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Canceling The Currency Auction, Reducing Borrowing, And “Isolating” The Central Bank’s Reserves ... The Most Important Thing For Hard Currency In The 2021 Budget !


DinarThug
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Representative economy: the banking system is still underdeveloped and its development will address 3 drawbacks, most notably smuggling

 
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11:30 - 24/02/2021
 

Member of the Parliamentary Economic and Investment Committee, Nada Shaker Jawdat, confirmed, on Wednesday, that the Iraqi banking system is still underdeveloped, while indicating that its development will address 3 negatives simultaneously.

"One of the most important factors of economic growth in any country is the development of the banking sector as the main building block in strengthening the frameworks for financial exchange," Jawdat said in an interview with "Al-Maouma", pointing out that "the status of banks in Iraq and their technologies is still lagging compared to other countries."

And she added, "The development of banking performance and the introduction of modern technologies with all its methods will address 3 drawbacks, in that one of the most prominent is preventing currency smuggling abroad and absorbing the cash mass available in homes and reducing theft crimes in addition to securing a large cash block in banks that will be a gateway to open investment and financial loans.

Jawdat indicated that "the Iraqi banking performance is still very late for the rest of the international banks in terms of electronic mechanization, its mechanisms, despite the presence of efforts in this regard, but it is still too late."
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Saleh: There is optimism accompanied by caution ... revealing real GDP projections for 2021

 
Saleh: There is optimism accompanied by caution ... revealing real GDP projections for 2021
 
 
02/24/2021 18:05:30
 
 
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Wednesday, that there is optimism about the recovery of the Iraqi economy accompanied by caution, while revealing the real GDP in 2021 according to expectations.

 

Saleh said {for the Euphrates News} that "the Iraqi economy has begun the recovery phase and growth rates will be positive this year, after the contraction of real GDP by an estimated 11% in 2020, and expectations confirm today that Iraq will reach this output to 3% in 2021." 

Saleh promised, these indicators are "good ... it stops the deterioration and moves the wheel of the Iraqi economy and works to reduce unemployment and supply sectors in general, especially since we have two positive events that lie in the improvement of oil revenues and agriculture, especially food security in the issue of grains." And he added, "Improving agricultural and oil revenues will move the Iraqi economy for the next ten years, and break the bottleneck for 2020; there is optimism with caution."

The Coronavirus (Covid-19) pandemic and the sharp decline in oil revenues further exacerbated long-term economic vulnerabilities in Iraq, as the real GDP contracted by an estimated 11% in 2020, reflecting the slowdown in non-oil activity and oil production cuts as a result of OPEC decisions. +. According to the International Monetary Fund, the large deficit in public finances and the external current account of 20% and 16% of GDP, respectively, restricted the government's ability to respond effectively in terms of public finances to the crisis.

The International Monetary Fund stressed in its report, there is a need for a comprehensive package of short-term economic policies based on a reliable financial strategy to overcome the health crisis, ensure economic stability, and protect vulnerable groups.

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The Minister of Finance announces measures to support the effects of changing the exchange ... and discusses the White Paper procedures

 
The Minister of Finance announces measures to support the effects of changing the exchange ... and discusses the White Paper procedures
 
 
02/24/2021 16:38:52
 
 
The Minister of Finance, Dr. Ali Abdul Amir Allawi, chaired an expanded meeting to discuss the objectives achieved by changing the currency exchange rate today, Wednesday, 2/24/2021, at the Ministry's headquarters.

During the meeting, a review and discussion of the positive effects of changing the exchange rate of the dinar against the dollar and the impact of that step on rebalancing the Iraqi economic reality burdened with challenges and obstacles and protecting it from the risk of collapse.

The meeting also discussed mechanisms to change the investment environment, support the private sector, and support industry and agriculture, in line with corrective measures for the course of the national economy.

The meeting discussed the encouraging measures related to the banking sector's work and its contribution to providing support to various productive sectors. As well as measures Automator tax Alkmarki system and simplify the overall administrative processes in line with Mtbuniat white paper.  Mr. Minister listened to most of the problems raised by the representatives of the private industrial sector  and Allawi stressed that the Ministry of Finance has taken a number of supportive measures for the effects of changing exchange and is continuing to work to translate effectively to protect The poor classes coinciding with the approaching vote of the House of Representatives on the draft general budget bill.

