After More Than A Month Of The Parliamentary Movement .. Setting An Official Date For The Questioning Of The Governor Of The Central Bank: Will The Dollar Price Return To 120 Thousand?

[DinarThug]

LINK

The International Development Bank announces its joining the "Bani" platform

 

 

25th January, 2021

 

The International Development Bank announced that it has joined the Bani platform for clearing and settling Arab payments

The bank said in a statement seen by "Al-Eqtisad News", "with unremitting and promising efforts and on the occasion of launching and operating the "Buna Buna" platform for clearing and settling Arab payments owned by the Arab Monetary Fund and starting to implement the business of sending and receiving money in various currencies and after the platform's success in conducting financial transfers in every From Egypt, the United Arab Emirates and Jordan, as a first stage

The statement added that "the International Development Bank, as the first Iraqi bank to start its work on this platform, which will allow its customers to send money between Arab countries and in all currencies and to the various markets of the Arab region and abroad, with very low commissions, which will include more than 120 Arab banks to its network in order to expand the list of Arab and international currencies

The bank stressed that "work is underway to introduce the Iraqi dinar currency on this platform soon to encourage the use of Arab currencies in financial and investment transactions in accordance with international standards and after the International Development Bank fulfills all operating requirements, which reflects the bright image of Iraqi banks and their competition with Arab banks in applying all modern banking standards." And her signature of the sharing agreement

 

23 hours ago, DinarThug said:

The bank stressed that "work is underway to introduce the Iraqi dinar currency on this platform soon to encourage the use of Arab currencies in financial and investment transactions in accordance with international standards

 

15 hours ago, screwball said:

Boom 

 

  

 

 

     

[DinarThug]

On 1/25/2021 at 1:04 PM, DinarThug said:

Al-Halbousi and the Emir of Kuwait discuss activating the joint governmental and parliamentary committees between the two countries

 

 

 

01/25/2021 17:48:55

 

Speaker of Parliament meets Emir of Kuwait

Parliament Speaker Muhammad Al-Halbousi met today, Monday, with his accompanying delegation, His Highness the Emir of the State of Kuwait, Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah.

The meeting discussed cooperation between the two brotherly countries, strengthening bilateral relations, strengthening joint economic relations, activating joint governmental and parliamentary committees between the two countries, and stressing the necessity of activating reconstruction projects and the outcomes of the international donors conference.

During the meeting, Al-Halbousi stressed Iraq's keenness to strengthen relations between the two neighboring countries in all fields, appreciating Kuwait's positions in support system" rel="">support of Iraq.

For his part, the Emir offered his condolences to the victims of the two bombings that targeted Tayaran Square in Baghdad, expressing the State of Kuwait's condemnation and condemnation of these two actions that targeted the lives of innocent people and destabilized security and stability, again supporting his country and standing with Iraq to face the challenges it is going through, and achieve development and stability.

 

LINK

The Speaker of Parliament meets the Kuwaiti Prime Minister

 

25th January 2021

The Speaker of Parliament, Muhammad Al-Halbousi, and his accompanying delegation met with the Kuwaiti Prime Minister His Highness Sheikh Sabah Khaled Al-Hamad Al-Sabah.

At the outset of the meeting, His Excellency and the accompanying delegation congratulated His Highness Sheikh Al-Sabah on the occasion of his reappointment as Prime Minister and assigning him to nominate members of the new cabinet, wishing him success and success.

The meeting discussed enhancing the prospects for cooperation between Iraq and Kuwait in accordance with mutual interests in all fields, and the importance of activating the joint Iraqi-Kuwaiti ministerial committee and enhancing its work, as well as forming a joint parliamentary committee to activate cooperation and follow up and accelerate government procedures in the field of investment, trade and free zones.

His Excellency also discussed with the Kuwaiti Prime Minister the file of the remaining payments of debts owed by the Iraqi government to Kuwait, and the possibility of delaying their payment because of the financial crisis and the economic situation that Iraq is going through.

The meeting stressed the need to open the borders between the two countries to trade movement after it stopped due to the pandemic, with tightening commitment to preventive measures, appreciating Kuwait's stances in support of Iraq during crises, the latest of which is the Corona pandemic crisis, which was represented by sending liquid oxygen trucks to the health institution.

