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Justifications For Changing The "Iraqi Dinar" Exchange Rate


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In the document ... important figures in the law on financing the fiscal deficit that reached Parliament today

In the document ... important figures in the law on financing the fiscal deficit that reached Parliament today
 

10/11/2020 16:20:00

 
A copy of the fiscal deficit financing law that reached Parliament today, Sunday, revealed important figures.
 

According to a document from the draft law, the Euphrates News Agency obtained a copy of it. The federal budget revenues for the last four months of this year were estimated at 19 trillion and 719 billion and 483 million and 139 thousand dinars. The export of crude oil was calculated - during this period - on the basis of an average price of 40.51 dollars per barrel, and an export rate of three million 332 thousand and 73 barrels, including 250 thousand barrels for the quantities of oil produced from the Kurdistan region, based on the price of 1182 dinars per dollar.

The transcript indicates that Kuwait's compensation estimates are 531 billion 584 million and 494 thousand dinars. As for the estimates of the remaining licensing contracts for foreign oil companies, 5 trillion, 6 billion and 282 million dinars. The Parliamentary Finance Committee announced today, Sunday, that the Council of Ministers sent a bill to bridge the fiscal deficit to Parliament, indicating that “the law stipulates that Iraq needs to borrow 41 trillion dinars for the last four months of this year.” She explained that “the bill is passed by Parliament. It will enable the government to bridge the fiscal deficit by resorting to borrowing, "noting that" the bill to bridge the fiscal deficit will be a substitute for the 2020 budget."

It is reported that the Speaker of the House of Parliament Muhammad al-Halbousi said in the parliament session yesterday that" if no governmental request for legislation reaches the House of Representatives A law that strengthens the government's budget to fulfill its obligations before citizens, and a letter amending a borrowing law did not want it." He added that "the House of Representatives returned the budget law and it was withdrawn, on the same day, to make amendments to it," pointing out that "the parliament expects the government to send to the parliament a draft law that enhances government revenues to enable it to fulfill its obligations before citizens."


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The text of the borrowing law sent to the Iraqi parliament


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11th October, 2020


On Sunday, the federal government sent the fiscal deficit financing law to the Iraqi parliament for a vote during the upcoming legislative sessions.


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CNN. Broadcasting With Justification From The Experts !     LINK Justifications For Changing The "Iraqi Dinar" Exchange Rate     9th October 2020 Iraq is

You don’t need to justified anything, just increase the dinar exchange rate and let it be subject to the forces of supply and demand.   Go open market economy  Go free dinar Go RV

The delay in salaries will be "repeated" .. The likelihood of escalating in economic circles and a proposal that will move Iraq to an economic "competitive" position in the world! 2020

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After his arrival, the Iraqi parliament sets a condition for passing the borrowing law

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11th October, 2020


The Parliamentary Finance Committee pledged on Sunday that the federal government would send the reform paper in exchange for passing the fiscal deficit law that allows internal and external borrowing to provide salaries.

Committee member Jamal Cougar told Shafaq News Agency, “The Finance Committee did not see the law on financing the fiscal deficit“ borrowing ”despite his arrival at the House of Representatives building, pointing out that“ the committee will hold a meeting as soon as possible to discuss the law and take several recommendations before reading it. First in the Council." He added that "the committee insists that the reform paper be next to the borrowing law, not just the law."

Today, Sunday, the Cabinet Secretariat sent a draft law on financing the fiscal deficit to the House of Representatives, relating to internal and external borrowing. A government source told Shafaq News Agency, "We hope that the Presidency of the Council will discuss the law and approve it as soon as possible."

Last month, the government approved the draft fiscal budget bill and sent it to Parliament, before withdrawing it again to make amendments to it, to be replaced by the Deficit Financing Act to Parliament.

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Al-Kazemi affirms the government's determination to find effective solutions to the current crises

Al-Kazemi affirms the government
 
 
10/11/2020 17:06:45
 
 
Today, Sunday, Prime Minister Mustafa Al-Kazemi chaired a meeting that included a number of ministers and government officials, which was devoted to discussing unemployment treatments and securing job opportunities for young people, as well as developments in the general situation.

According to the government statement, Al-Furat News received a copy of it, "the government's determination to find effective solutions to the current crises, and its emphasis on the importance of confronting all financial, economic and epidemic challenges in a way that secures Iraq overcoming these crises and turning them into focal points for reform and development," Al-Kazemi stressed. He added, "The solutions must be realistic, practical and applicable, as previous poor planning has accumulated, which burdened the state apparatus with major problems that need treatments and continuous work to change the wrong situation that the state is currently working on."

