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Collecting more than 100 signatures .. a parliamentary move to reduce the dollar exchange rate - Urgent


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Don't know I saw the article on another site. economic expert Salama Sumaisem confirmed today Friday 6/24/22, that there is no possibility of restoring the dollar exchange rate before the completion of five years, according to the white paper program.

Said was statement in Baghdad Today. Confusion  on their jeberish. Quote  The work of the  white paper was determined by a period of 5 years, one of which remained and 4 years remained" she Sumaisem added "The collection of parliamentary signatures to restore the exchange rate will not change anything."

Rather, it is just attempts by some members of Parliament to change the exchange rate, but in the end it will not change before the specified 5 years."

So if someone can get a hold of the white paper program will give more details of actual dates.

 

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1 hour ago, edbeach said:

Don't know I saw the article on another site. economic expert Salama Sumaisem confirmed today Friday 6/24/22, that there is no possibility of restoring the dollar exchange rate before the completion of five years, according to the white paper program.

Said was statement in Baghdad Today. Confusion  on their jeberish. Quote  The work of the  white paper was determined by a period of 5 years, one of which remained and 4 years remained" she Sumaisem added "The collection of parliamentary signatures to restore the exchange rate will not change anything."

Rather, it is just attempts by some members of Parliament to change the exchange rate, but in the end it will not change before the specified 5 years."

So if someone can get a hold of the white paper program will give more details of actual dates.

 

well its a lie because the white papers was written well over 5 years ago.....

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covid has presented the perfect storm for a change in rate, its caused food shortages, unemployeent, and rising fuel prices even for iraqis and in inflation so now would be the time to remove the zeros from the exchange rate, adjust incountry pricing of goods and introduce lower denoms.

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with a deep awareness and recognition of the urgent need that implementation of the core economic reforms can no longer be postponed or carried forward.” We can no longer hope that oil prices will somehow rise again and give us the fiscal space to continue with business as usual, they conclude.

 

What the white paper calls “urgent remedies” to apply in the immediate and medium term (three to five years) in order to “shift the ailing economy from the intensive care unit to the intermediate care ward” focus on structural reforms in state institutions that, in an ideal world, would usher in a new and vibrant economy with a viable and sustainable state structure. What it lacks is the vehicle to transition from the current state of dilapidation to a new state of a recovering economy and state.

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What the paper doesn’t predict is that in the next 6-12 months, and possibly beyond, we could see a worsening of the crisis with both current and future governments trying to adjust oil production and revenues in an effort to contain public discontent.

 

riots and now they are calling for an adjustment in rate??? hmmmmm....

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https://www.iraq-businessnews.com/2020/11/05/english-language-summary-of-iraqs-white-paper/

 

Two strategic goals 

The White Paper identifies two overarching strategic objectives.

  1. The first is to initiate an immediate reform programme to address the budget deficit to create a fiscal space to give time for the process of implementing the other wider reforms over the medium term.
  2. The second objective is to put the economy and the federal budget on a sustainable path, after which Iraqis can decide and choose the economic direction of the country.

The White Paper anticipates that the short and medium-term objectives and associated reforms will require between 3 to 5 years to implement.

 

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The reform pillars

The White Paper identified five key pillars for the reform programmes:

1- Achieving sustainable financial stability

Key reforms include:

  • Reducing the deficit from 20% to 3% of GDP and expenditure on salaries from 25% to 12.5% of the federal budget
  • Collecting electricity tariffs from all users based on the real price of fuel on global markets
  • Recovering and returning Iraq's smuggled and stolen money
  • Increasing revenues from customs and taxes
  • Reforming Iraq's Pensions Fund and move to gradually end federal budget support
  • Reforming financial management systems
  • Reviewing the current exchange rate of the dollar against the dinar
2- Implementing strategic reforms and creating sustainable job opportunities

Key reforms include:

  • Modernising and rehabilitating the financial sector
  • Modernising and rehabilitating the banking system, supporting the development of private banks, reforming government banks and introducing and activating the Core Banking System in Al-Rafidain and Rasheed Banks
  • Expediting the development of e-banking services
  • Establishing new trading markets, such as a commodity market and a currency exchange market (Forex)
  • Supporting the sectors that drive the economy, such as agriculture, oil and gas
  • Introducing a private sector support fund, simplifying procedures, and providing other non-financial aid
  • Creating job opportunities in the private sector and supporting small and medium enterprises
  • Adopting a national strategy for education and training that links educational outcomes with the future need for the labour market
3- Improving basic infrastructure

Building Iraq's digital infrastructure is a key aim of the White Paper.

