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The Council of Ministers is studying the consequences of changing the currency exchange rate


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Changing the exchange rate at a meeting table of the Minister of Finance with representatives of the private sector

 

 

89 Sweeteners 02/24/2021 16:14

Statement of the Ministry of Finance Finance Minister: He chairs an expanded meeting with the private sector to discuss the positive effects of changing the exchange rate and the executive white paper procedures 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. In addition to the procedures for automating the tax and customs system and simplifying all administrative processes in line with the adoption of the White Paper, the Minister listened to most of the problems raised by the representatives of the private and industrial sector, and Allawi stressed that the Ministry of Finance has taken several measures in support of the effects of changing the exchange and is continuing to work on translating them 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 the general managers, heads of bodies, and a group of representatives from the private and industrial sector. .................................. Information Office of the Ministry of Finance 2/24/2021

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Information / Special ...

The Parliamentary Economic and Investment Committee announced, on Wednesday, the absence of the need to raise the price of the dollar after the high rate of the price of a barrel of oil, calling on the government to reduce the exchange rate to 1300 dinars per dollar.

A member of the Economic Committee, Mazen Abdel Moneim, told / Al-Maalouma / that "the purpose of the government raising the dollar exchange rate was to provide 8 trillion dinars and supplement the budget with it."

He added, "After the price hike in oil bias and surpassed the $ 65 per barrel barrier, the need to raise the dollar exchange rate ceased to exist," noting that "the high price of oil will save money twice as much as raising the dollar."

Abdel Moneim explained that "the best price for the next stage is to reduce the price to 130 thousand dinars for the $ 100 category, as the only affected person is the Iraqi citizen," stressing that "the next stage will witness a representative move to reduce the exchange rate."

Today, Wednesday, the capital, Baghdad, witnessed a major demonstration of citizens and merchants in front of the Central Bank of Iraq, demanding a reduction in the dollar exchange rate.

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Today, Wednesday, the Minister of Finance, Ali Abdul Amir Allawi, chaired an expanded meeting to discuss the goals achieved by changing the currency exchange rate.

The ministry said in a statement that Alsumaria News obtained a copy of, that "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, in addition to discussing mechanisms Change the investment environment, support the private sector, and support industry and agriculture in line with corrective measures for the path of the national economy.
 
 

The meeting discussed, according to the statement, "the encouraging measures related to the work of the banking sector and its contribution to providing support to the various productive sectors. As well as procedures for automating the tax and customs system and simplifying all administrative operations in line with the adoption of the White Paper." .

Allawi stressed, "Ministry of Finance Several measures have been taken to support the effects of changing the exchange rate and are continuing to work on translating them effectively to protect the poor classes, in conjunction with the approaching vote of the House of Representatives on the draft general budget bill.
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7 hours ago, yota691 said:

Abdel Moneim explained that "the best price for the next stage is to reduce the price to 130 thousand dinars for the $ 100 category

Say what? Is 1300 going to be the new exchange rate? Is it for real or just BS? 1300 delete 3 zero=1.3 then 1 iqd=0.77 usd. But how come they just said about reducing the rate to 1300, but they didn't say about deleting 3 zeros at the same time?

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A special committee to develop solutions for investment projects in light of the current exchange rate

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 On Thursday, Haider Majeed, a spokesman for the Cabinet Secretariat, announced the formation of a committee to uncover the impact of changing the currency exchange rate. 

Majeed said in a statement followed by NRT Arabia, (February 25, 2021), "The Cabinet decided to form a committee to uncover the effect of changing the currency exchange rate."

He added, "The council instructed the committee to submit its recommendations within one month," noting that "the committee's task is to find solutions and proposals on investment projects."

 
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An economist proposes the idea of a "food dollar" to restore the prices of materials to their previous history

 

 