The statement continued, "The meeting witnessed the presentation of a number of proposals related to loans and job creation in the private sector. The youth employment project and ways to provide support for this vital segment were discussed, in addition to the reforms in the white paper." The meeting was attended by the ministers of oil, finance, planning, and higher education, the governor of the central bank, the president of the Federal Service Council, as well as the Director of the Office of the Prime Minister and the Secretary General of the Council of Ministers.
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Purchasing power

Sunday 11 October 2020

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YasserAl-Metwally 
 
 

The facts indicate that a sharp decline will occur in the purchasing power of citizens, and the reason is the continued fluctuation of oil prices, towards a decline and stability at a price that does not match what the budgets have been separated annually.

We warned over a little over a year ago that a severe financial crisis would plague the country, based on the decline in global oil prices, and this was accompanied soon after by the Corona pandemic, which has greatly affected oil prices and continues. Notice with me that the liquidity crisis related to the monthly salary distribution is continuing, and it will lead to the dislocation of the local market and will result in the stability and stability of exchange rates beyond any doubt.
We have repeatedly warned against relying on oil rents and the need to diversify sources of income by activating the productive sectors to absorb unemployment and reduce dependence on foreign importers in order to preserve foreign exchange, but the government has no choice but to borrow internally and externally, which will flood the country with indebtedness that has no consequences.
The strangest thing is that the executive and legislative bodies are involved in struggles over borrowing without sitting down to find alternative solutions.
As for the dangerous reason in our expectation of the decline in purchasing power, it is summarized that the government is forced to go either to raise taxes in general or to reduce salaries and the Ministry of Finance is going ahead and pressing in this direction. The citizen is required to reveal the reality of the situation we have reached due to the wrong policies of the successive governments that left the treasury confused before the government. New.
So what is the solution? 
Dedication is required to think about facing this ordeal, which can only be resolved by activating the
productive sectors and allowing the private sector to take over this file and the state to devote itself to planning, and we previously expected that austerity is coming, and here I mean that the state prepares for the phase of declining purchasing power and fluctuating exchange rates, which seemed clear towards Reducing the value of the dinar as one of the indicators of declining purchasing power, and the Central Bank should pay attention to this phenomenon, which appeared to be accelerating without any remarkable action.
The UAE, with its economic strength and weak absorption capacity of funds, means that its revenue is greater than the proportions of its population. For some time, in order to avoid the effects of the Corona pandemic, it adopted a program of guidance to its citizens on the need to pressure expenditures and rationalize consumption, so what about our financial situation?

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Iraq participates in the Dubai Expo 2020

 

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11th October, 2020


The State Company for Fairs and Iraqi Commercial Services at the Ministry of Commerce confirmed, on Sunday, that Iraq will participate in the Dubai Expo, in the United Arab Emirates.

The general manager of the company, Sarmad Taha Saeed, said in a statement, which "Al-Eqtisad News" received a copy of, that "Iraq will participate in the Dubai Expo, in the United Arab Emirates, to be held in the period from October 1, 2021 to March 31, 2022, which was from It will be established in 2020 and postponed for the aforementioned period due to the spread of the Corona pandemic.

The director general of the company explained, "The importance of Iraq's participation in the World Expo 2020 in Dubai, as it is the first exhibition of its kind to be hosted in the Middle East region, as 190 countries from all over the world have confirmed to participate. Expo 2020 is also a major meeting point for the world to exchange innovations, ideas and solutions." Global issues related to the economy and sustainable developments for a better future at the local and global levels. He continued, "The display of the Iraq pavilion at Expo 2020 is a great opportunity to highlight the rich culture of Iraq and share it with the whole world, as Iraq is always famous for its rich history, culture and architecture."

The Director General indicated, "The exhibition also sheds light on Iraq's distinguished achievements in the past and present to develop future opportunities in order to move our country forward to be among the developed countries in the world."

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12 minutes ago, DinarThug said:

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Iraq participates in the Dubai Expo 2020

 

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11th October, 2020


The State Company for Fairs and Iraqi Commercial Services at the Ministry of Commerce confirmed, on Sunday, that Iraq will participate in the Dubai Expo, in the United Arab Emirates.

The general manager of the company, Sarmad Taha Saeed, said in a statement, which "Al-Eqtisad News" received a copy of, that "Iraq will participate in the Dubai Expo, in the United Arab Emirates, to be held in the period from October 1, 2021 to March 31, 2022, which was from It will be established in 2020 and postponed for the aforementioned period due to the spread of the Corona pandemic.

