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How To Visit The Iraqi Currency: Revealing The Secrets Of Its Previously And Current Printing And “Most Popular Denominations”… 200 Million “Counterfeiters” A Month In The Markets !


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Parliamentary warnings of tampering with the central bank's reserves


September 30, 2020 8:19 pm |Author: alzawraapaper

Baghdad / Al-Zawraa:


A member of the Parliamentary Finance Committee, Ahmed Hama Rashid, warned yesterday, Wednesday, against depleting the reserves of the Central Bank, and then the Iraqi economy was damaged.

Rashid said in a press statement: "The volume of monetary reserves in Iraq whenever it decreases, it weakens the Iraqi currency," adding that "this will lead to a gradual weakening of the currency rate."
And he warned of "greatly weakening the Iraqi economy, especially since Iraq needs to import, and consequently, pandemic inflation."

It is noteworthy that the committee expressed its surprise at the issuance of a book by the Ministry of Finance calling for the enactment of a law to borrow to pay the deficit in the salaries of employees, warning against mortgaging the future of Iraq by relying on borrowing.

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Small denominations of banknotes

 

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1st October, 2020

 

The Central Bank of Iraq decided, based on the minutes of the Currency Affairs Committee meeting No. (6) for the year 2020 held on 9/23/2020
 
Re-impose a shortage fine on the small denominations ( 1000 , 500 , 250 ), starting from the date of 1/10/2020 and according to the instructions of the standards for circulation and replacement of banknotes and the mechanisms of counting and sorting.
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Al-Saffar: The Ministry of Finance bears responsibility for delaying salaries
 

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1st October, 2020

 

The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, said that the government's resort to deducting 30% of the nominal employee's salary is an "illegal" matter, charging the Ministry of Finance with a 45-day delay in paying salaries

Al-Saffar said that resorting to deducting part of the employees' salaries is a wrong decision, attributing that to the existence of "other solutions that can be resorted to without compromising the salaries," according to the official Al-Sabah newspaper

He added that "the state can maximize its revenues by reducing some expenditures, in addition to the fact that the revenues of the border ports are supposed to not be less than one trillion dinars per month, while it is announced that they will collect 200 billion, which is approximately 20 percent of the real amount. He pointed out that "the Ministry of Finance bears the big mistake that we made when the employee became receiving his monthly salary every 45 days

He continued: "I think that the Minister of Finance has the powers to cover salaries if the deficit is not large without referring to the Central Bank and using temporary treasury bonds, but he did not go to this solution and we do not know why?  And he expressed "his conviction not to hold an extraordinary session before the 10th of next month to host the Minister of Finance and find solutions in light of the delay in salaries. The solution is not in the House of Representatives. Over the course of 12 days, continuous and continuous sessions were held during which no reform paper was presented

 A member of the Finance Committee pointed out that "choosing the Finance Ministry for this time in light of the current circumstances was an attempt to embarrass the House of Representatives," explaining that "until now, no news has arrived about the payment of salaries, and on the other hand there is no hope of borrowing


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The Government Is Discussing A Proposal To Reduce The Nominal Salary Of Employees By 30%  LINK

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Al-Rafidain announces that he will continue to open accounts for citizens

 

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1st October, 2020

 

Al-Rafidain Bank announced, on Thursday, that it will continue to open accounts for citizens and other segments to deposit their money in the bank

The bank’s media office said in a statement received by "Al-Eqtisad News", that "the bank continues to open accounts (savings and current) for citizens and deposit their money in exchange for interest

The bank called on citizens to "visit bank branches for the purpose of viewing special instructions and placing their money in the bank and not hoarding it in homes in light of the positive benefits set by the bank in return for that


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Al-Rafidain Appeals To Citizens To Deposit Their Money In The Bank And Not To Hoard It In Homes  LINK

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An arrest warrant for one of Abdul Mahdi's ministers ... a document

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1st October, 2020


Al-Iraqi issued an arrest warrant for the Minister of Communications in the former Iraqi government headed by Adel Abdul Mahdi.

According to an official letter issued by the Baghdad Appeals Court / Federal Rusafa / Karrada Investigation Court, an arrest warrant was issued against the accused  Naim Thijail al-Rubaie, who is the former Minister of Communications in the government of Adel Abdul Mahdi.

According to the official arrest letter, the accusation against the former minister is to write a check without balance in accordance with Article 459 / penalties.
 

