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After a long wait, the Ministry of Finance finally publishes the instructions for implementing the budget


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Dollar crisis

The Parliamentary Finance ends a meeting with the Governor of the Bank. These results

The Parliamentary Finance ends a meeting with the Governor of the Bank. These results

  

Baghdad - NAS  

The Finance Committee, headed by Atwan Al-Atwani and attended by its members, hosted on Monday, the Governor of the Central Bank Ali Al-Alaq, on discussing the banking sector and the rise in exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks.  

  

  

According to a statement by the media department, a copy of which was received by NAS (July 24, 2023), "the chairman of the committee, during the hosting, which was attended by a number of deputies of other committees, welcomed the governor of the Central Bank," stressing that "there is optimism in the process of reforming the economic reality and managing funds, and the path of controlling the exchange rate, adding: We hope to achieve economic stability and improve performance," pointing out that "there is a problem related to the existence of sanctions imposed on some banks, which leads to challenges that must be faced and the need to find measures is capable of controlling the labor market and the exchange rate."  

  

For his part, Ali Al-Alaq reviewed "a number of issues related to the work of the Central Bank and monetary policy, indicating that the mission of the Central Bank is to achieve monetary stability and control prices, and explained that a balance must be created between supply and demand for foreign currency, and to monitor the monetary currency entering and leaving through the ports and emphasizing its entry in an original manner, adding that the general principle of monetary stability is the link between the exchange rate and cash, noting that the problem lies in the increase in demand for currency, while the bank provides currency through the platform, Stressing his readiness to cooperate in order to get out of the crisis."  

  

The members of the committee asked a number of "questions regarding the reasons for the rise in exchange rates, the sanctions imposed on some banks, and what are the procedures followed by the Central Bank to find out the details, with the importance of developing radical solutions to that crisis."  

  

The remarks focused on "the need to follow a monetary policy concerned with achieving economic packages that meet the requirements of the labor market, determining the number of banks accredited by the Central Bank, and finding clear plans to address the financial situation, as the most affected is the Iraqi citizen and the poor groups, as well as how to protect the Iraqi dinar, and monitoring exchange companies, in addition to procedures for dealing with banks, stressing the importance of concerted efforts to support the financial institution and avoid the results of the stage."  

  

At the end of the meeting, the Finance Committee stressed "supporting the decisions taken by the government so that they are in the general interest of the country and build a developed financial and economic system."  

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A closed parliamentary meeting with the Governor of the Central Bank. That's why

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Baghdad /NinaThe Parliamentary Finance Committee held a closed meeting on Monday with the Governor of the Central Bank of Iraq Ali Al-Alaq, to discuss the repercussions of the observed rise in the exchange rate of the currency "dollar" against the Iraqi dinar, and a statement of the Central Bank's procedures to control the exchange rate in the local market.
 

 

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Parliamentary Finance hosts the Governor of the Central Bank to discuss the issue of dollar exchange

 

2472023327800_upload_1690192586_1760068061.jpeg
 

PM:01:28:24/07/2023

 
 
On Monday, the Parliamentary Finance Committee hosted the Governor of the Central Bank Ali Al-Alaq to discuss the issue of dollar exchange.
 
The NRT correspondent stated that "the committee hosted the governor of the Central Bank Ali Al-Alaq to discuss the issue of dollar exchange and the mechanism of the Central Bank's work to control the market."
 
While a member of the committee, Saad Awad Al-Tobi, confirmed that "the committee has prepared a program to host a number of officials, including the directors of Al-Rasheed and Al-Rafidain banks," noting that "the hosting aims to discuss the fees and interest imposed on borrowers, whether decreasing or fixed, which sometimes amounts to double the loan received by the citizen."
 
It is noteworthy that Prime Minister Mohamed Shia al-Sudani, "directed last night to compensate those who buy dollars at the unofficial rate by deducting the financial difference from banks and exchange companies that sold the dollar at more than its scheduled price after the purchase from those companies is proved."
 