The meeting was attended by the representatives of the ministries of finance and planning, the advisor to the prime minister's office, Mr. Abdul Hussein Al-Anbaki, the financial advisor to the Ministry of Finance, and a number of general directors, heads of bodies, and a group of representatives from the private and industrial sectors.
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A demonstration in front of the Central Bank of Baghdad demanding the return of the dollar to its previous price

 

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24th February, 2021


Dozens of people demonstrated on Wednesday in front of the Central Bank of Iraq building in Al-Rasheed Street in the center of the capital, Baghdad, demanding that the exchange rate be returned to 120 thousand Iraqi dinars for every hundred US dollars.


The reduction in the value of the local currency against the hard currency was reflected in the prices of goods and goods, especially imported ones in Iraq, as they witnessed a remarkable rise, which burdened the shoulders of low-income and poor people.

The protesters held banners calling for the dismissal of Central Bank Governor Mustafa Ghaleb Mekhaif, accusing him of "wanting to starve the people."

Shafaq News correspondent quoted some demonstrators as saying that "the primary beneficiaries of the exchange rate increase are the banks of the political forces." Another sign carried the phrase that "these corrupt banks steal their livelihood and that of their families to feed the whales behind them."

The Iraqi Central Bank decided at the end of last year to raise the selling price of the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, in order to compensate for the decline in oil revenues caused by the deterioration of oil prices.

Iraq relies on 90% of its income on oil revenues, and the last time it devalued the dinar was in December 2015 when it raised the selling price of the dollar to 1182 dinars, compared to 1166 dinars in the past.

The Central Bank launched its decision regarding the new pricing for the sale of the dollar in the auction for the currency on the 20th of last December.

Iraq is under great pressure under the weight of the worst economic crisis it has witnessed since 2003 until now due to the low oil prices and the outbreak of the Corona virus.

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On 2/23/2021 at 12:25 PM, DinarThug said:

A high-ranking Jordanian delegation arrives in Baghdad to discuss the implementation mechanisms of joint cooperation agreements

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22nd February 2021


A high-level Jordanian delegation arrived in Baghdad on Monday to discuss mechanisms for implementing cooperation agreements and strengthening partnership between Iraq and Jordan.

A statement by the Ministry of Industry and Minerals, Mawazine News received a copy of it, stated that “the Minister of Industry and Minerals, Manhal Aziz Al-Khabaz, and the Minister of Construction, Housing and Public Municipalities, Nazin Muhammad Wos, received the Jordanian ministerial delegation that arrived in Baghdad on an official visit, pointing out that the delegation included the Minister of Public Works and Housing Yahya Al-Kasbi, Minister of Industry, Trade and Supply, Maha Ali, and a delegation from the Jordanian public and private sectors, in the presence of the scientific advisor to the Ministry of Industry and Minerals, Ammar Abdullah Al-Janabi, and the Ministry's advisor for development affairs, Qaiser Ahmed Al-Hashemi.

He added that the two sides will discuss bilateral relations, a number of common issues, and the agreed visit program, with the aim of crystallizing a number of projects, agreements and understandings in various fields, in addition to emphasizing the strengthening of the partnership between the two countries and the continuation of coordination and consultations on issues of common interest.

He indicated that the two sides will hold joint meetings and meetings in the presence of the Jordanian delegation and their counterparts from the Iraqi side to complete talks and steps to activate memoranda and cooperation agreements between the two brotherly countries.

He continued: Field visits will also be made to some industrial sites in addition to the meeting of the Jordanian delegation with the Prime Minister, Mustafa Al-Kazemi, in the presence of a number of ministers to support system">support opportunities for economic integration between the two brotherly countries, indicating that the visit of the Jordanian delegation to Iraq comes within the framework of mutual visits, meetings and joint meetings of officials of both The two countries to enhance economic cooperation. 