The director general of the company explained, "The importance of Iraq's participation in the World Expo 2020 in Dubai, as it is the first exhibition of its kind to be hosted in the Middle East region, as 190 countries from all over the world have confirmed to participate. Expo 2020 is also a major meeting point for the world to exchange innovations, ideas and solutions." Global issues related to the economy and sustainable developments for a better future at the local and global levels. He continued, "The display of the Iraq pavilion at Expo 2020 is a great opportunity to highlight the rich culture of Iraq and share it with the whole world, as Iraq is always famous for its rich history, culture and architecture."

The Director General indicated, "The exhibition also sheds light on Iraq's distinguished achievements in the past and present to develop future opportunities in order to move our country forward to be among the developed countries in the world."

I can’t wait that long!!! 😂😂 oct of 21- mar of 22 must be a misprint! 

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Anbar: Australian and Canadian investment companies show their willingness to invest in oil and gas fields

 
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14:02 - 11/10/2020
 

The advisor to the Anbar Governor for Energy Affairs Aziz Khalaf Al-Tarmouz announced, on Sunday, the desire of international investment companies specialized in the field of energy to obtain investment opportunities in the western regions.

Al-Tarmouz said in a statement to Al-Maalouma, that “delegations of investment companies specialized in the energy field from Australia and Canada have expressed their willingness to obtain investment opportunities to work in the western regions for the purpose of investing in oil and gas fields after seeing the work sites.”

He added, "The local government in Anbar has informed the advanced companies to obtain investment opportunities in the energy field to open communication channels with the central government, since the Ministry of Oil is sovereign and the local government is not allowed to conclude any agreement with investment companies unless the applicant companies obtain the approval of the central government."

Al-Tarmouz explained, "The desire of Arab and foreign investment companies to obtain investment opportunities in Anbar comes against the backdrop of the stability of the security situation throughout the cities of the province."
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The war of the dollar and the Iraqi dinar ... dangerous expectations for the prices of goods in the market within days


2020-10-11
 
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Yes Iraq - Baghdad

 

Economic expert Salam Sumaisem expected, on Saturday (October 10, 2020), a rise in the exchange rate of the US dollar against the Iraqi dinar as a result of increased demand for it, while noting that the rise in the price of the dollar will lead to an increase in food prices.

Sumaisem said, "The prices of foodstuffs in the markets are always linked to several factors, including supply and demand, as well as the expectation factor. Therefore, what the Iraqi market is witnessing today is the result of increased demand for materials."

She added that "the increase in some materials is a result of citizens' fear of being cut off from the markets as a result of the financial crisis that the country is going through, or developments in the Corona virus and talk about re-imposing a curfew."

She indicated that "there is also an important issue that is directly related to the high price of materials, which is the high exchange rate of the US dollar against the Iraqi dinar, as the markets are witnessing a significant increase in the dollar exchange and it is expected to rise more than the current price."

She attributed this to citizens’ fear of the depreciation of the Iraqi dinar, so they resorted to increasing the students ’dollars because it is more secure than the dinar, and storing the dollar and increasing the demand for it, will lead to an increase in the prices of materials because it is most likely that these materials are imported and residing in the US dollar, which will be negatively affected The ultimate consumer, the citizen.

And a member of the Economic and Investment Committee, Nada Shaker Jawdat, saw, on Sunday (October 4, 2020), 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, "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's real estate 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."

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A new study reveals a "shocking period" for the survival of "Corona" on banknotes and phones


2020-10-11
 
 
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Yes Iraq - Baghdad

 

A recent study revealed that the emerging corona virus can stay on banknotes for four weeks.

The study, issued by the Australian Center for Disease Preparedness and Response, indicated that the virus may remain contagious for weeks on banknotes, glass and other common surfaces, according to what was reported by Bloomberg News today.

The study revealed that the virus can remain for 28 days on smooth surfaces such as the glass on mobile phone screens and plastic banknotes at room temperature, or 20 degrees Celsius (68 degrees Fahrenheit), and that is compared to a 17-day stay for the influenza virus, according to "German" .

“Our results show that the virus can remain contagious on surfaces for extended periods, reinforcing the need for good practices such as regular hand washing and surface disinfection,” said Debbie Eagles, deputy director of the center.

