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The Parliamentary Economic Committee meeting begins, in the presence of the Central Bank Governor, to discuss the rise of the dollar


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Deputy: The Central Bank will officially raise the exchange rate to 1450 dinars against the dollar on this date

Posted 4 hours ago
News source / Baghdad today
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Baghdad today
News source / Baghdad today
Baghdad Today - Follow-up

A member of the Parliamentary Finance Committee, MP Abd al-Hadi al-Saadawi, confirmed, Thursday (12-17-2020), that the Iraqis will witness a near shock in which a new and large rise in the dollar exchange rate will take place.

"The Central Bank of Iraq will raise the dollar exchange rate to 1450 Iraqi dinars next Sunday," Al-Saadawi said in a televised interview, which he followed (Baghdad Today), indicating that "what was leaked from the Ministry of Finance today from a copy of the 2021 budget encourages traders to control the exchange rate."

He added that "most of the money that goes out from the auction selling the currency comes out with false invoices claiming to buy things while the currency is smuggled out by buying unrealistic materials."

And on the border crossings, a member of the Finance Committee indicated that "the state does not control the financial policy, and the evidence is that it does not control the ports that enter prohibited materials or outside the specifications."

Al-Saadawi stressed that "the government should take the initiative to agree with neighboring countries (Syria, Iran and Turkey) to stop dealing with 14 illegal outlets in the Kurdistan Region."

Today, Thursday, the Ministry of Finance expressed its "resentment and deep regret" for the unauthorized publication of the draft budget for 2021.

In a statement received (Baghdad Today) a copy of it, the ministry said, “Budget preparation is a complex technical process that includes many ministries, government institutions and international agencies concerned with the budget over a long period of time and cannot be fully understood without referring to the data, policies and strategies that are based on it, including Government White Paper ”.

She added that "launching it to the media prematurely is an irresponsible act to a large extent, and this may precede the ability of ministers to comment impartially on the draft budget and amend it at a special budget session scheduled to be held next Saturday."

The ministry requested "not to pay attention to the exciting statements related to the budget that may arise during the next two days."

And she continued, "The Council of Ministers will discuss the budget in detail, which is the appropriate place to present its recommendations regarding it." Then the budget, after its approval by the Council of Ministers, is sent to the House of Representatives, ”adding that“ this is the correct approach and framework for discussion and deliberation regarding the budget, not social media, which may be full of inaccurate news

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Man, did Adam know what he was talking about!!!  He said, "Bring on the bad news."  Darn right it's smoke and mirrors.  This is about to pop.  Sunday would be just fine.

1450 sounds like $1.45 to me!!!! 😬

I have a few issues with the ton of articles saying the dinar rate will devalue down to 1450 per dollar..   1,  have you noticed there has been a huge amount of articles all saying the same thi

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The Financial Committee reveals the date of raising the dollar exchange rate to 1450 dinars

Posted 4 hours ago
News source / NR TV
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NR TV

News source / NR TV
Digital Media NRT

A member of the Finance Committee, Abdul Hadi Al-Saadawi, confirmed, Thursday, that the Central Bank of Iraq will raise the exchange rate of the dollar to 1450 dinars, starting   next Sunday.

Al-Saadawi said in a televised interview with Digital Media NRT, today (December 17, 2020), that "the Iraqi Central Bank will raise the dollar exchange rate to 1450 Iraqi dinars next Sunday."

He added, "What was leaked from the Ministry of Finance today of a copy of the 2021 budget encourages traders to control the exchange rate."

He explained, "Most of the money that goes out from the auction selling the currency comes out with false invoices claiming to buy things while the currency is smuggled abroad by buying unrealistic materials."

He continued, "The state does not control the financial policy, and the evidence is that it does not control the ports that enter prohibited materials or outside specifications ."

