My FX Buddies: Recent Episodes
Tish Washington
Iraqi news mostly regarding movement in the process of them increasing the value of their currency the Iraqi Dinar. Support this podcast: https://anchor.fm/tish-washington8/support
What are the consequences of Saudi Arabia’s decision on the global economy?
link to My FX Buddies Blog
Professor of Economics at Al-Maqal University, Nabil Al-Marsoumi, revealed the implications of Saudi Arabia’s decision not to renew the economic agreement with the United States of America.
Al-Marsoumi stated in a blog post followed by “Al-Eqtisad News” that “Saudi Arabia’s decision not to renew the economic agreement, known as the ‘Petro-Dollar’ agreement, which was signed with the United States in 1974 for a period of 50 years and related to pricing oil in dollars, would encourage other oil-producing countries to sell oil.” In currencies other than the dollar.
He added, “It is expected that this decision, if actually implemented, will weaken confidence in the dollar globally, decrease its value, raise interest rates, increase inflation levels, and weaken the US bond market.”
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Iraq is preparing to establish a project that will change the oil map.. Will it affect energy producers?
link to My FX Buddies Blogpost
“One of the problems that the project may face is the refusal by some pivotal regional countries to hinder Iraq’s attempts to diversify Iraqi oil export outlets towards the West, in addition to the security pressures and stability problems that still constitute an obstacle to the completion and success of any Iraqi project, let alone About the possibilities of opening new outlets for corruption inside and outside Iraq due to the high construction costs.
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Parliament asks the Presidency to approve the budget schedules
link to My FX Buddies Blog
M/ Parliamentary decision
good greeting ..
We are sending you Parliamentary Resolution No. (64) of 2024, voted on in session No. (27), held on 6/3/2024 of the first legislative term, third legislative year.
Fifth electoral cycle.
with respect
Accompaniments:
Parliamentary Resolution No. (64) dated 6/3/2024 0
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The Iraqi Securities Commission signs an agreement with the World Bank
link to My FX Buddies Blog
"The goal of the agreement is to enhance and develop the investment environment in Iraq by improving environmental, social, and governance regulations and frameworks to comply with international standards, enhancing the ability to implement and supervise their implementation in Iraq, and contributing to increasing investment attractiveness in the Iraqi stock market environment."
She continued: "To achieve this goal, there will be coordination with the Iraq Stock Exchange through the supervision of the Iraqi Securities Commission to develop an environmental, social and corporate governance guide to support improving the performance of listed companies, and put Iraq on the path towards a strong and sustainable economy."
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International Monetary Fund expects growth in the Iraqi economylink
The head of the International Monetary Fund mission in Iraq, Dr. Ghazi Shubaikat: There has been growth in the Iraqi economy in light of the reforms adopted by the government.
Shubaikat explained, in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that in conjunction with the reforms adopted by the government with the aim of creating realistic solutions to all economic problems, the Fund expects growth in the Iraqi macroeconomy, indicating that it sensed the seriousness of the Iraqi government in the field of achieving Economic reforms that strengthen the relationship with the Fund.
He added that the International Monetary Fund supports Iraqi reforms that achieve financial sustainability and keep Iraq away from any crises facing the oil market, especially since a country like Iraq needs large revenues to cover the needs of all sectors.
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Reconstructing Iraq: The role of banks in financing the future
link to My FX Buddies Blog
Germany's experience after World War II is an inspiring example of how banks can play a crucial role in the country's reconstruction. The KfW German Development Bank has contributed to financing many vital projects in Germany, such as rebuilding industrial and residential infrastructure, and providing financing for small and medium-sized companies.
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The House of Representatives sends the 2024 budget schedules to the Ministry of Justice - The Iraqi Factslink to My FX Buddies Blog
The Prime Minister stressed that "Iraq has many investment opportunities presented to international companies, welcoming the participation of British institutions and companies in various sectors, especially the sectors of energy, industry, agriculture, and other vital sectors."
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Parliamentary Finance fails to pass the budget schedules due to (a political decision)link
Committee member Mustafa Al-Karaawi said, in a statement followed by Mawazine News, that “the Finance Committee met today, with all its members, in order to vote as a final decision on amending the budget schedules, or passing them as they are, but in the last moments of the meeting the political decision came to postpone the vote until further notice.” Then the meeting ended without a decision being reached within the committee.”
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Iraqi Dinar: IBBC issues Major New Paper on De-Dollarisation of Iraq
link to My FX Buddies Blog
This revaluation of the dinar combined with restrictions on dollar transactions has also seriouslyinjured private sector businesses that were engaged in exporting. Previously, many contractsbetween international firms such as oil companies and their Iraqi employees and suppliers weredenominated and often paid in dollars. Iraqi employees and firms could then convert thesedollars into dinars at the parallel rate – currently about 1,500 ID/$. However, beginning is 2024,the GoI required, that regardless of the currency specified in contracts, payments will be made indinars only and at the official rate – 1,310 ID/$. Overnight, many Iraqi employees and firmssuffered about a 16% cut in compensation. Adjustment of payments to reflect the new currencyrealities may not occur until contracts are up for renewal which may not occur for up to fiveyears.
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Central Bank: The issuance of new monetary denominations will not affect the dinar exchange rate
link to My FX Buddies Blog
Brehi told Al-Ma’louma, “Issuing rumors on social media sites about the issuance of new monetary denominations aims to create a state of confusion in the Iraqi market.”
He added, "The Central Bank of Iraq is working according to well-studied plans, and there is no intention to issue new currencies in large or small denominations."
He explained, "If we assume that the central bank issues a new currency, this will not affect the exchange rate of the Iraqi dinar."
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The government sees clear indicators: the parallel dollar will be equal to the official one
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Saleh said in a press statement followed by “Baghdad Today” that “the price of the dollar will be 1320 dinars in the coming days,” noting that “the important factors that work to reduce the value of the US dollar against the Iraqi dinar in the parallel exchange market will remain centered on two important variables, the first of which is the rise Capabilities of operating banks to comply with external transfer rules.
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Al-Sudani: We will not let the projects stop in any governorate, and their completion will change the economic and social reality
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Prime Minister Muhammad Shiaa Al-Sudani stressed today, Thursday, that we will not let the projects stop in any governorate, indicating that their completion will change the economic and social reality of the governorate.
The media office of the Prime Minister stated, in a statement received by {Al-Furat News}, that “Al-Sudani chaired, in the Najaf Governorate building, a meeting of directors and officials of service departments and formations, during which the reality of services in the governorate was reviewed, and the most prominent problems and obstacles facing the progress of implementation of service projects.”
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Biden extends the state of national emergency EO 13303 in Iraq for an additional year
link to My FX Buddies Blog
Today, Monday (May 20, 2024), US President Joe Biden announced the extension of the national emergency in Iraq for an additional year.
Biden said in a letter addressed to the US Congress and published by the White House, “The obstacles to the orderly reconstruction of Iraq, restoring and maintaining peace and security, and developing political, administrative, and economic institutions in Iraq still constitute an extraordinary threat to the national security and foreign policy of Iraq and to the United States as well.”
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Sudani: General Budget Law No. 13 for the years 2023-2024-2025 has become effective
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Prime Minister Muhammad Shiaa Al-Sudani confirmed that the General Budget Law No. 13 for the years 2023-2024-2025, which was approved by Parliament and published in the Official Gazette last June, has become effective.
Al-Sudani pointed out in a press conference today, attended by the National Iraqi News Agency, that “Article 77, paragraph one, makes the provisions of the law effective for a period of 3 years, and paragraph two, obliges the Council of Ministers to send the budget tables to the House of Representatives.
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Iraq seeks collaboration with Amazon on data center to facilitate internet access
link to MY FX Buddies Blog
Iraqi Minister of Communications Hiyam al-Yasiri held talks with Amazon representatives on Thursday to explore avenues for collaboration on establishing a data center in the country.
The project, according to a statement from the Ministry of Communications, aims to improve internet affordability and access for Iraqi citizens.
The discussions focused on potential partnerships between the ministry and Amazon, including the possibility of an Amazon data center in Iraq.
"This facility would aim to deliver global internet content at competitive prices to Iraqi users," the statement said.
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Next Sunday: an extraordinary session of the Council of Ministers to discuss the budget schedules
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On Tuesday, Iraqi Prime Minister Mohammed Shia Al-Sudani chaired the 20th regular session of the Council of Ministers, in which the general situation in the country was discussed, along with several vital files included in the government program.
Al-Sudani's media office stated that the Prime Minister directed an extraordinary council session to be held next Sunday, May 19, to discuss the federal budget for 2024.
The current budget marks Iraq's largest in history, estimated at approximately $153 billion annually, with the Kurdistan Region anticipated to receive around 12.6% of the total.
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The dollar is reeling from a fatal blow and there are fears of a collapse of the dinar
link to My FX Buddies Blog post
The fluctuation in dollar prices and the rise in gold prices has significantly affected the contraction of the commercial market in terms of imports and purchases of goods, amid confusion in opinions between the return of the rise in green and its decline to the official price set by the state of 1,320 dinars per dollar.
The price of the dollar in the parallel market is currently 1,460 dinars, whether higher or lower than this rate.
The Central Bank of Iraq's cancellation of the currency {auction} window at the end of 2024 and Washington's sanctions on Iraqi banks have opened a door of doubts that will end up placing the dollar in the face of speculation, which will make it vulnerable to demand after the recovery of the Iraqi dinar with government orders that limited dealing in the dinar to restrict the movement of the dollar.
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The Iraqi Central Bank informs France of the plan to restructure government banks
link to My FX Buddies FX Blog
A statement from the bank stated that, “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the French Ambassador to Baghdad, Patrick Durel, and the meeting dealt with ways to strengthen banking relations between the two countries, and His Excellency the Governor gave a comprehensive explanation of the relations and economic conditions, as well as the government’s directions.” “In consolidating the foundations of the national economy and diversifying it in light of the state of security stability achieved in Iraq.”
The meeting also clarified "the plan to restructure government banks, which enjoys support and regular follow-up by the Prime Minister, indicating that this plan will change the map of the banking sector and its reality in Iraq."
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Simplifies account opening and transfer processes.. Al-Rafidain explains the importance of adopting a comprehensive banking system
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The bank's general manager, Ali Karim Hussein, told the Iraqi News Agency (INA): "Since we took over the management of the bank, Al-Rafidain Bank has begun activating the comprehensive banking system in its branches spread across government institutions and border crossings where the collection system is large."
He explained, "The comprehensive banking system will simplify the procedures for opening accounts as well as transfer operations, so that the customer will be able to manage his account without accessing the bank."
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Association of Banks: Depriving Iraqi banks of the dollar is temporary and will be lifted
link to My FX Buddies Blog
Tariq explained in a press statement that “an important part of the challenges facing the private banking sector is “depriving a group of banks from dealing in the US dollar.”
He pointed out that this deprivation “does not fall under sanctions, but rather stops the use of the dollar by banks,” stressing that it “negatively affects” these banks, noting that there is “a clear direction from the government and the central bank to solve these problems.”
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Al-Sudani: We are keen to develop the work of the TBI Bank and address the problems it faces
link to My FX Buddies Blog
The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani chaired a meeting to discuss and evaluate the work of the Iraqi Trade Bank TBI, and its contributions to the financing and economic development of the country, in the presence of the Minister of Finance, the Governor of the Central Bank of Iraq, and the Director-General.” The bank, and a number of advisors.
Al-Sudani pointed out, according to the statement, “the importance of the role of the Iraqi Trade Bank in supporting government institutions and the private sector, and its role, as a banking institution, in supporting and revitalizing the Iraqi economy,” stressing the government’s keenness to develop the bank’s work and
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His financial advisor: The dollar exchange rate in the parallel market is gradually approaching the official one
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Today, Thursday, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, explained the dangers of the exchange rate fluctuations in the event that demands for floating the dinar are met, while confirming that the dollar exchange rate in the parallel market is gradually approaching the official one.
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Economist reassures: Financial liquidity is available and there are no risks to the Iraqi dinar
link to My FX Buddies Blog
Economic affairs expert Safwan Qusay confirmed that financial liquidity is available and there are no high risks regarding the existence of the Iraqi dinar.
Qusay said, in a televised interview followed by Mawazine News, that “oil revenues rose during the first three months of this year, and this is thanks to the current government’s policy and with Muhammad Shiaa Al-Sudani personally supervising this success.”
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A fixed or fixed exchange system for the Iraqi dinar
link to My FX Buddies Blog
Rentier countries seek to adopt a fixed exchange system (pegged) to a strong foreign currency or several currencies (a basket of currencies) to ensure the stability of foreign transactions, as long as they export one depleted commodity and import many goods and services, and they are called “small open countries.”
Despite the agreement that the floating currency system is considered the best in terms of relative response to the performance of the external economy and the lack of need for sometimes excessive use of foreign reserves to defend the official value in the peg system, the abundance of reserves and the need for stability in foreign transactions have a major impact on the economy. Overall, rentier countries are likely to adopt a fixed exchange rate system.
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Prime Minister's Advisor: We will see the dollar fall on the black market soon
link to My FX Buddies Blog post
Al-Shammari said in a press statement received by Al-Maalouma, that “the classification of financial institutions in Iraq according to World Bank reports is positive, and the Central Bank’s classification is A++ and exceeds the Emirati classification.”
He added, "Iraq wants to join the international banking system, and on this basis the government has taken positive measures in this regard."
He confirmed, "The increasing percentage of merchants joining the platform rose from 28% to 78%," noting that "the demand for the official dollar has increased, and we will witness its decline on the black market in the coming period."
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The Association of Private Banks appreciates the efforts of the government and the Central Bank to create understandings with the Treasury, the Federal Reserve, and international bankslink to My FX Buddies Blog
Al-Handal appreciated the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury to expand the integration of the Iraqi banking sector into the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual rise in its value
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Completion of the files for the initial offer of goods and services within the files for accession to global trade
link to My FX Buddies Blog
Al-Ghurairi pointed out that "the World Trade Organization (WTO) and the international circles welcomed Iraq's return to the negotiating table, especially since it is one of the important Arab economies that is still outside the organization, as he described this progress in terms of the accession file as being one of the most active files among the Arab countries and observers."The Minister stated, “The Department of Foreign Economic Relations, through official channels of dealing with the organization, is working on completing all requirements for accession in order for Iraq to obtain membership in the organization and enhance Iraq’s integration into the multilateral trading system.”
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Iraq relies on Iran for energy, food, and mitigation efforts
link to My FX Buddies Blog
The water crisis in Iraq has become increasingly severe and has clearly begun to affect agricultural activity, reducing the country's food self-sufficiency. This crisis has opened the door to direct financial benefits for Iran, the neighboring country that is believed to have a role in exacerbating this crisis.
Despite this, the Iraqi government has not made sufficient efforts to address this problem or reduce its negative impact, and hopes are currently focused on Erdogan’s visit to alleviate the severity of this crisis.
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Al-Sudani returns to Baghdad after concluding his visit in Washington
link to My FX Buddies Blog
The Prime Minister returns to the capital, Baghdad, after concluding his official visit to the United States of America. The Prime Minister’s Media Office said in a statement received by the Iraqi News Agency (INA): “Prime Minister Muhammad Shia al-Sudani returned to the capital, Baghdad, after concluding his official visit to the United States of America, which included holding a series of meetings, discussions, seminars, dialogue sessions, and other events, which are As follows:
■ Meeting with US President Joseph Biden
■ Receiving Secretary of State Anthony Blinken
■ Visiting the Pentagon headquarters and meeting with Secretary of Defense Lloyd Austin
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A Fistful of Dinars: Demystifying Iraq's Dollar Auction
link to My FX Buddies Blog
The Central Bank of Iraq's (CBI) dollar auction has been a continuous source of controversies and conspiracy theories. The main accusations facing it include: the siphoning of dollars to Iran, money laundering, and currency smuggling.
Missing from this melee is an understanding of the economy's key structural imbalances: mainly that the Iraqi economy is wholly dependent on oil export revenues, and demand for goods and services is met through imports handled by a largely informal private sector.
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The Article 140 Committee announces the start of distributing the amounts
link to My FX Buddies Blog
The Article 140 Committee in Kirkuk Governorate announced, on Tuesday, the start of distributing sums of money to the deportees after the arrival of bonds worth more than 8 billion dinars from the public center.
The head of the committee, Babiker Siddiq Ahmed, told Shafaq News Agency, “A new batch of deportees’ checks arrived at the office of the Article 140 Committee in Kirkuk, where the number of this batch reached 845 deportees, and the total amounts of the checks amounted to 8 billion and 450 million Iraqi dinars.”
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After 21 years of the dollar auction... Iraq is close to closing the window amid reassurances and warnings
link to My FX Buddies Blog
Iraq is approaching the end of the closure of the dollar selling window at the Central Bank - which has been controversial - over the past two decades.
The Central Bank's management plans to gradually cancel the dollar auction during the year 2024, leading to its complete cancellation by the end of the year, and to maintain it for audit and statistical purposes, in an effort to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full commitment. According to international standards and requirements.
Iraq relies on the platform for selling currency directly to local banks and companies, which was previously known as the daily dollar auction, as one of the mechanisms for preserving the value of the Iraqi dinar and combating speculative operations in the parallel market.
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Abdel Wahed: The Sudanese visit to Washington is important and will restore stability to the dinar pricelink to My FX Buddies Blog
Abdul Wahed said in a blog post seen by Mail, “The Prime Minister’s visit to the United States of America comes at an important time, and will be a transition towards a new phase of relations, especially since the visit is evidence of the Iraqi desire to build a sustainable strategic partnership based on mutual respect.” .
She added, "The files that will be discussed, whether economic, security, or political, must certainly benefit Iraq and have a role in the recovery of the economy and the return of stability to the dinar price."
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Al-Sudani will stay in America for a week.. And Will Visit TEXAS!
link to My FX Buddies Blog
He stated that “the goal of the visit is to move relations with the United States to a new stage that includes activating the provisions of the Strategic Framework Agreement, which is in line with our government’s program that focuses on economic and financial reforms and other important fields, as well as productive partnerships with various countries of the world.”
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The dollar is on the Sudanese dialogue table in Washington.. Al-Awadi talks about the future of the Iraqi dinar
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The Iraqi government spokesman, Bassem Al-Awadi, confirmed today, Thursday (April 11, 2024), that the dollar file and the work of banks will be strongly present during the visit of Prime Minister Muhammad Shiaa Al-Sudani to Washington, suggesting that the dinar’s situation in the future will be better.
Al-Awadi said in an interview with “Baghdad Today” that “after the issue of activating the strategic framework agreement between Washington and Baghdad and the security aspect, the economic file will be present and strongly during the Prime Minister’s visit to the United States,” indicating that “the relationship with the US Treasury and the Federal Bank continues and the dialogues are ongoing.” "It did not stop with them over the past year, as there were several mutual visits, announced or unannounced, to discuss this file."
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Government spokesman: We have adopted the principle of productive borrowing and integration into the international economic cyclelink
Government spokesman, Bassem Al-Awadi, said on Monday, April 8, 2024, that the government has followed the principle of productive borrowing and integration into the international economic cycle.
Al-Awadi issued a statement, seen by Ultra Iraq, which came as “an emphasis from the government on transparency in economic work, and informing public opinion and the national and international media of Iraqi economic performance.”
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Al-Rafidain Bank announces the launch of the comprehensive banking system in its branches in Baghdad and Karbala
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Based on the directives of the Minister of Finance, Ms. Taif Sami, regarding the automation of banking work, and with direct follow-up and supervision by the Director General of Rafidain Bank, Dr. Ali Karim Hussein. Al-Rafidain Bank announces the launch of the comprehensive banking system in the branches of Al-Waziriya and Al-Ma’rifa in Baghdad and Al-Shuhada in Holy Karbala, thus joining the branches in which the comprehensive system was implemented, the last of which was at the border crossings (Zarbatiyah - Safwan - Arar - Trebil) in an important step to abandon paper work and move completely towards... Electronic transformation.
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The beginning of “drying up” liquidity from the hands of the Iraqis.. The destruction of “surplus” currency and deposits in banks are the highest historicallylink to My FX Buddies Blog
Over the past years, all of the economic problems in Iraq internally, whether with regard to corruption, the dollar, high real estate prices, etc., as well as inflation, were directly linked to the high volume of liquidity and the printing of money by the Central Bank, as well as the high volume of cash liquidity. In the hands of the street, citizens or capital owners, away from Iraqi banks. Recently, trends and numbers indicate that a reverse process has begun to take place in Iraq, which consists of reducing cash and getting rid of “surplus printed money” without printing new money in front of it, and increasing banks’ possession of this liquidity instead of leaving it in the hands of the street and citizens, where it can be said that the government and the banking sector And finance in general in Iraq began to “nibble” the existing liquidity and “dry it out” from the hands of the people.
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Minister of Finance of the World Bank: We have made plans to accelerate the pace of financial and banking reforms
link to My FX Buddies
The Ministry of Finance said in a statement received by the Iraqi News Agency (INA): “Minister of Finance, Taif Sami, received today the Regional Director for the Middle East at the World Bank, Jean-Christophe Carré, the Special Representative of the Bank in Iraq, Richard Abdel Nour, and a number of experts and specialists.”
She added, "During the meeting, priorities for development projects and ways to support the World Bank to strengthen the financial and business sectors and improve the investment environment were discussed," noting, "It was emphasized that continued bilateral coordination to promote sustainable development was discussed, in addition to discussing the Bank's support for the government program for economic reform in Iraq."
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Al-Sudani receives an invitation from the Saudi Crown Prince to participate in the World Economic Forum
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Today, Monday, Iraqi Prime Minister Muhammad Shia al-Sudani received an official invitation from Saudi Crown Prince Mohammed bin Salman to participate in the special meeting of the World Economic Forum, which the Kingdom will host at the end of next April.
This was mentioned in a statement issued by Al-Sudani’s office and received by Shafaq News Agency.
The statement conveyed that Bin Salman, in a letter he sent to Al-Sudani, referred to the close relations between the Kingdom of Saudi Arabia and Iraq, and that his participation will have a good impact on the success of the meeting’s work
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Advisor to Al-Sudani: The dollar is on the way to further decline, and 70% of Iraqi traders have entered the platform
link to My FX Buddies Blog
Fadi Al-Shammari, advisor to the Prime Minister, Muhammad Shiaa Al-Sudani, expected on Wednesday (March 27, 2024) a continued decline in the dollar’s exchange rate against the dinar.
Al-Shammari said in a televised statement followed by “Baghdad Today,” “The dollar is on its way to further decline and is subject to supply and demand.”
He stated, “70% of Iraqi merchants deal with the platform, up from only 10%.”
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The National Bank of Iraq announces the success of working with the global “Temenos” systems in compliance with the Central Banklink“Our new banking system, which was launched at the beginning of this year, will contribute to improving the efficiency of operations, which reduces the time and effort spent on completing transactions and enhances their accuracy. The system allows customers to carry out various banking transactions via the Internet or Through the mobile application, such as transferring money, paying bills, and requesting banking products,” he pointed out that “the system will also contribute to enhancing compliance with international standards and the requirements of the Central Bank of Iraq, which enhances transparency and security in banking operations.
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Al-Sudani will visit Washington next month and discuss the dollar and the development of the military mission
link to My FX Buddies Blog
White House Press Secretary Karine Jean-Pierre said on Friday that US President Joe Biden will welcome Iraqi Prime Minister Muhammad Shia al-Sudani to Washington on April 15 to discuss common priorities regarding the dollar and developing the military mission.
On April 15, President Joe Biden will welcome Iraqi Prime Minister Muhammad Shia al-Sudani to the White House to coordinate on shared priorities and advance the strong bilateral partnership between the United States and Iraq.
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Central Bank of Iraq": Our goal is to preserve the reputation of the banking sectorlink
Deputy Governor of the Central Bank of Iraq, Ammar Hamad, told News Arabia that the bank is working to lift the US ban on dealing in dollars in a number of Iraqi banks, and to preserve the reputation of the banking sector.
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Prime Minister: Iraq is about to host important events and conferenceslink
The Prime Minister stressed that “a city the size of the capital, Baghdad, is in dire need of large hotels, due to the tourist movement and official delegations it witnesses, and the fact that it hosts many Arab, regional and international conferences throughout the year, with the hotel occupancy rate currently reaching 100%.”
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Central Bank to increase the value of the dinar and control the marketlink
The committee discussed with the Governor of the Central Bank the approved international standards, future plans to improve the status of banks, the possibility of expanding relations with international banks, drawing up the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank law.
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Financial digitization.. a factor to reduce inflation and absorb hoarded funds
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Economic affairs specialists have identified the most prominent advantages that digital transformation can achieve in banking, placing at the forefront of these advantages the elimination of inflation through the use of small denominations, and the absorption of citizens’ hoarded cash mass, estimated at more than 95 trillion dinars, while they praised the Central Bank’s measures. In providing the appropriate ground for achieving financial digital transformation, they stressed the necessity of doubling the distribution of points of sale and working to oblige all government and private institutions to operate with electronic cards.
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Barzani thanks Bush for liberating Iraq from Saddam's regime
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A statement issued by the Presidency of the Region today, Wednesday (March 6, 2024), received by “Baghdad Today”, stated that “as part of his visit to the United States, the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, met (yesterday), Tuesday, with former US President George W. Bush.” .
During the meeting, according to the statement, Barzani expressed his "thanks and appreciation to President Bush for his support for the people of the Kurdistan region and Iraq, as well as the liberation of Iraq from the dictatorial regime, and his support for the democratic system in the country."
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With a dollar bill... Deputy: The US Treasury is putting pressure on Iraq.
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Today, Sunday, the representative of the Fatah Alliance, Ola Al-Nashi, accused the US Treasury Department of obstructing the Iraqi government’s reforms in light of waving the economic card through the dollar file.
Al-Nashi told Al-Maalouma, “The economics file is more important than politics and what is happening in it, and it is the aspect that is focused on to thwart any government if it achieves successes and is able to get closer to the people.”
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Iraq continues its efforts to gain membership in the World Trade Organization
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The Ministry of Commerce confirmed the government's aspiration to join the World Trade Organization, especially after the Saudi representative in the organization, Saqr Al-Muqbel, was named to manage Iraq's accession file, noting that his recent visit to Baghdad contributed to addressing a number of important files.
The ministry’s official spokesman, Muhammad Hanoun, said, “Iraq has joined as an observer in the World Trade Organization since 2004, and until 2023 this accession faced many problems and challenges, the most recent of which is the failure to pay dues to join the observer organization. However, after the announcement of the government program by Prime Minister Muhammad Shia Sudanese began working again on the possibility of Iraq joining this organization, as two sessions took place and a dialogue was held with the organization by the Iraqi negotiating team headed by the Minister of Trade, Atheer Al-Ghurairi, which included all the relevant Iraqi ministries and bodies.
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The disappearance of 1.2 trillion dinars..
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Data from the Central Bank of Iraq shows a decrease in the amount of printed currency by 1.2 trillion dinars between the months of November and December 2023, while Al-Sumaria News concluded, through a historical review of the printed currency, that this decrease in the amount of currency is the third largest decrease recorded in 20 years. According to data obtained by Al-Sumaria News, the total amount of “printed” currency in Iraq until December 2023 amounted to 101.4 trillion Iraqi dinars, a decrease from the amount of currency that was present in Iraq in November 2023, which then amounted to 102.6 trillion Iraqi dinars.
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Prime Minister: The importance of the partnership between Iraq and the United States
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The Prime Minister stated, according to a statement, a copy of which {Al-Furat News} received, "the importance of the partnership between Iraq and the United States, stressing the transition to a bilateral relationship governed by the strategic framework agreement between the two countries, after completing the tasks of the international coalition, according to a specific timetable."
He stressed "the necessity of stopping the war in Gaza and ending the genocidal war committed by the occupation forces, especially with the approaching month of Ramadan."
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The President of the Republic: Iraq has an opportunity to be one of the most advanced countries in the region
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The President of the Republic, Abdul Latif Jamal Rashid, confirmed: “Iraq has an opportunity to be one of the most advanced countries in the region.”
The media office of the President of the Republic stated in a statement: “The President of the Republic, Abdul Latif Jamal Rashid, received at Baghdad Palace, the Governor of Basra, Asaad Al-Eidani, and handed him the presidential decree appointing him as Governor of Basra, and offered congratulations on the occasion of his assuming the position of governor for a second term,” expressing his wishes for him to succeed in his term. His work tasks.
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An international desire to invest in Iraq and three countries hold meetings in this regardlink
Thursday, Trade Minister Atheer Al-Ghurairi revealed a wide welcome and international desire to increase investments inside Iraq, while confirming the holding of meetings with 3 countries in this regard.
During his participation in the 113th session of the Economic and Social Council, which was held at the Arab League, Al-Ghurairi said in his speech that “Iraq today seeks, within the government program of Prime Minister Muhammad Shiaa Al-Sudani, to improve the investment environment and seeks to receive private sector companies with the aim of improving the economic reality in Iraq and announcing the availability of investment opportunities.” big".
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Electronic payment... Money is hoarded in homes and education is not at the required levellink to the MYFX Buddies Blog
Not long ago, Iraq took the first steps towards attempts to activate the electronic payment system . These steps began by localizing employee salaries, and then installing electronic payment devices in several places, including gas stations. However, many experts and specialists still see... The culture of electronic payment is not at the required level, for many reasons, including those related to economic and electronic culture, in addition to the widespread corruption in the country, which hinders its full implementation.
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Senior Congress and Pentagon officials met. The Kurdistan Region Presidency delegation
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The Presidency of the Kurdistan Region announced today, Saturday, that its delegation concluded its visit to the United States of America after holding a series of meetings and encounters with senior government officials in America. The Presidency pointed out that its delegation received America’s assurance of continued support for Iraq and the region.
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Al-Alaq: All importers and traders can obtain the dollar at the official rate
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This episode contains a hodgepodge of news that happened last week up until today.
I've been away but I'm back.
According to Iraqi and American officials, Iraq prevented 14 banks in July 2023 from conducting dollar transactions as part of a broader campaign aimed at reducing the smuggling of dollars into Iran through the Iraqi banking system after a request from Washington, according to Reuters.
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Prime Ministers that Iraq will not be an arena for conflict and are pursuing banking reform
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"The two presidents discussed the developments taking place in Iraq and the region," noting that they "stressed the importance of Iraq not being an arena for conflict, and the necessity of working to perpetuate everything that preserves the country's sovereignty, stability, and security."
During the discussion of the general conditions in the country and the progress of implementation of the government program, “government plans and projects for the next stage were reviewed, which aim to achieve development and improve the living and service conditions of our honorable people.”
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Al-Nusairi identifies the causes of exchange rate fluctuations and recovery measures
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Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, identified the reasons for the fluctuation of the exchange rates of the Iraqi dinar against the dollar in the local market as a lack of control over the regulation of trade financing internally and externally and the lack of a clear trade policy previously.
Al-Nusairi attributed the continued rise of the dollar to several reasons, noting in a press interview that “the instability of the exchange rate of the dinar with its equivalent of the US dollar on the black market since January 2022
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Parliamentary Economy indicates the risks of the “parallel market”: “important” sessions with the Central Bank next week
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The Parliamentary Economics Committee pointed out the dangers of the “parallel market,” while revealing “important” sessions with Central Bank of Iraq officials next week in order to coordinate and support the market.
Parallel market risks
Today, Tuesday (January 23, 2024), a member of the Parliamentary Economics Committee, MP Briar Rashid, monitored the danger of the “parallel market” in Iraq.
Rashid said in an interview with “Baghdad Today” that “many factors contributed to creating the parallel market for the exchange of the dollar in Iraq, which is currently far from the official price set by the Central Bank at about 20 thousand dinars for every 100 dollars (the official price is 132 thousand dinars for every 100 dollars). $)".
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Al-Sudani: We are facing a new Iraq economically
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Al-Sudani: We are facing a new Iraq economically
Prime Minister Muhammad Shiaa Al-Sudani in the dialogue session within the work of the Davos Economic Forum held in Switzerland:
The Iraqi people emerged victorious over the adversities that faced the country over the past years
We are trying to take steady steps in the areas of providing job opportunities and services
We set a goal to reduce the dependence of the three budgets on oil
Al-Sudani: We are serious about scheduling the end of the international coalition’s missions in Iraq
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Maintaining the exchange rate... Parliamentary Finance determines the variables of the 2024 budget
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Today, Wednesday, the Parliamentary Finance Committee confirmed that the exchange rates of the dollar and a barrel of oil will be maintained in the budget for the current year 2024.
Committee member, MP Hussein Moanis, said in a statement to Al-Maalouma, “The government kept calculating the price of a barrel of oil, the quantity of oil exported, and the dollar exchange rate stipulated in the tripartite budget in the current year’s 2024 Without budget change.”
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Iraq returns to the World Trade Organization 14 years after its expulsion or not
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Iraq is preparing for a major change in the trade file with the countries of the world and is preparing to exceed the limits set for Iraqi goods, with its return to the World Trade Organization 14 years after it was expelled as a result of its failure to adhere to the organization’s meetings.
The head of the Kingdom of Saudi Arabia’s mission to the World Trade Organization/the Saudi Permanent Representative to the World Trade Organization and responsible for the file of Iraq’s accession to the World Trade Organization, Saqr al-Muqbel, visited Iraq today, Monday, and delivered a speech in which he reviewed the importance of joining the World Trade Organization.
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UK Firms introduce new Banking Systems at National Bank of Iraqlink you can look each one of these up and see what they do too
The National Bank of Iraq (NBI) has announced the introduction of three new banking systems.
According to Izzidin Abusalameh, Group Chief Operating Officer of Capital Bank of Jordan (majority shareholder of NBI), trade finance operations will be enhanced with the help of software from UK-based Finastra.
Additionally, both NBI and Capital Bank of Jordan have successfully implemented Transact, a core banking solution from British company Temenos.
