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

[Mary B]

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

15:02 - 10/3/2020

 

  

Information / Special ...

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." End / h 25

https://www.almaalomah.com/2020/10/03/498186/

[Mary B]

Clarification from Al Rasheed Bank about the mechanism for replacing retirees' payroll payment cards

2020.10.03 - 14:47

like

Baghdad - People  

On Saturday, Al Rasheed Bank issued a clarification on the mechanism for replacing retirees' pay cards.  

The bank said in a statement that "People" received a copy of it (October 3, 2020), that "for the purpose of facilitating the procedures for replacing previous cards into global MasterCard palm cards, the bank has sent text messages to retirees informing them of the location of the card exchange centers and for retirees who did not receive the message enter On the link below and enter the retirement number to show the center's address and the nearest function point, https://rash-cardsbranches.net.  

The statement stated, "All retired holders of the Nakheel card can apply for personal advances and car loans announced by the bank."  

https://www.nasnews.com/view.php?cat=41840

[Mary B]

An electronic link to facilitate the procedures of retirees in the Rasheed Bank

 An hour ago

478

 

Al Rasheed Bank has designated an electronic link to facilitate the procedures of retirees.

The bank stated in a statement that “the bank has sent text messages to retirees informing them of the location of the card exchange centers, and retirees who did not receive the message must enter the link below and enter the retirement number to show the center's address and the closest indicative point for the purpose of facilitating the procedures for replacing the previous cards to the global MasterCard cards.”

The media office of the bank stated that "all retired holders of the Nakheel card can apply for personal advances and car loans announced by the bank."

https://takadum-news.com/رابط-الكتروني-لتسهيل-اجراءات-المتقاع/

[Mary B]

In details ... the value of Iraq's oil imports and central bank sales in 2020

2020-10-03

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 for selling dollars for the purpose of foreign remittances were as follows:
- January with sales amounting to 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 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

Share this:

https://yesiraq.com/بالتفاصيل-قيمة-واردات-العراق-من-النفط/

[Mary B]

Rasheed Bank explains to retirees the locations to exchange their smart cards

Saturday 03, October 2020 

Baghdad / NINA / Al-Rasheed Bank announced that it will send text messages to retirees informing them of the locations of previous card replacement centers to the global MasterCard Nakheel cards.


The bank called on retirees who did not receive the message to use the link https://rash-cardsbranches.net, and to enter the retirement number to show the address of the center and the closest indicative point, stressing that “all retired holders of the Nakheel card can apply for personal advances and car loans announced by the bank. / End 5

https://ninanews.com/Website/News/Details?Key=860566

[Mary B]

government to open an auction file for the sale of the currency and to investigate money smuggling and forged invoices

Saturday 03, October 2020 

Baghdad / NINA / The Parliamentary Economic and Investment Committee called on the government to open the auction file for selling the currency without any delay, to investigate the smuggling of money, which was confined to the file of the five banks, and to end this file after the death of former MP Ahmad Chalabi.


A member of the committee, MP Riad Al-Tamimi, affirmed that "controlling the auction of selling the currency and stopping the forged invoices and the tax and customs evasion resulting from those bills, and bearing the bank owners legal responsibility needs a decisive and swift position from Prime Minister Mustafa Al-Kazemi," noting that "there are those who evade through Forged bills of tax payment, customs, currency smuggling and money laundering of corruption. "


He added, in a press release, that "this file requires the follow-up and accountability of all banks that were established after 2003 for the sources of funds, and searching for these fortunes that were looted through the window of currency sale at the expense of public money, charging that the current government is responsible for continuing currency smuggling if not Any measures are taken similar to previous governments.


He explained that “bringing those responsible for these actions to justice and holding them accountable for all the thefts and the systematic destruction of the Iraqi economy has become an urgent necessity at this time,” noting that “recovering the stolen money will help improve the confusing financial situation and restore confidence. The Iraqi street in the government and parliament. ”/ End 5

https://ninanews.com/Website/News/Details?Key=860556

[Mary B]

Corruption collapse is imminent? - Bahira Al-Sheikhly

October 3, 2020

91

Corruption collapse is imminent? - Bahira Al-Sheikhly

 

Terror prevails in the political class in Iraq, after the recent measures taken by the country's prime minister, Mustafa Al-Kazemi, to arrest a number of corrupt officials. A step towards tackling the state of corruption, they believe, must begin with the power of corruption, who have succeeded in ruling the country after the 2003 occupation year.