 

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Al-Kazemi, with a Jordanian delegation: Both countries have serious intention and determination to implement bilateral agreements

 
Al-Kazemi, with a Jordanian delegation: Both countries have serious intention and determination to implement bilateral agreements
 
 
02/24/2021 15:06:38
 
 
The Prime Minister, Mr. Mustafa Al-Kazemi, received today, Wednesday, an official Jordanian delegation headed by the Jordanian Minister of Public Works and Housing Mr. Yahya Al-Kasbi, accompanied by a number of Jordanian officials and representatives of the Jordanian private sector.

 

The delegation carried the greetings of His Majesty King Abdullah II of the Hashemite Kingdom of Jordan to his sovereignty, and the assurances of the government and people of Jordan on the deep bonds of cooperation and the desire to develop common interests with Iraq.

At the beginning of the meeting, the Prime Minister said that both countries have serious intention and determination to implement bilateral agreements in all areas of cooperation. Especially in the housing, energy, health, education, industry, commerce and banking sectors, as well as modern software.


His Excellency also stressed the importance of the role of the private sector in the two countries, and the importance of cooperation that began in the security and political framework within the trilateral cooperation that also included the Arab Republic of Egypt, to expand and include security and stability in its broadest sense.

Mr. Al-Kazemi conveyed the Jordanian delegation greetings to His Majesty King Abdullah II and the government of Mr. Bishr Al-Khasawneh, stressing that Iraq looks forward to closer cooperation with Jordan, and the consolidation of security and stability in the region.

For its part, the Jordanian delegation expressed its appreciation for the good reception and the eagerness it felt to develop bilateral relations, stressing the importance of strengthening cooperation between the two countries in various fields, including the interest of the Jordanian and Iraqi peoples.

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Al-Kazemi, for a Jordanian delegation: they are serious about implementing bilateral agreements between the two countries  LINK

 

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The Minister of Trade discusses with the Jordanian Minister of Industry and Supply to increase the volume of trade exchange between the two countries

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24th February, 2021


Minister of Trade, Alaa Al-Jubouri, discussed, on Wednesday, with the Jordanian Minister of Trade, Industry and Supply Maha Ali and her accompanying delegation, the possibility of increasing the volume of trade exchange between the two countries, and the participation of Jordanian companies more broadly in the exhibitions held inside Iraq.

The Ministry of Trade stated in a statement that Mawazine News received a copy of, that "the minister conducted a tour with the guest minister that included the exhibition halls in the Baghdad International Fairground to find out the nature of the work of the exhibitions company and the nature of the exhibitions held," adding that "the tour was in the presence of the Iraqi Minister of Industry and Minerals." Manhal Al-Khabaz, General Director of the General Company for Fairs and Iraqi Commercial Services Sarmad Taha Saeed.

She pointed out that "the general manager of the Iraqi Exhibitions Company provided the guest minister with a detailed explanation of the company's exhibition activities and the number of specialized exhibitions held during the year and the establishment of the international session of the Baghdad International Fair that is held in early November of each year." She pointed out that "the Minister of Trade expressed Iraq's desire for a broad and strong participation of Jordanian companies in the exhibitions held in Baghdad and the provinces, and to provide all facilities for Jordanian companies to enter the Iraqi market and the possibility of increasing the volume of trade exchange between Iraq and Jordan."

It is noteworthy that Iraq signed, in the presence of the Minister of Industry and Minerals, Manhal Al-Khabaz, and Jordan, in the presence of the Jordanian Minister of Industry, Trade and Supply, Maha Ali, yesterday, Tuesday, the agreement to establish the joint Iraqi-Jordanian Chamber of Industry. 

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Talal Abu-Ghazaleh: The Dollar Is America's Most Powerful Nuclear Weapon

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24th February, 2021

Dr. Talal Abu-Ghazaleh, a great economic thinker, said that digital currencies have no value because the bank does not cover them.

 

Abu Ghazaleh stressed that America will not allow the existence of any other currency that competes with the dollar, and digital currencies are under unannounced American sponsorship.

