internal debts in the local currency, which amount to about 40 trillion dinars, which represent treasury transfers and debits with banks The government and the central bank for companies, contractors, and merchants, and if they are a number, it will remain that the Iraqi government owes them to 40 trillion, but after the devaluation they will owe 20 trillion on the assumption that it has been cut in half.

As for the external debtor, it remains the same because in foreign currency the dollar or the like.

Another issue remains here is the confidence of investors and companies in the currency after the devaluation is much less because the stability of the currency is one of the factors that encourage investment and entry in projects as well as problems related to economic feasibility after the devaluation, which is the basis of the intervention of the government or the central bank in fixing the exchange rate or only for work The principle of floating currency from the beginning. 

Hence, we believe that those who seek to actually depreciate the currency are punishing the Iraqi people because of the wrong policies and economic failure that brought the country to this situation, as the people in this bear the mistakes of politicians and are punished instead of them.

LINK

[DinarThug]

Wednesday, June 3, 2020 | 07:02 pm 
 

The Iraqi parliament reveals an economic reform plan without prejudice to the salaries of employees and retirees

 

 

Baghdad / ..

 

Parliamentary Finance Committee revealed its willingness to submit tight economic reform plans without prejudice to the salaries of employees and retirees. 

This came during her contract chaired by MP Haitham Al-Jubouri, and a number of its members attended a meeting today, Wednesday, in which she discussed the financial crisis the country is going through, and discussed ways to get out of it in light of the health crisis through the spread of Corona pandemic across the country.

A statement of the committee stated that, "During the meeting held in the parliament building, the issue of internal and external borrowing was discussed to cover the budget deficit after the large drop in oil prices, as the committee suggested that the government send a bill to the parliament in this regard to be discussed and voted on."

She stressed during the meeting "the need to get out of this crisis without compromising the rights of employees and retirees, as well as to maximize non-oil revenues to bridge the deficit in the public budget."

The committee added, "He also discussed the issue of automating procedures in taxes, customs and border outlets and controlling them completely by the state to reduce cases of corruption and waste in public money as it is one of the most important resources that supply the general budget.

It indicated, "It has followed the stages of referring the automation project to the specialized companies," stressing "the need to expedite the completion of this project."

For his part, Al-Jubouri revealed that "the committee is ready to present tight economic reform plans to avoid the country occurring in such crises in the future, provided that the government adheres to these plans as it was prepared by specialists in this field and familiar with the most accurate financial details of the country."

LINK

[wc41]

Ok Wow, the first post is mega revealing! Going back for 2nd, 3rd and 4th read!! 
Thanks DT!!🙂😀

[DinarThug]

Deputy: America told the Iraqi government to search for alternatives to import energy and gas away from Iran

 

 

Policy 3/6/2020 19:13 655 Editor: gf    

Baghdad today - Baghdad 

 

The deputy of the Kurdistan Islamic Union bloc, Jamal Cougar, revealed on Wednesday (3 June 2020) a condition that the United States of America placed on the Iraqi government regarding importing gas and electricity from other countries away from Iran. 

Cougar said in an interview singled out (Baghdad today), "Washington imposed conditions on the new government related to the import of gas and electricity from other countries away from Iran."

He added that "those conditions come in light of the Iranian-American conflict, and the economic sanctions imposed on Tehran, and consequently the Iraqi government is obligated to search for alternatives to import electric power and gas, such as if the orientation is towards Saudi Arabia, Kuwait or other countries." 

Earlier in the day, Iranian Energy Minister Reza Ardakanian assured President Barham Salih of his country's desire to invest in the energy field in Iraq. 

And Erdakanian reiterated his country's readiness to continue cooperation and support in all fields of Iraq, and its serious desire to invest in energy, expand electricity networks and exchange experiences. 

Prime Minister Mustafa Al-Kazemi confirmed to the Iranian Energy Minister today that Iraq is keen to establish the best relations with its neighbors. 

Al-Kazemi said, in a statement, that "the whole world is facing difficult conditions due to the Corona pandemic and its repercussions on the economic scene," stressing that "the utmost efforts should be made to address the complex problems experienced by the countries of the region." 

Al-Kazemi stressed that "Iraq is keen to establish the best relations with its neighbors, and that the government and within its basic program seeks to develop the scope of external cooperation and increase the exchange of experiences."

