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Central Bank Governor: We Have Started Implementing The Banking Sector Reform Plan !


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Advisor: The Rafidain Bank’s Entry Into The Currency Auction Provides Stability In The Exchange Market

 

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16th October, 2020


The Economic Advisor to the Prime Minister Mazhar Muhammad Salih confirmed that the intervention of the Rafidain Bank in the activities of buying and selling may provide stability in the exchange market.

He said in a press statement followed by Al-Mustaqilla today, Friday, that: The development of windows for selling the dollar through the First Governmental Commercial Bank, i.e. Al-Rafidain Bank, is the embodiment of the money market operations that the bank practices to buy and sell dollars with its customers from banking companies on behalf of the monetary authority.

Saleh added that: This matter is a new direction to develop the operations of the (wholesale) money market for foreign currency. The intervention of Al-Rafidain in the activities of buying and selling may provide stability in the exchange market, but depends on meeting the new window for the total foreign cash demand (from outside the remittance market) because it is feeding Demand by way of remittances is still one of the tasks of selling and buying foreign currency for the Central Bank of Iraq, which constitutes more than 90% of the need for foreign exchange in order to finance foreign trade for the private sector.

He explained that: There is a correlation in the formation of the exchange rate and its movements in the secondary market between the remittance market and the cash dollar market. The latter market is highly correlated and highly sensitive to the information market and is affected by it quickly, so the cash dollar market is considered one of the most sensitive markets in driving the price in the parallel market for exchange, but it is encouraging at the same time to form an effective and highly flexible offer from outside the Rafidain monetary window.

And Saleh continued that: By virtue of the current monetary behavior of individuals in the local economy that is semi-dollarized and the composition of the demand for foreign currency, which is based on the hoard of individuals in foreign currency or their bank deposits in the same foreign currency, we find that there is a foreign reserve (latent) and prepared for effective supply in the cash dollar market estimated by Some, in total, are not less than 7-10 billion dollars, which are saturated sums that are kept with individuals, most of which are outside the local banking system, and are sometimes used in settling large internal transactions, such as dealing with real estate, land, transport, gold, and others.

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Finance issues an explanatory statement about the "white paper" and its positive points https://alahadnews.net/123474/العراق/محليات/   Author: AhadNA3 On 10/21/2020 - 3

Hurry up, hurry up ..... HURRY THE HELL UP ALREADY !!!!   okay, I’m calm..... we’ll, not so much as I thought. Yes, I’m very impatient these days.

GOOD!

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Representative economics: The white paper includes the conditions of the World Bank that affect the life of the citizen

 

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16th October 2020


A member of the Parliamentary Economic Committee, Mazen Al-Faili, confirmed, on Friday, that the white paper for reforms includes the conditions of the World Bank, while he indicated that borrowing is a bitter option, but it is necessary.

Al-Faili said, "The reform white paper prepared by the Council of Ministers reached the House of Representatives for the purpose of detailed discussion," explaining that it "contains the conditions of the World Bank, and these conditions are excessively strict, and affect the life of the citizen who must not bear the mistakes of previous governments." 

He added that "the reform materials in the white paper are implemented over a period of three years to reform the financial and economic situation in the country, as Iraq is currently suffering from a lack of financial returns with a delay in the process of disbursing employees' salaries," noting that "the paper includes reform points that are implemented in the long run, and reform materials." Others should be applied in the licensing rounds, and the oil agreement with OPEC, given that the global economic situation has differed from the previous one."

He pointed out, "Borrowing is a bitter option, but it is imperative, and we must reconsider taxes, levies, and expenditures, and search for new doors to increase revenues so that the citizen and employee are not affected."

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38 minutes ago, 6ly410 said:

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."
 
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Some Great Articles That U’ve Been Posting - Thx Bro ! ;) 

 

:D  :D  :D 

 

 

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The correlation of prices and the importer with the US dollar .. Is it the loss of Iraqi sovereignty?

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15th October, 2020


Constant fluctuation that generates the decrease and rise of the national currency exchange rate against the hard currency has a positive relationship with the Iraqi market; Prices are directly related to whether the dollar is high or low; For example, if the exchange rate became 2400 dinars against one dollar after the previous price was 1200 dinars for every one dollar, then the value of the commodity in the market would jump to half its price, the need for the price would be 1000 dinars would jump by a high rate to be doubled by 2000 dinars, each good and service and imported goods, whether private or local, in general, that are directly affected by the foreign currency exchange rate variations within the country.

The size of the association of domestic product abroad is usually called commercialism, and it is usually measured by the trade deficit, that is, the difference between imports and exports, and its ratio to the size of the annual product; The dollar is required to pay for imports, and in return, part of it can be met through exports. When imports are greater than exports, part of the resulting income must be converted into dollars to meet the imports.

In light of this, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, suggested that the bank's foreign reserves declined due to the increase in import financing and the decline in dollar revenues from the Ministry of Finance. “The decline in the global price of oil and the reduction in production in Iraq, based on the OPEC agreement, led to a decrease in crude oil revenues, and consequently to a decline in the dollar amounts that the Ministry of Finance was selling to the Central Bank of Iraq. In exchange for the Iraqi dinar that it uses to finance its expenditures locally." 

