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

[screwball]

31 minutes ago, screwball said:

"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.

says it all

[NEPatriotsFan1]

42 minutes ago, screwball said:

says it all

Would absolutely love this to be true. 

 

Not to quote Jim Carrey in “Dumb and Dumber”, but “So you’re saying, there’s a chance!?”  😂😝

[screwball]

35 minutes ago, NEPatriotsFan1 said:

Would absolutely love this to be true. 

 

Not to quote Jim Carrey in “Dumb and Dumber”, but “So you’re saying, there’s a chance!?”  😂😝

i am saying thats the end game!

[yota691]

The exchange rate of the dollar in the face of the judiciary and Parliament

Sumerian special

2022-03-10 | 03:44

The exchange rate of the dollar in the face of the judiciary and Parliament
6,922 views Mar 10, 2022

 

 

Source:

Sumerian

 

2,006 views

 

 

The exchange rate of the dollar in the face of the judiciary and Parliament, and deputies await the decision of the Federal Court to promote more mobility within the House of Representatives.
 

After postponing it to mid-March, Parliament is eagerly awaiting the decision of the Federal Court regarding the dollar exchange rate lawsuit, amid parliamentary waiting for the treatments of Finance Minister Ali Allawi and his answers, which he promised to present within a time limit not exceeding a month until mid-March. The federal government is also in the midst of a parliamentary movement looking at the exchange rate, but after the judiciary entered the line, Parliament awaits the decision to decide on the case, and then it will have a firm position, according to deputies.  

 

 

Until the Federal Court's decision, some deputies are waiting for the answers of Finance Minister Ali Allawi to some of the questions that were directed to him regarding the repercussions of exchange and currency smuggling, in addition to the treatment he promised to provide within a time limit not exceeding thirty days, according to deputies.

According to the data, the dollar faces two paths, the first towards the judiciary and the second towards Parliament. Both paths are supposed to reach the exchange rate, solutions that have not yet been revealed, whether towards reducing or maintaining the exchange as it is.   

[yota691]

The role of the Federal Court in deciding the issue of raising the price of the dollar ignites a legal dispute

 

1,868 Economy 2022/03/11 09:10 Baghdad today -

Report: Mahmoud Al-Mufraji Al-Husseini The dispute over restoring the price of the dollar to its previous era ignited a legal dispute between the experts, some of whom believed that the Federal Court had the authority to decide on the issue, while others believed that the court did not interfere with the economic "behaviour" of the state.

 

It is noteworthy that last year’s budget law set a new price for the dollar at 1450 dinars, a decision that generated great popular anger and led to a clear increase in prices, while government agencies invoked that its purpose was to bridge the deficit, secure employee salaries, and achieve economic reform as stipulated. white paper.

 

After these repercussions and after the formation of the current elected House of Representatives, the second deputy speaker of the House of Representatives, Hakim al-Zamili, demanded the return of the dollar exchange rate to its previous era.

 

In addition, the Iraqi parliament hosted, last Monday, in its second session of the fifth electoral cycle, Finance Minister Ali Allawi, and discussed the dollar exchange rate and its repercussions on the local market, in the presence of 288 deputies . 

 

The Council discussed with Allawi the repercussions of the high dollar exchange rate on the market, the damage to the poor segment, the discussion of the public debt and the financial policy of the Ministry of Finance and the proposed treatments .

 

Allawi reviewed, in a detailed explanation, “the reasons for changing the exchange rate and its relationship to economic reform, which was according to an extensive study in which concerned parties participated and was not an individual decision by the Ministry of Finance,” noting that “the exchange rate change at that time was against the background of the deterioration in global oil prices due to the impact of a pandemic.”

 

Corona and the decline in the volume of Iraqi oil exports, according to the International Monetary Fund, amounted to (4.9%) as well as the failure to approve the 2020 budget due to the resignation of the government, which led to a stifling financial crisis that prevented the payment of salaries of employees and retirees, which prompted the House of Representatives to pass a legal deficit financing amounting to 27 trillion dinars .

 

The Minister of Finance pointed out that "the 2021 budget, which was developed according to reform plans, contributed to developing solutions, addressing the financial situation, and working to develop the long-term financial strategy by presenting the white paper that restored balance to the Iraqi economy, provided economic stability for people with limited income and corrected local investment."

 

This matter ignited a legal dispute between the experts, who discussed the validity of the Iraqi judiciary to resolve the matter, between the claimants to return the price of the dollar to its previous era, and the government represented by the Ministry of Finance, which insists on keeping it.

