Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Oil announces the transfer of a copy of the oil and gas law to the Council of Ministers for approval


6ly410
 Share

Recommended Posts

2 hours ago, DinarThug said:
The last statement of the Minister of Finance - Ali Allawi - 
to make the price of every 1{00} dollars equal to 3{00} thousand dinars,  as it was before 2003,

 

28 minutes ago, WheresmyRV? said:

I'm thinking the rate before 2003! :woot:

 

Let’s Bro ! :o 

 

image.gif.ac0d14bc83360c939a9a6eef0939e610.gif

 

:D  :D  :D 

  • Haha 10
  • Upvote 2
Link to comment
Share on other sites

A member of Parliamentary Integrity talks about a shocking number regarding the amount of money smuggled out of Iraq

 

151959.jpg?watermark=4

 

232 Policy 2021/03/27 19:42 ht


Baghdad today - Follow-up, 

a member of the Integrity Committee in the House of Representatives, Taha Al-Defense, revealed the amount of money smuggled outside Iraq, while he confirmed that the smuggling operations took place through Iraqi banks. 

"The volume of money that smuggled out of Iraq under the pretext of import amounted to 350 billion dollars through fraudulent invoices and a number of banks," Al-Defense said in a televised statement that was followed by (Baghdad Today).

In another aspect of his speech regarding the relationship between the center and the region, he added, "The Iraqi government is suffering from the inaction of the Kurdistan Regional Government in not handing over one cent of the oil money from 2010 until today, and whoever has anything other than this should prove it with the documents." 

And on the possibility of changing the exchange rate of the dollar, Al-Defense said, "The exchange rate will remain around 1450 dinars against the dollar, and it is difficult to change it in the near term."
The economic expert, Rasim Al-Aqidi, proposed on Monday (March 15, 2021) a solution to prevent “smuggling the dollar”, if it was agreed to return the old exchange rate.

Al-Aqidi said in an interview with (Baghdad Today), "The increase in the exchange rate of the dollar by the Central Bank of Iraq was an attempt to regain control of the dinar, but on the other hand, most of the border outlets are still under the influence of influential parties, in addition to the existence of informal outlets in Kurdistan."

He continued, "These problems are a source of economic benefit to all neighboring countries, without exception."

Al-Aqidi said, "Restoring the dollar’s exchange rate to its previous position, without adopting specific controls, will lead to the return of smuggling of the dollar and thus the lack of money supply to the government, meaning that the salary crisis and the inability to finance projects in the governorates will return."

He pointed out that "the smuggling operations are carried out by businessmen supported by influential parties that cannot be held accountable. He will also restore the principle of importing cheap goods that flood the markets and destroy the local industry."

He pointed out, "The importance of the process of restoring the exchange rate of the dollar to its previous position if the matter is agreed upon according to very stringent mechanisms in terms of granting the dollar to traders and companies through strict controls, and the adoption of electronic and automated governance that shows the quality of goods to avoid importing prohibited materials." ".

He continued, "As money is transferred through the Iraqi Trade Bank, to the exporting companies, so that the latter give notices about the quality and quantity of imported materials in order to control the import file and avoid smuggling the dollar abroad."

LINK

  • Thanks 1
  • Upvote 2
Link to comment
Share on other sites

LINK

Bitcoin shreds years of paper currency ...

dealing with them in Iraq is a crime!

image.jpeg.7d0b60f1e6614db2bb74f75145fa8328.jpeg

 

27th March, 2021


In September of last year, Ihssan Abdul Amir (36 years) was infected with the Corona virus during his daily work in a banking and money transfer company in central Baghdad. Where Abdul Amir says, "Paper money has become one of the fastest ways to spread the Covid-19 virus, which has followed medical statements warning of the danger of this spread. 
Indeed, the virus has spread through paper money; Mostly by everyone, because of their abundance if you intend to buy a home, and since the world is living in the fast electronic age by mobile phones, which have become part of what the hand carries throughout the day, not to mention the completion of all work with it, a danger threatens the existence of paper currencies.


Abdul Amir shows his support and interest in dealing in digital currency, which is also known as electronic currencies, which are a type of currency available only in digital form, and have no physical existence such as banknotes and coins. 

It also has characteristics similar to physical currencies, but allows for instant transactions and infinite transfers of ownership. However, this will undermine dealing with them inside Iraq and because of the decisions taken towards digital currencies.”

 

Severe punishment for those who deal with digital money?

The Central Bank of Iraq affirms on its official website that“ dealing in digital currencies carries many risks, especially with regard to electronic piracy and fraud. 