The Ministry of Finance had previously expressed its "deep resentment and regret" for the unauthorized publication of the draft budget in 2021 , calling for " not to pay attention to the exciting statements related to the budget that may arise during the next two days

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The strange monetary policy and the strange exchange rate in this wondrous economy

 

  • THURSDAY, 12-17-2020, PM 5:33
  • KARRAR AL-ASADI

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Written by: Dr. Emad Abdul Latif Salem

 

- The price of the dollar against the Iraqi dinar in the market now (Thursday 12/17/2020), ranges between 1330 and 1340 to 1350 dinars per dollar (up and down). See the link below.

- The Central Bank continues to sell the dollar at the currency sale window until Thursday 12/17/2020, at 1190 dinars to the dollar. (See the link below).

- Since last Monday 12/14/2020, and until Thursday, 12/17/2020, the price of the dollar against the dinar (in the market) ranged between 1290 and 1340 dinars to the dollar (up and down).

- To counter the rise in the price of the dollar in the market, the Central Bank sold 872,794,644 million dollars through the currency sale window (within only four days, from last Monday to this Thursday), at a price of 1190 dinars to the dollar.

- If we add the central bank's dollar sales last Sunday 12/13/2020 (amounting to 202,311,848 million dollars) to its sales for the past four days, the total sales of the central bank of dollars through the five-day currency sale window will amount to 1075,106,492 million dollars ( That is, one billion and 75 million dollars).
- With all these "generous" sales, the price of the dollar (in the market) continues to rise against the dinar.
Is this a sound and wise monetary "policy"?
Is this even a monetary "policy"?

The Central Bank accuses "analysts" of raising unfounded expectations about its intention to raise the "official" exchange rate of the dinar against the dollar, and that this is the main reason behind the rise in the dollar price in the market !!!!
If "the parsers were wrong, what did he do in return?"

And if these "analysts" were wrong, when they demanded a review of the current exchange rate of the dinar against the dollar, was the Ministry of Finance also at fault, when it asked the Central Bank in the "white paper" what was mentioned in a text in p53 of it, about the necessity of "studying the price The current exchange of the dollar against the dinar, taking into consideration the requirements of financial and monetary stability, and achieving the competitiveness of the Iraqi economy. ?????

Where is the "coordination" between the fiscal and monetary policies, to define priorities, objectives, and general economic policy directions in this country?

Will every "maker" of politics in this country still sing about "Layla" ... so that we can get from this "orchestra", which has no "leader", this discordant "rhythm"?

Is the monetary policy "wise" or "appropriate", or "responsive" to a situation like this, is for the bank to continue pumping more "cheap" dollars into the market (at a price of 1190 dinars to the dollar) for the "buyers" to sell them in the market, at prices ranging from 130, to 134 thousand dinars to the dollar ???
Who benefits from this cash "mess" in the end ??
And whenever the price of the dollar rose against the dinar (in the market), the bank sold hundreds of millions of dollars every day in order to maintain the current exchange rate of the dinar against the dollar?
Can the central bank continue its policy for a long time, and defend the current exchange rate of the dinar against the dollar, indefinitely?
This is difficult, and very difficult, if not impossible.

Are ordinary people ... Are the poor ... Are vulnerable groups of the population the beneficiaries of this situation?
And if they are not the beneficiaries of this "mess", then who is the ultimate beneficiary of such a monetary "policy"?

I will not suggest anything here. In the central bank, as in its board of directors, as in the whole of Iraq, there are "minds" and experiences that can distinguish between right and wrong, and can formulate policies, and can provide solutions, and set priorities, and it is assumed that they have a minimum This is called a "sense of proportion", meaning the distinction between important and most important things.
We cannot afford to waste any more time before our financial and "monetary" collapse ...
Nevertheless, we will wait.
We will wait ...
hopefully the "miracle" that saves us all (Iraq, us, and this wondrous economy) will happen from what we are.