LINK

[rvmydinar]

quote from above " it will remain that the Iraqi government owes them to 40 trillion, but after the devaluation they will owe 20 trillion on the assumption that it has been cut in half "

just assume Let's say= 40 trillion dinar : 1164 ( us$1=1164 iqd )=us$ 34,364,261,168 ( this is what they owe in us dollar ).  then after devaluation=20 trillion dinar : 582 ( 1164 : 2)=us$ 34,364,261,168 ( this is what they owe in us dollar ). their debts remain the same in us$ dollar, but the rate is cut in half. Is it called revaluation or devaluation? I hope I was wrong. everyone's opinion is greatly appreciated.

[DinarThug]

LINK

In the documents, the Central Bank proposes to transfer the currency auction to the Ministry of Finance

 

 

4/6/2020 13:26:37

 

 

The Central Bank of Iraq renewed its proposal that the Finance Ministry take over the sale of the dollar to the market directly for exchange in Iraqi dinars to cover budget expenditures without the central bank’s mediation.
 

The Central Bank attributed its proposal in its letter to the three presidencies, {Euphrates News Agency} obtained a copy of it until it “devotes itself to carrying out its tasks, which are numerous and important for financial stability and economic stimulus, and in order to get the bank out of the confusion that this issue causes.”

It is said that suspicions of corruption are continuously raised on the auction sale of the currency of the Central Bank of Iraq, most recently its support for Arhab.

        

[DinarThug]

LINK

The central bank sends an open letter to the parliament presidency

 

4th June, 2020

 

On Thursday, the Central Bank of Iraq board of directors sent an open letter to the parliament presidency, confirming that the bank fulfills its supervisory duties on banking institutions operating under its authority in Iraq in accordance with its law and instructions issued by it

The bank said, according to the message he sent to the Presidency of Parliament, and "Economy News" obtained a copy of it, that the bank adopted a balanced monetary policy with the aim of controlling inflation rates and maintaining the exchange rate in the market, noting that the foreign currency sale window is one of the tools of this policy to control the monetary mass and meet the requirements of foreign trade and defense of the exchange rate, and the Central Bank has succeeded in controlling that within the Iraqi market despite the collapse of many currencies in neighboring countries

 

Below is the text of the message

                

 (Fyi - The Documents Were Blurred So The Translation Is A Little Bit Off)  

 

The esteemed Speaker of the House of Representatives An open letter from the customary central bank board of directors Article (61): (Secondly, Sansa, and VII) of the Iraqi constitution, refers to the oversight responsibility of the nuclear council and or a responsibility that enables its members to oversee the executive institutions in all their formations and levels, And to contribute to her performance at any time and in any case, according to the constitution and laws

In this context, the Central Bank of Iraq recommended full responsibility to Ramah, and his response to all calls made to him by Parliament for the purposes recorded. A copy of it guarantees you the meetings you seek from the relevant committees It was also clear that his bid was always under the late legal authority, and then see its loyal members as Yuk, on the other hand, fulfilling his supervisory duties on banking institutions operating under his year at the time according to his saying and the camps issued by The Central Bank to the dealings price of the state during its passage by more than Auto. It supported its efforts in the Arabs, a war that left it in the shadow of injustice a solution to oil prices, including its nasal and rainy nose, to the central collapse

A balanced minority policy, weakened control to withdraw inflation and maintain the price Exchange in the market and in agreement with the security currency. I am dying this policy, controlling the technical college, meeting the requirements of heavy trade, and defending the exchange rate. The Central Bank has been controlled in controlling: inside the Iraqi market, despite the collapse of many currencies in neighboring countries (the Turkish lira, Hayri al-Amiri, the Iranian Schumann, the Syrian pound, and the Lebanese pound, and the implementation of a codified policy with those who violate the terms and controls of Nafat, the source of the foreign currency, as it was done Punishment of many banks that violate the instructions, with amounts that exceed the Milaman dollars during the past four years, in addition to me referring many waste to the Iraqi forward, as well as freezing the assets of drops from entities and people and withdrawing many vacant companies in order to enhance the value of its foreign assets