For his part, the Kuwaiti Prime Minister offered his condolences to Iraq for the victims of the last two bombings in Baghdad, stressing his country's support for the government and people of Iraq, and the continued expansion of the horizons of cooperation between the two brotherly countries at all levels.

############

The debt file, most notably .. these files were discussed by Al-Halbousi with the Kuwaiti Prime Minister  LINK 

[Rochester]

On 1/23/2021 at 1:31 AM, screwball said:

Great to see you back Thug!

Actually, it's not "great to see Thug". Thug said it best "Super Heavy Makeup - is The Only Thing That Helps To Make it 'Goid" to see Thugs"

 

On 1/23/2021 at 12:32 AM, DinarThug said:

And The Multiple Coats Of Super Heavy Makeup - Is The Only Thing That Helps To Make It ‘Goid’ To See Me !  

 

     

I get the same reaction. I'm told, now that I wear a Scamdemic Mask that covers my face, "Rochester, you are getting more handsome, as you get older"🤣

[DinarThug]

The price of the dollar may decline in Iraq, despite the government’s decision ... an American approach to reduce the global “green currency” value

2021-01-26

 

 

Yes Iraq: Baghdad

 

The US currency is expected to lose between 10% - 15% of its value against the major currencies in the world, during the current year, after the appointment of Janet Yellen, Secretary of the US Treasury.

 

Experts said that the new US Treasury Secretary confirmed that she does not seek to reduce the dollar, but in reality the minister is counting on a weak dollar, and suggests pumping funds to support the US economy, in light of the Corona crisis.

 

On Monday, the US Senate approved the appointment of former Federal Reserve chief Janet Yellen, secretary of the US Treasury, becoming the first woman in US history to hold this position.

LINK 

[DinarThug]

On 1/23/2021 at 12:05 AM, DinarThug said:

After more than a month of the parliamentary movement .. Setting an official date for the questioning of the governor of the Central Bank: Will the dollar price return to 120 thousand?

2021-01-22

 

 

 

Yes Iraq: Baghdad

 

 

After more than a month has passed since the launch of parliamentary moves to question the governor of the Central Bank, Mustafa Ghaleb Makheif, the House of Representatives set an explicit date for hosting and a frightening interrogation under the dome of Parliament, for several issues, on top of which is the issue of raising the exchange rate of the dollar against the Iraqi dinar.

 

A document issued by the House of Representatives revealed that next Wednesday, January 27, 2021, will be set as a date for the questioning of the Central Bank Governor, Mustafa Ghaleb Mekhaif, against the background of the request submitted by MP Faleh Sari.

 

 

Earlier, MPs revealed efforts and moves to question the central bank governor on files related to monetary policy, especially the currency auction file, as well as the devaluation of the Iraqi dinar and the setting of a new high dollar price from 1190 to 1450 dinars per dollar.

 

The central bank is considered the primary responsibility for maintaining the exchange rate, but the official pricing is primarily the responsibility of the government.

 

The Parliamentary Finance Committee said earlier, that "determining the exchange rate of the dollar is a governmental matter and its exclusive authority is that it is the one who draws and implements the fiscal and monetary policy."

 

As the legal expert Ali Al-Tamimi explained, “The rise in the exchange rate of the dollar to 1450 violates articles 30 and 31 of the Iraqi constitution, which require the state to provide a free and decent life and suitable income, and also this procedure violates Articles 23 and 26 of the International Covenant on Civil and Political Rights, which require All the countries of the world that are members of the United Nations organization abide by it.

He added, “The Central Bank Law No. 56 of 2004 is an independent body under Article 3 of this law and also the Central Bank’s instructions for the year 2017, and therefore it is the one that determines the exchange rate and if there is an increase in the price, it is necessary to control market prices and prevent inflation that will increase poverty, so read “.

 

He pointed out that “there is a possibility to challenge this law if it is legislated by Parliament before the Federal Court, and Parliament can not agree to legislate this law and return it to the government for an amendment because Parliament can do so constitutionally as it represents society, according to Article 61 of the Constitution, as well as Article 13 of the Administration Law Finance 6 of 2019 ”.

link

 

In the document .. Parliament includes the questioning of the Governor of the Central Bank during tomorrow's session

 

Sweeteners

- 01-26-2021 10:28 PM - Readings: 5153

 

LINK 

[DinarThug]

The Iraqi government issues 7 decisions, including increasing the production of the Nasiriyah oil field

 

 

 

cabinet meeting

 

 January 26, 2021 11:59 PM

 

Mubasher: During its weekly meeting, the Iraqi Council of Ministers, headed by Mustafa Al-Kazemi, issued several decisions, most notably the approval of a recommendation to increase the production of the Nasiriya oil field.

