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9 minutes ago, DoD said:

The Finance Minster along with a few other economic experts keep saying changing the Dinar exchange rate back to its previous era will cause chaos in the markets. They have to be talking about the 3.26 exchange era because bringing it back to the 1190 rate would certainly not cause any chaos. Think about that for a second, the markets didn’t go into chaos when they changed from 1190 to the 1149 rate. 
I’m thinking they are trying to figure out a way to do this without exposing their plan to the world. With oil over a hundred dollars a barrel if they don’t make the change soon I don’t think they ever will….
 

Great analysis. To an anal retentive economist a small change can throw them into a panic attack thinking about paying debts and trade, etc., but I agree it really is not that big a deal. Moving to 1 to 1 or back to 3.26 or something along that scale would be drastic and definitely cause a stir! But that’s why they get paid the big bucks—to deal with the chaos that will ensue during the project to delete the zeros and everything else that would require their attention for a year and beyond. 

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On 2/28/2022 at 8:20 AM, 6ly410 said:

ERBIL, Kurdistan Region - Iraq’s parliament convened on Monday to discuss the increased exchange rate of the Iraqi dinar with the country’s finance minister.

The Iraqi parliament held a session to discuss the high exchange rate of the Iraqi dinar, which is set at 1,450 dinars per US dollar.

“The parliament has begun discussing the exchange rate and its repercussions on the market through high prices which are harming the poor,” reported state media.

The Sadrist movement on Monday said the Iraqi finance minister Ali Alllawi has been summoned to attend the parliamentary session “to discuss the financial and economic crises that Iraq is going through.” 

On February 17, Shiite cleric Muqtada al-Sadr and head of the largest parliamentary bloc, tweeted a list of six suggestions regarding the dinar-dollar exchange, with the fourth point reading “summon the finance minister to the parliament immediately.” 

In December of 2020, Iraq’s central bank announceddevaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers. 

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.

The devaluation of the Iraqi dinar is a step taken towards reform and creating a “financial balance” and will revive the economy, Allawi said at the time.

In mid-August of last year, a member of the parliament’s finance committee said the dinar-dollar exchange rate will be fixed for the next five years.

 

 

 

For those of you who may have missed this  the dinar-dollar exchange rate will be fixed for the next five years, a member of the Iraqi parliament finance committee told the state media on Sunday. 

 

There goes any hurry in changing any exchange rate since last year when the they increased the dollar value over the dinar.

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8 hours ago, Fairways&Greens said:

Great analysis. To an anal retentive economist a small change can throw them into a panic attack thinking about paying debts and trade, etc., but I agree it really is not that big a deal. Moving to 1 to 1 or back to 3.26 or something along that scale would be drastic and definitely cause a stir! But that’s why they get paid the big bucks—to deal with the chaos that will ensue during the project to delete the zeros and everything else that would require their attention for a year and beyond. 

chaos caused to markets, how they arent connected to any? it would cause the opposite

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Al-Samarrai reveals what Allawi said about hosting and settles the controversy of returning the dollar price: with the interests of our people

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News source / Baghdad today
Baghdad today - Baghdad

The deputy in Parliament and the leader in resolve, Muthanna Al-Samarrai, revealed the scenes of hosting the Minister of Finance in Parliament, while the controversy was resolved to return the price of the dollar.

Al-Samarrai said in a televised interview, which was followed by (Baghdad Today), that “Baghdad’s duty is to send the salaries of Kurdistan employees, and the federal government is obligated to pay them,” stressing that “there will be a fundamental solution to the problems of Baghdad and Erbil, and to determine who is in charge of handling the export sites.”

He added, "The region's accounts will not receive any money from international banks resulting from the export of oil, after the decision to cancel the Oil and Gas Law."

Regarding the Russian war, Al-Samarrai said, "The share of Russian companies operating in Iraq is the largest among the shares of other companies investing in the country."

And he indicated, "The Iraqi government has obligations with Moscow in addition to arms purchase contracts, and this will cause a fundamental problem that cannot be resolved, and the amounts cannot be transferred from Iraq to Russia," adding: "In addition to Iraq's debts, according to the Paris Club, the debts must be paid according to a schedule and in the event of delay." Fines are imposed on Iraq, and that the latter must abide by the sanctions imposed on any country that has financial dealings with it.

And he indicated, "In the event that sanctions are imposed on Russia, they affect oil companies that have dealings with Iraq, the latter cannot transfer any amounts, neither by the Iraqi government nor the Central Bank."

He pointed out, "The sanctions against Russia will affect the volume of Iraqi oil production."