Despite its lack of popularity inside Iraq, the Central Bank supports issuing a circular not to use it and subject its dealers to the provisions of Money Laundering Law No. 39 of 2015 and the relevant laws in this regard.

The Bitcoin currency, according to the Central Bank, is a virtual electronic currency that trades on the Internet only without a physical presence for it and is used for online purchase and supports payment using Bitcoin cards or may convert to traditional currencies in some cases.

While the expert in international financial affairs, Ivan Aldobardani, opposes the decision of the Central Bank of Iraq, as he says to "Mawazine Newer", "The general banking ground in Iraq is not suitable to start the digital cash circulation process due to the weakness of laws and the citizen’s lack of confidence in the banking sector, which is witnessing from time to time the bankruptcy of a bank.

And its closure, as happened with (Warka, Basra, Dar al-Salam, al-Iqtisad, etc.), and also due to restrictions on Bitcoin circulation, revealing that there are two processes for collecting digital currency, the first being the Mining that relies on advanced special devices and computers called mining farms that operate with a high-capacity electricity system.

And Iraq is witnessing a continuous weakness in electric power or through buying and selling through "Pains - Obi" platforms.

Aldobardani adds: 

"The Central Bank of Iraq is supposed to establish a special room for technology operations for encrypted digital currencies to keep pace with the world and develop the rentier economy by establishing a digital Iraqi dinar instead of going to punish those who trade digital currency with the crime of money laundering."

 

Different financial opinions!

It differs with Aldobardani by opinion The expert supports the fight against money laundering, Abd al - Rahman Heikla- step of the Iraqi Central Bank to punish those who currently handles digital currency in accordance with the money laundering law No. (39) for the year 2015!".  

Speaking -heikla- for" balance Niort ": deciding Quinn and the rest of the digital currencies are Hypothetical, and no one who deals with it has an official account, asking: How is this proven?

Al-Shaikhli also points out that “The Central Bank of Iraq has no control over dealing with it, but whoever deposits cash receipts from them can be held accountable in accordance with the principle of the law (from where did you get this)!”

Adding: By this, he will not be able to prove the sources of his money, so he falls under the Money Laundering Law No. (39) for the year 2015 as anonymous funds.

Up to now, a clear picture of the electronic currency has not been clear, especially the most important and famous at the present time (Bitcoin), the fact that this currency is according to - to Shehli - who confirms that “to deal with it there is supposed to be a rule and an electronic system agreed upon by everyone and has an effective protection system. Immune from penetration, the fact that any error or inconsistency between dealers may lead to results that Al-Sheikhly described as “catastrophic.” 

 

The success of the digital currency in Iraq?

Determines -heikla- success dealing in Iraq , the digital currency to establish a mechanism to link it with one of the basics of money, such as gold or oil or any material other strategy even takes its range in competition with other other virtual currencies that will appear, which leads to enter the capital markets."

 

Factors high digital cash ?

Digital currency is the balance of financial recorder electronically with a stored value card or other device. there is another form of electronic money is the network of funds, allow the transfer of value on computer networks, especially the Internet , according to an expert on technology cash just Qaraghouli. , which He adds: Electronic money is also a claim on a private bank or other financial institution such as a bank deposit.

Karaghouli identifies to "Neuer Scales" several factors that led to the sudden global rise in daily dealings during the past few period, especially with the end of the year 2020 and the beginning of the new year 2021, for the Bitcoin currency.

"He adds: Financial cash has shaken in a number of countries due to the restrictions imposed.

On intra-trade and the closure of airspace due to the Covid-19 pandemic, and these peoples wanted to resort to a safe alternative such as "Bitcoin" because it could not be covered by any previous electronic payment system", which is similar to what happened after the economic crisis in 2008 in the United States.

As the number of banks that collapsed has reached 19, and the 2008 mortgage crisis also affected the banking sector and the US financial markets, "while the second factor was the significant increase in the number of digital portfolios, which increased the rate of digital currencies trading, not just Bitcoin."

Digital wallets, according to Al-Qurah Goli, are wallets dedicated to encrypted digital currencies, and they may be in the form of a device, an electronic program, or a service that can store the encrypted currency in it, and conduct transactions due to the urgent need to use it and ease of communication over the Internet, and the resulting facilitation of operations such as Purchases, which include small or large cash transfers, and thus quickly reach the other party.

