The Federal Supreme Court rejects a case against raising the exchange rate

[yota691]

The Federal Court summons the Minister of Finance and the Governor of the Central Bank

political|   02:05 - 08/03/2022

 

 

 

 

Baghdad - Mawazine News
, local media reported, on Tuesday, that the Federal Court decided to summon the Minister of Finance and the Governor of the Central Bank, to appear before it in the next session, against the background of a lawsuit to raise the exchange rate of the dollar.

The Federal Court had held its session regarding the "32 federal" lawsuit regarding raising the exchange rate and establishing the Sovereign Wealth Fund.

The court decided to postpone the hearing to March 14, in a special session in which the Minister of Finance and the Governor of the Central Bank will attend, according to local media. Ended 29/N33

[yota691]

A statement from the Federal Court regarding the exchange rate hearing

Policy

2022-03-08 | 07:00

 

 

765 views

 

Today, Tuesday, the Federal Supreme Court announced the postponement of consideration of the case for restoring the dollar exchange rate to its predecessor.

And the Supreme Judicial Council said in a statement received by Alsumaria News, “The Federal Supreme Court decided to postpone the consideration of the case No. (32 / Federal / 2022) regarding the exchange of the US dollar in relation to the Iraqi dinar to its predecessor by (120) thousand Iraqi dinars per 100 US dollars to On 3/14/2022".

 

 

The statement stated, "The court decided to postpone for the purpose of informing the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session."

 

 

[yota691]

A session of the Federal Court regarding the lawsuit against the dollar exchange rate and the Sovereign Wealth Fund

2022.03.08 - 12:38

 

  

Baghdad - people  

On Tuesday, the Federal Supreme Court held its session related to the "32 Federal" case regarding raising the exchange rate and establishing the Sovereign Wealth Fund.  

  

 

The court said in a brief statement that "Nass" received a copy of it (March 8, 2022), that it "has held its session regarding the (32 federal) lawsuit related to raising the exchange rate and establishing the sovereign wealth fund."  

[yota691]

The Federal Supreme Court decided to postpone the case 32 federal

2022.03.08 - 13:58

 

Baghdad - people  

On Tuesday, the Federal Court decided to postpone the lawsuit regarding raising the dollar exchange rate and establishing the Sovereign Wealth Fund.  

  

  

  

According to a statement received by “Nass” a copy of it, (March 8, 2022), “The Federal Supreme Court decided to postpone the hearing of the case numbered (32 / Federal / 2022) regarding the re-exchange of the US dollar in relation to the Iraqi dinar to its predecessor at the amount of (120) thousand Iraqi dinars for each. $100 USD as of 3/14/2022".  

He explained that "the court decided to postpone for the purpose of informing the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session."  

[yota691]

The Federal Court hears the opinion of financial and economic experts in the case of raising the exchange rate

• Time : 03/08/2022 13:33:30
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• Reading: 949 times

[yota691]

The Federal Court summons the Minister of Finance and the Governor of the Central Bank in the next session

• Time: 03/08/2022 13:58:34
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• Reading: 793 times

  

{Local: Al Furat News} The Federal Court announced, today, Tuesday, that the Minister of Finance and the Governor of the Central Bank was summoned to appear before the court in the next session, against the background of a lawsuit to raise the exchange rate of the dollar.

The court decided to postpone for the purpose of informing the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session.

[yota691]

The Federal Court postpones hearing the lawsuit to restore the dollar exchange rate to its predecessor until next Monday {Extended}

• Time: 03/08/2022 15:06:49
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• Reading: 195 times

  

 

The Federal Supreme Court decided to adjourn the hearing of the case No. (32/Federal/2022) regarding the re-exchange of the US dollar in relation to the Iraqi dinar to its previous amount of (120) thousand dinars per 100 US dollars until 3/14/2022. The
reporter explained that “the court decided to postpone for the purpose of Inform the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session.

[yota691]

Federal calls for the Minister of Finance and the Governor of the Central Bank to inquire about the exchange rate of the dollar

sweeteners

2022-03-08 | 05:56

 

 

3,774 views

 

Today, Tuesday, the Federal Court decided to summon the Minister of Finance, Ali Abdul Amir Allawi, and the Governor of the Central Bank, Mustafa Ghaleb Mikhaif, to inquire about the exchange rate of the dollar.