The bitter experiences that the Iraqis have gone through throughout the years of the quota system, corruption, fraud and fraud, taught him how to refuse to dilute his demands, or to drug him with superficial decisions and measures that do not cure Al Ghaleel.

In fact, corruption will not end in a miracle and will not be treated with good intentions. In Mesopotamia, it is similar to a multi-headed octopus from the top of the pyramid to (young officials), as well as its many forms and diversity of methods, and all Iraqis are aware of who established corruption and looked at it And he invented tricks of plundering the country's wealth and stripping it of its savings, while the government drumming continued that Prime Minister Mustafa Al-Kazemi had prepared a comprehensive plan to eliminate the thieves of the state and the great thieves, but the Iraqis heard and hear, every day, fanfare and not see a grind, and chant in their private and public gatherings, If Al-Kazemi was serious and sincere, he would name corruption whales by their names and present his reform plan to the people, but he did not and will not, after it has been proven that he is part of the corruption dish, as he has been in almost constant contact with the mass of traitors of spies and the corrupt and devoted much of the government time to reassure the corrupt In his meetings with the corrupt parties and their terrorist militia.

As for the arrests, whether by order of Washington or by a personal decision by Al-Kazemi, they are considered by a wide range of Iraqis, the same, as they may be a misleading gesture directed to the corrupt to carry what has lost its weight and the high price.There is an opinion of a senior Iraqi journalist, Mohsen Hussein, and it was mentioned during my lengthy conversation with him, that many may not be satisfied with him, but it remains the opinion of a veteran journalist, as he says that “America supports the current prime minister, Mustafa Al-Kazemi, and that his measures against corruption and the corrupt have American support. These measures are in line, to some extent, with popular demands in the demonstrations that have swept Iraq, but the problem is that they are measures that addressed the third and second ranks of the corrupt and it is impossible for any ruler in Iraq, now or in the future, to dare to cross the lines set by the Americans, At the beginning of the occupation, and related to the foundations of the quota system between sects and nationalities, because this requires a military coup that may gain some popular support, but it will not be better than the coups and revolutions that have occurred in Iraq, since its establishment as a state in the early twentieth century, and yet the measures against the corrupt Of the second and third degree, good procedures are, at least, they frighten the corrupt adults and frighten the young.

Targeting the corrupt

The most dangerous opinion regarding Al-Kazemi's actions targeting the corrupt is the opinion that these measures aim to suppress the vast youth revolution in Iraq, which has reached a full year old, and the implication of this opinion is that the United States pretends, in public, to support the popular demands of the demonstrators, but at the same time, It works to end these protests by using the same slogans of the demonstrators: early elections, combating corruption and corrupt people, restoring the prestige and sovereignty of the state, border outlets, killers of demonstrators, and confronting Iranian influence ...Etc., and Al-Kazemi's job is to absorb the youth by promoting the aforementioned slogans to win the street and pull the rug from under the feet of the demonstrators, assisted by a huge intelligence-intelligence machine that drums for him, and the American Relations Foundation puts him programs and plans for activities aimed at deceiving simple people, and pretending to work to implement the goals of the protesters such as advocacy For the elections, the visits of the families of the martyrs and arranging a meeting for a number of young people chosen by the intelligence services in a gathering in the street to promise them appointment and his visits to the border outlets ... etc., and these are all drawn plans to change the mood of the simple people, gradually and in a thoughtful manner, and these simple people may not encourage their children to continue the demonstrations under the pretext: Let The man works, give him a chance.

This opinion was expressed by the former ambassador, Dr. Adnan Malik, who told me: If corruption is the worst crime of the failed sectarian quota system, then betrayal of the homeland is worse than it.