 

Data source:
https://www.cbi.iq/currency_auction
https://cbi.iq/currency_auction/all

link

 
 
 
 

The representative economy and the central bank governor discuss the window of selling the currency and the instability of the dollar exchange rate

The representative economy and the central bank governor discuss the window of selling the currency and the instability of the dollar exchange rate12/17/2020 17:53:47
 
The Parliamentary Economic and Investment Committee headed by Representative Ahmed Salim Al-Kanani and its members attended, Thursday, Mustafa Ghaleb, governor of the Central Bank.
 
The meeting discussed the central bank's work on the window for selling the currency and the instability of the dollar exchange rate, as well as the central bank’s monetary policy plan and the governor of the central bank gave a detailed explanation of the work of the central bank and selling the currency through the single window.

 

Al-Kinani added that the committee is working to prepare a detailed report on the work of the central bank and how to control the window for selling the currency through practical procedures presented to the central bank, monitoring imports and excluding false imports, calling for accountability for violating and lagging banks and imposing financial penalties on them.

 
 
 
 

Central Bank of Parliament Governor for Parliamentary Finance: We are preparing to launch a package of measures that achieve a displacement balance in the exchange rate

Central Bank Governor: We are preparing to launch a package of measures that achieve a shifting balance in the exchange rate12/17/2020 18:08:46
Hosted the Finance Committee headed by Deputy Dr. Haytham Al-Jubouri and the attendance of the ladies and gentlemen of the members, on Thursday 12/17/2020, the Governor of the Central Bank, Mustafa Ghaleb Makhaif, to discuss the economic crisis and the implications of the high exchange rate of hard currency on the Iraqi market situation.

 

During the hosting, which was held at its headquarters, the committee focused on ways to confront the negative repercussions of the increase in the exchange rate on citizens, especially the vulnerable and poor classes, as well as the measures that the Central Bank will follow towards banking companies to deter the weak from exploiting this situation.

The committee called on the government to carry out rapid reforms to protect the vulnerable classes and those covered by the social welfare network and workers in the private sector, confront inflation and provide the necessary foodstuffs through the ration card.

The Governor of the Central Bank provided an explanation on the reasons for the high exchange rate, stressing that the bank is preparing to launch a package of measures that will achieve a shifting balance in the exchange rate for the year 2021, such as launching an initiative with an amount of 3 trillion to support low-income people, doubling the provision of hard currency in the market, and increasing interest rates. On the Iraqi currency deposited in banks.
 
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LINK

Central Bank Governor: We will double the availability of hard currency in the market during 2021

%D9%85%D8%AD%D8%A7%D9%81%D8%B8-%D8%A7%D918:06 - 12/17/2020

The Governor of the Central Bank, Mustafa Ghalib, announced, on Thursday, that it will double the provision of hard currency in the market during 2021.

The Parliamentary Finance Committee said, in a statement received by the information, that “discussions were held with the governor of the Central Bank regarding an increase in the currency exchange rate,” indicating that it “focused during the hosting on ways to confront the negative repercussions of the increase in the exchange rate on citizens, particularly the vulnerable and poor classes, as well as The procedures that the central bank will follow towards banking companies.

The government called for "rapid reforms to protect the vulnerable classes and those covered by the social welfare network and workers in the private sector, confront inflation and provide the necessary foodstuffs through the ration card."

For his part, the Governor of the Central Bank said that the bank “is ready to launch a package of measures that will achieve a shifting balance in the exchange rate for the year 2021, such as launching an initiative of $ 3 trillion to support low-income people, doubling the hard currency supply in the market, and increasing interest rates on the Iraqi currency deposited in banks. “.

A member of the Parliamentary Finance Committee, Abd al-Hadi al-Saadawi, confirmed in a previous statement to "the information", that the rise in the dollar exchange was not according to a governmental approach and an economic policy, but rather as a result of confusion in the management of the Central Bank. 