 

The Iraqi Council of Ministers stated, in a statement issued today, Tuesday, that it approved the recommendations of the Diwaniya Order No. 3 of 2021 regarding the emergency project loan agreement to support stability and social resilience in Iraq, which included:
 
- Directing the Ministry of Labor and Social Affairs to proceed with the implementation procedures regarding The sums transferred to international organizations (UNOPS, IOM), in the amount of $ 14 million, in favor of (cash for work) according to the vision of the Ministry's requirements, to approve the basic data of the unemployed, taking into consideration the consideration of giving priority to the returning displaced youth.

- Consider reviewing the terms of the agreement and redistributing its sums to the components or their restructuring, especially for the remaining amount (cash for work) and the unallocated sums in the principal of the loan amounting to $ 56 million in addition to the amount of $ 15 million, according to proposals submitted by the committee to the cabinet according to what is proven in the original Record.

The Board approved the allocation of $ 100 million from the World Bank’s portfolio to purchase Corona virus vaccines, according to the type of vaccine determined by the Ministry of Health, provided that the loan will be restructured by the Ministries of Finance and Planning in coordination with the World Bank.

The Council approved the Ministry of Finance to allocate a plot of land to the Technical Technical Institute in Babylon, and the Ministry of Agriculture to lift the hand of agrarian reform on it.

The Council approved the legal aid bill, which was verified by the State Council, and referred it to the Council of Representatives.

 

The Iraqi government agreed to the recommendation of the Ministerial Energy Council to expand the production of the Nasiriyah oil field.

And it approved the referral of Ali Musaad Al-Ibrahimi, Undersecretary of the Ministry of Education for Technical Affairs, to retirement according to his request, and the withdrawal of the recommendation from the House of Representatives regarding the nomination of Muhammad Sahib Mahdi Al-Tai, president of Al-Nahrain University, issued according to Cabinet Resolution 378 of 2019.

LINK

[DinarThug]

Parliamentary economics reveals the main points of the Central Bank Governor's questioning tomorrow

Posted 9 hours ago  26-01-2021

 

News source / Tigris Channel

 

Today, Tuesday, the Parliamentary Economic Committee revealed the most prominent questions that will be posed to the Governor of the Central Bank of Iraq during his interrogation tomorrow in the House of Representatives.

 

Member of the Deputy Committee, Nada Shaker Jawdat, said in a statement to "Tigris", "Parliament will begin to question the Governor of the Central Bank of Iraq, Mustafa Scary, tomorrow, and there are no indications to postpone the session."

 

She added, "The questions that Parliament will ask are the main ones, the first of which is why the dollar exchange rate was raised, its reasons, the amount of Iraq's financial storage at the central bank, the issue of repaying Iraq's external debts and the extent of benefiting from foreign loans."

 

Jawdat explained that "all interrogations from the legal point of view are subject to the conviction of the answers of the questioned person, but in the political arena there are other accounts, as some parties and political forces reject and protect anyone who is benefiting from it !!"

 

The House of Representatives had set tomorrow, Wednesday, a date for the questioning of the Central Bank Governor, Mustafa Mekhaif, for several reasons, most notably the increase in the dollar exchange rate and the consequent economic burdens, in addition to loans and bank storage.

LINK

[DinarThug]

11 hours ago, DinarThug said:

Parliamentary economics reveals the main points of the Central Bank Governor's questioning tomorrow

 

LINK

In pictures, the Central Bank’s confusion paralyzed Al Shorja and his governor, in front of Al-Sari’s questioning today

 

01/2021/27 11:36:00

 

Today, Wednesday, the Shorja market in the center of the capital, Baghdad, witnessed a stagnation in its commercial movement due to the continuous repercussions of the increase in the price of the dollar against the Iraqi dinar and the reluctance of citizens to shop.

