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Mary B

Parliamentary solutions to the financial crisis Al-Kazemi’s office .. Trends towards changing the dollar policy and the exchange rate

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3 hours ago, Carrello said:

 

 

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

 

Last update June 4, 2020

 

The Independent / - An informed source confirmed that the Central Bank of Iraq management recently 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, told Al-Mustaqila that the governor of the central bank 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, where 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

image-1-17.jpg?w=560

https://www.mustaqila.com/%D8%A8%D8%B9%D8%AF-%D8%AA%D8%B9%D8%B1%D8%B6%D9%87-%D9%84%D8%A7%D9%86%D8%AA%D9%82%D8%A7%D8%AF%D8%A7%D8%AA-%D8%B4%D8%AF%D9%8A%D8%AF%D8%A9-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83/

 

Iraq still need dollars to finance their imports. So something else has to happen together with this 'decision' to stop the auctions ~ a convertible currency😎

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2 hours ago, Carrello said:

Shelley, my dancing shoes are twitching in the corner. White or red?

Hey Girl ,  I say Red Red Red   Ole’

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4 hours ago, Shelley said:

Thanks Carrello !!!!  HELL OF POST !!!

you think it’s time to pull those party hats out and dust them off ??

I’m ready to pull my Dinar out along with those 🥳!! 

Go Schmoolie!,

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The mentioning of  a permanent shutdown of the currency  auctions has me rethinking  my negotiations with the “Fat Lady.”   I just might have to cave into her demand for a new sequin party dress. Anything ...just  mount the damn stage, and ready yourself to blast out Dire Strait’s  “Money For Nothing,”

R.O. 

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1 hour ago, Jaygo said:

Anyone know if there was an auction yesterday or today? 

NO auctions since May 21/2020. Also ISX still Closed.

 

Go RV

Go ASAP 

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The Supreme Judiciary clarifies the fact that it issued a decision to include those accused of integrity cases with general amnesty

 05/06/2020

 
image
 
 

 

The Supreme Judiciary clarifies the fact that it issued a decision to include those accused of integrity cases with general amnesty

 

https://www.mawazin.net/Details.aspx?jimare=103676

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You have to read the whole article to get the above headline!

 

'We clarify the incorrectness of what was stated in a video circulated by social networking sites regarding the issuance of a decision by the Supreme Judicial Council to include those accused of integrity issues under the General Amnesty Law because the Supreme Judicial Council does not have the legal authority to issue A decision to include the accused or not in the amnesty law.'

 

Wishful thinking or propaganda from the thieves?

Edited by bkeiller
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16 minutes ago, Half Crazy Runner said:


Surreal, isn’t it..? 


Very

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If any of you follow the Q Anon person you know that President Trump will from time to time say words that seem to be random but actually point to what is about to happen. This has been well documented. 

 

SO WHAT TO MAKE OF THIS 

 

:pirateship::bagofmoney:

 

 

I'm going to buy an RV and travel with the First lady!' Donald Trump jokes about 'seeing America' during coronavirus 

By Emily Goodin, Senior U.s. Political Reporter For Dailymail.com18:16 05 Jun 2020, updated 20:26 05 Jun 2020

29272214-0-image-a-25_1591377229349.jpg

  • President Trump joked he was going to buy an RV and drive around the country with first lady Melania Trump 
  • Trump fumbled with the proper name for the vacation vehicle, originally calling it a 'trailer' before Vice President Mike Pence told him it was called an RV
  • 'I'm going to have to buy one of those things and drive around town. Maybe I'll drive back to New York with the first lady,' he said 
  • 'I'm gonna buy an RV and travel for around in RV with our first lady,' he added 
  • Here’s how to help people impacted by Covid-19

President Donald Trump joked on Friday he was going to buy an RV and drive around the country with first lady Melania Trump.

The president fumbled with the proper name for the vacation vehicle, originally calling it a 'trailer' before Vice President Mike Pence told him it was called an RV.

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53 minutes ago, ladyGrace'sDaddy said:

If any of you follow the Q Anon person you know that President Trump will from time to time say words that seem to be random but actually point to what is about to happen. This has been well documented. 