Temenos' Payment Hub will also replace the legacy systems at NBI.
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Sudanese Advisor: Exchange rates will reach 135 thousand per 100 dollars soon
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Prime Minister Muhammad Shiaa Al-Sudani stressed today, Sunday, the importance of using electronic card payments, while noting that it is a basic pillar of economic reform.
The Prime Minister’s Media Office stated in a statement received by Earth News, “Prime Minister Muhammad Shiaa Al-Sudani chaired a meeting devoted to following up on the financial and economic transformation to electronic payment, points of sale and financial trading with electronic cards (POS), in the presence of the Governor of the Central Bank and the Prime Minister’s advisors.” For strategic, economic and banking affairs, and Director General of Payments at the Central Bank.”
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Central Bank of Iraq: Decisions to support the dinar against other currencies... soon
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today, Friday, revealed anticipated measures and decisions to support the dinar and maintain its strength against other currencies, and other measures that will positively affect the exchange rate, while indicating that it has taken measures in the field of gradually ending the electronic platform
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From the dollar to the dinar... Iraqis complain about the deterioration of their salarieslink
“I have been waiting for about four months to receive my full salary from the bank, but every time I receive half of it and have to wait two or three weeks until I receive another payment,” says Sakar Mustafa, an Iraqi journalist who works independently with international institutions.
She explains to “ Raise Your Voice ” that “her salary ranges between 1,500 and 2,000 US dollars, depending on the work she performs, but what the bank disburses to her does not exceed 1,000 dollars, which is a very small amount that is not sufficient for all of her monthly expenses, represented by house rent and school tuition.” Bills and transportation
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Iran announces the start of settling its country's exports to Iraq in its national currency, the riyallink
The Governor of the Central Bank of Iran confirmed the start of a project to settle the country's exports abroad in the national currency, the riyal. On the sidelines of the meeting of the Government and Private Sector Council in Khorasan Razavi Province (northeastern Iran), Muhammad Reza Farzin explained that the issue of settling Iranian exports via the riyal currency outside the borders has been studied by the Central Bank for several months, and that its entry into force will address the requirements of exporters to Iraq and Afghanistan.
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An economist speaks passionately about the fate of the “ancient” Iraqi dinar against the dollar
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Economic researcher, Ziyad Al-Hashemi, said on Tuesday that the Iraqi government and the central bank have exhausted and weakened the value of the Iraqi dinar in a difficult journey with the dollar.
Al-Hashemi stated in a post on the “X” platform, that “the currency that rebounds against the dollar due to a statement (a foreign ambassador), and then declines the next day due to (military strikes) here or there, cannot be considered a cohesive currency or capable of... Preserving value, but the problem is not with the currency, but rather with those who work in its name.”
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Iraq in the year 2024 may exceed the current year, amid expectations of an increase in the exchange rate...
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Member of the Parliamentary Finance Committee, Mudar Al-Karawi, identified three factors that control Iraq’s budget for the year 2024.
Al-Karawi said in a press interview seen by “Taqaddam” that “the volume of actual and total spending for Iraq in the year 2024 may exceed the current year, amid expectations of an increase in the exchange rate with the launch of more than 1,300 service projects nationwide,” pointing out that “the economic situation is recovering.” But very slowly due to accumulations extending over years.”
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New Guides to Investment in Kurdistan Region of Iraq
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The Kurdistan Regional Government (KRG) has issued two new guides to investment in the Kurdistan Region of Iraq (KRI):
- Doing Business In Kurdistan Region: This guide has been prepared to provide an overview of the KRI, it's economy and way of life, and introduces the financial, legal, and tax issues that are important for those considering doing business in the region.
- Investment Guide: This guide introduces the region to investors and highlights investment opportunities in several key sectors
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2024 Is it the year of economic rescue For Iraq?
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A few days and a page in the life of time has turned.
A year of attempts to correct the blurry picture of our national economy ends, to be followed by a year that we hope will be a year of rescue. Economic from the structural distortions that afflict the Iraqi economy.
The axiom that we economists rely on in our readings of the economic scene is summed up (that expectations are based on indicators) occurring on the ground regarding economic phenomena, whether negative or positive.
Hence, our expectations for the year 2024 are determined based on our assessment of the indicators for the year 2023.
The achievement achieved during the past year (2023) falls within a realistic assessment of attempts at economic reform that is acceptable compared to the size of The challenges and problems that the economy is suffering from are a positive indicator according to this perspective. However, the ambition is to raise the economy to an average level during this specific period in order to keep pace with global development. In any case, it is an encouraging step. One of the indicators that makes us somewhat optimistic is that the steps of the government team in this field are beginning to become clear, although they are very slow due to the size of the problems.
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The Iraqi dinar is a national issue ... Againlink
Your purchase in dinars enhances the ability to achieve sustainable development
see the ad they are running on tv
Encouraging the local currency and dealing with it in light of the current economic conditions that the country is experiencing is an important issue, especially with the government’s intention to “strengthen” the Iraqi dinar against other hard currencies, especially the dollar, as well as seeking to present it first in order for it to be a “homeland issue” in a way. Real.In the government’s will to encourage dealing in the dinar in all daily transactions, the call emerges for it to be a gateway to building the country again, and to strive to strengthen and advance the Iraqi economy, and to reduce dependence on other foreign currencies, so that according to government directives, it is constant and the rest are variables, so that the dinar is a gateway to sustainable development. And prosperity at all levels.
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The Governor of the Central Bank chairs the first meeting of the Iraqi National Payments Council
link they tweeted this as well
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired the first meeting of the Iraqi National Payments Council after its restructuring.
During the meeting, which was attended by officials from the Central Bank and representatives of the relevant ministries, the government and private banking sectors, electronic payment service providers and other actors, the objectives of the Council and the main tasks that it intends to implement were reviewed to achieve national strategies to develop the infrastructure of the financial and banking sector, advance the components of the electronic payment environment, and strengthen the pillars of inclusion. Finance in Iraq.
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Economic policy in Iraq is moving towards implementing the principle of monetary sovereignty
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Saleh told the Iraqi News Agency (INA): “Economic policy in general and monetary policy in particular are moving towards a new principle called (monetary sovereignty), which considers the Iraqi dinar the only refuge for exchange, pricing, and coverage of internal transactions.”
He added, "It is not permissible for the currency of another country whose monetary policy is subject to pricing and trade exchange operations within the Iraqi economy, and the principle of monetary sovereignty starts from this level."
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Central Bank Governor: We agreed with America to leave the electronic platform at the end of the year
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Coordination with the Treasury and the Federal Reserve
Today, Friday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the start of importing dollars into the country through the accounts of Iraqi banks abroad, and while he indicated the end of the procedures for opening accounts in the UAE dirham and the understanding with Turkey to make transfers in the euro or the Turkish currency, he revealed a broad plan to reform and develop private and government banks.
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The dinar begins its “recovery journey” against the dollar
Unshackling the Iraqi dinarlinkThe Iraqi dinar continues to recover against the US dollar in the local markets in light of the continued government measures to close the price difference, as the decline reached the limits of 158 thousand per 100 dollars, at a time when experts expected that this decline is “temporary.”
Yesterday, Tuesday, in a press statement, a government source revealed a package of new measures to address the difference in the exchange rate, including regulating the import process and ensuring the entry of the largest number of merchants and importers to the foreign currency sales window by facilitating account opening procedures, deposit operations, and other procedures related to issuing the importer’s identity. Which will facilitate the “know your customer” requirements for merchants and importers.
He explained that Prime Minister Muhammad Shiaa Al-Sudani directed the activation of a joint committee between the government, the central bank and the private sector, under the supervision of his office, to hold serious discussions with the US Treasury regarding transfers through the foreign currency selling window, and the committee began its meetings from now.
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Economist: There are no changes in the government program, and the official dollar rate will continue for 3 years
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Economist Bassem Jamil Antoine believes that the official exchange rates for the dollar will continue for three years.
Antoine told {Al-Furat News} that: “The official exchange rates for the dollar are stable now, and once the budget allocations are released, the unofficial rates will be affected by the parallel rate of the dollar.”
He added, "The official prices will continue for three years, in order to be consistent with the tripartite budget and the established government program."
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A reading of the Central Bank’s decision to allow “importing the dollar”... What does it mean and how?
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The instructions issued by the Central Bank of Iraq yesterday, Wednesday (November 8, 2023), regarding allowing banks to import foreign currency from abroad, raised a number of questions and discussions in economic circles about the legality, motives, and goals of this step.
The discussion was topped by some recalling the decision of the State Shura Council in 2011, to infer the lack of legal basis for the decision to import foreign currency, as the State Shura Council issued Resolution 2/2011, in January of the year 2011, based on a request for an opinion that came to the Council by the Office Financial oversight, as the State Shura Council relied on several legal texts, to infer the absence of a legal basis for the Central Bank to grant licenses to import foreign currency from abroad.
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Economist: The dollar exchange rate will be equal to the government price early next year
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Academic and economic expert Khaled Haider expected, on Tuesday, that the exchange rate of the US dollar against the Iraqi dinar on the black market would stabilize in parallel with the government pricing, starting next year.
Haider said in a statement to Shafaq News Agency, “The global political situation is directly linked to the financial and economic situation of the region, and the recent events in Gaza and the accusations directed at Iran of supporting the Hamas movement, are all reasons that make us expect that the rise in the price of the dollar is to restrict Tehran because Iraq is an important economic region for the neighbor.” Eastern Province and most of the foreign currency goes there.”
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Is there a conspiracy against the Iraqi dinar? Revealing the secret of the stagnation of the local market
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The economic expert, Bassem Jamil Antoine, revealed today, Sunday, the secret of the stagnation of the local market, while confirming the existence of a conspiracy against the Iraqi dinar.
Antoine said {to Al-Furat News} that: “The stagnation of the local market is due to the citizen’s desire to maintain the value of the currency, so that he considers the dollar a stabilizing element of the currency despite the large supply of the dollar in the market.”
He added, "The Central Bank sold approximately 996 million dollars, and this amount is close to a billion dollars within 5 days."
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Replacing the dinar with the dollar
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Finally, the Central Bank of Iraq announced in a statement last week that “the coming year will witness the restriction of all internal commercial and other transactions to the Iraqi dinar instead of the dollar, except for those delivered to travelers.”
Financing foreign trade will be directly for merchants dealing in remittances outside the electronic platform, through licensed banks that will deal with correspondent banks in foreign transfer operations and in the local currency of the country from which the merchant wants to import. Then the dollar auction will be gradually dispensed with and the central bank will intervene to control the exchange rate through a shift in its tools. Cash, which will be more effective in achieving monetary stability, due to the expected decline of the so-called black market and the emergence of a real parallel market that will effectively contribute to financing the total demand for foreign currencies after the local currencies of the trading countries are traded within the parallel market following the opening of transfer channels for those currencies in a way Official. Thus, we will witness a new phase in which exchange rates will be more stable than the phases witnessed in previous years if dollar smuggling operations are controlled, which is expected to decline automatically with the decline of the dollar supply on the black market.
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The dollar ignites Baghdad.. A citizen threatens to burn a bank and exchange companies close Al-Rashid Street Big Surprise!!!
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A video recording monitored by Jarida, today, Thursday, showed a citizen threatening to burn a bank because he refused to hand over his deposits in US dollars, which raised fears of a repeat of the Lebanese experience in Iraq.
According to the circulating video, the citizen wanted to withdraw money from his balance, which he deposited in one of the banks and his account in US dollars, but the Jordan National Bank refused to hand over his money except in dinars, and exclusively at the official rate.
For his part, MP Hussein Arab said in a blog post on the “X” platform (formerly Twitter) followed by “Jarida”: “The acquisition of money transfer amounts via the dollar electronic platform by a non-local private bank, whose value is estimated at 70% of Iraq’s transfers, is abnormal.” Disastrous, we will have a clear position on manipulating the fate of the country’s economy. We will not remain silent.”
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“The dollar is out of control.” What will happen in Iraq’s banks on Sunday?
The spark started from Reuters
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An informed banking source in Baghdad expected that next Sunday will be an “unusual day” in all Iraqi banks, and may witness unprecedented overcrowding and crowding at cash withdrawal windows, after a dramatic statement by an official from the Central Bank to Reuters, that withdrawing the dollar in cash will stop as of Early next year, in an effort by the government to limit transactions in dollars to the maximum extent, coinciding with approximately one year since the start of American strictness in transferring money to Iraq.
The statement of the remittance official at the Central Bank led to a crisis within the bank, and we expect this to affect bank customers.
I expect that customers will rush to the banks on Sunday morning to withdraw their balances in dollars, because things have gotten out of control, especially since the Treasury Department and the US Federal Reserve have not agreed to deliver the dollar in cash to Iraq since last February.
The most affected will be those who depend on periodic external transfers that reach them through Iraqi banks, such as salaries, rents, etc., and it is better for them to look for other banks outside Iraq to receive their money.
The banking source in an interview:
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An economic expert details the cash conversion cycle of the Iraqi dinar
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The economist, Salah Nouri, detailed the monetary conversion cycle of the Iraqi dinar.
Nouri said {to Al-Furat News} that: “The monetary cycle {the Iraqi dinar} exists between the Central Bank, as the monetary authority and the only authorized one to issue the national currency, and the Ministry of Finance, as the financial authority authorized to implement the federal budget in terms of spending and collection.”
He added, "The third party is the public, the financial institutions {governmental and private banks} and the trade, agriculture and industry sectors, meaning that the cash that is offered to the public when implementing the budget returns to the Central Bank and then to the Ministry of Finance."
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Al-Sudani: Iraq is on the right track
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Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Saturday (September 30, 2023), that Iraq is on the right track by honoring the first students to graduate from preparatory school for the academic year 2022-2023.
A statement from the Prime Minister's Media Office, received by "Baghdad Today", said, "Al-Sudani honored the top students and outstanding graduates of preparatory school for the academic year 2022-2023, during an honoring ceremony held in the capital, Baghdad."
According to the statement, in a conversation with the students, Al-Sudani expressed his “high evaluation and appreciation of their academic achievement and excellence, describing their achievement as the product of patience and dedication from the students and their families leading to the harvest of honorable results,” referring to “the National Education Strategy, which was one of its results.” Allocating 5,000 scholarships in important and rare specializations, which the development movement and infrastructure development need, and it will be an opportunity for all outstanding students and top students, according to what the government program targets.”
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Al-Sudani returns to the country after concluding his visit to New York
link they even tweeted about him being home too
Prime Minister Muhammad Shiaa Al-Sudani returned, on Saturday, to Iraq after concluding his participation in the meetings of the 78th session of the United Nations General Assembly in New York, where he held many meetings with senior participating officials.
The Sudanese Media Office stated in a statement received by Shafaq News Agency, that the Iraqi Prime Minister’s participation in the United Nations meetings included delivering Iraq’s speech, as well as delivering a speech at the Sustainable Development Goals Summit.
He also held meetings with the Secretary-General of the United Nations, the German Chancellor, the Prime Ministers of Spain, the Netherlands, Norway, Malaysia, Lebanon, and Kuwait, and the heads of state of Bulgaria, Cyprus, South Korea, and the Islamic Republic of Iran.
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Biden extends an invitation to meet Sudanese at the White House
link to see this article in full and more go to: My FX Buddies Blog
The leaders of the coordination framework remained silent about the news of the invitation sent to Prime Minister Mohamed Al-Sudani, who has been in New York for days to attend United Nations meetings, to meet with US President Joe Biden. During recent weeks, there were two opinions within the Shiite coalition regarding Iraqi and American efforts to complete the meeting between the two parties. A conservative opinion and a move to obstruct the meeting or at least lower its level, and a second enthusiastic opinion.
Before the Sudanese traveled to the United States, the Prime Minister had temporarily resolved the salary crisis with Kurdistan, which he expected would disturb his meetings with world leaders there, while the second file related to currency smuggling is still strongly active.
On the eve of the Prime Minister's departure to attend the global event, the value of the Iraqi dinar had declined significantly against the dollar, and the reason for the rise of the foreign currency against the local currency was mostly due to the continued smuggling of money to Tehran.
On the other hand, activists published new details about the demonstrations that are supposed to begin today, Wednesday, in front of the government headquarters, which may complement other protests on the occasion of the fourth anniversary of the October protests that broke out in 2019.
Yesterday, a statement from Al-Sudani’s office revealed that the Prime Minister received an official invitation from President Joe Biden to visit the White House, which was conveyed to him by US Secretary of State Anthony Blinken during a meeting on Monday on the sidelines of the United Nations meetings.
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The US Assistant Secretary of the Treasury arrives in Baghdad to meet with Central Bank officials
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The US Ambassador to Iraq, Alina Romanowski, announced on Tuesday the arrival of Assistant US Treasury Secretary Elizabeth Rosenberg to the capital, Baghdad.
“I am pleased to welcome US Treasury Secretary Elizabeth Rosenberg to Baghdad,” Romanowski said in a blog post on the
She indicated that "progress in combating international money laundering and banking reform will help combat corruption and support international investment in Iraq."
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Iraq's Qi Card to work with Samsung
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Samsung Electronics Middle East has signed a memorandum of understanding (MoU) with Iraq's Qi Card.
According to a press release from Samsung, the partnership "aims to provide advanced technological products and solutions to traders, citizens, and agents of both companies with attractive commercial offers throughout Iraq."
It adds: "The two companies will collaborate on dual marketing campaigns targeting shared customer segments. Qi Card will also provide necessary support to offer competitive pricing to government employees and Rafidain Bank customers, as well as facilitating accessible financial solutions for citizens."
The agreement was formalized at Qi Card's headquarters in Baghdad, with the presence of Mr. Hyun Dong Lee, the General Manager of Samsung Electronics Middle East, and Mr. Leo Kim, the General Manager of Samsung Electronics (Iraq Region). Additionally, Mr. Ali Hussein Munaim, the CEO of Ki Card, and Mr. Ali Mazhar, the Sales Director at Ki Card, were in attendance.
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Iraqi Foreign Minister: I do not think that al-Sudani will meet with Biden
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But he will head the delegation in New York.
Iraqi Foreign Minister Fuad Hussein said that Prime Minister Muhammad Shia al-Sudani will head the Iraqi delegation to the meetings of the United Nations General Assembly in New York, and that he will deliver a speech and meet with a large number of world leaders.
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The Iraqi Dinar Support Committee intends to take new measures to limit the dollar's rise in the markets.
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A member of the committee, Omar Al-Sudani, said in a statement followed by “Earth News”, that “the committee, headed by the advisor to the Prime Minister, Qassem Al-Dalimi, recently took a decision to open accounts for merchants in the (TBI) Bank who hold the identity of the Baghdad Chamber of Commerce from the category of individuals,” noting that “ This decision allows them to transfer $100,000 a month.”
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Al-Alaq: The US Federal Reserve is asking us about the truth about “Indomie”... Do you like it ?that much
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The Governor of the Central Bank, Ali Al-Alaq, said, on Wednesday, that the international committees are asking the Iraqi authorities about the fact that .“Indomie” was imported in large quantities
This came during a meeting with editor-in-chiefs and representatives of media : organizations, which was attended by the 964 Network correspondent The world is surprised by the love of the new generation of Iraqis for indomie, because of its large number of imports (…) International committees always ask .me whether these large quantities are real
This came during a meeting with editor-in-chiefs and representatives of media : organizations, which was attended by the 964 Network correspondent The world is surprised by the love of the new generation of Iraqis for indomie, because of its large number of imports (…) International committees always ask .me whether these large quantities are real The US Federal Reserve is investigating these large amounts, because it .considered them strange breaks
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Will digital banks lure out cash under Iraqi mattresses?
In Iraq, years of economic and political instability have created an environment of mistrust that is leading many to avoid depositing their money in banks. The preference is to store cash at home. This tendency has undermined Iraq’s ability to develop its banking system, which is already hamstrung by insufficient legal and regulatory frameworks and the influence of the country’s oil rentier model.
But even though cash remains king in Iraq, some people are looking beyond the traditional banking system for opportunities in digital banking. They argue that this will expand the Iraqi public’s access to financial services and aid economic development.
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The Sudanese government acknowledges the experience of dollar speculators and counts on September
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On Sunday, the Iraqi government expressed its hope that the release of budget funds would contribute to reducing the price of the dollar in the parallel market, while it acknowledged that currency speculators have long experience and fraudulent methods dating back to the nineties of the last century.
The government spokesman, Basem Al-Awadi, told Shafaq News agency, "The launch of the budget definitely means the availability of funds. Therefore, the funds will be released towards ministries, departments, and general directorates in the governorates, independent bodies, and all state institutions, and this means that there is a large cash flow."
Al-Awadi added, "Many financial advisors in the government hope, with the release of budget funds, that next month will be a catalyst for the very large decrease in the dollar exchange rate.
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The tripartite budget comes into effect
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Today, Monday (August 7, 2023), the Iraqi Al-Waqa’i newspaper published the instructions for the tripartite budget, which entered into force.
The Director General of the Iraqi Fact Sheet, Hanan Munther Nassif, said in a press statement followed by "Baghdad Today", that "the law's instructions for the tripartite budget have been published in the Official Gazette."
"The instructions have come into force," she added.
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And finally.. 50 days after its approval.. the budget enters into force
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The Parliamentary Finance Committee confirmed, today, Saturday, that the federal budget law will enter into force during the current week, pointing out that the budget instructions will be circulated to all ministries.
Committee member Thamer Dhiban Al-Hamdani said in a press statement, "The general federal budget for the first time is sent to the State Shura Council in order to scrutinize its items," pointing out that "the budget will be implemented during the current week."
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Central Bank: New decisions will be issued next week to reduce the price of the dollar in Iraq
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Today, Thursday (August 3, 2023), the Central Bank of Iraq revealed new decisions that will be issued next week to reduce the price of the dollar in Iraq.. to be continued
On Thursday, the Central Bank identified three categories of exchange companies for selling the dollar to travelers, and while it revealed a proposal regarding the entry of imported goods through the border crossings, it indicated that there are new decisions that will be issued next week that may contribute to lowering the price of the dollar.
Deputy Governor Ammar Hamad Khalaf said in a statement carried by the official agency, followed by “NAS” (3 August 2023), that “the central bank provides exchange companies with weekly quotas of dollars for the purpose of selling them to travelers at the official price and in limited quantities of 3 thousand dollars per traveler,” noting, These exchange companies are licensed by the Central Bank in accordance with controls and are in compliance with the Anti-Money Laundering Law.
To see the article in full and more go to: My FX Buddies Blog
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World Bank: Iraq is witnessing a strong recovery
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The World Bank confirmed today, Monday, that Iraq is witnessing a strong recovery after years of turmoil.
And the Regional Director of the Middle East Department at the World Bank, Jean-Christophe Carré, said in a statement received by the Iraqi News Agency (INA), that "Iraq is witnessing a strong recovery after many years of turmoil."
Carre added, "It is necessary to take measures to accelerate the move towards diversification of economic activity."
He continued, "The importance of reforming the banking sector and promoting digital financial services in order to increase financial intermediation activities and enhance financial inclusion."
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The dollar is "losing its mind" and is accelerating upward..Customers of "banned banks" flock to the parallel market
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The exchange rates of the dollar against the dinar rose to unprecedented levels for months, as the selling price exceeded the 155,000 barrier, with the release of budget funds, as well as the ban on 14 Iraqi banks from dealing in dollars.
In the latest update of the dollar exchange rates, the selling price reached 155 thousand dinars per 100 dollars, while the purchase price reached 152 thousand dinars per 100 dollars, with a difference of 3 thousand dinars between buying and selling after the difference was only two thousand dinars during the past months, and only one thousand dinars during the past year.
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A statement from the Central Bank regarding the campaign to support the Iraqi dinar
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Today, Sunday, the Deputy Governor of the Central Bank, Ammar Khalaf, announced the success of the campaign to support the dinar, and while confirming the application of controls that helped stabilize the exchange rate, he pointed out that there is no problem with the amount of foreign currency supply.
Khalaf said in a statement to the official agency, followed by "NAS", (July 16, 2023), that "the central bank has supported the stability of the exchange rate with a series of procedures, instructions and controls since the beginning of this year that included a wide range of transactions to import goods and services by entering the electronic platform."
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XRP Pair with Iraq Dinar (IQD) Ignites Speculation on the Growth of XRP In Iraq
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In recent developments, Ripple appeared unperturbed about the possible outcome of its protracted lawsuit with the United States Securities and Exchange Commission (SEC). The cross-border crypto firm has continued to grab headlines in the crypto sphere with its salient moves to propel XRP’s growth further.
In the latest update, proponents seem to speculate that the cross-border token’s growing prominence might soon extend into the Middle Eastern country of Iraq.
XRP’s newest bullish sentiment reportedly stemmed from a tweet about XRP’s growing popularity by a pseudonymous Twitter account that goes with the screen name Boncryp Digital Asset Advocate.
Origin Of XRP’s Latest Sentiment
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Ninth in the world.. How much is the market value of Iraq's wealth estimated?
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The financial advisor to the Prime Minister, Mazhar Muhammad Salih, estimated, on Saturday, the market value of Iraq's resources and their sequence at the level of the countries of the world.
Saleh said, in a statement to the official agency, which was seen by Al-Maaloumah, that "Iraq is one of the most important countries in the world, if not at the forefront of nations rich in natural resources or raw materials within the scope of the international classification of resources on the globe."
He added, "Iraq is in the (ninth) sequence among the priority of countries in the world that possess natural diversity and economic quantities in the capacity of raw material reservoirs that can be manufactured and exported or national industrial use."
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The Iraqi Gazette newspaper publishes the Federal General Budget Law
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The official Iraqi Gazette issued by the Ministry of Justice published, on Monday, the text of the general budget law for the years (2023, 2024, 2025).
A copy of the facts and budget law
it's in Arabic but I translated the first page that shows the rate of 1300 and oil at $70
here's page one translate see 1300 and oil at $70
No. (13) for the year 2023
The Federal General Budget Law of the Republic of Iraq for the fiscal years
-
(chapter one)
Revenues
Article - 1 - First: A- The revenues of the federal budget for the fiscal year (2023) are estimated.
In the amount of (134,552,91963) thousand dinars (one hundred and thirty-four trillion).
Five hundred and fifty-two billion nine hundred and nineteen million and three
And sixty thousand dinars, as indicated in the table / - revenues according to the preparation
attached to this law.
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Al-Sudani receives a delegation from JPMorgan Bank
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Prime Minister Mr. Mohamed Shiaa
••••••••••
Today, Thursday, the Prime Minister, Mr. Mohamed Shayaa Al-Sudani, received a delegation from JPMorgan Bank, which included Messrs. Daniel Zeliko, Deputy Director of the Bank, and the Director of the Bank's Public Sector Group in the Middle East, Ghali Laraki.
During the meeting, support for the banking sector, the Central Bank of Iraq and the private sector was discussed. International trade, risk management and expansion of non-oil revenues were also discussed, which is one of the government's most important priorities, which it is working on as part of its plans for financial and administrative reform.
The Prime Minister referred to the role of JPMorgan Bank in establishing the Trade Bank of Iraq (TBI), which is today the commercial banking window of Iraq to the world, stressing that Iraq is on the verge of a major reconstruction movement in all sectors.
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Parliament sets next Thursday as the date for holding a session to vote on the budget
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The House of Representatives has set next Thursday as the date for holding a voting session on the federal budget.
Below is the text of the document:
words :
Yasin al-Nawab (reading verses from the Holy Quran)
Arabic and international for affairs
First: Voting on the draft federal budget law for the Republic of Iraq for the fiscal years (2023, 2024, 2025). (Finance Committee, Strategic Planning and Federal Service Committee), (67) Article).
The session begins at one o'clock in the afternoon
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The Central Bank of Iraq begins the process of electronic payment to reduce the use of paper money
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The Central Bank of Iraq announced that Cabinet Resolution No. (23044) for the year 2023 has entered into force, represented by increasing the number of electronic payment devices (POS), which are used as of today, the first Thursday of June, in government institutions and the private sector to promote a culture of electronic payment and collection Reducing the use of paper money in collection and commercial transactions.
And the Central Bank of Iraq confirmed, in a statement today, that it has been going for years to provide this service in accordance with its powers, and in compliance with the decision of the esteemed Council of Ministers, as it has started since the beginning of this year to expand the scope of work, hold workshops and launch incentive initiatives to implement financial inclusion and enhance the use of electronic payment by the citizen. They are located in the ministries, agencies, and departments of the state that work with collection and financial collection, such as the Ministry of Interior, Electricity and Oil, the Housing Fund, the Municipality of Baghdad, and the Ministry of Commerce.
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Under the slogan “The Dinar is a Nation’s Issue,” a gathering in Baghdad to support the local currency #IraqiDinar #Dinar #DinarRVthis is the text on the SignWe deal with our national flagThe #dinar is a homeland issue# The dinar is strongerTo see the images and more go to My FX Buddies Blog
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Iraqi PM Predicts Iraqi Dinar Valuelink to see this article and more go to: My FX Buddies Blog
The Prime Minister of Iraq, Mr. Mohammed S. Al-Sudani (pictured), has said the he anticipates the exchange rate between the Iraqi dinar and the US dollar will stabilize at the official rate of 1,320 IQD.
Speaking at the Iraq Forum for Stability and Prosperity in Baghdad last week, he also said that Iraq's current financial situation is the best it has been in recent years.
He added that illicit trading through the Foreign Currency Selling Window was prevalent until the introduction of the electronic platform, which effectively stopped it.
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Association of Private Banks: The Iraqi dinar is recovering and will return strong and stablelink to see this article in full and more go to: My FX Buddies Blog
dinar is recovering and will return strong and stable.
The Association’s advisor, Samir Al-Nusairi, told the Iraqi News Agency (INA): “Our dinar is recovering and returning strong and stable,” stressing that “with a close eye on the reality of monetary policy applications and procedures of the Central Bank and its careful follow-up of the foreign currency market situation locally and abroad, and facilitating access mechanisms to the electronic platform for external transfer and application of standards.” And the commitment of banks to implement the new external transfer instructions for the year 2023 and address the obstacles first led to the refutation of the extremist and pessimistic views that say that the crisis will continue, and our situation will be like the case of Lebanon, Iran, Syria and Turkey when it counts The dollar is the local currency of these countries.
Al-Nusairi added, "Through our accurate knowledge of the monetary situation of the Central Bank and its escalating reserves of foreign exchange, its balance exceeded 110 billion dollars, which covers up to 118% of the exported local currency and 130 tons of gold, and what is available continuously and daily in dollar revenues from oil sales in addition to its assets in the national currency."
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Government advisor: The parallel dollar will approach the official rate within days
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A government advisor confirmed, on Tuesday, that the parallel market for selling the dollar will witness a new decline during the next ten days and will come closer to the official price, indicating that transfers are currently taking place in an easy and accurate manner, after the agreement with the American side.
According to local stock exchanges, the parallel market exchange rate for yesterday was 1440 dinars to one dollar.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said, "The elaborate measures taken by monetary policy in Iraq have become clear at the present time."
Saleh added, "The price turmoil of the dollar began since the adoption of the electronic platform to pre-check remittances." He pointed out that "remittances constitute 80% of the demand for foreign currency," noting that "the level of sale ranged between 180 to 200 million dollars."
Salih stressed that "Iraqi banks have adapted today by complying with the electronic platform," noting that "transfers have become easy."
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Governor of the Iraq Central Bank: We are on alert to control the exchange rate of the dinar
" target="_blank" rel="noopener noreferer">link this came from kurdish news to see this article in full and more go to:" target="_blank" rel="noopener noreferer"> My FX Buddies Blog
Today, Thursday, the governor of the Central Bank, Ali Al-Alaq, stressed the government's commitment to not reaching the dollar's exchange rate to countries with which the United States prohibits dealing in the American currency, pointing out that Iraq is on alert to control the dinar's exchange rate. Al-Alaq said in a press statement on the sidelines of the meetings of the World Bank and the Monetary Fund in Washington, reported by "Bloomberg" and viewed by NRT Arabia, that "the American requirements for controlling transfers do not classify them as restrictions, but rather all that is required is the application of the money laundering and combating terrorism law." He added, "We are on alert in the central bank to control the exchange rate of the dinar," explaining that "this problem is not related to an internal financial crisis, but rather related to pre-audit procedures for external transfers of hard currency." Al-Alaq explained that "external transfers through the platform" multiplied very quickly, which created a balance in supply and demand for the dollar, "disclosed," the US treasury agrees with us on the need to expand external transfer channels. He stressed, "The new system does not aim to restrict responding to legitimate requests, as much as it aims to provide protection for the banking and financial system from illegal or suspicious operations, and supports the implementation of the Anti-Money Laundering and Terrorist Financing Law and the instructions related to it."
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A rapid decline in dollar prices in Baghdad and Erbillink to see this article in full and more go to: My FX Buddies Blog
The exchange rates of the US dollar against the Iraqi dinar continued to decline today, Sunday, in the main stock exchange in the capital, Baghdad, and Erbil, the capital of Kurdistan Region.
News agency reporter said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad continued trading after the closing, and recorded at 11:40 at night 141,000 Iraqi dinars for 100 US dollars.
While the prices this morning were 147,950 dinars for 100 dollars.
Our correspondent indicated that the buying and selling prices decreased in the exchange shops in the local markets in Baghdad, as the selling price reached 140,000 Iraqi dinars for every 100 US dollars, while the buying prices amounted to 142,000 Iraqi dinars for every 100 US dollars.
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Detection of printing a cash denomination worth 20,000 Iraqi dinars
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The Deputy Governor of the Central Bank of Iraq announced the start of printing new money in the category of 20,000 dinars at the end of this year or early next year.
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said, in a press interview, that "the central bank continues the procedures for printing money in the category of 20 thousand dinars, the process is taking place outside Iraq, and it is expected to pump the new currency category into the markets at the end of 2023 or early next year."