The policy of the Central Bank of Iraq caused the dollar exchange to rise to large losses among the owners of shops and its reflection on the purchasing power of citizens. On the 19 of last month, the Central Bank of Iraq announced the raising of the price of selling and buying the dollar, as part of the austerity measures adopted by the government, despite warnings of high prices of foodstuffs and commodities offered in the markets. The Central Bank decided that the amount of 1450 dinars per dollar would be the price of buying foreign currency from the Ministry of Finance, 1460 dinars per dollar, the price of selling foreign currency to banks, and 1470 dinars per dollar the price of selling foreign currency to the public.

Since the bank’s announcement of raising the dollar, confusion continues on the trade scene and economic movement in the country, and has a negative and direct impact on the citizens’ livelihood, especially with the exploitation of the situation by the weak souls of traders and the greed of prices. And calls have escalated to dismiss the governor of the Central Bank of Iraq, Refinery Ghalib, due to his lack of "eligibility" in managing the bank and monetary policy.

The House of Representatives is scheduled to question the Governor of the Central Bank by the head of the Parliamentary Wisdom Bloc, Faleh Al-Sari, after parliament was not convinced of the first’s answers during its hosting of one of the parliamentary sessions last November. Al-Sari said to the Euphrates on the 20th of last month, "The criteria set by the central bank governor set the country with financial crises, and we have objections and criticisms to his choice and performance," indicating that "the answers of the central bank governor were not feasible with regard to raising the exchange rate."

 

                

[DinarThug]

LINK

Governmental clarification on the mechanism of obtaining loans from the International Monetary Fund

 

27th January, 2021

Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained, on Wednesday, the mechanism for obtaining loans from the International Monetary Fund.

Saleh said, according to the official agency, said that "part of the loan that gets by Iraq from the International Monetary Fund called by means accelerating funding, pointing out that "the fund when he sees any country has a deficit of large current account balance of payments is to provide a soft loan."

He added, “The loans that he will receive were two billion dollars, and there are four billion more, stressing that these loans come to reform the Iraqi economy.” And he stated, “The white paper is consistent with any reform program, this depends on the money that comes from the IMF, pointing out that the money it is called precautionary, meaning that when Iraq needs, it is withdrawn according to its need."

He pointed out, "Iraq has conducted about five agreements with the International Monetary Fund after 2003, three of which are credit readiness, one after conflicts, and another called the Staff Monitor, stressing that they were successful agreements." He continued, "There is continuous cooperation between Iraq and the International Monetary Fund, as Iraq is a founding country of the Fund since 1945 and it is an active and important member in the Middle East region." 

########

Advisor To The Al-Kazemi Government Explains The Mechanism For Obtaining Loans From The International Monetary Fund  LINK

[DinarThug]

22 hours ago, DinarThug said:

The International Development Bank announces its joining the "Bani" platform

 

26 JANUARY, 2021

Interview: JP Morgan is the US dollar clearer for Arab Monetary Fund's Buna system

 

BUNA has currently close to 30 banks onboarded and is in discussion with more than 130 banks from 13 different countries, its CEO told Zawya

  

Image used for illustrative purpose. In this Photo Illustration, Twenty and five dollar bills are displayed on August 29, 2017 in San Anselmo, California.
Gettyimages/Justin Sulliva

By Seban Scaria, ZAWYA

 

The Arab Monetary Fund (AMF) has appointed J.P. Morgan as a settlement bank for the US dollar (USD) in its Buna Payment System, which was launched last year. 
Besides offering its participants access to the global currency, the regional payments and settlements system will onboard the euro, Jordanian dinar and an international currency likely from an Asian country in 2021, Mehdi Manaa, the CEO of Buna, told Zawya in an interview.

 

Before the deal with JP Morgan, Buna had been offering its services with the UAE dirham, Egyptian pound and Saudi riyal.

 

"From the value of proposition, the US dollar represents 55 percent of cross-border payments in the region. So it is obviously a key currency for banks to consider for cross-border payments in a centralised way in BUNA," Manaa said.
"Processing dollar payments between participants will be immediate and direct between the two of them, without the need to go outside the region and being constrained by [the] different time zones and different operating borders and intermediaries of each bank," he added.
Buna has been expanding its network with banks and corporates aligning with its borader vision to promote trade and foster economic activities among Arab countries and its main trading partners.

BUNA has currently close to 30 banks onboarded and is in discussion with more than 130 banks from 13 different countries, Manaa said.

