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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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12 minutes ago, dinarham said:

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 .

Iraq has had ATMs for at least 20 years, especially at banks. You can chose to get your funds in dinars or dollars on the ATM screen. People use dinars for small purchases and dollars for larger purchases.

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11 minutes ago, GregHi said:

Iraq has had ATMs for at least 20 years, especially at banks. You can chose to get your funds in dinars or dollars on the ATM screen. People use dinars for small purchases and dollars for larger purchases.

  Thanks for the correction ,Greg . Information on ATM 's is murky . A 2019 announcment from the CBI said they are going to supply ATM's ,so this threw me off . It could be that the ATM's are accesible to people who have US cards and dispense USD . Dispensing IQD as well seems very problematic.

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10 minutes ago, dinarham said:

  Thanks for the correction ,Greg . Information on ATM 's is murky . A 2019 announcment from the CBI said they are going to supply ATM's ,so this threw me off . It could be that the ATM's are accesible to people who have US cards and dispense USD . Dispensing IQD as well seems very problematic.

This was info I got from my Kurdish friend years ago. He just said you can choose what currency you want, dinar or dollars at the ATM’s.. He is from Erbil and was a translator for the US Army. Not sure if he had a special US card that you mentioned or not..

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The Iraqi dinar loses 10% of its value, and the Central Bank's sales reach 225 million dollars


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15:02 - 10/03/2020
 

The Parliamentary Finance Committee warned, on Saturday, that the value of the Iraqi dinar had decreased by 10% during the past days, indicating that the Central Bank's sales reached 225 million dollars.

The head of the committee, Haitham al-Jubouri, told / the information / that “the central bank is the party concerned with the issue of exchanging the dinar for the dollar through governmental and private banks,” adding that “entering materials and ensuring the validity of the invoices through the border outlets is the jurisdiction of taxes and customs.”

He explained, "The Central Bank sometimes exceeds the obstacles and instructions in order to provide the Iraqi dinar, which is supposed to maximize non-oil revenues," stressing, "the drop of the Iraqi currency to 10% of the expected total value.

He continued that "all salaries are paid through the Iraqi dinar,"noting that "the rate of sale of currency through the central bank reached 225 million dinars during the past days to secure the Iraqi currency." 

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Borrowing funds have run out ... and this is the government's way to provide for the salaries of September

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3rd October, 2020


On Saturday, the Parliamentary Finance Committee attributed the delay in paying employees' salaries for the month of September to the lack of financial liquidity, indicating that the government must resort to the Central Bank to cover the deficit.

Committee member Jamal Cougar told Shafaq News Agency, "The government can disburse the salaries of employees for the month of September, if they go to financial deposits or take sums to secure the financial deficit from the resources of the Central Bank and other local banks."

He added that "oil resources for the month of last September amounted to three billion and 176 million dollars, from which we deduct 5% of the extraction and compensation amounts for Kuwait, leaving about two billion and 382 million dollars for the government, and with other non-oil resources it becomes 3 billion dollars."

And Cougar stated, "The government needs about three billion or less than that to cover the fiscal deficit in employee salaries," stressing that "the central bank has expressed its willingness to borrow the government to fill the fiscal deficit in employee salaries." A member of the Parliamentary Finance Committee pointed out that "the new borrowing law will secure salaries if it is approved by the House of Representatives."

On Saturday, a member of the Parliamentary Finance Committee, Abd al-Hadi al-Saadawi, revealed the government's intention to borrow 27 trillion dinars to secure the salaries of employees for the last months of this year 2020. The Iraqi parliament previously authorized the government to borrow 15 trillion dinars to cover the country's fiscal deficit, but these funds have run out while covering the deficit in paying employees' salaries in recent months.

Iraq suffers a financial crisis due to the drop in oil prices due to the Corona pandemic, as the country relies on revenues from selling crude to finance up to 95 percent of state expenditures. The financial deficit in Iraq has also worsened as the country is forced to reduce its oil exports by about one million barrels per day in compliance with the agreement of the "OPEC +" group to support prices.

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The central bank imposes a fine on the shortage of small groups

 

Saturday 03 October 2020

 

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The Central Bank of Iraq decided to re-impose a shortage fine on banks on the small categories of (1,000,500,250) dinars, starting from the date of October 1, 2020, according to the instructions of the standards for circulation and replacement of banknotes and the mechanisms of counting and sorting.

In a statement followed by Al-Sabah, the bank stated that this came, based on the minutes of the Currency Affairs Committee meeting No. (6) for the year 2020 held on 9/23/2020.

The Central Bank had earlier addressed all licensed banks regarding instructions and standards for the circulation and replacement of banknotes and the mechanisms of counting and sorting.

"Due to lack of commitment to the instructions and standards for the circulation of banknotes, their replacement and the counting and sorting mechanisms, we confirm what was stated in the book of the Department of Issuance and Treasury / Department of Banking and Conformity Follow-up / Banking Follow-up Division numbered 12/8/1470 and dated 10/4/2018, noting that The extent of your banks' compliance with the above will be monitored through inspection bodies and on-site inspection.

