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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 !


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1 hour ago, DinarThug said:

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." “

well do it baby....

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CNN. Broadcasting The Bid For Cancelling The Auctions !     Canceling the currency auction, reducing borrowing, and “isolating” the central bank’s reserves ... the most important th

Usually in emerging economies banks strengthen their assets abroad.   The Banks are getting ready for an open market economy   Go CBI Go banking system Go international

1- Budget 2021 2- HCL Agreement  3- End of daily auctions  4- RV   Good Post DT 🤡👍🏼    

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On 2/27/2021 at 9:26 PM, 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.

ask yourself this....why does Saudi Arabia have a low exchange rate and yet Kuwait has a high one? why? deals done? why do all the countries under sanctions that have oil have a **** exchange rate? why is oil sold in petro dollars and not individual countries that export? and their currency?

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iraq will set what ever exchnage rate is agree by all parties and if you think they cant come in high then think again. anything is possible. any rate is possible and non of us have a clue really. we base our opinions on articles and what they tell us but as we know news is about propaganda......trust it? believe it? not sure! proof is in the pudding!

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2 minutes ago, screwball said:

ask yourself this....why does Saudi Arabia have a low exchange rate and yet Kuwait has a high one? why? deals done? why do all the countries under sanctions that have oil have a **** exchange rate? why is oil sold in petro dollars and not individual countries that export? and their currency?

The Saudi currency is broken down into units of 100 like the american dollar and cents. The Kuwaiti currency is broken down into units of 1000s called fills. Iraqi dinar is still in fills and units of 1000s. Currencies in 1000 units tend to have higher values when compared to the dollar. Iraq will probably one day be above 2 dollars again at least. That doesnt mean they will honor the current issuing of dinar that we hold at that higher value but its reason enough to stay on this ride and see.

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1 minute ago, mally2 said:

The Saudi currency is broken down into units of 100 like the american dollar and cents. The Kuwaiti currency is broken down into units of 1000s called fills. Iraqi dinar is still in fills and units of 1000s. Currencies in 1000 units tend to have higher values when compared to the dollar. Iraq will probably one day be above 2 dollars again at least. That doesnt mean they will honor the current issuing of dinar that we hold at that higher value but its reason enough to stay on this ride and see.

fills are one thing rate of exchange rate another...yes shabibi said they can carry a rate of 5$ plus they will soon enough

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(from the previous page)
 

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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"
 

1614146891727.jpeg

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".

 

1 hour ago, DinarThug said:

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."

 

LINK

Al-Kazemi to his cabinet ministers: Do not repeat the mistakes of previous governments!

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2nd March, 2021


Prime Minister Mustafa Al-Kazemi, on Tuesday, directed his cabinet ministers not to repeat the mistakes of previous governments.


Al-Kazemi said, during the cabinet session, according to a statement by his media office, Mawazine News received a copy of it: "The ministers should not repeat the mistakes of previous governments in dealing with the strategic files."

He added, "Failure to deal with these issues with a bureaucracy leads to disrupting the provision of services and the completion of projects."  Earlier today, the Council of Ministers held its regular session headed by its Chairman, Mustafa Al-Kazemi. 

 

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Advisor Al-Kazemi: Wars and political changes prevented Iraq from overcoming the rentier economy

1614684970746.png

 

2nd March, 2021


The economic and financial advisor to the prime minister, Mazhar Muhammad Saleh, confirmed on Tuesday that wars and political changes have prevented Iraq from transforming and crossing the rentier economy stage.

Saleh said in an interview with Shafaq News; "Iraq has witnessed during the last four decades a lot of wars, sieges and political conflicts, which led to the dispersion of economic resources," indicating that "development was lost as a result of these wars and that the country needs a resource to keep things going and people to live from it. Therefore oil remained the only resource and the Iraqi economy remained a monolithic economy." the side".

Added benefit; "Development, stability, diversification of the economy and transformation from the rentier economy needs political stability and stable institutions, which is what the state has missed over the years," adding at the same time that "Iraq has great economic experiences and minds, but the harsh conditions that Iraq lived due to external and internal wars a major impact on the survival of the rentier economy in Iraq.

He pointed out that "there are three global models for countries to emulate economic development, including the State of Oman, which during the past five decades has witnessed continuous political and institutional stability, which has positively affected its economic development and diversification of its resources."

The Iraqi economy is characterized as a rentier, consumer economy that depends entirely on the proceeds from the sale of oil, which is the main source of the country's general budget.