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Iraq .. Expectations of a possible decrease in the value of employee salaries and a warning of 4 serious repercussions

 

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5,944 Economie 10/10/2020 21:40 ht


Baghdad Today - Special 

 

The economist, Abdul Rahman Al-Mashhadani, said, Saturday, October 10, 2020, that converting the exchange rate from the dinar to the US dollar is a natural step for most countries that witness political, security and economic turmoil. Al-Mashhadani said in an exclusive interview with (Baghdad Today), "The government's recent statements have focused heavily on the move to change the exchange rate, because this will reduce the value of the Iraqi dinar and provide the government with additional revenues as a result of receiving oil revenues in US dollars and then selling them to the bank. Central to get the Iraqi dinar to pay the salaries of employees and retirees. "

He added, "This step has negative effects on the other hand, as the salaries of employees will decrease by the increase, and this means that the employee who receives $ 1000 will have $ 800 salary, and this will affect the real income of individuals."

Al-Mashhadani continued, "The second negative matter is by step changing the exchange rate, as the prices of imported goods will rise, especially since Iraq relies heavily on import to cover the needs of the local market, and this will affect the purchasing value of the individual."

He pointed out that "failure to study the step of changing the exchange rate of the dollar will throw a delusion on society significantly, and will lead to an increase in crime, extortion, and even kidnappings, as well as widening the poverty line in society and may reach more than 70% of the total number of citizens."

A member of the Parliamentary Finance Committee, Representative Jamal Cougar, commented on Thursday (10/8/2020), according to what was reported by some media regarding the existence of an intention by the Ministry of Finance to change the exchange rate of the Iraqi dinar against the US dollar, between the central bank’s position on going towards This option.

Cougar said in an interview with (Baghdad Today), that he "has not seen the (reform paper), which is supposed to be presented by the Minister of Finance yet," and he has no information if it includes the change of the Iraqi dinar exchange rate against the dollar.

Cougar added, "The Parliamentary Finance Committee held an extended meeting with a delegation with the Central Bank earlier, and was strongly opposed to any attempt to reduce the exchange rate of the dinar against the dollar, while he presented a scientific study to clarify his view on the negatives accompanying any step in this direction." He explained, "The study confirmed that the move to change the exchange rate will lead to a reduction in the salaries of employees, which leads us to inflation and higher prices."

He pointed out that "the people most affected by any change in the exchange rate are those with limited income." Cougar added, "The Central Bank, as an independent institution, is responsible for the issue of raising the exchange rate of the dinar, and we do not know if the Minister of Finance actually had such a direction, and what is the basis and study that he adopted in his choice."

He continued: "But we will wait for the reform paper, and we will see what it contained in terms of solutions to the Iraqi economic and financial file."

Cougar pointed out that "the current problem is not knowing the true size of the revenues that are supposed to enter the state treasury from internal resources in various addresses, and what is the actual waste rate," noting that "what goes into the state treasury is not equivalent to 7% of the sums supposed to be achieved, while the rest of the money goes." Into the pockets of the corrupt. "

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On 10/10/2020 at 1:46 AM, DinarThug said:

CNN. Broadcasting With Justification From The Experts !
 

 

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Justifications For Changing The "Iraqi Dinar" Exchange Rate

 

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9th October 2020

  • Exchange rate change proposal

Therefore, we included the proposal to change the exchange by collecting tax and customs duties in advance from importers in the window of currency sale, and to clarify the matter, if we calculate the price of oil specified in the draft budget law at (56) dollars per barrel, meaning the rate of decrease is (15%), so the exchange rate is assumed ( 1300) dinars per dollar, and if (5%) was levied for the tax and (15%) for the customs fee and added to the exchange rate to become (1500) dinars per dollar, so we would have withdrawn the rug from the corrupt in the northern, western, eastern and southern outlets and we got On revenues from the state treasury, the monetary result to the state treasury every day is the sale of a dollar at a rate of (200) million dollars, and in the case of adopting the new exchange rate, it will be (60) billion additional dinars for each auction day, which is approximately (18) trillion dinars annually.

 

don't just talk talk talk about changing exchange rate many many many many times " 1300 dinars per dollar or 1500 dinars per dollar ", the most important is just doing it and more action. I don't care if it is 1300 to 1 or 1500 to 1 or whatever the rate , just do it quickly and make it happen immediately if goi and cbi really dare to do it. if talk only means BS.  I really want to see if goi and cbi  get the balls to make it happen. actually iraq isn't broke if they know how to manage their oil monies etc and hang all the corruptors like saddam hussein. come rv.

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Parliamentary Finance of the Government: End the contradictory statements .. We have not received any paper

 
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10:45 - 12/10/2020

The representative of the Parliamentary Finance Committee, Ahmed Al-Saffar, called on Monday, the Ministry of Finance to put an end to the contradictory statements about securing the salaries of employees and retirees for this year, indicating that the Parliament has not received any reform paper so far.

