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

[Jaygo]

27 minutes ago, DinarThug said:

It is expected that the House of Representatives will hold a special session today to pass the budget. 

Say what???? 🤦🏻

[keylime]

 

 

He added, "If the parliament voted on the new exchange rate included in the budget, the government is able to amend it, whether lowering it or raising it at any time it wants, because this decision is one of its constitutional powers." 

Say WHAT????

"INCLUDED IN THE BUDGET"  New exchange rate included in the budget!!!

Ummm...anyone got a copy of the budget?

[horsesoldier]

Will the real Moe Larry & Curly please stand up. This is the most surreal comedy I have ever seen

[Spartakus]

They call the 1460 the new exchange rate.

[Shelley]

10 minutes ago, horsesoldier said:

Will the real Moe Larry & Curly please stand up. This is the most surreal comedy I have ever seen

I always believed that the CBI had full and only control of rate .... not the government ?

[JonnyV]

43 minutes ago, keylime said:

 

 

He added, "If the parliament voted on the new exchange rate included in the budget, the government is able to amend it, whether lowering it or raising it at any time it wants, because this decision is one of its constitutional powers." 

Say WHAT????

"INCLUDED IN THE BUDGET"  New exchange rate included in the budget!!!

Ummm...anyone got a copy of the budget?

 

Yeah.  But I left it at my office at the Parliament building in Baghdad.   🤥

Edited March 21, 2021 by JonnyV

[DinarThug]

International banks and prospects for the advancement of Iraqi banking

 

Sunday 21st March 2021

Baghdad: Morning 

 

 

The consolidation of the Iraqi banking system’s cooperation with major international financial institutions indicates that the work of the Iraqi financial sector is moving in a direction consistent with the International trends. .

A financial sector expert and former director general of operations at the Central Bank of Iraq, Mahmoud Dagher, stated that "the patterns of financial management in Iraq indicated a clear improvement, and that the success of the financial sector can be diagnosed through joint cooperation between international financial organizations and major global banks."

 

International borrowing

Dagher stressed "the necessity of directing international borrowing towards strategic productive and investment projects that achieve sustainable benefit for the local economy, especially since Iraq is one of the rich countries that can achieve a rapid economic recovery, when the appropriate atmosphere is available." 

 

The best products

Stressing that the plans to develop financial performance represent the direction of the banking system in the country, as competition is most intense among all banks in order to provide the best products that attract the customer, and this is a health condition that reinforces the reality of local banks and the financial sector.

 

Expansion plans

On the other hand, an expert on financial affairs, Muhammad Jaber, stated that “the banking system cannot work without ambitious horizontal expansion plans that achieve benefits for the largest segment of customers.
Therefore, our goal is to have branches of banks in all governorates that are in line with international standards that require there to be a bank for each 10 thousand people »

 

Investment and financing

Pointing out «the importance of creating an environment that prepares the banking system’s orientation to enter into the areas of investment and financing for projects after careful economic study by specialized committees and then adopting the appropriate decision for this matter. It is also imperative to develop banking products, which must be the focus of all Banks without exception »

LINK

[DinarThug]

Parliamentary signatures to dissolve Parliament on the ninth of next October

Political| 08:26 - 20/03/2021

 

Baghdad - Mawazine News

 

, the Saeron Parliamentary Bloc announced, on Saturday, the submission of a request to dissolve Parliament on the ninth of October.