Key reforms include:

  • Increasing the effectiveness and improving the performance of all parts of Iraq's electricity sector
  • Developing Iraq's digital infrastructure, including the introduction of advanced technology (4G) at the beginning of next year, and preparing for the introduction of (5G) technology
  • Modernising the legal and regulatory framework of the transport sector, and encourage private investment in transport
  • Developing industrial cities and free zones in Iraq
4- Providing basic services and protecting vulnerable groups during and after the reform process

The reforms aim at establishing a unified and financially sustainable pension system for all Iraqis whether they are working in the public, private, cooperative or mixed sector. The White Paper for Economic Reforms

Key reforms include:

  • Improving water supply for both drinking and irrigation and complete sanitation projects and networks
  • Building 1,000 new schools during the period of the reform programme
  • Reforming the social security system
  • Establishing a unified and financially sustainable pension system for all Iraqis whether they are working in the public, private, cooperative or mixed sector
  • Completing and implementing the draft health insurance law to ensure that all Iraqis have access to essential health services
5- Improving governance and introducing changes to the legal framework to enable institutions and individuals to implement reforms
  • Reviewing and amending the official guidance in relation to government contracts
  • Introducing e-governance systems to strengthen oversight of government contracting and the collection of taxes and customs
  • Working with specialist investigative international organisations to return the large sums of money smuggled out of Iraq
  • Introducing an electronic governance system in the field of government contracting and tax and customs collection
  • Completing the project establishing the National Information Centre to facilitate the introduction of government e-services to citizens, and automate the procedures for obtaining key documents  such nationality and passports and accessing pensions and social security
  • Introducing electronic signature and transactions throughout the public administration system and phasing out paper transactions

A detailed implementation plan of White Paper will be published later to outline the required process, identify key stakeholders and establish timelines and monitoring mechanisms.

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1 minute ago, screwball said:

A detailed implementation plan of White Paper will be published later to outline the required process, identify key stakeholders and establish timelines and monitoring mechanisms.

this they do not have

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8 hours ago, edbeach said:

According to the white papers they have a agreement in writing approved by the goverment & parliament no changes in the exchange rate for 5 years. So this will sure put a damper on changing this before 5 years. If they are not able make any changes to exchange rate for 5 years then they are trying pull something so people won't releaize what the real agreemnet is that can not be broken and there. don't have any access to this white paper. JMO

I won't believe what they said.  They like to talk talk talk and finally BS. It is easy for them to devalue ( back in december 2020 ) n however, it is very hard ( almost 19 years ) to revalue the IQD. I prefer them not talk too much too many times and one day , just suddenly BOOM they rv the IQD.

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The National Approach Bloc Reveals A Parliamentary Movement To Reduce The Price Of The Dollar

06/26/2022
43
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Earth News/ The National Parliamentary Al-Nahj bloc revealed today, Sunday, a parliamentary movement in order to reduce the price of the dollar and return it to its previous price.

The representative of the National Nahj bloc, Ahmed Taha Al-Rubaie, said in an interview with Earth News, "The clear financial abundance as a result of the rise in global crude oil prices and the increase in export quantities in Iraq is supposed to reflect positively on various segments of society."

Al-Rubaie added, “The most important point through which citizens can feel the impact of this recovery, the rise in oil prices, the impact of crude oil revenues, and the reduction of dollar prices,” noting that “raising the dollar’s price has harmed various segments of society, whether they are rich, poor, merchants, earners and others.”

Al-Rubaie continued, "There is a clear movement among most members of Parliament and the blocs in the direction of reducing the price of the dollar and returning it to what it was or close to the previous figure in order for the citizens to feel the positive impact of that and relieve them of the burdens of high international prices and the great pressure as a result of wars and others, as well as the noticeable increases in various global commodities.

And Al-Rubaie said, "We expect that the movement of members of the House of Representatives will bear fruit, and the dollar price will be reduced by putting pressure on the Ministry of Finance and the Central Bank of Iraq."

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 2022-06-26 09:44
 

 

Shafaq News/ On Sunday, the Parliamentary Finance Committee denied what was recently reported about Parliament's efforts to restore the exchange rate of the dollar to its previous level, 1200 Iraqi dinars for every US dollar.

Committee member Jamal Cougar told Shafaq News Agency, "It is very difficult to restore the dollar exchange rate to its previous state, and this matter is not one of the tasks of the House of Representatives, and it is not true according to a number of reasons, including that changing the exchange rate is one of the exclusive powers of the Central Bank of Iraq." and to the Ministry of Finance.