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Finance: We spent about 51 trillion dinars since the beginning of the year until the middle of last month

 

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1st October 2020

 

The Ministry of Finance announced that it had spent about 51 trillion dinars since the beginning of this year until the middle of last month

The Ministry of Finance said, in a press release received by Al-Iqtisad News, “The Ministry of Finance categorically rejects social media allegations that 6 trillion Iraqi dinars cannot be tracked through the 15 trillion dinars borrowing approved by the House of Representatives in May 2020

She added that the loan amounts approved by the House of Representatives were used in full to finance the deficit in spending on salaries and retirement for the months of June, July and August

She emphasized that the net oil and non-oil revenues for the period 1/1 _ 17/9/2020 amounted to 33.6 trillion dinars, and the balance from 2019 to 2020 amounted to 5 trillion dinars, and the total borrowing amounted to 14.5 trillion dinars, thus the total funding was 53.1 One trillion dinars

She noted that an amount of 50.9 trillion dinars was funded for salaries, retirement, social protection network, indebtedness, benefits, ration card, wheat, and operating expenses for security departments, presidencies, health departments, medicines ... etc. and an amount of 380 billion dinars for investment projects, according to work achievements

She indicated that the remaining amount is 1.8 trillion dinars, and the accounting department continues to finance the loan from the original loan

She explained that the amount of foreign borrowing approved by the House of Representatives in the amount of 5 billion dollars will be directed to investment projects

The Ministry concluded its statement by saying that the Ministry of Finance is using all its energies to successfully manage the current financial crisis, and the Ministry of Finance warns that such statements in light of the current financial crisis are absolutely irresponsible and generate unnecessary anxiety among the general public


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Finance responds to Parliament regarding the loss of 6 trillion dinars LINK

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Iraq's financial revenues exceed $ 3 billion from the sale of oil in a month

 

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1st October 2020

 

The Ministry of Oil announced, on Thursday, the total exports and revenues achieved for the month of September, according to preliminary statistics issued by the governmental Iraqi Oil Marketing Company "SOMO", which witnessed a decrease in these exports to reach 78 million barrels

"The amount of crude oil exports decreased compared to August to record 78 million and 388 thousand and 619 barrels, with revenues of 3 billion, 167 million and 434 thousand dollars," Sumo said in a statement received by Al-Iqtisad News

She explained, "The daily rate of exports reached 2.613 million barrels per day," indicating that the exported quantities from Basra amounted to 75 million barrels at a rate of 2 million 500 thousand barrels per day, while the quantities exported from the northern fields through the Turkish port of Ceyhan amounted to 3 million 133 thousand and 834 Barrels, at a rate of 104 thousand barrels per day, indicating that the quantities exported to Jordan amounted to 254 thousand barrels, at a rate of 8.5 thousand barrels per day

She added that "the average price per barrel reached 40,407 dollars a barrel

And the Ministry of Oil announced on September 25 that the amount of crude oil exports for the month of August amounted to (80) million and (494) thousand barrels, with revenues of (3) billion and (492) million and (767) thousand dollars

Iraq exports crude oil through the port of Basra and the oil buoys on the Gulf and through the Turkish port of Ceyhan from the north

Iraq pledged to reduce one million and 250 thousand barrels during the months of August and September, according to the recent OPEC agreement because of its lack of commitment to the reduction during the months of May and June

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:lmao: 
 

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The culture reassesses public holidays and holidays

 
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10:35 - 10/01/2020


The Ministry of Culture, Tourism and Antiquities has formed a specialized team to implement the law on holidays and official holidays during the next phase.

Undersecretary of the Ministry Dr. Nawfal Abu Ragheef said in an interview followed by the information, that “there are still many holidays and national occasions that are not proven in the law. Pointing out that there are occasions that can be combined with others because of the similarity of the event between them.

Abu Ragheef added, that his ministry "formed teams from inside and outside it to study the details of this law at the present time, re-evaluate holidays and events and complete it, and present the vision that will be concluded to the government and then the parliament."  
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Despite the financial crisis, the Kurdistan government demands Baghdad to urgently disburse more money to the region

 
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17:48 - 09/30/2020
 
 

On Wednesday, the Council of Ministers of the Kurdistan Region called on the federal government to pay money to Kurdistan in a quick time, despite the stifling financial crisis that Baghdad is going through.