Abu Ghazaleh indicated that America and China are competing for world leadership, and the alternative to the dollar will be the new Chinese currency.

He added, "The dollar is the most powerful weapon in America, is stronger than nuclear." Stressing that Britain is the ally to America and always support it.

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1 hour ago, DinarThug said:

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Talal Abu-Ghazaleh: The Dollar Is America's Most Powerful Nuclear Weapon

lnBCZ.jpg
 

24th February, 2021

Dr. Talal Abu-Ghazaleh, a great economic thinker, said that digital currencies have no value because the bank does not cover them.

 

Abu Ghazaleh stressed that America will not allow the existence of any other currency that competes with the dollar, and digital currencies are under unannounced American sponsorship.

Abu Ghazaleh indicated that America and China are competing for world leadership, and the alternative to the dollar will be the new Chinese currency.

He added, "The dollar is the most powerful weapon in America, is stronger than nuclear." Stressing that Britain is the ally to America and always support system" rel="">support it.

The need for banks will diminish when our currency has real value again and even more so when we go digital.

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“I want a dinari”: An Iraqi hashtag tops the Twitter trend to demand the return of the dollar's exchange rate to 120,000


2021-02-24
 
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Yes Iraq - Baghdad

 

The hashtag # I Want_Dinari Trend is issued on the Twitter platform, as it represents a massive campaign to demand the Iraqi government and the Ministry of Finance to return the exchange rate of the dollar against the dinar to 120,000 as it was in the past.

 

 

The campaign participants complain of the great pressure caused by the exchange rate hike in the past few months, coinciding with the approval of the general fiscal budget for 2021, as well as the high prices of goods and commodities in the local markets.

 

 

Blogger Alaa Al-Hilali says that there are no economic justifications in the money market that necessitate a decrease in the dinar, but rather a conspiracy by politicians to take advantage of the exchange difference at the expense of the local market and harm the Iraqi economy.

 

 

On the other hand, the blogger Ali Fahim commented, saying: Today our campaign is to return the Iraqi dinar to its value before the corrupt leaders stole it from the leaders of corruption in Iraq, so they participated in the campaign # I want my dinar if you want your dinar.

 

 

As blogger Arkan Al-Bandaawi asked, saying that the amount of 500 billion dinars is allocations approved by the Finance Committee in the 2021 budget as compensation - security?
 
Dozens of people demonstrated this morning, Wednesday, in front of the Central Bank of Iraq building in Al-Rasheed Street in the center of the capital, Baghdad, demanding the return of the dollar exchange rate to 120,000 Iraqi dinars for every hundred US dollars.
 

1614160996234.jpg?resize=640%2C352&ssl=1

 

The reduction in the value of the local currency against the hard currency was reflected in the prices of goods and goods, especially imported ones, in Iraq, which witnessed a remarkable rise, which burdened the shoulders of low-income and poor people.

LINK

 

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Economist: 80 percent of the monetary mass is distributed among companies and neighboring countries

 

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Baghdad today - Diyala

 

The economic expert, Rasim al-Akidi, confirmed, Wednesday (February 24, 2021), that more than 95% of Iraqis do not have confidence in banks, while he indicated that 80 percent of the monetary mass is distributed to companies and neighboring countries

Al-Aqidi said in an interview with (Baghdad Today), "The Iraqi state, over many years, has not built trust between citizens and financial institutions, especially banks, because they have dealt on more than one occasion with bank balances as their money, and even citizens' funds were to stop withdrawing them if a financial crisis was exposed

He added, "The state currently owns only 20% of the monetary mass in the country, while 80% is distributed between markets, companies and neighboring countries, but in general the amount of money hoarded in the homes of Iraqis reaches 40% of the cash mass

Al-Akidi explained, "The state has not adopted modern technologies in the file of financial policies by opening current accounts to pay citizens to put their money in banks

He pointed out that "depositing the largest part of the monetary mass in banks, which is a framework adopted in most countries of the world, especially the developed ones, which keep them away from any crisis that hinders the payment of salaries to their employees, and this is the reason for the recurrent crisis in the mechanisms of paying Iraqi employees' salaries

The economic expert added, “Increasing the interest on citizens' deposits in their bank accounts is part of the solution to withdrawing the monetary mass, but the most important thing is to address other negatives, including facilitating the opening of accounts, deposits and withdrawals, conducting instruments and adopting modern technologies that make the citizen feel reassured in dealing with his money as he wishes. Through withdrawal and deposit

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What prevents Iraq from issuing an "electronic dinar"?

