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Justifications For Changing The "Iraqi Dinar" Exchange Rate


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It's possible that a few of us shall shite our pants when it finally hits . Tooting is what a gal does, guys fart ,granma says.

17 minutes ago, horsesoldier said:

( Toot Toot ) Vas is los ? Farting? 

 

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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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33 minutes ago, horsesoldier said:

( Toot Toot ) Vas is los ? Farting? 


U Can’t Handle The Toot ! :o 

 

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Go Ahead - Pull My Finger ....... Make My Day .....
 

:D  :D  :D 
 

Edited by DinarThug
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Iraqi telecom: our new projects will reach the home of every iraqi

 

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14th October, 2020


The Ministry of Communications revealed a project to establish and operate a fiber-optic network for homes across the country, indicating that the project aims to provide digital services and integrated communications to all Iraqis at reasonable prices and multiple options that match the modern boom in the world.

The Minister of Communications, Arkan Shihab Ahmed Al-Shaibani, said in a press statement followed by Al-Ahed News that “the new lines will not be limited to internet services of high standards. Rather, it will secure other communications such as landline, as well as all modern applications, television services, sports channels and paid-for channels at reasonable prices.  This project will be completed within one year approximately. He pointed out that "the project will work on connecting the optical cable to the Internet to every home in order to contribute to improving the Internet."

The Ministry of Communications and Informatics Company, affiliated to the Ministry, supervises and contributes to the implementation of the project coded “FTTH” for a high-speed fiber-optic network for homes, with a total capacity of 4 million subscribers (home) as a first stage to be completed within one year, distributed among 16 regions representing all governorates of Iraq except for The region, and Baghdad governorate are two regions (Rusafa - Karkh)

And the Ministry of Communications had revealed earlier, that it is currently working to address the problem of the Internet, by switching from WiFi services (tower service), to optical internet (optical filament), to every home, while it indicated that relying on optical internet will improve Web quality.

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4 minutes ago, new york kevin said:

I was told by my older sisters that women fluff, they don't toot or fart .

Puffers is a polite name for it ,and most of the time they are not foul. The question is ,how does one address a fart or puffer in a social situation ? If it was mine , I'd pretend that nothing's wrong ,hard core honesty here 

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It's possible that a few of us shall shite our pants when it finally hits . Tooting is what a gal does, guys fart ,granma says.

2 hours ago, horsesoldier said:

( Toot Toot ) Vas is los ? Farting? 

   Emily Post says that the polite thing to do is simply ingnore the puffer or fart . If it's undeniably yours , a good PR firm would tell you to fall on your sword and admit to it .

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1 hour ago, dinarham said:

It's possible that a few of us shall shite our pants when it finally hits . Tooting is what a gal does, guys fart ,granma says.

   Emily Post says that the polite thing to do is simply ingnore the puffer or fart . If it's undeniably yours , a good PR firm would tell you to fall on your sword and admit to it .

 

When I fart, I admit to it and own it. . . By then however, I've already cleared the room so there's really no one to tell.:lol:

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23 hours ago, DinarThug said:

With 4 different means ... How does Iraq pay Iran’s money amid US sanctions?


2020-10-13
 
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Yes Iraq: Follow up

 

Iran is moving to obtain its money in hard currency from Iraq, which represents the value of its dues from selling gas and electric power to Iraq, while US sanctions prevent money from dealing with Iran and paying it in the league currency, the dollar.

Amid a visit by the Governor of the Central Bank of Iran to Iraq, and his request to pay Iran's dues, questions arise about how Iraq will pay the Iranian money with the presence of US sanctions.

A report published by the American Al-Hurra website reported that "the size of Iraq's debts to Iran amount to about four billion dollars," according to the source, who said, "These debts resulted from Iraq's purchase of Iranian gas and other oil derivatives, as well as the import of electric power."

And while Iranian media reported that the two parties had reached an "agreement on releasing Iran's financial assets so that it could buy basic goods in the country."

These means did not indicate what the "mechanism" agreed upon, while the Central Bank of Iraq statement did not indicate any agreement.

The report quoted a source as saying that “the Iranian side hoped that the changes in the Iraqi government and the appointment of a new governor for the Iraqi Central Bank would lead to facilitation in the payment of funds to Iran,” noting that “the Iraqi side informed the Iranians that it would adhere to the old mechanisms for debt repayment, due to the sanctions imposed by the states. United over Iran ”.