The head of the Sairun bloc, Nabil al-Tarfi, said in a joint press conference with the heads of the blocs, that 

"it is not a secret for everyone that Iraq is witnessing the accelerating events, important changes, and political and social turns that cast a shadow on the political and social scene, which made the political forces face great political responsibilities that must embark on a roadmap.
A nationwide puts the interest of Iraq above all personal and partisan interests and convictions, "noting that" the decision was to go to early elections that would be the beginning of a new phase of political work to gain its legitimacy from the ballot box. "

He added, "The House of Representatives has taken actual steps to provide the ground for these early elections, the most important of which is an independent commission and an election law that gives wide space to the academic elites for broad participation and amending the Federal Court Law, leaving only the last step of dissolving the House of Representatives so that all requirements for early elections are completed," stressing that According to the provisions of Article 64 First of the Constitution, which permitted a third of parliament members to submit a request to dissolve Parliament, today we submitted a request signed by more than 172 deputies to dissolve Parliament on October 9, 2021, provided that the elections take place as scheduled on the tenth of October. 
The Republic issues a presidential decree to fix the above date. "

He added, "It will be the vote to dissolve the House of Representatives in the next session to be held to discuss the budget," noting that "all the blocs and their various orientations were unanimously agreed to dissolve the House of Representatives."

And he stressed that "this request was not submitted by a bloc, by an authority or a component, but rather everyone agreed on it."Ended 29 / h

LINK

[DinarThug]

Deputy .. political parties obstruct the return of the dollar exchange rate to its previous era

Political scene Saturday March 20, 2021 at 19:06 pm

 

 

Sky Press /

 

Today, Saturday, the deputy of the Al-Fateh Alliance, Uday Shaalan Abu El-Joun, accused some political figures of making statements and attacking those who care about the interest of the citizen without personal interests, accusing them of obstructing the return of the exchange rate to its previous one.

Abu El-Jon said, "The high exchange rate of the dollar has greatly affected the ordinary citizen more than other classes, and that its continuation without control over the high prices of goods in the local markets does not harm anyone other than the citizen." A decent life, they are the ones who obstruct the return of the exchange rate to its previous one and agree with others for personal interests only.

He stressed that "reviving the Iraqi economy by raising the value of the dinar and reducing the dollar, and not the other way around, because all countries that revived their economy were by weakening foreign currencies and raising the value of the local currency."

LINK

[DinarThug]

With the end of the first quarter of the year approaching ... a keen anticipation of the budget, which has been absent for two years: This is what the budget will leave in the effects on the Iraqi street.

2021-03-20

 

 

 

Yes Iraq: Baghdad

 

With the approach of the first quarter of this year coming to an end, the Iraqi street lives in the atmosphere of approving the 2021 budget as the first public financial budget in two years, as the last budget that Iraq witnessed was the budget of the year 2019, with the absence of the budget in the past year 2020, which witnessed the organization of government spending according to borrowing laws And investing in low oil revenues due to the Corona pandemic, which led to a reduction in the global oil price.

 

Large Iraqi segments hope to live in relative financial relaxation following the approval of the budget that coincided with the rise in global oil prices and the spread of Corona vaccines, as the projected revenues during the current year were estimated at more than 110 trillion dinars, with the addition of financial allocations for different segments of contract holders in the Ministry of Electricity as well For confirming the clause of appointing and directing those covered by the medical progression law and amending it from doctors and health and support professions, in addition to confirming the clause for appointing postgraduate degree holders and first graduates.

 

The atmosphere of approving the budget witnessed many obstacles and difficulties, including the discussion of the possibility of returning the dollar exchange rate to the previous one or choosing an average rate set at about 130 thousand dinars per hundred dollars, while other parliamentary blocs, as well as the government side, objected to any new manipulation of the dollar price.

 

Among the paragraphs that represented the biggest obstacle in the way of approving the 2021 budget, is the share of the Kurdistan region and the conditions that must be adhered to, which were included in Article No. 11 of the Budget Law, where the Kurdish side agreed to the governmental formula of giving the regional government 250 thousand barrels per day to the federal government in Baghdad as well as 50% of the border crossings' revenues, but parliamentary objections rejected this agreement, demanding that the region hand over all its financial and oil revenues to the federal government.

 

The discussions witnessed the presentation of a proposal that obtained relative consensus, represented by the payment of the Kurdistan region, 460 thousand barrels per day to the federal government, provided that the costs of production, operation, transportation, domestic consumption and petrodollars be deducted for the region, and the remainder must be no less than 250 thousand barrels, paid in the form of financial dues at the market price to the government Central Baghdad.