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Central Bank: We are preparing to launch a package of measures that will achieve a balance in the exchange rate  LINK

 
 
 
 
 
 
 
 
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Conscious / Deputy on the drain of currency: the country is heading for an economic catastrophe that will not remain and will not remain

Conscious / Baghdad

Deputy Abdul Amir Taiban Al-Dubai confirmed, on Thursday, that in the event that the bleeding of hard currency is not stopped by the auction, the country is heading towards an economic disaster that will not remain and will not remain.

Al-Taiban said in a tweet on Twitter, that “if the wise men and decision-makers in Parliament did not intervene, to stop the farce of bleeding the hard currency in the currency market with corrupt hands known for their tendencies and affiliations. The country is facing an economic catastrophe that will not remain or leave.

He pointed out, "It is the government that bears the consequences

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ERBIL, Kurdistan Region – From next week, the exchange rate of the Iraqi dinar will be pushed up to 1,450 dinars per US dollar and will not go lower, according to a Kurdistan Region member of the Iraqi parliament. 

“Starting Sunday, the Central Bank of Iraq will set the value of 100 dollars at 145,000 dinars,” Jamal Kochar, an MP with the Kurdistan Islamic Union, told Rudaw’s Hawraz Gulpi on Thursday.

“The Iraqi government will try to keep the exchange rate at 1,450 dinar per dollar and will try to keep it from increasing, however the government will not let it go lower than that,” he added.

The exchange rate has risen recently, reaching more than 1,300 on Thursday, when the Iraqi parliament’s finance committee called for an urgent meeting to discuss the matter.

The government has reportedly planned a currency devaluation as part of a draft 2021 budget.  

“The government has set 1,450 dinar per dollar as the exchange rate, however by the time the money enters the market and is available to the people, the rate could go up to 1,600 dinar per dollar, due to exchange markets adding interest,” Fazel Nabi, former deputy finance minister, told Rudaw. 

Iraq and the Kurdistan Region have had a rough year financially amid nationwide protests against the government, low oil prices, and lack of a budget for the year. The parliament last month passed the Fiscal Deficit Coverage Bill that allows the government to borrow 12 trillion dinars ($10 billion) from the central bank in order to cover the fiscal deficit and pay civil sector employees for the rest of the year. The bill passed despite a walkout by Kurdish MPs. 

While deadly anti-government protests rocked cities and towns in parts of the Kurdistan Region, a Kurdish delegation arrived in Baghdad last week to settle the prolonged budget dispute between Erbil and Baghdad, but they are yet to reach a deal.

“I ensure that negotiations are ongoing, and will go on until we reach a good deal,” Deputy Prime Minister of the Kurdistan Region Qubad Talabani said on Tuesday in response to rumors that negotiations have failed.
 

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Representative source to NINA: The dollar may rise to 150,000 dinars tomorrow, Saturday

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Baghdad / NINA / A representative source expected that the dollar exchange rate would reach 150,000 dinars per hundred dollars on Saturday.

The source, who preferred not to be named, told the Iraqi National News Agency / NINA /: "The exchange rate of the dollar will rise to its highest levels and record 150 thousand dinars per 100 dollars, as a result of the leakage of the draft budget that stipulates the approval of 145 thousand dinars per hundred dollars."

The exchange rate of the dollar today, Friday, is 132,500 thousand dinars per 100 dollars.

According to the leaked draft of the federal budget law for 2021, it included fixing the exchange rate of the dollar on the basis of 1450 dinars and a deficit that exceeded 58 trillion Iraqi dinars. Daily, including 250 thousand barrels are exported from the Kurdistan region.

The leakage of the draft budget to the media and social networking sites sparked widespread controversy and turmoil in the foreign currency market in Baghdad, as the exchange rate of the dollar in the local market rose in a frenzy and exceeded 134 thousand dinars per hundred dollars, before it decreased to 132 thousand dinars after government and parliamentary assurances that the draft Infinite and adjustable. / End 8
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Finance Minister: The previous dollar exchange rate distorted and damaged the economy

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Baghdad / NINA / The Minister of Finance, Ali Allawi, announced: "The exchange rate of the dollar of 1182 dinars per dollar has distorted and damaged the Iraqi economy, indicating:" The budget for next year will impose new taxes.

