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Washington-Baghdad Dialogue: America Wants To Strictly Implement The Sanctions List !


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CNN. Broadcasting fundamental changes in the central bank during the coming period !

 

 

Washington-Baghdad Dialogue: America wants to strictly implement the sanctions list

 

7/21/2020
 

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About two weeks before the second session of the strategic dialogue between the United States and Iraq, in which Iraqi Prime Minister Mustafa Al-Kazemi is to participate, an Iraqi official revealed that Washington included a paragraph related to the names of Iraqi, Syrian, Iranian and Lebanese personalities that the US Treasury Department imposed sanctions on in the past two years. The paragraph is related to discussing the seriousness of the Iraqi banks ’commitment to not dealing with these names, as well as discussing some of them escaping sanctions through activities managed by relatives or agents in their favor. The source pointed out that the Al-Kazemi government is in the process of undertaking major reforms in this area, specifically within the Central Bank of Iraq, the body responsible for the matter.
Al-Kazemi will participate in the second American-Iraqi dialogue session, during an upcoming official visit to Washington at the end of this July, according to what was previously revealed by Foreign Minister Fuad Hussein.

US officials are convinced of the existence of fraud within Iraq, enabling those involved in the sanctions to continue their commercial and financial activities

During the past two years, the US Treasury Department has continuously announced the announcement, and through official statements issued by it, on the inclusion of a number of Iraqi personalities and companies on the sanctions list, accompanied by convictions of them, related to what it says are crimes and violations in the field of human rights and financial corruption they committed, And also their cooperation with the Lebanese "Hezbollah" and the Iranian Revolutionary Guards. Among the most prominent of these names are the director of the “Islamic Bank of the Country”, the politician Aras Habib, the governors of Salahuddin and Nineveh, Ahmad al-Jubouri and Nawfal Hammadi al-Akoub, the politician Khamis al-Khanjar, the leader of the militia “Asa’ib” Qais al-Khazali and his brother Laith al-Khazali, and a leader in the “Popular Mobilization” Hussein Faleh Lami. This is in addition to the leader of the "Babylonian" militia, Ryan Al-Kildani, the leader of the "Shabak" militia, Waad al-Qud, and the "al-Nujaba" militia, Akram al-Kaabi.

According to a senior Iraqi official, there are officials in the US Treasury Department convinced of the existence of fraud within Iraq, which enabled those involved in the sanctions, whether Iraqis, Syrians, Lebanese or Iranians, to continue their commercial and financial activities, and to obtain hard currency, which prompted the Americans to include a full paragraph In the second dialogue session, Baghdad calls for reforms to be made. The source pointed out that American officials accuse the government of Adel Abdul Mahdi of not responding to the sanctions, and of allowing many of those listed on its regulations to withdraw funds or transfer funds or carry out sales and purchases through agents and relatives, and with the knowledge of the Central Bank of Iraq and other local banks.
The Iraqi official also revealed that the Al-Kazemi government will make additional pledges to tighten commitment to US sanctions, and to carry out reforms within the Central Bank of Iraq, and an investigation will be opened with the competent authorities to find out the real reasons behind the failure to implement decisions in this regard may expose Iraq to sanctions. The source acknowledged that there are political and factional influences (armed factions) linked to Iran on the central bank and on other oversight bodies, and that any commitment to the sanctions is considered by the authorities implementing the pressures as labor in favor of the United States.

Al-Kazemi’s government will make additional pledges to tighten compliance with sanctions, and to carry out reforms within the central bank

The source emphasized that for these reasons, Al-Kazemi intends to make fundamental changes in the central bank during the coming period.
For his part, the former official at the Central Bank of Iraq, Mahmoud Dagher, in connection with the "new Arab", stressed his country's commitment to the American sanctions issued against the personalities and companies, stressing that "it is impossible for Iraq not to implement such decisions issued by the American treasury, nor will it risk Not to implement American decisions, as important. Dagher recalled that the Iraqi government "issued a circular to banks under the names of those who were included in the sanctions list, and transfers from them to them were stopped," stressing his country's commitment "to implement such a decision if it was issued against any party or person."
The former official in the "Central Bank of Iraq" stressed that his country’s failure to implement the US Treasury Department’s decisions constituted an economic risk to Iraq and the Iraqis, which would stop all financial transfers to Iraq, and for this reason the bank is obliged to implement the sanctions issued against the Iraqi personalities, whatever they may be.