As for the third factor in the rise of Bitcoin, Karaghouli determines the element of scarcity, as the number of bitcoins reaches 21 million only through the global network trading sites, from which 18 million units have been issued so far, meaning that the increase in demand in exchange for the advantage of scarcity led to an increase in its price.

"While the fourth factor that led to the rise in the price of Bitcoin, is that a large number of companies have begun to transfer part of their budget to Bitcoin because it has become one of the assets that are widely traded, more than the strong traditional currencies, including the Square Company, which It is symbolized by SQ. 

  • Thanks 2
Link to comment
Share on other sites

 

1 hour ago, ScaryMary said:

Imported ready-made recipes will not cure the Iraqi economic and financial collapse
 

Where is Betty Crocker?  Maybe she can cure it with her ready-made recipe cookbooks.

Here I am !  My goodness , dear ,don't despair . Things have never been better . I'm making cabbage rolls for dinner tonight.

  • Haha 3
Link to comment
Share on other sites

1613666128914.jpeg
 

Discussions of the last hours ... The Kurdistan Region delegation arrives in Baghdad

  •  
 2021-03-27 12:15
A- A A+

Shafaq News / A party source informed Shafaq News Agency that the Kurdistan Regional Government delegation arrived in Baghdad on Saturday evening to discuss the federal financial budget for the current year.

 

The source told Shafaq News that the delegation will hold talks with the Presidency of the Iraqi Council of Representatives and heads of political blocs before the voting session on the draft budget tomorrow.

 

He added that the talks aimed at resolving differences over the region's share of the budget before the project was passed in the House of Representatives. 

 

For months, intensive discussions have been held on the draft fiscal budget law for the current year, but disagreements still exist regarding it, especially the item related to the Kurdistan Region’s share.

 

Political forces reject the agreement reached by Baghdad and Erbil late last year regarding the budget, which provides for the delivery of 250 thousand barrels per day of oil and half of the other financial revenues to the federal government in return for the region's share of the budget estimated at 12.6 percent.

 
  • Thanks 4
  • Upvote 1
Link to comment
Share on other sites

On 3/26/2021 at 6:30 PM, Laid Back said:

Erbil announces a political agreement with Baghdad regarding oil

The House of Representatives announces a new date for the session to pass the 2021 budget Sunday the 28 at 3 pm
Timing in life is everything.  Go RV  Go 2021

 

12 hours ago, Laid Back said:

And they continue talking about the exchange rate.!

 

Where there’s smoke there’s fire.


And Bruce Is Totally ‘Flaming’ ! :o 

 

image.gif.9d8fb284d458bd660eb9332458935b37.gif

 

:D  :D  :D 

  • Like 1
  • Haha 2
Link to comment
Share on other sites

KRG DELEGATION IN BAGHDAD FOR CRUNCH TALKS, WITH BUDGET VOTE SCHEDULED FOR SUNDAY AFTERNOON

KDP MP however says postponement likely
Flags of Iraq and the Kurdistan Region (File)

36 minutes agohttps://nrttv.com/En/News.aspx?id=27086&MapID=1

197 View

 

SULAIMANI — A spokesperson for Kurdistan Regional Government (KRG) Deputy Prime Minister Qubad Talabani told NRT on Saturday (March 27) that the Region’s negotiating delegation has arrived in Baghdad to continue talks over the federal budget.

Samir Hawrami said that officials in Erbil will be closely watching developments on Sunday, with a vote in the Council of Representatives currently scheduled for 3:00 p.m.

On March 20, negotiators from the federal government and the KRG appeared to reach an agreement about the budget that would have allowed the budget to pass, only to see it unravel the following morning.

Council of Representatives Finance Committee Rapporteur Ahmed Safar however cast doubt on whether the vote would end up happening as scheduled, suggesting in an interview with NRT that it would be postponed until Monday or even later in the absence of a final deal.

Safar claimed that Article 11, which is the clause that outlines funding and obligations for the Kurdistan Region, has been settled and that the KRG delegation is aware of the changes.

“We did not approve the provision that was added, which was like a punishment for the Region,” the Kurdistan Democratic Party (KDP) lawmaker said, referring to how the previous deal reportedly collapsed.

Mirroring arguments advanced by other KDP members, Safar said that Erbil-Baghdad disputes were not the reason that the vote has been repeatedly delayed, instead blaming a combination of political, technical, and financial factors, including problems within the Shia bloc.