 

On Tuesday, legal expert Ali Al-Tamimi identified constitutional violations with the decision to raise the exchange rate of the dollar against the local currency, allowing the possibility of appealing this decision in the country’s financial budget bill in 2022 .

 

Al-Tamimi said in a statement, that raising the dollar exchange rate in the budget law is in violation of the constitution and the Charter of the International Covenant, and this decision can be challenged and returned to the government by Parliament and the budget law is not legislated .

 

He explained that the rise in the exchange rate of the dollar to 1450 dinars violates articles 30 and 31 of the Iraqi constitution, which require the state to provide a free, decent life and appropriate income. United Nations commitment .

 

The legal expert also indicated that 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 Poverty will get poorer .

 

He continued by saying that this law, i.e. the budget law, can be challenged if it is legislated by Parliament before the Federal Court, and 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 Law Financial Management 6 of 2019 ".

 

And postponed the Federal Supreme Court (the highest judicial authority in Iraq) to consider the case concerning the return of the dollar exchange rate to its predecessor until the 14th of this month .

 

Earlier, the court held a session for the lawsuit filed regarding the re-exchange of the US dollar in relation to the Iraqi dinar to its predecessor, at the amount of (120,000) Iraqi dinars for every 100 dollars . 

 

The court explained that it 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 .

 

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

 

It is noteworthy that the annual inflation in Iraq rose significantly after raising the exchange rate of the dollar against the dinar in the 2021 budget .

 

It is noteworthy that all prices of materials and goods in the Iraqi market witnessed a significant increase, in conjunction with the devaluation of the dinar, which sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.

 

As for the legal expert, Salem Hawass, his opinion was completely different from that of Al-Tamimi, as he considered that the decisions of the Federal Supreme Court regarding the rise in the price of the dollar will be more directive than final.

 

Hawass said in a press statement, received by (Baghdad today), that "the lawsuit pending before the Federal Court regarding raising the dollar's price against the Iraqi dinar, which will be considered on the 14th of this month, will have more directive than final decisions, or an adjustment to the exchange rate, or an appeal not to The constitutionality of the law, because there is no legislation or law at all, or the so-called budget, except for a draft law that has not yet seen the light of day.”

 

He added, "The Federal Supreme Court has general and absolute jurisdiction in legal and constitutional matters if it is in violation of its duties under the provisions of Article 93 of the Constitution, but it is competent to monitor the constitutionality of laws and regulations in force, while the draft budget and others are still draft laws and this falls within the jurisdiction of the House of Representatives." More than the jurisdiction of the Federal Supreme Court ."

 

Hawass was surprised "by the proposal of some legal experts who go far from the jurisdiction of the court and before the birth of the budget law, as it still represents a draft law that has not yet been proposed, as stated in their statements that it may be challenged before the Supreme Federal".

 

He continued, "It is not possible, or even impossible, for the court to take a decision to reduce the dollar exchange rate to a specific and specific price, because that is not within its jurisdiction on the one hand, and because the rise and fall is not achieved by a judicial decision, but through economic laws, supply and demand, currency auction and a political decision on the other hand, and because the appeal It was not stated on the basis of a law or regulation, but rather on the basis of a draft law from a third party."

 

He explained, "This violates the provisions of Article 93 (clause first) of the constitution if the lawsuit is based on that project, and therefore I think that the court will direct Parliament and the relevant authorities to reduce the dollar to protect citizens and people with limited income, as it went in many of its decisions to the method of guidance and urged Parliament on it.

 

And between that and that, the final word remains for the Federal Court, which will decide on the matter, if it is in the interest of the claimants to return the price of the dollar, or in the interest of the government insisting on keeping it.

[6ly410]

Why Iraq cannot afford a Stronger Dinar

12th March 2022 https://www.iraq-businessnews.com/2022/03/12/why-iraq-cannot-afford-a-stronger-dinar/

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Why Iraq cannot afford a stronger dinar

While Iraq's political elites remain in deadlock over government formation, the value of the Iraqi dinar has reemerged as a source of contention over which to score populist points.

To this end, the parliament-upon the initiative of Deputy Speaker Hakem Al-Zameli of the Sadrist Movement-hosted Finance Minister Ali Allawi on Feb. 28 to address the exchange rate and the impacts of inflation on ordinary Iraqis.

The federal supreme court will on March 14 also host Allawi and the governor of the Central Bank of Iraq (CBI) based on a lawsuit that demands the strengthening of the dinar.