Regarding hosting the Minister of Finance, al-Samarrai completed: “When hosting the Minister of Finance, he mentioned that we have bonds on the Iraqi government that are paid in dinars,” stressing that “this procedure harms the Iraqi government and a committee must be formed on this matter, meaning that the ministry has paid 3 trillion in Iraqi dinars at an interest rate.” Between 6 for one year and 7 for two years.

Regarding the dollar crisis, the parliamentarian explained that “the talk about the decision to raise the dollar was from previous governments, and that the international institutions working in Iraq wanted there to be an increase in the exchange rate due to the events of ISIS and the electoral process.”

He stressed, "The minister's request for 9 trillion dinars to distribute part of it to the ministries, to mitigate the repercussions of the dollar exchange rate is an incorrect procedure, and that the current government is a caretaker government that does not have the right to send the budget or take such measures."

He pointed out, "It is very difficult for the central bank to return to the dollar exchange rate, and perhaps impossible because its repercussions are great on the bank," noting that "all the political blocs all agreed to the decision to raise the price of the dollar."

Al-Samarrai said: "Sunni representatives can block the blocking third, but we are with the interests of our people and we refuse to block

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The Sadrist bloc: The Minister of Finance gave us “two weeks” to get out of the crisis of raising the exchange rate

The Sadrist bloc: The Minister of Finance gave us “two weeks” to get out of the crisis of raising the exchange rateTuesday, March 1, 2022 8:44 PM

Special / National News Center
The Parliamentary Sadrist bloc affirmed, today, Tuesday, its insistence on exercising the oversight role of the House of Representatives in accordance with the constitutional and legal contexts, adding that the Minister of Finance gave us two weeks to present a scientific and practical mechanism to the House of Representatives to get out of the crisis of raising the exchange rate.

The leader of the bloc, Burhan Al-Maamouri, said in an exclusive statement to the "National News Center", that "the Sadrist bloc insisted on exercising the oversight role of the House of Representatives in accordance with the constitutional and legal contexts, pointing out that this is what actually happened by hosting the Minister of Finance under the dome of Parliament."

Al-Maamouri added that "the questions that were directed to the Minister of Finance from us included the repercussions of raising the exchange rate of the dollar against the dinar, and listening to the guarantees that must be provided to protect the fragile and poor classes."

He explained: “The Minister of Finance gave us a period of two weeks to present a scientific and practical mechanism to the House of Representatives to get out of the crisis of raising the exchange rate and urgently pay the damage done to the citizens,” noting that “the Minister of Finance mentioned that there are 60 outlets that are not subject to the central government, and therefore the The price hike is uncontrollable due to the absence of e-governance and automation.”

He added, "It became clear that raising the exchange rate of the dollar against the dinar was carried out by a government decision in agreement with the World Bank, and was not within the competence of a particular political bloc, as is rumored in the media," stressing that "there is a defect in the application of the scientific opinions written in the white paper." proposed by the government for economic reform; What is written on paper is not what it is on the ground.”

He concluded by saying: “We emphasized the work of petrodollar funds to serve the sons of the oil-producing and refined governorates, pay the dues to the farmers, and obligate the Ministry of Finance to pay these amounts like other dues,” adding, “Iraq needs to support the ration card, increase the salaries of the social protection network, and tighten control.” on the ports, activating economic security, and maintaining market stability through supply and demand.”

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During his intervention in the session hosting the Minister of Finance.. Representative Al-Maamouri confirms: Iraq is going through a miserable reality

During his intervention in the session hosting the Minister of Finance.. Representative Al-Maamouri confirms: Iraq is going through a miserable reality

Tuesday, March 1, 2022 7:26 PM

Baghdad / The National News Center , the
leader of the Sadrist movement and Representative Burhan Al-Maamouri confirmed, today, Tuesday, that Prime Minister Mustafa Al-Kazemi pledged to attend the House of Representatives to present his achievements and achieve the government program, pointing out that his presence is a legitimate right to coordinate between the legislative and executive authorities.

Al-Maamouri said during his intervention in the parliament session to host the Minister of Finance to discuss the issue of the high exchange rate, followed by the “National News Center”, that “Iraq is living in a miserable situation through the high exchange rate, which negatively affected the people’s livelihood,” while Al-Maamouri asked a question to the Minister Finance during yesterday’s session to clarify some of the details that were produced during the exchange rate visit, as follows: “After your decision as a government and a central bank to change the exchange rate of the dollar against the Iraqi dinar, what are the results obtained from this decision and what are the guarantees placed by you regarding the rise in the prices of goods and foodstuffs, which burdened the citizen

While the Minister of Finance replied: “The exchange rate change occurred during which an immediate effect was the change in the prices of imported goods and foodstuffs in the medium term during recent years. The direct impact is supposed to end after a month or two,” adding that “the exchange rate change coincided with the Corona pandemic crisis and coincided with Also, with the very serious repercussions on the global economy, when things returned to normal, a major disruption occurred from the producer to the carrier, sea and air transport, and to all distribution networks.”