 

149162.jpg?watermark=4

 

2021/02/23 18:35


Baghdad Today - Baghdad 

 

Member of the Parliamentary Economic Committee, MP Nada Shaker Jawdat, said, Tuesday, that there is a major reason preventing Iraq from reaching the stage of issuing an electronic dinar to facilitate the trading and buying operations. 

In an interview with (Baghdad Today), Jawdat said, "Reaching the stage of issuing an electronic dinar in Iraq, as in other countries, is basically dependent on a real and radical change of the economy in terms of openness to the governance file and the development of banks." 

And she continued, "Iraq has so far been within a backward and very primitive framework compared to the current situation in most countries of the world, including neighboring countries, because the distance between us in the file of banking services is clear and very large," noting that "the government has movement on the file of governance and bank development, but work It takes a lot of time and effort. " 

And she added that "the delay in the development of the bank's work in Iraq during the past years has major economic repercussions, especially in the investment file as it is a hindrance to many mechanisms." 

She indicated that "there are major problems present in the Iraqi scene, including the lack of confidence of a large percentage of citizens in banks, including the civil society, and the existence of a culture of hoarding money in homes for many, which calls for building trust and changing many concepts that push citizens to save their money in banks and resort to modern mechanisms in circulation." Money. "

She indicated that "the backwardness of the banking reality is what prevents the birth of the electronic dinar, because the latter is an advanced and advanced framework for which there must be a base that responds to all its activities."  Al-Rafidain Bank called earlier, to leave the sukuk system before the issuance of the electronic dinar, stressing the importance of the latter in increasing the monetary mass included in the banking system. 

The bank’s media office said in a statement that “the bank’s general manager, Khawla Talib Jabbar, emphasized during her participation in an economic symposium the importance of electronic money and its effect on increasing the monetary mass entering the banking system,” indicating that it “contributes to creating deposits outside of bank records and helps to follow up. And monitor the movement of these deposits. "

Jabbar added that "the electronic system helps eliminate corruption and fraud, speeds up collection and payment, provides services that satisfy citizens and increases the level of culture in society," calling on the media to "support the banking business in Iraq and not distort the reputation of banks because this would undermine confidence between the public and banks." "

. Jabbar stressed "the necessity of leaving the sukuk system before issuing the electronic dinar, with her emphasis on increasing public awareness of electronic payment systems."

  The Central Bank of Iraq announced, at an earlier time, its readiness to implement the electronic payment system and launch the electronic dinar in a way that contributes to increasing dealing with banks and reducing the problems of cash handling.

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Corona and modern monetary policy

 

Thursday February 25, 2021

 

Mustafa Muhammad Ibrahim

 
With the continuing epidemic of the Corona pandemic in all countries of the foreign and Arab world, especially Iraq, which appeared in February of the year 2020, all preventive measures have been taken in order to control the epidemic in the country and reduce its infection cases to the least possible.

This epidemic has caused problems, the most prominent of which is the occurrence of economic stagnation due to the suspension of most businesses, especially those with daily sustenance, who are the majority, as well as the lack of real and effective solutions to provide the vaccine to reduce infections with the new strain.

And it seems, the matter will continue as it was in the previous year, so the Central Bank of Iraq resorted to help the government in controlling this epidemic or reduce its infection by financing the Ministry of Health in the previous year with an amount of 50 billion dinars using one of its modern tools of monetary policy, namely Quantitative easing, which is one of the unconventional monetary policy tools.

 The central bank continued to adopt the interest rate (monetary policy rate) of 4 percent, in addition to the resumption of investment windows for open banks in the central bank, and for the purpose of supporting liquidity, the mandatory reserve ratios imposed on current deposits were reduced, which is of a current nature to be (13 percent). For the Iraqi dinar only, instead of (15 percent) for a period of 6 months, provided that time deposits are maintained at a rate of (10 percent) for all banks, while the ratio with Islamic banks is (5 percent) on time deposits.