On the other hand, a member of the Security and Defense Committee in the Iraqi Parliament, on the authority of the “Al-Fath” coalition, Karim Alaiwi, said that “his bloc is awaiting a position on the part of Al-Kazemi’s government regarding the rejection of unilateral sanctions against Iraqi personalities and entities.” It has the intention to hold talks with the American side about it, as it is political sanctions, and is not based on any realistic evidence. Aliwi said in an interview with Al-Arabi Al-Jadeed that the Al-Kazemi government should complete this task by rejecting any kind of sanctions that affect any Iraqi figure who is not convicted by the local judiciary, and working to remove names from any American list.

But one of the members of the negotiating delegation in the first dialogue session, which was held via a television circle last month between American and Iraqi officials, assured Al-Arabi Al-Jadeed that the files of the second session were not definitively determined, and they may be comprehensive due to Al-Kazemi’s presence in Washington and his supposed meetings with senior administration officials. American, but he made it clear that it is primarily about terrorism and strengthening Iraq’s security and military capabilities, the financial and health crises, electricity and strengthening the rule of law, fighting financial corruption and threatening armed groups linked to Iran, and the American military presence. And he considered that the file of Iraq’s commitment to the sanctions imposed on Iran, and on various personalities and parties inside and outside Iraq, would be within the political file that is under discussion with the prime minister.

Just deputies

New Arab

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Btw - Has Anybody Heard From Bro Navira And His Iranian Riyal Holdings ? :o 

 

Somebody Needs To Get His Picture On A Carton Of Goat’s Milk Over There Or Something ...

 

:D  :D  :D 

 

Warnings for Sulaimaniyah citizens not to buy smuggled Iranian currency

by Editor
Iraq news   7/21/2020

 

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The Economists Syndicate, the Sulaymaniyah branch, warned citizens against resorting to buying the Iranian low-value currency that some smugglers seek to enter into the province.

The head of the Syndicate branch in Sulaimaniyah, Nawzad Kamel, stated in a statement that the deterioration of the Iranian economy, the record decline in the value of the Iranian local currency against foreign currencies, and the repercussions of the crisis caused by the American sanctions, prompted Tehran to resort to alternative means to remedy the situation, including printing large quantities. From the local currency, smuggling it and trying to sell it in neighboring countries, buying the American dollar and entering it into Iran, warning citizens not to buy that currency in order to obtain profits in the event of an increase in its value, because the current conditions led to a daily decrease in the value of the Iranian riyal, whose value has reached To about three million riyals for a hundred dollars.

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Mesopotamia determines the term of payment of employee advances via MasterCard


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09:29 - 07/22/2020

 

Rafidain Bank, on Wednesday, specified the period of settlement of the advances of the employees of the endemic employees to the bank and holders of the Master Card.

The media office of the bank said in a statement received / information /, a copy of it, that 
"the payment of employee advances by 6 years, i.e. by 72 months."

The statement added that “applying for and obtaining advances is through the special link https://qi.iq/loans”.

 

Edited by DinarThug
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Parliamentary Finance: There is no excuse for the government to delay salaries

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13:47 - 07/22/2020

The Parliamentary Finance Committee asked, on Wednesday, the Ministry of Finance to keep its promise to pay salaries during the current month and the next three by providing funds through conducting some financial reforms, increasing oil prices and internal borrowing.

Member of the Committee, Representative Jamal Cougar, said in a statement to "Information", that "it is not necessary for the Ministry of Finance to pay salaries to those who are entitled to them at specified times and schedules, and it must abide by what it promised."

He added that "the funds are currently available with the Ministry of Finance and they have an obligation to pay salaries according to the monthly entitlement of each institution." He explained that "recent financial reforms have provided the Ministry with good funds, as well as an increase in oil prices and internal borrowing."

Cougar pointed out that "the government's actions regarding external borrowing are still slow and can accelerate borrowing from neighboring countries that have declared their readiness to support Iraq" The benefits should be soft.”
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Sistani's office sets the first days of Eid al-Adha

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21st July, 2020
 

The Office of the Supreme Shiite Authority in Iraq, Ali Sistani, announced that tomorrow (today), Wednesday, will be the first day of the month of Dhu al-Hijjah al-Hijra

The office said in a statement received by Shafaq News, that "tomorrow, Wednesday (7/22/2020), will be the beginning of the month of Dhu al-Hijjah al-Haram for the year 1441 AH

Thus, Friday, July 31, will be the first day of Eid Al-Adha

Saudi Arabia had announced in turn that tomorrow, Wednesday, is the first of the month of Dhu al-Hijjah

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The central bank announces the launch of July salaries in one payment before Eid Al-Adha


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15:24 - 07/22/2020

 

The Central Bank announced, on Wednesday, the insurance of employee salaries for the current month of July.