From an economic point of view, pursuing the big corrupt, seizing their movable and immovable money and returning the billions, which they own abroad, will greatly enhance the financial situation of Iraq, as the corrupt plundered more than 799 billion dollars, and if Al-Kazemi was able to return half of the looted amount, the financial situation of Iraq would be fine. According to economics professor Mohamed Taqah, who considered all the arrests of young corrupt individuals a new game of demons' games in Washington and Tehran.

https://www.azzaman.com/إنهيار-الفساد-هل-بات-وشيكاً-؟-باهرة-ال/

[Mary B]

Central Bank imposes fine on shortage of small groups

 

 

Saturday 03 October 2020
 77

Central Bank imposes fine on shortage of small groups
  Baghdad: Al-Sabah 
 
The Central Bank of Iraq has decided to reimpose the shortage fine on banks for small categories (1000,500,250) dinars, starting on 1/10/2020 as stipulated in the instructions of the criteria for trading and replacing banknotes and counting mechanisms.
The bank said in a statement that this was "based on the minutes of the Meeting of the Committee on Currency Affairs No. 6 for 2020 held on 23 September 2020.
The Central Bank had earlier addressed all licensed banks on the instructions and criteria for trading and replacing banknotes and counting mechanisms.
"Due to the failure to comply with the instructions and criteria for the circulation and replacement of banknotes and the mechanisms of counting and counting, we confirm the book of the Department of Issuance and Treasury/Banking And Conformity Monitoring Section/Bank Follow-up Division numbered at 12/8/ 1470 and dated 10/4/2018, the extent to which your banks will comply with the above will be monitored through the inspection and on-site inspection bodies."
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 Finance Program individually.
The Bank discussed with the member states of the Board of Directors of the Arab Monetary Fund topics supporting joint Arab action, most notably the "Arab payments and clearing system" and its importance in facilitating inter-Arab payments and transfers.
The meetings of the Board of Directors of the Arab Trade Finance Program included discussions on mechanisms to rearrange the funding priorities of the national agencies organizing the program and in a way that would help mitigate the effects of the Corona pandemic on Arab trade.

https://alsabaah.iq/32043/البنك-المركزي-يفرض-غرامة-على-نقص-الفئات-الصغيرة

[Mary B]

Islamic Banking and The Role To Come

Thursday 01 October 2020
 60

Islamic Banking and The Role To Come
Dr. Bassem Brahimi
 
The development of the banking sector in any country is often associated with the development of the real economic sector in that country with a feedback relationship, as the growth of one sector promotes the growth of the other sector, although 
Some believe that the rapid development of the financial sector in general has become the generator of financial crises, we find that banks continue to be an engine for advanced economies even in the face of global financial crises, but with an urgent need to regulate and control more of the banking sector, which is one of the lessons produced by these crises.
In this context, some opinions and calls have emerged that Islamic banks were the most prominent survivors of financial crises (compared to commercial banks) as a result of the nature of the work of these banks, which is in line with the real economy and then combined with the trend of its trading cycle up and down so that the (Islamic) bank and its customers jointly bear the results of the investment according to the base of sheep in the gram, which represents the main pillar in the work of these 
Banks.
The beginning of Islamic banking in Iraq with the establishment of the Islamic Investment Bank in Iraq in 1993, after which the work of these banks developed and increased in number, especially after the enactment of the Islamic Banking Law No. (43) for 2015, where the number of today reached thirty-one banks accounting for (40 percent) of the total number of banks in Iraq and with a capital of nearly seven trillion dinars, and this increase comes in line with the great development of Islamic banking at the international level, as we find that many of the traditional international banks have worked. To open Islamic windows to mimic the growing demand for this type of product.
It is expected that Islamic banks in Iraq will have an important development role, especially with the great potential available to these banks on the one hand, and government economic reforms aimed at stimulating the real sector to diversify the Iraqi economy and reduce dependence on oil on the other hand, which coincided with the preparation of a paper for banking reform at the Central Bank of Iraq, but this expected role of these banks remains dependent on their ability to overcome the challenges they face both in gaining practical experience and in the field of competitiveness with traditional banks. Hence their ability to win the trust of the public.

https://alsabaah.iq/31965/الصيرفة-الإسلامي-ة-والدور-المرتقب

[Mary B]

Al-Rafidain: 3000 reluctant people who have not paid Basmajah installments

 

Rafidain Bank logo

Banks

Economy News - Baghdad Al-Rafidain Bank hinted at resorting to legal measures against 3000 people who are reluctant to pay their owed monthly installments for the loans of the Bismayah residential complex. The bank’s media director, Wissam Muhammad, said, “The bank proceeded to recover these funds, in addition to addressing the National Investment Authority to take legal measures and inform the Basmajah police station to withdraw apartments from those who are lagging behind in the event of non-payment of the amounts owed on them.” Basmayah is a housing project located 10 km southeast of Baghdad. It is implemented by the Korean Hanwha Company, and it is hoped that it will accommodate about 600,000 people after constructing 100,000 housing units.