 

Among the hoped-for effects of approving the budget is the final settlement of the dollar exchange rate issue and whether it will change or not, as the push and pull, promises and objections in this aspect cast a shadow over the market and its stability, and the constant fear of any commercial process for fear of new manipulations of the dollar price, which would cause With losses for any process or commercial deal that may take place in this unstable atmosphere.

 

In addition to what may result from the budget in approving job grades for some groups, as well as paying financial dues to free lecturers, farmers, contract holders, and other groups, and all of this will inject tangible activity into the commercial and purchasing movement in the Iraqi markets.

LINK

[DinarThug]

Iraq Starts Action to Recover "Billionaires Stolen"

 

- Two Days Passed

 

 

 

 

Iraqi President Barham Salih announced that the Presidency of the Republic is preparing a legal code on mechanisms to recover "money stolen from Iraq" estimated by experts at about 250 billion dollars in the period following the fall of the regime of former President Saddam Hussein in 2003.

Saleh said in a televised interview yesterday (Wednesday). ), "The Presidency of the Republic is in the process of developing a legal code dealing with mechanisms to recover funds stolen from Iraq, and located abroad." He added that "the file of corruption is dangerous and huge and needs broader and deeper treatments," indicating that "with all these challenges there were procedures and courts that worked to rule on important corruption cases."

Saleh added that «the Presidency of the Republic is in the process of developing a legal code that we will negotiate with the House of Representatives, to recover the looted funds from Iraq, which may have gone to capitals and investments abroad». He pointed out that "there are important measures" that are being taken, considering that "striking financial corruption is an essential pillar for establishing security, and without it, security will not be established." He continued, "We are interested in having fair elections, and the Iraqi citizen feels reassured that his vote is protected and his decision is respected and that it is not tampered with through fraud and other measures."

Saleh’s announcement regarding the development of this code of conduct comes at a time when the work of a supreme committee formed under the order of the Iraqi Prime Minister, Mustafa Al-Kazemi, is continuing to fight corruption. While the Iraqi judiciary has condemned a number of officials accused of corruption referred to the committee and issued penalties against them, the investigation is still ongoing with a number of other officials in a number of Iraqi ministries and institutions.

Regarding what is meant by the code of conduct announced by Saleh, economist Bassem Jamil Antoun told Asharq Al-Awsat that “the code of conduct is a set of points and standards related to the professional behavior of the parties concerned with this matter and which binds themselves to this code.” Regarding how Iraq can move in order to recover its stolen money, Anton says that “efforts are required, both domestic and international, in order to prepare the ground for recovering what can be recovered from those funds that were smuggled abroad in one way or another, including This is to use Iraq's international relations in this regard, as well as to Interpol, as Iraq is a member of this body (the international police) ».

"The money smuggled abroad, part of it goes back to the period of the former Iraqi regime, and the other part goes back to the post-2003 period," Anton said. While the size of the sums that were smuggled before the fall of Saddam Hussein's regime is not known, however, Anton says that “the money that was smuggled after the fall of the former regime is estimated at 250 billion dollars, although there are other numbers that may be much higher than this number, but it may be an exaggeration. ». 

And on whether it is possible to recover these funds, Anton says that "it is difficult to recover all the smuggled money, but it is possible to recover large amounts of it in various ways and methods." 

He explained that «there are different ways and methods to recover it, such as the Iraqi embassies abroad, according to the code of conduct that will be prepared in this regard, as well as the possibility of seeking help from countries or companies in countries where the largest amount of smuggled money is counted, and therefore appropriate plans are put in this regard».

Among what the legal expert, Antoon, proposes to retrieve these funds or a portion of them, is “an agreement with specialized companies in exchange for a percentage of the money that is recovered, in addition to following the method of spying on smugglers in unforeseen ways. It is also possible to negotiate with the thieves themselves in some cases” to return what they stole.