The official agency quoted the bank as saying, "The salaries of employees for the month of July are insured, and they will be launched in one payment before Eid al-Adha."

It is noteworthy that the salaries of employees for the month of last June were delayed for two weeks or more due to the financial shortage faced by the public budget due to the effects of the Corona pandemic on the decline in oil prices, according to official sources. 

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Central Bank: Launching July salaries before the holiday and in one payment

 
Central Bank: Launching July salaries before the holiday and in one payment
 
 
7/22/2020 15:33:50  

 
The Central Bank of Iraq announced the insurance of employee salaries for the month of July.
 

The central bank stated, "The salaries will be released in one payment before Eid al-Adha."
 
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The Central Bank Announces The Insurance Of Employees' Salaries For The Month Of July ... And Distributes Them Before Eid
 

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22nd July, 2020

The Central Bank of Iraq announced that the employees' salaries for the month of July are available in the account of the Ministry of Finance open to it.

The Director General of the Accounting Department at the Central Bank, Ihssan Al-Yasiri, said in a statement today, Wednesday, that the central bank deducted five trillion transfers to secure the salaries of employees and retirees for the month of July. Shamran expected that salaries will be released before Eid Al-Adha.


It is reported that the Central Bank of Iraq has already deducted remittances in excess of four trillion dinars to secure the salaries of the month of June. The Finance Committee in the House of Representatives confirmed earlier that the salaries of employees during the next three months are insured and will be spent without delay.

"The Finance Committee is awaiting the economic reform paper that will be presented by the government,"said committee member Mohamed al-Daradji. He added, "The Finance Committee is working to merge the legislative reform paper with the executive paper, stressing the importance of activating the draft economic reform law."

On salaries, Darraji indicated that the borrowing law secured the payment of employee salaries during the next three months without delay. 

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A new development, with the payment of July salaries to Iraqi employees

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22nd July, 2020

 

On Wednesday, a responsible source said that the Ministry of Finance sent a notice to banks to stop financing and wait for new instructions to pay salaries.

The source said to Shafaq News, "The Finance Ministry sent a notice to the banks to stop transferring the funds to the subsidiary banks and wait for the new instructions to pay the employees salaries for the month of July."

The Central Bank of Iraq announced earlier today, Wednesday, the insurance of employee salaries for the month of July.

The bank said, "The salaries will be released in one payment before Eid al-Adha."

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The Central Bank Withdraws The License Of A Brokerage Firm To Buy And Sell Currencies For "Violating The Instructions"

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22nd July, 2020

The Central Bank announced the withdrawal of the license of a brokerage firm to buy and sell foreign currencies because of its "violation of instructions".

The bank said in a statement received by the (Independent) today that "given the violation of the Al-Durr brokerage company for buying and selling foreign currencies, the provisions of the instructions for organizing the work of the brokerage firms and the purchase of foreign currencies, it was decided to withdraw the company's license."

The bank added, "It was also decided to confiscate the letter of guarantee deposited with this bank amounting to 50 million dinars," calling on the Ministry of Commerce to "cancel the establishment certificate granted to it in addition to removing the company name from the records and providing the Central Bank with a certified liquidation letter."

The Central Bank of Iraq was established as an independent bank under its law issued on the sixth of March of the year 2004, as an independent body, and is responsible for maintaining price stability and implementing monetary policy, and supervises 10 commercial banks, 26 private banks and 16 Islamic banks, in addition to 19 foreign banks, as well About 6 financial institutions and 31 money transfer companies. 

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America is ready to support Kurdistan in the field of economic development

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23rd July, 2020

The President of the Kurdistan Regional Government, Masroor Barzani, received today, Wednesday, July 22, 2020, the new American Consul General to the Kurdistan Region, Rob Waller.

At the beginning of the meeting, they discussed the latest developments in Iraq and the region, and ways to enhance bilateral relations between the Kurdistan Region of the United States were discussed.

The Prime Minister congratulated the new American Consul General on the occasion of his assumption of office, and he wished him success in performing his new duties in a manner that strengthens the existing relations and establishes the foundations of cooperation between the United States and the Kurdistan Region, and the Prime Minister congratulated the former Consul General Stephen Wigan on his new duties at the American Embassy in Baghdad, He expressed his hope for his success in his upcoming responsibilities.