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Central Bank Governor: The problem of the exchange rate lies in the increase in demand

3 hours ago

 

 
 
The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed that the problem of the exchange rate lies in the increase in demand for currency, while the bank provides currency through the platform, stressing its readiness to cooperate in order to get out of the crisis.
 
This came to be hosted by the Finance Committee headed by Atwan Al-Atwani, on Monday (July 24, 2023), the Governor of the Central Bank, Mr. Ali Al-Alaq, regarding the discussion of the banking sector, the rise in the exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks, according to a statement by the House of Representatives.
 
The hosting came at a time when the exchange rate of the dinar reached 1535 dinars against the dollar in Baghdad, before noon today.
 
 
The chairman of the committee considered that "there is optimism in the process of reforming the economic reality, managing funds, and the path of controlling the exchange rate."
 
He expressed his hope to "achieve economic stability and improve performance," pointing out that "there is a problem related to the existence of sanctions imposed on some banks, which leads to challenges that must be faced and the need to find measures to control the labor market and the exchange rate."
 
For his part, Ali Al-Alaq reviewed a number of issues related to the work of the Central Bank and monetary policy, indicating that the mission of the Central Bank is to achieve monetary stability and control prices.
 
"It is necessary to strike a balance between supply and demand for foreign currency, and to monitor the cash currency entering and leaving through the ports and emphasizing its entry in an original manner," he said.
 
Ali Al-Alaq said that the general principle of monetary stability is "the link between the exchange rate and cash," adding that "the problem lies in the increase in demand for currency, while the bank provides currency through the platform, stressing its readiness to cooperate in order to get out of the crisis.
 
The observations of the members of the committee focused on "the need to follow a monetary policy concerned with achieving economic packages that meet the requirements of the labor market, determining the number of banks accredited by the Central Bank, and finding clear plans to address the financial situation, as the most affected is the Iraqi citizen and poor groups, as well as how to protect the Iraqi dinar, and monitoring exchange companies, in addition to procedures for dealing with banks, stressing the importance of concerted efforts to support the financial institution and avoid the results of the stage."
 
At the end of the meeting, the Finance Committee stressed support for the decisions taken by the government so that they are in the general interest of the country and build a developed financial and economic system.
 
On July 20, the Central Bank of Iraq confirmed that depriving Iraqi banks of dealing in dollars came against the backdrop of auditing bank transfers for the past year and before the application of the electronic platform, and the formation of the current government, stressing that transfers are available and secured.
 
The bank's statement came after the United States banned 14 Iraqi banks from dealing in dollars, according to the Wall Street Journal, citing US officials, following their involvement in "money laundering and fraud."
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So I get the sick feeling like here we are again with Maliki calling the shots with His puppet at the helm of the CBI again. I know they've come a long way...But tell me there's more to it right now than what I'm thinking.

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Parliamentary Finance for Nina: These are the results of the meeting with the Governor of the Central Bank on the "dollar exchange rate"

1066774-54769700-74d1-4d20-95c2-4f72cd7b
Baghdad /Nina/ The Parliamentary Finance Committee revealed the details of its meeting with the Governor of the Central Bank of Iraq Ali Al-Alaq, on Monday, on the repercussions of the significant rise in the exchange rate of the currency "dollar" against the Iraqi dinar.
The deputy chairman of the committee, Ahmed Mazhar al-Jubouri, said in a statement to the Iraqi National News Agency //
that "the general budget law adopted an exchange rate of "1300 dinars per dollar," but so far there are accelerated jumps to the parallel exchange rate in the local market, so we asked the host of the governor of the bank to ask him about the feasibility of addressing this file, which imposes on the Central Bank the readiness to work at the official exchange rate in accordance with the law sent by the government months ago at that time.
He added, "The government committed itself to the official exchange rate in the general budget law, and the House of Representatives is committed to implementing all the provisions of the law, so we asked about the Central Bank's plan to control the exchange rate and what are the governor's measures to face the repercussions of speculation between the parallel exchange rate and the official rate."He
explained that "the Parliamentary Finance Committee, since the adoption of the budget law until now, has not found any real and clear seriousness by the Central Bank and the Governor to work towards controlling the rhythm of the currency exchange rate," noting that "the committee will meet again and there will be continuous hosting of the management of the Central Bank and bank managers to evaluate the banking sector's procedures for the exchange rate."