Our correspondent said, "The Federal Court decided to summon the Minister of Finance, Ali Abdul Amir Allawi, and the Governor of the Central Bank, Mustafa Ghaleb, to inquire about the dollar exchange rate."

[yota691]

A statement from the Federal Court regarding the exchange rate hearing

Policy

2022-03-08 | 07:00

 

 

1,836 views

 

Today, Tuesday, the Federal Supreme Court announced the postponement of consideration of the case for restoring the dollar exchange rate to its predecessor.

And the Supreme Judicial Council said in a statement received by Alsumaria News, “The Federal Supreme Court decided to postpone the consideration of the case No. (32 / Federal / 2022) regarding the exchange of the US dollar in relation to the Iraqi dinar to its predecessor by (120) thousand Iraqi dinars per 100 US dollars to On 3/14/2022".

 

 

The statement stated, "The court decided to postpone for the purpose of informing the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session."

[yota691]

 

The Federal Court summons the Minister of Finance and the Governor of the Central Bank to appear in a special session on the exchange rate

 

 2022-03-08 05:58

 

Shafaq News/ The Federal Court decided, on Tuesday, to summon the Minister of Finance and the Governor of the Central Bank, to appear before him in a special session regarding the exchange rate of the dollar against the Iraqi dinar.

The Federal Court held its session regarding the lawsuit (32 federal) regarding raising the exchange rate and establishing the Sovereign Wealth Fund.

The court decided to seek the assistance of economic experts, Bassem Jamil and Abdel Rahman Najm, regarding the plea to raise the exchange rate of the dollar.

It also decided to postpone the pleading for 14/3 in a special session in which the Minister of Finance and the Governor of the Central Bank will attend.

 

It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.

As a result, according to specialists, the annual inflation in Iraq has risen significantly, so that the prices of all materials and commodities in the Iraqi market have risen significantly, which has sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.

[yota691]

The Federal Reserve postpones consideration of the lawsuit to restore the dollar exchange rate

1 hour ago

Today, Tuesday, the Federal Supreme Court decided to adjourn the hearing of the numbered case related to the re-exchange of the US dollar in relation to the Iraqi dinar to its predecessor at the amount of (120,000) Iraqi dinars per 100 US dollars until 3/14/2022.

The court decided to postpone for the purpose of informing the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session.”

[6ly410]

Aware / The Federal Court uses economic experts regarding the plea for raising the dollar exchange rate

March 8, 2022 3 Views

https://1-al--iraqinews-com.translate.goog/archives/243476?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_enc=1

A source in the judiciary said, today, Tuesday, that the Federal Court has hired economic experts in the name of Jamil Antoine and Abdel Rahman Najm to plead for raising the exchange rate of the dollar

[Laid Back]

The exchange rate continues to be a hot topic.

 

Where there’s 💨  there’s 🔥 

 

Go RV

 

 

 

 

[rvmydinar]

5 hours ago, yota691 said:

The Federal Supreme Court decided to adjourn the hearing of the case No. (32/Federal/2022) regarding the re-exchange of the US dollar in relation to the Iraqi dinar to its previous amount of (120) thousand dinars per 100 US dollars until 3/14/2022.

Another delays? Nothing new. It wasn't the first time. Why did they keep delaying to return the previous rate 1,200? Because the governor of the CBI and FM don't want to lose profit from oil revenue. When the rate increase from 1,460 to 1,200 , they will receive=22% less profit from oil revenue because when they sell oil, they get paid in USD, and then they converted into dinar. When they converted into dinar, this is where they receive 22% less profit from oil revenue. And this 22% less profit is what they don't want it. Just hope they just increase the rate from 1460 to 1000, and then delete 3 zeros to become 1 dinar. So the rate will be 1:1. When the rate 1:1 , they don't need to convert the oil revenue from dollar into dinar because the rate will still remain the same either in dollar or dinar and they got nothing to lose from the oil revenue. Again, we can only hope.

[screwball]

8 hours ago, Laid Back said:

The exchange rate continues to be a hot topic.

 

Where there’s 💨  there’s 🔥 

 

Go RV

 

 

 

 

exactly

[screwball]

lets not forget that the rate was 3.22 previously tested or untested, they will want it returned to this rate! thats a fact!