 

How does Iraq pay Iran’s money?

The old mechanisms include deducting customs dues on Iranian goods, and fees for services such as aircraft services and visas from Iranian debt, as well as allowing Iran to purchase goods in Iraqi dinars from the local Iraqi market, according to the source, who also said that “Iraq paid Hajj fees to Iranian pilgrims in one year and deducted The amount of the total debt owed by him to Iran.

And Iraq tried in the past to pay sums to Iran through China, according to the source, who said that "the money returned to Iraq after the Chinese Central Bank was unable to deliver it to Iran," without giving further details.

 

Iraq is using Iranian gas to run its power plants, to alleviate its energy crisis.

The head of the Future Iraq Foundation for Economic Studies, Manar Al-Obeidi, said that it is not possible for Iraq to conclude agreements of this kind with Iran without taking a "green light" from the United States.

While the exemption from US sanctions, granted to Iraq, allows it to continue buying gas and electricity from Iran, it is not allowed for Iraq to pay dues for these materials in US dollars or euros.

 

Iraq can pay the debts in Iraqi dinars, which does not benefit Iran, or exchange them for goods and fee exemptions. However, the current mechanism only allows Iran to collect part of the debt.

"If Iraq takes a unilateral step without consulting the American side, this is a very dangerous matter that could destabilize the Iraqi economy with a set of sanctions," Al-Obaidi said.

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Iran is moving to recover five billion dollars in Iraqi banks

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14th October, 2020


The Governor of the Central Bank of Iran, Abdel Nasser Humti said on Wednesday that his country is continuing negotiations with countries to recover its frozen funds, including five billion US dollars in Iraqi banks.

Hemmati said in a statement to reporters today that tens of billions of Iranian proceeds funds are frozen in foreign banks, and even countries that have good relations with Iran cannot dispose of this money due to US pressure and threats .

"The pressure on Iran has become more intense in the last days of the current US president, and therefore we must withstand and resist these pressures and work to lift their repercussions inside the country," Irani added.

He indicated that Tehran continues negotiations with countries that include frozen Iranian assets in their banks, indicating that his recent visit to Iraq was in this context and that the results were positive, hoping to recover five billion dollars of Iranian money in Iraq.

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1 hour ago, DinarThug said:

 

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Iran is moving to recover five billion dollars in Iraqi banks

1602673304295.jpg

 

14th October, 2020


The Governor of the Central Bank of Iran, Abdel Nasser Humti said on Wednesday that his country is continuing negotiations with countries to recover its frozen funds, including five billion US dollars in Iraqi banks.

Hemmati said in a statement to reporters today that tens of billions of Iranian proceeds funds are frozen in foreign banks, and even countries that have good relations with Iran cannot dispose of this money due to US pressure and threats .

"The pressure on Iran has become more intense in the last days of the current US president, and therefore we must withstand and resist these pressures and work to lift their repercussions inside the country," Irani added.

He indicated that Tehran continues negotiations with countries that include frozen Iranian assets in their banks, indicating that his recent visit to Iraq was in this context and that the results were positive, hoping to recover five billion dollars of Iranian money in Iraq.


No pressure. Hate to have his job. 😂

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5 hours ago, gregp said:

Iran cannot dispose of this money due to US pressure and threats .

 

Its called sanctions abdel nasser humti  ... get comfortable with it :bananacamel:

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Yo Snap - Did They Just Say ‘Toot’elage ? :o 

 

:D  :D  :D  

 

 

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The Iraqi Central Bank imposes tutelage on a bank with Iranian participation

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15th October, 2020


A government source revealed on Thursday that the Central Bank of Iraq imposed trusteeship on the "Islamic Cooperation" bank financed by Iranian banks in the country.

The source told Shafaq News that the Central Bank imposed trusteeship on the bank, based on the decision of the board of directors of this bank and based on paragraph (1 / d) of Article (59) of the Banking Law No. 94 of 2004

The source indicated to the formation of a committee from this bank to supervise it and take all the powers granted to it, according to the above banking law.

It is noteworthy that the biggest contributors to this "Islamic Cooperation" bank are Iranian banks, which are "New Economy, Shawarzi".