Number of observations 5   Date added: 10/4/2020 https://economy-news.net/content.php?id=22092

[Mary B]

Al-Rafidain: Applying for 50 million loans is based on geographical area

Editing date: 4/10/2020 9:32 • 16 read times

Where's News_Baghdad

Al-Rafidain Bank announced that applying for loans 50 million for employees and 30 million for citizens for the purpose of restoring and rehabilitating residential homes will be according to the geographical area.



The bank’s media office said in a statement that the interest rate of 50 million loans for the restoration and rehabilitation of residential homes for employees and 30 million for citizens reaches 5 percent.



He called on citizens and employees to visit the bank's branches to see the new instructions that have been put in place regarding loans for the rehabilitation and restoration of residential homes.



The bank also directed its branches in Baghdad and the provinces to facilitate and simplify procedures for obtaining these loans

http://www.alliraqnews.com/modules/news/article.php?storyid=101557

[Mary B]

The high exchange rate of the dollar in the local market today

Sunday 04, October 2020

Baghdad / NINA / The exchange rates of the dollar in Baghdad markets increased today, Sunday, against the dinar.

The selling price of the dollar on the local market was: 124,250 dinars per $ 100.

The purchase price of the dollar: 123,250 dinars per $ 100.

The Central Kifah Stock Exchange in Baghdad recorded 123800 dinars yesterday, compared to $ 100, while Al-Harithiya Stock Exchange recorded 123,850 dinars compared to $ 100. / End 3

http://ninanews.com/Website/News/Details?Key=860682

[Mary B]

Al-Rafidain: 3000 reluctant people who have not paid Basmajah installments

 

Rafidain Bank logo

Banks

Economy News - Baghdad Al-Rafidain Bank hinted at resorting to legal measures against 3000 people who are reluctant to pay their owed monthly installments for the loans of the Bismayah residential complex. The bank’s media director, Wissam Muhammad, said, “The bank proceeded to recover these funds, in addition to addressing the National Investment Authority to take legal measures and inform the Basmajah police station to withdraw apartments from those who are lagging behind in the event of non-payment of the amounts owed on them.” Basmayah is a housing project located 10 km southeast of Baghdad. It is implemented by the Korean Hanwha Company, and it is hoped that it will accommodate about 600,000 people after constructing 100,000 housing units. https://economy-news.net/content.php?id=22092

[Mary B]

 Al-Rasheed Bank reduces the interest rate for housing renovation to 5%

 

Economy News _ Baghdad The bank’s media office said in a statement that “Al-Eqtisad News” received a copy of it, that "it was decided to reduce the interest on housing unit restoration loans from 8% to 5% annually, indicating that the repayment is monthly." He added that "the amount of the loan allocated for the purpose of restoration is 40 million dinars for employees and 30 million dinars for citizens, provided that the loan is disbursed in two payments, 60% of the loan amount for employees and 75% of the loan amount for citizens," adding that "grants for employees are granted from cardholders Nakheel without a sponsor. " It is noteworthy that the Rasheed Bank, during the last period, began granting various loans and advances to employees and citizens according to certain mechanisms and controls.   https://economy-news.net/content.php?id=22103

[Mary B]

Finance indicates 7 reasons for "destroying" the Iraqi economy ... and talks about imposing taxes on citizens

2020-10-04

Salik, a Christian refugee from Iran, carries greens collected from an organic farm near the village of Kaparelli, some 70 km northwest of Athens on March 30, 2018. - Salman Dakdouk Kastro, a Syrian activist long settled in Greece, set up an organic farm to help refugees grow their own food and offering a way for integration. The project includes a collective restaurant run by Greeks, Kastro and refugees in Athens where they use crops from the farm. More than 50,000 refugees stay in Greece after the great exodus of 2015-2016, including Syrians, Iraqis, Afghans, waiting for family reunion or a network of traffickers, or the process of being integrated. (Photo by LOUISA GOULIAMAKI / AFP)

Yes Iraq: Baghdad

Finance Minister Ali Allawi said that the economic reform paper that will be presented soon includes the activation of the partnership law between the public and private sectors, explaining that 250 billion dollars have been stolen from Iraq since 2003, while imports are few in Iraq due to weak taxes, exemptions for port fees and imports through ports Northern, importing electricity and energy from Iran.

 

Allawi added, in a seminar organized at the headquarters of the guest house in the Green Zone, 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 self-employment and not dependence on work in the government sector.