On the other hand, the Central Bank of Iraq participated in the meetings of the Board of Directors of the Arab Monetary Fund, and the Board of Directors of the Arab Trade Financing Program, each separately.

The bank discussed with the member states of the Arab Monetary Fund’s board of directors issues that support joint Arab action, most notably the "Arab Payments and Clearing System" Buna "and its importance in facilitating inter-Arab payments and financial transfers.

While the meetings of the Board of Directors of the Arab Trade Financing Program included discussions on mechanisms for re-arranging funding priorities for the national agencies organizing the program, in a manner that helps mitigate the effects of the Corona pandemic on Arab trade.
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In details ... the value of Iraq's oil imports and central bank sales in 2020

 

2020-10-03
 
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Yes Iraq: Baghdad

 

The Future Iraq Foundation revealed in its statistics the value of Iraq's oil imports from the start of 2020 until September.

The institution said that "the value of Iraq's oil imports until September 2020 amounted to more than 30.6 billion dollars, while the value of central bank sales for the purpose of foreign remittances amounted to 29.9 billion dollars."

The highest months of sales of dollars for the purpose of foreign remittances were as follows:
- January, with sales of more than 4.4 billion dollars, 72% of the value of oil sales revenues, which at that time amounted to 6.15 billion dollars
- September, with sales amounting to more than 4.29 billion dollars, 136% of the value Oil revenues, amounting to $ 3.16 billion

As for the lowest-selling months of remittances, it was
- April, with remittances amounting to $ 1.54 billion, 102% of the value of oil revenues, which amounted to $ 1.51 billion
- May, with remittances amounting to $ 2.61 billion, or 122.4% of the value of oil revenues, which amounted to $ 2.14 billion.

The sale of the dollar for the purpose of remittances is the basis for providing the purchase of the Iraqi dinar from the local market for the purpose of selling it to the Iraqi government. Exceeding the ratio of remittance sales to the value of oil imports leads to the consumption of the central bank’s cash reserve.

The general rate for this year is still balanced, but any decrease in the value of imports and an increase in the value of sales will lead to consumption from the central bank’s reserve to compensate for the decrease in demand for dollars for remittances. And consequently, to a rise in the exchange rate, which leads to a high rate of inflation.

And the Ministry of Oil announced last Thursday about the initial oil exports for the month of September, indicating that exports amounted to more than 78 million barrels and revenues of more than three billion dollars.

The oil marketing company “Sumo” affiliated to the ministry said in its statistics that the amount of crude oil exports for the month of September, according to preliminary information, amounted to 78 million 388 thousand and 619 barrels, with revenues of 3 billion, 167 million, 434 thousand and 617 dollars.

She added that the total exported quantities of crude oil from Basra amounted to 75 million barrels at a rate of 2500 barrels per day, with revenues of 3 billion and 36 million dollars, while exports from Ceyhan Al Turki amounted to 3 million 133 thousand and 834 barrels at a rate of 104 thousand barrels per day, while exports reached Jordan 254 thousand and 785 barrels, at a rate of 8.5 thousand barrels.

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Al-Kazemi in a televised interview: 5 thousand employees with 4 salaries in education and manipulation of millions of dollars of the money of retirees


2020-10-03
 
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Yes Iraq: Baghdad

 

Prime Minister Mustafa Al-Kazemi revealed that the closure of embassies and the poor international relations between Iraq and the world have serious economic consequences.

"For this moment, oil sales are deposited in American banks," Al-Kazemi said during remarks in a televised interview on the official channel, wondering if relations worsen, how do we live?

And Al-Kazemi stated that "the Corruption Detection Committee discovered 5 thousand people in the Ministry of Education who receive 4 salaries, as well as manipulating millions of dollars with the salaries of retirees."

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Deputy Finance: The government cannot solve the economic crisis without harming the citizen

 

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2,301 Policy 2020/10/03 18:09 


Baghdad Today - Baghdad 
 

A member of the Parliamentary Finance Committee, Ahmed Hama, confirmed, on Saturday (October 3, 2020), the lack of accurate data at the Ministry of Finance to know the amounts of money the government needs to meet the deficit in revenues. 

Hama said in an interview with him (Baghdad Today), "The government until now has not been able to properly and properly resolve the economic crisis, without harming citizens or employees in the Iraqi state." 

He added that "the Ministry of Finance does not have accurate data on the amount the government needs to meet the current crisis. Rather, there are only media statements that the government needs approximately $ 6 billion per month to secure the necessary needs, including the salaries of employees and retirees." 

Earlier in the day, the Parliamentary Finance Committee warned that the government and the Ministry of Finance would resort to a method to secure the salaries of employees. 

Committee reporter Ahmed Al-Saffar said in an interview with (Baghdad Today), "Resorting to savings, deducting part of salaries, or reducing the exchange rate of the dinar is not in the interest of the Iraqi government." 