The move comes by the Central Bank of Iraq, in conjunction with the inflation rate in the country, according to the statistics of the Ministry of Planning, to 7.2 percent.
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The Iraqi Central Bank announces the imminent issuance of a decision regarding the possibility of printing a denomination of 20 thousand dinarslink
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Today, Wednesday, the Central Bank expected a decrease in the difference between the official and parallel exchange rates during the coming period, and while it indicated the imminent issuance of a decision regarding the possibility of printing a denomination of 20,000 dinars, it clarified its procedures for monitoring commercial banks.
The assistant general manager of the investment department in the bank, Muhammad Mounir, told the Iraqi News Agency (INA): “The packages and procedures of the Central Bank of Iraq contributed to limiting the continuous rise in the dollar exchange rate,” expecting “a decrease in the difference between the official and parallel exchange rates in the coming period from During the first, second and third packages of the Central Bank, as well as the government's continuous support.
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The Iraqi Dinar Has Revalued!! But ....link to see this article in full and MORE go to: My FX Buddies Blog
An economist expects an imminent decline in the dollar: these indicators!
Today, Friday, the economic expert, Mustafa Hantoush, predicted an imminent decline in the exchange rates of the dollar against the Iraqi dinar in the parallel market, after the increase in central bank sales.
Hantoush said in a statement to “ Al-Jarida ”, that “the increase in sales of the central bank is a sign of the imminent decline in exchange rates of the dollar against the Iraqi dinar in the parallel market,” noting that “two weeks ago, the sales of the Central Bank of Iraq rose above the level of 150 million dollars per day.”
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Ali Al-Alaq to Shafaq News: Wait for a decrease in the exchange rate of the parallel dollarlink to see this article in full and MORE go to: My FX Buddies Blog
The Governor of the Central Bank of Iraq, Ali Al-Alaq, expected, on Tuesday, a decrease in the parallel dollar exchange rate (the market price and local exchange rates) during the coming period.
Al-Alaq told Shafaq News agency, "The Central Bank has launched several packages of measures, and the packages that have been launched are being dealt with seriously to control the exchange rate of the parallel dollar."
Al-Alaq indicated that "the central bank's measures are continuing to control the exchange rate, and we expect a decline in the parallel exchange rate."
The parallel price means the exchange rate of the dollar in the market and exchanges, and not the official price set at 1132 dinars per dollar, according to the decision of the Board of Directors of the Central Bank of Iraq, which was approved by the Council of Ministers.
And the Central Bank of Iraq issued three reform packages, which it said came with the aim of addressing the rise in dollar exchange rates.
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The government of Iraq delivers the "tripartite budget" to the House of Representatives
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Spokesman for the Iraqi government on behalf of Al-Awadi
In implementation of the provisions of the Constitution and the Federal Financial Management Law, yesterday evening, Thursday, the draft federal budget law of the Republic of Iraq for the fiscal years 2023, 2024, and 2025 was officially handed over to the House of Representatives.
We affirm that the draft budget law, with its new articles and paragraphs that were approved for the first time, is capable of facilitating the implementation of executive and development projects, plans and programs, and the provision of infrastructure and services to citizens.
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An Iraqi bank is giving good news about converting the dollar at the official rate
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An Iraqi bank announced, on Sunday, good news regarding the conversion of the dollar at the official rate.
And the World Bank stated in a statement, that it "announces an initiative to transfermore than (200) countries in the world through (Western Union) at the price (1320) and up to a maximum of $7000 for all citizens and merchants throughout the week."
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The Iraqi government is heading to end "dollarization".. The dollar is not available for dealing between citizens - Urgent
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The researcher in economic and financial affairs, Nabil Jabbar Al-Tamimi, revealed today, Sunday, the existence of a government approach aimed at ending the phenomenon of "dollarization", that is, reducing the circulation of the dollar in the hands of citizens.
Al-Tamimi said, to "Baghdad Today", that "the Iraqi government is currently working to end the phenomenon of dollarization in the local market, meaning that it is working to end any dealings in dollars and abbreviate only dealing in Iraqi dinars, and this is part of the solution to the dollar crisis that the country has been witnessing for months." ".
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Parliamentary Finance expects to approve the budget in the month of Ramadan
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The Parliamentary Finance Committee expected the approval of the draft financial budget law for the year 2023 during the holy month of Ramadan.
Committee member Mueen Al-Kadhimi told {Euphrates News} agency, "The draft general budget law for the year 2023 will reach parliament next week, and it will need to be presented for voting between a month and 45 days," that is, during the month of Ramadan.
He added, "The price of oil will be approved in the budget, in which it will be $65 per barrel."
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5 new decisions from the Central Bank of Iraq regarding the dollar
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A meeting between the Central Bank, companies, banks and leaders of security agencies reached new decisions in the context of facing the exchange market crisis. And a statement by the central bank stated, “The governor of the Central Bank of Iraq, Ali Mohsen Ismail, received, yesterday, Thursday, a number of leaders of the security services and owners of exchange companies and brokers in the sale and purchase of foreign currency.”
The meeting, according to the statement, discussed ways of coordination and procedures between the Central Bank and the concerned agencies, and defining roles and tasks in light of the directives of the Commander-in-Chief of the Armed Forces. During the meeting, the following was directed:
1- The Central Bank is the only entity responsible for monitoring and inspecting banks, exchange companies, and non-banking financial institutions licensed by the Central Bank, based on its law.
2- The transfer of cash (in dinars and dollars) and any other currencies is permitted inside Iraq for all natural and legal persons, including banks, exchange companies and mediation companies in the sale and purchase of foreign currency, and their branches in all governorates.
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Will Iraq's oil sales turn from petro-dollars to petro-yuan?
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this is in Iraq's news
Today, Wednesday, international agencies and newspapers revealed news of an Iraqi-Chinese agreement for trade exchange in the local currencies of the two countries.
And the Chinese newspaper Global Times said, quoting statements by Chinese officials, translated by (Baghdad Today), that “the Central Bank of Iraq agreed with the Chinese side, to pay the value of trade exchanges (including oil, which constitutes 90% of trade exchanges between the two countries) in Chinese yuan instead. on the US dollar," pointing out that "this will lead to an improvement in the status of the Iraqi dinar," but at "the expense of weakening Iraq's dollar reserves."
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Al-Sudani: We are working on structural reforms for the Iraqi economy
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Prime Minister Muhammad Shia al-Sudani affirmed that Iraq is the key to the solution in the region, while pointing out that part of corruption finances terrorism.
Al-Sudani said in a symposium on the sidelines of his participation in the Munich conference, "Iraq is the key to the solution in the region," noting that "our government has 5 priorities."
The Prime Minister added, "We are working on structural reforms of the economy," noting that "the previous governments did not invest in gas."
He pointed out that "the government places desertification problems as a priority in its solutions," adding that "our forces have the ability to achieve security and stability in Iraq."
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Sources reveal details of the Iraqi-American understandings regarding the dollar crisis
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Political circles are talking about arenewable "grace period" granted by the US Treasury to Iraq regarding the circulation of the dollar, while the government denies these reports. And those circles refer to a series of understandings between Baghdad and Washington that resulted in postponing work on the American platform for a few months.
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The negotiations of the Iraqi delegation in Washington about the dollar "do not bode well"
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Two Arab newspapers reported, on Saturday, that the Iraqi delegation headed by Foreign Minister Fuad Hussein is finding it difficult to convince the US administration to ease restrictions on Iraq's access to the dollar.
The London-based Al-Arab newspaper quoted Iraqi political sources, and followed it up (Baghdad Today), that “ the indications received from Washington on the second day of the visit of a high-level Iraqi delegation, to reach new understandings regarding the conditions of the US Federal Bank regarding financial transfers in dollars, do not bode well.” ".
She added, "The press conference that took place between US Secretary of State Anthony Blinken and his Iraqi counterpart Fouad Hussein did not include any indications of an American approach to ease these conditions or implement them in a gradual manner, and that Blinken's statements did not depart from the circle of repeated public speech about his country's keenness to strengthen partnership with Iraq." "
On Thursday, an Iraqi delegation led by the Foreign Minister began an official visit to Washington to discuss a number of sensitive files, foremost of which is the issue of the decline in the value of the Iraqi dinar, following the measures recently imposed by the Federal Bank on the Central Bank of Iraq to "put an end to smuggling operations" of the dollar to countries that Washington imposes sanctions on. Economic, such as Iran and Syria.
This indefinite visit is of great importance to the Iraqis, due to the revival of their local currency, which in recent weeks has witnessed a serious decline, which caused an unprecedented wave of high prices, which led to protest marches.
The Federal Reserve imposed strict measures on dollar transfers, which US and Iraqi officials said were "aimed at curbing money laundering and the illegal transfer of dollars to Iran and other heavily sanctioned countries."
The procedures include establishing an electronic platform - which the Central Bank of Iraq began implementing in early December - that requires accurate details of foreign transfers that take place from Iraq
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Al-Sudani exempts Mukhayf and assigns Ali Al-Alaq to run the Central Bank of Iraq
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Today, Monday, Prime Minister Muhammad Shia'a al-Sudani dismissed the governor of the Central Bank, Mustafa Ghaleb Makhaif, from his post.
The official news agency quoted a government source as saying, "Prime Minister Muhammad Shiaa al-Sudani decided to relieve Central Bank Governor Mustafa Ghaleb Makhaif of his post, at his request."
The source added, "The Prime Minister assigned Ali Mohsen Al-Alaq to run the Central Bankby proxy."
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Iraq Economy Reels as U.S. Moves Against Money Flows to Iran
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BAGHDAD—Iraqis are blaming an unexpected culprit for a weakening currency that has caused the price of food and imported goods to rise: a little-noticed policy change by the U.S. Treasury and the Federal Reserve Bank of New York.
The New York Fed began enforcing tighter controls on international dollar transactions by commercial Iraqi banks in November, in a move to curtail money laundering and the illegal siphoning of dollars to Iran and other heavily sanctioned Middle East countries, U.S. and Iraqi officials said.
Iraqi banks had operated under less stringent rules since shortly after the 2003 U.S. invasion that toppled Saddam Hussein. Almost two decades later, American and Iraqi officials said they have decided it was time to bring Iraq’s banking system into compliance with global money-transfer practices.
Since the procedures went into effect, 80% or more of Iraq’s daily dollar wire transfers—which previously totaled over $250 million some days—have been blocked because of insufficient information about the funds’ destinations or other errors, according to U.S. and Iraqi officials and official Iraqi government data.
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Against the rise in the price of the dollar.. "angry" demonstrations in front of the Central Bank of Iraq building in Baghdad (photos + video
Against the rise in the price of the dollar.. "angry" demonstrations in front of the Central Bank building in Baghdad (photos + video)
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Yes to the dinar'On Wednesday, a number of citizens organized angry demonstrations in front of the Central Bank building in the capital, Baghdad.
Our correspondent reported (January 4, 2023), that "a number of citizens organized demonstrations in front of the Central Bank building on Al-Rashid Street in Baghdad, through which they raised banners calling for a reduction in the exchange rate of the dollar."
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What is meant by currency float? What are its advantages and disadvantages?
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The floating currency is intended to leave the value of a country's currency to supply and demand when compared to another currency. There are millions of traders around the world buying and selling currencies, which helps determine their value for others. The floating exchange rate is determined by these daily interactions between traders. If investors By buying the US dollar heavily, it is likely that its value will rise against other currencies, and this means that more dollars will be needed to purchase the same number of goods from abroad.**The writer, Mohamed Abdel-Khalek, is an economic analyst
How does the currency float system work?**The basis of the currency floating system is supply and demand. If the supply is greater than the demand, the value of the currency will decrease. On the contrary, if the demand is greater than the supply, its value will increase.
In the short term, the float can be affected by factors such as speculation, natural disasters, and political news, for example: elections can often lead to periods of negative sentiment if an extremist party has a chance to grab power.
As for the long term, the floating exchange rate in the foreign exchange trading market tends to fluctuate based on the economic performance of the country and its trade balance, if the economy is performing poorly it tends to see less investment from abroad, this means that less demand is made for the currency and thus exerting negative pressure on its worth.
The trade balance is the net of what a country exports and imports, so if a country imports more than it exports it has a net flow of its currency, this is because it demands more goods from other countries than those countries demand from them domestically, in return, the country sends more of its currency to abroad, thus increasing the market supply and decreasing its value.
Theoretically, a flotation mechanism can help countries recover from recession. This is because their currency tends to weaken as a result of poor economic performance. In turn, exports become more competitive because they are cheaper in the international market. This can help provide a boost to local exporters. At the same time, imports become more expensive. This may make goods more expensive in the short term but has the potential to boost alternative domestic suppliers who become relatively cheaper.
Advantages of floating exchange rate
1. Stability in the trade balance
The trade balance is the difference between what a country imports and what it exports. It may also be known as "net imports". This is an important economic aspect because it is a component of a country's economic output.
A floating exchange rate allows for more stability in this region as the currency is volatile. When a currency depreciates it means that exports become cheaper to the rest of the world. This provides a boost to the balance of trade between countries as they can export more because they are relatively cheaper than their competitors.
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Iraq's Central Bank moves to strengthen dinar against US dollar
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The plan includes a measure to buy more Chinese yuan. Other states are also considering using the yuan more.
December 24, 2022
Iraq's Central Bank has a new plan to increase the value of the Iraqi dinar against the US dollar.
The bank released a statement this week outlining the plan. The measures are as follows:
- Reducing the US dollar to Iraqi dinar exchange rate for travel or internet purchases from 1,470 dinars to 1,465.
- Helping private banks strengthen their foreign currency reserves that are not the US dollar. The Central Bank specifically named the Chinese yuan, the euro, the Emirati dirham and the Jordanian dinar.
- Providing options to the public for selling foreign currencies in government banks for the purpose of travel for the Hajj pilgrimage, medical treatment and study.
What it means: For years, the official rate of the US dollar to the Iraqi dinar was $1 to 1,182 dinars. Both dollars and dinars are used in Iraq, and the rate on the street was often rounded up to 1,200 dinars to the dollar.
In December 2020, Iraq's Central Bank lowered the dinars’ exchange rate to 1,470 dinars to the dollar for individuals and 1,460 for banks. The decision was due to a liquidity crisis, low oil prices and economic hardship related to the coronavirus pandemic.
Central banks often devalue their own currency in a bid to boost exports. Exporting something priced in the local currency becomes cheaper in foreign currencies. Iraq’s major export, however, is oil, and oil is priced in US dollars.
Another reason a country may devalue its currency is to reduce local debt burdens. Any US dollars Iraq collects, such as via oil revenue, are now worth a larger amount in dinars. This makes more sense in the case of Iraq, since the low oil prices in 2020 led to less government revenue converted to dinars.
The Iraqi government wanted to increase its cash amount with the devaluation, the Iraqi Kurdish news outlet reported in 2020. Any US dollars that the government receives are now worth more in dinars.
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The Iraqi Central Bank launches a package of measures to reduce the exchange rate of the dollar - urgent
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Today, Monday, the Central Bank of Iraq launched a package of measures to improve the performance of dollar-related transactions.
The Central Bank's media office said, in a statement received by Earth News, that "this package of decisions would restore the foreign currency market to its normal position."
He added, “The package included:
1- Allowing the banks participating in the foreign currency buying and selling window to buy any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes, and pay interest / returns on those balances according to what this bank decides
2- Trade financing facilitation The private sector through Iraqi banks and meeting the demand for foreign transfers by strengthening bank balances with their correspondents in other currencies in addition to the US dollar (Chinese yuan, euro, UAE dirham, Jordanian dinar and others).
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Starting tomorrow... the Central Bank of Iraq is moving to reduce the price of the dollar
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The Central Bank of Iraq decided, on Sunday, to increase the weekly sales of the US dollar in the currency auction, in an attempt to restore the exchange rate to its previous state. hmmmmAccording to a document issued by the bank, which was seen by Shafaq News agency, and addressed to mediation companies for the sale and purchase of foreign currencies, it stated, "Based on the objectives of this bank to achieve stability in the general level of prices and exchange rates and to meet the high demand for foreign currency in the local markets, it was decided to increase the weekly share For cash sales in dollars, starting tomorrow, Monday.The bank affirmed its readiness to meet the needs of all citizens of foreign currencies according to the purposes allowed to be financed legally, in addition to financing electronic payment cards that are used in payment operations outside Iraq at an exchange rate of 1470 Iraqi dinars per dollar, while adhering to what was stated in the controls for selling foreign currency for the year 2021 as well as Anti-Money Laundering and Terrorism Financing Law No. 39 of 2015.
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The Iraqi Parliament completes the cabinet of the Sudanese government by granting confidence to two ministers
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The Iraqi Parliament voted, today, Saturday, to grant confidence to the Minister of Construction, Housing, Municipalities and Public Works, Bankin Abdullah Rikani, and to the Minister of Environment, Nizar Muhammad Saeed Amidi.
Shafaq News agency reporter said that the parliament held its session headed by Muhammad al-Halbousi, Speaker of Parliament, after the completion of the legal quorum, in the presence of 208 members.
A statement issued by the Media Department of the House of Representatives stated that an absolute majority voted to grant confidence to the two ministers, and thus the ministerial cabinet of the current federal government headed by Prime Minister Mohamed Shia Al-Sudani has been completed.
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Central Bank: The value of the Iraqi dinar has become equivalent to one and a half dinars, with our reserves exceeding 90 billion dollars
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The Central Bank of Iraq confirmed, today, Friday, that the cash reserve exceeded 160% of the value of the Iraqi dinar, and while confirming the increase in the cash reserve exceeding 90 billion dollars, it expected the introduction of the 20 thousand currency at the end of next year, stressing at the same time the granting of 15 trillion dinars as loans for projects in four domains.
The Central Bank's advisor, Ihsan Al-Yasiri, said, "For the first time, the central bank's reserves exceeded the threshold of 90 billion dollars, as this number is very large and indicates a barrier to the recovery of the economy and a great support for the value of the Iraqi currency," noting that "the value of the Iraqi currency or the balance exceeded 160 %, as the value of the Iraqi dinar amounted to more than one and a half dinars.
He added, "The Iraqi currency is now witnessing a significant rise and recovery, as it is considered one of the strong international currencies, although it is not an international currency for circulation," noting that "the government and the Ministry of Finance have an opportunity to assign fragile and poor groups and retirees with low salaries and those covered by social protection and retirees through this Funds by allocating part of it within the 2023 budget.
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Baghdad and Erbil agreement on the implementation of Article 140 of the Constitution
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Minister of Justice Khaled Shawani revealed, on Monday, the details of the meeting of the State Administration Coalition at the home of the President of the Patriotic Union of Kurdistan, Pavel Talabani.
Shawani said in a press conference held during the meeting, that "it was decided in the meeting, which was hosted by Pavel Jalal Talabani, President of the Patriotic Union of Kurdistan, to activate Article 140 of the Iraqi constitution, provided that a committee is formed for the same purpose to carry out its duties within a period of 10 days."
He added, "The new government was formed as a result of a political agreement, one of its clauses included the implementation of Article 140 and the re-formation of the Supreme Committee for the implementation of that article, which has been suspended since 2014," noting that "disabling the committee created a great void, and contributed to the re-Arabization of Kirkuk governorate and the cut-off areas."
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Iraqi investment announces an openness towards "domestic and foreign" to counter reluctance
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The National Investment Commission in Iraq announced today, Thursday, its intention to open up to available local and foreign investments.
The head of the authority, Salar Muhammad Amin, said in a statement received by Shafaq News Agency, "One of the most prominent directions of the authority in the current and near stage is to open up to available local and foreign investments in various sectors, and to identify the most prominent causes of delay and not to move forward with projects and entities that prevent that."
He added that he "meets daily with dozens of investors, businessmen and companies wishing to invest, and learns about the most prominent problems they face, in attempts to overcome these obstacles through direct coordination with the state departments concerned with the investment process."
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The cost of Iraq’s empty promises/The Washington Institute: America is blackmailing the new Iraqi government
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Sudani’s tenure has not even reached the 30-day mark, but judging by his performance so far, there is little that can be described as success (or even the hint of it). Unless something changes, Iraqis are facing three more years of empty words and politics as usual.
Less than a month after being inaugurated as Iraq’s prime minister, Mohammed Shiaa Al Sudani is already reneging on promises he made to secure his governing coalition. The longer these pledges go unmet, the longer Iraq’s destabilising political polarisation will persist.
To elect a president and form a cabinet, Sudani’s pro-Iran Shia political bloc, the Coordination Framework, needed support from the country’s Sunnis.
Sunnis traded their support for a promise that, once in power, the new prime minister would withdraw pro-Iran Shia militias, known as Popular Mobilisation Units (PMU), from Sunni-dominated provinces in the northwest. Al Sudani agreed and also vowed to issue a general pardon that would open the door for the rehabilitation of the mostly-Sunni ISIS fighters.
Neither of these promises has been kept. Pro-Iran Shia lawmakers have obstructed measures that would undermine the PMUs without disbanding them. Meanwhile, proposed legislation to reinstate a compulsory military draft, introduced as a way to deplete the pool of unemployed young men for pro-Iran militias to recruit from, has been blocked by pro-Iran Shia politicians.
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Iraqi Dinar News Catch up Iraqi News for November 8th and 9th 2022 Al-Sudani is preparing to launch a major reform project
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Prime Minister Muhammad Shia Al-Sudani is preparing to launch a major reform project for the Iraqi economy.
The Prime Minister's Adviser for Economic Affairs, Abdul-Hussein Al-Anbaki, said in a statement reported by the official newspaper and seen by "The Information", that "the Sudanese are carrying out a major reform project for the Iraqi economy as a first step for the executive authority."
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Even Central Banks Are Buying Gold for the Zombie Apocalypse
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The instruction manual for surviving a zombie apocalypse is pretty straightforward. Once you’ve kitted out your bunker with canned goods and firearms, get a supply of bullion. You’ll need it to buy bullets and bribe your way out of a death fight in Thunderdome.
That’s a line of thinking you might associate with cranky gold bugs, but it’s not a million miles away from the rationale behind fund flows in the precious metals market right now — and nations are in the driving seat. Central banks bought 400 metric tons of gold in the September quarter, the World Gold Council reported this week. That’s a record inflow on a par with what they’d purchase over a whole year in normal times.
In the notoriously opaque world of government gold trading, it’s not always immediately clear who the biggest buyers are. Monetary authorities are such big players that they can distort the entire market by showing their hands, one reason that prices plummeted in the 1990s and 2000s when some of the European central banks sold in unison.
There is one obvious factor in common between the declared buyers, however: All are from nations facing serious problems. Turkey, whose lira slumped 52% over the year through September, added 95.5 tons to its gold holdings in the same period. Egypt bought 44.8 tons while its pound fell by 20%. India’s 40.5-ton purchase was matched by an 8.7% weakening of the rupee. Iraq’s dinar is fixed against the dollar, but credit-default swaps protecting against non-payment of its debts surged to nearly 9% in September, even after it bought 33.9 tons of the metal.
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Is it time to change the Iraqi Dinar exchange rate?
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The issue of raising the exchange rate from the previous government in the Iraqi budget, which was officially approved on April 1, 2021, was a big mistake, and it was an open theft from the pockets of citizens, and we were against it.
For the record, all the blocs voted for the aforementioned budget, except for the state of law and the national approach, and 3 deputies from Al-Fateh, and it was approved by specific blocs and supported it, and in the presence of 273 deputies out of 329.
At that time, for those who remember, we considered it a big mistake. Instead of establishing a fair protection network and supporting the growing poor classes, the government went to raise taxes and the exchange rate as if the dinar depended on it and not its national currency, which logically all countries intended to invest in and prevent its deterioration, as is happening now in all countries despite inflation taking measures multiple to raise its value.
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Returning the Iraqi dinar exchange rate to the previous rate is an economic disaster and a strategic economic mistake WOTS WED OCT 26 22
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During the past week, rumors spread widely in the foreign exchange market, promoted by speculators and some politicians who are not specialized in the economy for narrow purposes and interests, taking advantage of the negotiations to form the new government and tickling the feelings of the public with low incomes.
Those who suffered from high prices for foodstuffs and other basic materials and high rates of inflation. Therefore, we noticed that the currency market was affected by rumors, which led to a slight and temporary rise in the dinar, which was maintaining its stability at the level of the announced price and the target of the Central Bank for several months.
The important thing here is whether there is a higher economic interest in changing the exchange rate and returning it to its previous rate, and what are the benefits and damages in the event of the change. Will the citizens who were affected by the price hike benefit and was the exchange rate change the main reason for the suffering of citizens with low incomes
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WOTS MON OCT 24 22 Al-Sudani: The next government will attach the utmost importance to providing and maintaining the investment environment in Iraq
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Prime Minister-designate Muhammad Shia Al-Sudani said on Monday that the next government will attach the utmost importance to providing and maintaining the investment environment in Iraq.
And his media office stated in a statement received by {Euphrates News} that "Al-Sudani received the Ambassador of the Republic of South Korea to Iraq, Joy Song Soo, and they discussed strengthening bilateral relations between the two countries. And maintain them, and provide adequate protection for Korean and international companies from any attempts to obstruct their work, and this is the duty of the state exclusively.”
The Prime Minister-designate also stressed Iraq's need to strengthen partnership with countries of the world to benefit from its experiences in the fields of building and developing capacities for the economic and educational sectors, especially with countries that have successful experiences in those fields.
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WOTS MON OCT 17 22 Details of the Sudanese meeting with the American ambassador
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The Prime Minister-designate, Mr. Muhammad Shiaa Al-Sudani, received yesterday evening, Sunday, the US Ambassador to Iraq, Mrs. Alina Romanowski.
The meeting witnessed discussions on bilateral relations and common interests between the two countries and ways of developing them, and the importance of working to enhance security and stability in Iraq and the region during the next stage.
The meeting also witnessed Mr. Al-Sudani’s affirmation of Iraq’s desire to consolidate a strategic partnership relationship with the United States by strengthening work on the Strategic Framework Agreement in its various economic, educational, cultural and political aspects and issues of facing the effects of climate change, as well as security cooperation in the field of providing support and advice to empower the security forces Iraqi.
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The Iraqi Central Bank: The inflation rate is controlled and we are not thinking about changing the exchange rate
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The Deputy Governor of the Central Bank of Iraq, Ammar Hamad Khalaf, confirmed that there is no justification for thinking about changing the exchange rate of the Iraqi dinar, especially in light of the high oil prices and foreign cash reserves, which amounted to more than 80 billion dollars, noting that the inflation rate is about 6% and is controlling. It is necessary to stabilize the exchange rate of the Iraqi dinar.
Khalaf said, in an interview with the Kurdish media network "Rudaw", on the sidelines of the IMF and World Bank meetings in Washington, which he described as "the mission", that "there are serious attempts to reform the Rafidain and Al-Rasheed banks, so that they can play their role in the Iraqi economy."
He added, "The annual meeting of the International Monetary Fund and the World Bank, the meetings held by central bank governors, finance ministers, and the governors of the IMF and the World Bank are important to exchange experiences, and to meet with leaders of the financial sector as well as international institutions, in addition to bilateral meetings with some central banks and international institutions, which are very important." To continue communicating with international organizations and exchanging experience
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Question and answer.. Why is the Central Bank of Iraq heading towards issuing a category of 20 thousand dinars?
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The Central Bank of Iraq is heading to issue a new category of the local currency for monetary circulation that is not very high, after the depreciation of its currency against the dollar, in a move described as useless and will increase inflation on the one hand, and its goal is to improve the efficiency of the performance of the cash payments system in the country in intermediate currencies that serve the speed of monetary exchange Facilitating the settlement of transactions and payment methods within the economic community on the other hand.
This trend came on the lips of the Governor of the Central Bank of Iraq, Mustafa Makheeb, who revealed in an interview that the Central Bank of Iraq intends to issue a new denomination of the Iraqi currency with a value of 20 thousand dinars (approximately 13 dollars) based on a study and research compared with neighboring countries, and is working to complete the form of the paper In the coming days, it will be announced.
During the post-2003 years, the Iraqi currency went through volatile and volatile stages that lost its local value and market influence, but it was subjected to what can be described as a “semi-collapse” on December 21, 2020 when the Central Bank reduced the exchange rate from 1190 to 1450 dinars against One dollar, with the aim of better managing payments and the economic crisis in the country, and estimated that the value of the local currency in the market would fall by about 22% of its previous value.
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The Central Bank: New cooperation between Iraqi and international banks Iraqi News for Oct 4 and Oct 2022
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The Governor of the Central Bank, Mustafa Mokhif, announced receiving requests from international banks to open prospects for cooperation with Iraqi banks, which have a credit rating from accredited rating agencies.
Makheif said during a press interview, followed by "Nass" (October 4, 2022), that "work is currently underway with a number of sober international banks to prepare the ground for the crisis for banking cooperation with Iraqi banks with outstanding performance and a credit rating from accredited rating agencies."
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Weekend News Catch Up October 1st and 2nd 2022 The centrality of the protests: the demonstrations of Tahrir and Al-Nusour have one goal..Wait for October 25
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A member of the Central Committee for the Tishreen demonstrations, Abdul Hamza Al-Khafaji, confirmed today, Saturday, that the demonstrations in Tahrir and Al-Nusour Squares have one goal, while vowing to storm the Green Zone on October 25.
Al-Khafaji said in an interview with the program Balmakhtazl broadcast by Alsumaria satellite channel, that "the demonstrations of Tahrir and Al-Nusour have one goal, which is to bring down the government of parties and quotas," adding: "We demanded the fall of the government ofMustafa Al-KazemiIn the next few days we will go down strong.
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The Central Bank closes the door to change the dollar exchange rate.. What about the project to delete zeros?
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Today, Tuesday, the Central Bank of Iraq announced its intention to issue a new denomination of the Iraqi currency, worth 20 thousand, while stressing that there is no intention of the Central Bank to change the exchange rate of the dollar.
The Governor of the Central Bank, Mustafa Makheeb, said during his speech at the Al-Rafidain Forum for Dialogue, which is sponsored by Iraq 24 in the media, that “the central bank has no intention to reduce or change the exchange rate of the dollar,” stressing that “Iraq is still in the early stages of reaping the positive effects of the exchange rate change, and there are some Negative indicators are working to address them in the coming period.”
He added that "the process of deleting zeros from the currency needs to legislate a law and requires some modifications, and the atmosphere must be available to accept such modifications," noting that "the central bank presented earlier a project on the process of deleting zeros."
He pointed out that “the Central Bank is working to complete a new category of 20 thousand dinars based on a study and research compared with neighboring countries, and is working to complete the form of the paper and in the coming days it will be announced,” noting that “the Central Bank has reduced the interest rate on loans.” provided to finance projects, and that the initiatives largely targeted the housing sector, which occupies more than 30% in various sectors.”
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Weekend News Wrap September 10 and 11 2022 Where does Iran get the Iraqi dinar from? .. An expert explains
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On Friday, the professor of economics at the University of Basra, Nabil Al-Marsoumi, shed light on how Iran obtained the Iraqi dinar.
Al-Marsoumi said in a blog post, followed by "Nass" (September 9, 2022): "The Governor of the Central Bank of Iran announced the identification of 25 Iranian banks in addition to exchange offices to sell the Iraqi dinar to Iranians wishing to pay the Arbaeen visit of Imam Hussein, peace be upon him."
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WOTS TUE SEP 6 22 Soon.. Al-Kazemi to America
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Iraqi Prime Minister Mustafa Al-Kadhimi will visit the United States on September 26, to participate in the meetings of the United Nations General Assembly, rejecting a proposal presented to him during the second meeting of political leaders, not to make the visit, due to fear of renewed demonstrations in Baghdad.
According to information, Iraqi Prime Minister Mustafa Al-Kazemi informed the presidencies and political leaders during the second meeting of the National Dialogue, which was held on September 5, 2022, of his intention to visit the United States on September 26.
A participant in the meeting, he said, "A proposal was made to Mustafa Al-Kazemi, not to visit and send someone on his behalf, because of the possibility that the Tishrinists and the Sadrist movement would hold demonstrations, but Al-Kazemi told the gathering: It is important that I be present there."
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Iraqi News catch up September 4th and 5th 2022 Al-Kazemi's advisor: Iraq is on the "white list" to combat money laundering crimes
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The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said on Sunday that Iraq is currently on the "white list" of countries in implementing international standards in combating money laundering.
Saleh said in a statement to the official "Al-Sabah" newspaper, followed by Mawazine News, that "Iraq succeeded in curbing financial waste and combating money laundering by building experienced supervisory bodies that are committed to laws and regulations related to the financial and banking system," explaining that "the package of financial reforms and effective measures to pursue Sources of funds, led to Iraq restoring the confidence of the international community in it in financial transactions and commercial deals.
And he added, "Iraq has waged a war on money laundering gangs and prosecuting transfers, deposits and concealment with high efficiency at home and abroad," noting that "the Office of Combating Money Laundering, Crime Funds and Terrorism, which is a financially and administratively independent office that carries out information coordination work, is closer to the Financial Intelligence Unit." .
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Biden, during a call with Al-Kazemi, calls on all leaders to engage in a national dialogue
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Today, Wednesday, Prime Minister Mustafa Al-Kazemi received a phone call from US President Joseph Biden, discussing the latest developments in the situation in Iraq after the recent events.
A government statement said, "During the call, President Joseph Biden expressed the United States' support for an independent and sovereign Iraq, as set out in the Strategic Framework Agreement between the United States and Iraq."
Biden praised "the role of Prime Minister Mustafa Al-Kazemi and his wise leadership during the escalation of political tensions and the recent security events in the country," according to the statement.
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WOTS MON AUG 29 22 Al-Sadr announces (final retirement): Everyone is in a solution from me
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Al-Sadr announces (final retirement): Everyone is in a solution from me link
In the name of God
Many people, including Mr. Al-Haeri (his shadow) think that this leadership came thanks to them or by order.