The CBI devalued the national currency in Dec. 2020 amid a severe drop in global crude prices, which threatened economic collapse given Iraq's heavy dependence on oil export revenues. The devaluation was highly unpopular as it resulted in an immediate increase in prices of imported goods.

[screwball]

1 hour ago, 6ly410 said:

Why Iraq cannot afford a Stronger Dinar

12th March 2022 https://www.iraq-businessnews.com/2022/03/12/why-iraq-cannot-afford-a-stronger-dinar/

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Why Iraq cannot afford a stronger dinar

While Iraq's political elites remain in deadlock over government formation, the value of the Iraqi dinar has reemerged as a source of contention over which to score populist points.

To this end, the parliament-upon the initiative of Deputy Speaker Hakem Al-Zameli of the Sadrist Movement-hosted Finance Minister Ali Allawi on Feb. 28 to address the exchange rate and the impacts of inflation on ordinary Iraqis.

The federal supreme court will on March 14 also host Allawi and the governor of the Central Bank of Iraq (CBI) based on a lawsuit that demands the strengthening of the dinar.

The CBI devalued the national currency in Dec. 2020 amid a severe drop in global crude prices, which threatened economic collapse given Iraq's heavy dependence on oil export revenues. The devaluation was highly unpopular as it resulted in an immediate increase in prices of imported goods.

those that want a weak currency and those that want the rate to return to 1970 value......

[screwball]

1 hour ago, 6ly410 said:

The federal supreme court will on March 14 also host Allawi and the governor of the Central Bank of Iraq (CBI) based on a lawsuit that demands the strengthening of the dinar.

https://www.skynews.com.au/australia-news/politics/treasurer-josh-frydenberg-attacks-albaneses-greenslabor-coalition-on-tax-policies/news-story/d0277cefb0827798a046b7bff1d2a583
love to know their legal arguments

[yota691]

Attention is turning to the Federal Court again

Thursday 10 March 2022522

 

 Baghdad: Shaima Rashid

 

The Federal Supreme Court is still deciding the lawsuits filed with it despite the criticism leveled at it by some of those affected by its decisions, and attention is turning again towards the court to know its ruling in the lawsuit regarding raising the dollar exchange rate.

In an interview with Al-Sabah, political analyst Jassem Al-Ghurabi said, "The court's decisions are clear and valid, and no party can not implement them. The ministers are held accountable for not carrying out orders, even if it is a caretaker government, because the Federal Court has the upper hand and is the highest authority in the country, and any decision or ruling issued by it is issued in accordance with a constitutional article that does not accept interpretation.

He added that "Parliament cannot exclude any decision from the court's decisions because the latter can dissolve it if it sees it not responding to its decisions," criticizing those who say that the court is politicized "as a very wrong thing because the court proceeds according to strong evidence and issues its rulings according to constitutional articles."

And he continued, "The court issues its decisions according to what it deems constitutional and appropriate to the situation, the last of which was the dismissal of the lawsuit filed against the prime minister assigning the new governor of Najaf, while the dollar's lawsuit was postponed after it listened to the authorities that filed the lawsuit from economists and jurists and demanded the attendance of the concerned authorities, namely the governor of the central bank and a minister Finance, because this issue reflected negatively on the Iraqi street, and there will be a decision on the issue,” he said, adding that “the court will rule to reduce the exchange rate to 135 thousand dinars, and this will reflect positively on the Iraqi street, especially since oil prices will rise more and may reach 300 dollars per barrel.” ".

Al-Gharabi praised "the government's recent decisions regarding the 100,000 dinars grant and the two food rations, as these steps reduced prices and changed many things."

Editing: Muhammad Al-Ansari

[yota691]

A statement from the Finance regarding raising the value of the Iraqi dinar

12 March 2022 | 13:54

Fourth - Baghdad 

Today, Saturday, the Ministry of Finance issued a statement regarding raising the value of the Iraqi dinar.

And the ministry stated in a statement it received (the Fourth), that "the writer Laheeb Hegel said that at a time when the political elites in Iraq are still facing a dead end regarding the formation of the government, the value of the Iraqi dinar has returned to form a source of contention that can be used to score populist points. And for that On February 28, the House of Representatives hosted Minister of Finance Ali Allawi, based on the initiative of the Vice President of the Sadrist Movement, Hakim al-Zamili, to address the exchange rate and the effects of inflation on ordinary Iraqi citizens.