He added, "Reducing the exchange rate of the Iraqi dinar against the dollar means reducing the salaries of employees indirectly because it will lead to inflation and thus high prices and make employees unable to purchase goods of the same value," stressing that "it is not in the government's interest to take any of these alternatives in light of Current conditions. "

Al-Saffar pointed out, "the necessity for there to be a crisis cell representing specialists in the Finance Ministry to discuss possible means to secure salaries." 

Yesterday, an informed source in the Ministry of Finance stated that the employees ’salaries for the month of September will be paid at the end of next week.

The source said in an interview with (Baghdad Today), "The Ministry of Finance has worked on transferring the revenues of some departments in addition to borrowing from the Central Bank to provide funds for the disbursement of salaries."

He added, "The current month of October indicates difficulty in distributing salaries, and the date of disbursement may be delayed until next November." 

The source explained that "the self-financing departments are surprised by the decision of the Ministry of Finance to stop paying their salaries and to include them with the central departments in the distribution mechanism, even though they have their own funding and are not among the central departments."

Media and social media reported that the government is moving towards saving or reducing the dollar exchange rate, in order to secure employee salaries for the coming months, with the continued decline in oil prices.

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Parliamentary Finance reveals the names of the banks that lend to the government

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3rd October, 2020


The reporter of the Parliamentary Finance Committee, Ahmed Haji Rashid, revealed, on Saturday, the banks that the government will borrow from to pay the salaries of employees.

Rashid said, "He has no information about when the salaries of employees will be distributed in the Iraqi provinces," indicating that "the federal government has not set a date for sending the sums of money allocated as salaries to the employees of the Kurdistan region."

On external and internal borrowing to fill the deficit in the budget, Haji Rashid said, "External banks and banks have reluctantly lend Iraq sums of money to fill the deficit in paying employees' salaries," noting that "there are four internal banks that the government will borrow from to pay the salaries of employees, which is the TBI bank," Al-Rasheed, Al-Rafidain, or discounting the Central Bank bonds."

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This is what he said regarding al-Sadr, America, and the demonstrations ... the most prominent of what came today’s Al-Kazemi meeting

 

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3,342 Policy 2020/10/03 21:51 ht 


Baghdad Today - Follow-up 

 

On Saturday (October 3, 2020), Iraqi Prime Minister Mustafa Al-Kazemi affirmed the seriousness of his government in protecting diplomatic missions in Iraq, and while noting that the task of his current government is to prepare for fair and fair elections, he spoke about his relationship with the leader of the Sadrist movement, Muqtada al-Sadr.

Al-Kazemi said during  an exclusive interview  with Dr. Nabil Jassim on Al-Iraqiya News Channel, "The Iraqi people felt that they were in a real problem, and that is why these demonstrations took place, which could not represent a transient stage in the history of Iraq, but rather a pivotal stage, where there was a feeling." My people, that Iraq is threatened, and that its present and future are in danger. That is why the last government resigned, and this government came. "  

He pointed out that "the October protests are the main reason for the production of that government, and we must stop at this movement, as there was a sense of a real crisis not between the people and the government, but between the people and the political system, so I said in my first speech, that this government is a solution government, and not A crisis government, it is a tent for all Iraqis in this sensitive and dangerous circumstance. "    

Al-Kazemi emphasized that some political groups still think with the mentality of the past, and forget that 60 percent of the Iraqi people are youth.  

He pointed out that "the accusations to me started from the first day until now, and this is because they did not understand the political equation, as these forces forgot that 60 percent of the Iraqi people are young people and he is the son of technology and the son of the world, and not limited to the Iraqi geography, some of them wanted to repeat a mistake." In the past, if I gave them what they want, they would swim in the Al-Kazemi government and defend it, but my principles reject that, so I accepted for myself the work of a government that works to protect the security situation from collapse, the economic situation, from collapse, and to protect the balance in foreign relations to reach fair early elections. .   

He pointed out, "I preferred the satisfaction of myself and my conscience, and the satisfaction of the Iraqi street."   

He continued, "There are Shiite blocs, their stance is patriotic, and supportive of the government, but the problem lies in the political norm, which was built after 2003.", noting that "most of the ministers in the current government are from within the ministries, and the sons of those institutions."     

Al-Kazemi responded to a number of accusations that were made, saying: “I am proud that I am accused of being Shiite, Sunni, or Kurdish, for this diversity is an element of strength in Iraq, but I am an Iraqi patriot. No one, the one who does that is weak and has no confidence. "  

Al-Kazemi said, "There are those who bid for Iraqi relations with the United States, but some of them went to the White House to seek salvation from Saddam Hussein's regime, so why this coup?"   

He added, "The United States made great mistakes during the occupation phase until 2011, but it helped us get rid of Saddam Hussein's regime, and helped us in the war against ISIS, and we must not be ashamed of every relationship that has an interest for the Iraqi people. As for some politicians, they are in public." They criticize America, but in the dark rooms they betray. "  

He continued, "We are not ashamed of our relationship with the United States, Iran, or Saudi Arabia, and we are not ashamed of every relationship that serves the Iraqi people, whistling all our problems."    