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A Major Prisoner Exchange Deal Between The United States And Iran To support Trump In The Elections

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15th October, 2020

 

An Iranian media site said that a new prisoner exchange deal is on the horizon between the US administration headed by Donald Trump and Iran.
 
"Iran's Jada" website quoted its sources as saying that there is a "major exchange" for prisoners between Tehran and Washington before the US presidential elections, and clarified that it will also include freeing $ 7 billion of Iran's frozen funds, which did not happen in previous cases of prisoner exchanges during the Trump era.
 
The site confirms the authenticity of some of what has been circulated on social media and unofficial media outlets that among the prisoners to be exchanged are Murad Tahbaz, who is sentenced to 10 years in prison, and who is imprisoned in Iran on charges of spying under the cover of environmental projects, and Siamak Namazi, who is also being held by Tehran on charges of espionage and gathering information, And the American businessman of Iranian descent, Baqir Namazi and his son.

The website stated that 3 Iranians were arrested in Thailand with the crime of carrying out operations against Israel. And US Secretary of State Mike Pompeo called for the release of dual-national prisoners held in Iran, and Pompeo described in his tweet on Twitter their continued imprisonment as an immoral act, calling for their speedy release.


The site added to Trump's statements that "an agreement with Iran is close, and that he will reach an agreement with it within a month after the American elections." The site referred to what it described as a state of division of opinion among Iran's elite about the US elections and their outcome, and that Tehran would be "comfortable during negotiations with the Biden administration and will enjoy the embarrassment that President Trump's electoral defeat will cause."

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18 hours ago, dinarham said:

It's possible that a few of us shall shite our pants when it finally hits . Tooting is what a gal does, guys fart ,granma says.

   Emily Post says that the polite thing to do is simply ingnore the puffer or fart . If it's undeniably yours , a good PR firm would tell you to fall on your sword and admit to it .

 

OH HELL NO!! I prefer to "crop dust" where you curse around the room leaving a few SBDs and then stand back and watch the reaction. PRICELESS!!!

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The Iranian currency is undergoing the biggest collapse

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16th October, 2020


The price of the dollar exceeded the barrier of 32,000 Iranian tomans, setting a record.

Today, gold markets also witnessed an increase after a limited decline, as the markets recorded the price of an ounce of gold at 16 million and 200 thousand tomans. 

And the head of the Central Bank, Abdel Nasser Hemmati, had expected that Iran's markets would witness increased pressure in the coming weeks, ahead of the highly sensitive US elections.

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Deputy explaining the reasons for the high price of the dollar against the dinar

2020-10-16 | 05:03
Deputy explaining the reasons for the high price of the dollar against the dinar
 
 
 


On Friday, a member of the Parliamentary Finance Committee, Naji Al-Saeedi, revealed the reasons behind the high exchange rate of the dollar against the dinar in the local market.
 

 
Al-Saeedi said in an interview with Alsumaria News, "Any country exposed to a financial policy crisis, its monetary policy will be affected in turn," indicating that "Iraq operates today according to the fixed exchange rate system, which is very exaggerated and is supportive of the external product, not the domestic."
 
 
Al-Saeedi added, "The shift from the fixed exchange rate to the creeping exchange rate, especially in periods of financial instability, will have a very negative impact on the expectations side, as if the price is raised to a point or two, it may affect four or five points in the market and this is for him." Negative effects on low-income people and the simple citizen, "stressing that" the use of inflationary financing or the new monetary issuance, as when the government borrowed treasury bonds from the central bank, the latter did not use the existing hard currency reserves, but rather used the new cash issue. "
 

He pointed out that "this measure by the Central Bank raised the monetary mass in Iraq from 56 trillion dinars to approximately 80 or less trillion dinars, and this increase leads to monetary inflation and continuing with it leads to an increase in the exchange rate of the dollar towards the Iraqi dinar and this is a very natural thing in monetary policy." , As the new monetary issue leads to the exchange rate of the dollar, given that the government did not use real resources to finance the deficit, but rather used inflationary resources. "

Al-Saeedi stressed, "This procedure is similar to what the previous system used to do, and it is contrary to Central Bank Law No. 56 of 2004 in its Articles 32 and 28."
 