 
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5 minutes ago, 6ly410 said:

Parliamentary Finance for Nina: These are the results of the meeting with the Governor of the Central Bank on the "dollar exchange rate"

1066774-54769700-74d1-4d20-95c2-4f72cd7b
 "the Parliamentary Finance Committee, since the adoption of the budget law until now, has not found any real and clear seriousness by the Central Bank and the Governor to work towards controlling the rhythm of the currency exchange rate," 
 

"has not found any real and clear seriousness!"   Okey Dokey, they know way more about it than me....I suppose!

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7 hours ago, HowieC said:

So I get the sick feeling like here we are again with Maliki calling the shots with His puppet at the helm of the CBI again. I know they've come a long way...But tell me there's more to it right now than what I'm thinking.

There is more. The central banks corruption (globally) is being exposed to the public. This is part of the great awakening. The central banks will not be a part of the qfs. The only way the cbi will give us our blessing is if the new cbi governor is part of the white hats and is working behind the scenes and is setting everything up for the global currency reset.  Until we see arrests, market collapses, fake ww3 and Trumps return etc, we won't see our reset. End of August is when the brics nation's have their meeting in S Africa. If they announce their switching to their gold backed currencies immediately, the usd will begin its slide to zero and things will get very interesting. 

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Today the Federal Court is considering the contested budget articles

Articles of the budget challenged by the government
 
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Zagros Arabia - Erbil

Today, Tuesday (July 25, 2023), the Federal Court announced that it will consider the contested budget materials from the government.

 

The court said in a statement that it “will consider today the case No. (153 / federal / 2023) regarding the appeal submitted by the government in Articles: ((2/first/8/c/6) and (the phrase (at his request – mentioned in Article 16/second), 20/sixth, 28/fourth/a, b, 57/first/c, 62/fourth, 63/third, and 65/second. And 70/Second, 71, 72, and 75)) of Law No. (13) for the year 2023 - the federal general budget of the Republic of Iraq for the fiscal years (2023, 2024, and 2025).

 

 And the Federal Supreme Court issued, on (July 12, 2023), a state order to suspend some articles of the budget law.

 

The court said in a statement, that it “issued a state order No. (153 / federal / state order / 2023) on 7/12/2023 that included stopping the implementation of the following articles: Article ((28/ fourth: a-b) and (57/ first-c), (65/ second), (70/ second), (71) and (75) of Law No. (13) of 2023 (the federal budget) of the Republic of Iraq for the fiscal years (2023 – 2024 – 2025) until the constitutional lawsuit filed before this court to challenge its constitutionality registered in the number (153 / federal / 2023) is decided.

 

 On July 3, 2023, the head of the Iraqi government, Muhammad Shia al-Sudani, demanded that the court issue a state order to stop the implementation of these articles, until the case is resolved, and the ruling is unconstitutional and invalid.

 

Published documents indicated that the House of Representatives received, on (June 26, 2023), a notification of the petition.

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  • Time: 07/25/2023 12:07:59
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Parliamentary Finance expects the Federal Court to accept budget appeals
  
{Economic: Al Furat News} The Parliamentary Finance Committee expected that the Federal Supreme Court, in its session today, Tuesday, would accept the appeals submitted by the government in some articles of the tripartite financial budget law.
 

Committee member Mueen Al-Kadhimi told Al-Furat News agency: "We expect that the first opinion on the basis of which the procedures were stopped will be taken because the materials that were appealed against bear financial burdens and interfere with the government's work, and it is possible that there will be judicial support for six out of the 12 paragraphs that were appealed."