No, that is by the grace of my Lord first and from the flows of the master, the father. May his secret be sanctified.
Who did not abandon Iraq and its people. Despite his resignation, Najaf al-Ashraf is the largest headquarters of the religious authority, as is always the case.. and I have never called for infallibility or diligence, not even (leadership). The biggest reason for it is the Shiite political forces as the majority. I wanted nothing but to bring them closer to their people and to feel their suffering, hoping that it would be a door to God's satisfaction with them.. How can they do this.
Although I thought that the reference’s retirement was not out of his own volition, and the statement issued about him was likewise.. However, I had decided not to interfere in political affairs, so now I announce my final retirement and the closure of all institutions except the Holy Shrine, the Noble Museum and the Al-Azhar Heritage Authority. Honorable chest.. and everyone is free from me.. and if I die or get killed, I ask you
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Why did al-Sadr abandon his turban during his meeting with Qaani? .. Reveal the scenes of the meeting in 30 minutes
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With the unveiling of the scenes of the meeting between the leader of the Sadrist movement Muqtada al-Sadr and the commander of the Iranian “Quds Force” Ismail Qaani, some symbolic details that al-Sadr conveyed, including Arab clothes and uniforms, and raising the .issue of ending Iranian interference in front of Qaani in an unprecedented precedent In a report, Reuters revealed exciting details of the meeting, which lasted only half an hour.
According to 4 Iraqi and Iranian officials familiar with the details of the interview, Muqtada .al-Sadr, a leader in the Iranian Revolutionary Guards, was received with apparent coldness Al-Sadr wore a black and white keffiyeh of southern Iraq on his shoulders, and a brown cloak, in a deliberate local form, contrasting with the completely black clothes and the Shiite .turban that he usually wears on public occasions chest challenges
Malab al-Sadr conveys a nationalist political message that sums it up: “Iraq is a sovereign Arab country, which will find its way on its own, without interference from its Persian neighbor, despite the sectarian ties between the two countries,” according to the officials .who spoke to the British agency
Al-Sadr challenged the Iranian leader, according to one of the officials, and said: “What is the relationship of Iraqi politics with you? We do not want you to interfere.” He was overwhelmed with a sense of confidence after a series of political gains made by his “Save a Homeland” alliance at the time against Iran and the “coordinating framework” loyal to .Tehran
According to "Reuters", Qaani waited for the moment to meet with Sadr for several months, and the official in charge of the Iranian file in Iraq was apprehensive, according to those . .familiar with the details of the visit
Iranian officials quoted Qaani as saying that if Muqtada al-Sadr included the "coordinating framework", Tehran's allies in any coalition, Iran would consider al-Sadr the main Shiite .political figure in Iraq
Al-Sadr remained steadfast, and stressed in a tweet after the meeting his commitment to a government free of foreign interference, and he said in a written message that was scanned ”.on Twitter: “Neither Eastern nor Western..a national majority government
Muqtada al-Sadr's efforts to counter and defeat Iran's maneuvers only prompted it and its proxies to launch a political and military counter-attack, including missile strikes against .Sadr's Kurdish allies in Erbil and Abu Dhabi, to which the Sunnis allied with al-Sadr
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The Iraqi government comments on the possibility of restoring the dollar exchange rate and ending the currency auction - urgent
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The government comments on the possibility of restoring the dollar exchange rate and ending the currency auction - urgent
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Today, Monday, the government's economic advisor, Haitham al-Jubouri, ruled out taking any decision regarding the dollar's exchange rate, indicating that the best .solution lies in strengthening the national currency against the dollar
Al-Jubouri said in a televised statement, which was followed by (Baghdad Today), that "the issuance of a decision regarding the exchange rate of the dollar to decrease ".or raise is excluded at the present time
He added, "The best solution to end the crisis of the devaluation of the dinar is the currency to strengthen the local currency, expand its activity and diversify its ".sources
And on the possibility of ending the currency auction, Al-Jubouri said that "the currency auction does not mean selling the dollar only, but also buying the dinar to give 10 trillion dinars for the benefit of state employees every month, which means ".that it cannot be dispensed with
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WOTS MON AUG 8 22 Al-Sadr: Reform will defeat corruption in Iraq
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Al-Sadr: Reform will defeat corruption in Iraq link
The leader of the Sadrist movement, Muqtada al-Sadr, said on Monday that reform will defeat corruption in Iraq.
Al-Sadr said in a tweet on his Twitter account: "Oh God, accept our current vigil in the Green Zone with you. It is with you, not with your corrupt and subservient enemy."
He added, "Just as blood triumphed over the sword in kindness, so will reform triumph over corruption in our beloved Iraq."
Below is the text of the tweet:
In the name of the Lord of Hussein
Peace be upon you, O master of the martyrs, peace be upon you and the rebellious ones
May God magnify our reward and your reward with the affliction of Imam Hussein, my soul to him. Rather, God magnified the reward of the Messenger, and God magnified the reward of the Virgin, and God magnified the reward of God.
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WOTS THU AUG 4 22 The coordination framework agrees not to renew Al-Kazemi
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The coordination framework agrees not to renew Al-Kazemi
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Baghdad today - Baghdad The Secretary-General of the Sayyid Al-Shuhada Brigades, Abu Ala' Al-Wali, confirmed today, Thursday, the coordination framework agreement not to .renew for a second term for Prime Minister Mustafa Al-Kazemi Al-Walaei said in a “tweet” to him on “Twitter” that I followed (Baghdad Today): “We said it previously, and we confirm it now.
There is no renewal for Al-Kazemi under ”.any circumstances.
He added, "I salute the brothers in the framework for their responsible courage in their emergency meeting today, whose most important decisions were the agreement not to renew Al-Kazemi and his refusal to keep him as a settlement chief for the next ".stage
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WOTS TUE AUG 2 22 Iran loses control of Iraq
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Iran loses control of Iraq link
Under the above title, Gevorg Mirzayan wrote, in "Expert Row", about the internal conflict in Iraq and the rejection of Iranian guardianship over it.
The article stated: Iraq is witnessing turmoil. Hundreds of Iraqi Shiite demonstrators stormed the parliament building last week to protest the appointment of a new prime minister.
Among Russian (as well as Western) circles close to experts, an opinion has been established that neighboring Iran is the biggest beneficiary of the US invasion of Iraq.
In the end, however, Iraqi nationalism (or Arabism, if you will) triumphed over religious identity, just as it triumphed during the Iran-Iraq war (when Tehran's bet on the support of its Iraqi Shiite brethren did not work). For many years, Iraqis - including Shiites - have opposed Tehran's control of their country and its incorporation into Iranian geopolitical projects.
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Iraqi News July 30 2022 Mass protests by Sadr supporters in Baghdad against Al-Sudani's candidacy
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Baghdad, Iraq (CNN) - Dozens of supporters of the Iraqi cleric, Muqtada al-Sadr, gathered outside the parliament building in Baghdad, on Saturday, to protest against the nomination of Muhammad Shia Al-Sudani for the position of prime minister.
Al-Sudani was officially nominated to lead the country on Monday, by the Coordinating Framework, which is the largest Shiite alliance in the Iraqi parliament.
His nomination followed the resignation of Sadr's bloc in the Iraqi parliament, a group of 70 lawmakers who withdrew from the ruling legislature last month in a show of strength after months of political deadlock.
Saturday's protests come after a meeting chaired by the current Prime Minister, Mustafa Al-Kazemi, and attended by leaders of security services to discuss security plans in light of possible protests, the state-run Iraqi News Agency announced.
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WOTS WED JUL 27 22 Protests in front of Al-Sudani's office .. Has the plan to overthrow Al-Maliki's candidate begun?
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Protests in front of Al-Sudani's office .. Has the plan to overthrow Al-Maliki's candidate begun? link
Press sources said that the Sadrist movement may have started its revolutionary movement to overthrow the framework candidate for prime minister, Muhammad Shiaa al-Sudani. .
The demonstrations come amid calls by electronic media platforms for supporters of the movement to join the demonstrations, in addition to extensive media campaigns against the Dawa Party and Al-Maliki, describing Al-Sudani as (the shadow of Al-Maliki).
Informed sources said that the October movement and its various forces have begun preparing to organize protests rejecting this nomination, and may develop into open sit-ins in the coming days, which paves the way for another political blockage, especially since the Sudanese does not want to start his rule with clashes with the protest street, and he is aware of the size The popular rejection of the assignment step, and he is trying hard to separate his position from the position of the coordination framework forces of which he is accused of being a part, while he is trying to export the image of the independent chosen by the coordination framework forces as a compromise.
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Al-Rasheed Bank begins installing ATMs that operate throughout the day Iraqi News for JuLy 23 -24 2022
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Al-Rasheed Bank announced, on Sunday, that it has started setting up three "out door" ATMs in the capital, Baghdad.
In a statement received by Shafak News Agency, the bank's media office said that these exchanges operate for 24 hours.
He added that they were distributed in three branches (Rabat, Yarmouk and Dora) as a first step to facilitate the receipt of salaries, noting that work is underway to create and distribute ATMs in other branches of the bank.
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WOTS FRI JUL 22 22 Central Bank: Paris will be the starting point of the Iraqi banking sector towards Europe
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Central Bank Governor, Mostafa Ghaleb Mokhief, met on Friday with his French counterpart, Francois Villeroy de Gallo, in Paris.
A statement from a feared office, a copy of which was received by Mawazine News, said that the two sides discussed developing banking relations between the two countries.
And the governor indicated that he discussed with de Gallo, global economic developments, emphasizing the development of banking and economic relations between the two countries, and that France would be the starting point of the Iraqi banking sector towards Europe, stressing that this sector is making progress at various levels, such as banking services and the rest of the indicators that are witnessing a continuous rise.
They also discussed the file of combating money laundering and terrorist financing and developing human resources working in the banking sector with international institutions.
For his part, the Governor of the French Central Bank praised Iraq's efforts in developing combating money laundering and financing terrorism and developing banking relations between the two countries, stressing that the French banking sector is open to its Iraqi counterpart, especially with regard to facilitating transfers and banking relations.
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WOTS MON JUL 18 22 A new government plan to reduce the dollar exchange rate
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A new government plan to reduce the dollar exchange rate...and the salaries of 4 ministries will be self-financed
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Today, Monday, the Prime Minister’s Adviser for Economic Affairs, Haitham Al-Jubouri, presented an economic vision that is summed up in converting four ministries to a self-financing system, restoring the dollar exchange . rate and standardizing employee salaries
Al-Jubouri said, in a statement I followed (Baghdad Today): “There is an economic vision for the next stage, a section of which has been written, and the most prominent of these ideas is the transformation of four ministries, namely transport, communications, interior and trade, from central to self-financing, and they can benefit from the revenues generated for them, through companies. The large and discreet that it owns or the revenues that are achieved through its work,” noting “the possibility of benefiting from the amounts allocated to it from the state treasury in ”. establishing productive development projects
He added, "There is a vision in the exchange rate of the dollar, and restoring confidence and strength to the Iraqi dinar, provided that it is not by a decision, as happened in the decision to raise the exchange rate, but by real economic reforms and an increase in non-oil revenues with a plan that extends from one to four years, and increasing the volume of investments in the country by persuading Iraqi investors who invest their money abroad to return to Iraq through facilities provided ”.to them and encouraging them to invest their money inside the country
Al-Jubouri pointed out that "among the vision is the automation of government procedures, electronic connectivity, amending instructions for implementing government contracts, and the issue of tax exemptions with a focus on increasing the tax base through profitable companies or personalities," expressing "regret that there is a focus on the simple citizen in the tax issue." While most companies evade .the final accounts as they are fictitious
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A Man Among Kings Iraq Celebrated in Saudi Arabia Al-Kazemi and Biden's meeting... an American welcome to Baghdad's hosting of the Iran-Saudi talks
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US President Joe Biden held a meeting with Iraqi Prime Minister Mustafa Al-Kazemi, prior to the launch of the Jeddah Security and Development Summit.
The summit, which brings together the countries of the Gulf Cooperation Council, the United States of America, Egypt and Iraq, in addition to Jordan, will discuss regional and international developments, and ways to expand cooperation between the participating countries, especially in the economic fields, food security, energy and water .
US President Joe Biden is scheduled to meet today, Saturday, with the leaders of the six Gulf Cooperation Council countries, in addition to Egypt, Jordan and Iraq, during a summit meeting in Jeddah, the last leg of his Middle East tour,
which also led him to Israel and the Palestinian territories.
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Iraq's central bank has no future plan to change exchange rate - state news agency
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A new statement by the Central Bank of Iraq about the dollar exchange rate and the possibility of reducing it to 120 thousand
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Today, Sunday, the Central Bank of Iraq confirmed that there is no justification for changing the exchange rate of the dollar against the Iraqi dinar, while indicating that the economic .circumstance is the main criterion for changing the exchange rate
Deputy Central Bank Governor Ammar Khalaf said in a statement to the official agency, "The exchange rate at the present time, in our opinion, as a monetary authority, there is no justification for changing it," explaining that "changing the exchange rate remains within the ".monetary authority's policy and according to circumstances
He added that "the economic circumstance is the main ruler, and there is no future plan to change the exchange rate, whether after 3 or 5 years, and it is the economic conditions that ".determine what is the appropriate decision that fits the time period at the time
He stressed that "the exchange rate is within the monetary policy and is the exclusive competence of the Central Bank, and when it sees that there is a necessity, it thinks about changing the exchange rate, but currently there is no justification or need to modify it," explaining, that "monetary policy, one of its advantages is flexibility in general, It is not good to ”.change the exchange rate quickly because it confuses the markets and weakens the economy
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The Central Bank of Iraq: There are currently no sufficient justifications to change the exchange rate of the dollar against the dinar
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The Central Bank of Iraq has settled the controversy over the parliamentary and societal demands to change and restore the currency exchange rate against the Iraqi dinar.
The Deputy Governor of the Central Bank, Ammar Khalaf, stated, in a statement to the National Iraqi News Agency ( NINA ), that "there is no justification for changing the exchange rate at the present time, and we, as a monetary authority, do not find that there is a sufficient justification to change the currency exchange rate for the time being," noting He pointed out that "the currency exchange rate has changed more than once since 2004 until now, due to monetary policy tools and economic conditions, whether to strengthen or reverse the value of the dinar."
He added, "The economic circumstance is the main ruler in the currency exchange rate, as there is no time limit planned for five years or less or more for changing the exchange rate, which is subject within monetary policy to the competence of the Central Bank exclusively."
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A parliamentary bloc is moving to reduce the exchange rate of the dollar Iraqi news for July 4th 2022
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Today, Monday, Jawad Al-Ghazali, a member of the State of Law coalition, revealed a move by his bloc to reduce the dollar exchange rate.
Al-Ghazali said in a statement carried by the correspondent of (Iraqi Media News Agency / INA) that "the lawmakers have collected their signatures regarding reconsidering the dollar exchange rate to its previous era or modifying it."
He explained, "This step (comes) due to the rise in commodity prices in the markets andthe harm of citizens, and this step will be towards a gradual reduction of the exchange rate, not completely, in order to be dealt with in a smooth manner without losses."
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IRAQI CENTRAL BANK DENIES RUMORS OF CHANGE TO DOLLAR-DINAR RATE
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This is in Kurdish news
SULAIMANI — The Deputy Governor of the Central Bank of Iraq, Ammar Hamad Khalaf said on Sunday (July 3) there has been no attempt to decrease the US dollar to Iraqi dinar exchange rate and that the bank’s reserves have increased by a great deal.
Khalaf told NRT they expect by the end of 2022 for reserves in the Central Bank to reach $90 billion dollars.
He also stated any rumors of a change in the exchange rate will make the markets in Iraq unstable and create chaos.
If there is any change to be made it will be through the Central Bank based on the economic and political situation in the country, Khalaf said.
He also said Iraq's reserves have increased dramatically this year, and now the country’s gold reserves have increased by 35 percent compared to last year, with Iraq owning 130,39 tons of gold reserves.
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WOTS THU JUN 30 The Central Bank of Iraq begins a package of measures to save the economy
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The Governor of the Central Bank, Mostafa Ghaleb Mekhif, announced that the bank had initiated a package of measures to save the economy from a certain abyss.
Makheif said during the “Access to Finance” conference that one of the bank’s priorities is to enhance financial inclusion and secure access to financial and banking services for the community. He added, that the Central Bank made access to financing possible when it launched a number of qualitative and important initiatives that covered different and important sectors.
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Changing the dollar exchange rate enters the political bidding in Iraq Money Articles June 29 22
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link (Changing the dollar exchange rate enters political auctions in Iraq) another little title
Several sources confirm that this matter falls under the jurisdiction of the Ministry of Finance and the Central Bank Some Iraqi political forces seeking to form the new government are working to change the exchange rate of the dollar against the Iraqi dinar (the price of one dollar in the market today is about 1470 Iraqi dinars), although this is excluded due to the repercussions of
changing its price again and the state of confusion. Which will be caused to the local market after its stability.
Bidding and tickling the feelings of the street
The Finance Committee of the Iraqi Parliament describes what some are promoting about the possibility of the House of Representatives
issuing decisions that restore the exchange rate of the dollar to what it was in the past, that is, to 1200 Iraqi dinars for every US dollar, which are nothing but auctions and titillation for the feelings of the street. Last Thursday, Representative Uday Awad announced that he had collected the signatures of more than 100 deputies to reduce the exchange rate of the US dollar against the Iraqi dinar. Awad stated that based on Article (61-Seventh-C) of the Iraqi constitution and Article (56) of the internal system, please include the issue of reducing the price of the dollar in the earliest possible session, according to constitutional contexts, and because of the economic repercussions taking place in the country and the collapse of the currency and its impact on the Iraqi citizen. In
turn, the Parliamentary Finance Committee denied what was recently reported about Parliament's efforts to restore the dollar's exchange rate to its previous state.
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WOTS MON JUN 27 22
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Deputy For Al-Fateh: The Exchange Rate Reduction Will Soon See The Light link
Member of Al-Fateh Alliance, Suhaila Al-Sultani, confirmed, on Monday, that the issue of reducing the dollar exchange rate is soon after collecting the signatures of 100 deputies to vote on reducing it under the dome of the House of Representatives.
Al-Sultani said in a statement to "The Information", "The Sadiqoun Parliamentary Bloc, with the follow-up of Representative Uday Awad, is seeking to reduce the exchange rate more than a year after its change."
She added, "The paper in which the signatures were collected, was attended by all the deputies of the political blocs affiliated with the coordinating framework," noting that "the exchange rate change will be soon."
It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign exchange rate (
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Economist: Iraq's environment is expelling investment and the Central Bank on government investment
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The economic expert, Salah Nouri, described today, Sunday, Iraq's environment as "repelling investment."
Nuri told Al-Furat News that: "Talking about Iraq's investment in securities may concern the private sector and not the government, as it is known that Iraq is an environment that expels investment, which may push some traders and businessmen to foreign investments."
He added, "Foreign government investment is only for the Central Bank through bonds, and there were investments with the Ministry of Finance, but at the moment they do not exist."
For his part, the economic expert, Manar Al-Obaidi, considered Iraq the highest investment country in foreign securities at the regional level.
Al-Obaidi said, in a statement, that the volume of the Central Bank of Iraq's foreign investments amounted to more than 60 trillion dinars, which is the highest since the establishment of the Central Bank of Iraq at all.
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WOTS THU JUN 23 22 Collecting more than 100 signatures .. a parliamentary move to reduce the dollar exchange rate
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Representative Uday Awad announced today, Thursday, that he has collected the signatures of more than 100 deputies to reduce the exchange rate of the dollar against the Iraqi dinar. Awad stated, according to a document received by Alsumaria News, that "according to Article (61 - VII - C) of the Iraqi constitution and Article (56) of the internal system, please include the issue of reducing the price of the dollar in the earliest possible session and according to constitutional contexts and because of the economic repercussions taking place in the country and the collapse of the currency and its impact on the Iraqi citizen.
text from the document:
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June 20, 2022 Economist: Economic plans that raise the level of the country's economy if they are implemented accurately
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Economist: Economic plans that raise the level of the country's economy if they are implemented accurately
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The economic expert, Raad Twij, called for setting accurate economic plans to raise the level of the Iraqi economy.
Twig said in a statement to the National Iraqi News Agency / NINA /: "There are economic plans that the concerned authorities must put in place to raise the level of the country's economy, and include the possibility of Iraq exporting oil derivatives such as gasoline, of which Iraq's consumption amounts to one and a half million tons annually, instead of importing Half of it is from neighboring countries.
He added, "By planning, Iraq can develop its human capital, which it lost during wars and crises, by supporting education and increasing the share of scientific research, which amounts to 9% of its budget annually, most of which goes to salaries, and we can also plan to establish industries that produce goods to replace imported goods and that We support agricultural projects, and their values are given to Iraqi workers."
Twig indicated that the Minister of Finance had mentioned earlier that Iraq plans to export electric power for the coming years, noting: "Iraq lacks electric power greatly, and therefore it must provide power to the Iraqis before exporting it."
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Zero Hour"...mysterious leaflets in central Baghdad hinting at demonstrations
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While uncertainty and anticipation prevail in the political scene in Iraq , after the resignation of the representatives of the Sadrist movement, the largest bloc in Parliament, mysterious leaflets were found in the streets of the capital, during the past hours..
He wrote on many of those papers that were distributed in the streets of Baghdad, "zero hour" and "the storm is coming", according to Al-Arabiya information.
Activists reported that these expressions indicate preparations for large-scale demonstrations in Iraq in the coming days, and possibly on Friday.
political forces meeting Especially since the distribution of leaflets took place yesterday evening, Tuesday, after a meeting of the emerging forces that were formed after the demonstrations that swept the country two years ago
A group of new political forces emanating from the Tishreen movement met and presented the most prominent elements of their vision for a political solution, the most important of which is the formation of a national salvation government and the change of the Electoral Commission and the electoral law, in preparation for holding new elections.
These forces also called on the political parties to give priority to the language of dialogue and to stay away from weapons.
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WOTS MON JUN 13 22 Sadrist movement issues a statement "after al-Sadr's withdrawal: "A sacrifice for Iraq
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The political body of the Sadrist movement issues a statement "after al-Sadr's withdrawal: "A sacrifice for Iraq
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The head of the political body of the Sadrist movement, Ahmed al-Mutairi, described, on Monday, the withdrawal of the leader of the Sadrist movement, Muqtada al-Sadr, . from the political process Qurban for Iraq
Al-Mutairi said in a statement received by (Baghdad Today) that "the political altruism that Sayyid Muqtada al-Sadr made by withdrawing from the political process and leaving the seats of his deputies to his opponents from other politicians is a sacrifice for Iraq, as he made himself the holy ram of Ismail, and by his work he transformed his altruism into eternal life." This is undoubtedly a brave stance, and a .lesson from leaders who are loyal to their homelands and peoples
He added, "This position reminds us of the position of his grandfather Al-Hussein, peace be upon him, when he said his famous saying: (I do not give you with my hand the giving of the servile and I do not approve the approval of the slaves). This is the position of the greats when they sacrifice the most precious and precious for the greater interest, and these positions are not new to the Sadr family. He called Muhammad al-Sadr more than twenty years ago when he said: (The religion belongs to you and the doctrine belongs to you) and here Muqtada al-Abaa said it (Iraq .)belongs to you and the people to you, I am not important
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After the resignation of al-Sadr's deputies, Iraq enters a "political maze" Iraqi News for June 11th and June 12th 2022
YOU MUST go to the My FX Buddies Blog to see/listen to the 2nd part of the podcast it cuts off abruptly
After the resignation of al-Sadr's deputies, Iraq enters a "political maze"
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A state of ambiguity and absence of vision in the political process in Iraq, after the resignation of the Sadrist movement’s representatives from Parliament, in a sudden decision, taken by al-Sadr, at a time when the “coordinating framework” began conducting internal discussions to follow up on the repercussions of that step.
On Sunday, al-Sadr directed the resignation of members of the Sadrist bloc to Parliament Speaker Muhammad al-Halbousi , after the failure to form a "majority government" despite the passage of eight months of parliamentary elections, considering it a "sacrifice for the sake of the homeland."
Al-Sadr said, in a handwritten statement, that "the head of the Sadrist bloc , Hassan al-Adhari, should submit the resignations of the sisters and brothers in the Sadrist bloc to the Speaker of Parliament," thanking "for what they offered in this short period," as well as "to our allies in The Alliance to Save the Homeland because of their patriotism and steadfastness, and they are now free from me.”
This resignation means the end of the "Save the Homeland" alliance, which was formed by Sadr's alliance with Parliament Speaker Muhammad al-Halbousi and Kurdistan Democratic Party head Massoud Barzani.
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Iraqi News June 7th and 8th 2022 Catch-Up The Iraqi House of Representatives votes on paragraphs of the emergency support law
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Al-Sadr after the adoption of the Food Security Law: I will not compromise in revealing who is manipulating the people's power
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The leader of the Sadrist movement, Muqtada al-Sadr, proposed, on Wednesday, the formation of a parliamentary oversight committee to prevent fraud in the implementation of the Food Security Law.
Al-Sadr said in a statement, a copy of which was received by "Nass", (June 8, 2022), that "Parliament's approval of the Food Security Law is another victory for Fustat Al-Islah. It has proven to everyone the unprecedented strength of the Iraqi parliament in the past years."
However, he added, "But the concern is all about the corrupt domination of this law and its application, so it should not be overlooked that the presence of the Sadrist bloc currently does not go beyond Parliament and does not exist in the current cabinet formation."
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WOTS FRI JUN 3 22 Iraq is ranked second in the list of ten economies that will grow at the highest pace in 2022
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Iraq is ranked second in the list of ten economies that will grow at the highest pace in 2022
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Forecasts prepared in April 2022 showed that the global economy this year is expected to grow by .3.6%, and this comes in light of the pressures it is facing And Statista, citing data from FMI and the World Economic Outlook, identified ten economies in the world that are .expected to grow at the highest pace in 2022,
and the list included 3 Arab countries According to a graph by "Statista", a German company specializing in market and consumer data, the Iraqi economy will grow at a rate of 9.5% this year and will rank second in the list after Guyana, which will lead the world's .economies in growth, as its economy is expected to grow by 47.2%
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WOTS WED JUN 1 22 Protestors Storm the Iraqi Parliament Building
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Iraqi News Update Monday May 30 Visa International begins its work in Iraq
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Visa International begins its work in Iraq link
The Central Bank of Iraq announced that Visa International has started its work in Iraq.
A statement by the bank stated that "Al-Furat News Agency" received a copy of it, "The Governor of the Central Bank of Iraq, Mustafa Ghaleb, received today, Monday, a delegation from the International Visa Company, where the company started the first steps of its work in Iraq."
On the sidelines of his meeting with the delegation, Makheef stressed that "the Central Bank of Iraq will support the company's steps in its work in Iraq because of its importance in attracting sober international expertise and the need to encourage electronic payments and enhance financial inclusion."
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WOTS WED MAY 25 22 Iraqi Finance Minister: Cash reserves will reach more than 90 billion dollars by the end of 2022
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Finance Minister: Cash reserves will reach more than 90 billion dollars by the end of 2022
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Today, Wednesday, Finance Minister Ali Allawi confirmed the increase in cash reserves with the Central Bank to 90 billion dollars by the end of this year, while setting the ratios of Iraq's commercial debts.
Allawi said in a report on the economic situation in Iraq seen by "Al-Iqtisad News", that "the devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached in late 2020," noting, that "the recovery in Oil prices and prudent financial management, help reserves become $70 billion by April."
He added, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq," noting that "the depreciation of the Iraqi dinar against the US dollar in December 2020 contributed to the decline of Demand for the US dollar, while the current demand for the dollar is higher than the declines seen in 2020, it is much lower than the
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WOTS TUE MAY 24 22 Iraq is on the verge of a "hungry revolution"
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Iraq is on the verge of a "hungry revolution"
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The Director of the Iraqi Center for Strategic Studies, Dr. Ghazi Faisal Hussein, that Iraq will witness a "hungry revolution" in light of the successive crises that the country is witnessing.
In an interview with Kurdistan 24, the director of the Iraqi Center spoke about the political crisis in the country, in addition to poverty, rampant unemployment, the high number of widows, the spread of illiteracy, and other crises.
Hussein said that the current stalemate in Iraq resulted from external and internal factors, pointing out that some forces in the coordinating framework have links with the Iranian Revolutionary Guard.
He added that those forces had disrupted the political process and constitutional procedures, indicating that they had monopolized the legislative and executive authorities since 2003, and had taken over all of the state in a way that did not represent the essence of democracy, which required a serious settlement to move towards forming a government.
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Iraqi News Articles Weekend Wrap May 21 and 22 2022 Barzani participates in the World Economic Forum in Davos
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Barzani participates in the World Economic Forum in Davos link
The President of the Kurdistan Regional Government, Masrour Barzani, headed today, Saturday, to Switzerland, to participate in the World Economic Forum in Davos.
The Presidency of the Kurdistan Regional Government said in a statement that {Euphrates News} received a copy of it, that "within the framework of the activities of the Global Forum, the Prime Minister will participate in a panel discussion entitled (A New Security Structure in the Middle East)."
On the sidelines of the forum, which kicks off from the 22nd to the 26th of this month, "Barzani will hold a series of meetings and meetings with senior officials, businessmen and economists in the region and the world."
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WOTS WED MAY 18 22 Pictures.. Sadr's supporters gather in Baghdad to support his steps
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Pictures.. Sadr's supporters gather in Baghdad to support his steps
link
correspondent reported this evening, Tuesday, that hundreds of followers of the leader of the Sadrist movement, Muqtada al-Sadr, took to the streets in two areas in the capital, Baghdad, to show their support for his steps and decisions.
Our correspondent said that hundreds of Sadr's supporters in Sadr City, east of Baghdad, took to the street to express their support for their leader.
This comes a day after the stinging attack launched by the leader of the Sadrist movement, Muqtada al-Sadr, yesterday, Monday, on the Iraqi judiciary, accusing it of keeping pace with the "disgraceful" actions of the blocking third, and at the same time threatening the "blocking third."
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WOTS MON MAY 16 22 The full text of Mr. Al-Sadr's speech
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link Today, Monday, the leader of the Sadrist movement, Muqtada al-Sadr, affirmed that Iraq will not return to the square of quotas and corruption, while describing the actions of the blocking third as "disgraceful."
Al-Sadr said in a speech addressed to the Iraqi people and was followed by the Iraqi News Agency (INA), "I was not surprised even an iota of the blocking third and its obstruction to the formation of the proud government, since its members do not exist without authority, but has the insolence reached the point of disrupting the laws that benefit The people (your eye is your eye), there is no new majority government that may benefit the people, and there is no current government that can serve and benefit the people.”
He added, "They target the people and want to subjugate them, and the most amazing thing is that the tribes go along with the disgraceful actions of the blocking third, in terms of who knows first." The land of Iraq with thefts, kidnappings, and murders, until Iraq’s politicians became an example to be emulated with corruption and immorality, except for a few, whose impact has faded and is still fading away
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The Iraqi Federal Supreme Court decided to cancel the food security bill after the lawsuit filed Iraqi News for Sunday May 15 2022
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link
Today, Sunday, Representative Haider Tariq Al-Shamkhi revealed shocking numbers caused by the Federal Court's decision to cancel the emergency .food security law for the Iraqi economy
Al-Shamkhi said in a statement received by (Baghdad today), that "the political intersection between the blocs is entering the country with a real economic and ".service crisis, because it is not possible to approve the budget
He added that "hitting the Food Security Law lost the addition of 7000 megawatts of electricity to the national grid, and the distribution of 12 meals to the Iraqi individual instead of only 6 meals," noting that "the decision lost the payment of farmers' dues at 800,000 dinars per ton, as well as agricultural support from through the provision .of fertilizers and pesticides
Al-Shamkhi pointed out that "the refusal of the law to allocate sums of money to line the rivers and confront the water scarcity, and sums for the development of the regions were allocated to the central and southern governorates, where the share of Najaf Al-Ashraf is approximately 450 billion, as well as a paragraph that is being ".pressured to add in the law concerning lecturers and graduates
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The Finance Committee sets a deadline for voting on the Food Security Law Iraqi News For MAy 13th and 14th of 2022
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The Finance Committee sets a deadline for voting on the Food Security Law
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The Parliamentary Finance Committee has set, today, Saturday, a deadline for voting on the Food Security Law.
The Media Department of the House of Representatives said in a statement received (Baghdad today), that "the Finance Committee held a meeting headed by Hassan Karim Al-Kaabi and the presence of its members regarding the maturation of the emergency support law for food security and development, and to vote on the articles of the law before submitting it to the presidency of the House of ".Representatives and including it in the agenda
The head of the committee, Hassan Al-Kaabi, confirmed, according to the statement, that "the emergency support law will be submitted to the presidency of the council after voting on it and addressing basic issues and matters that directly affect the life ".of the citizen
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WOTS THU MAY 12 22 After its implementation in Iran… Is it possible to cancel the dollar exchange rate in Iraq?
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After its implementation in Iran… Is it possible to cancel the dollar exchange rate in Iraq? – Urgent
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, commented today, Wednesday, about the possibility of canceling the dollar exchange rate in Iraq after implementing this step in Iran.
Saleh said in a statement to (Baghdad Today), that “the step taken by Iran means its official exit from the dollar area, whether in settling its foreign transactions with the world or in building its foreign reserves, and accordingly, it will deal with all existing international currencies and will allow the circulation of reserve foreign currencies in various forms, except for the United States dollar.
He added, “Perhaps the exchange rate of the Iranian currency will be based in the future on the currency basket system, excluding the dollar, which means Iran will leave the International Monetary Fund system entirely, in addition to the embargo imposed by the United States on Iran since 2011, which stopped any Iran’s dealings with the world in the currency of the United States of America.”