» Join Alsumaria Channel on YouTube now, click here
 
 
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European Parliamentarians Are Calling For The Isolation Of Iran And The Expulsion Of Its Ambassadors

 

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16th October, 2020
 


On Friday, European parliamentarians called for the isolation of Iran by expelling its ambassadors and dismantling its institutions. To ensure the cessation of terrorist operations in their country.

This came in a joint statement by 70 members of the parliaments of European countries, including France, the United Kingdom and Italy.

In their statement, the parliamentarians stressed the need to protect Europe from the Iranian regime's government terrorism. They expressed their concern “about the continuing human rights violations and executions of dissidents in Iran”. And they called for three specific international measures, the first of which is that the continuation of relations with the Iranian regime should be subject to the necessary guarantees to stop terrorist acts on European soil.

As for the second demand, it was to "send practical warnings to the Tehran regime, such as closing the embassy and expelling the ambassador and its diplomats." And third, "the deportation of the Tehran regime's intelligence agents working under the guise of a diplomatic or journalist, as well as businessmen, and the dismantling of the regime's religious and cultural institutions in Europe that serve its terrorism."

Signatories to the statement include: “David Ames, Vice President of the British Association for Iranian Freedom, Lord Carlisle of Brio, Co-Chair of the British Committee for Free Iran, Pothruide OM, former Speaker of the House of Commons, and Lord Dholakia, Vice President of the Liberal Democrats and former President The party, Lord Singh of Wimbledon, member of the Joint Commission on Human Rights.

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The economic file in Iraq did not receive appropriate attention throughout the years following the year 2003, as the oil sector monopolized the engine of growth and economic stability in the country during the past years in the absence of serious government policies to diversify the national economy.

The successive Iraqi governments have been keen to continue the pattern of growth associated with oil despite the risks of mortgaging the national economy to the boom and bust cycles that the oil markets are constantly witnessing. Despite the severity of the crises that affected the Iraqi economy as a result of fluctuating global oil prices, the most recent of which was the 2014 crisis and the collapse of prices to less than (25) dollars per barrel, but the implementation of economic reform policies remained far from the circles of interest in the corridors of decision-making in order to preserve the interests of the political system holding power and resources in Iraq.

In 2020 as is the year 2015 and 2014, oil prices fell sharply, leading all economic sectors towards economic recession due to the fact that the budget and the economy are closely linked to the oil resource. In light of the unjustified inflation of public spending in recent years, the recent decline was more harmful to the economy due to the exacerbation of the public budget deficit, which is estimated in the 2020 budget of more than (81) trillion dinars, compared to (27) trillion dinars, a deficit planned in 2019.

As a result of the Corona pandemic and the large closure it imposed on most advanced and emerging economies, oil prices fell sharply, approaching $ 20 last April. Despite the relative recovery of prices and reaching a barrier of (40) dollars during the past weeks, the reduction of Iraqi oil exports by more than one million barrels per day, in compliance with the OPEC Plus agreement to control production, did not significantly improve the Iraqi oil revenues, which remained ranging around (3) billion dollars until Last September, compared to (6) billion dollars achieved in January of this year.

The current financial crisis in Iraq is a reflection of the weakness of reform policies and economic diversification, and the consequent serious distortion of the right of the public budget in both its revenue and spending levels during the years following the year 2003. On the revenue side, the excessive dependence on oil undermined the chances of stabilizing government revenues, especially with the weak government efforts in Maximizing and mobilizing non-oil revenues and the acquisition of oil for more than 90% of government revenues. As for government expenditures, they continued to swell outside the limits of the government's financial ability, without achieving significant returns in investment, services and infrastructure. Operating expenses increased in favor of unjustified government employment policies and unjustified consumer expenditures.As for the investment expenditures, they have smoothly seeped into the pockets of rampant corruption in government institutions, with most infrastructure projects remaining without much achievement despite the lack of the Iraqi provinces and cities for the simplest public services such as water, electricity, sewage and other necessary services.