The governor added, "This led to a decline in the accumulated quantities of foreign currency at the central bank, in addition to the process of discounting the securities issued by the Ministry of Finance, for the purpose of bridging the deficit witnessed by the government in financing its spending, especially the current spending by the Central Bank of Iraq in favor of government banks." He noted, “Most of the current spending will turn into a consumer demand that ultimately represents a demand for the US dollar, and with the central bank meeting this demand to finance imports, foreign reserves are expected to witness a decline in addition to the decline resulting from the decline in oil revenues if the current data do not change." The prices of goods and services are linked to the price of the dollar if they are imported, because imports are denominated in the US dollar, not the local currency, given that the dollar is a global currency, so any decrease or rise in the price of the dollar will be directly reflected on many goods, and then on the citizen's purchasing power according to For the researcher specializing in economic affairs, Rafat Al-Baldawi.

Al-Baldawi added, "This is due to the weakness of local production, especially the private sector, which must be more effective in the economy, and to quickly exit from the state of clinical death in which it is living due to the previous conditions it faced, some of which are improper governmental procedures and decisions, as well as its excessive interference in all economic activity is as if we were a socialist state."  In numbers, the economic researcher reveals "the value of imports during 2018, which amounted to about $45 billion," usually this financial figure and with the continued decline in oil prices, "poses a high risk to foreign reserves at the Central Bank of Iraq, because of the gap between the dollar inflows and outflows of dollars, which constituted a large deficit in the balance of payments during 2020, “which directly affected foreign reserves.”

 

Al-Baldawi points out, "This pressure and depletion on the reserves could reduce it below the value of the local currency, which could lead to a devaluation against the dollar." 
 

Iraq is now going through a double deficit, the first in the general budget, which pushes towards borrowing, and the second deficit in the balance of payments, which leads to the depletion of foreign currency and the decrease in reserves, and this requires quick treatments at the level of the two deficits, according to Al-Baldawi, "adding:"In the short term and to reduce the budget deficit, we must the government begins to rationalize current spending other than salaries, and rationalize current spending on salaries by reducing the salaries of higher and special ranks the amounts in them, and the other short-term treatment to protect reserves is the orientation towards external borrowing denominated in dollars and not internal borrowing denominated in local currency only. As for the medium and long term treatments, Al-Baldawi believes that "serious measures and decisions must be determined to revitalize the industrial and agricultural sector, especially those consumer goods."

The issue of prices reflects everything, for the correlation of prices and domestic and imported production with the US dollar is the country's loss (of its sovereignty), which is practically a result of the decline in domestic production and dependence on imports, and the mastery of money owners and the owners of huge profits from influence and monopolistic trade, and their pursuit of a rapid and speculative profit. 

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55 minutes ago, 6ly410 said:

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

 

14 minutes ago, DinarThug said:

Some Great Articles That U’ve Been Posting - Thx Bro ! ;) 


And Here It Is After An Episode Of ‘Pimp My Ride’ ! :o 

 

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

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

 

16th October, 2020


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 that is exposed to a financial policy crisis, its monetary policy will be affected in turn," indicating that "Iraq Today, it operates according to a fixed exchange rate system, and it is very exaggerated and supports the external product, not the local."

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 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 of 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 inflationary resources.

”Al-Saeidy stressed, “This procedure is similar to what the previous regime used to do, and it is contrary to Central Bank Law No. 56 of 2004 in its Articles 32 and 28.” 

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Co-opt ,as in being a member of the World Bank and able to meet their stringent Basel3 requirments ? These requirments make it very hard for corruption to occur . the game behind the game behind the game will soon be over in Iraq .

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42 minutes ago, horsesoldier said:

let the true nature of game behind the game behind the game - BEGIN 


Luckily Weegie Knows How To Navigate All Of The Secret ‘Bank Rate‘ And Computer Gaming Back Screens ! :o 

 

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Yo Snap - Was That Just The RV Train Going By ...

 

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https://1001iraqithoughts.com/2020/10/14/can-the-white-paper-deliver-on-economic-reform/

 

CAN THE WHITE PAPER DELIVER ON ECONOMIC REFORM?

 

Posted by Iraqi Thoughts | Oct 14, 2020 | Economy, Featured | 1 

The Iraqi government’s long-awaited “White Paper” was formally approved by cabinet on October 13 after it was shared with members of parliament, who will now undertake a thorough review. Billed as a blueprint for addressing Iraq’s economic woes, its completion had been a source of tension between parliament and the government. But yesterday’s milestone was only the first step in an arduous journey that Prime Minister Mustafa Al-Kadhimi’s government must undertake if it is to deliver on its bold promises. With time running out, the difficult task of garnering sufficient political buy-in must be accelerated if the 95-page document is to be translated into tangible changes. 

The White Paper lays out a three-year plan for how Iraq’s financial predicament can be reversed. The first half of the document presents the scale of the problem in intricate detail, utlilsing charts and figures to illustrate what is at stake if the country continues on the current downward spiral. This level of detail is not only useful for policymakers, but can also be harnessed to communicate persuasively with the public. 

The second half of the document outlines a series of specific reform measures that the government intends to pursue to advance five key areas: sustainable fiscal stability, macroeconomic reforms, building vital infrastructure, provision of essential services, and creating an administrative and legal environment that is conducive to growth.

The paper sets out a strategy that prioritises the urgent need to “stop the haemorrhaging of the fiscal deficit” that is symptomatic of the massive spending commitments in the public sector. Reining in public expenditure would in turn create a sufficient amount of fiscal space for the government to target the sorts of macroeconomic reforms that are vital to overhauling Iraq’s deep-seated structural problems and resurrecting the non-oil sectors. 