He added, "The economic situation is not as some are talking about, that is, despite the financial surplus achieved from the rise in oil prices, there is a debt owed by Iraq in favor of foreign and internal banks of no less than 100 trillion dinars, in addition to some hateful debts as a result of the Gulf War."

He pointed out that "the rise in oil prices is not stable, but rather came as a result of the war crisis between Russia and Ukraine, meaning when the war stops and things return to their normal state, oil prices will drop."

Cougar continued, "As a government and parliament, we failed to limit the excessive increase in reducing the operating budget, meaning that most of the state's resources go to the operational, and therefore no matter how much our financial resources increase, they are not enough to fill the operating budget and allocate a good part to the investment budget, and if we change the dollar exchange rate, this means Adding 23% to the state budget as a difference in the exchange rate, will also create an unnatural state of confusion in the market.

And he added, "Changing the exchange rate will generate compensatory claims by the owners of some investment projects contracted for the benefit of the state, meaning that the affected investor will demand compensation, and therefore what some are promoting about the possibility of the House of Representatives issuing decisions that restore the dollar exchange rate are nothing but auctions and titillation for the feelings of the Iraqi street."

Regarding the Emergency support Law for Food Security and Development, Cougar explained, "The Food Security Law, in accordance with the article included in it, which requires the implementation of the law on the same day it is voted on, at a rate of 50% of the total amounts allocated to it, and therefore it has entered into force and according to the exchange sections that included it."

Cougar ruled out passing the country's general budget law without forming a government, and that the latter is still subject to the consensus of the political forces on its formation, because the withdrawal of the Sadrist bloc from the political process confused the matter and therefore it is difficult to predict how the mechanism of forming the next government will be.

Some members of the House of Representatives had promoted in statements about the possibility of returning the dollar exchange rate to what it was before.

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.

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Would someone dumb it down a little for me please and tell me what market will be confused by lowering the exchange rate. 
I’ve read several articles saying this but can’t figure out what market their referring too. 
Are they referring to the ISX or the CBI daily auctions or maybe the money exchangers on the street corners. 
If they are referring to any of the mentioned it has absolutely nothing to do with the majority  of the poor citizens of Iraq. 
 

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3 hours ago, yota691 said:
 
 2022-06-26 09:44
 

 

Shafaq News/ On Sunday, the Parliamentary Finance Committee denied what was recently reported about Parliament's efforts to restore the exchange rate of the dollar to its previous level, 1200 Iraqi dinars for every US dollar.

Committee member Jamal Cougar told Shafaq News Agency, "It is very difficult to restore the dollar exchange rate to its previous state, and this matter is not one of the tasks of the House of Representatives, and it is not true according to a number of reasons, including that changing the exchange rate is one of the exclusive powers of the Central Bank of Iraq." and to the Ministry of Finance.

He added, "The economic situation is not as some are talking about, that is, despite the financial surplus achieved from the rise in oil prices, there is a debt owed by Iraq in favor of foreign and internal banks of no less than 100 trillion dinars, in addition to some hateful debts as a result of the Gulf War."

He pointed out that "the rise in oil prices is not stable, but rather came as a result of the war crisis between Russia and Ukraine, meaning when the war stops and things return to their normal state, oil prices will drop."

Cougar continued, "As a government and parliament, we failed to limit the excessive increase in reducing the operating budget, meaning that most of the state's resources go to the operational, and therefore no matter how much our financial resources increase, they are not enough to fill the operating budget and allocate a good part to the investment budget, and if we change the dollar exchange rate, this means Adding 23% to the state budget as a difference in the exchange rate, will also create an unnatural state of confusion in the market.

And he added, "Changing the exchange rate will generate compensatory claims by the owners of some investment projects contracted for the benefit of the state, meaning that the affected investor will demand compensation, and therefore what some are promoting about the possibility of the House of Representatives issuing decisions that restore the dollar exchange rate are nothing but auctions and titillation for the feelings of the Iraqi street."

Regarding the Emergency support system" rel="">support Law for Food Security and Development, Cougar explained, "The Food Security Law, in accordance with the article included in it, which requires the implementation of the law on the same day it is voted on, at a rate of 50% of the total amounts allocated to it, and therefore it has entered into force and according to the exchange sections that included it."

Cougar ruled out passing the country's general budget law without forming a government, and that the latter is still subject to the consensus of the political forces on its formation, because the withdrawal of the Sadrist bloc from the political process confused the matter and therefore it is difficult to predict how the mechanism of forming the next government will be.