Al-Saffar said in a statement to "the information", that "there is clear confusion by the Ministry of Finance in its contradictory statements," indicating that "Parliament has not received any reform paper from the government or finance, and therefore we only hear from the media."

He added that "the House of Representatives is awaiting the arrival of anything from the government that strengthens its work on securing salaries away from the issue of borrowing."

Al-Saffar pointed out that "the Ministry of Finance is trying to evade responsibility and seek to embarrass the parliament through diminishing and unrealistic statements about securing salaries for the coming months." 
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Parliamentary Finance Doubts The Fiscal Deficit Bill?

 

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12th October, 2020


Reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, described the fiscal deficit bill as a borrowing and compensation for the 2020 budget draft.

Al-Saffar said in a statement to the official newspaper, followed by the Independent today, Monday, that “the fiscal deficit bill that was sent by the government came as a borrowing and compensation for the 2020 draft budget, indicating that“ it includes revenues and expenditures for the remaining four months of the year, and the deficit is 41 One trillion dinars and 629 billion dinars to secure the operating budget and what is related to salaries, compensation, licensing contracts and others.

Regarding the meeting held by the Parliamentary Finance Committee, yesterday, Sunday, with the Governor of the Central Bank of Iraq, Mustafa Ghaleb, Al-Saffar said: “The committee discussed the status of the bank and the foreign currency reserves in addition to the (white paper), which the Ministry of Finance will present to reform the financial and economic situation in Country.

He continued, "To continue the borrowing process; It will push Iraq into bankruptcy in the future without a reform vision on the part of the ministry, especially since the debts continue to increase.

The decision of the Finance Committee stated, “Before the first borrowing process last June, there was an internal borrowing of 40 trillion dinars, to which 15 trillion dinars were added in June, so that the internal borrowing became 55 trillion dinars, and in the case of approval of the new borrowing, which is 41 trillion dinars, Internal borrowing will be 96 trillion dinars,” adding, “As for the previous external borrowing, it was 25 billion dollars, to which 5 billion dollars were added in June, so the external borrowing became 30 billion dollars, except for the hateful debts of the Gulf countries that are around 40 billion dollars, which is not talked about. And the extent of its impact in the event of a claim.

Al-Saffar reiterated his warning that "if the situation remains as it is, borrowing will negatively affect the country's credit rating, as well as its impact on Iraqi dealings and the government's financial position."

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Iraq proposes to form a joint committee to settle financial issues with Iran

Iraq proposes to form a joint committee to settle financial issues with Iran

 

12th October, 2020


Central Bank Governor Mustafa Ghaleb Makheif proposed, on Monday, the formation of a joint committee with Iran to settle financial issues between the two countries, while indicating that he would use Tehran's experience in financing and banking.

"Fars" news agency quoted Makhaif as saying, during his meeting with his Iranian counterpart, Abdel Nasser Hemmati, who arrived in Baghdad this morning, that "Iraqi officials affirm that banking issues between the two countries will be resolved and that the problems will soon be resolved in light of the approved mechanisms," indicating that "we are trying Continuing banking cooperation with the Islamic Republic of Iran, and we will use Tehran's experience in financing and banking. "


“All our efforts are to continue cooperation between the two countries, and the existing problems in the field of financial and monetary claims by Iran will be solved,” Mukhaif added, noting that “there are some mechanisms that can be used to help enhance banking and monetary cooperation between the two countries and solve the existing problems.” "We suggested forming a joint committee in the presence of banking and financial officials from the two countries to find the necessary solution to settle financial issues between Iran and Iraq," he said.

For his part, the governor of the Central Bank of Iran said, "I hope that the banking and financial problems between the two countries will be resolved in light of the determination and will of the Iraqi authorities."

Hemmati considered relations between Iraq and Iran "very important and effective," stressing that his country "attaches great importance to developing cooperation with Baghdad."

The governor of the Central Bank of Iran arrived in Baghdad this morning, heading a delegation to meet and consult with Iraqi officials, including Prime Minister Mustafa Al-Kazemi.

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Iraqi Central: We will use Tehran's experience in finance and banking

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12th October, 2020


The governor of the Central Bank of Iraq announced, on Monday, that banking issues with Iran will soon be resolved, indicating that Baghdad is seeking to use Tehran's experience in financing and banking.

In a statement received by Shafaq News Agency, the Iraqi Central Bank said that the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhaif, received today  his Iranian counterpart, Abdel Nasser Hemmati, who is visiting Iraq with a banking and economic delegation.

