Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content

Parliamentary Finance confirms the government's printing of new currencies without financial cover and describes the act as "dangerous"


Recommended Posts

6 hours ago, presence said:

Thanks Mary B ,

 

for all of your posts- which have a tendancy to lift my spirit when it need dt most -

 

The inertia itowards less corruption and a better life for the Iraqi citizens is definitely strengthening. There's  no turning back - as forensic accountants have been hard at work for several years and audit trails now exist proving the historic extent of theft by th e CBI -and Iraqi government

 

 

Everyone is responsible for their actipns - and in my opinion, it's just a metter of short time before the corrupt in Iraq (and beyond). will be held held accountable (anyone see 60 Minutes tonight?)

 

Presence

What was on 60 minutes last night?

Link to post
Share on other sites
4 hours ago, Engine1 said:

Well that sucks. I have 4. 

 

the 50 iqd before it was removed on April 2015 had a value of 4 cents ,, i had some to go to a airport exchange , for some walking around money post whatever the iqd value returns to , welp that didn't work out either  🤣

  • Haha 3
  • Upvote 2
Link to post
Share on other sites

Wow , Somebody sure jumped the gun on the  $50 IQD note when it was first printed at US expense back in 2003 . How ironic that a $50 IQD note will now be readily used after the rv.

  • Haha 1
  • Upvote 2
Link to post
Share on other sites
8 hours ago, 3n1 said:

 

the 50 iqd before it was removed on April 2015 had a value of 4 cents ,, i had some to go to a airport exchange ,  🤣

Dinarham : Wow , Somebody sure jumped the gun on the  $50 IQD note when it was first printed at US expense back in 2003 . How ironic that a $50 IQD note will now be readily used after the rv.

so the 50 IQD was printed in 2003, and then 12 years later in 2015, the 50 IQD was worth 4 cents. is this  a huge increase during 12 years period only , isn't it. does it called rv? does anyone know how much  was 50 IQD worth when it was printed in 2003? has 50 IQD still been in circulation right now? I can't imagine how much 25,000 IQD  will be worth when the rv happens one day. By the way, what year was 25,000 IQD printed for the first time?

Link to post
Share on other sites
11 hours ago, dinarham said:

Wow , Somebody sure jumped the gun on the  $50 IQD note when it was first printed at US expense back in 2003 . How ironic that a $50 IQD note will now be readily used after the rv.

Why do you say that? The new coins have that value? 

Link to post
Share on other sites

Parliamentary Finance warns against printing a new currency: Three categories will be affected

2020-10-27 | 05:18
Parliamentary Finance warns against printing a new currency: Three categories will be affected
 

The reporter of the Parliamentary Finance Committee, Ahmad Al-Saffar, warned, on Tuesday, of the danger of going to print a new currency to cover the financial deficit, noting that the first affected by the repercussions of inflation are those with limited and fixed incomes of employees and property owners.

Al-Saffar said in an interview with Al-Sumaria News, "The committee has a host for the central bank governor during the coming days, as he was supposed to attend yesterday, Monday, but he was late due to commitments and awaiting agreement on a new date for the meeting," indicating that "the process of issuing a new cash in the economy Unproductive like Iraq, it will lead directly to the phenomenon of inflation. "
 
Al-Saffar added, "Inflation means a rise in commodity prices in the market with the loss of the local currency's value and monetary strength against hard currencies," noting that "the one affected by this situation is the owners of limited and fixed incomes, meaning that the first affected are employees and property owners.

He stressed that "this monetary policy will not benefit the Iraqi economy, which is already in a financial crisis, and there are other measures within the fiscal and monetary policy that can be taken by the government to alleviate the current crisis instead of going to print the currency.
  • Upvote 3
Link to post
Share on other sites
4 hours ago, rvmydinar said:

can you provide the link please? I am really curious to prove if rv was really happened on april 2015.

 

not sure what u are seeking ... simply search online Central Bank of Iraq – Removal of the 50 Iraqi Dinar Banknote From Circulation and u can read all u want , the iqd is not a internationally traded currency , members on this site post daily iqd values from the CBI ......

  • Upvote 3
Link to post
Share on other sites

Parliamentary Finance warns against printing a new currency: Three categories will be affected

2020-10-27 | 05:18
Parliamentary Finance warns against printing a new currency: Three categories will be affected
 
 
 

The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, warned, on Tuesday, of the danger of going to print a new currency to cover the financial deficit, indicating that the first affected by the repercussions of inflation are those with limited and fixed incomes of employees and property owners.