Some members of the House of Representatives had promoted in statements about the possibility of returning the dollar exchange rate to what it was before.

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.

Did anyone pick up on this from Jamal Cougar of Parliamental Finance Committee who says despite the financial surplus achieved from the oil prices, there is a debt owed by Iraq in favor of foreign and internal banks of no less than 100 trillion dinars  let me repeat this debt owed of no less than 100 Trillion Dinars, so she is saying they can not lower the exchange rate  that some politicians are promoting  this its nothing but auctions and titillations for feelings of the Iraqi street. So this means if you not able to change this exchange rate there is no RV/RI and these so called guru's are full of shite. Plus what Pimpy and Kaperoni and Nadar is saying no RV/RI for 2 yrs or 3 yrs or no increase in the value of dinar for some time is more accurate than what the guru's like Frank 26 or Mark or mtn goat saying RV/RI next week or middle of July is full of lies as I have been saying. So I think its going take 5 to 10 years increase this value of dinar & getting Maliki's group out. 

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49 minutes ago, edbeach said:

Did anyone pick up on this from Jamal Cougar of Parliamental Finance Committee who says despite the financial surplus achieved from the oil prices, there is a debt owed by Iraq in favor of foreign and internal banks of no less than 100 trillion dinars  let me repeat this debt owed of no less than 100 Trillion Dinars, so she is saying they can not lower the exchange rate  that some politicians are promoting  this its nothing but auctions and titillations for feelings of the Iraqi street. So this means if you not able to change this exchange rate there is no RV/RI and these so called guru's are full of shite. Plus what Pimpy and Kaperoni and Nadar is saying no RV/RI for 2 yrs or 3 yrs or no increase in the value of dinar for some time is more accurate than what the guru's like Frank 26 or Mark or mtn goat saying RV/RI next week or middle of July is full of lies as I have been saying. So I think its going take 5 to 10 years increase this value of dinar & getting Maliki's group out. 

Everyone has their own opinion and thoughts on these matters. Time will tell. I'm not banking on anything happening today, this week or next but I'm not buying the 5-10 year theory either. The Central Bank has a date and it will be then. It will be without warning and it had been repeated said that there will be mixed messages about the time of an RI/RV. So why try to discourage people here while beating down others? Take life as it comes, that's all you can do anyway.  Just don't rain on other people's parade. Guru's speculate. That is their job...you're here for the same reason. Again, time will tell on itself, who is right. Meanwhile.

Why can't we be friends? 

 

 

 

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2 hours ago, Flamtap said:

Everyone has their own opinion and thoughts on these matters. Time will tell. I'm not banking on anything happening today, this week or next but I'm not buying the 5-10 year theory either. The Central Bank has a date and it will be then. It will be without warning and it had been repeated said that there will be mixed messages about the time of an RI/RV. So why try to discourage people here while beating down others? Take life as it comes, that's all you can do anyway.  Just don't rain on other people's parade. Guru's speculate. That is their job...you're here for the same reason. Again, time will tell on itself, who is right. Meanwhile.

Why can't we be friends? 

 

 

 

Great video !!

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1 hour ago, Flamtap said:

Everyone has their own opinion and thoughts on these matters. Time will tell. I'm not banking on anything happening today, this week or next but I'm not buying the 5-10 year theory either. The Central Bank has a date and it will be then. It will be without warning and it had been repeated said that there will be mixed messages about the time of an RI/RV. So why try to discourage people here while beating down others? Take life as it comes, that's all you can do anyway.  Just don't rain on other people's parade. Guru's speculate. That is their job...you're here for the same reason. Again, time will tell on itself, who is right. Meanwhile.

Why can't we be friends? 

 

 

 

I am glad you have an opinion just like this is just my opinion. Some people don't realize  or read what is going on I am just pointing out some things like others when it looks bad. If Maliki gets back in as pm lets see what you think  if he agains stop progress. This would have been over if Maliki had not stopped CBI governor Shabibi from RV in 2012. As far as guru's they have constantly given us false hope every week with a lot of BS knowing they not being truthful . I don.t see this as a parade when the guru's constantly stating info they know not true just so they can get people to read their bs so they can make money on lies. I don't see guru's speculate with us knowing what they say is wrong. I am base my 5 to 10 yrs if Maliki & his group takes over with the help of Iran being Iranian puppets for Iran. Again this is just my opinion like you making comments lets see how you feel if we end up aother 5-10 yrs . I certainly hope will not take this long 12 years has been long enough for me. You have a good day

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