The document offers an ambitious proposition and in total sets out more than 200 actionable reform measures including legislative amendments, digital innovations and major cuts in subsidies. Naturally, the most obvious question to ask is, can the government pull this off, and if so, how? The authors note that once the paper is approved by parliament, the government will prepare a separate action plan that details how it will implement the proposed measures along a defined timeline. This is, of course, easier said than done. Implementation has always been the Achilles heel of reform-minded policymakers and there is little reason to believe that this attempt will be any less problematic.

A key component of implementation is the political will to undertake unpopular actions that will inevitably create some public backlash. For instance, the paper pledges to significantly curtail public sector hiring and aims to slash the public payroll from 25% to 12.5% of GDP within three years. But Kadhimi’s five-month record has shown that he has little inclination to resist popular demands for more government jobs. Since May, protests and sit-ins by unemployed graduates demanding government jobs have multiplied, and on some occasions Kadhimi has personally relented. With few viable options in the private sector for tens of thousands of young people in search of employment, the problem has been compounded by outlandish promises that cannot be honoured in the near-term.

With much fanfare, the government launched the online portal Tawtheef earlier this week, advertised as a major milestone towards helping thousands of ordinary people find employment. The prime minister’s spokesperson claimed that the initiative would serve as a fully automated service that would enable job seekers to find and obtain employment without any human intervention. But there was little effort to clarify that in fact there are no jobs currently available on the system and that the Tawtheef website’s sole function right now is an electronic form where job seekers can submit their personal details and register their general interest. 

The release of the White Paper has further heightened public expectations, and the government will need to be frank and transparent about what it actually plans to achieve in the remaining time it has left before elections. Many of the reform measures proposed in the paper have been attempted by previous governments and have yielded minimal outcomes. For example, the authors aim to cut financial support to state-owned enterprises (SOEs) by 30% for three consecutive years. They propose categorising SOEs into profitable, faltering and unviable entities. Many viable companies would then undergo complete or partial privitisation, while those that cannot be salvaged would be liquidated. Given the huge source of political patronage that SOEs generate, any attempt to break them up would face formidable resistance from vested interests. 

If the government is seriously committed to what it sets out in the White Paper, it will need to devote far more political capital to economic reform than it has in the past. To bring about tangible reform, it is not enough to delegate this task to the technocrats and bureaucrats, no matter how informed they may be. The prime minister’s personal attention will be crucial to generate enough momentum to bring about real change.

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Madrid Chamber of Commerce: Iraq has promising investment opportunities


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17th October, 2020

 

The president of the Madrid Chamber of Commerce, Angel Asensio, announced that Iraq has promising investment opportunities consistent with Spain's approach to internationalize its companies

In his speech at the "International Economic Conference between Iraq and Spain," Asensio said,  "In Iraq promising investment opportunities are consistent with Spain's approach to internationalizing its companies, and Iraq is rich in its resources and young energies, and in return, the sectors that Iraq needs, including housing, reconstruction, digitization and qualification of cadres. All workers are available to the companies to achieve the aspirations of both sides

On the other hand, Abdul-Hussein Al-Anbaki, the economic advisor in the Presidency of the Council of Ministers, said that the privileges enjoyed by the investor in Iraq, including the country's efforts to transform towards a market economy and impose customs tariffs to protect the local product, as well as the abundance of labor and the legislative base that protects investors and heads Funds at the level of investment law and the Iraqi constitution

While Manuel Mora, representative of the State Secretariat for Trade, reviewed the trade balance between the two countries and the nature of exports and imports between them, noting the importance of diversification in products as well as the importance of legislating the investor protection law, while the Spanish ambassador in Baghdad, Hansi Escobar, confirmed that the situation in Iraq is heading towards complete stability, which is what He encourages investment work and that the government of Dr. Mustafa Al-Kazemi is moving forward towards achieving comprehensive reforms in the country. He thanked the Iraqi embassy in Madrid for its initiative and organizational effort to make the conference a success

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Parliamentary Finance clarifies the fate of the salary in October


Parliamentary Finance clarifies the fate of the salary in October
 
 
10/16/2020 22:35:50
 
 
The Parliamentary Finance Committee clarified the fate of the salary for the current month of October.

 

The committee's reporter, Ahmed Al-Saffar, told Al-Furat News, "The salaries of October, according to the information I have available to me, are subject to the approval of the law on financing the fiscal deficit by Parliament, and if it is approved, the salaries will be disbursed until the end of the current year and until the 2021 budget is approved.  He stressed that "according to the information, the Ministry of Finance secures salaries through the fiscal deficit law currently in the House of Representatives, which has an intention to approve this law next week."

Al-Saffar suggested, "Parliament will hold sessions on the next Monday or Tuesday, and next week is expected to witness the presentation of the fiscal deficit financing law for the first reading, and after 72 hours the second reading will take place."