The new US Consul General pointed out the importance of strengthening relations between the United States, Iraq and the Kurdistan Region, and expressed his country's readiness to provide support to the Kurdistan Region in the field of economic development, especially in the energy and agricultural sectors.

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Deputy: 40 billion dollars graduated from Iraq annually due to the corrupt and regional countries in a way that started since 2007

 

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Policy 07/22/2020 21:15 498     


Baghdad today _ Baghdad  

 

Member of the Investment and Economy Committee in Parliament, Riyadh Al-Masoudi, said today, Wednesday, that Iraq pays more than 40 billion dollars for foreign trade, in conjunction with the absence of political will to work on national investment because of the interests of corrupt and regional countries.

Riyad Al-Masoudi said, in an interview with (Baghdad Today), that "the economy of Iraq in the beginning of the sixties until the seventies witnessed a large industrial renaissance, and now includes more than 205 large industrial enterprises, but after the American occupation the industrial sector curriculum was destroyed, whether military or civil war."

Al-Masoudi added, "The decline of the industrial sector comes due to the lack of national support for production requirements, foremost of which are energy, raw materials, production outputs, and the issue of pricing or marketing."

He continued, "A wave of administrative, financial and political corruption started in the years 2007 - 2008, and this corruption has cast a shadow on the national industry and led to encouraging import, and Iraq has become a market for corrupt goods from countries, not their products."

He stressed the absence of "the political desire of successive governments and parties to encourage industrial, agricultural, or service investment," noting that "the imbalance also lies in the lack of a political desire to re-invest and develop because they harm the interests of the corrupt and regional countries."

He continued, a member of the Investment and Economy Committee in the House of Representatives, that "Iraq pays more than 40 billion dollars for foreign trade, at a time when it has petrochemical plants, fertilizers, cement, electric energy, glass and sugar and no intention to activate it."

He pointed out that "the countries of the world that benefit from trade in Iraq, such as the United States of America, Turkey and Iran, will be harmed by the revitalization of the national industrial sector, as well as the corrupt entities that benefit from smuggling and money laundering."

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One million people every year .. Deputy: Population increase is a burden on the economy of Iraq and there is a solution away from birth control 

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Policy 07/22 2020 21:53 440     
Baghdad Today - Baghdad 

 

Member of Parliamentary Finance Committee, Naji Redis, confirmed on Wednesday (22 July 2020) that increasing the souls of the population in Iraq is a burden on the Iraqi economy, attributing this to relying on oil imports only. 

Redis said in an interview with (Baghdad today), "The specific economic development is not commensurate with the increase in the population due to the structure of the Iraqi economy, and its heavy dependence on high and low oil imports." 

And that "if the Iraqi economic system was diversified, the increase in population numbers would not constitute a burden on the economy, but total dependence on oil is the reason", indicating that "the wheel of economic development in the country is stalled, which reflects negatively on the citizen in terms of the services provided."

Redis pointed out that "the number of the workforce in Iraq is greater than what exists from the countries of the region. Therefore, if those forces were invested in economic development, it would have had positive effects on the economic reality," while he believed that "the exploitation of the workforce to diversify the economy instead of following birth control policies is the ideal solution".

Iraq ranks second in the Arab world in the most populated countries after the Republic of Egypt, where the population growth rate during the past four years reached 2.6% of the total population of the country that exceeded 40 million people, according to estimates by the Ministry of Planning, and the increase ranges between (850,000 - 1000,000) people. Annually, this percentage decreased a lot more than it was ten years ago, to 3% annually.

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A deputy reveals dangerous dimensions of the possibility of paying salaries every 45 days

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Policy 2020/07/22 21:22 1882    
Baghdad today _ Baghdad 

 

Member of the Parliamentary Finance Committee, Jamal Kujer, spoke today, Wednesday, of "dangerous" dimensions in the event that the option to pay salaries every 45 days for state employees is adopted, while he stressed that the payment of salaries is limited to 30 days in the Iraqi state. J

amal Kouger said, in an interview with (Baghdad Today): "There is no known reason yet showing the delay in the payment of salaries for the month of July," noting that "the delay in the past month was due to a lack of liquidity as the government announced at the time, but the situation has changed and the central bank announced in a way Official insurance of employee salaries for months. 

Cougar added, "The payment of Iraqi state employees' salaries is limited to 30 days, and talk about the possibility of spending them at 45 days is not in the Iraqi system, and it is not acceptable, and there is no official indication that so far." 

