Iraq is studying addressing the effects of changing the exchange rate and investing in high oil

[yota691]

Iraq is studying addressing the effects of changing the exchange rate and investing in high oil

Abdul Karim Al-Faisal, Chairman of the Council of Advisors in the Presidency of the Iraqi Council of Ministers

 June 21, 2021 08:53 PM

 

Mubasher: The Council of Advisors in the Presidency of the Iraqi Council of Ministers disclosed today, Monday, two directions through which it works to support and advance the private sector, and while it identified two options for investing in high oil prices, it revealed a joint study to address the effects of changing the dollar exchange rate.

Abdul Karim Al-Faisal, head of the commission, said on the sidelines of the e-learning assessment workshop held by the council of advisors to the Iraqi News Agency (INA), that "the council of advisors, under the guidance of the Prime Minister, Mustafa Al-Kazemi, worked to find ways to support and advance the private sector." Pointing out that "the Prime Minister believes that there is no economy in any country without a strong private sector."

Al-Faisal added, "The authority worked in two directions to support the private sector, the first is to simplify the procedures for obtaining licenses, exemptions, and others, and the second most important is to provide loans to industrialists and private sector men in various commercial, service and health sectors, the repayment of which is long-term and with very low interest rates at the initiative of the Central Bank and through a committee It is headed by the Secretary-General of the Council of Ministers, with the interest of the Council of Ministers and the President of the Council in supporting the private sector.

He continued, "We also worked on decisions to own industrial lands for owners of industrial projects who had taken an industrial license or operated it for five years, and it is now under implementation," stressing that "these decisions give great support to the Iraqi product, and therefore the authority was proactive in preparing and taking them."

He pointed out that "the commission, under the guidance of the prime minister, had a role in preparing seminars to hear the problems of the private sector and the problems that are encountered in the investment sector, and they were submitted to the prime minister, and decisions were taken on them."
Regarding the rise in oil prices, Al-Faisal explained that "there is a budget deficit of 29 trillion dinars, and it is possible to bridge the deficit through high oil prices."

 

He pointed out that "the government is likely to go towards preparing a supplementary budget to address sectors that have not been allocated sufficient funds, such as the health sector and support for farmers and peasants through a committee chaired by Ali Allawi, Minister of Finance, who is an expert in this."

Regarding changing the exchange rate of the dollar, Al-Faisal stressed that "there is a study conducted by the Central Bank with the Ministry of Planning and economic experts, to address the effects of changing the exchange rate process in order to reduce its effects or activate the positives of the decision."

[yota691]

The advisory body: a joint study to address the effects of the exchange rate change

political| 08:51 - 06/21/2021

 

 

 

 

Baghdad - Mawazine News
, the Council of Ministers' advisory board revealed, on Monday, two directions through which it works to support and advance the private sector, and while it identified two options for investing in high oil prices, it revealed a joint study to address the effects of changing the dollar exchange rate.
On the sidelines of the e-learning assessment workshop held by the Council of Advisors, the head of the commission, Abdul Karim Al-Faisal, said that “the advisory body, under the guidance of the Prime Minister, Mustafa Al-Kazemi, worked to find ways to support and advance the private sector,” noting that “the Prime Minister sees There is no economy in any country without a strong private sector."
He added, "The authority worked in two directions to support the private sector, the first is to simplify the procedures for obtaining licenses, exemptions and others, and the second most important is to provide loans to industrialists and men of the private sector in various commercial, service and health sectors, the payment of which is long-term and at very low interest rates, at the initiative of the Central Bank and through a higher committee. It is chaired by the Secretary-General of the Council of Ministers, with the interest of the Council of Ministers and the President of the Council in supporting the private sector.
He continued, "We also worked on decisions to own industrial lands for owners of industrial projects who had taken an industrial license or operated it for five years, and it is now under implementation," stressing that "these decisions give great support to the Iraqi product, and therefore the authority was proactive in preparing and taking them."
He pointed out that "the commission, under the guidance of the prime minister, had a role in preparing seminars to hear the problems of the private sector and the problems that are encountered in the investment sector, and they were submitted to the prime minister, and decisions were taken on them."
Regarding the rise in oil prices, Al-Faisal explained that "there is a budget deficit of 29 trillion dinars, and it is possible to bridge the deficit through high oil prices."
He pointed out that "the government is likely to go towards preparing a supplementary budget to address sectors that have not been allocated sufficient funds, such as the health sector and support for farmers and peasants through a committee chaired by Ali Allawi, Minister of Finance, who is an expert in this."
Regarding changing the exchange rate of the dollar, Al-Faisal stressed that "there is a study conducted by the Central Bank with the Ministry of Planning and economic experts, to address the effects of changing the exchange rate process in order to reduce its effects or activate the positive aspects of the decision."