The Ministry of Finance was late in paying employees' salaries for the month of September by about 50 days due to the large financial deficit in its treasury, in addition to the decrease in oil and non-oil revenues, which generated popular pressure on the government and negatively affected the market movement, which has become mainly dependent on the cash movement represented by the salaries of employees.
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Parliamentary Finance: Every Iraqi child is born in debt
of $ 3,000

 

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17th October, 2020

 

The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, revealed, on Saturday, the size of the debts on Iraq after the new borrowing if approved by Parliament, while noting that the Iraqi child's debt when he is born will be 3000 dollars

Al-Saffar said in a televised interview followed by Al-Iqtisad News, “Iraq owed 40 trillion dinars internal and 25 billion dollars abroad before the vote on the borrowing law, and after the approval of the borrowing law of 15 trillion dinars and 5 billion dollars, Iraq became owed 55 trillion dinars and 30 billion Dollars

He added, "If the new borrowing law is approved, 41 trillion dinars, the total debt will be 96 trillion dinars and $ 30 billion is debt owed by the government, with the exception of more than $ 40 billion. This is the Gulf debt of the Iran war

He continued, "If we divide these debts on the population, it will be the debt of every individual and the Iraqi child when 3000 dollars are born abroad and internally

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The Minister of Trade confirms to support the market economy and to hold specialized exhibitions

 

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17th October, 2020


Minister of Trade, Alaa Al-Jubouri, confirmed, on Saturday, the government support for the private sector, support for the market economy, and the establishment of specialized exhibitions.

A statement by the Chamber of Commerce, of which Mawazine News received a copy, stated, “Today, Minister of Trade Alaa Ahmed Hassan received a delegation that included the President of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, President of the Baghdad Chamber of Commerce, Firas Al-Hamdani, and members of the Chamber’s Board of Directors, Duraid Othman Al-Ghariri and Hussam Jawad Hassan. And the chamber’s president’s advisor, Maha Al-Obeidi, in the presence of the Director General of the Special Development Department, Riad Fakher Al-Hashemi.

The statement quoted the chamber’s president, Firas al-Hamdani: “Discussions were held with the Minister of Trade, Alaa Ahmed Hassan, about government support and its orientation to the market economy, proposing proposals, observations and areas of cooperation with the ministry, and holding specialized exhibitions on the grounds of the Baghdad International Fair.
 
For his part, Al-Zuhairi stressed "the role of the chambers of commerce and the proposals to establish economic forums and conferences to support the private and public sectors, as well as the desire to cooperate with the Department of the Companies Registrar about updating the data of companies registered annually and removing the reserved and not officially registered names in the Chambers of Commerce as well as the trade name and what is related to the laws in force. And cooperation in allocating a permanent hall in the Baghdad International Fair to hold specialized exhibitions.

A statement by the chamber, on the authority of its president, indicated that "the Minister of Commerce affirmed on restoring the status of the national industry in the external environment and defining the identity of the Iraqi merchant," indicating that "the establishment of an economic forum in Baghdad has international, Arab and local economic dimensions, which will be supported and attended by the Prime Minister, ministries, sectors and public bodies." 

Al-Hamdani added, "Several proposals in the working paper presented to the Minister of Trade, including the addition of the Baghdad Chamber of Commerce in the membership of the Export support Fund, the General Company for Exhibitions and Commercial Services, and the establishment of the Iraqi Export and Import Bank in order for the merchant to facilitate the issue of opening documentary credits, as well as adding the Baghdad Chamber of Commerce in the membership of the committees. Sharing with Arab and foreign countries, giving exports and exports priority in facilitating procedures, adopting the principle of re-exportation, and canceling the ban on exporting some Iraqi products. And Trade Minister Alaa Ahmed Hassan asserted that "there will be future meetings to overcome all obstacles in the service of the Iraqi merchant." 

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Report warns of Possible Collapse in value of Iraqi Dinar

 

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17th October, 2020


An Iraqi government white paper has warned of a possible collapse in the value of the Iraqi dinar.

According to Farhad Alaaldin, writing for Rudaw, the recently-approved white paper refers on page 37 to the danger of using the Central Bank of Iraq (CBI) as a source of financing, saying that the authors believe it "will lead to severe pressure on the CBI's reserves and the resulting unsustainable future consequences."

He adds that this view was further confirmed by the group of experts writing the White Paper on page 42, who state that:

"Indirect monetary financing by the CBI is the only remaining source... The need for this reserve to finance imports of goods and services means its will drop dangerously to low levels within nine months, which will ultimately lead to a real crisis in value of the Iraqi dinar, accompanied by the possibility of a collapse in its value."

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Advisor: The Government Plans To Reach The Price Of The Dollar To 1500 Against The Iraqi Dinar

 

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17th October, 2020


An adviser to the prime minister, Mustafa Al-Kazemi, revealed that the government plans to bring the dollar exchange rate to 1,500 Iraqi dinars.

The consultant said in a statement to (Al-Mustaqilla) that reaching the ceiling of 1500 to exchange the dollar against the Iraqi dinar is a first step in order to provide cash liquidity to the government. He indicated that this comes within the framework of the government’s attempt to compensate for the lack of oil imports and to provide cash in the local currency.

The economic expert, Ihssan Al-Kinani, had made it clear that the dollar exchange rates began to rise since the announcement of the financial crisis, although it is an imperceptible rise, pointing out that Iraq has recorded a rise in exchange rates during the current period, which is what the government should rectify because this is not in the interest of The people.

Al-Kinani said in a press statement, "The announcement of the decline in the Iraqi monetary reserve from the foreign currency, is nothing but a clear message to legitimize the raising of the dollar exchange rate against the Iraqi dinar in order to compensate for oil losses due to lower prices, as well as to overcome the contrived financial crisis."