A statement by the Kurdish government, which was seen by the information, stated that “Cabinet Secretary Amang Rahim presented a detailed report supported by numbers, numbers and the necessary legal and financial clarifications regarding the salary file in the Kurdistan region.”

He pointed out that "salaries and financial entitlements to employees are rights proven by the laws and must be protected and are at the top of the work of the ninth ministerial formation."

The Council called on the federal government to "disburse the region’s share as soon as possible, so that with the addition of local revenues, salaries can be disbursed."

The Council of Ministers approved "the proposal of the Ministry of Finance and Economy to increase the funding for the upcoming salary from 82 to 79 percent, and reduce the suspension of funding from 21 to 18 percent."

It is noteworthy that the federal government disbursed 400 billion Iraqi dinars (about $ 336 million) to the Kurdistan Regional Government and deposited it in the region’s account in the Iraqi Central Bank earlier. 

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 Basnews English   2020/10/01 - 12:39  Kurdistan 

ERBIL — Delegations from the Kurdistan Regional Government (KRG) and the federal government of Iraq are set to meet and discuss the management and revenues of the customs in Kurdistan.

Samal Abdulrahman, general director of customs at KRG’s ministry of finance and economy, told BasNews on Thursday that Baghdad is asking for 50% of KRG’s customs revenues as per Iraq’s financial management law number 6 of 2019.

According to Abdulrahman, the KRG would agree to the demand as part of a more comprehensive agreement with Baghdad which is hoped to be made to address the prolonged disputes between the regional and federal governments.

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No doubt Iraq is under the gun to revalue , not only by Trump ,but by any country that hold dinar in their reserves . Back in 2003, the US contracted with DeLarue in Switzerland to print the new Iraqi currency . The extremely fine printing of the high notes , with their anagrams ,gold thread , oxblood , unique paper, and excuciating fine detail cannot be duplicated . The higher the note , the more complex the security features . I would assume that the CBI and the government of Iraq are  going to Switzerland to print this new currency . It also makes me doubt that there was a bunch of new currency with the signature of the former director of the CBI on it .  So this tells me that no new high notes , 25k ,50k , and 100k will no longer be printed . However ,they will be honored .  Think ATM's , mans and ladies.

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Parliament: We do not have the solution, and the idea of reducing employees' salaries by 30% is illegal

 

Thursday 01 October 2020

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Baghdad: Hoda Al-Azzawi

 
After a reassuring effect that lasted for two months, the local cash liquidity crisis has reappeared on the economic scene, causing a parliamentary government dispute in the aftermath of delaying the payment of employees' salaries and the emergence of a frustrating withdrawal on the horizon warning of efforts that are no less difficult than the dilemma itself. 

The government had resorted to borrowing with a decision approved by Parliament, but the difficulty in disbursing salaries for the month of September prompted the government and parliament to search for confused solutions, the latest of which was what leaked into (morning), according to which the executive authority is discussing a proposal to reduce the nominal salary of employees by 30%.

Regarding this leak, Dr. Ahmed Al-Saffar, the reporter of the Parliamentary Finance Committee, believes that resorting to this solution is "incorrect", especially since there are other solutions that can be resorted to without prejudice to salaries.

Al-Saffar added to Al-Sabah that the state can maximize its revenues by reducing some expenditures, in addition to the fact that the revenues of the border outlets are supposed to not be less than one trillion dinars per month, while announcing the collection of 200 billion, which is approximately 20 percent of the real amount, stressing that it is not The right thing to do is to reduce employee salaries.

Al-Saffar pointed out that the Ministry of Finance bears the big mistake that we made when the employee became receiving his "monthly" salary every 45 days.

 He said: I think that the Minister of Finance has the powers to cover salaries if the deficit is not large without going back to the bank and using temporary treasury bonds, but he did not go to this solution and we do not know why?

And he expressed his conviction not to hold an extraordinary session before the 10th of next month to host the minister and find solutions in light of delayed salaries, because the solution is not in the House of Representatives. For 12 days, continuous and continuous sessions were held during which no reform paper was presented, pointing out that the Finance Ministry was chosen for this time in light of The current circumstances were an attempt to embarrass the House of Representatives, explaining that so far, no news has arrived about paying salaries, and in return, there is no hope of borrowing.

In turn, a member of the committee, Ahmed Hama Rashid, stressed that any reduction of salaries can only be passed by law, and that Iraq has no economic possibility even to sell Treasury bonds to fill the deficit.