During most of the months of 2020, Iraq suffered from its inability to pay the salaries of employees and retirees as a result of the drop in global oil prices, which reached less than $ 15.

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Mazhar Saleh: Proposals to Establish a Sovereign Wealth Fund

 

 

Tuesday 02 March 2021

 

alsabaah-69324.jpg
 

Baghdad: Hazem Muhammad Habib

 

The financial advisor to the prime minister, Mazhar Muhammad Saleh, revealed positive proposals to establish a sovereign wealth fund in which funds equivalent to the current compensation for the Kuwait war would be deposited in a manner consistent with the reform White paper .

 

In an interview with Al-Sabah, Saleh said: “We have positive ideas and proposals to establish an Iraqi sovereign wealth fund, in which amounts equivalent to the compensation for the Kuwait war are deposited after the payment of these compensation is completed in the coming months, and it is managed like the generational funds,” and considered it “a sovereign investment resource for Iraq.” And in line with the white paper launched by the government to strengthen and reform the structure of the Iraqi economy.


Saleh explained, "There is nothing left of the Kuwait war compensation, but an amount that may be less than 2.5 billion dollars out of 52 billion dollars until the moment, as 3% of the proceeds are still deducted from every barrel of Iraqi crude oil that is exported, through a mechanism and a bank account that the bank takes over." The Federal Reserve in New York, according to a subsequent Security Council Resolution No. 1483 in May 2003, "and indicated that" the deductions are currently paid through the United Nations Compensation Fund "UNCC", expecting that "all the remaining compensation will end within a year or a little more," According to the development of oil prices and the proceeds of a barrel of Iraqi oil Source".
 
It is noteworthy that the United Nations Compensation Committee was formed in 1991, the same year in which the US-led coalition removed Iraqi forces from Kuwait, and mandated the committee to pay $ 52.4 billion (46.8 billion euros) to Kuwaiti individuals, companies, government agencies and other organizations that suffered losses. Because of the Saddam regime's invasion of Kuwait, the compensation money comes from a tax levied on sales of Iraqi oil and its products.
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1 hour ago, DinarThug said:


That Would Be ‘Getting Divorced’ ! :o 

 

image.jpeg.eaca23e71d23b61a91fb7f458678a056.jpeg

 

:D  :D  :D 

Other Willy Nelson quote: "Divorce is complicated. Next time I'm just going to find a woman who hates me, then give her all my money!" :lmao:

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20 minutes ago, Rochester said:

Willy Nelson


Bruce Gave Weegie A Wet Willie ! :o 

 

image.thumb.png.e81af850e88933d231bb1c5231e1fb92.png

:D  :D  :D 

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Dollar exchange rate and income tax, with new statements by the Iraqi Minister of Finance

 
2021-03-02

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Yes Iraq - Baghdad

 

The Minister of Finance, Ali Abdul Amir Allawi, stressed, on Tuesday, the focus of the white paper on introducing the principle of economic pricing and streamlining of expenditures, and while noting the commitment to pay the salaries of employees on time, he emphasized submitting proposals on the amendments made in the 2021 budget.

Allawi said in an interview that "Iraq has gone through a stifling financial crisis, as state revenues in 2020 have become the lowest since 2014," indicating that "the white paper began not only with the rationalization of expenditures, but rather focused on the known sources that require reform, fundamental change and lean expenditures, and the principle was introduced." Economic pricing because the main inputs are subsidized, and this reflects the pricing revenues of oil inputs to distribution companies and refineries companies.

He added, "Iraq has started building al-Qaeda and developing it in the future in order to reduce our dependence on oil revenues," noting that "the ministry is trying to solve decades-old accumulated problems that cannot be neglected without addressing the joints affected by these wrong policies, as this requires a large package of reforms." .

Allawi continued, "We cannot proceed with an economic development and put Iraq on a new economic path without addressing the problems," explaining that "the white paper focused on addressing 600 measures that occur in 60 specific packages within 3 to 5 years, and are applied to all major state joints from Ministries to bodies that require persistent and continuous work.

He pointed out that "it is not possible to fix a certain thing without knowing its impact on other sectors, as it is a complex network and the method of dismantling it on a regular basis needs specific timings."

Allawi stressed, "There are obstacles to the implementation of reform because every reform will affect and affect certain parties," noting that "despite our conviction as a state and as a people of the necessity of reform and putting Iraq on track, without total reliance on petroleum materials, that requires that we face difficulties and provide solutions that do not Greatly affects the fragile layers ”.