A member of the Finance Committee in the House of Representatives stressed that "the payment of salaries every 45 days has serious dimensions, including social and economic problems, because there are those who have payments of rents, loans and installments, and it will directly affect the employee class who represent the middle class in society, and therefore The economy is hitting hard because they constitute its main engine, and raising prices in an unprecedented way. " 

Earlier, the Central Bank of Iraq announced, today, Wednesday, the insurance of employee salaries for the current month of July, while stressing that salaries will be launched in one payment before Eid al-Adha.

The Director General of the Accounting Department at the Central Bank, Ihssan Al-Yasiri, told the official agency that "the central bank deducted five trillion Iraqi dinars in order to secure the salaries of employees and retirees for the month of July." Shamran expected, "Salaries will be released before Eid Al-Adha."

Before that, a well-informed source revealed, today, Wednesday (July 22, 2020), that there is a tendency to pay the salaries of ministries' employees in the state every 45 days, while he indicated that banks are awaiting a financial instruction to transfer financing in order to exchange salaries. 

The source said in an interview with (Baghdad today), "The Finance Ministry has not released funding and allocation to all ministries so far, to pay the salaries of employees for the month of July, due to the lack of sufficient financial liquidity."

He added, "All banks are waiting for the Ministry of Finance to instruct the transfer of funding for the payment of salaries," noting that "the delay in the distribution of salaries is due to the existence of a trend in order for the exchange to be every 45 days."

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Study of the International Monetary Fund: the hegemony of the dollar will exacerbate the economic impact of "corona"


2020-07-22
 
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Yassin Iraq: Follow-up

 

A study by the International Monetary Fund revealed the impact of the US dollar's dominance in trade that could lead to an increase in economic deterioration due to corona.

The study indicated that the dollar's dominance in trade and finance in the world can exacerbate the economic impact of the Corona epidemic, as strengthening the strength of the dollar will lead to a decline in trade and economic activity more in the short term.

According to international agencies, the study suggested that developing countries would not be able to take advantage of the weakness of their national currencies to stimulate the economy because of the export prices in dollars.

Thus, the weakening of the currencies of the countries against the dollar leads to higher prices for imported goods and consequently a decrease in demand for them.

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A proposal to present the main methods of investment

Thursday, July 23, 2020

Baghdad / Shaima Rashid
 
 
The Parliamentary Services and Investment Committee held a workshop with officials in the Ministry of Planning, in order to present the possibility of presenting the main and external ways of investment, and the committee indicated that this matter, if implemented, would reduce the financial burden on the government in light of the difficult financial conditions, as well as providing services to citizens.

Member of Parliamentary Services Committee Mudar Al-Azrajawi said in a statement to Al-Sabah: “The Services Committee held yesterday, Wednesday, a meeting in the Ministry of Planning in order to put forward some matters for investment; Including external road services that are difficult for the government to provide at the present time, so we have seen that some important and main roads turn to investment in order to reduce the burden of maintaining them on the government, and at the same time provide better services to the citizen who benefits from those roads ».

He added, "This workshop included all the responsible persons regarding this file in the Ministry of Planning," noting that "the interest side of the investor will be in two cases; The first is that the investor will get road services to place some shops or fuel filling stations, and the other side is to take a simple tariff from the government, noting that “this matter includes the main important external roads that have a great momentum.” Al-Azrajawi continued: “The time is embarrassing for the state, as there is no budget and there is no liquidity, and there is an economic crisis worldwide, and the government is shackled with many obligations, but at the same time there are necessary services that must be available to the citizen, and the state, the government and the specialists should have them Control this file and provide better services to the citizen. ”
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1 minute ago, DinarThug said:

Oil prices are rising and Brent is recording more than $ 44


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23rd July, 2020

Oil prices rose today, Thursday, while North Brent crude recorded more than $ 44

Oil prices rose with the support system" rel="">support of the European Union agreed to a huge stimulus package and encouraging news about tests on a vaccine for Corona virus

Brent contracts, the world record for September download, reached 44.41 dollars, up 0.15 dollars, while the US crude recorded 42.02 dollars, up 0.12 dollars

The rise comes despite the rise in US stocks during the past week by 7.5 million barrels, in addition to the agreement of the major producers to reduce record production cuts to oil starting from next month with the global economy recovering slowly from the Corona virus pandemic

During the past weeks, the impact of the Corona virus on the oil markets decreased slightly, and the effect of the agreement of the producers of crude oil and encouraging news to find a corona vaccine gave a boost to oil prices that exceeded the level of $ 40

 


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Al-Tamimi: The financial crisis is on the way to extinction after high oil prices

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08:40 - 07/23/2020

Between the economist, Wissam Al-Tamimi, that oil prices began to recover with the arrival of Brent crude to the price of 44 dollars per barrel, pointing out that the financial crisis is on the way to disappearing with the beginning of next year.