For other solutions, the central bank should direct government and private banks to reduce interest on advances and loans, as well as take urgent measures to reduce the level of inflation in the country, as the approach used in analyzing and forecasting inflation depends on three main variables in Iraq, namely (economic growth, The exchange rate, global commodity price index), and through these indicators, we show improved growth prospects thanks to stimulus and a more stable environment for implementing development policies, in addition to the expected positive impact on activity levels in the oil sector with regular supply flows, improvement in export capacity as well as a decline in the gap. Between the official exchange rate and the market price, especially after its adjustment, as well as the stability of the global commodity price index, which leads to the achievement of economic stability in general.

 As well as the call for the use of other tools in modern monetary policy, including (future directive or guidance, and the zero interest rate) used by central banks in developed countries, as in the United States of America.

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10 hours ago, DinarThug said:

 The Minister of Finance announces measures to support system" rel="">support the effects of changing the exchange ... and discusses the White Paper procedures

 
02/24/2021 16:38:52
 
 
The Minister of Finance, Dr. Ali Abdul Amir Allawi, chaired an expanded meeting to discuss the objectives achieved by changing the currency exchange rate today, Wednesday, 2/24/2021, at the Ministry's headquarters.

" the minister of finance want to discuss ". ok i give you one week to discuss and come up with a new rate. is one week enough?  i think one week should be enough time to discuss as long as noone is absent as an excuse to go for a vacation during a one week disscusion. so next week from the date of this article, hopefully i will see a new rate. can the minister of finance be trusted to discuss about changing the exchange rate? do you think the minister of finance will delay and BS again? who knows.

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4 hours ago, DinarThug said:

“I want a dinari”: An Iraqi hashtag tops the Twitter trend to demand the return of the dollar's exchange rate to 120,000

why did the iraqi citizens not demand the rate to at least 1:1 instead of 1:1200 if they want imported goods very very very cheap? why why why? for example, let's say if the price of 1 bag of imported rice costs= 10 usd/bag ( cbi official exchange rate 1 usd=1460 iqd ) x 1460=14,600 iqd. on the other hand, if the iraqi citizens demand the rate to 1:1, that means 1 bag of imported rice costs=10 usd/bag x 1 ( 1 usd=1 iqd )=10 iqd only. so when the rate 1:1, the cost of 1 bag of imported rice is much much much cheaper right folks. and it goes for the rest of other imported goods. again, let's say, if iraqi citizens demand the higher rate to 1 iqd : 3.22 usd then 1 usd= 0.31 iqd , that means 1 bag of imported rice cost=10 usd/bag x 0.31 iqd ( 1 usd =0.31 iqd )=3.1 iqd wouw this is even more cheaper when the rate 1:1. the point is the highest the exchange rate , the cheapest the price of imported goods. for example, if you are the ordinary iraqi citizens, what rate would you demand to return to? 1:1200 or 1:1 or 1:3.22?

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Al-Haddad announces the date of the start of the new legislative term and the mechanism for holding sessions with the outbreak of Corona

 
Al-Haddad announces the date of the start of the new legislative term and the mechanism for holding sessions with the outbreak of Corona
 
 
02/25/2021 15:48:01
 
 
The second deputy speaker of the House of Representatives, Bashir Al-Haddad, confirmed that Parliament "has not enjoyed its legislative recess, and is still continuing in its current legislative term to approve the federal budget."

 

Al-Haddad said in a statement, "The parliament did not enjoy its legislative recess, and is still continuing in its current legislative chapter to approve the draft federal budget law for 2021, according to Article 57 of the Iraqi constitution, which states:" The term for the session in which the general budget is presented does not end except after approval." 
 
He explained that "the second legislative term of the third legislative year begins on the third of March, and the legislative holiday cannot be replaced."