Highly conservative investment share for long-term assets, gold-rooted baskets, international Sadat, a balance between wind and brewery management and allied with the foreign currency with which the Iraqi dinar is associated with (Fagged Currary) by investing in financial years of low sentiment, a Schollar and the use of investments, time, time, risky risks, and the central bank has achieved the barrier A positive task, Khadi, in the year 2018, Egypt drew attention to the needles of the Sunni market and to confirm the friendliness of the bank Focus on ethnic and  hair limit to combat the laundering of things except the tattoo of terrorism in Araou, for the international financial honey honey (MENA FTF) | Through the year 2018 on Harro Al-Urfi from the region of Ould but the criticism is over. Ezzat is in the region of Khanem Hai, and the treatment of the short-cut and picked out all the money and money from the manager’s country. The contribution of the killing and financing of the one who did God’s command. Blood 12 from the Nile, born bitter, Millia Arab and Tel Dara by Shahr Yaf partAuto گZNI Higher was not chosen in 2018 from the best central banks to the higher Arab region

His Excellency the late Speaker of the Chamber of Deputies Kzi as he refers to this, may he confirm the long-term (some) repentance of the article to the media, and their accusation is not inferior and is not greedy towards the monetary authority in the country. The most recent of which was one of the deputies accused of accusing the central bank of corruption and financing terrorism, in a formula that targets the public and against public opinion against state institutions, as well as it gives a negative impression in front of international institutions and forums, which is difficult to deal with and obtain their support, and weakens the opportunities for foreign investors. It is to display before you this hill, asking your Excellency to take what is necessary, according to what he denied, and urged the distinguished members of the Council, to abide by the law, to make all of them accusations against the state institutions, including the central bank, and to assist them in performing protection for their aunt before the honorable citizens at the time In which the central bank, gentlemen, respected members of the House of Representatives, hosts you, to see the currency work, work of all departments, and deal positively with any proposal that saves from the esteemed parliament

The Federal Finance and External Investigation Committee in addition to the internal team department and international apartment offices, which contracted with additional auditing bodies specializing in selling foreign currency and reserves to share programs that track the movement of the dollar to and forest transfers in coordination with the relevant international bodies. It was suggested in many meetings with the executive and legislative authorities that The Ministry of Finance, with its, takes over the equivalent of the Iraqi dinar to cover the budget expenditures without mediating the six central And, for the Central Bank to devote itself to performing its tasks, which are important and important to stabilizing  and stimulating the economy, and from Mount Haraj, the core of the disturbance circle that becomes gray is the subject of the requirements of the arts and the severity of On the commitment of the law, all of them accuse the state’s institutions, and those who help them to perform their duties and protect their hearing before the honorable heads and at a time when the central king welcomes the members of the esteemed House of Representatives throughout the work of the currency sale window and the work of all departments and deal positively with any proposals that come from the Council Now, the response is to refer to the following: The central bank is the institution that is uniquely multi-regulatory, to which its operations are subject from all internal bodies such as the Federal Financial Supervision Bureau and an external investigation committee in person to the Department of Internal Investigation and an international investigation and here we believe with additional spending agencies specializing in foreign currency sales and Citizenship Special tracking programs tracked the movement of the monetary dollar and foreign transfers in coordination with the executive and legislative authorities. The Ministry of Finance should exchange them for the Iraqi dinar to cover budget expenditures without mediation - this proposal is for the central bank to provide for its functions, which are economic and for the sake of the jamming department The thing is, as it continues with the work
method that has been set, and in accordance with the requirements of law and legalization.

############

[DinarThug]

LINK

The central bank sends an open letter to the three presidencies

 

4th June 2020
 

Today, Thursday, the Central Bank of Iraq board of directors sent an open letter to the three presidencies

In its letter, the bank expressed its "deep concern that some members of the House of Representatives resorted to the media and launched inaccurate and undocumented accusations towards the monetary authority in the country, the most recent of which was one of the deputies accused the central bank of corruption in a form aimed at stirring the public and stirring public opinion against state institutions

At a time when the bank urged the Presidency of the House of Representatives to take what is necessary towards these accusations and deputies to abide by the law in the accusations against state institutions, it welcomes the hosting of deputies to see the work of the currency sale window and the work of all its departments and deal positively with their proposals

###########

[Half Crazy Runner]

13 hours ago, DinarThug said:

