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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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Parliamentary integrity: 90% of the stolen Iraqi funds were smuggled by political leaders
 

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19:45 - 02/25/2021

 

On Thursday, the Parliamentary Integrity Committee announced the diagnosis of 90% of the money smuggled outside Iraq, indicating that political leaders and officials smuggled it out.

A member of the Integrity Committee, Abdul Amir Al-Mayahi, told Al-Maalouma that "the Integrity Committee, in cooperation with the supervisory authorities, reached great information regarding corruption and money smuggling operations outside the country."

He added, "The committee has reached the truth that 75% of Iraq's non-oil imports go surreptitiously into the pockets of the corrupt," noting that "most of this money is smuggled out of Iraq."


Al-Mayahi explained that "the committee has reached nearly 90% of that money, the countries in it, and the names of the characters that smuggled it."

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Ministry of Finance: Iraq internationally maintains its credit rating

 
Ministry of Finance: Iraq internationally maintains its credit rating
 

02/26/2021 15:18:55
 

Information Office of the Ministry of Finance



The Ministry of Finance announced, today, Friday, that Iraq has maintained its global credit rating at {-B} with an emphasis on financial and economic stability, according to the international agency, Standard & Poor's {S&P}.

 

Finance Minister Ali Allawi participated in a panel discussion to discuss economic and financial developments and the credit rating of Iraq via video conference, which included experts and specialists from the ministries of finance and oil and representatives of the Central Bank.

During the dialogue, they discussed the economic and financial developments, the credit rating of Iraq and the factors that contributed to maintaining the credit rating at -B and the emphasis on financial and economic stability, according to S&P.

In addition to the contribution of changing the exchange rate in relieving pressure on foreign reserves and enhancing the ability of the Ministry of Finance to provide domestic financing and recovering crude oil prices at the beginning of 2021 compared to what they were in 2020. 

The stable outlook for the Iraqi economy was also discussed, which came to reflect the continuation of foreign currency reserves at a level that increases the external public debt service and the ability of Iraq to pay off its external debt obligations over the next (12) months.

It is worth mentioning ... Since the outbreak of the Corona pandemic, Standard & Poor's agency S&P has taken decisions to reduce the rating from stable to negative for more than 80 cases around the world.

 

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At "B" grade .. Minister of Finance: Iraq has maintained its global credit rating

 

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26th February, 2021


Minister of Finance, Abd Allawi, confirmed, on Friday, that Iraq internationally maintained its credit rating at B, with an emphasis on financial and economic stability, according to the international agency Standard and Poor's S&P.

The media office of the Minister of Finance stated, in a statement received by Mawazine News, that “Allawi participated in a dialogue session to discuss the economic and financial developments and the credit rating of Iraq via video conference that included experts and specialists from the ministries of finance and oil, and representatives of the Central Bank.” The statement added, "During the dialogue, they discussed the economic and financial developments and the credit rating of Iraq and the factors that contributed to maintaining the credit rating at -𝗕 and the emphasis on financial and economic stability, according to S&P Standard and Poor's agency."

Allawi said, "The change in the exchange rate contributed to relieving pressure on foreign reserves and strengthened the ability of the Ministry of Finance to provide domestic financing and recovering crude oil prices at the beginning of 2021 compared to what they were in 2020. The future outlook was also touched upon. stable Iraqi economy , which came to reflect the continued foreign currency reserves at the level increases the external public debt service and the ability of Iraq to pay its obligations of external debt over the 12 coming months."

It is worth mentioning that the agency Standers Poor 's S & P since an outbreak of pandemic Corona, It took decisions to reduce the rating from stable to negative for more than 80 cases around the world. 

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Iraqi anticipation for a new manipulation of the dollar: an escalating movement to restore the previous quote ... and an alternative solution "that satisfies all parties"

 

2021-02-26

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Yes Iraq: Baghdad

 

The wave of talk and the tendency to re-price the dollar against the dinar to its previous era began to escalate sharply at various levels, especially the parliamentary and popular, while proposals began to escalate to get out of the issue of raising the price of the dollar and its harm to citizens and the prices of goods.

 

Parliamentary and popular voices began to focus on the rise in oil prices, which means that the government will obtain more profits, which reduces the deficit, which means that the need for the dollar price to remain unchanged, amounting to 1450 dinars, and the need to return it to the old pricing due to the economic shock it caused to the market and to citizens.

Initial proposal

A member of the Committee to Monitor the Implementation of the Governmental Program and Strategic Planning , Inaam Al-Khuzaie, suggested reducing the dollar’s exchange rate and returning it to 1,200 dinars per dollar, without affecting the next year's budget.

"Prime Minister Mustafa Al-Kazemi says that raising the exchange rate to 1450 dinars will save 10 trillion dinars to the budget," Khuzaie wrote in a tweet.

And she added, "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 prejudice to the exchange rate and without prejudice to the real incomes of the poor and middle classes."

 

A firm parliamentary position!

On the other hand, parliamentary assurances reached a refusal to pass the budget without adjusting the exchange rate, as Muhammad al-Shabki revealed, a member of the Parliamentary Finance Committee.

"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," Al-Shabaki said in press statements.