Al-Haddad pointed out that "holding the sessions in light of the high incidence of the Corona pandemic, especially the mutated type, will be according to the measures taken by the parliamentary and governmental crisis cell, and with full commitment to health protection."
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For the first time .. “Parliamentary - governmental communications” to adjust the exchange rate, and a deputy specifies the expected number - urgent

 

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Baghdad Today - Baghdad A member of the Parliamentary Finance Committee, Muhammad al-Shabaki revealed, today, Thursday, that there is a parliamentary refusal to pass the budget bill for the year 2021 without modifying the exchange rate of the dollar against the Iraqi dinar. 

Al-Shabaki said in an interview with (Baghdad Today), that "there are political forces and representatives from different political blocs, working to adjust the exchange rate of the dollar against the Iraqi dinar, in the 2021 budget, and these forces and MPs refuse to pass the budget without this amendment." 

He indicated that "there is a parliamentary proposal that the exchange rate of the dollar against the Iraqi dinar be (13000) Iraqi dinars for every $ 100, but the authority of the amendment remains in the hands of the Iraqi government, and there are contacts between parliamentary and governmental parties to discuss the possibility of such an amendment, before voting on the budget." 

Earlier, Representative Enaam Al-Khuzai submitted a proposal to restore the old exchange rate of 1,200 dinars against the dollar without affecting the value of money added to the budget as a result of changing the new exchange rate.

Al-Khuzai said in a tweet on Twitter that "Prime Minister Mustafa Al-Kazemi says that raising the exchange rate to 1450 dinars will save 10 trillion dinars for the budget." 

"Raising the price of oil in the budget to a conservative price of $ 52 instead of $ 45 will save 10 trillion dinars as well, without compromising the exchange rate and without prejudice to the real incomes of the poor and middle classes," she added.

Yesterday, a member of the Parliamentary Economy Committee, MP Mazen Al-Faily, announced that there is a trend within the House of Representatives to restore the dollar exchange rate to reduce the exchange rate of 1,300 dinars against the dollar in the 2021 budget. 

"Signatures were collected by 113 deputies to reduce the dollar exchange rate to 130,000 dinars in the budget," Al-Faily said in a televised statement followed by (Baghdad Today). 

He added, "The reason for the rise in the exchange rate of the dollar was the drop in the price of a barrel of oil, but now the global price of a barrel of oil has risen and is supplying the treasury, and we can raise the price of a barrel of oil in the budget to 50 dollars or more, and thus we dispense with the decision to raise the exchange rate."

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17 hours ago, RV MY DINAR 3USD said:

why did the iraqi citizens not demand the rate to at least 1:1 instead of 1:1200 if they want imported goods very very very cheap? why why why? for example, let's say if the price of 1 bag of imported rice costs= 10 usd/bag ( cbi official exchange rate 1 usd=1460 iqd ) x 1460=14,600 iqd. on the other hand, if the iraqi citizens demand the rate to 1:1, that means 1 bag of imported rice costs=10 usd/bag x 1 ( 1 usd=1 iqd )=10 iqd only. so when the rate 1:1, the cost of 1 bag of imported rice is much much much cheaper right folks. and it goes for the rest of other imported goods. again, let's say, if iraqi citizens demand the higher rate to 1 iqd : 3.22 usd then 1 usd= 0.31 iqd , that means 1 bag of imported rice cost=10 usd/bag x 0.31 iqd ( 1 usd =0.31 iqd )=3.1 iqd wouw this is even more cheaper when the rate 1:1. the point is the highest the exchange rate , the cheapest the price of imported goods. for example, if you are the ordinary iraqi citizens, what rate would you demand to return to? 1:1200 or 1:1 or 1:3.22?

They forgot already feeling to be rich

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7 hours ago, Inbedded HorseHead said:

Well so much for our giddiness. ..”old rate, 1200”....how about the Saddam rate—older rate......bummer

Yup those Iraqis know how to piss in the weaties or rain on the parade. I personally don't believe in smoke and mirrors.  This is how it is 1200 but I guess I get to hang out here for,,,,,,, wellllllllll maybe another 16 years. Heck my son will inherit this toilet paper by then. 