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4 Steps to Moving Our Economy Recession

Thursday 01 October 2020


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Baghdad: Omar Abdul Latif

 
Four important steps proposed by the Parliamentary Work Committee to the government in order to move the Iraqi economy and market from the stagnation in it, and these steps are to attract local investment and move the cash mass of citizens estimated at $ 30 billion, in addition to moving electronic cash and circulating internal cash. Deputy Chairman of the Committee on Labor, Social Affairs, Immigration and Displaced Persons in Parliament, Hussein Arab, told Al-Sabah that the Iraqi market has been suffering from a recession since June of last year, adding to it the recession due to the Corona pandemic 10 times more than there is in the world.

The government's inclusion of those steps and the supply of the market with them and assisting traders and the private sector will be able to lift the market from being lost, by launching urgent and quick grants to the industrial and agricultural private sector and moving the local investment market, as the foreign investor could not work in Iraq under the current circumstances.

Arabs explain that the cash mass in the homes of citizens is estimated at 30 billion dollars, and they refuse to deposit it in banks due to their lack of confidence in it, and that money should have been used to move the market by raising the interest rate (on deposits) in banks. 

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Parliamentary Finance: The fiscal deficit in Iraq is temporary .. Parliament is ready for an emergency session

 

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2nd October, 2020


The Parliamentary Finance Committee confirmed, today, Friday, that the current financial deficit in Iraq is temporary, indicating that Parliament is ready to hold an emergency session at any time.

The committee's rapporteur, Ahmad Al-Saffar, said, according to the official agency, that "the current deficit is a temporary and embarrassing deficit for the government and parliament, because there is a slight deficit to finance the salaries of the month of September, which the government was more than 46 days late in paying,"pointing out that "in the event that the draft budget is awaited. Or applying for a new loan law, the issue will be delayed by more than a week, 10 days, or maybe more, and this will lead to a lot of embarrassment."

He added that "according to the public finance literature, the Iraqi constitution and the Financial Management Law, if there is a slight deficit, the Minister of Finance has the powers to take immediate action,"indicating that "there are two types of debt; a real fixed debt which results from a significant decrease in real revenues versus public expenditures, which is a deficit." Continuous and permanent, and it is called fixed debt, but the current deficit in Iraq is a temporary deficit, and the debt is called a debt in the public finances.Temporary treasury bills may be offered that express the existence of revenue but is delayed. There is a time mismatch between immediate public expenditures and public revenues that may be collected in the future.

He continued, "Iraq does not have a financial crisis because it has resources, but the state and the government cannot access them, so the current deficit in Iraq is a temporary deficit, and the debt is a debt and the deficit can be paid in the future," noting that "he proposed to get out of this distress and great embarrassment." The government has the right to move the Minister of Finance to offer bills and immediate borrowing from Iraqi banks or the central bank to pay salaries. Then the move will take place a week later when Parliament begins its sessions and the normal situation in Baghdad returns after the forty-day visit.

Al-Saffar pointed out that "the draft budget was delayed sending it to the House of Representatives, and there was only one night remaining in the Parliament's Office and it was withdrawn by the government until the Finance Committee did not see it. I do not know the reasons behind the withdrawal of the project and this embarrassment to the House of Representatives by the Ministry of Finance is never acceptable because The mistake and defect is the lack of monetary and financial policies in Iraq. All that exists is that they are waiting for debts and financing the operating budget.

Al-Saffar asserted that "the parliament is ready to hold any emergency session in order to solve the current crisis, and it is possible to borrow immediately and then remedy the situation after a while because it is not correct that the employee waits for days without a salary and this is his only source of livelihood," noting that "there are two solutions as to presenting the draft budget. As soon as possible until it is approved or resorting to a new borrowing if the government is able to obtain the approval of Parliament because the issue of debt in Iraq has become in a very dangerous scope and leads the Iraqi economy to the unknown."

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Parliamentary Finance proposes to offer bills and immediate borrowings from banks to pay employees' salaries  LINK

 

Parliamentary Committee: The financial deficit is "temporary" ... and Iraq possesses many resources    LINK

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Tomorrow .. the anniversary of the independence of Iraq from the British mandate

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2nd October, 2020



Marks tomorrow, Saturday, 3 / October / 2020, the 88th anniversary of Iraq's independence from the British mandate.