The Governor of the Central Bank of Iraq, Mustafa Makhaif, had previously expected a decline in Iraqi foreign reserves during the coming period.

For her part, the economic expert, Salam Sumaisem, in a statement on (October 10, 2020), expected an increase 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 would lead to an increase in food prices.

Member of the Parliamentary Finance Committee, Naji Al-Saeedi , indicated in a previous statement that “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 It affects four or five points in the market, and this has negative effects on low-income and simple citizens.

The exchange rates of the dollar against the Iraqi dinar have led to a remarkable rise in the main stock market and the local markets. Last Thursday, the Kifah Stock Exchange recorded 124,400 dinars for every 100 US dollars, while the dollar exchange rates last Wednesday recorded 124.100 dinars per 100 dollars. Last Thursday, money transfer companies in Iraq sold every 100 dollars for 1,250.00 Iraqi dinars, while they buy it for 124,000 dinars.

This comes at a time when the Central Bank of Iraq announced the expansion of the sale of dollars in the currency auction and the inclusion of exchange offices, under the principle of preserving the exchange rate, while the facts indicate that the continuation of the currency auction selling at the official price (1190) dinars per dollar until last Thursday, pours In the interest of private banks and speculators on the black market, who sell dollars at prices higher than the usual exchange rates.

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22 hours ago, 6ly410 said:

Iraq’s Central Bank is at risk of losing its independence

4 hours ago
Finance Minister Ali Allawi said in a press conference following the adoption of the White Paper for Economic Reform by the Council of Ministers on October 13, "we have a solid and strong relationship with the Central Bank for the purpose of unifying monetary and financial policies, and this will provide us with the possibility to cover all the requirements and entitlements of the salaries of employees and retirees." This statement went unnoticed by all journalists, pundits and analysts. Nobody noticed the attempt of the Iraqi government to undermine the independence of the Central Bank of Iraq (CBI) to implement the financial policies approved by the government.

The objectives of the government are clear. The Central Bank has become "very cooperative" with the government's financial policy. The Bank’s law contradicts such cooperation in order to safeguard and preserve the strength of the Iraqi economy on the one hand, and not to bear any government failure in managing the financial policy on the other hand. This is a context known to successive governments, and because the central bank adopts monetary policies that are independent of the government's financial policies. We all remember the dispute that arose between the government of Nuri al-Maliki and the governor of the Central Bank, Sinan al-Shabibi, in 2012, with the former ending up accusing the latter of corruption and issuing judicial orders for his arrest while he was in the Japanese capital Tokyo on an official visit. Subsequently he was put on trial in absentia and sentenced to seven years in prison in 2014 and removed from his post.

The Role of CBI

The CBI is an institution financially and administratively independent from the government according to Article 103 of the Iraqi constitution. It is responsible for setting monetary policy, issuing and managing the national currency and foreign reserves, and setting up regulations, procedures and controls for the work of local banks in the country and monitoring and auditing their work. It is the official body that represents Iraq in the international financial and monetary institutions such as the International Monetary Fund, the World Bank, and others. Among its tasks is also determining the supply and demand for money by setting interest rates. CBI is also responsible for receiving deposits from oil sales and keeping the state’s cash reserves, and it maintains the value of the national currency. This means that the independence of the CBI from government financial policies is very important to preserve the public funds deposited within the bank.

What the Minister of Finance announced in his aforementioned statement is a dangerous precedent for inserting the CBI into the core of the government's financial policy, and making it a tool to implement this policy. This was clearly demonstrated by what was included in the White Paper of financing the budget deficit and considering CBI reserves as the only source to fill the deficit, and here lies the real danger.

The White Paper on page 37 referred to the danger of using the CBI as a source of financing, they believe it "will lead to severe pressure on the CBI’s reserves and the resulting unsustainable future consequences." This view was further confirmed by the group of experts writing the White Paper on page 42, stating that "indirect monetary financing by the CBI is the only remaining source... The need for this reserve to finance imports of goods and services means its will drop dangerously to low levels within nine months, which will ultimately lead to a real crisis in value of the Iraqi dinar, accompanied by the possibility of a collapse in its value."

It is worth mentioning that the CBI reserves are under threat from three different sources:

First: Using the CBI reserves to finance the government's fiscal deficit. This is done in two ways, the first is to "buy goods and services" using hard currency, and the second way is by “indirect borrowing” using the central bank to devalue the dinar against the dollar in order to "pay the monthly benefits from salaries."

Second: The continuation of the notorious currency auction, which is a reservoir of corruption and a source of wealth for influential people in the world of politics, money and business. The sale of hard currency in the auction exceeds state revenues in most cases, and this means withdrawal from the Bank reserves and further reducing its levels.

Third: The increasing pressure from the state’s creditors, especially Iran, to finance its economy with hard currency after the US administration listed 18 Iranian banks under sanctions on October 8. Therefore, the CBI and Iraqi banks became the only outlet for Iran for hard currency. The visit of the Governor of the Central Bank of Iran to Iraq on October 12 was for this purpose.

The Central Bank governors kept quiet regarding the government statement to clarify its position. We also did not hear from the new governor. What is his vision for managing the bank’s affairs? What is his monetary policy? How can he preserve the cash reserve? Amid the worsening current economic crisis, it is imperative for the new governor to clarify to the Iraqi people the Central Bank’s policies and its position on the crisis facing the country.