 
Al-Saffar said in an interview with Al-Sumaria News, "The committee has a host for the central bank governor during the coming days, as he was supposed to attend yesterday, Monday, but he was late due to commitments and awaiting agreement on a new date for the meeting," indicating that "the process of issuing a new cash in the economy Unproductive like Iraq, it will lead directly to the phenomenon of inflation. "
 
 
Al-Saffar added, "Inflation means a rise in commodity prices in the market with the loss of the local currency's value and monetary strength against hard currencies," noting that "the one affected by this situation is the owners of limited and fixed incomes, meaning that the first affected are employees and property owners."

He stressed that "this monetary policy will not benefit the Iraqi economy, which is already in a financial crisis, and there are other measures within the fiscal and monetary policy that can be taken by the government to alleviate the current crisis instead of going to print the currency."
 
 
  • Upvote 3
Link to post
Share on other sites

Soha Al-Kafa’i: Salary domiciliation regulated the movement of Iraqi money

Monday 26th October 2020 32

Soha Al-Kafa’i: Salary domiciliation regulated the movement of Iraqi money
 
 
Economic affairs specialist Suha Al-Kafa’i affirmed that “localizing salaries has helped the movement of citizen’s money, government salaries and private sector companies, especially as the goal is to change the management of local money, which will make the quality banks able to finance any small or medium-sized project.”
She added, "Emiratisation will contribute to creating a new, modern environment for working in the private sector and in quality banks to launch funds for various economic sectors." 
And start financing small and medium enterprises, which are the cornerstone of this great economic launch, as a result of organizing the turnover of funds.
 Where international credit cards (salary card) will be available, which can be taken as a guarantee or guarantee between the employee and the owner of any new project to launch a small project.
Al-Kafa’i pointed out that he “saves money in the banking system as a result of the tendency to collect funds with capable and efficient banks.” 
And capable of fiduciary work and launching very accurate modern activities and services, which provided a sober environment capable of circulating money between all parties. 
It is able to retrieve the money and take control, by all available legal methods, and collect the money again and give it again.
 As a result of using POS electronic payment devices in various businesses, activities and other sectors. 
This is applied in all countries of the world, and today Iraq is one of the countries in which this great regulation will be applied. "
And she indicated that "these funds can be used as a percentage of them, according to the surplus-use equations, in providing various funds to finance industry, agriculture and other sectors
  • Upvote 2
Link to post
Share on other sites

New currency printing warning: Three classes will be affected

  • TUESDAY, 27-10-2020, PM 12:22
  •  
  • KARRAR AL-ASADI
 

http://non14.net/public/images/large/8-1603805018.jpg

The reporter of the Parliamentary Finance Committee, Ahmad Al-Saffar, warned, on Tuesday, of the danger of going to print a new currency to cover the financial deficit, noting that the first affected by the repercussions of inflation are those with limited and fixed incomes of employees and property owners.


Al-Saffar said, "The committee has a host for the central bank governor in the coming days, as he was supposed to attend yesterday, Monday, but he was delayed due to commitments and awaiting agreement on a new date for the meeting," indicating that "the process of issuing a new cash in a non-productive economy like Iraq is." It will lead directly to the phenomenon of inflation. "

Al-Saffar added, "Inflation means a rise in commodity prices in the markets with the loss of the local currency's value and monetary strength against hard currencies," noting that "the one affected by this situation if it happened is the owners of limited and fixed incomes, meaning that the first affected are employees and property owners." For Alsumaria News.

He stressed that "this monetary policy will not benefit the Iraqi economy, which is already in a financial crisis, and there are other measures within the financial and monetary policy that could be taken by the government to alleviate the current crisis instead of going to print the currency."

http://non14.net/public/129476

  • Thanks 3
  • Upvote 2
Link to post
Share on other sites

Mulla Talal: There is no intention to print the currency to fill the salary deficit

Tuesday 27th October 2020 - 19:50

Mulla Talal: There is no intention to print the currency to fill the salary deficit

Baghdad - INA - Moataz Abbas

Today, Tuesday, a spokesman for the Prime Minister, Ahmed Mulla Talal, denied that there are intentions at the Central Bank of Iraq to print a new currency, and while confirming that employees ’salaries are secure, he indicated that the government has other solutions, if the law covering the fiscal deficit does not pass in Parliament, or In the event that it is reduced and not sufficient.