The Minister of Finance added during the session that “the reality of changing prices through clear indications as a result of changing international prices is a major reason for the rise in prices,” stressing that “there are other issues that led to a rise in prices within the Iraqi markets, including the trade situation in the country and import.”

Allawi added that "60 percent of Iraq's imports pass through uncontrolled outlets," noting that "the policy of some ministries in the Economic Committee is the policy of "prevention", and high customs, which is a wrong policy and I strongly stood against it in the Economic Council and in the Council of Ministers

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9 hours ago, 6ly410 said:

The Sadrist bloc: The Minister of Finance gave us “two weeks” to get out of the crisis of raising the exchange rate

Two weeks? Another dateline? Two weeks aren't a long week. I don't mind waiting for two weeks. Let's get it done FM.

 

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251583913_407036301142736_29690950204077

Member of Parliament Ali Turki Al-Jamali said that the session to host Finance Minister Ali Allawi in the House of Representatives was nothing more than a media session to satisfy some MPs and the public.

Al-Jamali stressed that Parliament is still crippled in terms of oversight, and that the announcement of the formation of new committees and recommendations is frustrating because it reminds of dozens of committees that were previously formed for the same purpose.

He added that the last session is media and gave way for some deputies to put forward certain ideas in order to satisfy a certain audience.

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News leaks, a comprehensive Iraqi news agency

In the document .. The House of Representatives approves the request of Representative Faleh Al-Khazali to host the Minister of Transport to Parliament
News leaks, a comprehensive Iraqi news agency

News leaks, a comprehensive Iraqi news agency

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A deputy links the election of the heads of the parliamentary committees to the government formation
  
{Politics: Al Furat News} Today, Tuesday, MP Muhammad Al-Ziyadi linked the election of the heads of the parliamentary committees to the government formation.
 

Al-Ziyadi told Al-Furat News that: "One of the priorities of forming and selecting members of parliamentary committees is taking into account experience and then competence."
He added, "The news is an essential and important factor in choosing the members of the parliamentary committees, and we do not expect the selection of a president, deputy, and rapporteur for parliamentary committees to constitute an obstacle."
Al-Zayadi explained, "The selection of these positions depends on the government formation, so we expect the selection of the president and the deputy after the formation of the government."
He stressed, "the importance of forming parliamentary committees at the present time and exercising their work, headed by the oldest member."
Yesterday, Monday, Parliament Speaker Muhammad al-Halbousi set the next session to elect the president of the republic and vote on parliamentary committees.

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Parliamentary circles revealed 3 conditions set by the Ministry of Finance in exchange for reducing the exchange rate of the dollar against the Iraqi dinar,
and a member of the House of Representatives from the State of Law coalition Jassem Al-Alawi said that the Minister of Finance, Dr. hosted session. He added that taking a new decision to reduce the exchange rate comes only by ensuring financial abundance and improving the economic situation after adopting clear reforms, including diversifying non-oil revenues, automating the customs systems and border crossings, and enacting new laws whose mission is to preserve national wealth such as oil and other minerals.

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Reducing the dollar .. popular rejection and government insistence, and Parliament determines the party that can restore the exchange rate

 

 

1,010 Policy 2022/03/02 17:46 if Baghdad today -

Baghdad Representative of the Coordination Framework, Abbas Al-Zamili, confirmed today, Wednesday, the Iraqi government's insistence on keeping the dollar exchange rate unchanged, during the next stage. Al-Zamili told (Baghdad Today) that "Finance Minister Ali Allawi has clearly and explicitly informed the House of Representatives that the Iraqi government insists on keeping the dollar exchange rate unchanged during the next stage, despite the rejection of this matter by the popular circles and members of the House of Representatives." . And he indicated that “changing the dollar exchange rate remains one of the exclusive powers of the Council of Ministers, and for this reason the Iraqi parliament does not have any authority to amend this price in the budget except with the approval of the government,” noting that “any amendment by Parliament, will be challenged before the Federal Court by the authority.” executive authority, as it possesses this authority exclusively.