(NRT Digital Media)

  • Thanks 1
  • Upvote 1
  • Pow! 2
Link to comment
Share on other sites

Ya - Let’s Go ‘Fitches’ ! :o 

 

:D  :D  :D 
 

LINK

"Fitch" raises Iraq's credit rating after the procedures for reducing the exchange rate

 

11040.jpg

 

28th March, 2021

 

Fitch International raised Iraq's credit rating from a negative outlook to stable in the long run

The rise in Iraq's classification is due to the direct impact of the decision to reduce the exchange rate on the basic economic and financial indicators that focus on reducing the balance of payments deficit and reducing the public debt-to-GDP ratio, as well as reducing the budget deficit as well as maintaining foreign reserves

The agency indicated that this is based "mainly on the decision to reduce the exchange rate of the dinar by 22.6% during the end of 2020, in addition to the improvement in oil prices and the government's approval of the white paper for economic reform. 
 

She explained that "the reduction in the exchange rate of the Iraqi dinar has led to a reduction in the demand for imported goods and services, which automatically reduced the demand for the dollar and reduced the current account deficit, thus preserving the foreign reserves at the Central Bank of Iraq

The agency added: "The government’s revenues from oil export sales increased due to the increase in production, the increase in oil prices, and the reduction in the exchange rate of the Iraqi dinar. 

The government's ability to cover expenditures and public sector salaries has increased, as oil sales in foreign currency constitute about 89% of the budget revenues. She pointed out that "this is what led to a decrease in the budget deficit expected for the year 2021 relative to GDP from 16.5% to 5%

"Reducing the Iraqi dinar exchange rate and the subsequent programs to support social groups would increase the financial solvency and creditworthiness of the Iraqi economy and maintain monetary stability, and this is useful in attracting capital and reassuring it towards investment in the Iraqi productive sectors and increasing economic growth opportunities," she stressed

  • Thanks 2
  • Pow! 2
Link to comment
Share on other sites

2 minutes ago, DinarThug said:

Ya - Let’s Go ‘Fitches’ ! :o 

 

:D  :D  :D 
 

LINK

"Fitch" raises Iraq's credit rating after the procedures for reducing the exchange rate

 

11040.jpg

 

28th March, 2021

 

Fitch International raised Iraq's credit rating from a negative outlook to stable in the long run

The rise in Iraq's classification is due to the direct impact of the decision to reduce the exchange rate on the basic economic and financial indicators that focus on reducing the balance of payments deficit and reducing the public debt-to-GDP ratio, as well as reducing the budget deficit as well as maintaining foreign reserves

The agency indicated that this is based "mainly on the decision to reduce the exchange rate of the dinar by 22.6% during the end of 2020, in addition to the improvement in oil prices and the government's approval of the white paper for economic reform. 
 

She explained that "the reduction in the exchange rate of the Iraqi dinar has led to a reduction in the demand for imported goods and services, which automatically reduced the demand for the dollar and reduced the current account deficit, thus preserving the foreign reserves at the Central Bank of Iraq

The agency added: "The government’s revenues from oil export sales increased due to the increase in production, the increase in oil prices, and the reduction in the exchange rate of the Iraqi dinar. 

The government's ability to cover expenditures and public sector salaries has increased, as oil sales in foreign currency constitute about 89% of the budget revenues. She pointed out that "this is what led to a decrease in the budget deficit expected for the year 2021 relative to GDP from 16.5% to 5%

"Reducing the Iraqi dinar exchange rate and the subsequent programs to support system" rel="">support social groups would increase the financial solvency and creditworthiness of the Iraqi economy and maintain monetary stability, and this is useful in attracting capital and reassuring it towards investment in the Iraqi productive sectors and increasing economic growth opportunities," she stressed

Fitches, it might finally be time for the big reveal. Don’t let us down Iraq 

  • Like 1
  • Haha 1
  • Upvote 2
Link to comment
Share on other sites

5 minutes ago, NEPatriotsFan1 said:

Fitches, it might finally be time for the big reveal. Don’t let us down Iraq 

You're up pretty late....or early?

 

With the IMF now creating SDR's in a like manner to FIAT currency......and all the news coming ou of Iraq.....anything can happen....anytime.....CL

  • Like 1
  • Haha 3
  • Pow! 1
Link to comment
Share on other sites

3 hours ago, coorslite21 said:

You're up pretty late....or early?

 

With the IMF now creating SDR's in a like manner to FIAT currency......and all the news coming ou of Iraq.....anything can happen....anytime.....CL

I am just old and had to wake up in the middle of the night to pee.... so why not read Dinarvets....? Then Thugs had me laughing at 4:30 am 

  • Haha 5
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.



  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.