According to estimates of officials and experts, the total income of the Iraqi state’s treasury after 2003 and until today exceeds a trillion and 200 billion dollars, which are the funds resulting from the net proceeds of exported Iraqi oil, as well as the grants and financial aid that Iraq obtained from countries and companies. 
Despite these enormous funds, the poverty rate in the country is still high, as well as the lack of real change in the infrastructure throughout the country.

LINK

[keylime]

Ok. I read every article on this thread and it was all blah blah blah, except for the only thing that stuck out:

"cannot work without ambitious horizontal expansion"

I concur. I happen to be the same way.

[Artitech]

14 hours ago, PrehistoricMan said:

You are always positive about this investmen?????  Didnt you literally say this last Thursday?

Well there is your answer!! I think Breitling has been very knowledgeable of this investment over the years! Now if he is saying that the investment on the dinar is going into April! If that is true! You might as well put your dinar back on moth balls! Nothing is going to happen this year! Sorry for the bad news folks! I really hope I’m wrong, I don’t want to be a Debbie downer, just trying to be realistic! JMHO

 

To quote Princess Bride.  “You keep using that word. I do not think it means what you think it means.” -Inigo Montoya, 

I did say that and stand by it. Also I believe if it goes into April,  that it will not happen this year! I didn’t say breiltling was right,  as he has been wrong many times over the years! I don’t know why you think I’m being negative about this investment! I have a hundred million reasons for a RV! As I spent this money over 12 years ago! I’m only going by the guy that has been right for the 14 years I have been involved! I believe that the dinar will RV. When you ask, possibly as late as 2024. I don’t want to beat a dead horse. I sure didn’t like it when I heard it in 2013! I’m not really happy to say it now! The truth is the truth! Your pretty good at going back and retrieving information go back and get the Dr.’s name, I put it on here asking if anyone had ever heard or seen him before! No one even acknowledged of knowing him or hearing of him! I say this to say this, he has been right on his information, especially when the dinar was a sure thing to RV in 2015 & 2016! Remember those two years? Even Adam had us on alert for this past fall. Did it Rv ? No! If you are listening to these poo roo gurus, your going to be let down and mad at someone like me that tells you the truth! I could have sold out many times over the years and have thought about it! But soon as I did this would hit! I screwed up my bit Coin investment. I’m not going to take a chance with this! In the mean time, I will keep punching cows and living my life with the hope, I live long enough to see this hit! Yes this is my belief based on information I received in 2013! I hope the Dr and I are wrong! Good luck with this investment, I’m riding this horse till it dies or I do whichever comes first!   🤠 JMHO 

[Longtimelurker]

Why is going into April so bad?

[rvmydinar]

2 minutes ago, Longtimelurker said:

Why is going into April so bad?

April 13/14 will be the beginning of ramadan for the whole one month until may 13/14.  Do you think they can finish and put a new rate / rv rate on the budget before april 13? 

[Artitech]

I’m going to look again for my information on the Iraqi Shadow government operations working out of Denver Colorado! When I moved to the ranch in 2017, stuff in my office was misplaced and I have yet to find it ! It included the information to get into my Bitcoin wallet, as that money I had in it is lost too! This old Dr was very knowledgeable of what was going on there! He even had a high up contact in the government at the time and did a live phone call with him for us to hear! I told everyone that guy was probably the janitor over there and just bull$h!+. Needless to say that didn’t go over good with the group! JMHO 

[Longtimelurker]

19 minutes ago, rvmydinar said:

April 13/14 will be the beginning of ramadan for the whole one month until may 13/14.  Do you think they can finish and put a new rate / rv rate on the budget before april 13? 

If I remember properly, isnt Ramadan concluded with lavish gifts? Maybe it will happen during Ramadan..

[Longtimelurker]

I heard April is the month most revaluations have happened in Iraq.

[rvmydinar]

7 minutes ago, Longtimelurker said:

isnt Ramadan concluded with lavish gifts? 

That would be after ramadan from may 13/14 ( a long holiday after ramadan to celebrate the victory ), not during ramadan. 