And that "there is a parliamentary proposal that the exchange rate of the dollar against the Iraqi dinar be (13000) Iraqi dinars in front of 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."

 

An alternative proposal

For his part, the economist Rasem Al-Akidi presented a compromise solution to the issue of the dollar exchange and the impact of the new pricing on economic movement and the prices of goods and materials, in a way that makes all governmental and popular parties and merchants benefit, and prevents the return of the currency sale window and the huge sale of hard currency in it due to its cheap price.

 

Al-Aqidi said, in a press statement followed by Yass Iraq, that “raising the value of the dollar against the Iraqi dinar and making the exchange rate of 1450 dinars per dollar came with a proposal from the International Monetary Fund and experts in the financial world of the Iraqi government, in order to cut off the road to smuggling hard currency that continued For many years. ”

Al-Aqidi added, "Restoring the price to its previous era with the rise in oil prices, the mechanisms of smuggling will also return to the outside, by legitimate means through the same window, and sales of dollars will be doubled to high numbers."

The economist pointed out that "despite the advantages of raising the dollar’s exchange rate, including doubling the state’s revenues from the dinar to cover all financial activities, including the payment of salaries, but in return it raised prices in the market, and caused damage to many segments, including the poor and the middle class."

Rasim Al-Aqidi explained, “The damages resulting from the raising of the exchange rate can be overcome by adopting what we call the dollar as food, which is the process of selling the dollar to traders at the old price, while placing the difference between the old and the new price in the trusts, and when the merchant comes and presents his papers that prove that he has actually imported The goods and the payment of customs according to the automated mechanisms, the trusts will be returned to him, and thus we limit the process of selling the dollar to finance materials and goods not produced in the markets.

The economic expert stressed that "the proposal will protect hard currency from smuggling and secure basic materials at low prices in the Iraqi market."

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1 hour ago, screwball said:

They will get more benefits living in Iraq much more 

 

1 hour ago, screwball said:

Cheap loans top medical bonus for marriage etc same as Kuwait 

 

1 hour ago, screwball said:

Distribution of wealth comes in many forms 

 

1 hour ago, screwball said:

Free medical dental education etc 

 

1 hour ago, screwball said:

Cheap loans low rate of interest high purchasing power 

No wonder iraqi citizens prefer to stay and work in iraq. In addition to that benefits, there is still one important thing to do that cbi has to rv their currency at 3.22 usd, then that would be perfect. More benefits + rich in oil and other natural resources + higher rate 3.22 usd= strongest and prosperous country in the world.

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47 minutes ago, rvmydinar said:

 

 

 

 

No wonder iraqi citizens prefer to stay and work in iraq. In addition to that benefits, there is still one important thing to do that cbi has to rv their currency at 3.22 usd, then that would be perfect. More benefits + rich in oil and other natural resources + higher rate 3.22 usd= strongest and prosperous country in the world.

It will be at that rate soon enough 

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On 2/8/2021 at 2:21 PM, DinarThug said:

CNN. Broadcasting The Bid For Cancelling The Auctions !

Canceling the currency auction, reducing borrowing, and “isolating” the central bank’s reserves ... the most important thing for hard currency in the 2021 budget

2021-02-08

 
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Yes Iraq: Baghdad

 

Today, Monday, the Parliamentary Finance Committee revealed a tendency to cancel the currency auction, while indicating that the Central Bank's reserves will not be affected in the general budget for 2021.

 

The committee's reporter, Ahmed Al-Saffar, said in statements to the official agency and its affiliate, Yass Iraq, that “when the draft budget is approved in the House of Representatives voting session, it becomes a binding law for the government and enforceable,” indicating that “the Ministry of Finance then issues instructions within a week or two to send to ministries to facilitate The budget execution process ”.

He added that "the budget deficit was reduced from 71 trillion to 24 trillion only, as the lending scheme deducted the treasury transfers to the central bank 47 trillion, but we reduced it to only two trillion, if the price of a barrel of oil remained at 45 dollars," noting that "the deficit will disappear soon." The government will have an abundance of money if the price of a barrel of oil remains high.

Al-Saffar stressed that "the Central Bank's reserves will not be affected at all in this budget, as we have reduced borrowing and canceled foreign loans."

 

The decision of the Finance Committee indicated that "there is a tendency to cancel the currency auction because it does not exist in all countries of the world except in Iraq," explaining that "the currency auction mechanism is incorrect, and hard currency is supposed to be given to actual importers, students, professors, and patients who travel outside the country and not to banks." “.

 

Al-Saffar indicated that "there is an increase in social care because large numbers of them were included, with the private sector participating in employing the unemployed," noting that "the budget carries a clear economic and social vision."

He stressed that "the committee will hold a meeting with the political blocs to bridge the gap in views and come up with the draft budget that can be passed easily under the parliament."

Regarding the exchange rate of the dollar, Saffar pointed out that "the exchange rate is exclusively within the authority of the Central Bank, and it is not possible to interfere in its work as it is responsible for the monetary system, the monetary mass, the exchange rate and the cash reserve.