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 that affect the economy are mostly politicized, and started 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.

And he indicated that 250 billion dollars were stolen from Iraq since 2003 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 for 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 through the northern ports and tax revenues are not subject to the control of the center.

https://yesiraq.com/المالية-تؤشر-7-أسباب-هدمت-الاقتصاد-الع/

[Mary B]

The rate of trade exchange in the “Mandali outlet” decreased with the start of the Arbaeen visit

20:23 - 10/03/2020

 

The information / Diyala

A government official in Diyala confirmed, on Saturday, that the rates of trade exchange at the border crossing with Iran have decreased with the start of the Arbaeen visit.

The director of Mandali district agency (90 km east of Baquba), Mazen Al-Khuzaie, said in terms of "information", that "the rates of trade exchange at the Mandali border crossing between Iraq and Iran decreased remarkably with the start of the Arriyen visit."

He added, "The general rates of exchange were 50%, compared to the stage that preceded the stage of Corona's outbreak, and now they are somewhat less than this percentage with the start of the forty visit, especially with the influx of tens of thousands of visitors heading on foot to the holy Karbala to perform the visit ceremonies."

The Mandali border crossing between Iraq and Iran is one of the important land ports through which goods and commodities of various kinds are exchanged. Finished 25 F.

 

https://www.almaalomah.com/2020/10/03/498239/

[Mary B]

Learn about the legal effect of delaying salaries

On Sunday, the legal expert, Ali Al-Tamimi, revealed the legal impact of the government regarding delaying the payment of employees' salaries for the month of September .

Al-Tamimi said that "the job system in Iraq is based on the payment of salary for every 30 days and it is adopted in most countries of the world, which is stipulated in the civil service laws 24 of 1960 and the salary scale law 22 of 2008 and others", pointing out that "if the delay is Paying salaries for reasons of arrangement or inventory is okay, but the recurrence of the situation violates these laws and can be challenged before the administrative judiciary and obtained retroactively .

He added that "the internal and external borrowing law enacted by Parliament is in effect from the date of the vote to allow the Iraqi government to borrow and pay salaries. The reasons for the delay required Parliament to discuss it .

 

https://aynaliraqnews.com/index.php?aa=news&id22=139446

[bkeiller]

16 hours ago, Mary B said:

Central Bank imposes fine on shortage of small groups

 

 

Saturday 03 October 2020
 77

Central Bank imposes fine on shortage of small groups
  Baghdad: Al-Sabah 
 
The Central Bank of Iraq has decided to reimpose the shortage fine on banks for small categories (1000,500,250) dinars, starting on 1/10/2020 as stipulated in the instructions of the criteria for trading and replacing banknotes and counting mechanisms.
The bank said in a statement that this was "based on the minutes of the Meeting of the Committee on Currency Affairs No. 6 for 2020 held on 23 September 2020.
The Central Bank had earlier addressed all licensed banks on the instructions and criteria for trading and replacing banknotes and counting mechanisms.
"Due to the failure to comply with the instructions and criteria for the circulation and replacement of banknotes and the mechanisms of counting and counting, we confirm the book of the Department of Issuance and Treasury/Banking And Conformity Monitoring Section/Bank Follow-up Division numbered at 12/8/ 1470 and dated 10/4/2018, the extent to which your banks will comply with the above will be monitored through the inspection and on-site inspection bodies."
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 Finance Program individually.
The Bank discussed with the member states of the Board of Directors of the Arab Monetary Fund topics supporting joint Arab action, most notably the "Arab payments and clearing system" and its importance in facilitating inter-Arab payments and transfers.
The meetings of the Board of Directors of the Arab Trade Finance Program included discussions on mechanisms to rearrange the funding priorities of the national agencies organizing the program and in a way that would help mitigate the effects of the Corona pandemic on Arab trade.

https://alsabaah.iq/32043/البنك-المركزي-يفرض-غرامة-على-نقص-الفئات-الصغيرة

 

Get those smallies ready to trade, replace and count!

 

"The Central Bank of Iraq has decided to reimpose the shortage fine on banks for small categories (1000,500,250) dinars, starting on 1/10/2020 as stipulated in the instructions of the criteria for trading and replacing banknotes and counting mechanisms."