"Today, cross border payment is very costly, takes a lot of time and [is] inefficient to some extent. With Buna we resolve all that. It is real-time and reduces the chain that is involved in processing a payment end-to-end," he said.

Several cross-border payments and settlements in the Middle East are carried out by correspondent banks, which are banks in one country acting as agents to foreign financial institutions that do not have a local presence. However, this has turned out to be an expensive process, mainly due to the anti-money-laundering rules of European and US banks.

"Compliance is a key proposition in the value proposition of Buna. Normally payment systems are not subject to AML safety rules. This applies to banks and not the market infrastructure. Despite that, in Buna, the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) rules are embedded in the system, ensuring that all participants adhere to the AML rules stipulated by the central governments," Manaa said.

He added that the cost of transacting through the platform will be between 3 to 10 times lower than existing traditional approaches.

(Reporting by Seban Scaria; editing by Daniel Luiz)

 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

[DinarThug]

LINK

Economic Advisor: Markets Towards Recession Due To Devaluation

 

26th January, 2021

Head of the Baghdad Chamber of Commerce advisers board, Salah Al-Shami, confirmed the deterioration of performance in the local markets and that the market situation has worsened since the decision to devalue the Iraqi currency.

Al-Shami pointed out that the government is required to monitor the reality of local markets that are heading towards recession and weaken the number of unemployed.

He pointed out the necessity for the committee to activate the private sector by selecting distinguished businessmen who are experienced and honest in order to remedy the situation and not allow the situation to worsen.

Al-Shami renewed his demand for the competent authorities to return the dollar price to 1300 against the dollar.

[DinarThug]

LINK

A shocking parliamentary warning: The dollar may rise to 500 thousand dinars

 

 

 

12:27 - 27/01/2021

A member of the Parliamentary Economic and Investment Committee, Abdullah Kharbit, expected, on Wednesday, that the price of one dollar would reach 5,000 dinars during the next stage, indicating that if the governments continued their borrowing policy, Iraq would declare it bankrupt.

"If the Iraqi employee receives one million dinars, then his salary in dollars was 833 dollars before changing the exchange rate," Kharbit said in a televised statement followed by the information, indicating that "he currently receives 689 dollars, meaning that the employee loses 134 dollars a month."

Kharbit warned that "the price of the dollar may rise to 500 thousand dinars per sheet of 100 dollars if the situation continues on the same path."

Kharbit explained that "Iraq owns about 400 factories that are not working, and it needs billions of dollars for rehabilitation, and it does not have those sums." 

[DinarThug]

LINK

Saudi Arabia: Launch Of The "Future Investment" Conference, Known As "Davos In The Desert"

 

27th January, 2021

The activities of the fourth session of the "Future Investment Initiative" conference, known as "Davos in the Desert", will be launched in Riyadh today under the slogan "The New Economic Renaissance"

The conference will be opened by Yasser Al-Rumayyan, Chairman of the Future Investment Initiative Foundation and Governor of the Public Investment Fund (Saudi sovereign fund). According to the initiative, the conference will be held with the actual and virtual participation of elite speakers in Riyadh, New York, Paris, Beijing and Mumbai. In this year's session, an elite group of CEOs, investors and policy makers are discussing ways to move towards a new era of reinvention.

Richard Attias, CEO of the Future Investment Initiative Foundation, said that the conference will bring together leaders, investors and heads of international companies from various fields.

This session of the initiative discusses the themes of sustainable investment, global economic growth, the future of health care, digitization, education, and culture, as well as ways to help companies and small and medium enterprises. The conference also examines scenarios for reshaping the sports and entertainment industries by merging virtual and physical events together, to increase revenue.

Artificial intelligence

It will be discussed how to enable artificial intelligence to become an important engine for economic renaissance and job growth, and how it can contribute to providing solutions to global challenges in the fields of health care, climate change, and others.

Economic diversification

The founder and CEO of Colony Capital, Thomas Barack Jr., will talk about the role of investors in determining the shape of the economic diversification process that will contribute to increasing the resilience of countries in the face of difficulties and challenges.

The conference first launched in 2017 and is seen as the Kingdom's premier annual investment event. The conference mainly aims to attract foreign investments to Saudi Arabia under the umbrella of Vision 2030.