He added that "these measures will face reactions and perhaps resistance, for example we cannot avoid the necessity of completing all government institutions," noting that "in the 21st century, Iraq cannot remain late, and the philosophy and policy of the private sector cannot be adopted and supported if the obstacles are not removed." Existing in each of the joints, which must be disassembled in a scientific and objective way, which can affect the short stage, but on a medium and long term, as all of them are necessary.

Allawi continued that "until now, we do not know the final form of the general budget for 2021, which has not yet been submitted to the vote," noting that "according to our contacts, the budget items have not changed much, especially after the agreement that we reached with the Finance Committee in the House of Representatives, as Reforms and changes requested by the committee to include a large part of the contracts in the budget that does not exist in it.

Allawi stressed, "Regarding the deficit, it has fallen to about 30 trillion dinars," explaining that "this is within the capabilities of the government funded locally and abroad without affecting the public debt without affecting the ceilings."

He continued, "With regard to the price of oil, when the government presented the budget, the price of a barrel of oil was $ 42, now it has changed to $ 45, and this price is very reasonable and final," adding that "indications are that the price will be relatively conservative, as the real revenues will be more, because they give us some kind." Flexibility to shift resources to points where there was scarcity. ”

Allawi stated that "the ministry has basic projects that have been developed, especially in support of the poor and support for the treatment of Corona and social welfare, but there are other detailed issues, but in general are the reductions that the House of Representatives have entered into the budget will be presented in an acceptable way," noting that "the main cuts are how to deal with Delays, the ministry has arrears that must be met. However, the Finance Committee in the House of Representatives decided to postpone and leave for periods of time. Likewise, with regard to internal debts, these items are not considered as a fundamental disagreement, but a procedural one.

Allawi stressed, "We expect that the House of Representatives will place an income tax on all salaries and all allocations, and we do not have any forms. This is another way, and this will lead to a reduction in the expected revenues, but in light of the circumstances we are going through, this change is reasonable, I mean within reasonable limits."

Allawi added that "the Finance Committee did not give us the draft budget, but rather ideas and some proposals and points on which the debate occurs," explaining that "the budget now in front of the House of Representatives, we presented it as a government, as amendments will be made by taking the viewpoint of the position of the Finance Committee as well as the additional positions that we presented as a ministry." Finance".

Allawi stated that "the budget was presented by the government and it is now before the House of Representatives, and the Finance Committee had some amendments, but these amendments must be presented to the representatives as a whole until they are voted on." "Woody atmosphere is good."

Allawi pointed out that "the dollar exchange rate is a government decision linked between the Ministry of Finance and the Central Bank," explaining that "this price that we reached after months of study and months of discussions and even controversy with local and international parties, this price is very important and cannot be changed daily according to the desire".

He continued that "the exchange rate came according to our indicators and studies in discussion with the Central Bank and with the International Monetary Fund and with other Iraqi parties, including the heads of the blocs and the House of Representatives," considering that "this price is reasonable and there is a great response regarding the impact on government revenues and controlling the auction process, as the reserve increased." "In the central bank, after we were facing the possibility of a major crisis with respect to cutting, the foreign currency is present at the central bank, and we have not changed the marketing process."

He added, "The markets have accepted the current exchange rate, and in the coming years it will give incentives to the private sector, stop the import rate, and strengthen the reserve."

He stressed that "there are parties who have benefited from the exchange rate change and others have been affected, and the government is trying to reduce the damage, especially the contractors who contracted with the state in dinars, and there are also contracting contractors in dollars, and they may be priced in dollars and formally presented in dinars, so there must be some kind of balance."

Allawi stated that "the beginning of the current month, the financial flow from the increase in the price of oil, will bring us back to the stability of salaries in the timing," stressing, "We are obliged in advance and there are no options and no trick in the hand."

Allawi expected that "during the current month of March, the distribution of salaries will be according to the times and according to the incoming shipments."

Allawi added, "I previously talked about the need to amend the Financial Management Law because 1 on 12 is not possible to be a base for managing the country's finances, especially a country like Iraq in light of crises," pointing out that "between the 2019 and 2020 budget there was a 50% decrease in revenues from It is not possible to adhere to this way, but there are other ways, which is to give the Council of Ministers the right to manage the state’s finances in accordance with certain controls.