Fixed Exchange Rate:
A specific price will be set against a major global currency (usually the US dollar

1:1. I’ll take it! 👍🏻💰  

[Half Crazy Runner]

2 minutes ago, DinarThug said:

LINK

The central bank sends an open letter to the three presidencies

 

4th June 2020
 

Today, Thursday, the Central Bank of Iraq board of directors sent an open letter to the three presidencies

In its letter, the bank expressed its "deep concern that some members of the House of Representatives resorted to the media and launched inaccurate and undocumented accusations towards the monetary authority in the country, the most recent of which was one of the deputies accused the central bank of corruption in a form aimed at stirring the public and stirring public opinion against state institutions

At a time when the bank urged the Presidency of the House of Representatives to take what is necessary towards these accusations and deputies to abide by the law in the accusations against state institutions, it welcomes the hosting of deputies to see the work of the currency sale window and the work of all its departments and deal positively with their proposals

###########

Sounds like they have a case of the sads because their corruption is being openly discussed..

[DinarThug]

And BOOM - Here It Is !  

 

 

Somebody Light A Celebratory ‘Spliff’ And Wake Up The Hammock Boy ...

 

     

 

 

LINK

After Coming Under Heavy Criticism ... The Central Bank Stops The Currency Auction

 

4th June, 2020

An informed source confirmed that the Central Bank of Iraq management has finally decided to stop the auction of foreign currencies after the Iraqi economy was subjected to severe setbacks due to the Corona pandemic and the drop in oil prices to record levels, and the Central Bank followed a failed monetary policy.

The source, who spoke on condition of anonymity, said to Al-Mustaqila that the central bank governor has been subjected to great pressure in the past few days by many political blocs, the media and economists because of his unjustified insistence to proceed with the foreign currency auction window despite all the losses and risks incurred by the economy Iraqi.

The data published on the website of the Central Bank indicates that the last date for which a currency auction was held was on Thursday, 21/5/2020, when more than $ 180 million was purchased with the participation of more than 30 banks at the auction.

Below is the link for the results of the foreign currency sale window https://cbi.iq/currency_auction/all

 

[Half Crazy Runner]

4 minutes ago, DinarThug said:

And BOOM - Here It Is !  

 

 

Somebody Light A Celebratory ‘Spliff’ And Wake Up The Hammock Boy ...

 

     

 

 

LINK

After Coming Under Heavy Criticism ... The Central Bank Stops The Currency Auction

 

4th June, 2020

An informed source confirmed that the Central Bank of Iraq management has finally decided to stop the auction of foreign currencies after the Iraqi economy was subjected to severe setbacks due to the Corona pandemic and the drop in oil prices to record levels, and the Central Bank followed a failed monetary policy.

The source, who spoke on condition of anonymity, said to Al-Mustaqila that the central bank governor has been subjected to great pressure in the past few days by many political blocs, the media and economists because of his unjustified insistence to proceed with the foreign currency auction window despite all the losses and risks incurred by the economy Iraqi.

The data published on the website of the Central Bank indicates that the last date for which a currency auction was held was on Thursday, 21/5/2020, when more than $ 180 million was purchased with the participation of more than 30 banks at the auction.

Below is the link for the results of the foreign currency sale window https://cbi.iq/currency_auction/all

 

WOO-HOO!!
Wow what a news day! Great stuff Thugs 👍🏻  My hopium meter just spiked  

Edited June 4, 2020 by Half Crazy Runner

[soon]

.80 to 1 will work just fine!!!!!!

[DinarThug]

LINK

The President of the Republic emphasizes adopting a balanced monetary policy and working to strengthen the financial situation

 

4th June, 2020

 

Today, Thursday, President of the Republic Barham Salih emphasized a balanced monetary policy and work to strengthen the financial situation

The media office of the Presidency of the Republic, in a statement received by "Gilgamesh Press", said that "Barham Salih received at the Palace of Baghdad, the Governor of the Central Bank of Iraq, Ali Mohsen Ismail al-Alaq

The President stressed, during the meeting, "the need to follow a balanced monetary policy, and work to strengthen the financial situation through diversification of state resources and rationalization of government spending, especially in the current circumstances in which the country faces the Corona pandemic, and low oil imports