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WOTS WED MAY 4 22 An informed source: Al-Sadr will launch an initiative to end the political blockage within the next 48 hours
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An informed source: Al-Sadr will launch an initiative to end the political blockage within the next 48 hours link
A source close to the leader of the Sadrist movement, Muqtada al-Sadr, said that the latter will launch his initiative within two days to end the blockage in the political process and delay the formation of the government.
The source added that al-Sadr stressed today, during a meeting with members of the Sadrist bloc, the need to continue oversight and legislative work.
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WOTS WED APR 27 22 Nechirvan Barzani and an American delegation agree on the need to get out of the Iraqi political crisis
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Nechirvan Barzani and an American delegation agree on the need to get out of the Iraqi political crisis link
The President of Kurdistan Region, Nechirvan Barzani received today, Tuesday, a high-ranking US diplomatic and military delegation headed by Dina Strol, US Deputy Secretary of Defense for Middle East Affairs.
The delegation also included Matthew Tueller, the US ambassador to Iraq, Matthew Trollinger, deputy director of political and military affairs for the US joint forces in the Middle East, and a number of political and military officials.
A statement issued by the presidency stated that at the beginning of the meeting, Stroll affirmed America's vision and policy by committing to the continuity of political and military support for Iraq and the Kurdistan Region, and to proceed with joint partnership and cooperation between them, appreciating the sacrifices of the Peshmerga forces in the war against ISIS.
For his part, President Nechirvan Barzani renewed his thanks and appreciation for providing support and assistance by the United States and the international coalition against ISIS to Iraq and the Kurdistan Region in the face of terrorism, according to the statement.
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WOTS MON APR 25 22 Experts: The emergency support law revives the Iraqi economy
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Experts: The emergency support law revives the Iraqi economy link
Experts and specialists considered the emergency support law for food security and development "important" in the absence and absence of a budget during the current year 2022, stressing that it (the law) will revive the Iraqi economy, coinciding with the high selling prices of crude oil in global markets.
The consultant in industrial development and investment, Amer Al-Jawahiri, told Al-Sabah: “In 2020, there was suffering in paying employees’ salaries, and a special law was issued through which the central bank was borrowed, meaning that the central bank is asking for a large amount of internal debt at the present time. To stay away from these matters in Iraq, we need a vision, strategies, policies and plans to implement those policies and not return to debt.”
He added, "What is happening now from the rise in crude oil prices, and the absence of a budget, calls for investing the financial surplus, especially since expectations indicate that oil prices will remain high during the current year 2022," noting that "whether there is a budget or not, there will be an abundance Finance, and the Food Security and Development Law takes this matter into consideration and finds solutions for it." The government recently submitted a draft law on emergency support for food security and development to the House of Representatives after negotiations between the political forces faltered and there was no agreement on forming the new government, which led to the absence of a budget for the current year so far, with expectations that this will continue differences.
Al-Jawahiri pointed out that there is an "indication in the text of Article 1 of the draft law (emergency support for food security and development), which stipulates that the Ministry of Finance will establish an account called Supporting Food Security and Development, Financial Precaution and Poverty Alleviation, and this account could be the nucleus of a sovereign fund, and this The nucleus can be spent through it from a special field in this account, and it can be divided into two parts, because the law will be to keep things in order in the absence of a budget,” noting that Article 3 II mentions that there are sums of money in this account that are distributed among the ongoing, suspended and lagging projects, either Paragraph 2 of Article 3 Secondly, states that sums of money should be allocated to new service projects necessary for governorates that are not organized in a region.
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Iraqi News for APR 24 2022 Analysis: Al-Kazemi's government will continue its duties until new early elections in 2023
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Analysis: Al-Kazemi's government will continue its duties until new early elections in 2023
link
The representative of Salah al-Din Mishaan al-Jubouri suggested, on Saturday, April 23, 2022, .holding new elections if the blocs fail to overcome the political blockage Al-Jubouri said in a tweet on Twitter, which was followed by the obelisk: He does not wish to break the bone between .the parties, indicating that he supports resolving differences between political forces He added that if the political blocs do not succeed in overcoming the political blockage, let us go to new elections, .perhaps producing a two-thirds majority .
Three attempts to elect a president failed, six months after the early parliamentary elections And to go to new early elections, one-third of the parliament members need to present his dissolution before the .House of Representatives, then the House itself votes by half plus one, and the parliament itself is dissolved Academic Muhammad Hashem believes that the best solution to the political impasse in Iraq is to dissolve parliament .and call for early elections within sixty days
And he added: In light of the current paragraphs of the constitution, it is impossible to achieve this because there are .two-thirds or a majority, wondering about the authority that obliges everyone to do so A report by Al-Monitor newspaper talks about the most likely possibility, that the current government will continue indefinitely as a transitional government and hold other early elections in 2023, given the fact that the constitutional .deadline for forming a government has passed
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Al-Hanana": There is no retreat from the forty-year-old's chest..and this is a message for the framework Iraqi News for APR 22 22
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Al-Hanana": There is no retreat from the forty-year-old's chest..and this is a message for the framework
link
A source close to the office of the leader of the Sadrist movement in "Al-Hanana" said on Friday that the forty-day deadline given by Muqtada al-Sadr at the end of last month for the coordination framework for forming the government is still ongoing and there has been no change or retreat.
Al-Sadr’s position came after the Iraqi parliament failed for the third time in a row to hold a session to elect a new president for the country due to the intensification of the dispute between the Triple Alliance (the Sadrist bloc, the Kurdistan Democratic Party, the Alliance of Sovereignty), and the coordinating framework that includes Shiite political forces.
The election of the President of the Republic requires a quorum in which the presence of representatives constitutes two-thirds of their number, that is, more than 220 deputies out of 329, which was not achieved due to the boycott of the coordination framework that represents prominent Shiite parties, such as the State of Law bloc and the Al-Fateh Alliance, the umbrella under which the loyalist popular mobilization factions fall under. for Iran.
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WOTS TUE APR 19 22 The Central Bank of Iraq reveals the amount of money in circulation: 80% of it is hoarded in homes for one reason
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The Central Bank reveals the amount of money in circulation: 80% of it is hoarded in homes for one reason
link
The Central Bank of Iraq revealed, on Wednesday, the volume of circulating funds, while indicating that 80% are stocked in homes due to the lack of high confidence in the citizen towards banks.
Ihsan Al-Yasiri, Deputy Governor of the Central Bank, said in an interview with our colleague Karim Hammadi, followed by “Nass” (April 20, 2022): “We have 76 trillion dinars as a source of circulation, 20% of which are deposited in banks, and 80% of them are hoarded homes, and this is a deprivation for society.” .
He added, "Hoarding money in homes, which is behind the mistrust of some citizens in banks, regardless of whether they are private or governmental, is a high risk, as these funds may be exposed to damage, burning or theft."
And he stated, "The Central Bank has set strict standards to control the behavior of banks and we are witnessing a development in performance, knowing that the banks' control has 3 tracks, the first is improving performance, merging the bank, or withdrawing the bank's license if the reluctance continues."
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A banking exhibition in Al Qishla, Iraq to inform citizens about banking Iraqi News for APR 16 2022
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A banking exhibition in Al Qishla to inform citizens about banking
Al-Qashla building in Al-Mutanabi Street, central Baghdad, witnessed a banking exhibition to educate citizens about banking services such as loans and deposits.
The Association of Private Banks stated that it held the exhibition in cooperation with the Central Bank, to inform citizens of banking services, including loans, investment deposits, electronic payment, and others.
She pointed out that the exhibition was held yesterday, Friday, and will continue today, Saturday, from nine in the evening until midnight.
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Baghdad is on a date with the "The People is the Solution" demonstration
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Baghdad is on a date with the "The People is the Solution" demonstration
link
Next Friday, Baghdad and the rest of the provinces are on a date with an upcoming demonstration entitled The People is the Solution
Under the title the people It is the solution that the Iraqi street is preparing for Baghdad And the rest of the provinces to stage a peaceful demonstration in protest against the state of political blockage that has cast a shadow over the overall conditions of the country, such as the economy and services
at BasraThe street is mobilizing for a peaceful popular demonstration next Friday in discontent with the bad conditions and in protest against the aggravation of unemployment and the scarcity of job opportunities
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WOTS WED APR 13 22 It drains Iraq’s wealth.” A leader in Badr talks about a project that America is imposing on the Al-Kazemi government.
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It drains Iraq’s wealth.” A leader in Badr talks about a project that America is imposing on the Al-Kazemi government.
link
The leader of the Badr Organization, Mueen Al-Kazemi, revealed today, Tuesday, a project that America seeks to impose on the current government, while indicating that it drains Iraq's wealth.
Al-Kazemi said, in a statement to Earth News, that “the insistence on extending the Basra oil pipeline to the port of Aqaba in Jordan and from there to Egypt and Israel, which is called the New Sham Project, is planned by America and imposed on the Al-Kazemi government (the caretaker) to drain Iraq’s wealth at the lowest price.” .
He added, "The project is funded by Iraq amounting to $18 billion to solve the economic crisis in Egypt, Jordan and Israel at the expense of the future of Iraqis."
Al-Kazemi described this project as “manipulating the fate of the country and a major betrayal of its interests,” calling on “loyal patriots to stand in the face of this suspicious detour and abort the starvation plot that wants to deprive Iraq of taking its natural role in the region.”
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The old price is coming.. Political forces agree to develop a map to reduce the exchange rates of the dollar against the Iraqi dinar
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link
remember these are the Iranian backed guys let's hope Sadr has a plan too though
The leader in the coordination framework, Issam Al-Kuraiti, confirmed today, Sunday, that the framework has established 3 tracks to deal with .the dollar exchange rate file
Al-Kuraiti said in an interview with (Baghdad Today), “The exchange rate of the dollar against the Iraqi dinar is a very sensitive and thorny issue, and the increase in its exchange rate has hit the lifeblood of the Iraqi citizen and contributed to increasing poverty rates and pushing the movement of commercial activity to decline with the increase in prices in the markets for all materials and in proportions.” So sharp that construction prices created a huge gap and pushed it down remarkably with an ".unprecedented rise in raw materials
He added, "The coordinating framework, with all its might, is agreed to reconsider the dollar exchange rate file through a supreme committee consisting of experts to develop a road map that contributes to setting an appropriate exchange rate and alleviates the economic burdens on the poor and low-income people, and contributes .to restoring the activity of the Iraqi markets after A stalemate that lasted for months
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WOTS MON APR 4 22 The Federal Court rejects the lawsuit filed regarding raising the price of the dollar - urgent
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The Federal Court rejects the lawsuit filed regarding raising the price of the dollar - urgent
link so now we need the explanation of this, the impact of it and what's next?
The Federal Court rejects the lawsuit filed regarding raising the price of the dollar
Our correspondent said: "The Federal Court held a session today to decide the case against raising the price of the dollar."
"The court decided to dismiss the case," he added.
another version
Today, Monday, the Federal Supreme Court rejected the lawsuit against raising the exchange rate, according to what a judicial source told Shafak News Agency.
The decision of the Federal Supreme Court comes after a previous decision to postpone the 32 federal lawsuit regarding raising the dollar exchange rate, to the fourth of next April.
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Sunday Iraqi News CatchUp Economist: The Food Security Law contradicts the white paper and ends with budget legislation
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Economist: The Food Security Law contradicts the white paper and ends with budget legislation
link
The economic expert, Nabil Al-Marsawi, confirmed today, Sunday, that the draft food security law is temporary, and it expires or becomes effective as soon as a new budget law is enacted.
Al-Marsoumi told "Earth News" that "the title of the draft law includes 4 things that support food security, development, financial precaution and poverty alleviation, but all of them are not present in the body of the law or are improperly scattered, for example the law talks about paying the costs of oil production allocating 5% of the Its resources amount to 25 trillion dinars from the monthly budget surplus, which is achieved above public expenditures, to which 10 trillion dinars are added to internal and external borrowing. Justified, it is also allocating 10% of these expected financial resources to increase the debt service premiums, while the debt service premiums are within the 1-12 ratio that Iraq works in in 2022.
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WOTS FRI MAR 25 22 Al-Sadr to Independents: Do not replace Saturday with a heavy table, as it may be the end of Parliament
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Al-Sadr to Independents: Do not replace Saturday with a heavy table, as it may be the end of Parliament link
The leader of the Sadrist movement, Muqtada al-Sadr, renewed his call for independent deputies to participate in the presidential election session scheduled for tomorrow, Saturday.
Al-Sadr said in a publication, "On Saturday, we are waiting for the independent representatives, and we hope that they, and even the national opposition, will take an honorable stand for their people, as they are impatiently waiting for the formation of a reformist majority government."
He added, "Let the loyalists and the opposition stand together to build a free, independent homeland with prestige, sovereignty and dignity, without occupation, normalization, or terrorism. Do not replace the parliament session on Saturday with spoils or a banquet. Even if it is (the most rewarding), the attendance of the session is (completed)."
Al-Sadr continued, "Indeed, it is shameful for Iraq and its people to be left without a government.
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Weekend Iraqi News Catch-Up for March 19th and 20th 2022 Iraq: Activists gather for new demonstrations
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Iraq: Activists gather for new demonstrations link
Iraqi activists in Baghdad, Dhi Qar and Babil said today, Friday, that they began mobilizing to organize new demonstrations, the dates of which have not been set yet, to demand the settlement of electoral benefits and the formation of a new government that can face the waves of high prices and unemployment, while emphasizing the demands of the first demonstrations that erupted in the last quarter. From 2019 and lasted for more than 14 months in more than 10 cities in the south and center of the country and Baghdad.
Despite the end of the demonstrations with the closure of the government of Mustafa Al-Kazemi, the last protest fields in Baghdad and Dhi Qar in the south of the country, and the dispersal of the sit-ins, some of which took place by force, the Iraqi civil movement is still so far looming the possibility of re-demonstrations at any time, which observers consider a major pressure card on the forces The political situation, many of which declined in popularity following popular protests calling for service and political reforms and an end to sectarian quotas in running the country.
According to activists from Babil Governor
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WOTS WED MAR 16 22 Qaani in Baghdad, two days after the bombing of Erbil
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Qaani in Baghdad, two days after the bombing of Erbil link
An Iraqi parliamentary delegation inspects the sites targeted by Iran
The commander of the Quds Force in the Iranian Revolutionary Guard, Esmail Qaani, does not usually announce the visits to Baghdad. News of the visit is leaking behind the scenes to the communication sites and the media. Although Qaani's visits to Iraq where the three stations (Baghdad, Najaf and Erbil) were repeated during the past months following the elections, according to the political map that followed the results, there is an impression that the Iranian role has declined in Iraq. Iran was not able to stop the fragmentation of the Shiite house, unlike Turkey, which succeeded in uniting the Sunni house. Despite all the pressures exerted by Iran, it did not succeed in changing the project of the national majority adopted by the leader of the Sadrist movement, Muqtada al-Sadr, who wants to form a government without regional (not eastern) interventions, which is meant by Iran, or by international (not Western), which is meant by the states. United States of America.
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WOTS MON MAR 14 22 Al-Kazemi is still a hot candidate for prime minister, even with his (farewell) tweet
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Al-Kazemi is still a hot candidate for prime minister, even with his (farewell) tweet
link
It seems that the last tweet of Prime Minister Mustafa Al-Kazemi, which some read as a farewell message, or the end of his career in the government, was misinterpreted, or that some took it from private angles, dropping a hidden desire to expel the man whose fortunes were and still are. It is the largest, and the possibility of its renewal is the most expressive of the outcomes of the political reality in which political stumbling continues to dominate the situation.
Yes, you can read the tweet from its appearance as having a farewell nature, but in interpretation and depth, it can be read in the context of the reminder by Al-Kazemi, of the reasons and causes that were behind his acceptance of the mission, and it is also within the reminder that the political dilemma still exists, and the surrounding circumstances It is still the same clash, especially with the outbreak of the Ukrainian crisis, the repercussions of the Iranian-American conflict, the return of the atmosphere of tension and the noticeable decline in the Vienna negotiations, as well as the decline in the Iranian-Saudi dialogue, and thus the solid intersection between the sharply divided Shiite forces
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Iraqi News Catch up March 12th 22 Next Monday.. Cautious optimism precedes an upcoming meeting between al-Maliki and al-Sadr
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Next Monday.. Cautious optimism precedes an upcoming meeting between al-Maliki and al-Sadr
link
Politicians and observers of political affairs expressed their optimism that the blockage in the country's political process will break, following the phone call made by the leader of the Sadrist movement, Muqtada al-Sadr, to the leader of the State of Law coalition, Nuri al-Maliki, which means that the ice has melted between the two parties and the possibility of moving forward with the process of selecting the president and forming the government.
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WOTS TUE MAR 8 22 Expectations of a new government next April, and Al-Kazemi's shares are on the rise
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Expectations of a new government next April, and Al-Kazemi's shares are on the rise link It is expected that the country will have a new government next April, as it is hoped that Parliament will announce the holding of a new session to elect the President of the Republic after mid-March. On Sunday, Parliament opened the door for nomination for the third time to fill the position after the recent Federal Court decision, and for a period of 3 days. According to Article 76 of the Constitution, the President of the Republic (after his election) assigns the candidate of the largest bloc to form a government. Indications are emerging that the current Prime Minister, Mustafa Al-Kazemi, has great chances of obtaining a second term.On the other hand, parties from the Shiite "coordinating framework" are considering putting forward the name of former Prime Minister Haider al-Abadi. The "triple alliance", which includes the Sadrist movement, Sunni forces and the Kurdistan Democratic Party, has intensified its dialogues during the past two days. President election dayAbdul Salam Barwari, a member of the Kurdistan Democratic Party, told Al-Mada that "on the tenth day of the day parliament opened the door for candidacy for the post of President of the Republic, the parliament can hold a session to choose the president." And within Article 76 of the constitution, the formation of the new government is within “15 days from the date of the presidential elections.” Last Saturday, Parliament voted to open the nomination for the post of President of the Republic, following a judicial decision to cancel the list of second candidates.
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WOTS FRI MAR 4 22 Iraq's Parliament’s deadline for the Minister of Finance enters the countdown
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Parliament’s deadline for the Minister of Finance enters the countdown
link
Parliament’s deadline for Finance Minister Ali Allawi enters the countdown, and deputies confirm: The exchange rate change must be gradual.
After the week's deadline, Parliament awaits the Minister of Finance's treatmentsAli AllawiTo remedy the repercussions of the dollar exchange rate and its negative effects on the market at a time when MPs assert that changing the exchange rate must be gradual and not surprising, as happened previously.
The week's deadline granted by Parliament to the Minister of FinanceAli AllawiTo provide economic treatments entered into the countdown.
In Parliament, almost all deputies are waiting for what Allawi will present after the deadline granted to him to address the market situation and the damage caused to the poor citizen as a result of the repercussions of the dollar price, and then the House of Representatives will have a position on the situation.
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Iraqi News Catch up March 2nd 2022 International Monetary Fund warned Iraq of the "fragility" of its economic recovery
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International Monetary warns Iraq and announces its position on the dollar exchange rathe International Monetary Fund warned Iraq of the "fragility" of its economic recovery. link
The head of the IMF mission in Iraq, Tohir Mizorov, said in a press statement: “Policies aimed at containing inflation and its impact should take into account the fragility of recovery in Iraq and the long-term goals of diversifying the economy and strengthening the private sector. It is to avoid making the problem worse by adopting domestic policies that would increase inflation, for example through expansionary policies.”
He added, "The second priority is to implement policies that are carefully targeted to protect the most vulnerable groups. At the same time, it will be important to avoid any measures that could weaken Iraq's economic capabilities without addressing the problem. For example, measures that undermine the competitiveness of local producers and encourage imports will not contribute to Realizing the benefits of remembering the weak groups, if they exist at all, and this explains the scarcity of countries with a fixed exchange rate to raise the value of their currency in economic history, and for the same reasons, it would not be advisable for Iraq to do so.
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WOTS FRI FEB 25 22 Iraqi News Catch Up of the Weekend Feb 26 and 27th 2022
How much does Iraq lose by "returning the dollar" to its old price? Economist explains
link go to my fx buddies blog
Today, Sunday, the economic affairs specialist, Nabil Al-Marsoumi, revealed the expected losses for Iraq in the event of a return to the old dollar exchange rate.
The expected net oil revenues in 2022 = 70 billion dollars (after subtracting the costs paid to oil licensing companies and government imports)," Al Marsoumi said in a blog post seen by Alsumaria News.
He added that "oil revenues are denominated in dinars at the current exchange rate = 101.5 trillion dinars."
He continued, "Oil revenues are denominated in dinars at the old exchange rate = 78.260 trillion dinars."
And the specialist in economic affairs indicated that "the difference between the two prices = 101.5 - 78.260 = 23.240 trillion dinars," adding that "the internal debt of Iraq = 68.214 trillion dinars."
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After the "change" of the exchange rate, speculators empty the pockets of Iraqis in hours
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link
In a short period not exceeding 48 hours only, currency speculators made millions of dollars, after they spread and exaggerated rumors about the government's attempt to change the dollar exchange rate in the current year 2022 budget to start large dollar purchases from citizens who were saving some of them to sell for fear From the loss, prices will rise again after the bank denied any change in the exchange rate.
On December 19, 2020, the Central Bank of Iraq officially announced the amendment 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.
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Raising the value of the dinar .. Will Iraq back down from the decision to reduce the value of its local currency?
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Raising the value of the dinar .. Will Iraq back down from the decision to reduce the value of its local currency?
link
A slight decrease in the exchange rates of the US dollar against the Iraqi dinar in the local markets, on Friday, one day after the Iraqi parliament announced its intention to hold a meeting with Minister of Finance Ali Allawi and Central Bank Governor Mustafa Ghaleb Makheef to discuss the exchange rate of the dollar.
The Iraqi parliament decided to summon the officials based on "the direction of the leader of the Sadrist movement, Muqtada al-Sadr," according to a statement issued by the media office of the Deputy Speaker of Parliament, Hakim al-Zamili, who belongs to the Sadrist movement.
On Thursday, Al-Sadr presented six proposals regarding the dollar exchange rate, including summoning the Minister of Finance and the Governor of the Central Bank under the dome of Parliament, organizing the Iraqi currency market centrally and enacting "some laws that increase the value of the Iraqi dinar exchange rate."
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WOTS MON FEB 14 22 Legal Expert: We Will Have 30 Days To Elect The President Of The Republic
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Legal Expert: We Will Have 30 Days To Elect The President Of The Republic link
Legal expert Ali Al-Tamimi explained, on Monday, that the House of Representatives will have 30 days to choose the President of the Republic after closing the door for candidacy for the second time for the presidential position.
Al-Tamimi told "Al-Maalouma", "The Federal Court's decision to accept the unconstitutionality of Zebari's candidacy was based on a number of legal grounds, including those related to the Law No. 8 of 2012 for the Presidency of the Republic, Article 1, which stipulated the candidate's integrity, competence and good reputation, and the decision was also based on Law No. 213 of 2018 and the Parliament Law, Article 27, where it was based on Article 68 on good conduct, and also the decision was based on the broad powers of the President of the Republic in Article 73 and Article 50 related to oaths, cases of integrity and interrogation.
He added, "The door for candidacy has been opened by Parliament for 3 days since Wednesday, with it Thursday and Sunday, which is the last day to present candidates for the presidential position, and at the same time, the names of the former candidates remain unchanged, and their candidacy has not been canceled."
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Zebari is OUT! Weekend Iraqi News Catch Up The Federal Supreme Court decided to exclude Hoshyar Zebari from running for the presidency
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The Federal Supreme Court decided to exclude Hoshyar Zebari from running for the presidency
link
The Federal Supreme Court of Iraq decided on Sunday to exclude Hoshyar Zebari from running for the post of President of the Republic.
On Sunday (February 6), the court issued a state order to stop the candidacy of Hoshyar Zebari for the post of President of the Republic of Iraq.
In its decision, which was reviewed by Shafak News Agency, the court said that Representatives Ali Turki Jassoum, Dylan Ghafoor Saleh, Karwan Ali Yaroes and Karim Shakur Muhammad demanded the issuance of a loyalty order against Parliament Speaker Muhammad al-Halbousi, against the background of his announcement of a list of candidates for the position of President of the Republic. Iraq, including Hoshyar Zebari.
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Setting a date for the dissolution of the Iraqi-Kuwaiti Compensation Committee Iraqi News for Feb 7 thru Feb 9th
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The United Nations committee charged with overseeing the process of Iraq’s payment of compensation to Kuwait has after 30 years of its formation and paid $52.4 billion, while the Security Council in New York is scheduled to approve on February 22 the dissolution of the committee.
The committee was established in May 1991 under Resolution No. 692 of the UN Security Council, and was responsible for managing financial compensation for Iraq, which is deducted at a rate of 5% imposed on sales of oil and petroleum products from Iraq.
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Sunday Update Feb 6 2022 After The Federal Decision, A Law Confirms: The Session For Selecting The President Will Be Suspended
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Legal expert: The Federal Court's decision does not concern the nomination of Zebari only
link not sure what this does for the Feb 8th deadline hmmmm...
Today, Sunday, a legal expert considered that the Iraqi parliament session dedicated to electing the new president of the republic has become "suspended" as a result of the recent Federal Supreme Court decision regarding the nomination of Hoshyar Zebari.
Ali Al-Tamimi told Shafaq News Agency, "The state order of the Federal Court, which was issued today, not only stopped the candidacy of Hoshyar Zebari, but also stopped all the procedures of the parliament session dedicated to electing the new president of the republic."
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WOTS FRI FEB 4 22 The Federal Court rejects the appeal of the coordination framework regarding the largest parliamentary bloc
Iraqi dinar news
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The Federal Court rejects the appeal of the coordination framework regarding the largest parliamentary bloc link
The Federal Supreme Court, the highest judicial authority in Iraq, rejected on Thursday the coordination framework lawsuit in its appeal with the largest parliamentary bloc.
A judicial source told Shafaq News Agency, that the Federal Court rejected the lawsuit filed regarding the largest bloc in the Iraqi parliament tasked with forming the next government.
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WOTS TUE FEB 1 22 Adjourning the case for the most numerous parliamentary bloc to next Thursday
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Adjourning the case for the most numerous parliamentary bloc to next Thursday link
Today, Tuesday, the Federal Supreme Court decided to postpone the case for the largest parliamentary bloc.
The reporter of (Al Rabaa) said, "The Federal Supreme Court postponed consideration of the case of the most numerous parliamentary bloc until next Thursday."
The Federal Court had canceled the state order to stop the work of the Presidium of Parliament
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WOTS THU JAN 27 22
The Presidency Of Parliament Sets February 7 As The Date For The Session To Elect The President Of The Republic To see this article in full and MORE go to: My FX Buddies Blog
link
The Presidency of the House of Representatives has set today, Thursday, the seventh of next month, the date for the session to elect the President of the Republic.
The presidency said in a press statement received by Earth News that "the Presidency of the House of Representatives held a meeting to discuss the provisions and procedures related to the nomination of the position of President of the Republic."
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Al-Sadr welcomes the Supreme Court's ruling Iraqi News for January 25th 2022
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Iraq: The Federal Supreme Court decides the constitutionality of the first parliament session link
Today, Tuesday, the Federal Supreme Court of Iraq decided to reject the lawsuit regarding the constitutionality of the first session of Parliament, which was held on January 9th.
The court decided to cancel the state order issued on January 13 to stop the work of the parliament’s presidency, based on the lawsuit submitted by the two representatives; The independent Bassem Khazal Khashan, and a member of the "Azm" coalition, MP Mahmoud al-Mashhadani.
The Federal Court first considered a lawsuit filed by two representatives of the Shiite "coordinating framework"; They are: Alia Nassif and Atwan Al-Atwani, regarding the violations that accompanied the first session of the Iraqi parliament regarding the most numerous parliamentary bloc registered in the first session of the parliament, and the court decided to postpone consideration of the case until February 1 next to complete the discussions.
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WOTS MON JAN 24 22 Anticipation of the Federal Court session to decide on the election of the Presidency of Parliament
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link
The political circles are awaiting the next session of the Federal Court to decide on the constitutionality of the session to elect the presidency of the House of Representatives.
The court had decided, during its session on the 19th of this month, to postpone the consideration of the session to the 25th of this month to consider two lawsuits filed regarding the legality of the parliamentary election session.
The two deputies, Basem Khashan and Mahmoud Daoud, had submitted the two lawsuits regarding the first session of the House of Representatives and its illegality, as they included a challenge to the unconstitutionality of the session on the pretext of violations of the internal rules of the House of Representatives.
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Iraqi News Catch Up From Jan 18th to 21st 2022
The Federal Court adjourned the hearing for the election of the Presidency of Parliament until the 25th To see this article in full and MORE go to: My FX Buddies Blog
The Federal Supreme Court, the highest judicial authority in Iraq, announced on Wednesday the postponement of the plea to challenge the constitutionality of the first parliament session until next Tuesday, 25 January.
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Iraqi News Catch up for January 16th and 17th 2022 The Federal Supreme Court sets next Wednesday as a date to consider cases of unconstitutionality of the first parliament session
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link the date is stated incorrectly it should be Jan 19 2022
The Federal Supreme Court announced that next Wednesday will be the date to consider the unconstitutionality of the first parliament session.
And the court’s media stated, in a statement that {Euphrates News} received a copy of it, that: “At nine o’clock in the morning on Wednesday, 19/1/2021, a date was set for the consideration of the two lawsuits No. 5/Federal/ 2022 and 6/ Federal/ 2022, which were filed by the plaintiff in the name of Khazal Khashan and Prosecutor Mahmoud Dawood Salman Ali the Speaker of Parliament,
in addition to his job to challenge the constitutionality of the first session of the Iraqi Council of Representatives in its fifth session.
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Iraqi News Articles for Jan 15 22 Once Again, The Dawa Party Elects Al-Maliki As Its Secretary-General
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Once Again, The Dawa Party Elects Al-Maliki As Its Secretary-General link
Today, Saturday, The Islamic Dawa Party Renewed Confidence In Its Secretary-General, Nuri Al-Maliki.
The Source Said In An Interview With “Al-Ahd News” That “The Islamic Dawa Party Held Its Eighteenth Conference Under The Slogan Of Our Islamic Identity, We Face Challenges And Build The Nation.
He Added, "The Party Unanimously Elected Nuri Al
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Iraqi News Articles for Early Jan 14 22 The US ambassador to Baghdad: No 'veto' on the 'Chinese agreement'
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The US ambassador to Baghdad: No 'veto' on the 'Chinese agreement'
link
On Friday, the US ambassador to Baghdad, Matthew Toler, commented on his country's position on the "Chinese agreement", noting that his country wants to boost Iraq's economic activity.
Toller said in an interview with colleague Ayser Jabbar, followed by "Nas" (January 14, 2022), that "there is no veto on the Chinese agreement, and we do not seek to have a veto in achieving this agreement," adding, "But successive American administrations I have always expressed great concern about the brutal and coercive Chinese economic practices that do not follow international standards of fairness, transparency and credibility."
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WOTS WED JAN 12 2022 Al-Rasheed Announces The Launch Of The Credit Card
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Soon .. Al-Rasheed Announces The Launch Of The Credit Card link
Al-Rasheed Bank Announced, On Wednesday, The Imminent Launch Of The Credit Card, Which Will Be Granted To Those Who Wish To Hold A MasterCard (Nakheel).
And The Media Office Of The Bank Stated In A Statement, That "The General Manager Directed The Work Team Of The Cards, Channels And Electronic Department In The Bank To Hold A Meeting With A Number Of Nakheel Employees, Where It Was Agreed On The Steps And Implementation Mechanism."
He Added That
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WOTS TUE JAN 11 2022 Invitation to the new parliament to take care of economic laws
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Invitation to the new parliament to take care of economic laws ink
Experts and specialists called on the new House of Representatives to pay attention to real economic legislation to advance the country's economy, proposing to merge the two financial and economic committees into one committee to find practical solutions to the problems facing the public and private sectors and to work with the executive authority to solve them, and to overcome all challenges that confuse the reality of performance in the country. Yesterday (Sunday), the new parliament held its first session, as MP Muhammad al-Halbousi was elected speaker of parliament, Hakim al-Zamili as first deputy and Shakhwan Abdullah as second deputy.
The expert, Raed Al-Amiri, told Al-Sabah: "The new parliament must legislate real laws that support the economy, especially since the next four years are considered pivotal with regard to the financial situation in the country."
enact law
He added, {We find that most of the laws that are approved are far from supporting the Iraqi economy or intersect with other laws, as what has been enacted in previous parliaments are laws to align the country’s financial matters such as the budget, lending, or other things, while moving away from legislation to support the two sectors. public and private, or amending the investment law or the oil and gas law and other important legislation
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WOTS MON JAN 10 2022 To be elected no later than February 8... Iraq opens the door for candidacy for the post of President of the Republic
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To be elected no later than February 8... Iraq opens the door for candidacy for the post of President of the Republic link
Today, Monday, the Iraqi parliament announced the opening of the candidacy for the post of President of the Republic.
He stated that those wishing to run who meet the listed conditions must submit their applications with official documents proving the fulfillment of these conditions, along with their CVs, to the Presidency of the House of Representatives, on Tuesdays, Wednesdays and Thursdays.
To run for the post of President of the Republic, the candidate must be Iraqi by birth, of Iraqi parents, of full legal capacity and has completed forty years of age, and “ has a good reputation and political experience and is known for his integrity, uprightness, justice, and loyalty to the homeland.”
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The death of the former governor of the Central Bank, Sinan Al-Shabibi
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The death of the former governor of the Central Bank, Sinan Al-Shabibi
The former Central Bank Governor, Sinan Al-Shabibi, died today, Saturday, in Geneva, Switzerland.