Allawi stated that "there are no technical issues that impede voting on the budget, but rather regarding the region's share," stressing that "the ministry requests that it be given a financial budget certified and approved by Parliament to know the final road map for the country."

And the minister indicated that "the only thesis that exists now is the government's position that we estimated with the budget and presented it to the House of Representatives," noting that "the negotiations in which finance are taking place are not a party to it."

Allawi said that "Iraq is committed to repaying foreign debts in the timing," explaining that "Iraq is not much in debt, such as some parties, but that the external debt relative to the size of the economy is reasonable."

Allawi stressed that "the foreign debts amount to 60 billion dollars distributed over the years and the way they are arranged," noting that "Iraq's debts are most of the previous ones to governments and international institutions, not to companies or commercial establishments, so their cost is relatively good and the repayment periods are relatively long."

He pointed out that "the external debt is linked to most projects, and there is only debt from the IMF for the purpose of helping and supporting the budget, but this has been paid," explaining that "Iraq does not need monetary financial support. Perhaps certain periods we need monetary support to the budget, so international parties can help." Iraq is in the process of completing a reform project, but in general Iraq borrows from abroad for the purpose of financing projects, which, if successful, will be paid through their revenues.

He pointed out that "the internal debts are mostly in the hands of government institutions such as banks and a central bank, so it can be rescheduled," noting that "the internal debts amount to 70 trillion dinars and are paid."

Allawi pointed out that "the budget includes all issues related to deletion and creation, and the decision remains in the last for the House of Representatives," noting that "lecturers, doctors, and relatives of the martyrs and other similar matters were included in the budget," indicating that "the country is going through a financial crisis and that the House of Representatives has decided that these be scheduled Implications ”.

He stressed that "Iraq has an obligation according to the licensing contracts and there are arrears that should have been paid and that were supposed to be paid and some of the arrears returned to them so that the state would be responsible."

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11 hours ago, screwball said:

iraq will set what ever exchnage rate is agree by all parties 

so does it mean that the cbi and minister of finance can't determine their own iqd rate without agreed by all parties? so " all parties " mean top 5 oil producers in the middle east only ( it is like a basket currency ), like saudi arabia, kuwait, iran, UAE, iraq itself. and, the smallest rate is iran and the highest rate is kuwait. so can the cbi rv the rate at least in the middle between kuwait and iran?

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1 hour ago, RV MY DINAR 3USD said:

so does it mean that the cbi and minister of finance can't determine their own iqd rate without agreed by all parties? so " all parties " mean top 5 oil producers in the middle east only ( it is like a basket currency ), like saudi arabia, kuwait, iran, UAE, iraq itself. and, the smallest rate is iran and the highest rate is kuwait. so can the cbi rv the rate at least in the middle between kuwait and iran?

Yes they could any rate in between 

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2 hours ago, RV MY DINAR 3USD said:

hopefully, what shabibi said was a straight rv %5 plus ( not rd first then rv= this isn't what we want ).

Quite sure someone has link to video on YouTube 

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13 hours ago, screwball said:

fills are one thing rate of exchange rate another...yes shabibi said they can carry a rate of 5$ plus they will soon enough

Please provide link, date, exact context, quote and location where Shabibi said this. 

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How in the hell is there going to be any kind of RV if we are on the brink of war with Iran. They just launched some missiles at our Military Base in Iraq this morning. I understand Iraq is using the White Paper Reform to salvage their economy but these missiles going back and forth can not be ignored. Are countries willing to invest with all of this going on? Any opinions?

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Parliamentary economics: Al-Kazemi's justifications for raising the dollar's price have ended

Editing date: 3/3/2021 19:401 time read

http://www.alliraqnews.com/modules/news/article.php?storyid=107052

Editing date: 3/3/2021 19:401 time read
Parliamentary economics: Al-Kazemi's justifications for raising the dollar's price have ended
[Baghdad-Where]
Member of the Parliamentary Economic Committee, Representative Mazen Al-Faily, considered, on Wednesday, that the Al-Kazemi government’s justifications for raising the dollar’s price have ended.
"The government raised the price of the dollar to 1,450 based on justifications, including that it wanted to achieve a financial difference in the budget to compensate for the collapse of oil prices, but the latter began to rise in tangible rates in the past weeks, meaning that the justification was removed by improving oil selling prices," Al-Faily said.