The President of the Republic stressed "the importance of following rational financial policies that would achieve the supreme national interest and assist Iraq in overcoming the current crisis and achieving economic stability for citizens

In turn, Al-Alaq reviewed the role of the Central Bank to "reduce the economic repercussions of the Corona pandemic", expressing his thanks and appreciation "for the interest shown by the President of the Republic to the bank in this sensitive circumstance, and its sound guidance in this regard

############

[DinarThug]

LINK

Member of the Parliamentary Economy: $ 30 billion frozen for corrupt and corrupt in all outlets

 

 

4/06/2020 23:55:39

 

A member of the Parliamentary Economic Committee, Hamid al-Musawi, revealed that there are 30 billion dollars frozen for corruption.

"It is not in our interest to throw the ball of the financial crisis into the government yard, and the absolute authorization of the government to borrow is incorrect and we are not with going to foreign loans and maximizing the financial deficit," Al-Moussawi told Al-Furat News, revealing "the inconsistency of vision between the government and parliament on loans." He pointed out, "The necessity for the parliament to participate in the government of loans." "As for domestic loans, we have received certain information from a senior government official on the governor of the Central Bank that these loans are not enough for 15 days as salaries for employees, given that they were drained before," Moussawi added.

He continued, "We have 29 sections of non-oil revenues in the ministries that can achieve what is equivalent to oil revenues and more; but the financial management and the amount of corruption and the demands of the political forces on the ministries replaced going money to the pockets of corrupt and brokers instead of the state fund, especially in the Ministry of Trade."

Al-Kalabi confirmed that he submitted all files related to corruption to the Integrity Commission and the Council of Ministers, and no action was taken against them. He pointed out that "Iraq does not need to import oil derivatives," explaining, "The suspended unit of the Al-Dora refinery provides 20 thousand barrels of gasoline per day," noting that "the will of the corrupt people in the Ministry of Oil prevents this because of {commissions"}.

In response to paying the salaries of employees in the Kurdistan region, al-Musawi stressed that "the state in all its joints does not know the number of employees in the Kurdistan region, and therefore can stop paying salaries in the absence of their database in addition to not receiving the agreed quantities of oil and port funds."  He added, "Iraqi funds frozen for corrupt abroad up to 30 billion dollars; but we need a political decision and international cooperation and employ international companies with jurisdiction and cooperation to recover these smuggled funds," revealing "750 thousand people who live outside Iraq receive salaries from the state." Moussawi concluded his speech by saying : "The government needs to work the civil service law and within the salary scale to regulate the salaries of employees in all institutions, while the salaries of employees requires the deduction of law".

[DinarThug]

LINK

Deputy: Collect 200 signatures to include the retirement law in the schedule for Saturday's session

 

 

18:49 - 03/06/2020
 

 

On Wednesday, the deputy of the Alliance of Abbas Alawi, confirmed that more than 200 parliamentary signatures had been collected to include amending the retirement law and fixing the lecturers of education and electricity contracts within the agenda of next Saturday's session.

Alioui said in a statement to "Information", that "more than 200 deputies signed a document to include amending the retirement law and fixing the lecturers of education and electricity contracts within the agenda of next Saturday's session." Adjust it. ”

He added that "next Saturday's session will discuss amending the unified retirement law in proportion to the job entitlement," noting that "Parliament pays great attention to the retirement law and passing the Federal Budget Law for 2020".

Today, Monday, the House of Representatives lifted its session to next Saturday.

[DinarThug]

LINK

Deputy: The 2020 budget will be monthly or quarterly, concerned with ruling salaries and paragraphs

 

 

13:33 - 04/06/2020
 

The deputy of the Alliance of Raiders Riyad Al-Masoudi confirmed on Thursday that the 2020 budget will be a monthly or quarterly budget and will pay the salaries and the ruling paragraphs such as electricity, health and trade, noting that the previous government has lost nearly three trillion of the volume of internal revenues.

Al-Masoudi said in a statement to the "information", that "Al-Kazemi's government will not be able to complete an integrated budget for one year because of its inability to borrow abroad due to the pandemic that has ravaged the global economy, and also cannot borrow large funds from Iraqi banks to fill its great deficiency."