[rvmydinar]

10 minutes ago, Longtimelurker said:

I heard April is the month most revaluations have happened in Iraq.

Let's hope so.

[6ly410]

Central Bank: Corona led to an increase in bad debt by 18%

Posted 50 seconds ago

-21/03/2021

https://iraqakhbar.com/2981834

 

Baghdad - Mawazine News
The Central Bank of Iraq confirmed, on
Sunday, that bad debts increased by 18% due to the outbreak of the Corona virus in 2020.
The Central Bank stated, in a statement
received / Mawazine News / a copy of it, that “its governor, Mustafa Ghaleb, is scary, he participated in a symposium“ Impact
Covid 19 on financial institutions, "organized by the Association of Iraqi Private Banks,
along with the Governor of the Central Bank of Jordan, Ziad Fariz, President of the Bahrain Association of Banks Adnan Yousef, and the President of the Iraqi Private Banks Association,
Wadih Al-Handal, which was attended by a number of Iraqi and Arab specialists and experts."
Frightening confirmed in his intervention, “The
Central Bank of Iraq has taken a series of measures to confront the effects of the Corona virus on the economy,”
noting that the pandemic has led to an increase in bad debts by 18% during the year 2020, which
It requires taking remedies that simulate the facts of the Iraqi reality, especially security and legal.
He explained, "Changing the exchange rate of the dinar against the dollar contributed to enhancing financial sustainability as
a result of the high volume of foreign reserves and the strengthening of public finances, which increases the reliability of investors,
lower production costs, increased competitiveness of local goods, and the balance of payments balance
through a decrease in the volume of foreign imports."
The governor stressed that the biggest challenge is to reinvest the revenues generated from the process of
lowering the exchange rate, which should contribute to building a production base outside the oil sector to act as a
financial lever for the Iraqi economy and rid it of the problem of a single financial resource.
On the other hand, the head of the
Iraqi Private Banking Association , Wadih Al-Handal, said, “The Central Bank of Iraq has taken effective steps to confront
The impact of the Coronavirus, which includes donations to support the health sector, delaying loan installments,
reducing interest, and increasing loans to move the economy to all small, medium and large enterprises,
in addition to housing loans.
He stressed that the Iraqi banking sector has taken
a series of measures that alleviated the problems that faced its dealers, explaining that the Association
of Private Banks is working with the Central Bank to develop the banking sector.
This symposium comes in light of the international and
local endeavor to find effective solutions that can support the various sectors to contribute
to sustainable development

[6ly410]

SULAIMANI — Kurdistan Region President Nechirvan Barzani spoke by phone with Iraqi Prime Minister Mustafa al-Kadhimi on Sunday (March 21).

A statement from Barzani’s office said that Kadhimi “conveyed his best wishes on Newroz” to the people of the Kurdistan Region.

The call comes a day after an effort to pass the 2021 Federal Budget Law collapsed on Saturday amid disagreements between lawmakers in the Council of Representatives.

After late evening talks on Friday between the Kurdistan Regional Government (KRG) and the Shia bloc and the Parliament’s Finance Committee, officials said that an agreement had been reached and that they would vote on Saturday morning.

As that time came and went, the vote was postponed until later in the day and then eventually abandoned. It is now scheduled for March 27.

NRT reporter Omed Mohammed said that the KRG-Shia agreement included a section that said that if the Kurdistan Region does not submit oil to Baghdad, the latter will cut “operating expenditures” and only send public sector workers’ salaries.

He said that the section was changed, so that if the Region does not abide by the terms of the deal both funding sources will be cut off.

Following the change, Patriotic Union of Kurdistan (PUK) and Kurdistan Democratic Party (KDP) lawmakers said they would not attend the scheduled vote.

Deputy Speaker of the Council of Representatives Bashir Haddad predicted that the issue would be easily resolved and blamed disagreements between the Shia and Sunni blocs, rather than the parties from the Kurdistan Region.