The Council of Ministers decided, recently, on the third of October of each year, as a national day for Iraq, while it is still awaiting its legislation by the House of Representatives.

The legal expert, Tariq Harb, said in a post on his Facebook page, that 

"tomorrow the national day must be celebrated and its law must be enacted," 

adding that "tomorrow is the anniversary of the third of the tenth month 1932, the day that Iraq was transferred from a mandate subject to the state No. (57) In the world with independence and full powers in accordance with international law,

as the submission of Iraq to the mandate began in 1920, when Iraq, Jordan, Palestine and Egypt were subjected to the British mandate, and Syria, Lebanon, Tunisia, Algeria and Morocco were subject to the French mandate, and this mandate acquired the legal status from the League of Nations that formed after that ( Similar to the current UN).

Harb continued: "Where the state that holds the mandate (Britain) is responsible for the state subject to the mandate (Iraq), and Baghdad and Iraq was the first country subject to the mandate that moved and managed to get rid of the mandate and obtain full independence and the transformation from a region to a state and the state became No. ( 57) in the hierarchy of world countries and the new member of the League of Nations, which now includes 57 states, by entering Iraq into the League of Nations (the international organization at the time), after the world’s 56 countries were states.

And he added, "A decision by the League Council, which is similar to the current UN Security Council and which represented the international legislative authority at that time, was issued to recognize Iraq as the state 57 and to end the British mandate that was imposed on it under the Charter of the League of Nations. Baghdad was able to obtain the status of a state according to international law in the third of The tenth month in the year 1932 AD and the end of the mandate before any other Arab country until Egypt delayed the termination of the British mandate until 1937.   

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The Ministry of Industry: the establishment of industrial cities Preludes to ending the rentier economy

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2nd October, 202


The Ministry of Industry and Minerals announced the opening of seven vital factories within a short, medium and long-term plan, which resulted in the opening of the medical oxygen gas production plant, which has been suspended since 2003, as well as the opening of two new lines for the production of high-density polyethylene, which is present at the General Company for Construction Industries, and the opening of a plant Mahawil bricks of the General Company for Construction Industries to produce bricks with a capacity of 30 million bricks annually, and the inauguration of the Badoush cement factory within the Badoush Cement Group after a 15-year hiatus, as its production capacity reached 1,000 tons per day to meet the country's needs.

The ministry had indicated that “the number of industrial projects operating until April of the year 2019 amounted to (2248) industrial projects, while the number of fully established industrial projects for the same period amounted to (20415) industrial projects, while it confirmed that (18,167) industrial projects were suspended from the work".

The Minister of Industry, Manhal Aziz Al-Khabbaz, chaired the second session of the Board of Directors of the Industrial Estates Authority to review and discuss the topics and paragraphs included in the session’s agenda, and included several topics, including the topic of the joint economic city with the Jordanian side, the latest measures taken in this regard, and a comparison of regulations for industrial cities in neighboring countries. The issue of approving the operating budget of the Industrial Estates Authority for 2021

He also discussed the Industrial Estates Authority Law, the draft declaration of investment opportunities for industrial cities, the draft development contract and the draft industrial city lease contract, in addition to reviewing the stages of progress and achievement rates for the industrial cities in the governorates of Basra, Dhi Qar, Anbar and other other paragraphs.  He pointed out that the ministry has three industrial cities in the governorates of Dhi Qar, Basra and Anbar, and that there is an effort to establish other cities in the governorates of Najaf and Nineveh.

Stressing the need for advancement in the private sector in order to absorb the workforce and provide job opportunities in light of the government’s trend to properly reorganize and restructure companies to make them productive and economically viable industrial enterprises.

Al-Khabaz called for amending some paragraphs of the Industrial Estates Authority Law in line with reality, and contributes to motivating and encouraging investors to establish and establish their industrial projects.

The advisor at the Ministry of Industry, Ammar Abdullah, said: "The investment operations have been re-examined, re-evaluated, and the new guiding principles re-established to facilitate the investment process in the Ministry of Industry and Minerals."

Pointing out that “more than 158 opportunities were granted this year, while in 2018 there is one investment opportunity”. 

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Disclosure of a government intention to borrow 27 trillion dinars to secure salaries

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3rd October, 2020

The Parliamentary Finance Committee revealed, on Saturday, the government's intention to borrow 27 trillion dinars to secure the salaries of employees for the last months of this year 2020.