Al-Tamimi told “Information” that “oil prices started to recover with the price of Brent crude barrel rising to $ 44, with some factories returning to work in various countries of the world.”

He added that "the global market began to return to its activity with the decline of the Corona virus in some countries, in addition to China's move towards restarting its factories, which were stopped by Corona."

And that "the financial crisis in Iraq is on the way to extinction, especially in the event of continued commercial activity and the return of factories to work, as OPEC is likely to ease the process of reducing production, which will allow the possibility of exporting greater quantities of Iraqi oil to importing countries in conjunction with high prices."
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After Their Reluctance To Deposit .. Al-Rafidian Directs Its Branches To Open Accounts For Citizens

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23rd July, 2020


Rafidain Bank directed all its branches in Baghdad and the governorates to receive customers wishing to open accounts of all kinds.

The media office of the bank said in a statement that the "Independent" received a copy of it today, Thursday, that many citizens have a great desire to open accounts for the purpose of depositing their money in the bank and obtaining interest.

He called on the bank’s employees to provide the necessary facilities for those who intend to deposit their money in the banking system and to benefit from the services provided by the bank through such deposits.

The Iraqi citizen is afraid of depositing in governmental and private banks due to poor services and their quality, in addition to his belief in the possibility of losing his money and not being able to withdraw it at the time he needs.

The banking sector in Iraq is classified as backward and dishonorable and does not keep pace with global developments in the field of banking business.

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On 7/22/2020 at 4:07 PM, DinarThug said:

the Al-Kazemi government is in the process of undertaking major reforms in this area, specifically within the Central Bank of Iraq, the body responsible for the matter.

Great news just do it stop the smack talking 

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3 hours ago, DinarThug said:

The Iraqi citizen is afraid of depositing in governmental and private banks due to poor services and their quality, in addition to his belief in the possibility of losing his money and not being able to withdraw it at the time he needs

Same problem after world war 2 only one way to fix it....stop stealing their money and change your rate and cash will head straight to the bank solving your liquidity problem 

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Global Organization: Stabilizing prices is a challenge for Iraq and the economy must be stimulated

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23rd July 2020

The Food and Agriculture Organization of the United Nations (FAO) released its monthly assessment of the situation in Iraq following the spread of the Corona pandemic, noting that the drop in global oil prices put pressure on national financial resources and generated the need to finance the economic deficit that occurred, and stressed that "price stability remains a challenge, As most retailers remain unsure of future prices

The organization said that global food markets are still well supplied and international prices are still relatively stable. Some health checks and quarantines have led to delays at the border and increased transit times and transportation costs. On the other hand, the conditions of crop development in Iraq were generally favorable with well-distributed and timely rains in the current agricultural year

It is estimated that Iraq has sufficient wheat stocks to cover its food needs at least until the autumn of 2020 due to the high average local production, and the remaining sugar and oil stocks will continue to be distributed to families registered as weak families with the Ministry of Labor and Social Affairs social protection program

In response to the growing needs of many families without income during the closing period, the government created a cash disbursement program (grant)

And the Iraqi Central Bank introduced measures to mitigate the impact of the crisis on families and companies, "but there is still a need for a larger stimulus package to restart the economy. Thanks to the implementation of strict price control measures after the initial hikes, food prices generally started to stabilize starting in April

The latest data from the vulnerability analysis and planning system indicates that "price stability remains a challenge, as most retailers remain uncertain of future prices. However, overall market performance is improving," according to the FAO report

And on the solutions that the Iraqi government can adopt to get out of the current situation, the report indicated that the government needs to consider preparing various scenarios for its budget depending on the speed of the global recovery and to consider alternative sources of financing and adjustments to spending, re-study regional trade and improve food availability and allocate funds of the remaining foreign reserves of food imports that can be exploited by private banks and merchants to ensure stable supplies in local markets, create an enabling environment for increased domestic production, and give farmers and workers in the agricultural and food sector exceptions to the closure and curfew investment in productive infrastructure and support for non-integrated sectors In the formal economy, strengthening social safety nets, and improving food security monitoring and control capabilities

