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]

The World Bank determines the size of its financial portfolio in Iraq and unveils a global initiative to recover smuggled funds

 

Posted 9 hours ago

 

Baghdad Today - Baghdad

 

Today, Sunday, the World Bank confirmed that changing the exchange rate gives the state the ability to increase its revenues and confront import from abroad, and while noting that its financial portfolio in Iraq currently amounts to two billion dollars, it revealed a global initiative that the World Bank is working on to recover money smuggled from countries

The Special Representative of the World Bank Mission in Iraq, Ramzi Numan, said in an interview with the Iraqi News Agency (INA), which followed it (Baghdad Today), that “the partnership relationship between the World Bank and Iraq is very close and is based on years of joint work, pointing out that“ Iraq has a position It is very important at the Arab and global level, and that the World Bank was next to Iraq in the various stages of stability and peace, or in the stages that it was subjected to attacks or changing economic conditions, which led to difficult repercussions on the Iraqi government and people, and actual work began with Iraq, I think in the two years 2006 And 2007 through a group of projects

He added that "the World Bank's portfolio in Iraq currently amounts to two billion dollars and that these loans were signed about two or three years ago," noting that "the main pillar in it is a loan to reconstruct the liberated areas and the result of the request came after the beginning of the first phase of liberation, i.e. the liberation of Salah Governorate." The debt was then supplemented with an additional amount after the liberation of the rest of the provinces

And that "this current portfolio in Iraq includes projects under implementation and projects or loans due and that the World Bank is working to implement projects associated with them."

And he indicated that "the World Bank has teams working on the issue of cultural heritage and has a simple project in Mosul that may start soon," noting that "the World Bank was at one stage looking to reconstruct Mosul, and I personally when the issue was raised I was continuing to develop a comprehensive plan for the reconstruction of the city." My view was crystallized in that a city like Mosul is a global heritage, so why does Iraq not present an ideal reconstruction project as an international competition to which the most important companies and universities will be nominated in setting a general plan for its reconstruction, even if it is in the long term

Loan size

Numan explained that “the World Bank’s loans are aimed at a large reconstruction project, accompanied by a project in the liberated areas that targets the social sector,” indicating that “the World Bank has allocated 400 million dollars for reconstruction projects, divided between two projects, the first with 150 million countries and the other with 250 million dollars. , The World Bank also has a project with the Baghdad Municipality for water and sanitation, amounting to nearly 200 million dollars, and a project in the electricity sector in Basra Governorate, with 200 million dollars

He continued, “The World Bank has a social and economic project that works on all of Iraq, and it is heading to local communities called“ The Social Fund for Development ”with a value of $ 300 million. Al-Bashir also goes to economic reform projects

He explained that "the World Bank seeks to put the project that is being proposed in a long strategic framework with a specific vision that opens up opportunities for future employment and investment spaces, pointing out that" the World Bank aspires to convert any project into a larger block and that taking advantage of this opportunity is the responsibility of the government"

exchange rate

He pointed out that "changing the exchange rate aims to give the state the ability to increase its revenues, especially since the sale of petroleum in hard currency and converting it into the reality of the Iraqi dinar gives it a financial mass that allows it to actually increase revenues and reduce the deficit," noting that "changing the exchange rate may allow import from "Because the domestic product becomes cheaper than what is imported from neighboring countries"

He explained that "the strategic goal of changing the exchange rate is to work to strengthen the local product and local industries to be able to face the external product, reinforced by measures to protect the product"

He stressed "the need to address the increase in prices and the seriousness of inflation and focus on projects that actually allow facing the social distress of the poor"

He continued that "the idea of raising the price of the dollar is an international policy that the Ministry of Finance, the Ministry of Planning, and the Iraqi government have participated in, especially the International Monetary Fund," explaining that "Iraq is now in the plight of financial deficit, it has nothing but borrowing either internally or externally," indicating that “Internal borrowing threatens the reserves of the central bank, just as using it to fill the deficit removes the possibility of investing in productive opportunities that allow the development of the private sector, while external borrowing has its components and conditions that are based on debt sustainability, subsequent repayment capabilities and financial and monetary stability. This is a financial engineering that must be looked at in an integrated manner. Among them can be considered to reduce the currency rate

LINK

[DinarThug]

Mazhar Saleh: International monetary loans to Iraq are precautionary and withdrawn when needed - urgent

 

Posted 19 hours ago

News source / Baghdad today

 

Baghdad Today- Follow up

 

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said today, Sunday, that the International Monetary Fund provides soft loans to countries that suffer from a large financial deficit in the current account in the balance of payments.

Saleh explained in a press statement, the mechanism for obtaining loans from the International Monetary Fund, indicating that the loans that Iraq obtains are to reform the Iraqi economy.

He added, that these funds are called precautionary measures, meaning that Iraq withdraws from it according to its need.

Saleh praises the cooperation between the IMF and Iraq, noting that Iraq is a founding country of the Fund since 1945.

On the other hand, Saleh talked about the relationship between power and the state throughout history, citing examples in the European case.