[DinarThug]

The Iraqi government: Al-Kazemi's visit to Saudi Arabia is still ongoing

 

Policy  ,   01/2021/27 15:41  
 

http://iraqtoday.com/MediaStorage/GalleryImages/49329.jpg?watermark=4

Baghdad - Iraq today:

 

The Iraqi government announced, on Wednesday (January 27, 2021), that the visit of its President Mustafa Al-Kazemi to the Kingdom of Saudi Arabia "is still ongoing", while indicating that the early elections were postponed with their new date was at the request of the Commission.

Cabinet spokesman Hassan Nazim said, in statements reported by the official news agency, that "the government announced before that its ability to hold the elections on the sixth of June, but the commission requested an extension of the period for technical reasons."

He added that "the new date voted on in the Council of Ministers on the tenth of next October will give the Commission the opportunity and the government is ready, in addition to the cooperation of the Commission and other institutions to achieve fair and fair elections."

The Iraqi government decided earlier to respond to the request of the High Electoral Commission in Iraq, and to extend the date of the elections, which was scheduled for next June, to next October.

Regarding the prime minister's visit to Saudi Arabia, Nazem stressed that "the visit is still ongoing," noting that "this issue is subject to many considerations, including the agreements and the Saudi-Iraqi Coordination Council, which is working hard to complete and activate some memoranda, and the time will come to make this visit."

Saudi Arabia was to be the first foreign station for Al-Kazemi, but the Saudi Ministry of Foreign Affairs announced the postponement of this visit to the Kingdom, after an agreement between the two countries, due to the entry of the country's King Salman hospital last October.

LINK

[DinarThug]

A new approach by the Al-Kazemi government towards major international companies

 

 

Policy  ,   01/2021/27 15:41   

 

Baghdad - Iraq today:

 

Prime Minister Mustafa Al-Kazemi affirmed his government's determination to create a healthy environment for the work of major international investment companies, and the French in particular.

Al-Kazemi's office said in a statement that the latter received today the President of the French Total Oil Company, Patrick Pouyanné, and his accompanying delegation, indicating that during the meeting, ways to develop the company's work in Iraq and expand its investments, especially in the energy sector, especially oil and gas, were discussed.

Al-Kazemi stressed that the government is moving forward in preparing a healthy environment for the work of major international investment companies, and the French in particular, indicating that this trend is a fundamental part of Iraq's policy of opening up economically towards its international partners such as France.

For his part, Pouyanné clarified Total's desire and aspiration to further cooperation and partnership with Iraq, especially after the facilities, and the improvement that the current government has brought about in the overall investment climate in Iraq.

LINK

[DinarThug]

The dollar will rise against the Iraqi dinar after approving the 2021 budget: There is a "backup" plan to pay the matter, so what will happen!

 

2021-1-27

 

 

Yes Iraq - Baghdad

 

During the previous days, great concerns were raised about the rise in the exchange rates of the dollar against the Iraqi dinar after the approval of the 2021 budget in the coming days, followed by a parliamentary intention to reduce it to 130,000 as a request on the parliament table, according to documents published recently.

The appearance of Muhammad Salih, the economic and financial advisor to the prime minister, Mustafa Al-Kazemi, commented today, Wednesday, that there are fears of a jump in the exchange rate of the dollar, after the House of Representatives approved the financial budget for the current year 2021.

In a press statement, Mazhar Muhammad Saleh said: “The talk about the existence of fears of a jump in the exchange rate of the dollar after the House of Representatives approved the 2021 budget, is exaggerations that do not exist,” stressing that “no change in the exchange rate of the dollar against the Iraqi dinar has occurred. After the budget ”.

Saleh emphasized, "The Central Bank of Iraq has sufficient reserves, and the bank has mechanisms to stabilize the exchange rate as stated in the budget, and it has the ability to intervene to maintain the shape of the dollar exchange rate, and for this reason, any discussion of exaggerated fears does not exist in the first place." .

Earlier, a member of the Parliamentary Finance Committee, Jamal Cougar, confirmed, Tuesday 1/19-2021, that restoring the exchange rate of the dollar against the Iraqi dinar to its previous position at the present time is very difficult, pointing out that the local markets will stabilize after the passage of the budget bill for 2021 .

Commenting on the current fluctuation in exchange rates, Cougar said, "Financial dealings are currently going on the new fiscal policy drawn up by the Central Bank and the Ministry of Finance regarding the dollar exchange rate, so it is difficult to restore the exchange rate to its previous position at the present time at least."