[keylime]

Well like Biden said, "There's the truth, and then there's the facts." In your case, I'll take the fact!

[Dinarrock]

3 hours ago, screwball said:

lets not forget that the rate was 3.22 previously tested or untested, they will want it returned to this rate! thats a fact!

Well technically I do not believe that is true the $3.22 rate was a Sadam imposed rate. The dinar only traded around $2.65 internationally from all my research! Either way any rate starting with a “2” I will be good with…lol

[rvmydinar]

I can live with the rate between $2.65 and $3.22 as long as the CBI can get it done soon and no more delay , no more excuse, no more holiday. Oppss did i say that outloud? Cause iraqi will have long holidays in the month of May after ramadan is over.

[yota691]

He Justified This With Three Reasons.. Legal Expert: Raising The Exchange Rate Is Against The Constitution

03/08/2022

161

 

Earth News/ Legal expert Ali Al-Tamimi confirmed today, Tuesday, that the decision to raise the exchange rate is contrary to the constitution.

Al-Tamimi said in a clarification seen by “Earth News”, that “raising the dollar exchange rate in the budget law is contrary to the constitution and the Charter of the International Covenant, and this decision can be challenged and returned to the government, from Parliament and not to legislate the budget law,” noting that “the rise in the exchange rate of the dollar to 1450 in the budget law violates the Iraqi constitution and the charter of the international covenant and can be challenged.”

The legal expert also reviewed the points of violation as follows:

First - The rise in the exchange rate of the dollar to 1450 violates articles 30 and 31 of the Iraqi constitution, which obligate the state to provide a free, decent life and appropriate income. United commitment.

Secondly - The Central Bank Law by virtue of Law 56 of 2004 is an independent body under Article 3 of this law and also the instructions of the Central Bank of 2017, and therefore it is he who determines the exchange rate and if there is an increase in the price, it is necessary to control market prices and prevent inflation, which will increase poverty poorer.

Third - This law, i.e. the budget law, can be challenged if it is legislated by Parliament before the Federal Court. Parliament can not approve the legislation of this law and return it to the government for amendment because Parliament can do so constitutionally as it represents society in accordance with Article 61 of the Constitution as well as Article 13 of the Financial Management Law 6 of 2019".

[yota691]

20 hours ago, rvmydinar said:

Just hope they just increase the rate from 1460 to 1000, and then delete 3 zeros to become 1 dinar.

I don't believe they have to do all that to get to 1 to 1...That just complicates things...The CBI just need to add purchasing power to the 1460. Which aligns with the article's that the rate change will remain 1.460... 

 

GM DV

[screwball]

18 hours ago, Dinarrock said:

Well technically I do not believe that is true the $3.22 rate was a Sadam imposed rate. The dinar only traded around $2.65 internationally from all my research! Either way any rate starting with a “2” I will be good with…lol

well it has been written in a extract from a document saying the rate was 3.30 in 1970's and they want the rate to return to its former value. The page was titled "new Currency, Fiscal and Monetary Policies Guidelines for the Transitional Government of iraq" and the passage reads " it was beyond the imagination of the Iraqis that the foreign exchange rate of the Iraqi Dinar (ID) in the late 70's (was oneID=3.30USD) will one day deteriorate by almost 660000% to reach the current value (oneUS$ = 2000ID) it then goes on to say "To sustain the likely positive impoact of the new currency, it is essential to re-establish the base purchasing and foreign exchange rate value of the NID as it was in the 1970"s. This means that thr oneNID=6000 ID = one US$, the NID would be divided into 1000 fils,20 dirhan and 10 rial"

 

it also goes onto say the whole "new currency" task should be assigned to the Iraqi Central bank and must coordinate with the )new) Ministry of Finance and Economy (MoFE)

if i could post image i would

Edited March 9, 2022 by screwball

[screwball]

so this says to me 3:30 is good to go!

[screwball]

5 minutes ago, screwball said:

This means that thr oneNID=6000 ID = one US$, the NID would be divided into 1000 fils,20 dirhan and 10 rial"

this is interesting!!!!

[screwball]

the questions is what by iraqi law says the dinar should be valued against? gold? silver?