Salih says that the authority, as a tool to control the rhythm of the state’s movement and harness the principles of its social contract, has shown through the history of political facts, and since the middle age at least, that it has not been associated with the development of the state and the progression of the contractual relationship between the components of the state itself, foremost of which is the relationship between the components of the people and power, as the latter derived its authority. And its actions from the nation’s social contract to establish the state.

He continued: Thus, the methods of governance have deteriorated, the exclusivity of power has reached its peak, democracy has been thwarted, and it encapsulated with various names to manipulate the art of politics, which means manipulating the art of state administration throughout modern European political history, especially since the emergence of capitalism and the initial accumulation of capital and expansion abroad to plunder the wealth of other nations and their resources. the least.

And he went on: The authority in the European center formed for itself and with the passage of time a separation and a sharp decline in the dialectics of history from the advanced structures of the state itself and the tactics of its emergence such as justifying wars, occupations and conquests.

Saleh considered that the lack of transparency in colonial plunder, for example, and the disposition of the resources and wealth of the colonies, as well as the creation of power for itself as parallel powers in the colonies, entrenched the separation between the ideals of the state from the problematic of power, and at the same time justified the art of manipulating peoples' capabilities and generalizing this as a style and behavior in Ruling whether in the center of the world or its surroundings.

link

[DinarThug]

5 hours ago, DinarThug said:

Advisor to the Prime Minister: Creating new electronic payment cards that will enhance the advancement of services provided to citizens

 

 

31st January 2021

 

The financial advisor to the Prime Minister, Dr. The appearance of Muhammad Saleh, on Sunday, that the multiplicity of electronic payment companies and the introduction of new cards in the Iraqi market is achieving competition leading to the advancement of the services provided to the citizen

In an interview followed by Al-Eqtisad News, Saleh said that the creation of new electronic payment cards will contribute to creating competition that leads to the advancement of electronic services, especially when the electronic or digital payment card carries competitive advantages, such as the discount on goods and services from the national product when used in the settlement. Payments

Saleh indicated that by doing so, it will be a tool to spread competition within the national economy, and thus the electronic payment card and its use will be very practical in paying public service bills and raising the efficiency of revenue collection, as long as there are encouraging incentives when paying with the digital card, until the digital environment is fully integrated

In addition, the International Network for Cards for Electronic Payment Services Ltd. announced the (neo) application available in the (Apple Store) or (Google Play) store, through which it is possible to create an account with an electronic wallet, without the need to visit the company's headquarters or wait for long hours, and issue a card A digital visa that you can use for all your online purchases, or visit an authorized dealer to buy a gift card or request a travel card

The managing director of the company, Zaid Fawzi, affirmed that "our vision is that money must become digital and all citizens are dealt with electronic payment, especially under the circumstances of the Corona pandemic and after it, as we continue to provide the most secure, quality and easy visa cards for the Iraqi citizen, which meet all his needs with various different needs The methods of use in terms of the various features of our products

Fawzi indicated that the registration process in the application is according to the instructions of the Central Bank, and through the smart application, you can follow all your financial movements easily and safely. He pointed out that "the application provides an electronic wallet with a financial ceiling of up to 50 thousand dollars annually, and the citizen can easily charge it by visiting agents spread throughout Iraq, and create your digital card directly from the application and use it by purchasing from websites that support system" rel="">support visa payment, promotion on social media sites and with the recharge feature." When needed, as soon as there is an amount of money in your electronic wallet

The plastic gift card product is distinguished by its availability at agents and in various categories, once you buy it closed from the agent, you can activate it in seconds in the application and directly use it online, ATMs and POS points of sale in three ways ((Chip- Swipe-Contactless) locally and internationally, and it is not refillable

As for the "plastic" travel card, any citizen can request it by visiting any authorized agent and receive it within an ideal period of time not exceeding two days as a maximum, with a financial ceiling of $ 10,000 and can be recharged immediately from the wallet. It is used with POS devices in three ways ((Chip- Swipe-Contactless and Automated Teller Machine (ATM) locally and internationally

It is noteworthy that the company, the International Network of Cards for electronic payment services, started work in 2019 with a license to do electronic payment work No. (7) from the Central Bank of Iraq and based on Law No. (56) of (2004) and it works with a cadre Iraqi youth is proud to provide the best services in the field of electronic payment to citizens.

“Great benefits.” An expert proposes a measure that includes salaries and citizens ’incomes, which may be generalized in Iraq

 

 

Posted 8 hours ago

 

Baghdad Today- Follow up

 

Economic expert, Safwan Qusay, confirmed, Sunday, January 31, 2021, that implementing the financial inclusion system through the use of electronic credit cards by citizens will have great benefits on citizens and the state budget

Qusay said in a televised interview (Baghdad Today), that "the financial bloc is still outside the banks, after the recent government measures to confront the financial deficit that the country suffers

He added that "the white paper for economic reform included creating balance opportunities between the government and private banking sector, by withdrawing savings towards the banking system, activating the financial inclusion system, and giving concessions to everyone who holds credit cards