The Central Iraqi statement added that the meeting, which was also attended by the Director General of the Iraqi Trade Bank (TBI) from the Iraqi side , framed cooperation in the banking sector between the two sides and ways of solutions and treatments for financial dues for the Iranian side within the limits of the frameworks for that.

For its part, Iranian media reported that the governor of the Central Bank of Iraq and his Iranian counterpart stressed the solution of banking issues between the two countries. "We are trying to continue banking cooperation with the Islamic Republic of Iran, and we will use Tehran's experience in financing and banking," Mustafa Ghaleb Mukhaif said, adding that all our efforts are to continue cooperation between the two countries and the existing problems in the field of financial and monetary claims by Iran will be solved."

The governor of the Central Bank of Iraq added that "there are some mechanisms that can be used to help enhance banking and monetary cooperation between the two countries and solve the existing problems."

For his part, the governor of the Central Bank of Iran expressed his hope that, in cooperation with his Iraqi counterpart, the complex banking issues between the two countries would be resolved. "I hope that the banking and financial problems between the two countries will be resolved in light of the determination and will of the Iraqi authorities," said Abdel Nasser Hemmati. "Relations between the Islamic Republic of Iran and Iraq are very important and effective, and Tehran attaches great importance to developing cooperation with Baghdad."

The Governor of the Central Bank of Iran arrived in Baghdad this morning at the head of a delegation to meet and consult with Iraqi officials, including Prime Minister Mustafa Al-Kazemi.

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A Misleading Headline From The Arabish Translation ! :o 

 

:D  :D  :D 
 

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A senior Iranian official in Baghdad to return his country's hard currency dues

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12th October, 2020


Iranian media revealed, on Monday, that the governor of the Central Bank of Iran will travel to  the Iraqi capital, Baghdad, to return his country's financial dues.

The Iranian Mehr News Agency said that the Governor of the Central Bank of Iran, Abdel Nasser Hemmati, went this morning to the Iraqi capital, Baghdad, to hold talks with banking officials and return Iran's financial dues, indicating that he would hold talks with Iraqi banking officials.

She added that Humati's visit, accompanied by a delegation of senior finance and trade officials, comes as part of the follow-up to return Iran's dues from hard currency and pay off Iraqi debts to Iran.

Baghdad has financial dues owed to Iran by Iraq importing electricity from Iran and dry gas to run the power stations.

The Iranian official’s visit comes days after the US Treasury announced the imposition of sanctions on 18 Iranian banks, as part of the policy of maximum pressure exercised by the US administration against the regime in Tehran, against the background of the dispute between them over the Iranian nuclear program and other files.

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Documents ... The axes of the white paper that the Council of Ministers will discuss tomorrow

Documents ... The axes of the white paper that the Council of Ministers will discuss tomorrow
 
 
10/12/2020 15:42:38

 

 

 Translation of below documents .....



White Paper The proposed period for implementation is 3 years (2021 22.) 2023  

Axis I / Achieving sustainable financial stability

 

A- Maximizing revenues

 

B- Declining expenditures Reforms in the Ministry of Finance and Financial Management Systems

 

Axis Two / Achieving total economic reforms

 

A- Rehabilitation of the financial and banking sector

 

B- Banks - Insurance - Stock Market 

 

C- Sectors driving the economy Agriculture - Oil and Gas to upgrade them w- The private sector and activate the private sector fund and an initiative of the Central Bank Simplifying procedures Paying dues for contractors and providing job opportunities in the private sector

 

D - Restructuring self-financed public companies  


The restructuring of public companies financed by Dania, the losing companies are liquidated and the other companies are re-assisted and sold to some companies and are based on small projects in the area of relocation of the unemployed and the enterprises are obligated to develop human development and from the national strategy of education and training


Axis Three

A- Improving the Basic Infrastructure

B- Electric Power (Production, Transmission and Distribution, Collection, Alternative Energy)

C- Mobile Phone Communications, Network Connections

D- Transport Sector, Ports, Airports, Modern Roads of Trade)

C- Areas Duty Free and Industrial Cities

 

IV / Providing basic services A- Providing safe drinking water - Redrawing the social protection system C- The retirement system (a unified law that meets the private and public sector 0 W- Implementing the school building plan

V | Development of governance and the legal environment a- Review the implementation and amendment of the instructions for the implementation of government contracts, in terms of governance and public administration

 
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The White Paper we presented today to bloc leaders is a solution to Iraq’s economic crises, complete dependence on oil & lack of revenue streams.