[md11fr8dawg]

Yep, study, postpone, delay, procrastinate, debate, argue, research,  SOON!!!

[Rochester]

Most of the Iraq elite were educated in France.   ... 32 second video summary 🤣

 

 

 

[Laid Back]

This guys have been studying the the dinar exchange rate for many years. You guys remember the feasibility study done by ministry of planning around 2010. $1.13 per dinar.

 

They know they can’t continue with the actual exchange rate for much longer if they want to develop the private sector, industrial sector, agricultural sector, reconstruction and important projects.

 

They have signed many MOU’s and trade agreements with many countries around the world.... The world is waiting Iraq.!

 

[stanleypower]

52 minutes ago, Laid Back said:

They know they can’t continue with the actual exchange rate for much longer if they want to develop the private sector, industrial sector, agricultural sector, reconstruction and important projects.

Unfortunately I didn't think the corrupt politicians give a damn about the growth of the country or the private sector. Hopefully their hand will be forced very soon!

[Laid Back]

2 hours ago, stanleypower said:

Unfortunately I didn't think the corrupt politicians give a damn about the growth of the country or the private sector. Hopefully their hand will be forced very soon!

Agreed with your comment SP.

Hopefully corruption will be under control.

[screwball]

7 hours ago, yota691 said:

Iraq is studying addressing the effects of changing the exchange rate and investing in high oil

Abdul Karim Al-Faisal, Chairman of the Council of Advisors in the Presidency of the Iraqi Council of Ministers

 June 21, 2021 08:53 PM

 

Mubasher: The Council of Advisors in the Presidency of the Iraqi Council of Ministers disclosed today, Monday, two directions through which it works to support system" rel="">support and advance the private sector, and while it identified two options for investing in high oil prices, it revealed a joint study to address the effects of changing the dollar exchange rate.

Abdul Karim Al-Faisal, head of the commission, said on the sidelines of the e-learning assessment workshop held by the council of advisors to the Iraqi News Agency (INA), that "the council of advisors, under the guidance of the Prime Minister, Mustafa Al-Kazemi, worked to find ways to support system" rel="">support and advance the private sector." Pointing out that "the Prime Minister believes that there is no economy in any country without a strong private sector."

Al-Faisal added, "The authority worked in two directions to support system" rel="">support the private sector, the first is to simplify the procedures for obtaining licenses, exemptions, and others, and the second most important is to provide loans to industrialists and private sector men in various commercial, service and health sectors, the repayment of which is long-term and with very low interest rates at the initiative of the Central Bank and through a committee It is headed by the Secretary-General of the Council of Ministers, with the interest of the Council of Ministers and the President of the Council in supporting the private sector.

He continued, "We also worked on decisions to own industrial lands for owners of industrial projects who had taken an industrial license or operated it for five years, and it is now under implementation," stressing that "these decisions give great support system" rel="">support to the Iraqi product, and therefore the authority was proactive in preparing and taking them."

He pointed out that "the commission, under the guidance of the prime minister, had a role in preparing seminars to hear the problems of the private sector and the problems that are encountered in the investment sector, and they were submitted to the prime minister, and decisions were taken on them."
Regarding the rise in oil prices, Al-Faisal explained that "there is a budget deficit of 29 trillion dinars, and it is possible to bridge the deficit through high oil prices."

 

He pointed out that "the government is likely to go towards preparing a supplementary budget to address sectors that have not been allocated sufficient funds, such as the health sector and support system" rel="">support for farmers and peasants through a committee chaired by Ali Allawi, Minister of Finance, who is an expert in this."

Regarding changing the exchange rate of the dollar, Al-Faisal stressed that "there is a study conducted by the Central Bank with the Ministry of Planning and economic experts, to address the effects of changing the exchange rate process in order to reduce its effects or activate the positives of the decision."

Petro dollars 

[screwball]

5 hours ago, stanleypower said:

Unfortunately I didn't think the corrupt politicians give a damn about the growth of the country or the private sector. Hopefully their hand will be forced very soon!