He added that "there are credit facilities that are granted to electronic card holders," noting that "these steps are an attempt to gain the citizen's confidence with distinguished services

And that "the policy of the central bank is insistent on the process of financial inclusion and converting cards into electronic ones, and we may witness a shift by citizens in this direction, especially in light of the privileges that banks will offer to holders of these cards

And Qusay indicated that "the spread of the culture of banking credit and the use of electronic cards will save 12 billion for the state treasury

The economic expert explained, "The shift towards electronic cards, which ministries have contributed to strengthening through the expansion of the salaries of their employees in banks, so it has also become necessary for the citizens' needs to gradually shift towards this option by transferring payment of gasoline, electricity and water bills through an electronic credit card

And that "the card will enable the government to impose taxes in an easier way in addition to knowing the level of an individual's income, and how he spends his money

LINK 

[DinarThug]

Ports announces contracting with a global company to control corruption

 

07:09 2021/02/01

Baghdad today - Baghdad

 

The General Company for Ports of Iraq announced its contract with one of the international security companies to improve the aspects of combating corruption operations and to preserve the customs campus from abuse operations in an effort to raise revenues to the desired level.   

It is noteworthy that Prime Minister Mustafa Al-Kazemi launched a campaign to protect the ports in Basra Governorate last year by military forces within the framework of the strategy (combating corruption at border crossings). Transcendental, and instructed to reduce complicated red tape, and to rotate staff to reduce corruption.

The director of the General Company for Iraqi Ports, Farhan Muhaisen Al-Fartousi, revealed to Al-Sabah that "a contract with a specialized international security company works to manage ports, improve the security aspect, and control any operations around which suspicions of corruption are hovering."   

He stressed that "the next two months will witness the completion of security preparedness to protect the ports, and the authorities charged with this will fully practice their work."

LINK

[3n1]

14 minutes ago, DinarThug said:

a contract with a specialized international security company works to manage ports, improve the security aspect, and control any operations around which suspicions of corruption are hovering."   

 

after 18 years Kazemi might be onto something & one things 4 sure the specialized security company will have zero problems finding hovering corruption  , im thinking  iraq is so corrupt outside companies should manage all business where money is generated 

[DinarThug]

42 minutes ago, DinarThug said:

"a contract with a specialized international security company works to manage ports, improve the security aspect, and control any operations around which suspicions of corruption are hovering."

 

8 minutes ago, 3n1 said:

im thinking outside companies should manage all business where money is generated

 

Joe Is Probably Pushing For Hunter To Try And Manage All Of It With A ‘Robinhood’ App !  
 

 

     

[screwball]

pointed out that "changing the exchange rate aims to give the state the ability to increase its revenues, especially since the sale of petroleum in hard currency and converting it into the reality of the Iraqi dinar gives it a financial mass that allows it to actually increase revenues and reduce the deficit," noting that "changing the exchange rate may allow import from "Because the domestic product becomes cheaper than what is imported from neighboring countries

[screwball]

Maybe Iraq will get their missing gold back 

[DinarThug]

Perhaps There Might Be Some Real Momentum With The HCL If This Idiot’s Suddenly Trying To Rush Out Front To Attract Attention - And Act Like He’s Been Leading It !  
 

     

 

LINK

Al-Maliki to the region’s delegation: Oil problems cannot be solved without this law

 

 

 

02/01/2021 15:36:03

 

 

Head of State of Law Coalition, Nouri al-Maliki, received in his office today the Kurdistan Region delegation headed by Deputy Prime Minister of the Kurdistan Regional Government, Qubad Talabani. 
 

The meeting dealt with developments in the political and security situation in the country, as well as issues related to the federal budget and the ongoing dialogue between the federal government and the regional government regarding it. Al-Maliki pointed to the importance of continuing the dialogue to reach an agreement that ends the debate on controversial issues according to the constitution and the law, reiterating that the discussions with the federal government cannot be resolved without adopting a national law that guarantees the equitable distribution of natural wealth to all components of the Iraqi people. 

The President of the State of Law Coalition called for the need for concerted efforts to reach radical solutions to the outstanding issues between the Kurdistan region and the federal government through legislation of the oil and gas law, 

especially as the country is preparing to hold early elections with integrity and transparency in order to form a strong government capable of meeting the demands of all Iraqis. 

In turn, the head of the Kurdistan region’s delegation, Qubad Talabani, stressed during the meeting that there are many problems that require cooperation and agreement from everyone to solve them in the House of Representatives.

[DinarThug]

9 hours ago, screwball said:

Maybe Iraq will get their missing gold back 

Try Checking Maliki’s Teeth .....

 

 

Via A Cavity Search ...   