The easiest of solutions is not a solution

According to informed sources, the team of experts is still busy working on the White Paper and adding details and appendices to the road map. The team pointed out the danger of borrowing from the CBI, or using devaluation as a means to match the public budget deficit. They warned that this "will later lead to an increase in the cost of living, and thus reduce the ability of the majority of individuals to meet their requirements, as the country depends entirely on imports to meet consumption." It is clear that the majority of the people will suffer and pay the price as a result of this shift in the adopted fiscal policy.

A financial expert, who did not want to reveal his identity, confirms that "the shortest and easiest solution is to resort to the CBI reserves and move towards printing the dinar, but taking this path is not a solution, rather it is suicide." The real fear is that the government and political leadership will resort to this solution instead of starting real radical reforms, which require executive decisions issued by the government and other legislatively supported decisions by Parliament. 

The national duty here makes it imperative for all political forces and all their leaders not to stand idly by. They must actively participate in adopting practical, even if difficult, solutions that the government team will present through the White Paper and its annexes, in addition to what is presented by other experts outside this team from Parliament, economic research centers and monetary policy experts. 

Keeping the doors of corruption wide open in most state institutions, reluctance to curb the corruption of the ruling parties themselves, and not abolishing their economic offices to limit their control over ministries, institutions and vital sectors, will ensure the continued exacerbation of crises and runs risks to the current financial situation, leading the way to a real collapse in a time frame of a few months. The financial and economic collapse will be followed by the collapse of the state of Iraq, and then chaos will prevail. At that juncture no one will be able to restore and control the situation again, except by a miracle that will be difficult to come by.

Iraq is multi-cultural, multi-factional society with different loyalties, each supported by armed groups. Chaos will mean loss of control and stability, which is difficult to sustain in normal circumstances, let alone in the circumstances of bankruptcy, political strife, scarcity of resources and the loss of people's livelihood.

Iraq is staring at its last opportunity, and the political parties must take it without fail, be brave and make courageous and responsible decisions to remedy the situation, otherwise they will be witnessing the worst possible catastrophic scenarios we have ever seen.
 


Farhad Alaaldin is the Chairman of the Iraqi Advisory Council. He was the political adviser to former Iraqi President Fuad Masum, the former chief of staff to the KRG prime minister from 2009 to 2011, and former senior adviser to the KRG prime minister from 2011 to 2012.

 

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Iraq’s Central Bank is at risk of losing its independence

 

A bank employee hands Iraqi dinars to a customer. The government is attempting to co-opt the Central Bank of Iraq to its political agenda, warns Farhad Alaaldin, chairman of the Iraqi Advisory Council. File photo: Bilind T. Abdullah/Rudaw

 

17th October, 2020 by Farhad Alaaldin


Finance Minister Ali Allawi said in a press conference following the adoption of the White Paper for Economic Reform by the Council of Ministers on October 13, "we have a solid and strong relationship with the Central Bank for the purpose of unifying monetary and financial policies, and this will provide us with the possibility to cover all the requirements and entitlements of the salaries of employees and retirees." This statement went unnoticed by all journalists, pundits and analysts. Nobody noticed the attempt of the Iraqi government to undermine the independence of the Central Bank of Iraq (CBI) to implement the financial policies approved by the government.

The objectives of the government are clear. The Central Bank has become "very cooperative" with the government's financial policy. The Bank’s law contradicts such cooperation in order to safeguard and preserve the strength of the Iraqi economy on the one hand, and not to bear any government failure in managing the financial policy on the other hand. This is a context known to successive governments, and because the central bank adopts monetary policies that are independent of the government's financial policies. We all remember the dispute that arose between the government of Nuri al-Maliki and the governor of the Central Bank, Sinan al-Shabibi, in 2012, with the former ending up accusing the latter of corruption and issuing judicial orders for his arrest while he was in the Japanese capital Tokyo on an official visit. Subsequently he was put on trial in absentia and sentenced to seven years in prison in 2014 and removed from his post.

The Role of CBI

The CBI is an institution financially and administratively independent from the government according to Article 103 of the Iraqi constitution. It is responsible for setting monetary policy, issuing and managing the national currency and foreign reserves, and setting up regulations, procedures and controls for the work of local banks in the country and monitoring and auditing their work. It is the official body that represents Iraq in the international financial and monetary institutions such as the International Monetary Fund, the World Bank, and others. Among its tasks is also determining the supply and demand for money by setting interest rates. CBI is also responsible for receiving deposits from oil sales and keeping the state’s cash reserves, and it maintains the value of the national currency. This means that the independence of the CBI from government financial policies is very important to preserve the public funds deposited within the bank.

What the Minister of Finance announced in his aforementioned statement is a dangerous precedent for inserting the CBI into the core of the government's financial policy, and making it a tool to implement this policy. This was clearly demonstrated by what was included in the White Paper of financing the budget deficit and considering CBI reserves as the only source to fill the deficit, and here lies the real danger.

The White Paper on page 37 referred to the danger of using the CBI as a source of financing, they believe it "will lead to severe pressure on the CBI’s reserves and the resulting unsustainable future consequences." This view was further confirmed by the group of experts writing the White Paper on page 42, stating that "indirect monetary financing by the CBI is the only remaining source... The need for this reserve to finance imports of goods and services means its will drop dangerously to low levels within nine months, which will ultimately lead to a real crisis in value of the Iraqi dinar, accompanied by the possibility of a collapse in its value."

