Iraqi Finance announces new developments in the dinar exchange rate

[yota691]

Representative Finance: The exchange rate of the dollar is irreversible, and we are discussing decisions to mitigate the damage

 

01-09-2021 08:12 PM - Number of readings: 25564

 

A member of the Parliamentary Finance Committee, Ahmed Hama Rashid, confirmed, on Saturday, that the exchange rate of the dollar in the next budget will be according to the new and irreversible increase, indicating that Parliament will discuss preparing measures that contribute to mitigating the damage resulting from the increase.

Rasheed said in a statement to "Tigris", "The first reading of the draft budget will be the same as that which was presented by the government, and then it will be returned to the Finance Committee to present reforms."

He added that "the dollar exchange rate according to the budget will be 1460 per dollar and will not be reduced as it is outside the jurisdiction of Parliament."

He continued, "The decision is to reduce the size of the budget by about 23% of its original value, and the issue will be dealt with in accordance with the public interest after making adjustments to lift the citizen out of poverty due to the increase in the dollar exchange rate."

[boosterbglee]

Many times I wonder if they have any idea what they are doing!  Now they want to mitigate the damage......Ay Caramba!

[Jaygo]

33 minutes ago, boosterbglee said:

Many times I wonder if they have any idea what they are doing!  Now they want to mitigate the damage......Ay Caramba!

That is what they are telling us, but may not be what they actually do. 

[Engine1]

1 hour ago, Jaygo said:

That is what they are telling us, but may not be what they actually do. 

Or maybe they are going to do what they are telling us. 

[horsesoldier]

[1] It's possible they have no idea what they're really doing ( just shooting from the hip ) Now they want to mitigate the damage ??? what's that look like ????  - - [2] This is what they are telling us, but may not be what they actually do. . . OR [3] Or maybe they are going to do what they are telling us. 

 

Well now, that narrows the what in the heck they gonna do  field down considerably . . . 

More suspense than an Agatha Christie WHO DUNNIT 

 

 

[Flamtap]

2 hours ago, horsesoldier said:

[1] It's possible they have no idea what they're really doing ( just shooting from the hip ) Now they want to mitigate the damage ??? what's that look like ????  - - [2] This is what they are telling us, but may not be what they actually do. . . OR [3] Or maybe they are going to do what they are telling us. 

 

Well now, that narrows the what in the heck they gonna do  field down considerably . . . 

More suspense than an Agatha Christie WHO DUNNIT 

 

 

In the running of the Dinar Derby......folks place your bets on Horsesoldier to Win, Show and Place! He's a Winner 🏆 I tell you! 

[screwball]

Soon prayers will be answered or not 

[yota691]

Parliamentary Finance explains how to make changes to the budget and the dollar exchange rate

08:42 - 10/01/2021

 

  

 

Information / private

The Parliamentary Finance Committee indicated that the amendment to the budget takes place after completing its first reading, pointing out that changing the exchange rate of the dollar is part of the government's authority, and Parliament cannot determine the pricing.

Committee member Jamal Cougar said to / the information /, that "the first reading of the budget is followed by amendments to it and observations by the representatives as well as the relevant committees, while it is not possible to put any observations before the first reading despite the presence of some personal observations."

He added, "What is related to the exchange rate of the dollar and the rise in it, it is a prerogative of the Central Bank and is not subject to the convictions of Parliament."

And that "the talk about changing government procedures regarding the exchange rate is incorrect, because the change is not in the hands of the House of Representatives, but exclusively from the authority of the executive authority." 25 n

[6ly410]

ERBIL, Kurdistan Region — The devaluation of the Iraqi dinar will save the country 12 trillion Dinars (approx. $8.3 billion) this year, a member of the Iraqi parliament’s finance committee told state media on Sunday.

“The step to devaluate the dinar to fill the deficit will save 12 trillion Dinars,” Ali Saadun, a member of Iraqi Parliament’s Finance Committee told Iraqi state media on Sunday.

The MP also emphasized that their committee is in constant meetings with Prime Minister Mustafa al-Kadhimi. “He has suggested multiple possible ways to improve the economic situation in Iraq,” Saadun said.