"Allawi said in a statement on the 2021 budget that the Iraqi National News Agency received / Nina / a copy of it: "The 2021 budget adopted an exchange rate of 1450 dinars per dollar, because the previously approved exchange rate of 1182 dinars per dollar is distorted and does not reflect the actual reality," stressing: "The previous exchange rate harmed the Iraqi economy as a result of the flow of goods from Neighboring countries, which negatively affected the local product. "

He pointed out: "The appropriate level of the exchange rate is a confusing question, but the Ministry of Finance believes that for multiple reasons, and after study and analysis, the exchange rate at the present time is 1450 dinars per dollar, despite our belief that the floating and controlled exchange rate is better, but the best solutions are in The present time is the price above as it serves the various economic sectors, as the economic competitiveness of Iraq has been seriously affected by the overestimation of the exchange rate, which affected the flow of foreign investments outside the oil sector, "stressing that the exchange rate adjustment has a beneficial effect on the deficit and will put Iraq in A position that allows him to rebalance his economy against the backdrop of a more competitive price.

He noted that the government of Mustafa Al-Kazemi, managed the financial crisis with very limited resources without any support from the international community, explaining that the failure to issue the Federal Budget Law for the year 2020 created additional burdens when preparing next year's budget, and it caused the real numbers required in the spending to not be known, indicating The rise in salaries and pensions has become a cause for concern, as it now accounts for 120% of oil revenues.

Allawi continued, "We have started a serious process of addressing the deficiencies in the customs and tax administrations. These reforms will take some time to show results, but these revenues are expected to be maximized in the year 2021," noting: "The spending was the main issue as the need to rationalize the salary and pension bill. These rates have increased year by year at an alarming rate and are now far from critical levels. "

The Minister of Finance pointed out: "Government support programs and subsidies have hit the economy, as subsidies have reached very high levels, and it has become difficult to change or reduce them, and the most subsidy is given to the electricity sector as the real economic costs of the electricity sector were estimated at 24 trillion dinars, about 10% of Gross Domestic Product, "indicating:" The subsidies to the agricultural sector cost the state, last year, 2.5 trillion dinars, as the Ministry of Agriculture buys wheat, rice and barley at prices much higher than international prices. "

And: "Direct support for the ration card is still approaching 2.5 trillion dinars, while next year's budget included maintaining and even increasing support for the poor and vulnerable segments of the country, as the Ministry of Finance is working with the World Bank and the Ministry of Planning to expand the scope of the Community Development Fund to more than one billion." Dollars ".

He pointed out that the 2021 budget allocated an amount of 500 million dinars to increase the capital of state-owned banks, and these funds will be allocated to strengthening the capital base and operational efficiency.

Allawi focused on the financial deficit in the budget next year, as he confirmed that it will reach 95 trillion dinars after approving the budget for all arrears and legal obligations to work and pensions, but after adjusting the dollar exchange rate, the deficit will reach 60 trillion dinars.

Allawi pointed to the addition of new sales taxes in addition to the total salary being subject to tax, which will generate an additional income of 5.2 trillion dinars, indicating that new traffic fees have been imposed on vehicles that violate the issue of traffic registration and it is expected that revenues of up to one trillion dinars will be collected, explaining: The sale of crude oil to refineries and oil companies will be at international prices. / End 8
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by Editor Economy 2 Hours ago

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Member of the Finance Committee in the House of Representatives Jamal Cougar announced that the Central Bank will raise the price of the dollar against the dinar, starting next Sunday, to bring the price of the hundred-dollar denomination to one hundred forty-five thousand dinars.

Cougar, who was present at the meeting, said that the central bank governor informed the committee to raise the price of the dollar early next week, based on the proposal of the International Monetary Fund and the World Bank.