(NRT Digital Media)

 

[6ly410]

 

Kurdish deputy: Shiite-Sunni disputes have delayed approving the budget

• https://shafaq.com/ar/سیاسة/نا-ب-كوردي-خلافات-شيعية-سنية-عطلت-اقرار-الموازنة

 2021-03-21 02:01

Shafaq News / The MP for the Patriotic Union of Kurdistan, Harim Agha, confirmed today, Sunday, that differences between the Shiite forces themselves and differences between the Shiite and Sunni forces have hindered the approval of the budget law, denying any responsibility of the Kurdish forces towards disrupting the budget.

Agha told Shafaq News Agency; If the Shiite forces had agreed among themselves on the one hand and with some Sunni forces on the other hand, the budget would have been passed separately from the Kurds without referring to them, but widespread disagreements delayed the approval of the budget law.

Agha indicated that the Shiite forces ’differences focused on the exchange rate of the dollar, the provincial shares, sections and other items, while the Shiite-Sunni differences focused on the demands of the Sunni forces for investment projects, financial allocations and transfers in the western governorates.

Agha considered the demands of some Shiite and Sunni forces as difficult and exceeds the ceiling and doors of the budget in the current circumstances, reiterating that the Kurdish forces agreed with the Shiite forces to approve the budget, but the agreement was not implemented during a session and deliberations on the budget law.

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 on 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 exchange for the region's share of the budget estimated at 12.6 percent.

 

[6ly410]

 

A new proposal regarding the Kurdistan Region’s share in the 2021 budget

https://shafaq.com/ar/سیاسة/مقترح-جديد-بش-ن-حصة-قليم-كوردستان-في-موازنة-العام-2021

•  

 2021-03-20 23:18

Shafaq News / The head of the Turkmen Front, MP Arshad Al-Salihi, announced on Sunday that the representatives of the Turkmen component in Parliament submitted a proposal regarding the issue of handing over Kurdistan Region oil to the Federal "SOMO" company.

"Unfortunately, the problem regarding the budget between the region and Baghdad has not been resolved," Salihi said in a video tape broadcast early this morning on Facebook.

And he added, "There were two proposals, one of them sent by the government, that the region hand over 250 thousand barrels of oil per day, and that it would go to the" SOMO "company, but some political blocs rejected the proposal.

He continued, "Then the Shiite bloc submitted a proposal in this regard, which is that the region hand over at least 460,000 barrels of oil per day, excluding production, transportation and operating expenses in addition to the petro-dollar allocations to the region."

Al-Salhi pointed out that "there was a proposal from the Turkmen representatives, which is that the Kurdistan Regional Government should commit to exporting all the oil produced from the fields of the region through the" SOMO "company, taking into consideration the costs of transportation, extraction, operation and the quantities consumed.

And the Iraqi Council of Representatives (Parliament) announced, on Saturday, that the vote on the country's financial budget bill for the current year will be postponed until next week.

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 on 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 exchange for the region's share of the budget estimated at 12.6 percent.

[6ly410]

 

Parliamentary Finance resolves the matter: We do not have any authority to change the price of the dollar

• https://shafaq.com/ar/سیاسة/المالية-النيابية-تحسم-ال-مر-لا-نمتلك-ي-صلاحية-لتغيير-سعر-الدولار

 2021-03-21 09:3

 

Shafaq News / The Parliamentary Finance Committee confirmed, on Sunday, that the parliament does not have any authority to change the exchange rate of the dollar against the Iraqi dinar in the general budget law, while noting that changing the price will affect the restructuring of the budget.

 

A member of the committee, Ahmed Hajj Rashid, told Shafaq News, "It is not possible to reduce the exchange rate of the dollar in the budget law, and any change to that will affect the restructuring of the budget and change its provisions and the articles of the law."

 

He added that "any change in the exchange rate will cause a decrease in financial revenues in the general budget law, higher expenditures and an increase in the financial deficit," stressing that "Parliament does not have any authority to change the exchange rate."