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Good morning Yota, the exchange rate chatter continues…

 

“He added that taking a new decision to reduce the exchange rate comes only by ensuring financial abundance and improving the economic situation”

 

I hear you and I concur   :twothumbs:

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2028 Anyone? Ha!

If all this needs to be done prior to RV/RI? 

Rip Van Winkle might have had the right idea. Go to sleep in Dinarland. Wake me in 20 years....

after adopting clear reforms, including diversifying non-oil revenues, automating the customs systems and border crossings, and enacting new laws whose mission is to preserve national wealth such as oil and other minerals.

 

 
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1 hour ago, yota691 said:

 

39 minutes ago, yota691 said:

 the Iraqi government's insistence on keeping the dollar exchange rate unchanged, during the next stage. 

Finance sets 3 conditions to reduce the exchange rate of the dollar against the Iraqi dinar

Tht GOI wants to keep the rate unchanged. On the other hand, FM set 3 conditions to make a rate change. The best thing to do is just waiting for them to form the government, choose and announce the new President and new PM officially. After that, we will just see what the GOI, FM and CBI are going to do with exchange rate.

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Sure is a lot of talk lately about changing the rate. I don't think people in parliament even know when it will change. But they are very close to the situation, intensely involved, so I trust their perceptions, more than mine.

 

So: What might be happening is that, while the CBI is the final arbiter of the exchange rate, with the high price of oil, new government and evolving political situation they would be quite tuned into, people at the top in Iraq may be intuiting that we are nearing the best time. Thus, all the chatter in parliament...more than I ever saw before. I don't believe it will be five years wait. Sounds like an obvious lie. No one knows the price of oil in 5 years. Could be worse for Iraq in 5 years. Might never be a better time.

 

I'm not saying the rate will necessarily change now, to our benefit. I'm saying this smells to me like, the best time I have seen yet, in all the time I'm watched this, since the beginning. Too complex to really tell or predict, but I'd guess we have a reasonably good chance of an RV in the next 2 months. Keep the faith. :twocents:....my 2 cents

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18 minutes ago, Rochester said:

Sure is a lot of talk lately about changing the rate. I don't think people in parliament even know when it will change. But they are very close to the situation, intensely involved, so I trust their perceptions, more than mine.

 

So: What might be happening is that, while the CBI is the final arbiter of the exchange rate, with the high price of oil, new government and evolving political situation they would be quite tuned into, people at the top in Iraq may be intuiting that we are nearing the best time. Thus, all the chatter in parliament...more than I ever saw before. I don't believe it will be five years wait. Sounds like an obvious lie. No one knows the price of oil in 5 years. Could be worse for Iraq in 5 years. Might never be a better time.

 

I'm not saying the rate will necessarily change now, to our benefit. I'm saying this smells to me like, the best time I have seen yet, in all the time I'm watched this, since the beginning. Too complex to really tell or predict, but I'd guess we have a reasonably good chance of an RV in the next 2 months. Keep the faith. :twocents:....my 2 cents

Rochester, I totally agree there has never been this much discussion from all these people since I’ve been involved in this gamble.

Which brings to mind, I don’t remember this much discussion in November of 2020 when they were talking about reducing the Dinar against the dollar. Where was all this talk about market chaos and bad for the poor etc. 

Its hard for me to believe that all this noise from all these entities is about reducing the dollar from 1149 to 1190. Until someone can show me different and I’m not referring to all the BS or propaganda coming out of the crooks over there, I will continue to think they are referring back to the glory days of 3.26….

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20 hours ago, 6ly410 said:

“The Minister of Finance gave us a period of two weeks to present a scientific and practical mechanism to the House of Representatives to get out of the crisis of raising the exchange rate and urgently pay the damage done to the citizens,”

lets see what transpires....lets hope

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POSTED ON 2022-03-01 BY SOTALIRAQ

Al-Maliki's coalition comments on the session hosting Allawi .. "enable to dismiss the government"

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On Tuesday, a member of the State of Law coalition, Wael Al-Rikabi, considered the statements of the Minister of Finance during his hosting by the House of Representatives that they are enough to dismiss the outgoing Prime Minister, Mustafa Al-Kazemi, and hold him accountable.

Al-Rikabi said that "Finance Minister Ali Allawi, during his hosting by the House of Representatives, held the outgoing caretaker government responsible for negligence and dealing with the Kurdistan Regional Government regarding the non-payment of its debts from the oil revenues of the federal government."

He added, "If the Minister of Finance wants to justify such as raising the dollar exchange rate and the white paper raised by Al-Kazemi and other matters, then it represents another problem in the government's performance and as the primary responsible for managing all financial affairs."