He added, "The government will resort to achieving a monthly or quarterly budget that is concerned with the payment of salaries and the ruling paragraphs, such as health, electricity, and trade, to cover the expenses of the ration card items."

Al-Masoudi explained that “Al-Kazemi’s government will focus most of its attention on oil revenues at current prices in the oil market, as well as on internal revenue through its full control of tax collection, border entry points and other internal resources obtained by the state.” Noting that “the Abdul Mahdi’s government has lost nearly Three trillion of internal revenue.”

[WheresmyRV?]

What??? Did I read this right? No more auctions??

[Theos]

Can someone explain why we mix so many different news topics into one thread?? Thanks

[peaksview]

Thanks Thugs !!!  Awesome news

[3n1]

19 minutes ago, WheresmyRV? said:

What??? Did I read this right? No more auctions??

 

sadly after multitudes of false narratives from iraq / GOI over the years i can't really believe anything i read coming out of iraq as factual but yup thats what the article read , time will tell  ... now who is this informed source anyways 🤣

 

An informed source confirmed that the Central Bank of Iraq management has finally decided to stop the auction of foreign currencies after the Iraqi economy was subjected to severe setbacks due to the Corona pandemic and the drop in oil prices to record levels, and the Central Bank followed a failed monetary policy.

 

 

 

[horsesoldier]

44 minutes ago, Theos said:

Can someone explain why we mix so many different news topics into one thread?? Thanks

 

Cuz some folks be Nucking Futs 😀

[Pitcher]

23 minutes ago, Theos said:

Can someone explain why we mix so many different news topics into one thread?? Thanks

 

That’s easy. We have 3 major network news media outlets. 

 

Thugs News Today,  TNT.  

 

Mary Broadcast Company,   MBC

 

Yota Eyewitnesses Story,  YES

 

😀😀

[6ly410]

2 hours ago, DinarThug said:

And BOOM - Here It Is !  

 

 

Somebody Light A Celebratory ‘Spliff’ And Wake Up The Hammock Boy ...

 

     

 

 

LINK

After Coming Under Heavy Criticism ... The Central Bank Stops The Currency Auction

 

4th June, 2020

An informed source confirmed that the Central Bank of Iraq management has finally decided to stop the auction of foreign currencies after the Iraqi economy was subjected to severe setbacks due to the Corona pandemic and the drop in oil prices to record levels, and the Central Bank followed a failed monetary policy.

The source, who spoke on condition of anonymity, said to Al-Mustaqila that the central bank governor has been subjected to great pressure in the past few days by many political blocs, the media and economists because of his unjustified insistence to proceed with the foreign currency auction window despite all the losses and risks incurred by the economy Iraqi.

The data published on the website of the Central Bank indicates that the last date for which a currency auction was held was on Thursday, 21/5/2020, when more than $ 180 million was purchased with the participation of more than 30 banks at the auction.

Below is the link for the results of the foreign currency sale window https://cbi.iq/currency_auction/all

 

wow

[6ly410]

 

 

04/06/2020 15:59

Valid for the central bank governor: the need to follow a balanced monetary policy

https://almasalah.com/ar/news/193216/صالح-لمحافظ-البنك-المركزي-ضرورة-اتباع-سياسة-نقدية-متوازنة

 

Baghdad / Obelisk: President Barham Salih, on Thursday, stressed the need to follow a balanced monetary policy, and work to strengthen the financial situation through diversification of state resources and rationalization of government spending.

The media office of the presidency said in a statement received to the "obelisk" that the President of the Republic, Barham Salih, had received, at the Baghdad Palace, the Governor of the Central Bank of Iraq, Ali Mohsen Ismail al-Alaq.

Saleh stressed, according to the statement, the need to follow a balanced monetary policy, and work to strengthen the financial situation through diversification of state resources and rationalization of government spending, especially in the current circumstances in which the country faces the Corona pandemic, and low oil imports.

The President of the Republic stressed the importance of following rational financial policies that would achieve the supreme national interest and help Iraq overcome the current crisis and achieve economic stability for citizens.

In turn, Al-Alaq reviewed the role of the Central Bank to reduce the economic repercussions of the Corona pandemic, expressing his thanks and appreciation for the interest shown by the President of the Republic to the bank in this sensitive circumstance.

Obelisk

Edited June 4, 2020 by 6ly410