Currently, the Iraqi Central Bank sells the dollar for one thousand one hundred and ninety dinars, while financial experts are selling the value of the Iraqi currency against the dollar to banks and currency dealers who are working to raise the price of the dollar in order to achieve profits.

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Finance Minister Ali Abdul Amir Allawi "Internet"
  

 money and business


Economy News - Baghdad

The Minister of Finance, Ali Allawi, announced that the dollar exchange rate of 1182 dinars per dollar distorted and damaged the Iraqi economy, indicating that next year’s budget will impose new taxes.

Allawi said in a statement about the 2021 budget seen by "Al-Eqtisad News", that the 2021 budget adopted an exchange rate of 1450 dinars per dollar, because the previously approved exchange rate of 1182 dinars per dollar is distorted and does not reflect the actual reality, stressing that the previous exchange rate hurt the Iraqi economy As a result, the goods are being paid from neighboring countries, which has a negative impact on the local product.

He pointed out that the appropriate level of the exchange rate is a confusing question, but the Ministry of Finance believes that for multiple reasons, and after study and analysis, the exchange rate at the present time is 1450 dinars to one dollar, despite our belief that the floating and controlled exchange rate is better, but the best solution at the present time is the price. Above, as it serves the various economic sectors, as the economic competitiveness of Iraq has been seriously affected by the overestimation of the exchange rate, which affected the flow of foreign investments outside the oil sector, stressing that the exchange rate adjustment has a beneficial effect on the deficit and will put Iraq in a position that allows it to re-balance To economize on the background of the most competitive price.

He noted that Mustafa Al-Kazemi's government managed the financial crisis with very limited resources without any support from the international community, explaining that the failure to issue the Federal Budget Law for the year 2020 created additional burdens when preparing the budget for next year, and the reason for not knowing the real numbers required in the spending, pointing to The rise in salaries and pensions has become worrisome, as they are now in the range of 120% of oil revenues.

Allawi stressed that we have started a process of serious treatment of the deficiencies in the customs and tax administrations, and these reforms will take some impact to show results, but it is expected to maximize these revenues in the year 2021, indicating that the spending was the main issue as the need to rationalize the salary and pension bill, as these rates increased. Year after year, at an alarming rate, it is far from critical levels.

The Minister of Finance pointed out that government support programs and subsidies have hit the economy, as subsidies have reached very high levels, and it has become difficult to change or reduce them, and the most subsidy is granted to the electricity sector, as the real economic costs of the electricity sector were estimated at 24 trillion dinars, as about 10% of the GDP The total, indicating that the subsidies to the agricultural sector cost the state 2.5 trillion dinars last year, as the Ministry of Agriculture buys wheat, rice and barley at prices much higher than international prices.

He indicated that the direct support for the ration card is still close to 2.5 trillion dinars, while next year's budget included maintaining and even increasing support for the poor and vulnerable segments of the country, as the Ministry of Finance is working with the World Bank and the Ministry of Planning to expand the scope of the Community Development Fund to more than one billion dollars.

He pointed out that the 2021 budget allocated an amount of 500 million dinars to increase the capital of state-owned banks, and these funds will be allocated to enhance the capital base and operational efficiency.

Allawi focused on the financial deficit in the budget next year, as he confirmed that it will reach 95 trillion dinars after approving the budget for all arrears and legal obligations to work and pensions, but after adjusting the dollar exchange rate, the deficit will reach 60 trillion dinars.

Allawi pointed to the addition of new sales taxes, in addition to the total salary being subject to tax, as we will achieve an additional revenue of 5.2 trillion dinars, noting that new traffic fees have been imposed on vehicles violating the issue of traffic registration and it is expected that they will collect revenues of up to one trillion dinars, explaining that the sale of oil Crude to refineries and oil companies at world prices.