Al-Kazemi denied that his government had received a threat from the United States regarding the closure of its embassy in Baghdad, indicating that Iraq would not accept any threat from any country.  

Al-Kazemi said, "We sensed an American annoyance regarding the security of their diplomatic missions in Iraq, and this annoyance is their right, as there are those who try to disturb the smooth Iraqi relations with the countries of the world, and take Iraq towards the unknown, under naive titles."   

Al-Kazemi confirmed, "There is also American annoyance over the absurd missiles that fall on the Iraqis, the most recent of which is the Al-Radwaniyah incident, where five children and families were killed, and before that, one of the civilian buildings at Baghdad Airport, and some of them on homes."  

He pointed out that "Iraq has demonstrated its seriousness to the United States, regarding stopping these operations, and pursuing the elements involved in them."   

He continued, "The rest of the Arab and European missions also expressed their concern about the recurrence of these attacks," noting that "the consequences of such a withdrawal, if it happened, would be catastrophic for Iraq, as there is an economic crisis that the Iraqi state has not experienced before."  

And through Al-Kazemi, he refused to accuse the demonstrators of working to other countries, and calling them "the Joker".  

He said, "It is shameful to call 560 martyrs as Jokers, for these are our martyrs, and we must put them in our eyes, as they rose up against a painful reality."  

And on targeting the security of diplomatic missions, Al-Kazemi pointed out, "Iraq is not capable of facing international isolation, but rather will lead to a direct economic collapse. Iraq has gone through the experience of the sanctions imposed during the time of the dictator Saddam, and we have seen their repercussions on the situation in Iraq and the social situation," In general, therefore, we have to admit that this isolation will lead to a direct economic collapse. Iraq, up to this moment, has oil imports related to the United States, and most of its deposits are still with it. "  

He pointed out that "the decision for war and peace is decided by the state, and not by certain parties."   

Al-Kazemi affirmed that Iraq currently has had a strategic dialogue with the United States, months ago, and we have made historic gains in this dialogue, and he culminated in a visit to the United States, where the American president pledged to reduce the presence of these forces and redeploy them outside the country.   

He pointed out that "Shiite forces asked me to schedule America's withdrawal within eight years, and when we were able to reduce the period, they objected."  

He continued, "The United States has withdrawn more than two thousand five hundred soldiers out of Iraq, but some parties insist on dealing with demagoguery, threatening Iraq's relationship with the international community."   

  Regarding the ongoing investigations into the assassination of the security expert Hisham Al-Hashemi, Al-Kazemi confirmed that the clues of the assassination of Al-Hashemi and the activists have been reached, and we will announce the results in a timely manner, as this crime united the people.    

And he continued, "The killers do not escape punishment no matter how long it takes, and the government program included following up on the martyrs and victims of Tishreen," noting that "the size of the pain and the size of the injuries were great. ".    

He pointed out that "we will soon announce a committee of judges to uncover the facts about the killing of demonstrators."   

He stressed that "there is an agreement of young people who are being prosecuted, who are not involved in violence or killing, and their cases will be closed."    

Al-Kazemi demanded that families who believe that their children are detained in opinion cases should inform the government, through the General Secretariat of the Council of Ministers, and my personal office, adding that "the President of the Supreme Judicial Council had an honorable stance towards the cases of the arrested protesters."   

Al-Kazemi confirmed that the Anti-Corruption Committee, for major files and crimes, has put its hand on large files, and this committee was formed, not only for corruption, and was able, within a short period, to uncover large corruption operations, in the Ministry of Education, for example, five thousand people were revealed. They get four salaries from the government, and it has revealed that millions of dollars have been rigged in the pension agency.  

  Al-Kazemi said that the policy of this government is balance, and not to interfere in the affairs of other countries, and our relationship with the Arab countries is good, and our relationship is also good with the Islamic Republic, but we will work to protect those relations, as there are those who wish that this relationship worsens.  

  Al-Kazemi asserted, "Most of the political blocs did not want early elections, but now these elections have become a popular demand. Therefore, the brothers in Parliament must settle the election law and the Federal Court law."   

Regarding the relationship with the political blocs, Al-Kazemi stressed that it is "good with most of the political blocs, as I take things in good faith, and promise my relationships, balanced, and if there is a problem or diligence, then we work to overcome them."    

Al-Kazemi touched on his relationship with the leader of the Sadrist movement, Muqtada al-Sadr, saying: “I appreciate the positions of Sayyid Muqtada al-Sadr, who is the master of the resistance, and there is no bidding for his standing against the occupation, when he stood with a great position, and my words are not biased, but rather an appreciation of these stances, which I protect and support. This is not bias. Rather, it is an appreciation of a historical position of someone who feels the pain of the people. As for the issue of bias, this is an inaccurate statement, and there may be a project or values for Sayyid a al-Sadr, I meet with him, and it may be the same with the rest of the political blocs

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The Minister of Finance pledges the disbursement of salaries to employees by voting on the borrowing law

 

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4th October, 2020


Minister of Finance, Ali Abdul Amir Allawi, confirmed that paying employees’ salaries is a matter related to the House of Representatives voting on the borrowing law, stressing that this step will address the current deficit in the country.