Forget about corrupt politicians they are all corrupt. Kuwait is full of corrupt politicians and look at their currency 

[3 bucks new rv rate]

9 hours ago, Laid Back said:

This guys have been studying the the dinar exchange rate for many years. You guys remember the feasibility study done by ministry of planning around 2010. $1.13 per dinar.

if the ministry of planning told directly and openly to the publics that the rate was going to be 1 iqd= $1.13, don't you think people all over the world and dinar dealers will buy off more more and more dinars in order to get extremely wealthy? that's why the ministry of planning just talked talked talked BS and have never really implemented that rate $1.13 per dinar because they didn't want people all over the world bought off more dinars. the cbi or goi or whoever in charge of rv should be kept in secret the date and the rate, not leaking out openly to the publics.

[3 bucks new rv rate]

10 hours ago, md11fr8dawg said:

 study, postpone, delay, procrastinate, debate, argue, research,  SOON!!!

.that sounds familiar to me. let me think for a second. .upss that sounds like typical iraq politicians to me. OMG, i almost forget about my investment in iqd. thanks for reminding me.

[rvmydinar]

15 hours ago, yota691 said:

Iraq is studying addressing the effects of changing the exchange rate and investing in high oil

Come on iraq, no more study , no more BS, no more delays and just implement " deleting 3 zeros and revalue the rate at least 1:1. By the way, i just wonder how many years did iraq need to study in order to devalue the iqd from 1190 to 1460 back in december 2020? 

[md11fr8dawg]

15 hours ago, Rochester said:

Most of the Iraq elite were educated in France.   ... 32 second video summary 🤣

 

 

 

So that's why they talk out of their asses. Thanks for clearing that up for me!!!

[Laid Back]

9 hours ago, 3 bucks new rv rate said:

if the ministry of planning told directly and openly to the publics that the rate was going to be 1 iqd= $1.13, don't you think people all over the world and dinar dealers will buy off more more and more dinars in order to get extremely wealthy? that's why the ministry of planning just talked talked talked BS and have never really implemented that rate $1.13 per dinar because they didn't want people all over the world bought off more dinars. the cbi or goi or whoever in charge of rv should be kept in secret the date and the rate, not leaking out openly to the publics.

Thanks for your input 3bnrvr,

Did you bought dinar base on the feasibility study done by the ministry of planning?  Or you bought dinar base on the SIGIR report? In my case I bought dinar because somebody mentioned to me and after doing my own research.

 

 

[RJG]

Parliament Finance discusses with the Governor of the Central Bank the implications of changing the exchange rate
2021-06-22





The Finance Committee in the House of Representatives discussed, today, Tuesday, with the Governor of the Central Bank, steps to reduce the repercussions of changing the exchange rate and its implications, while the latter indicated the launch of an initiative to move the housing sector.


The committee said in a statement, received by Alsumaria News, that it "hosted today, the Governor of the Central Bank, Mustafa Ghaleb Mikhaif, and the Deputy Governor, Ammar Hamad Khalaf, where they discussed the steps that the Central Bank promised to implement to reduce the repercussions of changing the exchange rate and its implications, and the issue of selling the currency and confronting the operation." Draining it and ways to preserve it and invest it properly.

The Finance Committee discussed, "the projects, plans and loans that the bank promised to implement after changing the currency exchange rate, as the committee stressed the need to adhere to those promises and the speed of their implementation, in particular those that contribute to the employment of unemployed youth and support the housing, industry and agricultural sectors, support the local product and ease restrictions and routine procedures on them." .

She indicated, "Examining the issue of electronic linking between the ministries of commerce and finance, the customs and tax authorities with the Central Bank, as well as the automation of procedures at border crossings, stressing the need for the government to fulfill its duty towards this, as indicated by the Finance Committee and the House of Representatives through the Budget Law for 2021."


The Finance Committee called on the Central Bank to "take the strongest and strict measures against banks that violate regulations, confirming its support for the bank in this regard, since the current period requires concerted efforts between all authorities."

The committee directed, "to host the Minister of Finance to discuss what was proposed in the hosting and to discuss a number of issues that concern the economic reality of the country."

For his part, the central bank governor provided an explanation of what the bank has taken and the steps it seeks to take to reduce the negative effects of changing the exchange rate, revealing the launch of an initiative worth 5 trillion in addition to contributing to moving the housing sector to complete the residential complexes that were suspended, as well as the imminent issuance of bonds. It enables people to invest their money.


https://www.alsumaria.tv/news/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF/387118/%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D8%AA%D8%A8%D8%AD%D8%AB-%D9%85%D8%B9-%D9%85%D8%AD%D8%A7%D9%81%D8%B8-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%AA%D8%AF%D8%A7%D8%B9%D9%8A%D8%A7%D8%AA

 

 

 

[Half Crazy Runner]

22 hours ago, md11fr8dawg said:

Yep, study, postpone, delay, procrastinate, debate, argue, research,  SOON!!!