671 Economie 02/25/2021 21:53 Baghdad today -

Baghdad Economic expert Rasem Al-Aqidi proposed, today, Thursday, an idea called "the food dollar" in order to restore the price compass in the Iraqi market to before the devaluation of the dinar against the dollar, he said. Rasim Al-Aqidi said, in an interview with (Baghdad Today), that "raising the value of the dollar against the Iraqi dinar and making the exchange rate 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 state 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, "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 markets, and caused damage to many segments, including the poor and the middle class." Rasem 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 dollars to finance materials and goods that are not produced in the markets. The economic expert stressed, "The proposal will protect hard currency from smuggling and secure basic materials at low prices in the Iraqi market." The exchange rates of the dollar recorded, today, Thursday (February 25, 2021), a slight decrease during today's trading in the capital, Baghdad, after stabilizing in the last period at 146,500 dinars. The prices in Baghdad’s exchange came, roughly, in the Al-Kifah Stock Exchange 145,350 / buying one hundred dollars at 144,750 dinars / selling one hundred dollars at 145,750 dinars. Since the collapse of oil prices earlier this year, Iraq is facing an unprecedented liquidity crisis, the government of Prime Minister Mustafa Al-Kazemi has been forced to borrow from the bank's reserves in dollars to pay nearly $ 5 billion a month, representing public sector salaries and pensions. The decision sparked a wave of anger in the Iraqi street, but Al-Kazemi defended his government's move and said that he had two options: "Either the collapse of the regime and enter into complete chaos, or we enter into a Caesarean section for reform." During his speech at the Cabinet session, Al-Kazemi cited several countries, including South Korea and Singapore, when they had previously taken "difficult decisions" to reform the economy.

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Finance issues a new position on the effects of changing the exchange rate

 

  •  Today, 16:53
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Baghdad - IQ  
 

On Friday ( February 26 ,  2021 ), the Ministry of Finance announced the province of Iraq globally on its credit rating, while it issued a new position on the effects of changing the exchange rate. 

The ministry said, in a statement received on the IQ NEWS website  , that its Minister Ali Allawi "participated in a dialogue session to discuss the 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."

She 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 a degree of- , and the emphasis on financial and economic stability according to Standard and Poor's Agency (  S&P ), in addition to the contribution of changing the exchange rate to relieve pressure on Foreign reserves strengthened the ability of the Ministry of Finance to provide domestic financing, and crude oil prices recovered at the beginning of 2021 compared to what they were in 2020. "

She pointed out, "The S&P agency  , since the outbreak of the Corona pandemic, has taken decisions to reduce the rating from stable to negative for more than 80 cases around the world."

The participants in the dialogue touched, according to the statement, to "the stable outlook for the Iraqi economy, which came to reflect the continuation of foreign currency reserves at a level that increases the external public debt service and Iraq's ability to pay off its external debt obligations over the next (12) months."

 

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On 2/23/2021 at 7:44 AM, yota691 said:

 

And he indicated that "the first was to direct this great attention to studying the damage that befell citizens as a result of raising the dollar exchange rate, especially since the Ministry of Planning had announced some time ago that the poverty rate in Iraq had exceeded 31,5% in addition to the large increase in prices that exceeded a third. The value of all commodities and services exacerbated the poor living conditions of many middle and vulnerable families, and the poor citizen was the most affected.

The darn committee should have been formed to study ‘the damages” of changing the rate BEFORE they made the stupid decision. It didn’t require a genius to know what was going to happen. I know more about the Middle East now than I ever wanted to know and I hope I never have to hear of it again after we get our money. 😡😃

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24 minutes ago, Bama Girl said:

The darn committee should have been formed to study ‘the damages” of changing the rate BEFORE they made the stupid decision. It didn’t require a genius to know what was going to happen. I know more about the Middle East now than I ever wanted to know and I hope I never have to hear of it again after we get our money. 😡😃


And not 1 expletive in your post. Far better than what I would have done. Most succinct statement as well. Thank you.
I for one am far beyond my patience with these sand baggers and excuse mongers.
18 years and still going full steam ahead with the  :bs: Train.

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1 hour ago, horsesoldier said:


And not 1 expletive in your post. Far better than what I would have done. Most succinct statement as well. Thank you.
I for one am far beyond my patience with these sand baggers and excuse mongers.
18 years and still going full steam ahead with the  :bs: Train.

 

Damn, you crack me up!!   😂

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Hang in there ,you crazy diamonds , keep the faith . This is no time to quit even though many have given up. No get rich quick investment here , 18 years and counting , but the payoff is huge and well worth this wait .

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2 hours ago, dinarham said:

Hang in there ,you crazy diamonds , keep the faith . This is no time to quit even though many have given up. No get rich quick investment here , 18 years and counting , but the payoff is huge and well worth this wait .

16 for me! 😭🤦🏻

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14 hours ago, dinarham said:

This is no time to quit even though many have given up. 

may be they just sell some for something urgent and only keep a little may be less than 1 million iqd, just in case, for the worst case scenario, if this iqd doesn't rv, then they don't lose much on the spread.

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The Independent / - Ali Al-Nasrallah / .. The Parliamentary Government Program Control Committee announced that the government had formed a committee to study the damage to contractors as a result of raising the price of the dollar, and millions of citizens affected by this decision were neglected after adding 500 billion dinars as financial compensation to contractors within the budget law.