He added that "the instability in the local markets will stabilize after the enactment of the budget law for the year 2021, and the official adoption of the new exchange rate," stressing that "this will remove concerns and revive the markets again."

Yesterday, a member of Parliament, Ammar Tohme, submitted a request to the Presidency of Parliament, which included 16 amendments to the 2021 budget, including a demand to reduce the exchange rate to 1,300 dinars and cancel deductions for certain categories of employees.

A document was published for the request of Representative Ammar Tohme, addressed to the Presidency of the Council, which included a demand to reduce the exchange rate to 1,300 dinars, and to cancel deductions for employees with salaries below a million and a half.

Tohme’s request was supported by 113 deputies in the House of Representatives.

LINK 

[DinarThug]

8 minutes ago, DinarThug said:

The dollar will rise against the Iraqi dinar after approving the 2021 budget: There is a "backup" plan to pay the matter, so what will happen!

 

2021-1-27

 

On 1/25/2021 at 9:41 PM, screwball said:

Boom 

 

 

 

 

     

[DWS112]

1 hour ago, DinarThug said:

the instability in the local markets will stabilize after the enactment of the budget law for the year 2021, and   the official adoption of the new exchange rate

Great Find DT!

[Spartakus]

The new exchange rate they're talking about is more likely the recent devaluation rate they just did.

[Artitech]

48 minutes ago, Spartakus said:

The new exchange rate they're talking about is more likely the recent devaluation rate they just did.

oh thats just great!

[horsesoldier]

2 hours ago, DinarThug said:

 

 

 

 

 

     

DAMN !!!! There’s a Perfect 10 for sticking a First Class Landing!!!

[Dinarrock]

58 minutes ago, Spartakus said:

The new exchange rate they're talking about is more likely the recent devaluation rate they just did.

Sorry I highly doubt that because inflation will continue to go higher and higher and that’s NOT stability, either way we should know very soon!

[DinarThug]

Discussing the white reform paper at the Syndicate of Journalists

 

Thursday, January 28, 2021

 

Baghdad: Muhammad Ismail

 

 

, the General Secretariat of the Council of Ministers, in cooperation with the Syndicate of Journalists, held a discussion session on "The role of the general budget for 2021 by applying the contents of the White Reform Paper", including a group of lectures, distributed among three axes, represented by the 2021 budget, its money and what it owe, and the role of politics The financial and monetary setting of the dinar exchange rate, and the partnership between the public and private sectors to achieve economic development.

The session was moderated by the economic researcher, Dr. Alaa Al-Fahd, saying: "The package of reforms called the" white paper "is a desire of the government to achieve reforms and change course to improve the reality of the difficult conditions in Iraq.

In turn, the head of the Journalists Syndicate, Moayad Al-Lami, affirmed: "We are all working to move the country on the right path ... economically and socially."

Spokesman for the General Secretariat of the Council of Ministers Haider Majeed delivered a speech in which he indicated that "one of the most important goals of the symposium is to reach creative visions that translate the paragraphs of the White Reform Paper into a field action that the citizen feels and reaps its fruits. Therefore, the secretariat is open to institutions and seeks to reach optimal strategic solutions."

 

Budget letter

The financial advisor in the Prime Minister, Dr. Mazhar Muhammad Salih delivered the speech of Prime Minister Mustafa Al-Kazemi in which he said: "This seminar presents the budget speech to the public opinion," noting that "the 2021 budget came on the ruins of a crisis and the deterioration of the Iraqi economy, according to the collapse of prices Oil, resulting in deficit and forced austerity to critical limits, amid stopping investment, so the 2021 budget came to avoid a contraction of the economy and create a wave of work. "

The first axis reviewed, "The 2021 Budget, what it has and what it owes." Director of the Banking Studies Department at the Ministry of Finance Obaid Mahal Freeh: "The laws inserted into the general budget and the structural defect in it; an indication of the risk of borrowing in dealing with the financial crisis."