Mulla Talal said in a statement to the Iraqi News Agency (INA),

"The news that spoke about the intention of the central bank to print a new currency is incorrect news, because the monetary policy management of the central bank is a clear administration that aims to maintain the exchange rate," stressing that " Employees' salaries are insured. "

He added that "one of the most important decisions taken by the Council of Ministers today, which is the approval of the referral of the draft amendment to the Law of the Martyrs Foundation, to include victims of the demonstrations who fell in the past year and beyond," noting that "the decision needed to be amended to include the victims' families on their rights."

And Mulla Talal continued at the press conference held today, attended by the correspondent of the Iraqi News Agency (INA), that "the current government's keenness to adhere to the most important item of its government platform, which is to conduct early elections, prompted it to take several steps, whether within the scope of the prime minister's office. And his advisors for election affairs or permanent contact with the commission, or in the decisions that the cabinet may take in order to support the commission. "

He explained that "the Council of Ministers decided to allow the Election Commission to increase the quantities or change the specifications by no more than 40 percent of the total contract amount instead of 20 percent, with the exception of the provisions of Paragraph (1) H, third, of the controls number one attached to the implementation of government contracts No. 2 for the year 2014, as well as strengthening the documentary credit by allocating an amount of three 3464,000 dollars, to prepare the additional quantities for the recent deployment, and this comes within the government's duties to overcome obstacles before the High Elections Commission in order to hold the elections on schedule next June.

He pointed out that "the Council of Ministers also decided to provide the agricultural sector's need of wheat and barley seeds and at the same support prices for the previous agricultural season, as this will contribute to reducing the financial burden and will achieve an increase in production in quantity and quality."

He pointed out that "the Council of Ministers issued another decision that includes authorizing the Minister of Water Resources to negotiate and sign a protocol for cooperation in managing the Tigris water between Iraq and Turkey."

Edited by 6ly410
  • Haha 1
  • Upvote 2
Link to post
Share on other sites

Baghdad answers the question of Shafaq News: What if Parliament refused to pass the borrowing law?

EconomyBorrowing ActAhmed Mulla Talal

 2020-10-27 12:11

 

https://shafaq.com/ar/اقتصـاد/بغداد-تجيب-على-س-ال-شفق-نيوز-ماذا-لو-رفض-البرلمان-تمرير-قانون-الاقتراض

 

Shafaq News / On Tuesday, the Iraqi government ruled out that Parliament will reject the borrowing law, and it may even reduce the percentage of borrowing to finance the country's budget deficit.

This came according to the spokesman for the Prime Minister, Ahmed Mulla Talal, in response to the Shafaq News Agency's question in a press conference following the government’s weekly.

Our correspondent asked, "What is the government’s plan to finance the deficit if Parliament refuses to pass the borrowing bill?"

Mulla Talal replied, "I asked the same question to the Minister of Finance (Ali Allawi) during the European tour, as the minister expected Parliament to reduce the lending rate" and not reject the project entirely.

He pointed out that "the government is able to secure the salaries of employees," adding that "doubling that of private revenues is very important, and that the percentage of dependence on oil is very large, and this is a mistake."

Mulla Talal said, "The government is continuing to address this through the economic reform paper called the White Paper."

He also pointed out that the government has no intention of printing a currency to fill the salary deficit, explaining that "maintaining the exchange rate is the most important task of monetary policy."

The Iraqi government is struggling to secure employee salaries and other operating expenses due to declining oil prices, whose fiscal revenues cover 95 percent of state expenditures.

 

  • Upvote 3
Link to post
Share on other sites

Government Spokesperson: If the borrowing law does not pass, we have other solutions

 
%D8%A7%D9%84%D9%88%D8%B2%D8%B1%D8%A7%D8%

The information / Baghdad ...

A spokesman for the Prime Minister, Mustafa Al-Kazemi, confirmed, on Tuesday, that the government has other solutions to provide salaries for employees in the event that the borrowing law is not passed by the government.

Mulla Talal said during a press conference held after the end of the cabinet session and was attended by / the information / that "the government has submitted a borrowing law to the parliament, and there are solutions for all possibilities if it is passed by Parliament or vice versa."

He added that "the reduction of the amount by the House of Representatives is expected," noting that "in the event that the amount is reduced or not passed, the government has other solutions to secure the salaries of employees and there is no fear of that

  • Upvote 3
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.