Allawi said in a statement to the official agency that "the salaries of retirees for the current month were launched without any problem," pointing out that "the salaries and allowances of employees will be launched within the next few days or weeks." 

He added, "The amounts will be available if the parliament approves the borrowing law,"stressing that "the borrowing law is very important because it meets the financial needs of the state and addresses the deficit in the budget." 

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Finance Minister: $ 250 billion has been stolen from Iraq since 2003

 

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4th October, 2020
 

Finance Minister Ali Allawi said that the economic reform paper that will be presented soon includes the activation of the partnership between the public and private sectors, explaining that 250 billion dollars have been stolen from Iraq since 2003

Allawi added, in a seminar organized at the headquarters of the guest house in the Green Zone, and I saw the Economy News on a video of the session published on the Institute’s Economic Reform page, that my vision includes making the private sector the main and pivotal engine in the economy, adding that the compass of the Iraqi economy must change towards free work. And not to rely on government sector work

He stressed that the private sector should benefit from the Iraqi market as well as the Arab and international markets, explaining that the state’s resources management must be in partnership with the private sector and gradually because the public sector currently provides very weak services

He noted that the agricultural sector in Iraq is subsidized by the state at an amount of 6 trillion dinars, pointing out that the tax sector in Iraq is very weak, and the citizen has the right to not pay taxes in exchange for weak services provided by the public sector

He noted that Iraq's revenues from the border outlets are less than 1% due to the large exceptions and exemptions granted

He explained that the main decisions affecting the economy are mostly politicized, and they began to increase and not decrease, and this issue has been inherited since 2003, and most of these decisions are related to the economic relations of the parties with the parties that can help them

He indicated that 250 billion dollars were stolen from Iraq since 2003 and until now, and this amount is built by several countries, explaining that spending this money was not an economic goal but rather a financial benefit to some parties, which led to a decline in the state's capabilities, pointing out that this matter would not be changed overnight

He stressed that Iraq imports from Iran electricity and gas annually at an amount of 4 trillion dinars, but the Ministry of Electricity is unable to pay these funds from the collection, explaining that 30% of Iraq's imports pass from the northern ports and tax revenues are not subject to the control of the center

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Saleh stresses the need to strengthen the country's financial position and maintain the independence of the Central Bank

Saleh stresses the need to strengthen the country

10/04/2020 14:15:04

The President of the Republic, Barham Salih, received today, Sunday, at Baghdad Palace, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Al-Kitab.
 
At the outset of the meeting, according to the media office of the Presidency of the Republic, Saleh congratulated "the book on the occasion of his assumption of the position of Central Bank Governor, wishing him success in performing his duties. During the meeting, the monetary and financial situation in the country was discussed in light of the current challenges."

The president stressed, "the need for the independence of the central bank, and strengthening the country's financial situation by diversifying the state's resources and pursuing a balanced monetary policy, and taking all measures to combat administrative and financial corruption, especially in the current circumstances in which the country is facing the Corona pandemic, and low oil imports."

For his part, the book reviewed, "the current functioning of the Central Bank on the financial and monetary situation, and the steps taken to reduce the economic repercussions, appreciating the President's support to achieve the goals of improving the financial and monetary situation and providing the necessary services to citizens."

 

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A parliamentary request to impose taxes on currency auctions to finance employee salaries

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4th October, 2020


A member of the Parliamentary Economy and Investment Committee, Representative Nada Shaker Jawdat, revealed today, Sunday, that she submitted a request to the Central Bank to impose taxes on the "currency auction", indicating that it is sufficient to finance the salaries of employees.

In an interview with Shafaq News Agency, Jawdat said that she “requested on several occasions from the Central Bank to impose taxes on the currency auction in order to benefit from this auction instead of leaving hard currency outside the country,” indicating that “the taxes that will be imposed in the currency auction will be sufficient to finance The salary budget for all employees in government departments and institutions in Iraq."

She added that "there is difficulty in stopping the currency auction, as this preserves the stability of the Iraqi currency and stimulates trade," noting  at the same time that "what Iraq gets from hard currency as a result of selling oil comes out again without benefiting from it."

It is noteworthy that Iraq suffers from a stifling financial crisis as a result of low global oil prices, which constitute 90% of Iraq's general budget, and thus the Ministry of Finance found itself unable to pay the salaries of employees during the current year, which prompted it to borrow, while it later claimed that it is unable to pay the salaries of employees For the remaining months of the current year without borrowing as well.