“The price of the dollar will remain stable at around 147,000 Dinar per $100,” Patriotic Union of Kurdistan (PUK) MP and member of the finance committee Shirwan Mirza told Rudaw English on Sunday.

Iraqi state media announced on December 19 that the Central Bank would set the dollar at 1,470 IQD for the public. 

The devaluation of the Iraqi dinar is a step towards reform and creating a “financial balance” that will revive the economy, Iraq’s Minister of Finance said at the time.

Influential Shiite cleric Muqtada al-Sadr voiced his skepticism of the measure’s ability to alleviate public suffering.

“The Central Bank and all other banks are prisoners of corruption and corrupters. The government and parliament must seek specialized methods to end this and liberalize it immediately. It is not,” Sadr tweeted on December 19.  

Iraq’s economic woes have worsened since the start of the coronavirus pandemic, which saw oil prices plummet – bad news for Iraq’s highly oil-dependent economy. 

Iraqi demonstrators took to Baghdad’s protest epicentre Tahrir Square on December 21 to air their discontent after the government decision to devalue the country's currency. 

The October 2019 protest movement also called for economic reform, with masses of young people demanding better services and an end to unemployment. 

[Inbedded HorseHead]

Why stop there?  Why don’t they de-value it more, go for it, save the Country 30 Trillion!

[ChuckFinley]

2 hours ago, Inbedded HorseHead said:

Why stop there?  Why don’t they de-value it more, go for it, save the Country 30 Trillion!

That is what I am saying. Drive it into the dirt.

[FROSTYJACK]

On 1/9/2021 at 6:51 AM, yota691 said:

 

Rashid added, in a post on Facebook, "The parliament session will be limited to reading the budget bill, and no decision will be taken on changing the exchange rate of the dollar against the dinar."

He explained, "The House of Representatives cannot make any changes regarding what is stated in the draft budget to determine the exchange rate of the $ 100 paper at 145,000 thousand dinars and the price of a barrel of crude oil at $ 42."

I think his point here is the House can’t change the rate against the Dollar. It is up to the CBI to go global with a real world wide revalued rate. 🧉🧉🧉

[yota691]

 

Parliamentary finance resolves the controversy and reveals the fate of the dollar exchange rate in the budget

 

•  

 2021-01-13 14:59

 

 

Shafaq News / The Parliamentary Finance Committee confirmed, on Wednesday, its inability to change the exchange rate of the Iraqi dinar against the US dollar, indicating that the exchange rate has stabilized after the approval of the 2021 budget law.

 

Committee member Jamal Cougar told Shafaq News that the reports about a parliamentary move to change the Iraqi dinar exchange rate against the US dollar are incorrect.

 

He indicated that the Parliamentary Finance Committee does not have any authority to change the exchange rate of the dinar against the dollar, stressing that the Central Bank is the only body that has this authority and is able to change or return the exchange rate.

 

Cougar pointed out that the exchange rate of the dinar against the dollar in the market will stabilize after the approval of the General Budget Law for 2021 in the House of Representatives.

 

Earlier today, Wednesday, Finance Minister Ali Abdul Amir Allawi announced his intention to take a package of measures that mitigate the effects of devaluation within two weeks.

 

A statement by the office of the head of the State of Law coalition, Nuri al-Maliki, received by Shafaq News, said that the latter received Allawi, today, and the meeting dealt with the necessary means to support Iraq to face the current financial crisis and the plans and measures required to overcome it, and the importance of uniting efforts and solidarity among all to reduce the deficit in the general budget in order to achieve justice Social.

 

Al-Maliki stressed, according to the statement, the need to conduct appropriate reforms that contribute to rationalizing spending and preserving public money, stressing that economic treatments to get out of the current situation should not affect the layers of limited income, employees, retirees and their pension obligations.

 

The head of the State of Law coalition renewed his call on the government to "not neglect the rights of peasants and farmers and to delay the payment of their dues."

 

In his turn, the Minister of Finance reviewed the procedures followed by the ministry in dealing with the economic and financial conditions.

 

Allawi stressed, according to the statement, that the ministry will take a package of measures within two weeks to mitigate the effects of devaluation, calling for "concerted efforts to overcome the current stage and its repercussions on public life."