The positive feedback of political blocs with the Paper & its proposals shows a responsibility towards our people that we praise.

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Iraq is not running out of money,they're just running out of cash money . The high notes will not be printed anymore, but they will be honored. Demand is outreaching supply . Now, even the lower notes are being sucked in and are no longer available .

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The reform paper and the transformation of the rentier economy into a productive one


Tuesday 13 October 2020


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Baghdad: Hussein Faleh
 
 

Specialists in economic affairs called for the necessity to present an integrated reform paper to the House of Representatives to save the Iraqi economy, which is gradually declining as a result of the increase in the financial deficit in the balance of government spending, due to the almost total dependence on oil revenues, warning of dangerous consequences that the financial crisis may leave on the future of the country, in If no radical solutions are found, to get out of the current crisis.

Economist Safwan Qusay said in a statement to Al-Sabah: "The government, through the statements of the Prime Minister and the Minister of Finance, is determined to present a reform paper that includes various sectors, especially after the country was hit by a stifling financial crisis recently, which is one of the most serious crises."

 
Investing resources
 
He added, "That the Iraqi economy remains hostage to oil revenues is a grave mistake, which prompted the government to think about finding alternatives and investing resources to diversify financial revenues," stressing the need for the economic paper to include various economic sectors to gradually transform the Iraqi economy from rentier to productive. It should start with fighting corruption, reducing unnecessary spending for some institutions, activating the private sector completely and completely, and giving it the most prominent role in moving the wheel of the economy, as well as controlling border outlets in terms of collecting fees and taxes, and opening the way for investment companies to work in Iraq and overcome the difficulties facing them.
 
He continued, that this may create a large economic resource, which makes the state not depend on oil as a main source to finance the budget, "stressing that the government may be serious in achieving reforms, but that they should be touched on the ground. He stressed" the importance of developing economic plans and visions that would guarantee them. " By activating the economic sectors and supporting the private sector. "
 
Maximize resources
 
For his part, a member of the Finance Committee, MP Abd Al-Hadi Al-Saadawi, stressed the need for the government to present a comprehensive reform paper to advance the Iraqi economy and maximize resources. Al-Saadawi said in a statement to Al-Sabah: “The Finance Committee hosted Finance Minister Ali Allawi and inquired about the reasons for not presenting The reform paper goes to parliament, "pointing out that" the minister promised to present a reform draft to Parliament in mid-October Present".
 
He added, "The paper will be a road map for the Iraqi economy in order to maximize resources, expressing his hope that the reform paper will witness practical steps to advance and develop the economy and find alternatives to oil as a source of state revenue."

He pointed out that "the House of Representatives obligated the government not to resort to borrowing without submitting a comprehensive reform paper, but it has not yet been submitted to the House of Representatives."
He continued, "When presented to the House of Representatives, it will be discussed, studied, and its objectives are known, and will it achieve its results according to the current data or not?"

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The private banking sector challenges and visions of reform

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13th October, 2020

 

The complex economic conditions and the repercussions of the spread of the Corona virus, and the political quarrels and conflicts by political parties and blocs that have led to great damage to the national economy, stalled the economic cycle and economic stagnation, in addition to the accumulations and repercussions in the absence of a clear economic approach for governments are not hidden from the specialists and the banking cadres working in the private banking sector. And since the banking sector is the main link in the revitalization of the economic process, the current circumstances have contributed to weak banking activity, which had clear effects on the lack of liquidity and revenues and the decline in deposits, credit and loans and banking facilitiesdue to the interruption of working hours during the comprehensive curfew for more than 30 days and the reduction in working hours and banking activity during the partial curfew which led to a significant decrease in revenues, and despite the many measures taken by the Central Bank in providing a package of many facilities to banks, including enhancing their liquidity by reducing the legal reserve ratio and postponing Loan installments and suspension and postponement of fines imposed on banks

According to the analysis of official data and statistics, the structure of the Iraqi banking sector consists of 7 banks that acquire 86% of the total deposits of the government and the public and 78% of the total assets, and private banks constitute 72 commercial and Islamic banks and invest 78% of the capital of the Iraqi banking sector and have received only 13 % Of the total annual profits achieved at the total level and the goals

 The decree for the banking sector in all government programs of previous governments is focused on achieving lending for development, considering banks as a lever of development, restoring confidence with the public, and achieving financial inclusion in the sense of expansion and spread by providing banking products and services, practicing real banking and digital transformation of the banking sector