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Al-Kazemi reveals the reasons for forming the Supreme Committee to Combat Corruption

 

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4th October, 2020

 

Prime Minister Mustafa Al-Kazemi said that the reason for the formation of the Supreme Committee to Combat Corruption is to address the politicization occurring in the integrity commission

"The reason for the formation of the Supreme Committee for Combating Corruption is to eradicate the politicization that the Integrity Commission was subjected to in a certain period of time," he added in an interview broadcast on state television and followed by "Al-Ektissad News

Al-Kazemi stressed that "the committee is not a substitute for the authority, as it has put its hand on dangerous files," noting that there is a deception practiced by parties, which Al-Kazemi did not name, related to "supporting the private sector

He continued: "There is no country in the world with more than 4 million employees," such as Iraq, indicating that "it is the right of the citizen to work in the public sector

The prime minister revealed working on "a paper to reform its two names (the white paper), which needs cooperation between the people and the government

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15 minutes ago, DinarThug said:

There is no country in the world with more than 4 million employees," such as Iraq, indicating that "it is the right of the citizen to work in the public sector

 

Silly Kaz. , it's only about 500 employees the rest are Fake / ghost employees  ... thanks cnn

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What is the appearance of Muhammad Salih in the general budget of Iraq 2021 and the possibilities of financing by monetary means


 

The appearance of Muhammad Salih *: The general budget of Iraq 2021 and the possibilities of financing by monetary means in the affairs of the government financial management The consultant in the face of Professor Haitham al-Hassan in the questions and questions and requested an answer to them and as follows: J 

1 - Most of the expectations indicate that the next year 2021 will be Also without Yale budget. In general, due to the lack of cover unless the global economic crisis continues and the decline in oil prices continues. 

3 - And the talk about devaluing the dinar against the dollar, without a smart plan to activate the private sector to be responsible for meeting import needs, preventing monopoly and controlling price hikes.

It is called Iraq, which means it may be that we are facing an economic hurricane.

The question: Or, no, how can we escape economically from this devastating hurricane? Do you think that improving the situation is inevitable? 
Secondly, financial management, in what is the implementation of the IFMS system (and) and the accounting system, 

Salih:  What I mentioned in the article It can be said that in front of the difficult economic possibilities and exits, there are no questions above, so it is inevitable to impose financial discipline. I mean the need for austerity policy without policy austerity, by making government spending match public revenues no matter how high they are, and creating a balanced (dwarf) budget, but rather a shift towards effective control over the doors of the unjustified or postponed bank and coexistence with an influx of low oil revenues that adds one or more discipline It ceases to spend the same amount of time in the nominal terms of the mechanism or the existing contractual organization imposed in order to previous highly expanding fiscal policies. 

Certainly, the 2021 budget will provide an operational budget with distinction, with the exception of some investment allocations for projects in the pipeline. And if the operational budget continues to dominate it.

Paragraph salaries, wages, retirement and grants, which is definitely expected with the decline in oil revenues, according to the global economic data We do not expect tangible growth in the non-oil revenues due to (the aspects of stagnation and deregulation and the factors of understanding and implementation, including the modest capabilities of using the weak institutional systems in the strong resistance of the guards, managing financial information. IFMS)

Therefore, the burden of maximizing financial resources and strengthening the collection wave in the budget of the year 2021 and the provision of liquid financial revenues in 2021 will focus on saving the movement of the economy without budget support in the role of the monetary authority and its upcoming policies in the following and ridding it of the general serious problems of stagnation and the continuation of the macroeconomic dynamics Overgrown. 

Phases: b- Monetary policy and fiscal policy. 
There are two correlates with the existence of the general budget surplus in terms of money and the building of foreign reserves due to the recovery of oil prices and the shifting of the current deficit phase to financing through monetary issuance through Yame to confront the current activities. The monetary policy has been following semi-arrangements of the board currency semi, in foreign currency, with freedom of transfer, as there is full coverage of the dinar. and the adoption of a strict policy on outside inflation, policy tight end and inflationary expectations. The Central Bank is no longer the last resort for lending (LLR), but has turned to the Last of Lender (LLR) Resort. 

The loss of the other bank system, which has reached a full decade of time, is due to the high interest policy, continuous improvement, and the fight against inflationary expectations by using the value of the customary dinar in the anchor nominal price.

A The financial crisis is in the two phases of 2014-2017 and 2019-2020 and 2021, as the central bank has relatively turned into a school of banking, especially by lending to the government through secondary market operations for treasury transfers, as well as loans from the Syrian market and the general tuition of the central bank. 

The central bank has switched from BLL to LLR using interest.The facilitation of credit facilitates the easing of monetary policy, or sometimes without it. For the first time, the dinar is covered by the foreign currency, in addition to the economy. In all cases, it is imperative to resort to the use of expansionary monetary policy or accommodative monetary instruments and signals conducive to recovering from the current recession and turning into a frivolous pattern. 

Monetary policy goals are based on limited inflation. targeted limited (i.e. without departing from the digit single one). The expression (which I may call) is permitted if the stabilizer is moved from its current fixed location to the nominal removable.Anchor is convenient and flexible when determining the value, which is in the automatic external blocking of cash, which is important for the internal value of money while accepting the stability of the s and contractual payments of transactions. 

Thus, the targeted inflation will be limited in addition to it in an additional financing method that supports the preservation of the nominal values or the next general budget.