Exactly! I’m sure they figure as long as they’re “studying” any situation, they don’t actually have to do anything. We are all familiar with their MO. 

[Half Crazy Runner]

15 hours ago, screwball said:

Forget about corrupt politicians they are all corrupt. Kuwait is full of corrupt politicians and look at their currency 

That’s a good point. I’m not at all familiar with the politics of Kuwait, but really, what country on the planet is not full of corrupt politicians? Im sure Iraq was just as corrupt as it is now when their currency was over $3. 

[screwball]

3 hours ago, Half Crazy Runner said:

That’s a good point. I’m not at all familiar with the politics of Kuwait, but really, what country on the planet is not full of corrupt politicians? Im sure Iraq was just as corrupt as it is now when their currency was over $3. 

Google Kuwait sacks parliament numerous times over the years! They all want money they can be corrupt as they wish as long as we get ours!

[screwball]

You generally don’t get into politics without being corrupt or doing some shady deals 

[screwball]

Corruption breads corruption if waiting in Iraq to clean house find another investment 

[Engine1]

Iraq is always studying something or researching something while talking about something and meeting about something.  But never implementing the thing everyone wants them to, the RV.  

[screwball]

On 6/22/2021 at 6:55 AM, Laid Back said:

This guys have been studying the the dinar exchange rate for many years. You guys remember the feasibility study done by ministry of planning around 2010. $1.13 per dinar.

 

They know they can’t continue with the actual exchange rate for much longer if they want to develop the private sector, industrial sector, agricultural sector, reconstruction and important projects.

 

They have signed many MOU’s and trade agreements with many countries around the world.... The world is waiting Iraq.!

 

Well said you are correct 

[3 bucks new rv rate]

11 hours ago, Laid Back said:

Thanks for your input 3bnrvr,

Did you bought dinar base on the feasibility study done by the ministry of planning?  Or you bought dinar base on the SIGIR report? In my case I bought dinar because somebody mentioned to me and after doing my own research.

thanks for your response Laid Back and no offense to everybody.. firstly, i bought a little amount of dinar from my friend who mentioned to me. and then, i joined the dinarvet to study and know more about my investment in iraq dinar. actually when you mentioned about " the feasibility study done by ministry of planning around 2010. $1.13 per dinar ", the question comes to my mind, why would the ministry of planning leaked the rate 1 iqd= $1.13 out openly to the publics? if the ministry of planning or cbi or whoever in charge of rv really want to revalue the iqd at whatever rate at any given date, the date and the rate are supposed to be kept in secret,  not leaking out openly to the publics. and, the cbi will not also tell the date and the rate ahead of time, don't you think so? can you imagine what happened to people all over the world when the cbi or ministry of planning are leaking the REAL date and REAL rate for rv out openly to the publics? i give you an example, when the cbi devalued  the rate from 1190 to 1460, back in december 2020, did the cbi ever do the feasibility study first ( done by the minister of planning or whoever in charge of rv )and then leak the rate ( 1460 ) out openly to the publics ahead of time? BOOM the cbi just suddenly implemented by devaluing the rate from 1190 to 1460 back in december 2020 without prior notice or without feasibility study before or without leaking the date and the rate out openly to the publics ahead of time. that's why if there was feasibility study already done by the ministry of planning at 1 iqd=1.13 usd, did the ministry of planning or whoever in charge of rv really implement by revaluing the rate at 1 iqd=1.13$ or just talk talk talk BS finally because they already leaked the rate 1 iqd=1.13 usd out to the publics?

[rvmydinar]

15 hours ago, Half Crazy Runner said:

That’s a good point. I’m not at all familiar with the politics of Kuwait, but really, what country on the planet is not full of corrupt politicians? Im sure Iraq was just as corrupt as it is now when their currency was over $3. 

So do you agree that corrupt politicians don't have anything to do with rv? So if the cbi really intend to rv the iqd, the cbi can just implement by revaluing the iqd at whatever rate no matter how corrupt iraqi politicians are.

[rvmydinar]

12 hours ago, Engine1 said:

Iraq is always studying something or researching something while talking about something and meeting about something.  But never implementing the thing everyone wants them to, the RV.  

Yep. That is just exactly typical iraqi politicians. That's why we have still been waiting for almost 18 years and no rv yet until now.