Global food markets remained well supplied, and overall international prices stabilized or fell slightly until May. The average FAO food price index was 162.5 points in May, down 3.1 points (1.9 percent) from April, and reached the lowest monthly average since December 2018. May's decline witnessed the fourth consecutive monthly decline in the value of the index. All other general index sub-indices recorded monthly declines in May, with the exception of sugar, which rose for the first time in three months

In response to the World Health Organization's announcement of a global epidemic of the Corona virus, the government created the Crisis Cell Committee, headed by the Ministry of Health, and by virtue of Cabinet Resolution No. 55 at the end of March. Each ministry also formed its own crisis cell. The Prime Minister issued Order 151, which specified the membership of the commission. The Council of Ministers also formed the Higher Committee for National Health and Safety

Increased financial expenditures have led to a decrease in available reserves to respond to the unexpected economic downturn in light of the Corona Virus pandemic, and at the current spending rate, Iraq is asking for an oil price of US $ 76 per barrel to finance its recurrent expenditures for 2020, and if oil prices stabilize at $ 30- $ 35 per barrel for the rest of 2020 No reform measures have been taken, the budget deficit will exceed 29% of GDP in 2020 and total financing needs will reach $ 67 billion, about 39% of GDP. In this context (scenario), Iraq will have to resort to a mix of domestic and foreign sources to finance the deficit

Financing the budget deficit and the current account deficit estimated at 18.8% of GDP in 2020 while maintaining the exchange rate linked to the US dollar (which has not changed since 2009) on Iraq’s foreign exchange reserves. Foreign currency reserves can only cover up to 6 months of imports as of May 2020, "thus exacerbating the country's vulnerability to external shocks and undermining the country's ability to finance food imports and domestic support programs

The upside of the current financial and monetary pressures is that inflationary pressures are still largely silent due to the availability of cheaper consumer goods. In addition, Turkish and Iranian currencies continue to decline, affecting the main official trading partners of Iraq. Key inflation, defined as a measure of overall inflation within the economy that includes commodities such as food and energy prices, remains under control at less than 1%

The public sector remains the most attractive sector for employment in Iraq, so any delay or suspension of the salaries and pensions of its employees, in addition to the low wages of workers in the private and informal sectors, will affect the family food expenditures, food markets and food security of the country, noting the ration courses that were delayed for two months since the beginning of the year. The Ministry of Labor and Social Affairs continued to distribute one-time cash assistance under the "grant" program. The Ministry of Labor and Social Affairs agreed to grant 11.6 million people out of 12.3 million who applied at the national level

By May 9, the Iraqi Grain Board purchased about 1.36 million tons of local wheat from the start of purchase on April 16 to May 19, an increase from the amount of 542,000 tons purchased. This indicates that the harvest has shifted to the northern regions with the highest results

It is estimated that Iraq has sufficient wheat stocks to cover its food needs at least until the autumn of 2020, with average domestic production increasing, according to the type of wheat purchased. Domestic wheat production for 2020 is estimated at 4.5 million tons. The import requirement for wheat is estimated at 2.7 million tons, which will be mostly imported as flour (final product) for the marketing year 21-21-2020 (May-June)

The current stock of rice in the country is about 190,000 tons, compared to two months of ration distribution. On average, Iraq produces about 270,000 tons of rice, and it is estimated that it needs about 1.3 million tons of rice imports, valued at about $ 674 million, according to 2019 price trends.  62% of rice imports are from India, while irrigated rice is produced in Iraq and harvested at the end of October. Domestic and imported rice are not direct substitutes for some of them as they are used for different types of dishes

FAO noted some expected seasonal price hikes associated with April's seasonal production in some plant components, such as tomatoes, which began returning to their normal prices at the end of May. For example, the increase in tomato prices decreased by 23% in April, by 28% in May

In addition to developments in the global grain market, the average retail price of wheat flour increased by an annualized 21% in Iraq in April. Three of 23 different food commodities registered an increase of more than 10% per month during April. While five commodities increased between 5-10% per month. The highest monthly increase was observed in tomato prices (24%) and beans (15%). The highest annual increase in eggs prices was recorded (28%)

The WFP food basket program, driven by the cash transfer program of the World Food Program (2,100,000 kcal per person per month), experienced an average decrease of 2% per month while comparing May prices with April. The highest monthly decreases were observed in food basket prices in Diyala (-14%) and Anbar (-12%), while the highest monthly increase was observed in Nineveh (6%). The highest increase in the year was observed in Qadisiyah

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Antoine: The state’s treasury will be $ 15 billion annually if corruption continues to be fought at border crossings

image.php?token=edd1f0f72d1bd34602315a47ad28f21f&c=1765092&size=
 

20th July, 2020

Economist Bassem Jameel Antoine confirmed today, Monday, that the state treasury will get $ 15 billion annually if corruption continues to be fought in and out of the border outlets.