 

SO WHAT TO MAKE OF THIS 

 

I'm going to buy an RV and travel with the First lady!' Donald Trump jokes about 'seeing America' during coronavirus 

 

LGD, I never heard this before that President Trump says random things that actually point to what is about to happen.

I thought he was just joking about buying an RV.

 

You said it's well-documented that he does this.  Could you give an example?  

I can't think of anything he's said randomly, that actually happened.

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Dear Mr. President Trump,

I heard you say you are going to spend money on an RV.

That sounds like a great idea.

Make a deal with Iraq, then spend money on an RV of their Dinar.

Thanks a million. :bagofmoney:

Sincerely, 

Rochester...who lives near that mountain in the picture with the RV :twothumbs:

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5 hours ago, Floridian said:

 

LGD, I never heard this before that President Trump says random things that actually point to what is about to happen.

I thought he was just joking about buying an RV.

 

You said it's well-documented that he does this.  Could you give an example?  

I can't think of anything he's said randomly, that actually happened.

He says nothing by accident 

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6 hours ago, ladyGrace'sDaddy said:

If any of you follow the Q Anon person you know that President Trump will from time to time say words that seem to be random but actually point to what is about to happen. This has been well documented. 

 

SO WHAT TO MAKE OF THIS 

 

:pirateship::bagofmoney:

 

 

I'm going to buy an RV and travel with the First lady!' Donald Trump jokes about 'seeing America' during coronavirus 

By Emily Goodin, Senior U.s. Political Reporter For Dailymail.com18:16 05 Jun 2020, updated 20:26 05 Jun 2020

29272214-0-image-a-25_1591377229349.jpg

 

  • President Trump joked he was going to buy an RV and drive around the country with first lady Melania Trump 
  • Trump fumbled with the proper name for the vacation vehicle, originally calling it a 'trailer' before Vice President Mike Pence told him it was called an RV
  • 'I'm going to have to buy one of those things and drive around town. Maybe I'll drive back to New York with the first lady,' he said 
  • 'I'm gonna buy an RV and travel for around in RV with our first lady,' he added 
  • Here’s how to help people impacted by Covid-19

President Donald Trump joked on Friday he was going to buy an RV and drive around the country with first lady Melania Trump.

The president fumbled with the proper name for the vacation vehicle, originally calling it a 'trailer' before Vice President Mike Pence told him it was called an RV.

Fact 

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38 minutes ago, screwball said:

Fact 

I've  followed Q posts (https://qanon.pub/) since December 2017.   I don't follow the Q Anon boards, to many rabbit holes with that there are some Q Anons doing some very good research.  Totally spot on about President Trump dropping random 'WORDS" pointing to future events.  The past proves the future!  The Great Awaking of America, people see it more everyday.  WWG1WGA 

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9 minutes ago, 82Corp. said:

I've  followed Q posts (https://qanon.pub/) since December 2017.   I don't follow the Q Anon boards, to many rabbit holes with that there are some Q Anons doing some very good research.  Totally spot on about President Trump dropping random 'WORDS" pointing to future events.  The past proves the future!  The Great Awaking of America, people see it more everyday.  WWG1WGA 

Read post number 1, past proves the future.  The Trump card 30 Oct 2020.

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How will the government pay the salaries of employees, and will the dollar exchange rate reduce the crisis? .. A deputy warns of a disaster

2020-06-06
1111111-1.jpg?resize=696%2C392&ssl=1

Yassin Iraq: Baghdad

Hussein al-Asadi, a member of the House of Representatives, considered that attempts to reduce the price of the Iraqi dinar are a punishment for the Iraqi people because of wrong policies and economic failure.

Al-Asadi said in a post on his account on “Facebook” that “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, and I confirm here the sale of crude oil and not the oil refining industry and the petrochemical industry Industry, Iraq is one of the largest oil reserves in the world, as it possesses 147.2 billion barrels, according to explorations in 2018, which is 8.5% of thebalance global reserves - and yet it annually imports 3.3 trillion Iraqi dinars in oil products, according to the annual report of Iraq’s import 2018 It also imports energy worth 7 trillion Iraqi dinars, according to the 2019 budget published in the Iraqi Al-Waqa'iq newspaper: Issue 4529 on 11/2/2019.

He added: "And all of them can be produced in Iraq, in addition to 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."