 

And she continued, "Moreover, on March 14, the Federal Supreme Court will host Allawi and the Governor of the Central Bank of Iraq, following a lawsuit demanding the strengthening of the dinar."

She explained that "the Central Bank of Iraq devalued the national currency in December 2020 amid a sharp drop in crude oil prices globally, which threatened an economic collapse, especially since Iraq depends a lot on oil export revenues, and it must be noted that devaluation does not It is very popular because it leads to an immediate increase in the prices of imported goods.”

[yota691]

Finance issues a statement regarding raising the value of the Iraqi dinar

 

 

7,366 Economie 03/12/2022 21:52 Baghdad today -

Baghdad Today, Saturday, the Ministry of Finance issued a statement regarding raising the value of the Iraqi dinar. And the ministry stated in a statement received (Baghdad today), that "the writer Laheeb Hegel said that at a time when the political elites in Iraq are still facing a dead end regarding the formation of the government, the value of the Iraqi dinar has returned to form a source of contention that can be used to score populist points. Moreover, the House of Representatives hosted Minister of Finance Ali Allawi on February 28, based on the initiative of the Vice President of the Sadrist Movement, Hakim al-Zamili, to address the exchange rate and the effects of inflation on ordinary Iraqi citizens. And she continued, "Moreover, on March 14, the Federal Supreme Court will host Allawi and the Governor of the Central Bank of Iraq, following a lawsuit demanding the strengthening of the dinar." She explained that "the Central Bank of Iraq devalued the national currency in December 2020 amid a sharp drop in crude oil prices globally, which threatened an economic collapse, especially since Iraq depends a lot on oil export revenues, and it must be noted that devaluation does not It is very popular because it leads to an immediate increase in the prices of imported goods.”

[yota691]

Deputy: Referring the Minister of Finance to the judiciary on charges of corruption

Last updated:March 13, 2022 - 2:59 PM

 Baghdad / Iraq News Network - Member of Parliament Hadi Al-Salami revealed, on Sunday, that Finance Minister Ali Allawi was referred to the Public Prosecution, the Judiciary and the Integrity Commission for committing the crime of harming public money. It is related to the ration card vocabulary and support for vulnerable groups as a result of raising the dollar exchange rate.” He added that “after reviewing the merits of the situation, it was found that the Ministry of Finance did not allocate any amount for foodstuffs and vulnerable groups,” noting that “the entire file of corruption of the Ministry of Finance has been referred to the Public Prosecution and the authorities.” Judicial.” Al-Salami had confirmed earlier, that our first supervisory step is to refer the negligent ministers to the Public Prosecution and the Integrity Commission due to the presence of some violations due to suspicions of financial corruption.

[rvmydinar]

8 hours ago, yota691 said:

especially since Iraq depends a lot on oil export revenues, and it must be noted that devaluation does not It is very popular because it leads to an immediate increase in the prices of imported goods.”

Devaluation leads to increase the price of imported goods? Why was the CBI telling us this many times? Was the CBI regretting to make the wrong decision to devalue the IQD? Hasn't the CBI  been " studying more and more " about the side effect of devaluation in almost 19 years before they devalued it back in december 2020? Iraqi like to " study more and more " and " more study for too long " leads them to make a wrong decision.

[rvmydinar]

1 hour ago, yota691 said:

Deputy: Referring the Minister of Finance to the judiciary on charges of corruption

Corruption? No kidding. It wasn't the first time. Who dares to touch and punish corrupt malarki and his cronies? None of the most powerful people dare. Can sadr catch and punish the corrupt malarki?

[nannab]

  I'm shocked say it isn't so!

 

Thank ya Yota  

3 hours ago, yota691 said:

Finance Minister Ali Allawi was referred to the Public Prosecution, the Judiciary and the Integrity Commission for committing the crime of harming public money

 

[Half Crazy Runner]

On 3/11/2022 at 11:40 PM, 6ly410 said:

Why Iraq cannot afford a Stronger Dinar

Political gaslighting 

[yota691]

The Federal Court decides to postpone the lawsuit to raise the dollar exchange rate to the fourth of next April

• Time: 03/14/2022 13:50:01
•  
• Reading: 884 times

  

{Political: Al Furat News} The Federal Supreme Court decided to postpone the case for raising the dollar exchange rate until the fourth of next April.

The court was scheduled to consider in its session today, Monday, 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 per 100 US dollars.

In the previous session, the Federal Court decided to inform the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session.