 

The head of the committee, Hazem Al-Khalidi, said in a statement to (Al-Mustaqilla): We were surprised by the cabinet’s decision to form a committee to study the consequences of changing the currency exchange rate and to propose the required solutions as far as investment projects are concerned.

"The committee is headed by a representative of the Ministry of Planning, and in its membership, along with the General Secretariat of the Council of Ministers, includes representatives of the ministries of finance, reconstruction, housing, works, public municipalities and electricity, as well as the National Investment Commission, the Central Bank of Iraq and the Iraqi Contractors Union," he explained.

Kan pointed out, "The first is to pay this great attention to studying the damage that has befallen citizens as a result of raising the dollar exchange rate, especially since the Ministry of Planning had announced a while ago that the poverty rate in Iraq had exceeded 31 and a half percent, in addition to the large increase in prices that exceeded a third." The value of all commodities and services has exacerbated the poor living conditions of many middle and vulnerable families, and the poor citizen was the most affected.

He added, "The government's tendency to form a committee to study the damage inflicted on contractors confirms the realism, our repeated request to review the decision to raise the dollar’s exchange rate, which is not considered, and return it to what it was in order to avoid all these damages to the general population."

He stressed that "the surprising matter that reflects the interest in contractors only without sensing citizens, adding an article to the draft budget law, which includes compensation for contractors at a value of (500) billion dinars."

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The Ministry of Planning is discussing with government agencies and the private sector the implications of changing the currency exchange rate on investment projects

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Baghdad / NINA / The committee formed according to Cabinet Resolution No. 63 of 2021, which will study the consequences of changing the currency exchange rate, held its first meeting at the Ministry of Planning.

A statement by the Ministry of Planning said today that the meeting was chaired by the technical representative of the ministry, Maher Hammad, in the presence of the Administrative Undersecretary Azhar Hussein Saleh, the President of the Iraqi Contractors Union, Ali Al-Sanafi, and representatives of the Ministries of Electricity, Finance, Housing, Reconstruction and Municipalities, the Central Bank of Iraq and the National Investment Authority.

The Undersecretary of the Ministry of Planning confirmed that this committee was formed to study the effects of changing the exchange rate of the dollar against the dinar, and to propose the required solutions, as far as the matter relates to investment projects, indicating that the committee’s work period will be one month, and after that it submits its recommendations to the Council of Ministers for decision. ".

The representatives of the parties participating in the meeting, according to the statement, presented a presentation of investment projects, methods of contracting with the implementing companies, and the mechanisms of payment of the dues of these companies, whether those dues were unpaid debts or unspent advances. ”The

statement indicated that the committee will continue its meetings during the coming days, To develop the required solutions and proposals, to address the effects of changing the exchange rate on investment projects
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 2021-03-11 09:16
 

Shafaq News / The governmental committee formed for the purpose of studying the repercussions of changing the exchange rate of the dollar against the Iraqi dinar held its first meeting on Thursday. 

 

The Iraqi Central Bank decided last December to reduce the value of the local dinar against the dollar from 1,190 dinars per dollar to 1,450 dinars, with the aim of providing liquidity during the financial crisis caused by the drop in oil prices.

 

The Ministry of Planning said in a statement received by Shafaq News, "The committee formed according to Cabinet Resolution No. 63 of 2021, which will study the consequences of changing the currency exchange rate, held its first meeting at the Ministry of Planning."

 

The meeting was chaired by the Technical Undersecretary of the Ministry of Planning, Maher Hammad, and attended by the Administrative Undersecretary Azhar Hussein Saleh, the President of the Iraqi Contractors Union, Ali Al-Sanafi, and representatives of the Ministries of Electricity, Finance, Housing, Construction and Municipalities, the Central Bank of Iraq and the National Investment Authority.

 

The Undersecretary of the Ministry of Planning said, "This committee was formed to study the effects of changing the exchange rate of the dollar against the dinar, and to propose the required solutions, as far as the matter is related to investment projects." Ministers to decide. "

 

Representatives of the parties participating in the meeting presented a presentation of investment projects, methods of contracting with the implementing companies, and mechanisms for payment of the dues of these companies, whether those dues were unpaid debts or unspent advances, according to the statement.

 

The statement also stated that "the committee will continue its meetings in the coming days, to develop the solutions and proposals required, to address the effects of changing the exchange rate on investment projects."

 

The change of the local currency exchange rate against the dollar had caused an increase in prices in the local markets, which citizens complained about, especially the low-income segment.

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The governmental committee formed for the purpose of studying the repercussions of changing the exchange rate of the dollar against the Iraqi dinar held its first meeting today, Thursday.