 

     

[GreedyDinar07]

This is pathetic! These clowns haven't even passed the Oil and Gas Law! After almost 20 years the only thing they have done is lower the exchange rate and sign MOU's...These Shites are worst than Sadaam and now I see why he treated them the way he did because he knew the Shite Ministers were more loyal to Iran than their own people and Country. I don't think they understand the world is gradually moving away from oil because of global warming and the stress it puts on the environment in the long term. GM is making cars that will run off of a battery that will not have to be recharged and I don't have to mention Tesla. Time waits for no one. At the rate they are going they will be left behind in the sand. Look at how Qatar diversified their economy. I only got back involved with this fiasco because the G7, World Bank, and the IMF has establish the White Paper Reform to revitalize their economy and I don't see any of that making a difference. It will come to a point where Iraq can not borrower anymore money and then what? Iraq is going to be a humanitarian disaster just like Lybia (but the US caused that) and the world will leave them behind...Get it together or else!!!

[screwball]

10 minutes ago, GreedyDinar07 said:

This is pathetic! These clowns haven't even passed the Oil and Gas Law! After almost 20 years the only thing they have done is lower the exchange rate and sign MOU's...These Shites are worst than Sadaam and now I see why he treated them the way he did because he knew the Shite Ministers were more loyal to Iran than their own people and Country. I don't think they understand the world is gradually moving away from oil because of global warming and the stress it puts on the environment in the long term. GM is making cars that will run off of a battery that will not have to be recharged and I don't have to mention Tesla. Time waits for no one. At the rate they are going they will be left behind in the sand. Look at how Qatar diversified their economy. I only got back involved with this fiasco because the G7, World Bank, and the IMF has establish the White Paper Reform to revitalize their economy and I don't see any of that making a difference. It will come to a point where Iraq can not borrower anymore money and then what? Iraq is going to be a humanitarian disaster just like Lybia (but the US caused that) and the world will leave them behind...Get it together or else!!!

if i remember the sticking point was Erbils share? and it already had been voted on could be awaiting second reading first has been done.

[DinarThug]

 

 

18 minutes ago, screwball said:

could be awaiting second reading first has been done.

 

Then Somebody Find A 5th Grader To Finish Reading It To Them - And Let’s Get This Over With !  

 

 

     

[DinarThug]

On 1/31/2021 at 10:46 PM, DinarThug said:

The World Bank determines the size of its financial portfolio in Iraq and unveils a global initiative to recover smuggled funds

 

Posted 9 hours ago

 

Baghdad Today - Baghdad

 

Today, Sunday, the World Bank confirmed that changing the exchange rate gives the state the ability to increase its revenues and confront import from abroad, and while noting that its financial portfolio in Iraq currently amounts to two billion dollars, it revealed a global initiative that the World Bank is working on to recover money smuggled from countries

The Special Representative of the World Bank Mission in Iraq, Ramzi Numan, said in an interview with the Iraqi News Agency (INA), which followed it (Baghdad Today), that “the partnership relationship between the World Bank and Iraq is very close and is based on years of joint work, pointing out that“ Iraq has a position It is very important at the Arab and global level, and that the World Bank was next to Iraq in the various stages of stability and peace, or in the stages that it was subjected to attacks or changing economic conditions, which led to difficult repercussions on the Iraqi government and people, and actual work began with Iraq, I think in the two years 2006 And 2007 through a group of projects

He added that "the World Bank's portfolio in Iraq currently amounts to two billion dollars and that these loans were signed about two or three years ago," noting that "the main pillar in it is a loan to reconstruct the liberated areas and the result of the request came after the beginning of the first phase of liberation, i.e. the liberation of Salah Governorate." The debt was then supplemented with an additional amount after the liberation of the rest of the provinces

And that "this current portfolio in Iraq includes projects under implementation and projects or loans due and that the World Bank is working to implement projects associated with them."

And he indicated that "the World Bank has teams working on the issue of cultural heritage and has a simple project in Mosul that may start soon," noting that "the World Bank was at one stage looking to reconstruct Mosul, and I personally when the issue was raised I was continuing to develop a comprehensive plan for the reconstruction of the city." My view was crystallized in that a city like Mosul is a global heritage, so why does Iraq not present an ideal reconstruction project as an international competition to which the most important companies and universities will be nominated in setting a general plan for its reconstruction, even if it is in the long term

Loan size

Numan explained that “the World Bank’s loans are aimed at a large reconstruction project, accompanied by a project in the liberated areas that targets the social sector,” indicating that “the World Bank has allocated 400 million dollars for reconstruction projects, divided between two projects, the first with 150 million countries and the other with 250 million dollars. , The World Bank also has a project with the Baghdad Municipality for water and sanitation, amounting to nearly 200 million dollars, and a project in the electricity sector in Basra Governorate, with 200 million dollars

He continued, “The World Bank has a social and economic project that works on all of Iraq, and it is heading to local communities called“ The Social Fund for Development ”with a value of $ 300 million. Al-Bashir also goes to economic reform projects

He explained that "the World Bank seeks to put the project that is being proposed in a long strategic framework with a specific vision that opens up opportunities for future employment and investment spaces, pointing out that" the World Bank aspires to convert any project into a larger block and that taking advantage of this opportunity is the responsibility of the government"

exchange rate

He pointed out that "changing the exchange rate aims to give the state the ability to increase its revenues, especially since the sale of petroleum in hard currency and converting it into the reality of the Iraqi dinar gives it a financial mass that allows it to actually increase revenues and reduce the deficit," noting that "changing the exchange rate may allow import from "Because the domestic product becomes cheaper than what is imported from neighboring countries"