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Al-Kazemi outlines a government action that has contributed to the regular disbursement of salaries and describes the currency auction as "notoriously"
 

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2nd March, 2021

 

Prime Minister Mustafa Al-Kazemi confirmed, on Tuesday, that he had taken governmental action that contributed to the continued regular payment of salaries, while he renewed indicating that there were attempts to obstruct the work of his government.

Al-Kazemi said, during the cabinet session that was held today, according to a statement received by Shafaq News, that "the government took an important reform step represented by the white paper, which contributed to the continuation of regular payment of salaries, after there were those who were betting on the collapse of the situation."

He added that "the country is going through multiple crises and there are attempts to obstruct the work of the government, but it has succeeded in preventing the collapse of the country economically and financially."

Al-Kazemi called on the ministers to "not repeat the mistakes of previous governments in dealing with strategic files, and not to deal with bureaucracy with these issues, which leads to disrupting the provision of services and the completion of projects."

The Prime Minister concluded his speech by saying, "Diagnosing the challenge is important to overcome obstacles and move forward in the stages of completion," declaring that "there is a glorification of the cash reserve and it increased by four billion dollars after accusations of the current government that it will cause bankruptcy of the reserve, as well as the notorious currency auction whose corruption has been reduced and has become the past". 

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Al-Kazemi: The notorious currency auction corruption is in the past

 

Al-Kazemi: The notorious currency auction corruption is in the past

 

2nd March, 2021


The Prime Minister, Mustafa Al-Kazemi, confirmed today, Tuesday, that corruption in the notorious currency auction has become a thing of the past.

Al-Kazemi said during the cabinet session held today, that "there is a glorification of the cash reserve, and it increased by four billion dollars after accusations by the current government that it will bankrupt the reserve, as well as the notorious currency auction whose corruption has been reduced and has become a thing of the past."

He directed the ministries of health, finance and planning to "work to end the file of hospitals that have been lagging since 2009 and before them and to work seriously to accomplish them," calling on the ministry to "work day and night to overcome all obstacles and not succumb to challenges."

Al-Kazemi also instructed that "dealing with the purchase of vaccines should be directly with countries and manufacturers, and that dealing at all with intermediary companies should be prohibited."

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Al-Kazemi: Iraq is going through multiple crises and there are attempts to obstruct the government's work

image.jpeg.8d9362137aac09eaf86f2d736360f13d.jpeg

2nd March, 2021

 

The Prime Minister, Mustafa Al-Kazemi, confirmed, on Tuesday, that Iraq is going through multiple crises, while indicating that there are attempts to obstruct the work of the government.

Al-Kazemi said, during the cabinet session, that "the country is going through multiple crises and there are attempts to obstruct the work of the government." He added, "The government succeeded in preventing the collapse of the country economically and financially, and we took an important reform step represented by the white paper, which contributed to the continuation of regular payment of salaries after there were those who were betting on the collapse of the situation."

He emphasized, "Diagnosing the challenge is important to overcome obstacles and move forward in the stages of completion." And on the role of Iraq at the external level, Al-Kazemi said, "Iraq has succeeded in returning to its important role externally, and there is great confidence in it currently for the important roles it played in the field of calm and dialogue."

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Al-Kazemi: We succeeded in stopping the collapse of the country, economically and financially

 
Al-Kazemi: We succeeded in stopping the collapse of the country, economically and financially
 
 
03/02/2021 15:42:35
 
 
The Prime Minister, Mustafa Al-Kazemi, called on the ministers not to repeat the mistakes of previous governments in dealing with the strategic files.
 
Al-Kazemi said during the cabinet session today, Tuesday, "The ministers must not repeat the mistakes of previous governments in dealing with strategic files, and not to deal with bureaucracy with these issues, which leads to disrupting the provision of services and the completion of projects."

He pointed out that "the country is going through multiple crises and there are attempts to obstruct the work of the government and we have succeeded in preventing the collapse of the country economically and financially, and we have taken an important reform step represented by the white paper, which contributed to the continued payment of salaries regularly after there were those who were betting on the collapse of the situation."


He indicated that "diagnosing the challenge is important to overcome obstacles and move forward in the stages of completion."
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6 minutes ago, DinarThug said:

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Al-Kazemi: The notorious currency auction corruption is in the past

 

Al-Kazemi: The notorious currency auction corruption is in the past

 

2nd March, 2021


The Prime Minister, Mustafa Al-Kazemi, confirmed today, Tuesday, that corruption in the notorious currency auction has become a thing of the past.

Al-Kazemi said during the cabinet session held today, that "there is a glorification of the cash reserve, and it increased by four billion dollars after accusations by the current government that it will bankrupt the reserve, as well as the notorious currency auction whose corruption has been reduced and has become a thing of the past."

He directed the ministries of health, finance and planning to "work to end the file of hospitals that have been lagging since 2009 and before them and to work seriously to accomplish them," calling on the ministry to "work day and night to overcome all obstacles and not succumb to challenges."

Al-Kazemi also instructed that "dealing with the purchase of vaccines should be directly with countries and manufacturers, and that dealing at all with intermediary companies should be prohibited."

So the currency auction corruption has become a thing of the past. But when will the auction itself become a thing of the past?

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