 

He added, "The delay in issuing budget instructions was due to the appeal to the law, as either the Ministry of Finance sends instructions for 78 paragraphs in the budget if all appeals are rejected, or 72 paragraphs if the Federal Court accepts 6 appeals."

 

The Supreme Judicial Council announced this morning, Tuesday, that the Federal Supreme Court is hearing today the case No. (153 / Federal / 2023) regarding the appeal submitted by the government in Articles: ((2 / first / 8 / c / 6) and (the phrase (at his request – mentioned in Article 16 / second), 20 / sixth, 28 / fourth / a, b, 57 / first / c, 62 / fourth and 63 / third. And 65 / second and 70 / second and 71, 72 and 75)) of Law No. (13) for the year 2023 - the federal general budget of the Republic of Iraq for the fiscal years (2023, 2024 and 2025).

 

Raghad Daham

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money and business
   

Economy News - Baghdad
A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed, on Wednesday, that the state order to suspend work on some articles of the 2023 budget, which was challenged by the government, is still valid.

Cougar added, "The articles that were challenged are not directly related to the lives of citizens and will not stop the government's work, but they remain important legislation."

"The committee is awaiting the Federal Court's decision in this regard," Cougar said in an interview with "Al-Ghad Press" agency, followed by "Al-Iqtisad News".

 
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Added 07/26/2023 - 6:18 PM
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Alsumaria News - Economy

Alsumaria News publishes, today, Saturday, July 29, 2023, the exchange rates of the dollar in the Iraqi local markets.

Baghdad
153,100

Basra
153,150
Erbil
153,300
 
Economists expected the continuation of the dollar crisis. This also comes after Washington imposed sanctions on 14 Iraqi banks, in a crackdown on Iran's dealings in dollars.
 
The Iraqi parliament moved to address the crisis, and the Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, to also discuss the bank's measures to stabilize currency prices.

Almost since the beginning of this year, the Central Bank of Iraq launched a working mechanism in an electronic platform and the international financial transfer system "SWIFT", but this did not help the dollar exchange rates to stabilize in Iraq, despite the attempts of the government and the central bank to control the exchange rate in the parallel (black) markets. ).
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Parliamentary Finance: Working with the budget law will contribute to an increase in the value of the dinar

Economy

12:28 - 2023-07-28

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The Parliamentary Finance Committee confirmed that there is no official justification for the rise in the value of the dollar against the dinar, while attributing the occurrence of the problem to the lack of dollar supply and rumors prevailing in the market.


Committee member Dr. Nermin Maarouf said that the lack of dollar supply by the Central Bank and the rumors circulating in the market and social networking sites affected the decline in the value of the Iraqi dinar against the US dollar, but in conclusion there is no official decision to raise the value of the dollar against the dinar, suggesting the rise in the value of the dinar. In the near future.


The representative of the National Union parliamentary bloc added that the Iraqi government is forced to put the dollar in its possession from the sale of oil to the market and replace it with dinars, in order to distribute salaries and complete projects, which leads to an increase in the supply of the dollar in the market and thus a decrease in its value, noting that the entry into force of the budget law He, too, will contribute to the rise in the value of the dinar against the dollar, because according to the Federal Budget Law, the price of one hundred dollars has been set at one hundred and thirty thousand dinars.

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Parliamentary Finance: The budget will be implemented within the next few days

Economy

10:57 - 2023-07-27

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The Parliamentary Finance Committee confirmed, on Thursday, that the federal budget law for the next three years will enter into force during the next few days, pointing out that sub-committees have been formed to monitor exchange operations.

Committee member Muhammad Nuri said in a press interview, "The budget instructions have now reached the State Shura Council," noting that "the budget will be implemented within the next few days."

He explained that "Parliament will have an important responsibility, which is to monitor the executive performance, to follow up on the movement of funds and projects, and to work to maintain services."

He pointed out that "the concerned parliamentary committees will follow up the file of contracts and owners of 2/10, as well as all job grades approved by the House of Representatives within the budget law."

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