Maintaining the nominal monetary values of the real budget spending in all local contractual terms and reducing the power, which is similar to the new fiscal leverage in the factors - (the quantity) is negative, but it is derived from the (price) variables, which is what we call tax inflationary, which is appropriate for the policy (withdrawing the rug and the cash payment is its real and constant problem without affecting the daily value of the general budget) The policy of withdrawing the basic cash rug comes and loads the internal budget due to the problems of exacerbating the burden of the domestic debt until the end of the stage. 

The limits of stability that the current monetary system and the adequacy of its foreign reserves as a monetary tool are not commensurate with the limits of stability that are consistent with political principles Current cash card (. Accordingly, unless the monetary authority moves and replaces something of its goals towards expansionary (price) policies, as opposed to targeting limited inflation upward, the current policy money based on financing policies with cheap money is the Iraqi case.

And based on the stability of the bank rate (the phenomena of expansion on the monetary basis and with domestic debt assets or assets will soon or soon undermine the adequacy levels of foreign reserves under the constraint of constant government operational expenditures, historical conditions such as a great spending power denominated in a foreign currency in years of financial abundance) and the continuation of The customary payments (the basis of which were a strongly desired surplus that would generate great demand power within the national economy were very high and costly.)

C- A, which represents nearly half of the GDP, would push the government spending on the current 2021 budget to the constant need for Through financing (through financing) the domestic and foreign funds that have reached their maximum potential, which has become undesirable in the fiscal policy and the requirements of the 2021 budget unless government financing policies change and expand The income from the same means (the quantity based on the cash base). It can be based on checking the price of your previously fixed price.

Strong compliance on the part of the bank’s policy, as we have stated, and that this change relates to  the balance sheet of the bank. The centralization of its quantitative manifestations at a fixed bank rate to a change in value or price and price is a policy that cannot be departed from its paths unless a moving bank balance is achieved, and the general budget is desired or tangible surplus in the budget plan in the increase in oil prices in government tax Make sure of $ 60 a barrel, which is the next fiscal year. 

Finally, the state of recession is represented by a lack of inflation and the severe macro-economy, and the domestic product touched (to zero) and accompanied by it, or the family, unemployment, which touches the salary, Arab national income. This resulted in wave inflationary (limited, controlled inflationary events led by monetary policy), which resulted in a policy (the rug withdrawal of revenues by means of controlling inflation and their replacement with nominal ones). With a financial policy based on the implementation of what is in its nominal or contractual values instead of its real exaggerated values at the level of domestic spending (70% public expenditures), which today occupies nearly a total of 

(*) academic economist and writer, Deputy Governor of the Central Bank of Iraq The former Copyrights reserved to the Iraqi Economists Network.Republication is permitted on condition that the source is indicated October 3, 2020 

http://iraqieconomists.net/

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"Wrenching predictions": Iraq is on the verge of a "financial inflation catastrophe" ... the government is paying off its debts from employee salaries and goods will rise to the "highest level"!


2020-10-04
 
 
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Yes Iraq - Baghdad

 

The Iraqi economic expert, Salam Sumaisem, talked about the difference between internal borrowing and internal debt, indicating that after the state decides to borrow from national institutions, the Ministry of Finance announces an auction in which financial papers called bills and bonds are offered that are bought by local banks, insurance institutions and collective reserve organizations.

Sumaisem said, in a blog post monitored by "Yes Iraq": "This is done in the example of a pension fund, which lends the state with money that it deducts from the employees in the form of retirement savings, and it can be noted that the main source of funding for these institutions is the citizen himself, as banks lend to you. In return for interest, you can find insurance institutions in every small and large.

And she added: Do not be surprised at the various types of insurance that are now in the market. As for social security and retirement institutions, emptying them of their money is what makes countries think about extending the retirement period to more than sixty years, as the state depends on the taxes it imposes on the people in order to pay off their debts, which are bonds. And treasury bills, indicating that between the ear and the bond there is a term or period through which the state pledges to pay the value of the bond to the buyer, so the term of the treasury bill is short-term, not exceeding one year, while the term of the bonds ranges between the medium term of less than ten years and the long term for periods exceeding The ten years.

Sumaisem explained that the problem of domestic debt in particular and debt in general is that it makes the government allocate a large portion to pay the installments of loans from its annual budget. Which automatically means reducing spending on priority sectors for the simple citizen, such as education, health, and infrastructure, while stressing that the continuous increase in the volume of internal debt is pushing governments towards pushing the central bank to print more money, and this means increasing supply in the market, which will lose it. Their value, accordingly, increases inflation, and with it the prices of goods and services rise.

Sumaisem indicated, government or sovereign bonds are bonds issued by governments, and governments usually resort to issuing bonds in times of financial crises or when they face a deficit in the public budget, where public spending is greater than public revenues and bonds are issued for a medium-term or long-term period, confirming that This means between 5 years to 10 years, with fixed or variable interest rates and the standard of issuance, either in the local currency or in foreign currencies such as the dollar.