It is worth mentioning that the CBI reserves are under threat from three different sources:

First: Using the CBI reserves to finance the government's fiscal deficit. This is done in two ways, the first is to "buy goods and services" using hard currency, and the second way is by “indirect borrowing” using the central bank to devalue the dinar against the dollar in order to "pay the monthly benefits from salaries."

Second: The continuation of the notorious currency auction, which is a reservoir of corruption and a source of wealth for influential people in the world of politics, money and business. The sale of hard currency in the auction exceeds state revenues in most cases, and this means withdrawal from the Bank reserves and further reducing its levels.

Third: The increasing pressure from the state’s creditors, especially Iran, to finance its economy with hard currency after the US administration listed 18 Iranian banks under sanctions on October 8. Therefore, the CBI and Iraqi banks became the only outlet for Iran for hard currency. The visit of the Governor of the Central Bank of Iran to Iraq on October 12 was for this purpose.

The Central Bank governors kept quiet regarding the government statement to clarify its position. We also did not hear from the new governor. What is his vision for managing the bank’s affairs? What is his monetary policy? How can he preserve the cash reserve? Amid the worsening current economic crisis, it is imperative for the new governor to clarify to the Iraqi people the Central Bank’s policies and its position on the crisis facing the country.

The easiest of solutions is not a solution

According to informed sources, the team of experts is still busy working on the White Paper and adding details and appendices to the road map. The team pointed out the danger of borrowing from the CBI, or using devaluation as a means to match the public budget deficit. They warned that this "will later lead to an increase in the cost of living, and thus reduce the ability of the majority of individuals to meet their requirements, as the country depends entirely on imports to meet consumption." It is clear that the majority of the people will suffer and pay the price as a result of this shift in the adopted fiscal policy.

A financial expert, who did not want to reveal his identity, confirms that "the shortest and easiest solution is to resort to the CBI reserves and move towards printing the dinar, but taking this path is not a solution, rather it is suicide." The real fear is that the government and political leadership will resort to this solution instead of starting real radical reforms, which require executive decisions issued by the government and other legislatively supported decisions by Parliament. 

The national duty here makes it imperative for all political forces and all their leaders not to stand idly by. They must actively participate in adopting practical, even if difficult, solutions that the government team will present through the White Paper and its annexes, in addition to what is presented by other experts outside this team from Parliament, economic research centers and monetary policy experts. 

Keeping the doors of corruption wide open in most state institutions, reluctance to curb the corruption of the ruling parties themselves, and not abolishing their economic offices to limit their control over ministries, institutions and vital sectors, will ensure the continued exacerbation of crises and runs risks to the current financial situation, leading the way to a real collapse in a time frame of a few months. The financial and economic collapse will be followed by the collapse of the state of Iraq, and then chaos will prevail. At that juncture no one will be able to restore and control the situation again, except by a miracle that will be difficult to come by.

Iraq is multi-cultural, multi-factional society with different loyalties, each supported by armed groups. Chaos will mean loss of control and stability, which is difficult to sustain in normal circumstances, let alone in the circumstances of bankruptcy, political strife, scarcity of resources and the loss of people's livelihood.

Iraq is staring at its last opportunity, and the political parties must take it without fail, be brave and make courageous and responsible decisions to remedy the situation, otherwise they will be witnessing the worst possible catastrophic scenarios we have ever seen. 

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On 10/15/2020 at 1:53 PM, DinarThug said:

the final decision on this issue (Dinar value) will be decided in the draft federal budget law for the country for the year 2021.

 

There it is, folks. We should have a more clear picture of where this is going with the 2021 budget. Unless those idiots postpone a decision on budget like they did in 2020. Did I say idiots?? Yeah, THAT'S accurate.

 

                 And where's The Great Carnac when we need to know the rate???  LOL. :lol:

 

                    Carnac GIFs - Get the best GIF on GIPHY
 
 
 
 
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2 hours ago, DinarThug said:

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Advisor: The Government Plans To Reach The Price Of The Dollar To 1500 Against The Iraqi Dinar

 

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17th October, 2020


An adviser to the prime minister, Mustafa Al-Kazemi, revealed that the government plans to bring the dollar exchange rate to 1,500 Iraqi dinars.

The consultant said in a statement to (Al-Mustaqilla) that reaching the ceiling of 1500 to exchange the dollar against the Iraqi dinar is a first step in order to provide cash liquidity to the government. He indicated that this comes within the framework of the government’s attempt to compensate for the lack of oil imports and to provide cash in the local currency.

The economic expert, Ihssan Al-Kinani, had made it clear that the dollar exchange rates began to rise since the announcement of the financial crisis, although it is an imperceptible rise, pointing out that Iraq has recorded a rise in exchange rates during the current period, which is what the government should rectify because this is not in the interest of The people.

Al-Kinani said in a press statement, "The announcement of the decline in the Iraqi monetary reserve from the foreign currency, is nothing but a clear message to legitimize the raising of the dollar exchange rate against the Iraqi dinar in order to compensate for oil losses due to lower prices, as well as to overcome the contrived financial crisis."

The Governor of the Central Bank of Iraq, Mustafa Makhaif, had previously expected a decline in Iraqi foreign reserves during the coming period.