Al-Shabibi’s family announced the news of his death through a statement published by (Nawar Al-Shabibi), the daughter of Sinan’s brother, the former governor of the Central Bank of Iraq.
Sinan Muhammad Reda al-Shabibi, born on July 1, 1941, in the capital, Baghdad, is an economist and served as the governor of the Central Bank of Iraq, from September 2003 to October 2012.
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WOTS WED JAN 5 22 Iraq receives invitations from 6 countries to establish new industrial cities
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Iraq receives invitations from 6 countries to establish new industrial cities
link
Director of the Industrial Cities Authority in the Ministry of Industry, Hamid Awad Muhammad, revealed, on Tuesday, that Iraq had received invitations from Iran, Saudi Arabia, Kuwait, Egypt, Syria and Turkey, to establish new industrial cities.
Muhammad indicated, "Meetings were held with delegations of most of these countries during the past two weeks at the Industrial Cities Conference held in Syria to discuss this matter, while the meeting took place with Turkey to establish an economic city in northern Iraq on the border separating the two countries."
Regarding the economic city with Jordan, Muhammad confirmed, "All procedures are completed and approvals are obtained from the General Secretariat of the Council of Ministers to allocate the land. Currently, the authority is preparing for the feasibility study phase and preparing the basic designs for the city by an international organization to be announced for development by contracting with international, international and regional companies, and transforming the area into Attractive to investors, industrialists and manpower.
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Happy New Year Iraqi News Article to Start the New Year Washington: We look forward to continuing cooperation with our Iraqi partners
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Washington: We look forward to continuing cooperation with our Iraqi partners link
The US administration affirmed its aspiration to continue cooperation with its partners in Iraq during 2022, while expressing its pride in what it has accomplished with the federal government during the cooperation between them in several areas.
The US Embassy in Baghdad said in a statement that the United States, as the largest donor of humanitarian assistance and assistance aimed at achieving stability and development in Iraq, has demonstrated its commitment to the Iraqi people by providing more than three billion dollars in humanitarian assistance since the year two thousand and fourteen.
She indicated that Washington has contributed more than sixty million dollars to support Iraq in combating the Corona crisis, and more than forty million dollars since the year two thousand and three to help preserve Iraq's cultural heritage.
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After his meeting with the leaders of the framework, Al-Sadr tweeted five words link
The leader of the Sadrist movement, Muqtada al-Sadr, confirmed, on Wednesday, his quest to form a “national majority” government, after his bloc led the recent parliamentary elections.
This came in a tweet by Al-Sadr after his meeting with the leaders of the coordination framework in “Al-Hanana”, his residence in Najaf.
Al-Sadr was satisfied with a brief tweet to confirm his adherence to his position, saying, “A national majority government, neither Eastern nor Western.
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Iraqi News CatchUp: Federal Court Sets The 26th Of This Month As The Date For Issuing A Decision Regarding The Election Case
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Federal Court Sets The 26th Of This Month As The Date For Issuing A Decision Regarding The Election Case link
The Federal Supreme Court has set December 26 as the date for issuing a decision regarding the appeals submitted against the election results.
A source said in a statement to "The Information" that "the Federal Court has set the 26th of this month as the date for issuing the decision regarding the election appeals."
The Federal Supreme Court held a session this morning to consider appeals related to the election results, in the presence of the head of the Al-Fateh Alliance Hadi Al-Amiri, who testified before the Federal Supreme Court.
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WOTS TUE DEC 21 21 Iraqi Central Bank regarding compensation for the 1991 invasion of Kuwait
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Completion of the payment of compensation to the State of Kuwait link
Completion of the payment of compensation to the State of Kuwait
The payment of the last remaining installment of the State of Kuwait’s compensation amounting to (44) million US dollars has been completed, thus Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the UN Security Council pursuant to Resolution No. (687) for the year 1991, with a total of (52). 4) One billion US dollars for the State of Kuwait.
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WOTS MON 12 20 21Demand in Iraq for the dollar in anticipation of the dinar's collapse
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Demand in Iraq for the dollar in anticipation of the dinar's collapse link
The Iraqis’ fears are increasing of a new decline of the dinar affected by a series of collapses in the local currencies of neighboring countries and others close to them, most notably Turkey, Iran and Lebanon. Some owners of companies, car showrooms and some interests whose dealings are linked to the dollar, accepted , for fear of a sudden collapse of the dinar against the dollar. The same is true for companies that deal in loans, debts and deferred transactions that made the dollar a fixed form of dealing for them instead of the dinar .
In an interview with Al-Araby Al-Jadeed, the director of Al-Rabie Company for the sale of mobile phones, Ayser Al-Obaidi, said, “A number of owners of wholesale mobile phone companies imposed on their customers to deal in dollars only, as a result of the security conditions in the country, as well as the state of instability it is going through. The Iraqi economy , especially since all expectations indicate that Iraq may enter a major economic crisis due to the great struggle to form the government and the budget delay as a result of these conflicts and the new mutator of the Corona virus.”
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Sunday Slice: Saleh: The Central Bank Has A Comfortable Reserve That Helps It Impose Stability In Exchange Rates
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Saleh: The Central Bank Has A Comfortable Reserve That Helps It Impose Stability In Exchange Rates link
The economic expert and financial advisor to the government, Mazhar Muhammad Salih, confirmed today, Sunday, that the Central Bank currently possesses a comfortable cash reserve of foreign currencies, pointing out that there is a direct correlation between the current account surplus of the Iraqi balance of payments and the development of foreign reserves.
Saleh said in a statement to the "Information" agency, that "the monetary policy of the Central Bank of Iraq has today, a strong foreign reserve tool that can maintain the purchasing power of the Iraqi dinar and face inflationary expectations with a high capacity due to the surplus in the current account of the balance of payments."
He added that "the Central Bank of Iraq's dollar reserves can be exploited through the power of intervention to impose stability in the exchange market through open market operations exercised by the monetary authority to achieve the operational goals of monetary policy with ease and flexibility."
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Saturday Special Iraqi News Catch up: A year after the decision..a report discussing what to reduce the value of the Iraqi dinar
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link
On such days and a year ago, the Central Bank of Iraq approved on December 19, 2020, the devaluation of the Iraqi dinar from 1200 dinars per dollar to 1460 dinars per dollar, equivalent to 22%.
The Central Bank of Iraq attributed the reasons for the devaluation of the dinar at the time to what it described as structural distortions in the Iraqi economy that impoverished public finances and restricted the reform capacity sought by the government and the Ministry of Finance.
The devaluation of the dinar caused a great shock to the Iraqi street, which was not expecting such a step, especially as it came at the height of the spread of the Corona pandemic, which caused business interruption, study disruption, market closure and health curfew, as well as the collapse in oil prices that Iraq relies on. Its sales to supplement the general budget by 95%.
A full year after the devaluation of the dinar, Iraqis and economists are wondering about the most important pros and cons that have been achieved.
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WOTS WED DEC 15 21 The Central Bank is talking about 'returning' the dollar exchange rate to 1200
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The Central Bank is talking about 'returning' the dollar exchange rate to 1200: This is what will happen in the market link from Kurdish news this may seem negative but I like that they are having "this conversation" is education without saying what we want to hear imo
Today, Tuesday, the Central Bank of Iraq announced that it had prepared a draft currency structure study, while determining the negative effects when the dollar was re-exchanged to 1200 dinars.
The bank said in a statement, followed by NRT Arabia, (December 14, 2021), that "the Central Bank has completed the preparation of a draft currency structure study," noting that "the timing of the project's implementation depends on the bank's policy and the political and economic conditions of the country."
He added, "There is no intention of the bank to issue new denominations of the currency," noting that "continuing to provide new banknotes to compensate for the damaged banknotes."
And about the negative effects caused by re-exchange of the dollar to 1200 dinars in the event that the next House of Representatives issues a decision to do so, the bank stressed that “this will affect negatively and will lead to the exchange rate in the parallel (local) market going out of control, and consequently sharp fluctuations in the exchange rate that lead to to harm the interests of citizens and projects,” noting that “this will cause a destabilization of confidence in the stability of the financial system in Iraq, and such a decision will lead to the exit of local investment and production projects from competition, thus exacerbating the unemployment crisis as a result of those projects stopping work.”
He added, "The increase in the exchange rate led to an increase in the competitiveness of the local product and thus an increase in its market share, as well as a reduction in expenditure pressure on the Ministry of Finance by 23%, which enabled the Ministry of Finance to overcome the crisis resulting from the drop in global oil prices during 2020 and the first months of 2021." , explaining that "this also led to an increase in the flexibility of public finances to carry out the necessary structural reforms to achieve financial sustainability in Iraq."
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Sunday December 12, 21 Central Bank: Iraq has become attractive to investment
link
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The Governor of the Central Bank of Iraq, Mustafa Ghaleb, said that all indicators of the Iraqi banking sector are on the rise, indicating that Iraq has become an attractive arena for investment.
A statement by the Central Bank, received by {Al-Sabah}, stated that the Governor of the Central Bank of Iraq, Mustafa Ghaleb, “opened the activities of the Iraqi banking week in the Iraq Pavilion at Expo Dubai 2020, in the presence of the head of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, and the head of the Association of Iraqi Private Banks, Wadih Al-Handal, and a number of managers.” The two years in the Central Bank and the heads of the banks’ boards}.
The Governor of the Central Bank said: {The launch of the activities of the Banking Week in the Iraq Pavilion contributes greatly to the openness of the Iraqi banking sector to the Arab and international world}, indicating that {the supervision of the Central Bank contributed significantly to the development of the banking sector.}
He added, "There are many Iraqi banks that have begun to expand outside Iraq, and this is what made them obtain good ratings by the competent financial institutions," noting that "Iraq today has become an attractive arena for investments and requires an effective banking sector to keep pace with these investments."
He pointed out that {all indicators of the Iraqi banking sector are on the rise, and this is a good indicator for the outside world, of the need to open up prospects for cooperation with the Iraqi banking sector}.
On the other hand, the head of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, praised the central bank's policy that contributed to the development of the banking sector.
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Send the Money Saturday The white paper and the dollar price again.. an exciting statement by the Iraqi Finance Minister - Urgent
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The white paper and the dollar price again.. an exciting statement by the Iraqi Finance Minister - Urgent
link look at the last sentence at least
This is a better translation
Finance Minister Ali Allawi stressed, today, Saturday, that Iraq needs a radical reform of the economic management system to face challenges, including the decline in oil prices, warning that many industrialized countries have begun planning to use alternative energy instead of oil, and this is a dangerous matter for Iraq's economy over time if No alternative oil resources were available.
Allawi said, in a televised interview, "There was financial abundance between the years 2009-2013, but on the other hand, there were no clear economic policies, as financial resources were transferred from oil sales to government appointments." He added, "The increase in employee salary entitlements and contracting due to the financial abundance, put pressure on the state's finances due to the decline in oil prices."
Finance Minister Ali Allawi stressed, today, Saturday, that Iraq needs a radical reform of the economic management system to face challenges, including the decline in oil prices, warning that many industrialized countries have begun planning to use alternative energy instead of oil, and this is a dangerous matter for Iraq's economy over time if No alternative oil resources were available. Allawi said, in a televised interview, "There was financial abundance between the years 2009-2013, but on the other hand, there were no clear economic policies, as financial resources were transferred from oil sales to government appointments."
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WOTS WED 12 8 21 Iraq will leave “Chapter VII” in early 2022
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Iraq will leave “Chapter VII” in early 2022 link
Thursday - Jumada I 5 1443 AH - December 09, 2021 AD Issue No. [15717]
Baghdad: Fadel Al-Nashmi
The Chairman of the Committee of Financial Experts, Dr. Abdul Basit Turki, expected that Iraq will get rid, early next year, of the risk of falling under Chapter VII of the Charter of the United Nations after fulfilling its financial obligations related to compensating the State of Kuwait for the losses it incurred as a result of Iraq’s invasion of it in August 1990. .
according to Turki, who oversees the committee on Iraqi funds derived from the production and export of petroleum and petroleum products shall be deposited in a sub - account with the reserve Bank Fed in New York, the «Iraqi Central Bank will repay the full remaining amount of compensation directly, after turning off the automatic deduction». In an interview with Asharq Al-Awsat, Turki called for "the Ministry of Foreign Affairs and the concerned authorities to urge the formulation of a draft resolution that includes removing Iraq from the provisions of Chapter VII of the United Nations Charter completely."
The Iraqi government intends to pay the last batch of compensation for the Kuwait war, before the end of this year, after depositing, the day before yesterday (Tuesday), more than 207 million US dollars, with the Federal Reserve; As a prelude to removing Iraq from Chapter VII. Turki explained that the Federal Reserve, two days ago, specifically hours after paying the penultimate payment, stopped the “automatic deduction” from the account of the Iraqi Ministry of Finance with it, in the interest of the Kuwait War Compensation Fund, following a request made by the Central Bank of Iraq.
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WOTS MON DEC 6 21 Governor of the Central Bank welcomes the opening of branches of British banks inside Iraq
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The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, welcomed the opening of branches of British banks in Iraq.
A statement issued by the Central Bank, received by Al-Iqtisad News, said, "The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, met the British Ambassador in Baghdad and discussed banking relations and ways to develop them. The Governor welcomed the opening of branches of British banks in Iraq and the opening of opposite accounts to facilitate trade exchange between the two countries. " .
For his part, the ambassador stressed the necessity of banking cooperation and providing technical assistance to the Central Bank of Iraq, especially in the field of financial digitization. The Ambassador also touched on the white paper document, economic reform and the priorities for implementing this plan, where His Excellency the Governor emphasized the implementation of reforms regarding the automation of border crossings, customs and taxes
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WOTS FRI DEC 3 21The October elections.. the winners are awaiting the approval of the results, and the jurists set the constitutional terms
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The October elections.. the winners are awaiting the approval of the results, and the jurists set the constitutional terms
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The winning candidates in the early parliamentary elections, which took place on the tenth of last October, are awaiting the approval of the Federal Supreme Court on the final results after being sent by the Commission.
Legal experts summarized the constitutional periods after the approval of the final results of the elections, which includes the president’s invitation to hold the first session of the new House of Representatives headed by the eldest, and the subsequent election of a speaker and two deputies, leading to the assignment of the bloc’s most numerous candidate, to form the next government and the constitutionally specified periods to achieve that.
Legal expert Haider Al-Sufi, said in his interview with the official agency that followed him (the first news), that “the Federal Court may ratify the final results of the elections within a period of 5 days to two weeks, and then the President of the Republic, within a period not exceeding 15 days, invites the House of Representatives through a decree My Republican Party is due to convene within a period of 15 days as well.”
In turn, the legal expert, Tariq Harb, expected that the Federal Supreme Court would ratify the election results at the beginning of next week.
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WOTS THU DEC 2 12 Citizens waiting for change in an atmosphere full of despair..
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Citizens waiting for change in an atmosphere full of despair..
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In a state of loss of confidence and despair, popular circles revolve in the orbit of politics because it is directly linked to many aspects of life. Will what they dream of, despite its simplicity, be achieved, which is to live in a state of stability that had promised them that this would happen
It is not known whether the promise will be fulfilled, and citizens see a prosperous age as they were promised. Despite this, the hopes of many do not go far, especially if one looks at previous experiences that led popular circles to a state of despair, and because politics in everything they follow and wait if there is any Surprises may happen in the near future, regardless of their type, pleasant or harmful
Those who are often confused about how to manage their burdened lives, do not aspire to find a space that guarantees life at least, and although it is a timid dream, it has become a complex for not a small part of the popular segments who complain of hardship, and the reason for this is known Conflicts and disagreements do not aim to achieve a popular interest, but partisan and political
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WOTS TUE NOV 30 21 Claims to return the value of the Iraqi dinar to what it was before Corona
Claims to return the value of the Iraqi dinar to what it was before Corona
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Popular demands in Iraq are escalating to restore the value of the Iraqi dinar to what it was a year ago, with the rise in oil prices that revived the Iraqi budget treasury for the next year. The poor and low-income classes, due to the high prices of consumer goods.
Revaluation of the dinar will have the opposite effect
And the Iraqi Ministry of Finance revealed in a statement that "although the devaluation of the currency last year and the restoration of oil prices helped improve the financial situation of Iraq, it is necessary to take into account that the country is still very weak."
The ministry added in its statement that "the current surpluses could turn into deficits with the return of oil prices to normal in the medium term, and another contraction in the oil market could easily lead the country back to the brink of crisis, in order for the Iraqi economy to regain its full strength and be sustainable. That economic policies be geared towards improving resilience in the face of oil price fluctuations through building fiscal buffers and diversifying the economy.
The ministry stressed that "the revaluation of the dinar will have the opposite effect. There are good reasons for the scarcity of revaluation of fixed exchange rates. For example, in 2005 China revalued its currency in response to intense pressure from the United States, which threatened to impose tariffs on imports."
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Saturday Catch-Up: Can the dollar exchange rate return to the previous one in the near future?
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Can the dollar exchange rate return to the previous one in the near future? link
The economic expert, Basem Jamil Antoine, answered the question that is frequently asked in the Iraqi street about the return of the dollar’s price to the previous or changing it, in light of the high prices of goods, especially imported ones.
Antoine said in a statement to {Euphrates News}, that “what the white paper presented regarding the economic reality and changing the dollar exchange rate, which began to be implemented a whole year ago, cannot be modified or manipulated during the coming periods.”
He added, “The success of dealing with the exchange rate change in some countries, such as Turkey and others, is that they followed the policy of floating the lira, but Iraq at the present time cannot do this.”
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Special Edition: This Might Be Big! the possible Turkish-Iraqi-Iranian bloc is a step towards strengthening the economies of the region
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New international praise for the Iraqi government's reforms link
**The Iraq Economic Contact Group, which includes the seven countries, the European Union and the World Bank, praised the economic reform steps adopted by the Iraqi government in accordance with the White Paper plan.
The group stated, according to a statement by the Ministry of Finance, that "the Iraq Economic Contact Group welcomed the success of the democratic electoral process in Iraq, and expressed his hope for the formation of a new government that would take upon itself the completion of the economic and financial reform program."**
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WOTS NOV 24 21 A financial official talks about the expected exchange rate in the 2022 budget
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Finance issues an “important” clarification regarding the possibility of adjusting the dollar exchange rate
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On Wednesday, the Ministry of Finance issued an important statement regarding the possibility of adjusting the dollar exchange rate and patching the value of the Iraqi dinar, stressing that the 2022 budget will provide opportunities for social protection in Iraq.
The Ministry of Finance said in a statement received by Shafak News Agency, "In the past few weeks, there have been statements among senior political figures regarding the appropriate exchange rate," adding, "The Ministry of Finance has addressed this issue several times and in a number of detailed presentations regarding the strategy and policy behind exchange rate adjustment.
She explained, "We would like to reiterate our position and hope that by presenting our policy in a clear and convincing manner, the next government will have the correct basic information to interact with this matter, knowing that the international community has supported the exchange rate adjustment, as the International Monetary Fund, the World Bank and all industrialized countries supported the step." publicly and in documents and reports published by them.
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something is wrong at this time I have to post the link like that. I'll come back later to correct it.
WOTS MON NOV 22 21 The Central Bank of Iraq begins activating the self-management of foreign reserves
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The Central Bank of Iraq begins activating the self-management of foreign reserves
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say what?
The Central Bank of Iraq announced, on Monday, that it has started activating the self-management of foreign reserves.
And the central bank stated in a statement seen by "Economy News", that it had begun "activating tools for direct communication and negotiation with clients and external correspondents on the Bloomberg and Refinitiv (FXALL, RFQ) platforms."
He added that this is a simulation of "the latest global developments in using the best executive tools for managing and investing foreign
reserves in order to achieve the best returns in trading and investment operations.
from google
Refinitiv Data Platform provides simple web based API access to a broad range of content. ... The Refinitiv Trade Discovery product supports banks adopting their own market risk models to comply with the Risk Factors Eligibility Test (RFET) under the Fundamental Review of the Trading Book market risk regulation.
FXall is a foreign exchange aggregator providing electronic trading to banks and brokers using an electronic communication network with headquarters in New York. The company provides electronic trading in the foreign exchange market to institutional clients using straight through processing
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The Iraqi Electoral Commission: Next week is the date for deciding the results link
The Independent High Electoral Commission in Iraq announced today, Thursday, that changing the election results depends on the decisions of the judiciary regarding the outcome of the appeals and their answers, while it announced a possible date for resolving the results.
The Director of the Media and Mass Communication Department at the Electoral Commission, Hassan Salman, told the Iraqi News Agency, "The commission received almost all the appeals from the judiciary within the legal period," noting that "the number of appeals reached more than 1,000, including what is contradicted by the commission." ".
Salman explained that "there are six appeals in this field, and legal measures are supposed to be taken in accordance with the commission's decision, which may require a certain time and may not require much time."
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Catch Up NOV 17 21 The Central Bank of Iraq: The change in the price of the dollar has nothing to do with the financial crisis
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The Central Bank of Iraq: The change in the price of the dollar has nothing to do with the financial crisis, and the rise in oil prices will not fill the budget deficit link
The Central Bank of Iraq resolved the controversy over the return of the dollar exchange rate to its previous position simultaneously.
The Deputy Governor of the Bank, Ihsan Shamran Al-Yasiri, stated, in a statement to the National Iraqi News Agency ( NINA ), that “the change in the dollar exchange rate has been studied by several specialized technical, financial and executive bodies,” noting that “the exchange rate was modified only based on extensive studies between the Ministry of Finance, the executive authority and the monetary authority, which is the central bank, in agreement with important international institutions to clarify the fair price of the dollar.”
He added, "We reached this price of 1450 dinars against the dollar, to which the central bank commission and the bank's commission are added to the public, which means that the price of the financial policy is 1450 dinars against the dollar, the price of the central bank is 1460 and the price of banks is 1470 dinars to the public."
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Iraqi Finance: We have adopted the dinar exchange rate to protect foreign reserves and support the budget link
The Iraqi Ministry of Finance revealed, today, Sunday, the reasons for adopting the current exchange rate, while it expected a gradual recovery of the economy
A statement by the ministry said today, Sunday, that it "adopted the exchange rate to supplement national production, protect the central bank's reserves and support the budget
The ministry indicated that during the past three years, it had borne the burden of a stifling financial crisis that threatened the state's ability to fulfill its obligations that were already burdened by a large legacy represented by the inflated public spending rate and the rise in the wage bill, which threatened to secure the salaries of its employees, in light of a sharp decline in international oil prices and a dangerous health situation due to The consequences of the Corona pandemic on the national economy and its repercussions on the economic reality and the social fabric
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Demands to revaluate the dinar, the government responds
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Devaluating the Iraqi dinar in the 2021 budget has stirred the discontent of the public, and economic and financial experts alike. In spite of the warnings from its negative economic and social reverberations, the Iraqi Ministry of Finance ascribes it a breakthrough amid a stifling economic crisis that has struck the country.
Last December, the Central Bank of Iraq (CBI) opted to raise the exchange rate of the U.S. dollar from 1,182 dinars to 1,460 dinars to alleviate the ramifications of the plummeting oil revenues, bringing down the value of the Iraqi national currency and the purchasing power immediately.
As oil prices gradually climbed beyond the 80 dollars a barrel threshold, citizens and economists voiced demands to revaluate the dinar in next year's budget or mitigate the impact of its devaluation on the community.
"The rise is an outcome of a white paper that organizes the process over three to five years. They deem it a part of the economic reform process for the financial situation and banks," economist Bassem Jamil Antoine told Shafaq News agency, "the state cannot change its currency. Still, real reform that serves the poor classes is essential."
“The currency rate is not as vital as compensation for the poor classes, which constitute the bulk of the population; social welfare, ration card availability, and job development are all critical," he said, "unemployment and poverty rates skyrocketed due to lack of job opportunities in the public sector. On the other hand, the private sector is frozen and unable to function properly."
"The recovery of oil prices must compensate for the people, address the deficit, and provide job opportunities for unemployed youth. This will reinvigorate the market, put an end to corruption, and activate the private sector," he said.
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An Iraqi alliance demands the government to restore the dollar exchange rate link
Al-Quds Al-Arabi: The "National Approach" coalition in Iraq considered, yesterday, Thursday, the previous government decision to raise the value of the dollar against the Iraqi dinar, the most prominent reasons for the high rates of poverty in Iraq, which exceeded 30%, calling on the federal government to restore the exchange rate to what it is. It had been in the past, and to reverse its decision, which he described as “blundering.”
And a statement by the coalition said yesterday, "The complications and effects of the decision to raise the unfair exchange rate of the dollar are still continuing and increasing, and its shocks are intensifying on the majority of the Iraqi people," noting that "the Ministry of Planning indicated terrifying numbers and percentages in the escalation of poverty and unemployment rates, which amounted to 31 percent, out of the total The people, and stressed that one of the most important causes of these tragedies is the decision to raise the price of the dollar.”
He continued: “We have explained on more than one occasion the error of this decision and that the justifications for its marketing are flimsy and invalid, whether they are justifications for filling the budget deficit, as the selling price of oil has risen to nearly $84 per barrel, or justifications for combating the smuggling of hard currency. The Central Bank’s sales of the dollar in the currency auction did not drop below its selling levels before the decision so that we believe that the fruit of the fight against hard currency smuggling has been achieved. On the contrary, the rates of the Central Bank’s selling of the dollar began to exceed even what it was sold before the unjust decision to raise the price of the dollar.
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Brazil: Iraq has strategic importance and an active role in the region link
Brazil confirmed that Iraq has a strategic importance and an active role in the Middle East.
A statement by the Ministry of Foreign Affairs stated that "the Acting Head of America's Department, Minister Plenipotentiary Mayada Abdullah Yassin, met at the ministry's headquarters, Brazilian Ambassador Luis Evaldo Santos, and during the meeting, they discussed relations between the two friendly countries and mechanisms for strengthening them in various fields."
Yassin stressed, according to the statement, "the importance of relations between the two countries and work to reach understandings regarding draft memoranda of understanding concerned with cooperation in various sectors to sign."
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Central Bank: Direction to open branches of Iraqi banks in Turkey
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The Governor of the Central Bank, Mustafa Ghaleb Makheeb, discussed, on Tuesday, cooperation in the banking sector with the Turkish side, when he received the Turkish ambassador to Baghdad, Alireza Günay and his accompanying delegation.
A statement by the bank, received by Al-Iqtisad News, stated that "the Governor of the Iraqi Bank, Mustafa Ghaleb, received the Turkish ambassador to Iraq, Ali Reza Günay, and the delegation accompanying him from Turkish banks."
He added, "During the meeting, it was emphasized the need to enhance cooperation in the banking sector between the two friendly countries. The Central Bank of Iraq was keen to provide the best facilities to Turkish banks operating in Iraq, and its desire to open branches for Iraqi banks in Turkey, and the importance of reciprocity in providing these services and facilities
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Ariba Iraq opens a new center for printing and issuing payment cards in Baghdad
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Ariba Iraq Company for Information Technology and Electronic Payment announced the opening of a sophisticated and modern center for printing and issuing payment cards in Baghdad, Iraq.
This center has the highest levels of security for printing plastic cards, and will provide banks with a wide range of printing technologies including wireless payment cards and metal cards, in addition to a fast and high-quality service regardless of the volume of orders.
The opening of this center demonstrates the company's ability to provide the necessary competitive advantage to its customers in Iraq and the region, making it one of the leading companies in Iraq that possesses such capacity with such specifications in one print center fully compliant with PCI card security standards.
This center was equipped with a central card printing device, MATICA S7000 LX, in cooperation with InfotecSystems, the official partner of Matica Fintech. This machine is one of the latest and fastest devices of the Italian company MaticaFintech specialized in the field of technological solutions. These devices are characterized by many specifications such as laser engraving of cards, in addition to digital coding and smart encryption of EMV cards, in addition to the automatic packaging of cards after the completion of the printing process.
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Government source: Security tensions are behind the dollar's rise in Iraqi markets
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Today, Sunday, a government source attributed the rise in dollar prices in the local markets to the security tensions in the capital, Baghdad.
The source said in an interview with Shafaq News Agency, "What the Kifah Stock Exchange is witnessing now is the lack of supply compared to the demand for the dollar."
He added that "the exchange offices are now keeping the dollars, and citizens have resorted to buying dollars for fear of the current unstable conditions," noting that "the central bank's cash sales, which amount to nearly 50 million dollars per day, have no effect on local markets."
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Economist: Reducing The Dollar Exchange Rate Is Exclusively In The Hands Of The Governor Of The Central Bank link
The economic expert, Nabil Jabbar Al-Ali, confirmed, on Thursday, that the decision to change and determine the foreign exchange rate is in the hands of the Governor of the Central Bank exclusively, noting that the bank is responsible for monetary policy.
Al-Ali said, in a statement to "The Information", that "returning the dollar exchange rate to its previous state is the exclusive competence of the Governor of the Central Bank, and there is no government or regulatory authority involved in this."
He added, that the Central Bank is able to take a decision to change the price without restrictions or conditions, as it is independent and is responsible for drawing monetary policies in Iraq.
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Will the dollar exchange rate be changed? Maliki's coalition responds
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Today, Monday the State of Law coalition confirmed the possibility of reducing the exchange rate of the dollar against the Iraqi dinar
A member of the State of Law Coalition, Abdul Hadi Al-Saadawi, said in an exclusive statement to (Baghdad Today) that "raising the price of the dollar against the dinar did not achieve its goal announced by the government, including creating job opportunities for the unemployed and providing housing units for citizens who do not have housing units and other matters related to the recovery economic situation in .the country
He added, "Due to the high price of a barrel of oil, the exchange rate can be restored
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A government comment on changing the dollar exchange rate after the rise in the oil price
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Mazhar Muhammad Salih, the financial and economic advisor to Prime Minister Mustafa Al-Kazemi, commented on Sunday, on the possibility of changing the exchange rate of the dollar against the Iraqi dinar, after the rise in oil prices.
Saleh told Shafaq News Agency, "Adjusting the dinar exchange rate in light of the improvement in oil revenues requires several requirements that the government must take. This requires foreign currency coverage of local liquidity, and the superiority of foreign reserves over cash reserves should not threaten the wealth of foreign reserves." for Iraq."
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The Sadrist movement reveals a trend regarding the dollar exchange rate link
The Sadrist movement, led by Muqtada al-Sadr, confirmed today, Thursday, its quest during the next stage to change the exchange rate of the dollar against the Iraqi dinar.
The leader of the movement, Riyadh Al-Masoudi, said, in a statement that followed (Al-Oula News), that "the Sadrist movement will work through the Sadrist Parliamentary bloc as well as the new Iraqi government to change the exchange rate of the dollar against the Iraqi dinar, as raising the exchange rate has a great impact on citizens, especially those with limited incomes. The fact that this rise affected the rise in food prices and other things in the Iraqi markets.”The Sadrist movement reveals a trend regarding the dollar exchange rate
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US Ambassador: We paid $10 million for the success of the Iraqi elections link
The US ambassador to Iraq, Matthew Tueller, announced that the United States had paid ten million dollars to UNAMI for the success of the Iraqi elections.
"The commission was able to hold good elections in Iraq," Toli said at the "Miri" forum, which was launched today in the Erbil Governorate, in the most valuable of Kurdistan.
He added, "The Iraqis can manage their affairs without external interference," noting that "the strategic agreement defined our relations with Iraq."
Tueller pointed out that his country "helped Iraq in dozens of ways," noting that "Iraq will reduce emissions of harmful gases."
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The 5 and 10 thousand dinars denominations disappeared from the ATMs link Recently, there have been cases that the citizen was not familiar with, since the spread of ATMs throughout Iraq, represented by the disappearance of small and medium groups (from 1000 to 10 thousand dinars), which may bring back to the scene the scene of mistrust between the public and private banks, precisely because of The latter's failure to provide all cash denominations in its ATMs.
Citizen B says: I (employee) “When I receive a message or a notification on my phone that my salary has been launched, I immediately go to the nearest ATM to withdraw the salary for the purpose of fulfilling my financial obligations that require cash.”
i added. For “Al-Sabah” that “the ATMs of the bank to which I settled my salary, are devoid of small and medium cash groups (1000 to 10 thousand dinars), and I do not know the reason, although withdrawing them as liquidity may differentiate among some who complain of the deterioration of their living conditions.”
And he added, "This case brings to mind the issue of citizens' trust in private banks, which has been shaky since the collapse of a number of them in previous years, which calls for a review of the issue of financial inclusion in the smallest details, especially the salary settlement clause."
For his part, the banker Hussein Najm believes that “these cases may occur in some private banks for accounting purposes or to facilitate the disbursement of the salary in the largest possible categories, and to facilitate filling the exchange with cash from those categories, as it will become lighter in weight when transferred.”
Negm pointed out that "this case can be explained by the fact that banks encourage the public to adopt a savings policy, which has been absent from the family economy scene since the nineties of the last century, or it may be one of the problems or challenges of settlement and the banking system in general."
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The Central Bank discusses with its Saudi counterpart cooperation in the external banking sector link
Central Bank Governor Mustafa Ghaleb discussed with the Saudi Central Bank administration cooperation in the external banking sector.
The bank said in a statement, "The Governor of the Central Bank, Mustafa Ghaleb, visited today the Saudi capital, Riyadh, accompanied by a delegation from the Iraqi banking sector, to enhance bilateral relations and prospects for cooperation in the banking sector and to exchange experiences with the Saudi side."
He added that "the governor met with the management of the Saudi Central Bank on the sidelines of this visit, where the Saudi side welcomed the governor and his accompanying delegation, considering this visit a gateway to deepening relations between the two brotherly countries and the two monetary institutions, and a step that will reflect positively on both sides."
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The Central Bank of Iraq: a list of Iraqi banks that have obtained the classification of accredited international agencies link
The Central Bank of Iraq announced, on Wednesday, that Iraqi banks have obtained a classification from international agencies.