He added, "The government talks about supporting the national product and at the same time grants 344 items coming from Jordan from customs exemptions," noting that "the vast majority of Iraqis are against the new dollar exchange rates that have affected the markets and foodstuffs."

He pointed out that "the strength of the economy from the strength of the dinar and any decisions made in an ill-considered manner will have grave harm to millions of Iraqis," stressing that "the country's treasury is based on oil revenues, but in return there are non-oil revenues through which real treatments can be provided that contribute to the flow of money Colossal deal with the financial crisis. "

Large classes of Iraqis have suffered from the repercussions of raising the price of the dollar against the dinar in recent months.
 
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21 hours ago, DinarThug said:

Mazhar Saleh: Proposals to Establish a Sovereign Wealth Fund

 

Tuesday 02 March 2021

alsabaah-69324.jpg
 

Baghdad: Hazem Muhammad Habib

 

The financial advisor to the prime minister, Mazhar Muhammad Saleh, revealed positive proposals to establish a sovereign wealth fund in which funds equivalent to the current compensation for the Kuwait war would be deposited in a manner consistent with the reform White paper .

 

In an interview with Al-Sabah, Saleh said: “We have positive ideas and proposals to establish an Iraqi sovereign wealth fund, in which amounts equivalent to the compensation for the Kuwait war are deposited after the payment of these compensation is completed in the coming months, and it is managed like the generational funds,” and considered it “a sovereign investment resource for Iraq.” And in line with the white paper launched by the government to strengthen and reform the structure of the Iraqi economy.


Saleh explained, "There is nothing left of the Kuwait war compensation, but an amount that may be less than 2.5 billion dollars out of 52 billion dollars until the moment, as 3% of the proceeds are still deducted from every barrel of Iraqi crude oil that is exported, through a mechanism and a bank account that the bank takes over." The Federal Reserve in New York, according to a subsequent Security Council Resolution No. 1483 in May 2003, "and indicated that" the deductions are currently paid through the United Nations Compensation Fund "UNCC", expecting that "all the remaining compensation will end within a year or a little more," According to the development of oil prices and the proceeds of a barrel of Iraqi oil Source".
 
It is noteworthy that the United Nations Compensation Committee was formed in 1991, the same year in which the US-led coalition removed Iraqi forces from Kuwait, and mandated the committee to pay $ 52.4 billion (46.8 billion euros) to Kuwaiti individuals, companies, government agencies and other organizations that suffered losses. Because of the Saddam regime's invasion of Kuwait, the compensation money comes from a tax levied on sales of Iraqi oil and its products.
LINK

 

LINK

Parliament calls for the Finance Committee to expedite the submission of a proposed report on the Iraq Sovereign Fund Law

 
Parliament calls for the Finance Committee to expedite the submission of a proposed report on the Iraq Sovereign Fund Law
 
 
3/03/2021 18:34:32
 
 
The Presidency of the House of Representatives called on, on Wednesday, the Parliamentary Finance Committee to expedite the submission of its report on the proposed Iraq Sovereign Fund Law.
 
According to a statement by the council’s media department, Al Furat News received a copy of it that “the first deputy president of the council, Hassan Karim Al-Kaabi, called during today's session the Finance Committee to expedite the presentation of its report on the proposal of the Iraq Sovereign Fund Law, which was presented by MPs Anam Al-Khuzaie and Naji Al-Saeedi, who obtained The support and blessing of more than 90 deputies."

Al-Kaabi stressed that "the proposed law of the Iraq Sovereign Fund is very important and necessary as it represents a guarantee for future generations in light of the waste of public money and existing corruption."

 

###########

Al-Kaabi calls on the Finance Committee to expedite the submission of its report on the proposed Iraq Sovereign Fund Law  LINK 

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10 hours ago, Theseus said:

Please provide link, date, exact context, quote and location where Shabibi said this. 

its in a video and youtube have seen it many times he was talking a bankers conference is the united states

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10 hours ago, Theseus said:

Please provide link, date, exact context, quote and location where Shabibi said this. 

try one one of these theres four videos 

search shabibi  banking conference four videos i think 

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Shabbibi mentions in above video: inflation and balance of payments as variables and "external factors" that affect the value, in that video. Sounds like it's a complicated formula....which means the value can vary. Also he mentions a "propaganda" and "education campaign" on any new currency....which means he is acknowledging that to some degree value is perceived value. So I don't think the value is straightforward and easy to figure. Depends on a bunch of complicated factors, which change.

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