He explained that "oil revenues constitute 87 percent of the budget, and the rest constitute only 13 percent," indicating that this is due to "the predominance of spending over revenues, and the weakness of the private sector," noting that the population increase by 3 percent, (forty million people) are putting pressure on Infrastructure has been built for twenty million, and after 10 years the number of people will increase, and the infrastructure itself without expansion, additions, or maintenance. "

 

exchange rate

In turn, the specialist in economic affairs, Dr. Ikram Abdel Aziz, shed light on the second axis: “The role of fiscal and monetary policy in determining the exchange rate of the dinar, and the most important gains achieved as a result of the devaluation of the dinar.” The private sector and natural resources. "

The economic symposium concluded, Hazem Hadi Said, by enriching the third axis, "Partnership between the public and private sectors to achieve economic development," stressing the importance of increasing productivity in all economic sectors.

LINK

[DinarThug]

Saudi Minister of Industry to Al-Sabah: Coordination with Iraq continues, and we have promising projects

Thursday, January 28, 2021

 

 

Baghdad: Hazem Muhammad Habib 

 

 

The Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khuraif, revealed that there are Saudis wanting to invest in Iraq in several fields, indicating that coordination continues at the highest levels, while he announced the existence of promising projects between Baghdad and Riyadh.

Al-Khorayef told Al-Sabah: “The Saudi delegation that visited Baghdad recently discussed activating some joint projects between the two countries within the framework of the Coordination Council, in addition to encouraging Saudis to invest in Iraq. This visit contributed to promoting new projects in a number of fields, as well as Discussing promising joint investment opportunities. "

He added, "The Kingdom seeks to be an active and contributing factor in the renaissance of brotherly Iraq, and of course investment in the industrial and mining field is one of the most important of these areas.

There is no doubt that the opening of the Arar port will positively affect the economic movement between the two countries."

He stated that "there are Saudi investments in Iraq targeting different sectors, which are important to us in strengthening the economic partnership between the Kingdom and Iraq to serve the business sector," explaining that "the Kingdom has great potentials in the field of industry, and aims to expand and exist in new markets other than the one we are currently in." Among these markets is Iraq. "

The Saudi Minister of Industry and Mineral Resources stated that “the Kingdom has an important program, which is 'Made in Saudi Arabia', supervised by the Export Development Authority, and we are working hard to launch this program, and it will focus heavily on Saudi products and enhance their access to regional and global markets, including the Iraqi market, especially Saudi industries are widely accepted in various markets. We have pioneering products in many activities and are witnessing high export turnout and rates. We are keen to promote this point in the Iraqi market. "

And on the most prominent projects of the Kingdom in Iraq, he stated that "Saudi Arabia is following the economic developments in Iraq through specialized committees, and under the umbrella of the Coordination Council, and is following up any expected investments, and certainly because of the great relationship between the two peoples and the proximity of the State of Iraq, the exchange opportunities between the two countries do not need a high cost," Undoubtedly, rapprochement and the opening of the crossings will contribute to benefiting from the Kingdom's experience, especially in industrial cities, the petrochemical sector and Transformational industries. "

Stressing, "The Iraqi side has offered investment opportunities that will be studied from the Saudi private sector, and the field is open for any developments, and there is no specific number for the number of Saudi companies wishing to invest in Iraq, as coordination continues at the highest levels, and there are investors who have declared their desire to invest in Iraq in "In many fields, these studies are still ongoing and the visits are also a result of the Saudi leadership directing businessmen and investors to support brotherly Iraq through economic partnerships."  

He pointed out that "Saudi Arabia is linked with Iraq with many ties of kinship and brotherhood, and that the two brotherly peoples are close to each other, and the directives of our leadership attach great importance to this, so we have been keen to harness all our capabilities to strengthen and develop this relationship, and to make available the great potential that the Kingdom enjoys today to serve The development plans of the brothers in Iraq, and to be real partners under the umbrella of the Coordination Council, and businessmen from both sides are planning to achieve the aspirations of the leadership and peoples of the two brotherly countries, and to build strong and strategic relations with brotherly Iraq after the two countries succeeded in achieving many strategic goals, the first of which is the reopening The Saudi embassy in Iraq years ago, and the establishment of the Saudi-Iraqi Coordination Council, and the door for visits is always open between the two countries, and certainly there will be economic and commercial visits between the two countries.

LINK

[Officiallytook]

On 1/26/2021 at 11:47 AM, DinarThug said:

efforts should focus on identifying and freezing financial accounts abroad and returning them to the Iraqi people.

Let them do there fake invoices to the cbi so they can be caught red handed