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# I want a dinar ... Iraqis on Twitter demand the return of the dinar to its previous value

 
Alhurra - Washington
 
February 25, 2021

 

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A number of Iraqis demanded that their country's currency be returned to its normal state and raised its value against the US dollar, which made the hashtag # I want my dinaris among the most discussed topics on Twitter in Iraq.

The Central Bank of Iraq announced a reduction in the exchange rate of the Iraqi dinar against the US dollar, last December , in the first such measure in half a decade, and coincided with a stifling financial crisis plaguing the country as a result of the collapse of oil prices.

 

The decision to devalue the currency caused panic among Iraqis
 
 
The devaluation of the dinar is only the beginning ... "painful" Iraqi steps that experts expect
A report published by "Bloomberg" agency on Thursday warned that the devaluation of the Iraqi currency may not save the country and extricate it from its current crisis unless it is accompanied by more painful measures that include a significant reduction in government spending.

A statement by the Central Bank of Iraq stated that the new price of the dinar against the US dollar was set at 1450 dinars instead of the previous rate of 1190 Iraqi dinars per US dollar.

And the Ministry of Finance promised, at the time, that "the decision to amend the exchange rate will be one-time only and will not be repeated in the future."

 

"Today is our campaign to restore the Iraqi dinar to its value before the corrupt people stole it from the leaders of corruption in Iraq," said one of the tweeters.

 

One of them denounced the parliamentary blocs' promises that "they will not pass the exchange rate of the dollar at its current price only after returning it to its previous price," and said that nothing of that actually happened.

 

"The political forces competing for thefts in Iraq will lead the country to ruin, and will reduce the people's options to satisfy a bad dictator or external intervention unless a sincere and disciplined national project rises," another tweeted.

 

According to one of the campaign participants, "changing the exchange rate of the dollar is part of a systematic starvation and kneeling plan."

 

One of them cited the recent rise in Iraqi oil prices, reinforcing his demand for the return of the dinar to its previous state.

 

According to this tweet, "There is no economic justification in the monetary market that necessitates a decrease in the dinar, but rather a conspiracy by politicians to take advantage of the exchange difference at the expense of the local market and harm the economy."

 

Another demanded the dismissal of the central bank governor, saying, "Sack the governor of central bank plunder."

 

After the issuance of the decision last year, the Iraqi government reassured its citizens about the decision to reduce the value of the official currency, stressing that it would not affect the classes that depend on local goods, but experts and observers criticized the move and believed that it would increase the already high poverty rates in a country experiencing the worst economic crisis in decades .

The Iraqi Ministry of Finance attributed the decision to the government's attempts to address the stifling crisis that Iraq is witnessing as a result of low oil prices, to ensure protection of the economy and to achieve the reforms that it promised several months ago.

 

Estimates indicate that the lost funds from the victims total hundreds of millions of dollars
 
 
Official: Iraq is going through the most difficult crisis in its history
The Iraqi Minister of Planning said, on Monday, that "the Iraqi economy is going through the most difficult crisis in its history," adding that the crisis "has accumulated over long decades of failures resulting from the unilateral rentier economy."

The decision sparked a wave of anger in the Iraqi street, but Prime Minister Mustafa Al-Kazemi defended his government's move and said that he had two options, "either the collapse of the system and the entry into complete chaos, or we enter into a Caesarean section for reform."

 

Iraqi employees work at the Iraqi Stock Exchange in Baghdad on February 27, 2018. (Photo by AHMAD AL-RUBAYE / AFP)
 
 
The shock of the price of the Iraqi dinar .. # thieves-banks ignites Twitter
The decision to reduce the exchange rate of the Iraqi dinar sparked a wave of critical tweets on Twitter, which led to the emergence of the hashtag #Banks_Three_Bank_and #No_for targeting_the dinar at the forefront of the most discussed topics in Iraq.

Since the collapse of oil prices earlier this year, Iraq has faced an unprecedented liquidity crisis. The oil-exporting country was forced to borrow from the bank’s reserves in dollars to pay off nearly $ 5 billion a month, representing public sector salaries and pensions. 

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