And the bank stated in a statement, that “Nass” received a copy of it, (20 October 2021), that “in the framework of the efforts made by the Central Bank of Iraq to develop the Iraqi banking sector and keep it in line with international standards, 19 licensed banks in Iraq obtained a rating from rating agencies.” accredited international: (Capital Intelligence - Fitch - Moody's - Standard & Poors), and these banks will receive several banking facilities, which reflects the development of the performance of the banking sector in Iraq and the solvency of banks and is evidence of their compliance with local and international standards.
The statement noted that "the Central Bank seeks to increase the ability of Iraqi banks to expand their network of relations with international banks and enhance the confidence of citizens and investors in them, especially after their success in obtaining such ratings.
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Al-Kazemi's Financial Advisor Talks About Changing The Exchange Rate
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The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Monday, that the financial surplus from the rise in oil prices will cover three important axes, also commenting on the adjustment of the exchange rates of the dollar against the Iraqi dinar.
Saleh said in a statement to the official agency, followed by NRT Arabia today (October 18, 2021), that "the financial surplus achieved from the rise in oil prices and its reaching $75 per barrel will cover at least three axes," noting that "the first axis is covering the planned deficit in The general budget for the year 2021, amounting to 29 trillion dinars, as for the second axis, it is related to covering the real additional deficit gap, which is less than 10 trillion dinars, resulting from the failure to estimate non-oil revenues, which do not achieve only 40% of their estimates placed or planned in the budget, which unfortunately causes pressure on spending The planned annual budget and its ceilings, which are the result of the backwardness of the financial collection institutions in the country.
He added, "The third axis goes towards supporting faltering projects whose operation is intended to continue, and for which many business contractors demand an adjustment in implementation costs (spare parts) due to the exchange rate change before the initial contract or other changes in the operating costs of ongoing projects," noting that "the disposition of With financial surpluses, it is not easy due to the large number of restrictions and obligations within the general budget itself, including postponing the payment of many expenses that are payable and were not spent in previous years.
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The Second Central Bank Strategy (2021‐2023) An Approach to Monetary and Financial Reform
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The Central Bank of Iraq launched its second strategy for the years (2021-2023) in conjunction with the economic and financial reform strategy adopted by the government in the white paper. The new strategy has drawn a roadmap with clear objectives and policies for the next three years in a special, complex and risky economic and financial situation.
And the challenges at the level of internal and external economic and financial relations. What concerns us as specialists in economic, financial and banking affairs is what are the new mechanisms and policies adopted by the Central Bank in monetary policy and banking reform in accordance with the approach of fundamental change desired for the national economy contained in the white paper and the second strategy, which constitutes the banking sector The first and basic in the economy and the implementer of monetary policy applications.
The strategy of the Central Bank set the main objectives at 15 objectives and the subsidiary objectives by 75 objectives and charted the way for banking reform in accordance with the following strategic objectives:-
1- Supporting and achieving monetary and financial stability.
2- Enhancing and strengthening the banking sector and financial institutions.
3- Enhancing digital transformation in the central bank and the banking sector.
4- Developing the organizational structure and human resources of the Central Bank.
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Al-Sadr: We will work to raise the level of the Iraqi dinar link
Today, Monday, the leader of the Sadrist movement, Muqtada al-Sadr, affirmed work to improve and raise the level of the Iraqi dinar to be in the ranks of global currencies gradually.
Al-Sadr said in a speech after announcing the results of his bloc’s victory, which I followed (Baghdad Today): “This is your day, O people of Iraq, in which reform has won. It is the day of Iraq, determination and steadfastness.”
He added, “Praise be to the one who cherished reform with its largest Iraqi bloc, neither eastern nor western, and there is no place for corruption and corrupt people after today,” noting that “all embassies are welcome provided that they do not interfere in Iraqi affairs or form the government.”
Al-Sadr stressed that “the arms are confined to the hands of the state and prevented from using them outside this scope,” noting that “it is the Iraq of the reference and the wise, and we will be enlightened by their opinions.”
He stated that “it will not be for the government or the parties to control the money and wealth, but it is for the people,” threatening to “displace corruption and the corrupt.”
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Restoring the price of the dinar to its previous era is a promise made by candidates for the Iraqi elections... Is that possible? link
he file of the devaluation of the Iraqi dinar against the dollar , which was taken by the government of Prime Minister Mustafa Al-Kazemi at the end of last December, took the lead in the campaigns of the competing political forces and parties in the elections scheduled for next Sunday .
Several Iraqi political forces made promises to the voters to restore the value of the dinar to its previous era at the threshold of 1200 dinars per dollar instead of the current value of 1450 dinars to the dollar, which observers and specialists in Iraqi economic and financial affairs considered promises that are not achievable at the present time, and involve economic risks as well. .
The "Al-Fateh" and "State of Law" alliance, led by Hadi Al-Amiri and Nuri Al-Maliki, is considered the most prominent leader in the promises to restore the value of the dinar to its previous era, but specialists told Al-Araby Al-Jadeed that these promises are unrealistic at the present time
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Al-Kazemi’s advisor proposes solutions to reduce the value of the dollar link
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, determined today, Monday, the extent of the possibility of relieving pressure on the operating budget and addressing the financial situation in the country, while proposing solutions to support the private sector, reduce unemployment and reduce the value of the dollar against the dinar.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said, "It is possible to benefit from the recovery in oil prices by moving stalled projects, attracting a workforce, and solving the problem of unemployment, which averages 450 thousand work force willing to work, and this results in an entire society."
He pointed out, "The importance of spending additional rentier resources on projects to relieve pressure on the operating budget," noting that "the operational budget includes dozens of decisions and laws and bears financial burdens, and needs to double the 2021 budget to implement all its requirements."
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Standard & Poor's announces its new rating for the Iraqi economy link
The report submitted by the agency {Standard & Poor's} on the credit rating praised the Iraqi economy's continuation of maintaining its credit rating as a result of the ongoing economic reforms of the financial policy in Iraq.
A statement by the Iraqi Ministry of Finance, of which the agency {Euphrates News} received a copy, stated that "the new classification comes to reflect the continued maintenance of the level of foreign currency reserves that exceeds the service of the external public debt and the fulfillment of other external financial obligations as a result of the rise in crude oil prices and their recovery in the third and fourth quarters of the year." Present".
The agency also confirmed, according to the statement, "the possibility of improving Iraq's credit rating in the event of a high rate of economic growth in Iraq, diversification of the state's public financial revenues, oil and non-oil, an increase in the per capita income share of national income, and the continuation of measures to reform the financial and economic policy as mentioned in the economic reform paper (white paper)." Which would strengthen the financial and economic policy of the Iraqi government."
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Experts set a possible date to restore the price of the dollar to its previous position
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The economic and oil expert, Alaa Al-Fahd, confirmed, on Monday, that the rise in oil prices is just fluctuations and cannot be relied upon in drawing up an economic policy at the present time, ruling out the government's lowering of the exchange rate this year.
Al-Fahd said in a statement to NRT Arabia (September 27, 2021), that "the exit from the Corona pandemic led to an increase in demand, and it is temporary."
He added, "He ruled out that the government would reduce the exchange rate of the dollar against the dinar during this year," noting that "if the demand for oil continues to increase and an abundance of financial reserves is achieved, the government can reduce the price of the dollar in the 2022 budget."
Al-Fahd explained, "Determining the price of the dollar is the responsibility of the government, and it stems from a monetary and financial policy," noting that "the government was supposed to go parallel to raising the price of the dollar by increasing its imports from tax collection, but this process did not happen because of corruption."
He pointed out that "the increase in the price of the dollar was aimed at filling the budget deficit, which amounted to 25 trillion dinars, despite the increase in the state's financial imports due to the rise in oil prices, but the central bank did not take advantage of this opportunity, but on the contrary, there has been an increase in hard currency sales, and this is a big mistake
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Washington: We are committed to supporting Iraq's efforts to implement the white paper on economic reforms
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US Ambassador to Iraq Matthew Tueller highlighted, Thursday, September 23, 2021, the projects supported by the American Development Finance Corporation to improve access to finance in Iraq, during . a welcome speech at the Iraq Finance Fair, which was held on Wednesday, September 22, 2021
In a statement received by Al-Masala, the US embassy said that the US Agency for International Development has provided more than (8) million dollars in loans since 2015 to help small and medium-sized enterprises recover . from the war against ISIS
The ambassador noted the US government's cooperation with the Ministry of Finance in the new financial transparency initiative to strengthen open budget procedures and improve public access to budget documents, . including state-owned companies
He pointed out the importance of the private sector, given that the three state-owned banks own about 85% of .the total deposits
And he indicated that the United States is committed to supporting Iraq's efforts to implement the White Paper on economic reforms and build a vibrant and developed economy that provides job opportunities in the private sector
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Saleh meets Biden on the sidelines of the United Nations General Assembly link
The President of the Republic, Barham Salih, met, on Tuesday, September 21, 2021, with his American counterpart, Joe Biden, on the sidelines of the United Nations General Assembly .
Saleh had participated in the opening of the 76th session of the United Nations General Assembly, held in New York .
The Media Office of the Presidency of the Republic said in a statement received by “The Obelisk” that Saleh participated in the opening of the work of the 76th session of the United Nations General Assembly held in New York .
He added that it is hoped that the President of the Republic will deliver Iraq’s speech in the sessions of the Assembly, in which most of the world’s presidents and leaders participate .
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the video is there too
In the video, the success of Al-Kazemi's diplomacy restores Iraq strong and influential link
On Friday, the media office of Prime Minister Mustafa Al-Kazemi published a summary of the results of the diplomatic tours achieved by the government.
A video clip published by the media office and followed by "Iraq Today" referred to the "diplomatic leap achieved by the government of Prime Minister Mustafa Al-Kazemi", starting with a first tour in Tehran, then the Gulf and Ankara.
The video clip talked about the results of opening up to Europe and the two rounds of the United States of America, which "resulted in an agreement on the withdrawal of foreign forces", and the reflection of efforts on the capital, Baghdad, which witnessed the hosting of an unprecedented summit.
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Erbil government reveals a deal with Baghdad regarding gasoline
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Kurdistan government spokesman, Gutiar Adel, revealed a deal between the federal government and the regional government regarding gasoline.
Adel said in a press conference held today, in Erbil, that "the federal government sells one liter of gasoline to the Kurdistan region at a price of 650 Iraqi dinars."
He added that "20 dinars of it goes as wages to transport it to the Kurdistan region, then another 20 dinars are added to it as a profit for the owners of the fuel mill, bringing the price to 690 dinars per liter."
He continued, "We have emphasized more than once that the region's needs for gasoline are more than six million liters per day," noting that "the region is currently buying one million and 80 thousand liters per day from Baghdad.
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How is the exchange rate stable? link
The exchange rate of the dollar against the dinar stabilized at a price of 148 thousand dinars compared to the 100 dollars against the official price after raising it at the price of 145,000 dinars, and it is still slightly high.
The question is what is the reason behind this stability?
I see that the main reason behind this stability is due to the application of the theory of supply and demand for the first time in Iraq.
The effects of the inflation that occurred due to the sudden change in the exchange rate became evident on the reality of the standard of living on all members of society without exception, even in varying proportions.
And the poor segment was the most affected, and then followed by the middle class of retirees and employees, who are the vast majority in the country.
One of the effects of inflation is the clear deflation, as the demand for most commodities decreased and cast a shadow on the market.
Thus, there was a somewhat slowdown in the import process due to the weak demand, followed by a slight decrease in the demand for the dollar, so you find price stability evident these days.
The objective of controlling the outlets and preventing the import of some commodities may have other partial effects on the stability of prices.
This reality brings us back to the concept and role of consumer culture in the process of balancing prices in the market, how?
If we have the ability to adopt a consumer culture that limits the apparent wastefulness in our consumer behavior, we will contribute to maintaining price stability. This means that government measures alone are unable to control the pace of prices unless accompanied by a balanced consumer culture by sacrificing some needs for a while, which will limit the The huge demand for hard currency with the aim of stabilizing the price and reducing it to less than the official rate.
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The financial advisor to the Prime Minister, Mustafa Al-Kazemi, revealed the completion of the draft federal budget bill for 2022.
Mazhar Muhammad Salih said in a press statement, "The financial authority represented by the Federal Ministry of Finance is close to completing the preparation of the draft federal budget bill for 2022," noting that "the Strategic Budget Committee and through its meetings that were held in more than 24 meetings throughout the year, I have concluded that the spending ceiling in the 2022 budget will not exceed the spending ceiling in the 2021 budget, and if there is an increase, it is likely to be 10%.”
He added, "The only thing that has been updated in the 2022 budget, is that the price of a barrel of oil will be around $50 per barrel, as announced by the Minister of Finance, and there are non-oil revenues that are supposed to increase, and therefore the assumed deficit that was proven in the 2021 budget is up to 29 trillion dinars." It is expected that it will decrease to 18-20 trillion dinars, which will lead to a decrease in the deficit and an increase in revenues.”
He pointed out that "this budget could be legitimate if it was submitted to the Council of Ministers before the government entered the stage of conducting business, or Parliament suspended its work," noting that "according to the available information, the draft budget is prepared and will be submitted in the near future."
And he indicated that "the budget was dealt with with high impartiality and outside political disputes, and enjoys high transparency, and that it included applications of the reform white paper, especially with regard to diversifying non-oil sources, addressing waste and unnecessary expenditures, and directing expenditures correctly," he said.
Saleh added, however, that "the 2022 budget may be more balanced, stable, and open to investments more broadly than the 2021 budget, and its coming after Covid 19 also has accounts," noting that "it is certain that the endeavors to complete the draft budget are devoid of any political interests." On the grounds that it tends here and there, and one of its principles is social justice and the fair distribution of income as much as possible.
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having isssues and cannot post the article summary here
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Al-Kazemi stresses the development of Iraq's oil wealth and not depleting it
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Prime Minister Mustafa Al-Kazemi stressed on Tuesday the need to develop the country's oil wealth and not continue to deplete it.
Al-Kazemi said in a speech during the cabinet session that took place today, "We will continue to work to activate the Future Generations Fund, based on a sense of responsibility towards our children and grandchildren."
He added, "We want to secure Iraq's future away from dependence on an unsustainable economy, as the oil wealth will not be dominant for the rest of its life, and many countries have begun to search for alternative and clean energies."
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A candidate for Al-Fateh calls for the return of the dollar price and the recruitment of manpower link
Madiha Al-Maksusi, a candidate for the Al-Fateh Alliance, called today, Monday, to return the price of the dollar to its normal position, open factories and attract manpower.
Al-Maksousi said in “Hassad Al-Ayam” that “in order to strengthen the economy, industry must be activated and the national product and agriculture encouraged,” noting that “the national economy was not given the opportunity to file a file and the participation of governments.”
She added, "The routine delayed work a lot because of the occupation, and the government and parliament did not succeed in imposing a law in order to work," noting that "taxes must be imposed on foreign products and encourage local products, and this is what is happening all over the world."
Al-Maksusi added that "there are many resources that Iraq can rely on as an economic auxiliary to oil," noting that "Iraqi crops are not exploited because of the opening of the borders to the importer."
She explained that "due to the large number of wheat cultivation, the government was unable a while ago to fulfill the farmers' rights," noting that "the dollar price must be returned to its normal position, the opening of factories and the recruitment of manpower."
Al-Maksousi continued, "Iraq needs investment, and there are many provinces in which there is a safe environment to protect the investor."
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Ministry of Foreign Affairs revealed today, Monday, that the Baghdad conference confirms cooperation and partnership in a new style towards economy and investment, stressing that it is following with great importance the outcomes of the Baghdad conference, indicating that Iraq has become an investment opportunity.
The ministry’s spokesman, Ahmed Al-Sahaf, told the Iraqi News Agency (INA): “The ministry works through commitment to collective initiatives with all Iraq’s neighbors and partners, in affirmation of the principle of openness to all parties with standards of national sovereignty and national interest, and in light of this, the Baghdad conference came in this context to confirm A new type of partnership and cooperation based on economy and investment.
He added that "the outcomes of the Baghdad conference are followed up by the Ministry of Foreign Affairs with great interest and are based on an important variable, which is what the joint final statement mentioned to the participants, that there will be a committee of foreign ministers of the gathered countries, to follow up on the outcomes of the Baghdad conference."
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Raising the price of the dollar against the dinar increases the suffering of Iraqis
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Decreased purchasing power amid difficult living conditions The rise in the price of the US dollar against the Iraqi dinar exacerbated the suffering of the people of Mesopotamia, which prompted
citizens to austerity to manage their affairs, amid difficult living conditions.
Increasing the selling price of the dollar
And the Central Bank of Iraq decided last December to raise the price of selling the dollar to banks and exchange companies to 1460
dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration in oil prices, and the Central Bank attributed the main reason behind the devaluation of the dinar to bridge a gap Inflation in the 2021 budget after the collapse of global oil prices, which is a major source of Iraqi financial resources, and he stated that “the financial crisis that Iraq was exposed to due to the Corona pandemic led to a large deficit in the general budget,” and he pointed out in his statement that the purchase price of one dollar from the Ministry of Finance. Finance will be 1450 dinars, while the price of selling the dollar to banks through the foreign currency sale window is 1460 dinars.
And the Parliamentary Finance Committee revealed earlier, that the exchange rate will remain at its current position during the next five
years.
Low purchasing power
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Al-Kazemi: The doors of Iraq are open to the Kuwaiti investor link this is from Kuwait's news
Iraqi Prime Minister Mustafa Al-Kazemi said that during his meetings and meetings with Kuwaiti officials, he affirmed his country's respect for and implementation of international resolutions, as well as commitment to relations based on common interests between the two countries.
Al-Kazemi said in an interview with the Kuwait News Agency (KUNA) and the editors-in-chief of local newspapers, "Kuwait is for us a neighbor and friendly country, and it is in the heart and soul of every Iraqi by virtue of its historical and tender stances towards Iraq and all Arab countries."
Al-Kazemi indicated his country's keenness to overcome all difficulties in front of Kuwaiti investments by enacting legislation and fighting corruption and administrative bureaucracy to attract the Kuwaiti investor.
Al-Kazemi said, "The doors of Iraq are open to the Kuwaiti investor, and I personally, my office is open to any investor."
On the situation in Iraq, Al-Kazemi confirmed that a general reform document will be presented, the provisions of which will be adopted as basic constants for Iraq, noting that the legislative elections in his country will be held on time by the tenth of next October and that it is "not subject to postponement."
And he indicated that "what matters to us is to cross the country to safety and to regain its health, as we are in dire need of a healthy Iraq that does not dispense with its Arab and Islamic surroundings.
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I ended up calling this My FX Buddies News Catch-Up For AUG 19-21 Does Iraq face a "scenario" of Afghanistan's collapse after America's withdrawal? on the MY FX Buddies Blog
Does Iraq face a "scenario" of Afghanistan's collapse after America's withdrawal? link
The American "Foreign Policy" magazine said, "The Iraqis fear that their turn will come after the collapse of Afghanistan and its fall into the hands of the Taliban, following the US military withdrawal from the country, after a 20-year war."
And the newspaper added, in a report published on its website: “Perhaps no one is more shocked by the disaster in Afghanistan than the Iraqi people, who are very afraid that Iraq will face the same fate.”
Preconceived fears
: "Even before the US military withdrawal from Afghanistan led to the complete collapse of the government and the Taliban's complete control of matters, many Iraqis were very concerned about what the US withdrawal from Afghanistan would mean for Iraq."
And she continued: “The questions of the Iraqis focused on: Will the United States end its military presence of 2,500 soldiers in Iraq? And if this happens, will it lead to Iranian militias taking over the country? Or the return of the terrorist organization ISIS? Or maybe a civil war?”
And she added: “The scenes of despair that occurred at Kabul airport last Sunday, raised feelings of tension and anxiety among the Iraqis, and were a reminder of what happened in 2014, when the army and police in Iraq collapsed, after being trained and armed by the United States, and they lost 3 provinces. In battles against the terrorist organization ISIS.”
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The International Development Bank buys more than 300 advanced ATMs from CBM
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The International Development Bank and CBM, a leading information technology (IT) company, have signed a partnership agreement for state-of-the-art ATMs and automated teller machines.
The agreement aims to develop the payment service for customers and advanced solutions for self-service banking for the International Development Bank, where a contract was made to purchase and support more than 300 advanced ATMs to advance banking services to a global level in performance.
An official source in the bank confirmed that the agreement comes with the aim of adopting the best technology and global solutions that advance banking services to the world and deploying the largest number of ATMs throughout Iraq to cover electronic card services, and the bank continues to make continuous and advanced investments in the field of banking technology, where CBM will provide the company
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Finance Committee: The dollar exchange rate will not change before five years
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On Sunday, the Parliament’s Finance Committee suggested that the exchange rate would remain at its current position for five years, while indicating that raising the exchange rate aims to achieve three main factors.
Committee member Naji al-Saidi said in a statement to the official agency, followed by "Nass", (August 15, 2021), that "the exchange rate will remain in its position during the next period for the next five years, on the description that the real value of the Iraqi dinar is determined through the exchange of the dollar against the dinar in addition to strength." Purchasing the Iraqi dinar and the net goods and services produced during a certain period.
He added that "the government is firm in achieving its goal by defining three main goals, the first is financial: which is to reduce the deficit in the public budget, the second goal is a monetary goal by increasing reserves, and the third goal is to increase the competitiveness currently produced within the country towards other goods exported from Neighboring countries, and this is the main goal that the government seeks by filling the budget deficit.”
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The government decides the fate of the dollar exchange and the degrees of deletion and creation link
**Cabinet spokesman Hassan Nazim announced, on Friday, that "the file of government appeals in some items of the general budget for the year 2021 is still being considered by the Federal Court, and everyone is still waiting for the results," noting that "the Ministry of Finance has started meetings for preparing a budget." 2022 and in coordination with the Ministry of Planning.
Nazim confirmed to the official news agency, "The government is trying not to fall into the problems of delaying the budget, as happened in the year 2021, so it has started from now on arranging the conditions for the 2022 budget and preparing it in a timely manner, and this matter is positive and important."
He continued, "The exchange rate is a project that has been on the table for many years before previous governments that did not dare to take it, and it is not new or heresy from this government, so previous governments did not dare to implement**
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Representatives and specialists rule out approving the 2022 budget on schedule: it will go through difficult stages
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With the approach of the legal date for the federal government to send the budget to the House of Representatives, the budget is facing a major challenge in light of the political forces' preoccupation with preparing for the upcoming elections, and the difficulty of convening parliament sessions
And the weightings began to indicate the possibility of not legislating a budget for the next year, in a scenario similar to what happened in 2014 and 2020, while a parliamentarian ruled out the possibility of legislating the budget, an economist saw that the budget will go through difficult stages and will not start on its scheduled date
Member of the Parliamentary Finance Committee, Abdel Hadi Mohan El SaadawiHe ruled out that the federal budget for the next year 2022 would be legislated, suggesting a repetition of the scenario of what happened in 2014 and 2020
Al-Saadawi said in an interview with Alsumaria News, "The current atmosphere and focus on holding elections in the month of next October or in April of next year, make us rule out that a budget for the year 2022 will be legislated by the current parliament, and it is likely that" this matter will be entrusted to the next parliament. Or that the scenario of 2014 and 2020 will be repeated, and there will be no budget for the next year.
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European Union: The devaluation of the dinar should have taken place a long time ago
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The Ambassador of the European Union in Iraq, Martin Hutt, stressed that Iraq needs a structural reform in the economy, noting that the devaluation of the dinar should have been done a long time ago because it would make Iraq's economy more competitive.
In an interview with Al-Sabah newspaper, which was seen by Al-Iqtisad News, Hot said, "The emergence of ISIS and the demonstrations that took place in October 2019 shed light on the need for serious structural reform in the oil-dependent economy while fighting rampant corruption and the lack of job opportunities," explaining that it launched This week, a joint initiative between the European Union and Germany to develop the private sector.
He added that the European Union, as a long-term partner of Iraq, remains committed to supporting development and cooperation priorities for the benefit of the Iraqi people, pointing out that targeting diplomatic missions inside Iraq and civil airports leads to alienation of foreign investors
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Al-Kazemi to the heads of the parties: Iraq will return its relationship with America to its formula before 2014
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A number of heads of Iraqi national forces and parties held, on Sunday, August 1, 2021, a meeting at the Government Palace in Baghdad at the invitation of Prime Minister Mustafa Al-Kazemi, in the .presence of the President of the Republic, Barham Salih, and Parliament Speaker Muhammad Al-Halbousi
:The obelisk publishes the text of the statement :
statment .......
A number of heads of Iraqi national forces and parties held a meeting at the Government Palace in Baghdad at the invitation of the Prime Minister, Mustafa Al-Kazemi, and in the presence of the President of the Republic, Dr. .Barham Salih, and the Speaker of Parliament, Mr. Muhammad Al-Halbousi
During the meeting, Mr. Al-Kazemi reviewed the results of the strategic dialogue with the United States during his .recent visit to Washington, and what was included in the joint final statement of the strategic dialogue
Prime Minister Mustafa Al-Kazemi said: The results of the strategic dialogue rounds with the United States concluded that there were no combat forces in Iraq at the end of this year, and that the relationship between the two sides would turn into a relationship of training, security cooperation, and intelligence only; In this sense, on (December 31, 2021), Iraq will return to its relationship with the United States before the official request for the arrival of these forces in 2014, and to return to the normal formula of the relationship that was voted by the Iraqi .)Council of Representatives and approved in the name of (the Strategic Framework Agreement
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Al-Kazemi: The Baghdad-Washington relationship will turn to a new stage link
Iraqi Prime Minister Mustafa Al-Kazemi praised, on Tuesday, his country's strategic relationship with the United States of America.
Al-Kadhimi said, during an interview with Al-Iraqiya Al-Akhbariya, "The relationship between Iraq and the United States will turn into a new stage, and our role in the region has become pivotal."
The Iraqi Prime Minister stressed that the security forces are able to protect the country, calling for the need to work to restore the state's prestige and create a safe environment for investment.
Al-Kazemi added that the most important achievement in the strategic dialogue between Baghdad and Washington is that it unified the positions of the Iraqi political forces, and continued, "Coordination between Iraq and the United States will not be limited to the security aspect."
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America is ready to help Iraq by implementing the White Paper on Economic Reform link
The United States confirmed its readiness to help Iraq implement the white paper for economic reform through a new transparent program, on the sidelines of the strategic dialogue activities between the two sides held in Washington.
Today, Saturday, the US State Department stated that the United States intends to work with Iraq currently to provide a revised nationally determined contribution under the Paris Agreement of the United Nations Framework Convention on Climate Change, according to the Iraq News Agency, "Ana".
The United States also intends to cooperate with Iraq to enhance the capacity of managing climate adaptation and mitigation, reducing gas flaring, developing renewable and clean energy initiatives, promoting water conservation, and supporting the protection of local flora and fauna, according to the US State Department.
The US Department stated that the two sides discussed ways to advance vital energy projects with American companies and facilitate trade in American agricultural products, and the United States' readiness to assist Iraq in implementing the White Paper on economic reform, through assistance from the United States Agency for International Development and a possible new program from the State Department focusing on Financial transparency.
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Al-Kazemi's advisor: No change in the dollar exchange rate link
Mazhar Muhammad Salih, the economic advisor to Prime Minister Mustafa Al-Kazemi, stressed on Monday, not to rely on oil prices because they are unstable, in changing the dollar exchange rate against the Iraqi dinar.
Saleh told Shafaq News Agency, "The dollar exchange rate is fixed and there is no change in it, and any increase or decrease in the exchange rate in the market from the specified price is due to the process of demand for the currency."
He added, "If there is a change in the exchange rate, this is due to the improvement in oil prices in the long term," stressing that "oil prices are not fixed and may rise or fall during the coming period."
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Confidence in the Iraqi dinar is eroding… and the prospect of removing zeros link
Iraq is witnessing a severe financial crisis that began with the outbreak of the Corona virus last year and the decline in global demand for oil, which represents nearly 91% of Iraq’s financial imports.
With the continuation of the financial crisis and the failure to pay the salaries of employees last year, the government resorted to what was called the Iraqi government reform paper (the white paper), which included the devaluation of the Iraqi dinar against the US dollar, and the decision entered into force at the beginning of this year.
With the rise in oil prices globally, the Iraqi government has been thinking about long-term financial strategies that may protect the country from falling into a financial crisis that may be more influential. One of these strategies was put forward by the economic advisor to the Prime Minister, Mazhar Muhammad Salih, and is represented in deleting 3 zeros from the Iraqi currency, Without specifying a date for the implementation of this step.
In every economic equation, the ratio of profit and loss is calculated, which is indicated by the economist Hammam Al-Shamma that this ratio will not be equally present in the equation, warning of psychological disturbances in the Iraqi market in the event of deleting zeros.
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Iraq is witnessing a severe financial crisis that began with the outbreak of the Corona virus last year and the decline in global demand for oil, which represents nearly 91% of Iraq’s financial imports.
With the continuation of the financial crisis and the failure to pay the salaries of employees last year, the government resorted to what was called the Iraqi government reform paper (the white paper), which included the devaluation of the Iraqi dinar against the US dollar, and the decision entered into force at the beginning of this year.
With the rise in oil prices globally, the Iraqi government has been thinking about long-term financial strategies that may protect the country from falling into a financial crisis that may be more influential. One of these strategies was put forward by the economic advisor to the Prime Minister, Mazhar Muhammad Salih, and is represented in deleting 3 zeros from the Iraqi currency, Without specifying a date for the implementation of this step.
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The economic advisor to the Prime Minister, Alaa Abdel Hussein, confirmed that the actual implementation of the white paper will soon be announced, while noting that there are central and sub-committees to implement it .
Abdul Hussein said in a televised statement, today, Wednesday, that "Iraq over the past decades has suffered from economic problems," noting that "the Iraqi economy has gone through several stages, which made it rentier and dependent on oil ."
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Karbala University discusses indicators of analysis in the foreign exchange market
link what a time to do this study!
The College of Administration and Economics at the University of Karbala discussed the master’s thesis tagged “The Effectiveness of Technical Analysis Indicators in Trading the Foreign Exchange Market (FX), which is an applied study on the exchange rate of the US dollar against the Iraqi dinar for the period 2010-2020.
The Director of University Information, Dr. Yahya Obaid Al-Taei, told Al-Sabah that "the message presented by the student Muhannad Rashid Sharqi Al-Majidi from the Department of Banking and Financial Sciences aimed at introducing the conceptual framework for indicators of technical analysis in the foreign exchange market."
He pointed out that {the researcher included some indicators of technical analysis to predict the exchange rates of foreign currencies in circulation, and how to know the ability of technical analysis indicators to predict currency prices, by studying the indicators and applying them to the exchange rate of the US dollar against the Iraqi dinar for the period 2010-2020, reaching results that indicate The presence of technical analysis indicators in the forex market, and speculation based on technical analysis indicators contribute to neutralizing the times of executing buy and sell orders. It also gives many signals, most notably warning traders of a trend reversal price..}.
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The White Paper.. 64 projects and government directions to seek the assistance of international experts link
**Advisor to the Prime Minister, Alaa Abdul-Hussein Al-Saadi, confirmed, on Wednesday, that the white paper included 64 projects, stressing that international experts would be hired to implement them.
Al-Saadi said, according to the official media, that "the white paper issued by the Iraqi government, in its first and second parts, identified a number of oil projects to increase export capacity, increase production, increase oil refineries, design energy, gas and gas extraction through 6 well-defined projects entrusted to the Ministry of Oil."
He continued that "the white paper includes two parts, the first part of which deals with the Iraqi economic reality and the goals and strategies followed by the government and the translation of these goals and strategies through the second part issued by the government and which included the mechanisms and governance of implementation, in addition to dividing these goals into strategic projects in various ministries." Noting that "there are approximately 64 projects, and each project is divided into a number of goals that must be implemented, and set in a time period," pointing out that "there are approximately 366 goals within the projects."**
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The Iraqi economy is the center of polarization link Another definitive evidence of the strength and durability of the Iraqi economy, despite all the crises and tribulations, was represented by the convening of an Egyptian-Jordanian-Iraqi tripartite summit. A lightning summit that settled many speculations and indicated an attempt to go towards diversifying economic relations in various international, regional and Arab axes, thus liberating the economy, as alternatives are available, and this is what we are looking for for the future of Iraq in light of internal and external challenges. Energy, money and investment are the focus of the summit. Economically, the compass is heading towards the most important aspect of the meeting or summit that took place recently.1
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A Kurdish deputy is likely to pass the oil and gas law during the next parliamentary session link
Kurdistan Democratic Party MP Dana Muhammad suggested on Sunday the approval of the oil and gas law during the electoral parliamentary session, returning it to "a solution to the oil disputes between the federal government and the Kurdistan Regional Government."
Muhammad told Shafaq News Agency, "The disruption of the approval of the oil and gas law since 2007 until now is due to differences between all political forces, not certain forces or components," noting that "it was not put on the parliament's agenda over the past years because of the political disputes and disagreements over its provisions."
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Al-Kazemi talks about raising the dollar exchange rate and its relationship with the poor link
Prime Minister Mustafa Al-Kazemi spoke about raising the dollar exchange rate and its relationship with the poor, noting that raising the exchange rate in return for placing 2.5 billion dollars to support the poor segment, the social protection network, and support for food commodities.
Al-Kazemi accused, during a televised interview with the official channel, some “who tried to change the numbers in the House of Representatives, noting that” after Iraq depended on oil by 96%, the (white paper) provided a percentage of 70% dependence on it, and reform in The administrative and legal sectors, and this required adjusting the exchange rate, and all governments have known this necessity since 2012.”