A member of the committee, Abdul Hadi Al-Saadawi, told Shafaq News Agency, that “the government was supposed to present the reform paper to the House of Representatives,” However, it sent a new borrowing law to secure the salaries of employees in the last months of 2020."

He added that "the government intends, through the new borrowing law, to borrow 27 trillion dinars from the central bank and local banks for the purpose of securing the salaries of employees in October, January and December of this year."

And Saadawi, that "the government's request to borrow without any study or treatment of the financial deficit and reduce expenditures will cause bankruptcy of the country and the collapse of the Iraqi economy."

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A member of Parliamentary Finance talks about the date of distributing employees' salaries for the month of September
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3rd October, 2020

 

On Saturday, a member of the Parliamentary Finance Committee, Jamal Cougar, attributed the problem of delayed salaries of employees to the lack of liquidity in the government, while it is expected that it will be disbursed during the current week

Cougar said, in a statement to the official Al-Sabah newspaper, that "salaries will be spent during the current week," explaining that "the government can take a trust or a deposit from the central bank or banks and when it votes on the local borrowing law, the amounts are included in it

He added, "The government's reforms in stopping the salaries of Rafha, multiple salaries, and aliens provide huge sums to the treasury, but we do not know where the government's actions in this regard have come," noting that "the local borrowing law will be passed despite the presence of some MPs who object to it, but there is no solution." An alternative for the government is to provide financial liquidity at the present time

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Specialists reveal: These are the reasons for the rapid rise of the dollar against the dinar

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3rd October, 2020


The exchange rate of the dollar against the Iraqi dinar increased rapidly and rapidly over the past three days, reaching 124,500 thousand dinars in the local markets, after it was about 120,000 dinars per 100 dollars.

He attributed some exchange offices to the high exchange rate of the dollar due to the unstable security situation recently and America's threat to close its embassy as a result of firing some missiles at the embassy building.

Financial analyst Majed Al-Suri said in an interview with Shafaq News that "the price of the dollar is very sensitive and is affected by several matters, including political, social, financial and security,"indicating that "the decline in oil prices, the presence of Corona and the existence of the financial crisis of the Iraqi government are certainly being exploited by speculators in order to raise prices." 

Al-Suri, who is also a member of the Board of Directors of the Central Bank, added that "what is being raised about the closure of the US embassy, which has not been implemented, has also been exploited to raise the price of the dollar," noting that "the central bank has tools and procedures to ensure that the dollar has not risen significantly." He pointed out that "the rise that happened recently will not be great and did not exceed 3%, and therefore it remains within the internationally permitted limits."

For his part, a specialist in economic affairs, Dergham Muhammad Ali, considered that a banking alliance would lead the rise in the exchange rate of the dollar by creating a black market for it despite being sold at a fixed price by the Central Bank.

Ali said an interview with Shafaq News, "If we had a banking system that works with true ethics, there would be no black market for dollars, and it would have been sold at a price close to the central bank's price to the public." He added that "the number of private banks, which exceeds 80 banks, without an economic or credit impact, indicates that they live on the differences in the auction price of the Central Bank of Iraq."

He pointed out that "any increase in the exchange rate in light of the stability of the central bank rate reflects two cases. The first is the increase in demand, locally for the dollar, and the second is the increase in the profitability of private banks by raising the exchange rate difference between the official and the market, which is caused by the coalition of corruption in the banks that are responsible for pumping the currency." Foreign market after receiving it from the central bank."

For his part, a merchant selling clothes in the Shorja area, Muhammad al-Hasani, said in an interview with Shafaq News that "there is a remarkable demand for the dollar recently as a result of the unstable conditions in Iraq and therefore most traders and citizens resorted to converting his Iraqi currency into the dollar as it is one of the fixed currencies in the market."

Al-Hassani pointed out that "the price of the dollar is not currently affected by supply and demand in the market," indicating that "there is a weakness in the demand for purchases, but there is a demand to buy the dollar."

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I have a fixation on how ATM's would work in Iraq . They have no way of working at this stage ,as each ATM's would have to be bigger than a barn with huge dump trucks filling them up multiple times a day . In Mexico ,classified as an emerging nation , ATM's are sparse in smaller cities , but they're there . The highest denomination that is dispensed is the 500 peso note ,worth $25 US , 250 pesos are worth $12.50 , maximum withdrawal is 9000 pesos . Iraq must have ATM's available if it wants to join first and second world countries .

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