A member of the State of Law coalition explained that "one of the main factors, the devastating reality of the country's economy and the lack of regulation of the financial policy in it, is the lack of pressure on the regional government, which bears tens of billions of dollars in debt by not paying smuggled oil and not following up and monitoring the main border crossings."

Al-Rikabi stressed, "Ali Allawi's statements are enough to summon Prime Minister Mustafa Al-Kazemi, dismiss the government, and hold it accountable by the current parliament."

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POSTED ON 2022-03-02 BY SOTALIRAQ

Representatives close the door to reducing the dollar by transferring it to the 2023 budget

Baghdad/ Firas Adnan

Representatives closed the door to amending the dollar exchange rate during the current year, and talked about the possibility of putting it in the 2023 budget, stressing that the economic situation in Iraq will not witness improvement unless oil reaches $120 a barrel, and they also indicated that official institutions do not have a clear vision to deal with the situation. financial and economic. Representative Abbas Al-Zamili said, "Finance Minister Ali Abdel Amir Allawi presented the government's vision regarding the economic situation and answered questions and inquiries in this regard."

Al-Zamili continued, "Part of Allawi's answers were not convincing to the deputies, especially the issues of the difference in the deficit and the reimbursement of expenses for certain segments, including farmers, as ruling expenses and addressing unemployment."

He pointed out that "what the minister spoke reflects the lack of a clear vision among the concerned executive authorities regarding addressing the current or previous economic and financial situation."

Al-Zamili spoke of "there is a problem related to significant overlaps in the issue of oil and non-oil revenues."

He stressed, "There is an intention in the House of Representatives to address the issue of the dollar exchange rate, and although we cannot be certain that we will work to reduce it and return it to what it was, but we will deal with the repercussions that occurred after raising it."

Al-Zamili stressed, "Current indicators indicate that the current year will not witness the passage of the budget law, and therefore we will rely on last year's budget regarding revenues and expenditures and its estimates, and this means that the exchange rate will remain as it is."

He pointed out, "The exchange rate change is related to a purely governmental decision, as happened last year through coordination with the Central Bank of Iraq, which is an independent body."

Al-Zamili expects, “The issue of the exchange rate will be raised during the 2023 budget, but it will ultimately be subject to international oil prices and the revenues it achieves for Iraq.”

For his part, Representative Sherif Suleiman stated, "The deputies heard from the Minister of Finance a full explanation of the economic situation that Iraq is going through." Suleiman added, "The House of Representatives will continue to follow up on government measures related to addressing the repercussions of the exchange rate crisis."

He pointed out, "What was important for us was the minister's explicit answer about the economic situation in Iraq, and there are serious steps that will be taken in the future to avoid the repercussions of raising the price of the dollar."

Suleiman agrees with Al-Zamili, that "there is a tendency among the deputies to restore and reduce the exchange rate, even if it is gradually, but this will not be done according to the current indicators, except in the next year's budget that is responsible for presenting the new government."

In addition, Representative Jamal Cougar stated, "The Minister of Finance briefed the deputies on the full reasons that called for raising the dollar exchange rate, the most important of which is its impact on the budget, the positives, the repercussions, and the proposed solutions to the negativity." Cougar continued, "Allawi clearly informed the representatives of the impossibility of returning to the old exchange rate, and the issue is not being raised at the present time."

He stressed, "The Minister of Finance stated that what is being circulated regarding the surplus is incorrect, because the average oil prices during 2021 were $71 per barrel, and the total that was obtained from oil and non-oil resources amounted to 89 trillion dinars."

Cougar pointed out that "what was spent during the past year amounted to 111 trillion, and therefore the revenues did not reach the levels that the country needs, according to what the Minister of Finance said."

He finds, "The situation in Iraq will remain fragile if the price of a barrel of oil does not reach $120 for a whole year, because the oil sector is expensive, and each barrel requires 10 to 13 dollars to produce."

He stated, "If Iraq sold during 2022 at a net price of $90 a barrel, then the oil resources, as the dominant one, would be 155 trillion dinars, at a time when last year's budget was described as austerity, with expenditures of 130 trillion dinars."

Cougar concluded, "Talking about a current affluence in oil prices is incorrect and a fantasy, as Iraq is still unable to cover its expenses."

The Minister of Finance, Ali Abdul-Amir Allawi, had defended yesterday before Parliament the decision to change the exchange rate, stressing that it had achieved a number of important economic goals and had helped secure the salaries of employees and retirees and the social welfare network.

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