[Mary B]

Parliamentary Finance: The remaining deficit of the 2020 budget will reach 20%

Editing date: 10/4/2020 20:47 • 61 times read

[Baghdad-Where]
Member of the Parliamentary Finance Committee, MP Naji Ardis, confirmed, on Sunday, that the budget deficit for the remainder of 2020 will reach 20%.

Idris said that it is not possible to use the term budget for the remainder of the months of 2020, but rather a budget, which is to know the financial situation in Iraq in terms of how much are the expenditures and revenues achieved and follow up on the rest of the other files.

Idris added, "The budget deficit for the remainder of 2020 is large and amounts to 20%, according to available indicators."

The government had sent the budget for the remainder of the months of 2020, and then quickly withdrew it to make amendments to it

http://www.alliraqnews.com/modules/news/article.php?storyid=101616

[Mary B]

The Minister of Finance talks about moving to budget programs ... We need eight trillion in taxes

2020.10.04 - 20:01

 

Baghdad - People  

On Sunday, Minister of Finance, Ali Abdul-Amir Allawi, confirmed that Iraq will move from the traditional budget to the program budget within a year and a half, indicating that the tax rate will not be high, but the citizen will not accept it for not providing the necessary services.  

Allawi said in a statement to the official agency, and "people" followed him (October 4, 2020), that "the budgets for the years 2021-2023 we have started working on them now, but they will not be the main ones, because the Ministry of Finance is currently unable to implement it in a complete way, but it may hinder it." For a year and a half so that we can move from the traditional budget-drawing method to the program budget. "  

He added, "The tax returns constitute a very small percentage of the state's resources, and it is not high if compared to any other country, because the tax structure is reasonable in Iraq."  

He pointed out that "citizens will not respond to taxes, and they may have a justification, because the state does not provide them with the necessary services, so the level of taxes must be linked to services and their quality."  

He continued, "It is assumed that we get 8 trillion dinars from taxes, while we are currently getting less than one trillion, because there are large exemptions and exemptions."  

He stated, "Iraq contains a kind of state seizure, as it is not necessary for this seizure to be by the parties, but it may be from all parties that have a stake and influence on decision-making."  

He stressed, "The need to subject the state to completely different professional controls and ways of working, and the solution must be a kind of separation between the legitimate and quasi-legitimate requirements of political parties, according to the electoral results, because the balance is difficult, so that we have a completely independent government apparatus, which does not exist currently." ".  

  

Finance Minister Ali Abdul-Amir Allawi said 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 added, in a statement to the official agency, followed by "People" on Sunday (October 4, 2020), 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 House of Representatives 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."      

  

The Parliamentary Finance Committee confirmed, earlier Friday, that the fiscal deficit is a temporary condition in Iraq, but the Minister of Finance has the powers to take immediate action.   

The committee's reporter, Representative Ahmed Al-Saffar, said in a statement to the official channel, followed by "People" (October 2, 2020), 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 is late in paying." Noting that "in the event of waiting for the submission of the draft budget or the submission of 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 Administration 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; real fixed debt which results from a significant decrease in real revenues versus expenditures." The public deficit is a permanent and permanent deficit and it is called the fixed debt, but the current deficit in Iraq is a temporary deficit, and the debt is called a debt remaining in the public finances and it is possible to put up temporary treasury bills that express the existence of revenue but it is a delayed income. 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," indicating that he "proposed to get out of this distress." The great embarrassment for the government is for the Finance Minister to move 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 starts 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 error 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 stressed that "the parliament is ready to hold any emergency session in order to solve the current crisis. 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 income."       

He pointed out that "there are two solutions; either submitting the draft budget as soon as possible until it is approved, or resorting to new borrowing if the government is able to obtain Parliament's approval because the issue of debt in Iraq has become in a very dangerous range and leads the Iraqi economy to the unknown."       

https://www.nasnews.com/view.php?cat=41931

[Mary B]

POSTED ON 2020-10-04 BY SOTALIRAQ

Parliamentary finances regarding salaries: Don't throw the ball in our court

"In this manner, Iraq will declare its bankruptcy within six months."

Today, Sunday, the Finance Committee of the Iraqi Parliament confirmed that the issue of salaries is one of the government's duties and solidified its obligations, considering that the government is trying to throw the ball in the parliament’s court in this regard.