And confirms that US Treasury bills are considered the best short-term investment base in global financial markets, as their attractiveness derives from the strength of the American economy as the largest economy in the world.

On the current salary crisis in Iraq, the Parliamentary Economic and Investment Committee commented today, saying that despite the parliament's legislation of the borrowing law for the year 2020 on 6/24/2020 to support the government and enable it to implement its vision of reform and after we welcomed the steps taken by the government in the provisions of controlling border crossings and forming the Supreme Committee To combat corruption, however, we have seen a return to financial confusion through the irregularity of paying the salaries of employees and retirees, and the government’s withdrawal of the 2020 budget bill and its submission of a new borrowing bill and linking salary insurance to the House of Representatives ’vote on the borrowing bill.

The committee believed that this "is a precedent that we did not know throughout the work of previous governments, as the responsibility to secure salaries is the responsibility of the government and not the parliament, and that the government’s continued borrowing will lead to bankruptcy and collapse of the state unless it undertakes real reforms in all aspects of the government’s work."

Earlier, Finance Minister Ali Abdul-Amir Allawi confirmed that disbursing employees' salaries is a matter related to the House of Representatives voting on the borrowing law, stressing that this step will address the current deficit in the country.

Allawi added in a televised statement that "the salaries of retirees for the current month were launched without any problem, pointing out that the salaries and allowances of employees will be launched during the next few days or weeks."

He added, "The amounts will be available if the parliament approves the borrowing law," stressing that "the borrowing law is very important because it meets the financial needs of the state and addresses the deficit in the budget."

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A member of the representative economy warns of an imminent "collapse" of the Iraqi dinar against the dollar


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1,433 Sweeteners 10/04/2020 14:10


Baghdad today - Baghdad 

 

Today, Sunday, a member of the Economic and Investment Committee, Nada Shaker Jawdat, said that the financial crisis that the country is going through is part of the remnants of previous governments, while she confirmed that the salary crisis can only be solved by maximizing resources. She warned of the collapse of the Iraqi dinar in front of hard currency. 

Shaker said in an interview with (Baghdad Today), that "until now there is no real and clear vision of the collapsing economic situation that Iraq is going through, in order to choose effective ways and solutions to overcome the crisis," indicating that "the current crisis is the remnants of previous governments." 

She added, "The problem of employee salaries cannot be solved unless resources are maximized through controlling ports and border crossings, currency auctions, taxes, communication networks, the state property file, organizing budgets and reducing senior ranks." 

And she indicated that "the continuation of the borrowing process without resorting to real internal solutions, will lead to the collapse of the Iraqi dinar in front of hard currency."

Earlier in the day, the Parliamentary Finance Committee confirmed that salaries are not the responsibility of the legislative authority, and it is one of the purely governmental duties and one of the core of its obligations before its people, and that any attempt to throw the ball at the House of Representatives is a disclaimer of that responsibility and the obligations that the government must undertake.

The committee stated in a statement received (Baghdad today), that it was “surprised by another draft borrowing law as if it were the work of the ministry, which is borrowing only. If it continues, Iraq will declare its bankruptcy within six months from now, and I asked, here we ask what next? Is this the solution in your opinion ?? What if oil prices fell more than they are now ??

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The Central Bank begins implementing steps to reform the banking sector

image.jpeg.b8fe99594dd44269108fc2512bbb4f8a.jpeg
 

 

5th October, 2020

 

Today, Monday, the Central Bank of Iraq began implementing its first reform steps for the banking sector, as it finished classifying private commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards approved by this bank
 
 This step comes within the framework of enhancing confidence in the banking sector, improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector

 

This bank confirms that it had previously asked the lagging banks more than once to work on correcting their situation and paying their customers' dues. Therefore, this classification will be an opportunity for these banks to prove their seriousness in achieving the requirements of reform and pay the dues of depositors and shareholders
 
Finally, we announce that the next stage will include the process of "reforming government banks as well," noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. (56) of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued pursuant to them

 

      The Central Bank of Iraq   Information Office, 5th of October 2020

               Baghdad

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 Central Bank: Direct implementation of steps to reform the banking sector  LINK

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Central Bank and Finance discuss the repercussions of the financial crisis

  
 https://economy-news.net/content.php?id=22124
Economy News - Baghdad

The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, discussed with Finance Minister Ali Allawi the implications of the financial crisis that Iraq is going through as a result of the decline in oil prices.

A statement issued by the Central Bank of Iraq, received by "Al-Eqtisad News", said, "Today, the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhif, received the Minister of Finance, Dr. Ali Allawi, who congratulated the Governor of the Bank on his assumption of his new position." The statement added that during the visit, the repercussions of the financial crisis that the country is going through as a result of the decline in oil prices and their potential effects were discussed in light of the current economic indicators.

According to the statement, the two sides stressed the importance of increasing coordination between the monetary and financial policies, in a way that contributes to overcoming the crisis and reflects positively on stability and economic growth in Iraq.

Number of observations 21 Date added 10/05/2020

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