He explained that "the strategic goal of changing the exchange rate is to work to strengthen the local product and local industries to be able to face the external product, reinforced by measures to protect the product"

He stressed "the need to address the increase in prices and the seriousness of inflation and focus on projects that actually allow facing the social distress of the poor"

He continued that "the idea of raising the price of the dollar is an international policy that the Ministry of Finance, the Ministry of Planning, and the Iraqi government have participated in, especially the International Monetary Fund," explaining that "Iraq is now in the plight of financial deficit, it has nothing but borrowing either internally or externally," indicating that “Internal borrowing threatens the reserves of the central bank, just as using it to fill the deficit removes the possibility of investing in productive opportunities that allow the development of the private sector, while external borrowing has its components and conditions that are based on debt sustainability, subsequent repayment capabilities and financial and monetary stability. This is a financial engineering that must be looked at in an integrated manner. Among them can be considered to reduce the currency rate

LINK

 

The World Bank: A global initiative to recover smuggled Iraqi funds explained the strategic objective of changing the exchange rate

February 1, 2021 8:00 pm 

 

 

Author: alzawraapaper

 

Baghdad / Al-Zawra'a Follow-up:

The World Bank confirmed that changing the exchange rate of the Iraqi dinar against the US dollar gives the state the ability to increase its revenues and face imports from abroad. While he indicated that his financial portfolio in Iraq currently amounts to two billion dollars, he revealed a global initiative that the World Bank is working on to recover money smuggled from countries.

The Special Representative of the World Bank Mission in Iraq, Rabagdad / Al-Zawra'a Follow-up, said:
The World Bank confirmed that changing the exchange rate of the Iraqi dinar against the US dollar gives the state the ability to increase its revenues and confront imports from abroad. While he indicated that his financial portfolio in Iraq currently amounts to two billion dollars, he revealed a global initiative that the World Bank is working on to recover money smuggled from countries.

The Special Representative of the World Bank Mission in Iraq, Ramzi Numan, said in an interview published by the Iraqi government news agency, which was seen by Al-Zawraa: “The partnership relationship between the World Bank and Iraq is very close and is based on years of joint work,” pointing out that “Iraq enjoys A very important position at the Arab and global level, and that the World Bank was next to Iraq in the various stages of stability and peace, or in the stages that it was subjected to attacks or changing economic conditions, which led to difficult repercussions on the government and people of Iraq, and the actual work began with Iraq, I believe in 2006 and 2007 through a group of projects.

He added that "the World Bank's portfolio in Iraq currently amounts to two billion dollars, and that these loans were signed about two or three years ago," noting that "the main pillar in it is a loan for the reconstruction of liberated areas, and the result of the request came after the beginning of the first phase of liberation, that is." Liberation of Salah al-Din Governorate, and then this was completed with an additional amount after liberating the rest of the governorates.

And that "this current portfolio in Iraq includes projects under implementation and projects or loans due, and that the World Bank is working to implement projects associated with them."

And on changing the exchange rate of the dollar in the Iraqi currency auction, he pointed out that "changing the exchange rate aims to give the state the ability to increase its revenues, especially since the sale of petroleum in hard currency and converting it into the reality of the Iraqi dinar gives it a financial mass that allows it to actually increase revenues and reduce the deficit." He pointed out that "changing the exchange rate may allow confronting imports from abroad because the domestic product becomes cheaper than what is imported from neighboring countries."

He explained that "the strategic objective of changing the exchange rate is to work to strengthen the local product and local industries to be able to face the external product, reinforced by measures to protect the product."

He stressed "the need to address the increase in prices and the seriousness of inflation, and focus on projects that actually allow facing the social distress of the poor."

He continued that "the idea of raising the price of the dollar is an international policy that the Ministry of Finance and the Ministry of Planning and the Iraqi government have participated in, especially the International Monetary Fund," explaining that "Iraq is now in the plight of financial deficit, it has nothing but borrowing, either internal or external," indicating that “Internal borrowing threatens the reserves of the central bank, just as using it to bridge the deficit removes the possibility of investment in productive opportunities that allow the development of the private sector, while external borrowing has its components and conditions that are based on the sustainability of the debt and the capabilities in subsequent repayment, and financial and monetary stability, and this is the financial engineering that must be looked at. In an integrated way, one can consider reducing the currency rate.

He revealed "there is a global initiative that a team from the World Bank is working on in coordination with international organizations to recover money smuggled from countries," announcing that special departments of the Ministry of Finance have been linked to the World Bank's initiative, indicating that "the World Bank is ready to provide technical support."

Mazy Numan, in an interview published by the Iraqi government news agency, and seen by Al-Zawraa: “The partnership relationship between the World Bank and Iraq is very close and is based on years of joint work,” pointing out that “Iraq enjoys a very important position at the Arab and global level, and that The World Bank was next to Iraq in various stages of stability and peace, or in the stages that it was subjected to attacks or changing economic conditions, which led to difficult repercussions on the government and people of Iraq, and actual work began with Iraq, I think, in the years 2006 and 2007 through a group of projects.