The committee said in a statement: “While we have long waited for the government and the Ministry of Finance to implement the provisions of the Domestic and Foreign Borrowing Law approved by Parliament on 6-24 of this year, which set 60 days for submitting the economic and financial reform plan, we were surprised by another draft borrowing law as if the ministry’s work It is the borrowing only, which if it continues, Iraq will declare its bankruptcy within six months from now, and here we ask what next? And is this the solution in your opinion ?? And what if oil prices fell more than they are now ??

The committee added, "Unfortunately, we see that the government is trying to throw the ball in front of the House of Representatives and choosing between approving a loan that will soon lead to perdition, represented by the bankruptcy of the country, whose consequences will be borne by generations, and statements trying to pressure us by exporting that there are no salaries without the approval of the House on that borrowing to embarrass the parliament and shuffle the papers. .

The committee concluded its statement by saying: “Here we would like to assure all our people that the issue of salaries is not the responsibility of the legislative authority, and it is a purely governmental duty and the core of its obligations before its people, and that any attempt to throw the ball at the House of Representatives is to deny that responsibility and the obligations that it is obligated to do. The government does it. '

And Iraqi Finance Minister Ali Abdul-Amir Allawi has linked the  issue of releasing employees' salaries to  parliament's passage of the borrowing law.

http://www.sotaliraq.com/2020/10/04/المالية-النيابية-للحكومة-بصدد-الروات/

[dinarham]

I have read on this site that borrowed money must be paid back in IQD . 

[Mary B]

Al-Rasheed announces that it will grant 10 million dinars loans for widows and divorced women

 

Economy News _ Baghdad Al-Rasheed Bank announced, on Sunday, that it will start granting 10 million dinars in loans for widows and divorced women, and sets their conditions. The bank’s media office said in a statement that “Al-Eqtisad News” received a copy, that "the bank has begun granting loans to widows and divorced women of up to 10 million as a maximum." He added that "the instructions laid down by the bank specified the type of activity (sewing / barber shop / opening a food store / food supplies / small shop), indicating that" the loan is granted with the guarantee of an employee on the permanent staff that covers (50% ؜) of his net salary (premium + Benefit)". During the last period, the bank began granting various types of loans and advances to employees and citizens according to certain conditions and controls

Number of observations 0   Date of addendum 10/11/2020 https://economy-news.net/content.php?id=22194

[Mary B]

Al-Rasheed announces that it will grant 10 million dinars loans for widows and divorced women

2020-10-11 | 03:19

 

 

 

 

 

2,958 views

 

 

Al-Rasheed Bank announced today, Sunday, that it will start granting 10 million dinars in loans for widows and divorced women, and defines their conditions.


 

The media office of the bank said in a statement, which Alsumaria News received a copy of, that "the bank has begun granting loans to widows and divorced women up to a maximum of 10 million."

He added that "the instructions laid down by the bank specified the type of activity (sewing / barber shop / opening a food store / food supplies / small shop), indicating that" the loan is granted with the guarantee of an employee on the permanent staff that covers (50% ؜) of his net salary (premium + Benefit)".

During the last period, the bank began granting various types of loans and advances to employees and citizens according to certain conditions and controls

https://www.alsumaria.tv/news/اقتصاد/361035/الرشيد-يعلن-المباشرة-بمنح-١٠-مليون-دينار-قروض-للار

[Mary B]

After the step of "publishing the names" ... Rafidain Bank recovers 800 million dinars from "lagging"

2020-10-11

Yes Iraq: Baghdad

Al-Rafidain Bank announced today, Sunday, the outcome of the total sums that were recovered by those who were reluctant to pay their debts during the month of September.
"The proceeds of recovered funds amounted to more than 800 million dinars," the bank’s media office said in a statement seen by "Yes Iraq."
He added that "the bank is continuing its vigorous measures to recover its money from those who have failed to pay money from advances and loans and to take all legal methods against anyone who refuses to do so."

A week ago, Al-Rafidain Bank made a surprise move, publishing the names of those who were reluctant to borrow Basmajh.

And the bank announced in a statement published by the names of Basmajah loans who refused to pay their monthly installments, indicating that legal measures were taken against those who refrained from paying the monthly installments of Basmajah loans.

He pointed out that “in cooperation with the supporting authorities, vigorous steps were taken to recover these funds from the residents of the Basmajah compound, some of whom failed to pay their monthly installments and to implement the legal orders against them related to the return of these funds.” Form meals for the coming days.

https://yesiraq.com/بعد-خطوة-نشر-الأسماء-مصرف-الرافدين-يس/