[yota691]

Iraq.. Postponing the hearing of the lawsuit to restore the dollar exchange rate to its previous

The Federal Supreme Court of Iraq

 March 14, 2022 02:25 PM

Mubasher: The Federal Supreme Court of Iraq decided, today, Monday, to postpone the hearing of the case numbered (32/Federal/2022); Concerning the exchange of the US dollar in relation to the Iraqi dinar to its predecessor by 120 thousand Iraqi dinars for every 100 US dollars.

The decision of the Federal Supreme Court stipulated the postponement of hearing the case until April 4, 2022, according to the Iraqi News Agency.

The court decided, earlier, to postpone the hearing of the case to the session of March 14, 2022; For the purpose of informing the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session.

On December 19, 2020, the Central Bank of Iraq announced the  adjustment of the dollar exchange rate to the Iraqi dinar  from 1190 dinars per dollar to 1450 dinars per dollar as the purchase price of foreign currency from the Ministry of Finance, and 1460 dinars per dollar as the sale price of foreign currency to banks. Finally, 1470 dinars per dollar as the selling price of foreign currency to the public.

[screwball]

9 hours ago, yota691 said:

Iraq.. Postponing the hearing of the lawsuit to restore the dollar exchange rate to its previous

The Federal Supreme Court of Iraq

 March 14, 2022 02:25 PM

Mubasher: The Federal Supreme Court of Iraq decided, today, Monday, to postpone the hearing of the case numbered (32/Federal/2022); Concerning the exchange of the US dollar in relation to the Iraqi dinar to its predecessor by 120 thousand Iraqi dinars for every 100 US dollars.

The decision of the Federal Supreme Court stipulated the postponement of hearing the case until April 4, 2022, according to the Iraqi News Agency.

The court decided, earlier, to postpone the hearing of the case to the session of March 14, 2022; For the purpose of informing the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session.

On December 19, 2020, the Central Bank of Iraq announced the  adjustment of the dollar exchange rate to the Iraqi dinar  from 1190 dinars per dollar to 1450 dinars per dollar as the purchase price of foreign currency from the Ministry of Finance, and 1460 dinars per dollar as the sale price of foreign currency to banks. Finally, 1470 dinars per dollar as the selling price of foreign currency to the public.

well if you have no rate change by april 30 then kiss it goodbye unitl next year!!!!

[horsesoldier]

Reckon the folks ain't gonna be very pleased with Sadr now are they ?

 

Honestly this comes as no surprise. Way too much sand bagging & foot dragging the entire 1st Quarter of 2022.

 

Until next year... maybe.

[Dinarrock]

9 hours ago, yota691 said:

The Federal Court decides to postpone the lawsuit to raise the dollar exchange rate to the fourth of next April

• Time: 03/14/2022 13:50:01
•  
• Reading: 884 times

  

{Political: Al Furat News} The Federal Supreme Court decided to postpone the case for raising the dollar exchange rate until the fourth of next April.

The court was scheduled to consider in its session today, Monday, 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 per 100 US dollars.

In the previous session, the Federal Court decided to inform the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session.

Yes of course they did worthless POS!! 

[screwball]

10 hours ago, yota691 said:

Monday, 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 per 100 US dollars.

I would love to know if this is really about returning the rate to its former glory.

"regarding the re-exchange of the US dollar in relation to the Iraqi dinar"

[Spartakus]

They've stated 120k dinar to a $100 US

[Stelardoc]

1 hour ago, screwball said:

well if you have no rate change by april 30 then kiss it goodbye unitl next year!!!!

Well that is the 2nd day into Ramadan so I guess "they' say they are working or

having a hearing during Ramadan

I dunno a lot of smoke AGAIN!

Smoke get's in my eyes but

Too often that smoke get's blown up my rear end 🤪

So ready for a RV fire for all of us

[horsesoldier]

They're either throwing a lot of cold 🥶 water on this issue to confuse everyone ( I'm about as confused with these people as I ever wanna be )...OR, they're dead serious about kicking this can so very far down the road, they will have missed thier golden opportunity/ reforms and everything else they were thumping their chests about 2022 will have been flushed down the toilet--which is really gonna make the general population as angry as an angry people have something the be REALLY angry about.

They'll probably turn on the government ( seeing as they were " promised " quite allot ).

That's gonna make what happened to Frankenstein against the townspeople with pitchforks & torches look like a friendly weenie roast compared to what an entire population is gonna do to this government.

These people have been pushed around,minimized,ignored & murdered for a very long time.