For her part, the economic expert, Salam Sumaisem, in a statement on (October 10, 2020), expected an increase 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 would lead to an increase in food prices.

Member of the Parliamentary Finance Committee, Naji Al-Saeedi , indicated in a previous statement that “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 It affects four or five points in the market, and this has negative effects on low-income and simple citizens.

The exchange rates of the dollar against the Iraqi dinar have led to a remarkable rise in the main stock market and the local markets. Last Thursday, the Kifah Stock Exchange recorded 124,400 dinars for every 100 US dollars, while the dollar exchange rates last Wednesday recorded 124.100 dinars per 100 dollars. Last Thursday, money transfer companies in Iraq sold every 100 dollars for 1,250.00 Iraqi dinars, while they buy it for 124,000 dinars.

This comes at a time when the Central Bank of Iraq announced the expansion of the sale of dollars in the currency auction and the inclusion of exchange offices, under the principle of preserving the exchange rate, while the facts indicate that the continuation of the currency auction selling at the official price (1190) dinars per dollar until last Thursday, pours In the interest of private banks and speculators on the black market, who sell dollars at prices higher than the usual exchange rates.

Hurry! Trade your dinar for dollars! Then BOOM!!🤞

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8 minutes ago, Longtimelurker said:

Hurry! Trade your dinar for dollars! Then BOOM!!🤞

You could be on to something Longtimelurker, I've always been of the opinion that things will have to get and also appear to be hopeless before we get what we desire... They can't be as dumb as they appear imo, even though this is Iraq.  I don't think many of us here will fall for that scenario, but some may.

REALLY sucks waiting though..  :rocking-chair:

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1 minute ago, 64jaguar said:

You could be on to something Longtimelurker, I've always been of the opinion that things will have to get and also appear to be hopeless before we get what we desire... They can't be as dumb as they appear imo, even though this is Iraq.  I don't think many of us here will fall for that scenario, but some may.

REALLY sucks waiting though..  :rocking-chair:

Nerve-wracking!

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21 minutes ago, GreedyDinar07 said:

I am going to buy another 2 million more if Safe Dinar have some in stock! It is do or die time fellows!! Greedy is my name!! 

 

thats funny greedy , my iqd been on life support in a dark sheltered envelope for a long time .. happy shopping 

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Former Iraqi Minister: The future of Iraq is not in oil


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Former Iraqi Electricity Minister Luay Al-Khatib wrote an article in an American magazine in which he said that it has become one of the top priorities for Iraq not to depend on oil, and to work on relying on sustainable energy sources.

Al-Khatib explained in his article in the American Foreign Policy newspaper that the global economy is now shifting away from fossil fuels, and that he worked within 18 months of taking over the Ministry of Electricity in Iraq from 2018 to 2020; To embark on concrete steps to electrify the vital energy sector in order to help stabilize the country, following the war against ISIS, and to ensure its long-term status as a regional energy hub.

He pointed out that the energy sector in Iraq suffers from a large number of problems, and that the country's complex bureaucracy impedes progress by focusing on small, short-term and ineffective technical solutions, rather than long-term macro-institutional reforms, and that the energy sector is subject to conflicting agendas for a wide range of Political actors in Iraq that undermine the unified national vision of its administration, entrench it in mismanagement and plunge it into corruption.

He stated that Iraq had received a series of road maps from foreign entities providing instructions for electrifying the country, including German companies, Siemens, General Electric, and many other companies from China and the region, describing them as valuable, adding that the country ultimately needed an Iraqi national road map.

Iraq's ambitious goal, and he said that the national development plan must have domestic and international dimensions, and achieve a balance between the immediate energy requirements of Iraq (that is, a reliable energy source for all Iraqis) and the ambitious goal, which is Iraq's energy independence by 2030. Energy is sustainable, by managing a mix of fuels with a focus on gas, as well as generating 30% of the country's energy supply from renewable resources.

He explained that their plan went directly to the heart of Iraq's foreign policy to take advantage of the country's regional relations to create a wider link with other sources of electricity in the Middle East, in order to reduce dependence on Iranian electricity, focusing on transforming Iraq into a vibrant energy and service market in the region, while linking Shabaki, saying that this will make Iraq a regional energy center for decades to come, increasing its position in the regional geopolitics, and addressing the security dimension by strengthening the country's ability to face threats, and the sustainability of victory in the areas that have been recovered from ISIS.

He said that the stability of Iraq is an integral part of global security, and the international community must support the efforts made in Iraq to achieve energy stability, which the country will stabilize as a barrier against extremism by building and supporting local economies, which prevent internal mass displacement and refugee displacement at regional levels, which It affects the well-being of countries outside Iraq, especially in Europe.

He warned that failure to achieve energy stability in Iraq would endanger its security and thus undermine the unstable sense of peace in which the region has generally stabilized since the defeat of ISIS, stressing that "a stable Iraq supports the energy security of the world, and thus the global economy."

Al-Khatib concluded his article that achieving long-term energy security should not be a priority for Iraq only. As it should be part of a broader effort by the international community to secure peace and stability in the country and abroad, indicating that the world continues in its struggle against the economic repercussions of the Corona epidemic and looking into the future in which climate change is a daily reality, help in supporting energy security in Iraq may It is the first step in a broader effort to prepare the world for a new future.

Source: Foreign Policy

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