He added that "the World Bank's portfolio in Iraq currently amounts to two billion dollars, and that these loans were signed about two or three years ago," noting that "the main pillar in it is a loan for the reconstruction of liberated areas, and the result of the request came after the beginning of the first phase of liberation, that is." Liberation of Salah al-Din Governorate, and then this was completed with an additional amount after liberating the rest of the governorates.

And that "this current portfolio in Iraq includes projects under implementation and projects or loans due, and that the World Bank is working to implement projects associated with them."

And on changing the exchange rate of the dollar in the Iraqi currency auction, he pointed out that "changing the exchange rate aims to give the state the ability to increase its revenues, especially since the sale of petroleum in hard currency and converting it into the reality of the Iraqi dinar gives it a financial mass that allows it to actually increase revenues and reduce the deficit." He pointed out that "changing the exchange rate may allow confronting imports from abroad because the domestic product becomes cheaper than what is imported from neighboring countries."

He explained that "the strategic objective of changing the exchange rate is to work to strengthen the local product and local industries to be able to face the external product, reinforced by measures to protect the product."

He stressed "the need to address the increase in prices and the seriousness of inflation, and focus on projects that actually allow facing the social distress of the poor."

He continued that "the idea of raising the price of the dollar is an international policy that the Ministry of Finance and the Ministry of Planning and the Iraqi government have participated in, especially the International Monetary Fund," explaining that "Iraq is now in the plight of financial deficit, it has nothing but borrowing, either internal or external," indicating that “Internal borrowing threatens the reserves of the central bank, just as using it to bridge the deficit removes the possibility of investment in productive opportunities that allow the development of the private sector, while external borrowing has its components and conditions that are based on the sustainability of the debt and the capabilities in subsequent repayment, and financial and monetary stability, and this is the financial engineering that must be looked at. In an integrated way, one can consider reducing the currency rate.

He revealed "there is a global initiative that a team from the World Bank is working on in coordination with international organizations to recover money smuggled from countries," announcing that special departments of the Ministry of Finance have been linked to the World Bank's initiative, indicating that "the World Bank is ready to provide technical support."

link 

[DinarThug]

LINK

Deputy reveals huge numbers of money smuggled by Saddam's regime

 

2nd February, 2021

A member of the Economic Committee in the Iraqi Parliament, Mazen Al-Faily revealed, today, Tuesday, the amount of money smuggled out of Iraq during the era of Saddam Hussein's regime.

Al-Faili told Shafaq News, "The money smuggled by Iraq during the era of the former regime amounts to $ 500 billion, which is equivalent to the 5-year budget in the current Iraq situation."

He added, "This money is found in most of the large European banks."

"Iraq needs modern legal legislation, and international experts are brought in to study how to recover this money, as the country is in dire need of it at the present time," he said.

[DinarThug]

LINK

Al-Rafidain publishes controls and instructions for granting advances and launching them next week

 

 

 

02/02/2021 15:17:51

 

 

Al-Rafidain Bank announced, on Tuesday, that it had issued instructions regarding the process of granting personal advances to state employees.

The media office of the bank said in a statement that Al-Furat News received a copy of it, that "the controls on credit and direct launch of advances next week through the bank's branches spread in Baghdad and the provinces." Pointing out that "the new mechanism is through the installation of a new program that keeps pace with modernity, technology and development, and it will be installed in the bank's branches to obtain the aforementioned advance and according to the following conditions."

He added, "The applicant for the advance must have a service of at least one year (his appointment has been confirmed), and the amount of the advance is 5 million dinars for the segment of state employees whose nominal salaries + fixed allocations range from (500,000) dinars or less. And that "the amount of the advance is (10) million dinars for the segment of state employees whose nominal salaries + fixed allocations are more than (500,000) dinars, and the advance period is 6 years, paid in equal monthly installments."

The statement continued, "It is stipulated that the monthly deductions of the advance with other obligations owed by the borrower not exceed (50 percent) of his total salary. Provided that the total deductions do not exceed (50 percent) of the sponsor’s total salary. Employees whose salaries are exclusively with our bank are excluded from the sponsor’s submission.

He indicated that "the life of the borrower is insured with one of the government insurance companies by concluding a contract with the company by the bank's management, and in the event of a previous advance, the restrictive or cash settlement is made before disbursing the advance and the remaining amount is disbursed."

##########

Al-Rafidain publishes regulations and instructions for granting advances and announces their launch next week    LINK

[ChuckFinley]

Thanks Thug, you  always bring it.   