He continued: “Iraq today is asking for aid to pay the salaries of employees and retirees, because what enters the treasury is not worth 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 43,404,629,267,000 (Iraqi dinars and the total annual salaries for the year 2019 will be 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 account that the Iraqi dinar exchange is 1,200 dinars per dollar means that 3,6,000 per month (Almost a dollar, while the gross domestic product of Iraq is (1,100,000,000) approximately for the month of March and (1,200,000,000) approximately for the coming months, as Iraq needs to (2).5) Almost a billion dollars a month to cover monthly salary expenses only, regardless of other needs.

And that "to address this catastrophic failure, some voices have begun to rise 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. I find it necessary to clarify some of the terms, so the reader may be surprised by the ignorance of many who speak in this field and perhaps they are in positions A task of responsibility. ”

He pointed out that “floating exchange rate is the exchange rate of the currency in which the float has occurred 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. And Demand that allows setting the exchange rate of the national currency against foreign currencies, and this term corresponds to the fixed price of the currency exchange Fixed Exchange Rate Specific price will be determined against a major global currency (usually the US dollar, but also other major currencies such as the euro or the yen or a basket of currencies) In order to maintain 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.

He pointed out that "devaluation, which is the reduction of the official exchange rate for this currency, comes 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 less, and it is correct to talk about Currency devaluation when the exchange rate is subject to the direct management of the government or central bank, which determines this price via a government decision, and according to the same logic, it is possible to talk about raising the revaluation rate in exchange for its devaluation, and this is when the exchange rate is subject to the direct management of the government or central bank Also, we note that the devaluation and appreciation of the currency 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, the depreciation of the currency, the decrease is an automatic result of the free interaction between supply and demand in Foreign exchange market without direct interference from the government or the bankCentral, and according to the same logic, it is possible to talk about the rise in the value of the currency Appreciation in exchange for its decline, and we note that the rise and fall of the currency price is within the currency float. ”

He continued, saying: “Since Iraq works within the fixed fixed exchange rate system, we can talk about reducing and raising the currency exchange rate. Here, I don’t 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 leave The market is controlling itself by operating 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.

And he added: “Countries with a fixed exchange rate resort to reducing the currency exchange rate for economic reasons in improving their balance of trade mainly due to an increase in domestic production versus the importer. The currency reduction makes the difference between outside and inside and reduces the importer in front of the exporter, This assumes that there is an internal production that covers the domestic need and is intended to maintain and export it abroad, but in the Iraqi case, unfortunately there is no industry, no agriculture, no internal production, covering the local need as well as being an exporter, as Iraq has nothing to export other than Crude Oil. ), And I am talking here about the reality of what is there and not what I call for, the total imports for the year 2018 for commodities and oil products amounted to (37) billion dollars, equivalent to (43. Iraqi dinars, and the total imports for the year 2018 for the commodities (34) (Billion dollars equivalent to 40).5) One trillion Iraqi dinars, and Iraq does not need to reduce the exchange rate, but rather it suffices to prevent the import of any indispensable material.

He added:As for the real effect of the devaluation, it is the direct punishment for the Iraqi people, so if we know that 6 million Iraqis receive a salary or aid from the Iraqi government and the number of members of 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 each These people will be affected by this procedure due to inflation inflation in prices due to the low purchasinging power of the Iraqi dinar. The family that could have lived in a million Iraqi dinars after the currency devaluation has become a value of 500 thousand dinars, and if it receives a number is one million, so it will live in great distress due to this reduction , And the other affected are the owners of internal debts, Internal Debt in the local currency, which amounts to about 40 trillion dinars, which represent treasury transfers and debits with government banks and the central bank for companies, contractors and merchants, so if they are a number, the Iraqi government will remain indebted to them at 40One trillion, but after the devaluation, they will be owed 20 trillion, assuming 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.

He continued: "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 entering into 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 to work with the principle Floating the coin from the beginning. ”

He concluded his speech by saying: “Hence, we believe that those who seek to actually reduce the currency price are punishing the Iraqi people because of the wrong policies and economic failure that brought the country to this situation, for the people in this bear the mistakes of politicians and are punished instead of them.”

 

https://yesiraq.com/كيف-ستدفع-الحكومة-رواتب-الموظفين-وهل-ت/

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