 Through an analytical view of the reality of the Iraqi economy and the challenges facing the financial and monetary policies, in particular stimulating and revitalizing the economy with bank financing and banking facilities, the above challenges stand in front of its implementation at the present time despite the great efforts made by the Central Bank since 2016 to implement the objectives of its strategy for the years (2016-2020) which it achieved important and basic objectives, most notably the structural, structural and technical developments in banks, increasing the percentage of financial inclusion and investment in human capital, and moving rapidly towards stability in the monetary system and achieving stability in the exchange rate since 2018, but private banks are still  in urgent and immediate need for government support through a study Its problems in the current situation in the emergency cell for financial reform formed in the Council of Ministers for the purpose of saving some private banks from collapse. Therefore, we propose the following:

 First The nature of bank activities depends on the nature of the activities of the economic sectors, and as long as the economic activity is concentrated in trade (imports), the activity of banks remains focused on external transfer and what is related to that .. So unless other sectors move (industry, agriculture, tourism, etc.) we cannot expect the diversity of activity Banker. It is worth noting that without controlling imports, these sectors will not rise, which explains the lack of progress on serious loans through the central bank’s initiative to finance small and medium enterprises

Secondly, the legal environment must be provided and the authority of the law extended in order to eliminate the phenomenon of default in the payment of loans, as the bad debts amounted to the limits of (5 trillion dinars) up to 30 / June / 2020, which constitute a large percentage of the total credit granted and thus the reluctance of banks to provide loans and banking facilities. Therefore, we see that the decisions of the Council of Ministers and the Economic Affairs Committee in the Council of Ministers, which were previously issued in support of the banking sector, in particular private banks, were not activated. It obstructed the business and activities of private banks and greatly affected their liquidity, revenues and deposits, for the purpose of overcoming the banking crisis, in a manner that ensures the transfer of banks from the role of banking to the developmental role and revitalizing the banking work in the current situation requires the government, especially the distinguished cabinet and the emergency cell, to activate the decisions previously issued The Council of Ministers and the Economic Affairs Committee, which are as documented by the following numbers and dates:

Third ‐ Activate all the decisions of the Special Economic Affairs Committee to support private banks, in particular the following:

-1 The Ministry of Finance changed its decision not to accept the opening of bank accounts for ministries and state departments in private banks and restricted them to government banks according to its letter 207
dated 1/31/2019

2 ‐ Activate The decision to allow ministries and government departments to open documentary credits in private banks up to $ 50 million without going through the Ministry of Finance and the Iraqi Bank for Trade

3 - Activate Cabinet Resolution No. 110 of 2009 and Economic Affairs Committee Resolution 141 dated 20/2/2012 regarding transferring government bank documentary credits up to $ 30 million to private banks through the Iraqi Trade Bank

4 Activate the Economic Affairs Committee Decision No. 253 of 2015

Concerning the acceptance of instruments certified by private banks to pay insurances, customs fees and taxes

Fourth ‐ Activate Cabinet Resolution No. 378 of 2018 regarding the collection of government fees in state departments through electronic payment

Fifthly Activate the Financial Services Court formed in accordance with the Central Bank Law No

Sixth: Considering bad debt claims owed by customers in private banks as urgent and excellent debt cases, similar to government debts

Seventh, in addition to the efforts exerted by the Central Bank, the government must also work to create conditions and take measures to help private banks obtain an internationally approved credit rating, thus strengthening international banking relations with correspondent banks

Eighth - The Ministry of Finance compensated for the damage in monetary and fixed assets that were lost by the branches of private banks, which amount to (37) branches in the governorates occupied by the terrorist ISIS in 2014, which are documented by the Central Bank of Iraq

Ninth ‐ Activate Cabinet Decisions No. 313 for the year 2016 and No. 218 for the year 2017 concerning the resettlement of salaries of employees and ask government departments to localize their salaries according to their desire and not direct them to settle salaries in government banks exclusively

Edited by DinarThug
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On 10/9/2020 at 3:32 PM, GreedyDinar07 said:

Anybody know where I can buy some more Dinars?

 

Another 'guru' recommends a check at UKDinar dot com. Speedy, reliable transactions. I'm already stocked so I have not bought from them. Search the internet. Good luck.

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The G20 considers measures to support a rapid and sustainable economic recovery

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13th October, 2020

 

The official Saudi Press Agency reported early Tuesday that G20 finance ministers and central bank governors will hold a virtual meeting on Wednesday under the Saudi presidency to discuss how to support a rapid and sustainable global economic recovery

The meeting will also discuss updates to the G20 action plan to support the global economy during the Coronavirus pandemic and the progress made in the G20 initiative to suspend debt service payments and propose an extension until 2021

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