[DinarThug]

On 1/26/2021 at 1:00 PM, DinarThug said:

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

 

LINK

The International Islamic Bank announces its joining of the Bani Arab Payments platform

 

 

2nd February, 2021

 

The International Islamic Bank announced that it has joined the Bani Arab Payments platform, which is supervised by the Arab Monetary Fund

The bank said, on its Facebook page, seen by "Al-Eqtisad News", "The Islamic International Bank announces the completion of all operational requirements for the connection with the Bunaa Arab Payments platform, affiliated to the Regional Corporation for Arab Payments Clearing and Settlement owned by the Arab Monetary Fund

The bank added, "Bona is a platform that provides real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies

He noted that the most important characteristic of this platform is the competitive costs in exchange for the financial transfer, which will contribute to shortening the time and effort of the customer, noting that some of the features of the platform include financial transfer at reduced costs, and the transfer in Arab currencies such as the UAE dirham, Egyptian pound, Kuwaiti dinar, Jordanian dinar and Saudi riyal and international ones, including the US dollar and the euro. The bank confirmed that the service will be launched on the tenth of this month

On January 4, 2021, the Central Bank announced the actual launch of the adoption of the Iraqi dinar in the Buna platform for inter-Arab payments

The central bank said, "The platform works to provide real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies," noting that "the first movement has been implemented through banks between the UAE and the Arab Republic of Egypt, in the currency of the UAE dirham

He added, "The Central Bank of Iraq had previously signed an agreement with a number of local banks and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund," stressing that "work is underway to adopt the Iraqi dinar in the system for the next stage

He pointed out that "banks will be able to participate in Arab countries in sending and receiving payments between them in a safe and reliable manner, while this platform will help reduce recourse to international centers from correspondent banks in clearing and settling Arab payments, which will contribute to reducing the time and costs associated with banks and their customers

[DinarThug]

17 minutes ago, ChuckFinley said:

Thanks Thug, you  always bring it.   

That’s Because I’m Way Too Wicked Smooth To Get Caught !  

 

 

     
 

Edited February 2, 2021 by DinarThug

[NMP2017]

So has anyone seen what was asked of the new CBI Governor back on the 27th of Jan? My searches are coming up empty...

[DinarThug]

On 1/30/2021 at 10:52 AM, DinarThug said:

Wait, Ignore The Headline - I Had Nothing To Do With This !   Pictures Or It Didn’t Happen ...        

Al-Lakash accuses a member of the parliament’s presidency and his "Thug" of protecting the central bank governor from being questioned

 

30th January, 2021

Today, Saturday, former MP Muhammad Al-Lakash called on the Iraqi coalition to suspend its membership in Parliament until the questioning session of the Central Bank Governor is determined, accusing one of the members of the Presidency of the Council of Representatives and behind him the "thugs" and the corrupt representatives of obstructing the questioning after breaking the quorum.

Al-Lakash said in a statement, "While we emphasize the oversight role of the House of Representatives, which has been absent for 3 years from the beginning of the current parliamentary session, we notice that one of the members of the Presidency of the House of Representatives and behind him are some (thugs) and corrupt representatives, and they have always cracked our heads in the media for their possession of corruption files. They obstruct the questioning of the governor of the Central Bank and it was an appropriate opportunity for the bloc to which the governor belongs to acquit himself and renew his confidence in him through this interrogation and in a way (thieves do not become from the interrogation do not fear) not to expose themselves and obstruct this questioning and prejudge him as corrupt." 

He added, "This member of the Presidency is the one who refuses to lift the immunity of corrupt and fraudulent deputies and those involved in terrorist and criminal operations for which arrest warrants have been issued against them, as well as his refusal to dismiss absentee deputies who exceeded the set limit from absence, as well as not to allow winning representatives with decisions from the Federal Court to perform The constitutional oath and the exploitation of his position and influence in assigning some special ranks in favor of the bloc he belongs to.

 

5 minutes ago, NMP2017 said:

So has anyone seen what was asked of the new CBI Governor back on the 27th of Jan? My searches are coming up empty...

Hey ! I Thought We Weren’t Going To Talk About The Obviously ‘Fake News’ Follow Up Article - That Was Falsely Blaming Some ‘Poor Innocent Thug’ Anymore !  
(From January 30th On The Previous Page)

I Mean - I Had Gotten Some Really Good Pretend Alibi’s And Everything ...

 

 

Sheesh ...

 

     

[DinarThug]

20% of the monetary mass is in the hands of the state only ... Presenting 4 solutions to ensure the continuation of salary payments - urgent

 

Posted 1 hour ago

 

Baghdad today - Diyala

 

The economic expert, Rasim Al-Aqidi, said today, Tuesday (February 2, 2021), that the Iraqi state has only 20% of the monetary mass at the present time, in light of a financial crisis that requires the government to withdraw financial liquidity to cover its expenses.

Al-Aqidi said in an interview with (Baghdad Today), "The Iraqi state after 2003 intended to print 61 trillion dinars in different denominations, but what it actually has is only 20% of the total cash mass," noting that "the remainder in the largest part of it goes to Neighboring countries and private banks, most of which act as tools for those countries, in addition to the money stored in homes.

Al-Aqidi added, "The state suffered after 2003 from the lack of control over its balances in the monetary mass, and it represents an important and essential function of the Ministry of Finance and the Central Bank, which prompted the latter to sell the dollar in an attempt to withdraw the cash balances since the presence of 20% of the monetary mass cannot enable it Paying salaries, and the rest of other dues, which require availability of at least 50% of the mass in the hands of the state in order to pay all financial obligations.