 
Antoine told Al-Ikhbaria, "If the war against corruption continues at the border crossings, Iraq will receive $ 15 billion annually during the coming period."

He added that "the closing of borders and the application of the customs tariff law contribute to increasing Iraqi domestic production in a very large way, as it will prevent the entry of foreign goods into Iraq, which is similar to production in Iraq."

He pointed out that "restoring the prestige of the state and the law to Iraq is the most important achievement of the government and it contributes to improving the economic vision of foreign investors to increase the volume of cooperation and open projects protected by law and the authority of the Iraqi state."

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On 7/22/2020 at 9:58 AM, DinarThug said:

Central Bank: Launching July salaries before the holiday and in one payment

 
Central Bank: Launching July salaries before the holiday and in one payment
 
 
7/22/2020 15:33:50  

 
The Central Bank of Iraq announced the insurance of employee salaries for the month of July.
 

The central bank stated, "The salaries will be released in one payment before Eid al-Adha."
 
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LINK

The Central Bank Announces The Insurance Of Employees' Salaries For The Month Of July ... And Distributes Them Before Eid
 

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22nd July, 2020

The Central Bank of Iraq announced that the employees' salaries for the month of July are available in the account of the Ministry of Finance open to it.

The Director General of the Accounting Department at the Central Bank, Ihssan Al-Yasiri, said in a statement today, Wednesday, that the central bank deducted five trillion transfers to secure the salaries of employees and retirees for the month of July. Shamran expected that salaries will be released before Eid Al-Adha.


It is reported that the Central Bank of Iraq has already deducted remittances in excess of four trillion dinars to secure the salaries of the month of June. The Finance Committee in the House of Representatives confirmed earlier that the salaries of employees during the next three months are insured and will be spent without delay.

"The Finance Committee is awaiting the economic reform paper that will be presented by the government,"said committee member Mohamed al-Daradji. He added, "The Finance Committee is working to merge the legislative reform paper with the executive paper, stressing the importance of activating the draft economic reform law."

On salaries, Darraji indicated that the borrowing law secured the payment of employee salaries during the next three months without delay. 


LINK

The Minister of Finance directs the Accounting Department to pay the salaries of employees and retirees early next week

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23rd July, 2020
 

On Thursday, Finance Minister Ali Abdul-Amir Allawi directed the Accounting Department to pay the salaries of employees and retirees early next week

A brief statement issued by the Ministry of Economy, "Economy News" received a copy of it, that "Finance Minister Ali Abdel Amir Allawi directed the Accounting Department to pay the salaries of employees and retirees at the beginning of next week

Earlier, the Central Bank of Iraq announced that employees' salaries for the month of July are available in the Ministry of Finance account open to it

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The finance directs to pay the salaries of employees and retirees at the beginning of next week

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23rd July, 2020

 

The Ministry of Finance announced that the salaries of employees and retirees will be paid early next week.

A brief statement to the ministry stated that "Finance Minister Ali Abdel Amir Allawi directed the Accounting Department to pay the salaries of employees and retirees early next week."
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      What we need, and what it "benefits" is not more "theories" and "jurisprudence" of experts and advisors ... rather that we have supreme sovereign interests "holy", agreed upon by the political "parties" controlling this country, and defending them fiercely, And with unrelenting political will.
      What we need is that we are aware that we have no alternative to salvation from our complex economic crises, other than comprehensive and radical reform .. and that this reform has a cost .. and that this cost may be very prohibitive .. and we may continue to pay it for five, ten years Next .. We are the ones who do not tolerate delaying paying our salaries for only five days.
      This year 2020 never seems blessed, from its blessed start, until the very moment when it is supposed to be blessed now.
      Three presidencies blessed, Iraqis.
      Mubarak's House of Representatives.
      Blessed government.
      Blessed ministers.
      Mubarak government program.
      But ... with the prices of oil not blessed (externally) .. and with chaos, confusion, and lack of horizon (internally), a lot of things may be unfortunate now, Iraqis.
      Many things will not be okay ... neither in the short term nor in the medium term.
      In the long run, this may happen ... that is, some things may be on Mayram.
      However, many of us will be dead, and they will not be witnesses to that .. in that long term.
      So ...
      beautiful patience ... or beautiful
      desertion ... blessed Iraqis.
      LINK
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