With regard to the current financial situation in Iraq, the Ministry of Finance figures indicate that Iraq has achieved total revenues of approximately (53) trillion dinars, of which (33) trillion dinars are oil and non-oil revenues, in addition to the revolving balance from the year 2019 to 2020 of (5) trillion dinars and a loan The Ministry of Finance, according to the Internal and External Borrowing Law No. (5) of 2020, amounting to (14.5) trillion dinars. Whereas, financing expenditures for the same period amounted to approximately (51) trillion dinars allocated to salaries, retirement, social protection network, debt premiums, interest, ration card, wheat, operational expenses for security departments, presidencies, health departments, medicines ... etc. And the amount of (380) billion dinars for investment projects, according to work achievements. Thus, the remaining amount is about 1.8 trillion dinars until mid-September.These figures reveal the difficulty in absorbing the monthly government revenues estimated at about (3) trillion dinars, net after excluding Kuwait compensation and the dues for licensing rounds, for the necessary monthly government expenditures estimated at more than (6) trillion dinars per month.

Iraq has not had the opportunity to establish stabilization funds capable of absorbing shocks in the oil market and bridging the financing gap, as is the case in the Arab Gulf states. This makes the options for financing public spending in Iraqi dinars limited to the value of crude oil sales to the central bank, and non-oil revenues such as taxes, fees, corporate profits, and sales of government assets and property, which annually cover no more than (3%) of total public spending. And finally, internal loans from the banking system, which are re-deducted with the central bank, so that the latter would indirectly finance the federal government’s debts, given the inability of the Central Bank, according to its law (56 of 2004), to directly finance government loans.

Despite the shortcomings of borrowing in general, the financial and economic situation in the country makes it imperative for the government to adopt an expansionary fiscal policy partly funded by internal public borrowing to compensate for the economic recession caused by the decline in oil prices and the Corona pandemic in most economic sectors in the country. Especially with the increase in unemployment rates as a result of the decline in public and private investment projects and the shrinking of private sector activity, which increases the role of government spending (salaries and government purchases) in continuously moving the productive and service sectors.

In recent times, the option of reducing the value of the Iraqi dinar was put forward to achieve financial goals (maximizing government revenues) and economic goals (supporting the national product). In fact, all these calls fail to realize the naturalness of the economic, financial and social costs resulting from this policy in comparison to the returns that may be realized. Resorting to lowering the Iraqi dinar to finance the financial resources gap is not an appropriate option at the present time, for several reasons, the most important of which are:

1- Weak government revenues generated from this option, estimated at (600 billion dinars) per month, if the exchange rate of the dinar is reduced to (1500) dinars against the dollar instead of (1182) dinars against the current prevailing dollar.

2- The high exchange rate of the dollar in a country that depends on imports to feed the domestic demand for various types of goods and services means generating spiral inflationary pressures that undermine the cash incomes of the middle classes and seriously crush the poor classes.

3- The central bank’s foreign dollar reserves remain within comfortable ranges ($ 53 billion), which makes the domestic borrowing policy possible even with the widening gap between the Ministry of Finance’s sales to the Central Bank and the latter’s sales of the dollar to the private sector.

4- The devaluation of the Iraqi dinar cannot be considered at this stage as a necessity to raise the capacity of the national product for several reasons, the most important of which is the lack of productive capacities and national goods capable of competing in international markets for the purpose of supporting them by lowering the exchange rate.

5- It is very likely that the procedure to reduce the value of the Iraqi dinar will lead to strong speculation on the dinar by converting the cash balances (hoarded and saved) from the dinar to the dollar in order to preserve the real value of those assets, which leads to an increase in the demand for the dollar and the transformation of local exchange systems towards dollarization, as happened. In Lebanon.

* Researcher at the Al Furat Center for Development and Strategic Studies / 2004-2020
www.fcdrs.com

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I like number 4 and 5. It appears that they are realizing they have to diversify their economy and decreasing the value of the IQD will not help their economy. Apparently, the low price per barrel of oil plus the World Economic crisis will make them compelled to use their own currency at some point. I hope the "White Paper Reform Package" leads to an increase in the IQD. I believe it is a 3 year plan and if it doesn't then I give up. I want to prove so many people wrong for thinking I was a fool for buying IQD. Hell, the way things are looking hear in the US buying IQD may have been the best move I have ever made.  For some reason it appears all of this is connected some kind of way. Any takers on this one??????

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On 10/16/2020 at 5:25 AM, DinarThug said:

there is a "major exchange" for prisoners between Tehran and Washington before the US presidential elections, and clarified that it will also include freeing $ 7 billion of Iran's frozen funds, which did not happen in previous cases of prisoner exchanges during the Trump era.

Using there own money held in Iraq’s banks clever!

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