 
 
Number of observations 1945   Date of addendum 12/18/2020
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A source reveals a "trick" behind raising the dollar's exchange rate

 

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Baghdad - IQ


An informed source revealed, Friday (December 18, 2020) a government "trick" behind raising the dollar's exchange rate.

The source, who declined to be named, told  IQ NEWS , "The government resorted to raising the price of the dollar, as an alternative to the option to deduct salaries from employees directly, in order to avoid any significant excitement or any negative reactions against the government."

He added, "The proposal to raise the dollar exchange from 1190 to 1450 in the 2021 budget is consistent with the required deduction rate, which is 20 percent, despite their knowledge of the seriousness of resorting to this option, and the problems related to it in terms of currency inflation and high prices."

According to the initial draft of the 2021 budget, which was circulated by the media yesterday, Thursday, the exchange rate of the dollar will stabilize in the 2021 budget by 1450, or 145 thousand dinars for the 100 dollar category.

The leakage of the draft budget for 2021 led to confusion in the exchange rate of the dinar after the leaked draft set an exchange rate of 1450 dinars to the dollar, which caused a rapid rise in the price of the dollar, which jumped to more than 1350, up from a margin between 1280 and 1320 in the past days.

In addition, a member of the Parliamentary Finance Committee, Abdul Hadi Al-Saadawi, said in a televised interview, that the governor of the Central Bank, Mustafa Ghaleb Makhif, informed the committee that the Central Bank will raise the exchange rate of 100 dollars to 145 thousand dinars, starting tomorrow, Sunday.

Earlier in the day, Finance Minister Ali Abdul Amir Allawi said that the previous dollar exchange rate "distorted and damaged the Iraqi economy," referring to the adoption of an exchange rate of 1450 dinars per dollar in the fiscal budget for 2021, while he considered that the rise in salaries and pensions "has become A cause for concern, as it now accounts for 120 percent of oil revenues .

Allawi said in a statement reviewed by  IQ NEWS , that "the 2021 budget adopted an exchange rate of 1450 dinars per dollar, because the previously approved exchange rate of 1182 dinars per dollar is distorted and does not reflect the actual reality," noting that "the previous exchange rate harmed the Iraqi economy." As a result, commodities are being paid from neighboring countries, which has negatively affected the local product.

He pointed out that the government "managed the financial crisis with very limited resources without any support from the international community, and that the failure to issue the Federal Budget Law for the year 2020 created additional burdens when preparing next year's budget, and the reason for not knowing the real numbers required in the spending," noting that " The rise in salaries and pensions has become a cause for concern, as they are now around 120% of oil revenues. "

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Editing date: 12/18/2020 10:52 • 108 times read
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[Baghdad-Where]
Central Bank Governor Mustafa Ghaleb Makheif announced today, Thursday, that the bank is ready to launch a package of measures that will achieve a comfortable balance in the exchange rate.
The media department of the House of Representatives said in a statement, that "the Finance Committee hosted today, Thursday, the Governor of the Central Bank, Mustafa Ghaleb, to discuss the economic crisis and the implications of the high exchange rate of hard currency on the Iraqi market situation."
She added, "The committee focused during the hosting, which was held at its headquarters, on ways to confront the negative repercussions of increasing the exchange rate on citizens, particularly the vulnerable and poor classes, as well as the measures that the Central Bank will follow towards banking companies to deter the weak people from exploiting this situation."
She pointed out that "the committee called on the government to carry out rapid reforms to protect the vulnerable classes and those covered by the social welfare network and workers in the private sector, confront inflation and provide necessary foodstuffs through the ration card."
Central Bank Governor Mustafa Ghaleb Makhaif, according to the statement, provided an explanation on the reasons for the high exchange rate, stressing that “the bank is preparing to launch a package of measures that will achieve a comfortable balance in the exchange rate for 2021, such as launching an initiative of 3 trillion to support low-income people, and doubling Providing hard currency in the market, and increasing interest rates on the Iraqi currency deposited in banks
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