She said The Ministry of Planning In a statement received by Alsumaria News, "The committee formed under Cabinet Resolution No. 63 of 2021, which will study the consequences of changing the currency exchange rate, held its first meeting on The Ministry of Planning".
 
 

"The meeting was chaired by the Technical Agent for Ministry of Planning Maher HammadIt was attended by Azhar Hussain Salih, Administrative Undersecretary, and President of the Iraqi Contractors Union Ali Al Senafi, And representatives from the Ministries of Electricity, Finance, Housing, Reconstruction, and Municipalities The Central Bank of Iraq And the National Investment Commission. ”

An agent said The Ministry of Planning, "This committee was formed to study the effects of changing the exchange rate of the dollar against the dinar, and to propose the required solutions, as far as investment projects are concerned." .
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Planning will raise recommendations for changing the conditional currency exchange
 

Baghdad / National News Center
The Ministry of Planning confirmed today, Thursday, that the committee formed to study the effects of changing the currency exchange rate will submit its recommendations to the Council of Ministers for a decision.

The ministry stated in a statement received by the "National News Center", that "the committee formed according to Cabinet Resolution No. 63 of 2021, which will study the consequences of changing the currency exchange rate, held its first meeting at the Ministry of Planning."

The statement added, "The meeting was chaired by the Technical Undersecretary of the Ministry of Planning, Maher Hammad, and was attended by the Administrative Agent Azhar Hussein Saleh, the President of the Iraqi Contractors Union, Ali Al-Sanafi, and representatives of the Ministries of Electricity, Finance, Housing, Construction and Municipalities, the Central Bank of Iraq and the National Investment Commission."

The Undersecretary of the Ministry of Planning confirmed, “This committee has been formed to study the effects of changing the exchange rate of the dollar against the dinar, and to propose the required solutions, as far as the matter is related to investment projects.” Ministers to decide on it ”.

In their turn, representatives of the parties participating in the meeting presented a presentation of investment projects, methods of contracting with implementing companies, and mechanisms for paying the dues of these companies, whether those dues were unpaid debts or unspent advances.

"The committee will continue its meetings in the coming days, to develop the solutions and proposals required to deal with the effects of changing the exchange rate on investment projects," the statement said.

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  •  Time: 03/11/2021 23:17:28
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Al-Bakhati: Nominate ways to be used in exchange for financial payment
  
{Economist: Al Furat News} A member of the Parliamentary Services and Reconstruction Committee, Jassem Al-Bakhati, revealed that traffic roads have been nominated to be used in exchange for financial payment.
 

Al-Bakhati said in a press statement, "The committee is going to activate the work of investment methods," indicating that "this comes after it came to the conclusion that local governments, construction and housing suffer from the problem of financial deficit and the treatment of existing projects."
He added, "They went to activate some roads as an investment mechanism with the Public Roads Directorate, and it was agreed that a group of roads would be nominated," noting that "these roads started from Basmaya Baghdad Road, followed by others, to reach 50 roads linking Baghdad with the governorates and governorates together."
Al-Bakhati added, "Government roads will be provided with constant maintenance by the government, and they will be left to ordinary citizens or those who do not wish to pay sums on investment routes."
He noted, "The citizen remains in front of two options, the old roads remain the same and perform the service for those who use them, and that the investment methods are fast roads and may be used by some citizens who own sums in exchange for their use in an amount estimated at one thousand or five hundred dinars."
Al-Bakhati explained, "This method will give a message and provide great job opportunities through parking lots, restaurants, filling stations and weights, to provide work to thousands of unemployed youth."

Ammar Al-Masoudi

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Representative economy: Al-Kazemi and his finance minister bear the consequences of raising the dollar’s exchange rate

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 Baghdad / Iraq News Network - A member of the Parliamentary Economic and Investment Committee, Layal Al-Bayati, held two sides responsible for changing the exchange rate of the dollar on Thursday, while the Minister of Finance, Ali Allawi, was accused of harassing Iraqi citizens with limited income. And the Minister of Finance, Ali Allawi, are the ones who bear the consequences of the high exchange rate of the dollar against the Iraqi dinar. , Stressing that "with the rise in crude oil prices and the growth of oil revenues, the Minister of Finance, Ali Allawi, is still insisting on raising the price of the dollar and restricting Iraqi citizens, especially those with limited income, with completely rejected justifications. Earlier, the Parliamentary Economic and Investment Committee revealed the intervention of the US Embassy in Baghdad to change the exchange rate of the dollar, which sparked a wave of popular discontent and affected the poor classes.

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