With regard to the state’s orientation to print currency, in order to avoid the financial crisis, the economic expert believes that “there is no benefit in the process of printing any money in light of the lack of control over the monetary mass.”

Regarding the mechanism of controlling cash masses, he pointed out that “controlling cash blocks is through means that are not complicated, the first of which is the localization of employees’ salaries, the second is the use of electronic cards, in the exchange of funds and the third is the adoption of modern frameworks in managing financial assets and the fourth is seeking to launch incentives for payment Citizens to put their money in government banks to increase the cash mass of the government, through which it succeeds in paying all expenses and salaries.

Recent data revealed that the volume of money smuggled outside Iraq is estimated at 300 billion dollars.

The Parliamentary Integrity Committee confirmed that the volume of money smuggled outside Iraq is estimated at 350 trillion dinars, “about 300 billion dollars,” while the estimated amount of money spent in previous years in fake contracts.

Committee member Taha Al-Dafi said, "The government formed a committee to combat corruption, and this committee worked during the first days in a clear and significant way, but it retreated during the recent period due to political pressures, as various accusations were directed against it," expressing his hope for the continuation of its work, and the investigation into More important issues such as corruption files rampant in some ministries.

He continued: "The funds spent after 2003 are estimated at a thousand trillion, and include the budgets of the operational and investment ministries, as huge funds were wasted in contracting cases, as well as the corruption that was rampant in most of the contracts contracted by the ministries and governorates."

"We did not touch any clear project that was completed in Baghdad or the provinces, and most of the projects were referred to impeccable companies, and they were dealt with the worst commissions, so the works were not completed, and the money remained on simple projects, but we did not see strategic projects as main roads and fast bridges," he said.

He pointed out to "smuggling up to 350 trillion dinars outside Iraq during the past years, all of them via fake receipts, in exchange for commissions obtained by some officials."

The estimated volume of Iraqi money smuggled outside the country is about $ 500 billion, according to the Parliamentary Finance Committee.

The reporter of the Parliament’s Financial Committee, Ahmed Al-Saffar, said in a special statement to Al-Ain Al-Akhbariya that it is time to retrieve this money that was stolen years ago.

These funds are distributed between two periods in the history of Iraq, the first before 2003, and the other period after.

For years, successive Iraqi governments have sought to recover these funds, but this has not been achieved, despite the difficult economic conditions that the Iraqi people are experiencing.

And recently, the Iraqi Ministry of Planning revealed a statistic that shows that nearly 10 million Iraqis live below the poverty line.

And the Iraqi Ministry of Planning indicated that it had developed plans and treatments to reduce those rates during the current year.

The ministry's spokesman, Abdul Zahra Al-Hindawi, said in a statement, that Al-Ain News obtained a copy of it, that “the circumstances that passed in Iraq contributed to the high rate of poverty, as the poverty rate at the end of 2019 was 20%, but with the entry of Iraq into the tunnel of the crisis. The double, the Corona pandemic and the accompanying financial crisis, due to the decline in oil prices, have greatly affected the high poverty rate in the country.

link

[GreedyDinar07]

350 Trillion! Who in the hell would print up that amount of currency! What is this...Zimbubwa??? SMH! 

[DinarThug]

On 2/1/2021 at 1:58 PM, screwball said:

if i remember the sticking point was Erbils share?
and it already had been voted on could be awaiting second reading first has been done.

 

 

      

 

LINK

The Kurdistan Democratic Party (KDP): The region’s delegation’s meetings in Baghdad were positive

 

2nd February, 2021

The head of the parliamentary bloc of the Kurdistan Democratic Party, Vian Sabri, described the meetings held by the negotiating delegation of the Kurdistan Regional Government in Baghdad as "positive."


Sabri said in an interview carried by Kurdish media, "The meetings of the Kurdistan Regional Government's negotiating delegation with the Finance Committee in the Iraqi parliament were positive, as the delegation provided all data and details on all outstanding issues between the two sides to the committee."


She added, "The Kurdistan Regional Government is committed to the constitution, and the Kurdistan Democratic Bloc supports Articles 10 and 11 related to the share of the Kurdistan region, which were set by the draft budget for 2021 as 12.67."

[screwball]

12 hours ago, DinarThug said:

LINK

Deputy reveals huge numbers of money smuggled by Saddam's regime

 

2nd February, 2021

A member of the Economic Committee in the Iraqi Parliament, Mazen Al-Faily revealed, today, Tuesday, the amount of money smuggled out of Iraq during the era of Saddam Hussein's regime.

Al-Faili told Shafaq News, "The money smuggled by Iraq during the era of the former regime amounts to $ 500 billion, which is equivalent to the 5-year budget in the current Iraq situation."

He added, "This money is found in most of the large European banks."

"Iraq needs modern legal legislation, and international experts are brought in to study how to recover this money, as the country is in dire need of it at the present time," he said.

Really and that’s good who think 1:1 could happen I do!!!’