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Moves to delete three zeros from the currency to strengthen the dinar
link you should click the link and watch the video
There is a video with this article but it is all in Arabic
Moves to delete three zeros from the currency to strengthen the Iraqi dinar in an attempt that economists find difficult to verify with the continued dependence on oil
A number of proposals were recently put forward to address the economic deterioration it is going through Iraq, Among them comes the deletion of zeros from the currency, a step that many find difficult to verify in light of the continued dependence on oil as the only economic resource, as well as the high exchange rates of the dollar against the dinar
After the deterioration of the Iraqi dinar, and the depreciation of its exchange rate against the dollar, there is a lot of talk about several proposals to address the problem.. The most prominent of these proposals is the possibility of deleting three zeros from the local currency, but this step is seen by many as unverifiable, especially with the country's continued dependence on oil as an economic resource Single
What increases the difficulty of implementing such a step is the presence of a number of problems that still exist, represented by the sluggish application of paragraphs in the budget, and the increase in the poverty rate, to complete the knot in the continuous rise in the exchange rates of the dollar against the decline of the dinar.
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Parliament Finance discusses with the Governor of the Central Bank the implications of changing the exchange rate
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The Finance Committee in the House of Representatives discussed, today, Tuesday, with the Governor of the Central Bank, steps to reduce the repercussions of changing the exchange rate and its implications, while the latter indicated the launch of an initiative to move the housing sector. The committee said in a statement, received by Alsumaria News, that it "hosted today, the Governor of the Central Bank, Mustafa Ghaleb Mikhaif, and the Deputy Governor, Ammar Hamad Khalaf, where they discussed the steps that the Central Bank promised to implement to reduce the repercussions of changing the exchange rate and its implications, and the issue of selling the currency and confronting the operation." Draining it and ways to preserve it and invest it properly.
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This is the article I strongly urge you to read in full to get a better understanding of this
Al-Kazemi’s financial advisor: Deleting three zeros from the currency is an option link
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, set, on Sunday, June 20, 2021, two conditions for deleting 3 zeros from the currency, while stressing that the deletion option is proposed as part of the strategies for reforming the currency and cash payments system in Iraq.
Saleh told the Obelisk, “The Central Bank of Iraq developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened with the insomnia of the economic blockade imposed in the nineties of the last century, and put it into research and study long ago, after looking at about 54 An international experience from the end of World War II until the second decade of the twenty-first century, which took place in various countries of the world, in which the monetary payment systems were reformed and made to work with better efficiency, the last of which was the Islamic Republic of Iran and before that, Turkey.
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Qubad Talabani: The Iraqi Council of Ministers released the region’s share of the budget link
Qubad Talabani, Deputy Prime Minister of Kurdistan Regional Government announced on Wednesday that the Federal Council of Ministers decided to release the region’s share of the financial budget for the year 2021.
In a speech today on the sidelines of the HITEX exhibition in Erbil, Talabani said: The Iraqi Council of Ministers decided yesterday to launch the region’s budget (..) We hope that this step will be a new page in the relations between Baghdad and Erbil.
He also added: We hope that this step will ease the challenges facing the region.
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A national campaign to support the Iraqi dinar
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this one has a few more details then yesterday's article
While a group of unions and federations in Iraq announced the launch of a national campaign to support the national currency and the economy and increase the citizen’s confidence in the Iraqi dinar, the opinions of specialists came in support of this approach, which was described as important, but they stressed the importance of it being accompanied by a monetary policy that maintains the stability of the exchange rate.
This group said in a joint press statement, "A group of unions and federations announces the launch of a national campaign under the auspices of the Central Bank of Iraq to raise awareness to support the national currency and the Iraqi economy," noting that "this campaign includes the Federation of Chambers of Commerce, the Association of Iraqi Private Banks, the Physicians' Syndicate, the Pharmacists Syndicate and the Engineers' Syndicate." and the Dental Association, who represent a large segment of Iraqi society.
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Parliamentary Finance: The coming days will witness an improvement in the dollar exchange rate
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A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed, on Monday, that the coming days will witness further improvement in the dollar exchange rate, pointing out that speculators in the strongholds of the black market are behind the scheduled rise in the price.
Cougar said in a statement to "Al-Maalouma", that "the stability of the natural exchange rate as stated by the government and the absence of any intentions to change it," noting that "there is a monopoly by some traders for some basic materials, including the dollar."
He added that "the dollar is a commodity, like all commodities, rising due to the monopoly of some people and companies," stressing that "the coming days will witness more improvement in the dollar exchange rate."
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The Central Bank of Iraq confirmed, on Friday, the stability of the dollar exchange rate and the absence of any intentions to change
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According to a statement by the bank, “Nass” received a copy of it (June 11, 2021), “the dollar exchange rate is fixed and there are no intentions to change, and that what is being circulated is not true, as the price that was chosen at the end of 2020 to exchange the dollar was based on To in-depth studies of the requirements of the economic and financial situation and the objectives of monetary policy.
The bank indicated that "its foreign currency sales are based on the stability of its foreign reserves at excellent levels, as those sales have been increased to meet all legitimate requests, and the price will stabilize as a result of the measures that the Central Bank has recently taken and will take."
The bank pointed out that "statements related to the exchange rate are promoted for speculators to benefit from, and that the Central Bank has communication channels that represent official sources of information."
On Friday, the Central Bank denied statements attributed to the deputy governor regarding the value of the Iraqi dinar exchange rate.
And the bank stated in a statement, “Nass” received a copy of it, (June 11, 2021), that “the Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, is lying statements attributed to him,” stressing “there is no truth to the news circulated to me about the value of the Iraqi dinar exchange at a price of 2,400 dinars.”
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The price of the dollar will decrease against the dinar in the coming days for these reasons
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The economist and former director of operations at the Central Bank of Iraq, Mahmoud Dagher, expected, on Thursday, a decrease .in the dollar exchange rate against the dinar, within two or three weeks, if the central bank continues to pump more dollars into local markets.
Dagher said in a television interview (June 10, 2021), that "after the approval of the general budget, the demand for the dollar increased, and the recent ".developments during the past days, especially in the capital, Baghdad, generated pressure on the dollar
He added, "The central bank began a few days ago to pump more dollars into the markets, and if the bank continues to do so, it is expected that the exchange rate will return to its previous levels, and the exchange rate of the hundred-dollar note will stabilize at 147,000 thousand dinars, which is the ".official price for the public
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Within hours... a jump in dollar prices in Baghdad, amid government assurances
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The exchange rates of the US dollar recorded a new jump against the Iraqi dinar, on Wednesday, on the main stock exchange in the capital, Baghdad.
Shafaq News Agency correspondent reported that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad has currently registered 150,500 Iraqi dinars, compared to 100 US dollars.
The Central Kifah Stock Exchange recorded during its opening this morning 150,000 Iraqi dinars.
Our correspondent indicated that the buying and selling prices rose in the banking shops in the local markets in Baghdad, where the selling price amounted to 151,000 Iraqi dinars, while the purchase prices amounted to 150,000 dinars per 100 US dollars.
For his part, a government source said in an interview with Shafak News Agency that "the rise in dollar prices in local markets is temporary," noting that "the Central Bank has sufficient reserves to reduce the price of the dollar in local markets."
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Parliamentary Economy: The street will explode in the face of the government if the dollar continues to rise link The Parliamentary Committee on Economy and Investment warned of the explosion of the street in the face of the government of Prime Minister Mustafa Al-Kazemi in the event that the dollar price continues to rise, noting that the Iraqi market has been witnessing great confusion for days due to the instability of the dollar exchange rate. Committee member Salem Al-Tufaili said in an interview seen by / the information /, that "the main reason for the continued rise in the dollar exchange rate is the lack of real government control over the Iraqi market, as well as the work of private banks and exchanges, which manipulate prices according to their interest without any oversight or accountability." Al-Tufaili added that “the rise in the exchange rate of the dollar, as well as foodstuffs and other materials, is behind some greedy traders, bank owners and money transfer companies, among the influential figures, who have relations with some parties and political figures, who control the market as they wish according to government silence.”
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Anxiety prevails among Iraqis for fear of the deterioration of the purchasing value of the dinar link
The Iraqi local markets witnessed a new rise in the exchange rate of the dollar against the Iraqi dinar, as the value of one dollar reached 1500 Iraqi dinars, a clear difference from the rate set by the Central Bank, which is 1450 dinars to the dollar.
And the new value of the rise was recorded in the Baghdad Stock Exchange for hard currencies and exchange companies in the Al-Kifah and Al-Harithiya areas in Baghdad, as well as Erbil, and in the event that the rise continues until the end of the day, this means that the price will remain unchanged until next Sunday, which is the date for the resumption of official working hours and the Central Bank offering new amounts of hard currency Within the policy of preserving the value of the dinar.
So far, the competent authorities have not provided any explanations for this rise, but experts and specialists attribute this to speculation within the market, which is carried out by merchants, businessmen and private banks.
The rise is not the first of its kind, but it is the highest, as the past days recorded a slight increase at 1460 and 1470 dinars to the dollar.
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Al-Kazemi: Iraq is on the path to economic reform
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On Tuesday, Iraqi Prime Minister Mustafa Al-Kazemi affirmed Iraq's determination to proceed on the path of economic reform, according to long-term visions that rely on viable solutions despite all challenges .
A statement by Al-Kazemi's office stated, "The latter received the Vice President of the World Bank Group for the Middle East and North Africa, Farid Belhaj, and his accompanying delegation .
During the meeting, according to the statement, they "discussed ways to enhance cooperation between Iraq and the World Bank in various programs and fields, and with regard to mechanisms to combat corruption and rebuild the public service structure in a way that raises efficiency, establishes sustainable development and optimal investment of human capital, and some Bank projects were discussed." The international lag in Iraq and agreement on ways to reactivate it
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Who is blocking foreign investment opportunities in Iraq? link
For many years, there has been talk about the need to correct the general economic situation in Iraq, by bringing in foreign investments in order to start rebuilding infrastructure, rebuilding what was destroyed by wars, reviving productive sectors such as industry and agriculture, and the obsolescence of many industrial projects that need to be reconstructed and modernized, in addition to providing job opportunities for young people. For decades, unemployment is the highest in the region .
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The government bears the responsibility of besieging the people economically link
On Wednesday, Fadel Al-Fatlawi, the representative of the Al-Fateh Alliance, held the government responsible for the deterioration of the people's economic situation after the decisions it had made regarding the dollar and the curfew, pointing out that Parliament is currently moving to ensure the improvement of the economic situation and the elimination of poverty.
"The government bears responsibility for what the people suffer from a great deterioration in the living situation, especially after the measures it has taken regarding the comprehensive curfew during the past days, as well as raising the dollar exchange rate," Al-Fatlawi said in a statement to Al-Maouma.
He added that " Iraq needs an economic rescue plan to improve the level of per capita income, eliminate unemployment, and reduce prices to an acceptable level, which is what the government must do."
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An internal economic struggle in the Kurdistan Regional Government is similar to that of Baghdad and Erbil
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The Financial Committee of the Kurdistan Regional Parliament announced that the local government in Sulaymaniyah Governorate does not send non-oil financial revenues to the treasury of the Kurdistan Regional Government, which causes the continuation of the deduction of salaries for workers in the public sector.
Hvidar Ahmed, deputy head of the committee, said in a press conference that Dohuk and Erbil receive the financial revenues generated from the border crossings to the regional government, and the latter informed the Sulaymaniyah administration that more people receive salaries, retirement, grants and financial aid in Sulaymaniyah.
He added that the regional government has informed the administration of the necessity to hand over $ 80 million a month, and although the governorate has seven border ports, it refuses to hand over the revenues.
Ahmed asked, saying: Where is justice in this case? Is it justice that we cut from the mouths of the citizens in Erbil and Dohuk and give it to Sulaymaniyah, and in return, the latter is not ready to hand over its financial revenues?
The Vice President of the Finance Committee indicated that the government spends 400 billion dinars per month to the departments of the governorates of Sulaymaniyah and Halabjah, stressing that Sulaymaniyah’s failure to send financial revenues caused the employees ’salaries to be deducted
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Iraq is facing a date to officially restore the previous dollar exchange rate link
The Parliamentary Economic and Investment Committee confirmed that the exchange rate of the dollar against the Iraqi dinar is fixed and does not change until 2025.
It was assumed that "changing the exchange rate of the dollar against the Iraqi dinar for one year only," according to committee member Nada Shaker Jawdat, but "the agreement of the political forces and the government was the opposite."
According to the agreement, "the exchange rate of the dollar remains constant until 2025," according to what Jawdat spoke, noting that "raising the price of the dollar caused the price of foodstuffs and spare and construction materials to rise by 25% from their real value."
"Had it not been for the approval of the heads of political blocs, Prime Minister Mustafa Al-Kazemi, the Minister of Finance and the Governor of the Central Bank would not have dared to change the exchange rate of the dollar against the Iraqi dinar," Jawdat continued.
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Al-Kazemi stresses the need to overcome obstacles to attract local and foreign investment
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Prime Minister Mustafa Al-Kazemi stressed, today, Wednesday, the need to overcome obstacles and provide the appropriate environment to attract local and foreign investment
The media office of the Prime Minister said in a statement received by Alsumaria News, "The latter conducted a visit today to a number of sites of agricultural and animal production companies in the province Wasit,
"He was briefed on the progress of work in it and urged the employees to make every effort to increase production and improve its quality. He also listened to the complaints and suggestions of those in charge of it
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Thank you for listening! To read this entire article and MORE go to my FX Buddies Blog The deterioration of security is hampering Iraq's investments link
Iraqi MPs have warned of the impact of the security decline in the country on the government's plans in the investment sector and attracting foreign and Arab companies, stressing that the threat is no longer limited to ISIS attacks only, but that armed militias impose their hegemony in a number of cities, especially Baghdad, northern and western Iraq. Compound investor fears.
Parliamentarian, Nada Shaker Jawdat, said, "Although Iraq is a promising country for investment, and it needs to advance in the health, educational and other sectors in all, the absence of the security aspect led to the reluctance of investors to work in it." She explained in a statement to a local radio, that "the repeated targeting and lack of control over the internal situation, the violation of external sovereignty and military parades, in addition to the language of threat and intimidation (referring to the armed factions), represented clear messages that led to a decline in investment in Iraq."
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Member of Parliamentary Finance: The street will be inflamed due to the continuing repercussions of the dollar price increase link
A member of the Parliamentary Finance Committee, Thamer Theban, confirmed today, Friday, that the continuing repercussions of raising the price of the dollar will make the Iraqi street inflamed, describing it as a floundering policy.
Theban said, "The central bank’s flawed policy regarding raising the sale of the dollar considered it a crime against our people, especially those with limited income."
He added that "there are mafias of corruption was behind the support of the policy of raising the selling price of the dollar against the dinar , " noting that " the central bank does not need to raise the price of the dollar but needs to control and accounting banks banking and companies that manipulate money laundering this to address the serious phenomenon."
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Al-Sistani's office announces its expectations on the first day of Eid al-Fitr
The office of the supreme Shiite cleric in Iraq, Ali al-Sistani in Najaf, expected that the crescent of the Shawwal month will be seen next Thursday with the naked eye, and in light of this, next Friday will be the first day of the blessed Eid al-Fitr.
According to the booklet of the crescent times issued by the office, according to what was stated by the Abbasid shrine site, it is expected that the crescent of the month of Shawwal will be on the evening of Thursday (30 Ramadan 1442 AH) corresponding to (May 13, 2021 AD) at the skyline of the holy city of Najaf at sunset at 6:51 pm It also follows:
Age is 44 hours and 47 minutes.
Height from the horizon is 17 degrees, 3 2 minutes.
The duration of stay after sunset is 1 hour and 33 minutes.
- The proportion of the illuminated section is 2.39%.
In this case it is expected to be seen very loud and clear.
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Foreign Minister: We are working to diversify the economic partnerships of Iraq
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Today, Thursday, Minister of Foreign Affairs, Fuad Hussein, stressed work to diversify economic partnerships for Iraq.
A statement by the ministry stated, "Foreign Minister Fuad Hussein met in the Italian capital, Rome, a group of Arab and foreign media professionals, in the presence of the Ambassador of the Republic of Iraq to Italy, Safia Al-Suhail."
He added, "During the meeting, the most important results of the visit to Rome and the Vatican were reviewed, as well as his meetings with the Pope and officials in both Italy and the Vatican," he added.
The minister thanked "the historic visit of His Holiness to Iraq, following up on the results of the visit, discussing the topic of interfaith dialogue and encouraging religious tourism to the historic city of Ur, as well as discussing issues of common interest, and bilateral relations between Iraq and a metropolitan state of Vatican and Italy."
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Saudi Arabia grants an Iraqi private bank a license to conduct business in the Kingdom link
Saudi Arabia agreed to grant a license to open a branch of an Iraqi National Bank in order to conduct its business in the Kingdom.
The Saudi Press Agency, followed by "People," quoted a number of decisions taken by the Saudi Council of Ministers, which held a video-calling session chaired by King Salman, including "approval of the license for the Iraqi National Bank to open a branch in the Kingdom.
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Minister of Planning: Economic reform policies require time to touch their results link The Minister of Planning, Khaled Battal Negm, confirmed today, Sunday, that economic reform policies require time for citizens to see their results. The Ministry of Planning stated in a statement that “The Minister of Planning, Khaled Battal Al-Najm, received the Tunisian ambassador to Iraq, Reda Zaqedan, and during the meeting, aspects of joint cooperation between the two brotherly countries in various fields were discussed, foremost among which was economic and investment cooperation, and the exchange of experiences.” The Minister of Planning indicated, according to the statement, “Iraq's willingness to cooperate with Tunisia, in a way that strengthens and develops bilateral relations,” indicating that “the future development direction of the Ministry of Planning is to reduce dependence on oil and diversify the sources of the economy, by focusing on investments in the field of Clean energy, indicating that the establishment of sovereign funds, to support the investment
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An American strategic expert: Washington’s focus on "Iraqi independence" is more important than the withdrawal from Afghanistan link
The American strategic expert, Anthony Cordesman, said that Washington's focus on forming and developing relations with Iraq "as an independent and safe country from Iranian influence" is much more important "" than withdrawing from Afghanistan and reviving the Joint Comprehensive Plan of Action, known as the Iranian nuclear agreement, as he put it.
Cordesman, who chairs the Arle Burke Chair in Strategic Affairs at the Center for Strategic and International Studies, stated in a lengthy report published by the Center that it is important, such as dealings with Iran and other issues related to stability and instability in the Middle East and North Africa, to maintain relations with Iraq, and support it to become a state It is stable, and represents an element of balance for Iran, and reducing its deep internal tensions and the permanent threat of extremism may represent the most important direct strategic challenges for America in the region.
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Why did ISIS regain its activity in Iraq, Syria and Egypt? link
The organization takes advantage of political chaos, disputes, and lax security services
The dilemma left by the emergence of "ISIS" in the Middle East does not seem to have ended completely, as observers believe that during the recent period the organization is gradually restoring its activities in Iraq, Syria and Sinai in Egypt, which raises fears of a possible increase in its operations, or its restoration of an activist. More in the coming months.
Observers believe that several factors contributed to the escalation of the patterns of operations that it undertakes, including the failure to resolve the problems that initially led to the emergence of the organization, the security chaos in Iraq and Syria, and the exploitation of regional powers to maintain the state of instability in the region, as well as its exploitation of the preoccupation of governments in facing a
pandemic Corona.
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Washington informs the Central Bank of Iraq its readiness to support its reform planslink
and the banking sector in Iraq.
A Central Bank of Iraq statement, said that the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mkhaif , had received the US ambassador to Iraq, Matthew Toller.
The statement added that the governor of the bank discussed, during the meeting, ways of joint cooperation between the two countries in the monetary and economic fields, including emphasizing the importance of technical support and joint cooperation to advance the reality of the Iraqi banking sector.
In turn, the American ambassador praised the reform plan adopted by the administration of the Central Bank of Iraq towards the banking sector, expressing his country's readiness to provide various types of support and assistance to the central bank and the banking sector in Iraq.
Here is another version this is being posted in many places they definitely want the citizens to see this article
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Al-Kazemi will visit the United States next July link
**a member of the Future Bloc in Parliament, Sarkut Shams al-Din, revealed, on Thursday, that Prime Minister Mustafa Al-Kazemi's visit to the United States of America is expected next July.
Shams al-Din said, in a statement received by Mawazine News, a copy of it, that "the United States of America is in the process of writing a strategy for the Middle East, including Iraq, next month," noting that "the Iraqi prime minister will visit Washington next July to discuss relations, especially the withdrawal of American forces, and what it requires." From the American side, it will be provided to Iraq after this stage and how relations will be with it, and he will be informed of what this strategy will include with regard to Iraq. "
He added, "Al-Kazemi was the first prime minister in the Middle East that US President Joe Biden called after he won the elections and was installed as president of the United States."**
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The Iraqi dinar deepens the pain of the poor, ignites inflation ... and an emergency plan for reform link
Official data revealed an increase in poverty indicators in Iraq, and high inflation rates after the decision to raise the exchange rate of the Iraqi dinar.
And the Iraqi Ministry of Planning announced, today, Monday, that poverty indicators have risen in the country, and that it has completed a three-track reform plan concerned with developing remedies and finding solutions to reduce levels of inflation and economic contraction.
A spokesman for the ministry, Abdul Zahra Al-Hindawi, said in a statement, that Al-Ain Al-Akhbariya obtained a copy of it, that "after raising the dollar exchange rate, the inflation index rose by 4.9 to 5%, while the primary poverty indicators increased by 26 to 27%." .
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Issue No. (4625) of the Iraqi newspaper Al-Waqi’a issued on 12/4/2021 link
It is in ARabic and for now it is not copy and pastable to translate but it is in the Gazette
Issue No. (4625) of the Iraqi newspaper Al-Waqi’a issued on 12/4/2021
- 2021-04-18 10:45:00
Law No. (23) for the year 2021, the federal general budget of the Republic of Iraq for the fiscal year 2021.
To download the issue, click here
Those wishing to acquire the Iraqi factsheet can refer to the Iraqi investigation department, located in Salhiya / Haifa Street (Ministry of
Justice building), and obtain the required number
so this is a partial translation
it is in trillions which means the rate in it is the 1450 but you can read it below for yourself
A Federal Public Law of the Republic of Iraq for the fiscal year 2021 ((Chapter One)) Revenue - a. The estimated revenues of the federal budget for the fiscal year 2021, by (10201201413) one thousand dinars (one hundred and one trillion and twenty-three billion one hundred and forty-one million nine hundred and eight thousand dinars) as indicated in the table / a- Revenue according to the preparation attached to this law. Calculation of the estimated revenues from exporting crude oil on the basis of the average of
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Government Advisor: The Central Bank is working to stabilize the dinar’s purchasing power link
Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed the efforts of the Central Bank to work on stabilizing the purchasing power of the Iraqi dinar.
In an interview followed by the information, Saleh said, "The Central Bank is working to meet the desired demand of foreign currency by market forces through the window of monetary policy operations, or the so-called auction, for the purposes of financing foreign trade for the private sector as well as providing a safe level of monetary dollars."
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Adjustment to the exchange rate
link
On March 16, the Central Bank of Iraq explained in a statement, the reason for the decline in the exchange rate of the dollar in the parallel market - especially in February - from the official selling rate after the change of price by the Bank at the end of December 2020, and explained the central decline in what it called the "shock of the domestic market" which needed a period of adjustment to the adjustments that occurred between traders (wholesale, retail, singular) and wholesale settlements with banks, where imports declined to levels severe, and then lower demand for currency Foreign.".
However, this interpretation, based on the market mechanism, did not take into account the impact of the political space on this mechanism, as the apprehension of many of the public, including many traders and speculators, continued to escalate at other times and decline, according to statements and promises about influencing the central decision and the intention to undo it in favor of slogans, which were employed to win positions, without taking into account the nature of the variable that requires preparing for the flow of foreign investment and establishing an investment climate, led by allied capital of globalization capital in the region, which requires action on several axes. In order to achieve this trend, the exchange rate in the parallel market did not rise, until after the approval of the budget, and to ensure that the relevant authorities are continuing their policy irreversibly, to create a competitive environment that protects the local product from the low prices of goods produced in the countries of geographical neighboring and preparing for monetary stability, encourages foreign capital to enter the Iraqi arena in a security, legal and monetary atmosphere Stable.
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Parliamentary Committee: The Budget Law has become effective and there is no going back to amend or add any paragraph
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The Parliamentary Legal Committee confirmed, on Saturday, that it is not possible to amend or add to the budget after its exit from Parliament.
A member of the committee, Salim Khadr, said in a statement to / Al-Maalouma /, that “Parliament gave legitimacy by approving the budget and voting on all its articles and sending them to the Presidency of the Republic for approval. Legally enforceable ”.
He added, “The statements that are issued regarding the possibility of making an amendment to the budget with regard to some segments and their re-inclusion is unlikely and unreal. Rather, there are degrees named in the budget that will include only the slides that pertain to them.”
He pointed out that “this matter applies in both cases before or after the presidency of the republic approved the budget because it has acquired the Sharia and has been granted legal status and will go to the finance for the division.”
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25 BILLION IRAQI DINARS ALLOCATED FOR ARTICLE 140 COMPENSATION IN BUDGET: OFFICIAL link
SULAIMANI — Head of the Article 140 office in Wasit and Diyala governorates Adnan Masnur on Tuesday (April 6) told the Kurdistan Democratic Party’s (KDP) official media outlet that the federal government has allocated 25 billion Iraqi dinars ($17.2 million) in compensation for people historically displaced by the Arabization campaign as a part of the new 2021 Federal Budget Law.
Article 140 of the Iraqi Constitution of 2005 outlines how to settle the issue of the so-called disputed areas, a belt of territory stretching across several governorates from Nineveh through Saladin and Kirkuk into Diyala and northern Wasit that is claimed by both the Kurdistan Regional Government (KRG) and the federal government, but has never been fully implemented.
The article is based on Article 58 of the Transitional Administrative Law, which provides for “just compensation” of people who were displaced by the Ba’athist regimes Arabization campaign in the 1970s and 1980s, which replaced Kurds, Turkmens, and members of other ethnic groups living in the disputed areas with Arabs.
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The President of the Republic approves the 2021 budget and returns it to the government to work on it from tomorrow
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An informed political source said on Wednesday that the presidency has ratified the budget law and returned it to the government to work on it.
The source told Shafq News, that President Barham Saleh, today approved the federal budget for 2021, and was sent to the Ministry of Finance to start work on it from Thursday.
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Al-Haddad announces that the House of Representatives will refer the 2021 Budget Law to the President of the Republic for approval
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The Second Deputy Speaker of Parliament, Bashir Al-Haddad, announced today, Tuesday, that the House of Representatives will refer .the 2021 Budget Law to the President of the Republic, Barham Salih, for approval
Al-Sabah newspaper quoted Al-Haddad as saying, "The House of Representatives referred today the 2021 Budget Law to the Presidency ".of the Republic for approval Last Wednesday, the House of Representatives voted to pass the 2021 budget of an estimated 130 trillion Iraqi dinars (89.65 billion .dollars), at a time when the country is suffering from an economic and financial crisis due to low oil prices.
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Central Bank Governor: Iraq is implementing its reform plans
another version
Central Bank Governor Mustafa Ghaleb Makheif confirmed, today, Thursday, that Iraq is implementing its reform plans.
The Central Bank of Iraq said in a statement received by the "Tigris", that "the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mkhaif, participated as a representative of Iraq in the spring meetings of the International Monetary Fund."
During a speech at the meeting, fearsome confirmed that Iraq is continuing to implement its reform plans towards fiscal and monetary policy. ”The
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After months of controversy, the Iraqi parliament approves the 2021 budget after increasing it link
The Iraqi parliament approved, on Wednesday, the draft general budget bill after months of obstruction due to controversial paragraphs that almost led to political conflicts, adding more complexity to the political scene in the country.
Parliament raised the size of the general budget for 2021 before its approval to more than 101 trillion Iraqi dinars, or about $ 69 billion, up from the government's estimate of 96 trillion Iraqi dinars.
Parliament has also raised operational expenditures, proposed by the government, to ninety trillion dinars, making the total deficit after accounting for other expenditures amounting to more than 28 trillion dinars, according to a copy of the draft budget published by the official Iraqi agency.
The government calculated the price of a barrel of oil on the basis of 42 dollars per barrel and an export rate of 3.25 million barrels per day, but Parliament calculated it at a price of up to 45 dollars, using the Iraqi currency in assessing the price of a barrel instead of the dollar, which ended a major political debate about the restoration of government support for the value of the dinar. Iraqi against the dollar.
With regard to the Kurdistan region of Iraq, the budget obliged the region to pay at least 250 thousand barrels per day of oil field production in the Iraqi region to the Iraqi government for export in exchange for paying the salaries of public employees in the region and settling the dues between the two sides "after being audited by the Office of Financial Supervision."
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Al-Halbousi directs the attendees to hold a session to vote on the budget tomorrow link
Parliament Speaker Muhammad al-Halbousi confirmed, on Tuesday, that legislating the budget is an important step, calling on all MPs to attend the voting session tomorrow, Wednesday.
Al-Halbousi said in a statement received by Mawazine News, a copy of it, “Legislation of the Federal Budget Law for the fiscal year 2021 is one of the important steps, because it prejudices the interests of the citizen, and the paragraphs it bears that directly address his needs.” To proceed with the implementation of its government program, and to support service projects that affect the daily life of the citizen.
Al-Halbousi called on the distinguished members of the House of Representatives to “attend tomorrow, Wednesday, at 1 pm, to hold the long-awaited voting session on the budget law,” noting that “the names of attendees and absences will be presented to the public opinion.”
According to the Presidency of Parliament, the agenda for tomorrow’s session will include the presentation of the request submitted by the political forces, which is supported by the signing of more than 172 deputies to vote on the dissolution of the Iraqi parliament in its fourth session, according to the provisions of Article 64 first of the Iraqi constitution, and this step comes in response to popular demands for elections. It is early, and thus the parliament has fulfilled all the requirements and practical steps for conducting early elections, including the formation of an independent commission of judges, enacting the House of Representatives election law, and voting on the First Amendment Law (Order No. 30 of 2005) Federal Supreme Court Law.
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The budget goes beyond the most difficult .. a deputy expects the date of the vote and confirms: We have reached the stage of final understandings
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Today, Monday, a member of the Parliamentary Finance Committee, Muhammad al-Shabki, spoke about a breakthrough in the file of passing the country's fiscal budget for 2021, and while noting that the political blocs had reached the final stages of understandings, he .expected a date to vote on approving the budget Muhammad al-Shabaki said, in a televised interview, followed by (Baghdad Today), that "there has been an agreement on the text of Article 11 concerning the share of Kurdistan between the political forces, and it stipulates that what exceeds the export of 460 thousand barrels per day, excluding the costs of production, transportation, operation, internal consumption and the dollar percentage. " .
What increases the value of the oil produced goes to the federal government Al-Shabaki added, "It was also agreed on a method for financial settlement from 2004-2020, while the necessity for Kurdistan to pay its ".obligations on a monthly basis was confirmed, with the government handing over the rights of the region monthly
He continued, "It was agreed to hand over half of the imports of border crossings and the rest of the non-oil revenues monthly to the ".Iraqi Ministry of Finance
A member of the Parliamentary Finance Committee pointed out that "the dialogues approached the understandings and solved the problem of foreign loans after the blocks objected to the loans being followed up by the Ministry of Finance and the abolition of the ".objection to the text of the loans and obtained flexibility
Al-Shabky emphasized, "We passed the stage of agreements and consensuses to the stage of final understandings, and we have come a long way, and the budget may be ready for voting within days," adding that it is likely that the budget will be voted on "before the ".end of this week
And Muhammad al-Shabaki stated, "The budget included financial allocations for all contracts and wages covered by Resolution 315, ".and the lecturers, in its final version
The House of Representatives was supposed to hold its session devoted to voting on the draft federal budget law for the current year, .on Sunday, but the persistent differences between the political blocs pushed it to postpone and leave the parliament room
A parliamentary source inside the House of Representatives stated that the Presidency of Parliament officially informed the MPs to postpone the session to vote on the budget without setting a specific date, after the failure of the dialogues and negotiations on the .disputed paragraphs, including the exchange rate
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link
SULAIMANI —Director of the Department of Financial Operations and Debt Management of Iraq’s Central Bank Mahmud Dagher said on Wednesday (March 24) that the price of US dollar against Iraqi dinar will be fixed at the current price for the next four years.
During an appearance in NRT’s Tawtwe interview program, Dagher said that the Council of Representatives does not have the authority to make changes in the price of US dollar.
$100 was at 144,750 Iraqi dinars as of Wednesday evening.
The devaluation of dinar, which was included in the federal government’s draft 2021 budget, was designed to preserve Iraq’s dollar reserves and allow the government to spend more Iraqi dinars.
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The Central Bank adds a new feature to the Iraqi banknotes
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The Central Bank of Iraq announced, on Monday, that it has added a feature to protect banknotes from bacteria and viruses to the national currency.
The Central Bank said in a statement received by "Al-Eqtisad News", that it "added the feature of protecting banknotes from bacteria and viruses, including the Corona virus strain," indicating that the protected currency "will soon be put into circulation."
They revealed that the currency had been added to "the biological pesticide developed by international companies specialized in printing banknotes in coordination with the competent authorities
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The Finance Committee votes to approve the amendment of the kurdistan region's quota paragraph in the budget
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Iraq's parliament's finance committee has approved an amendment to the quota for Kurdistan, a parliamentary source said Friday.
The source told Shafq News that the Finance Committee voted to approve the controversial articles in the budget after it was amended during its current meeting," he said, noting that article 11 on kurdistan's share of the 2021 budget was "a matter of concern."
In the meantime, meetings are continuing to complete the requirements of the federal budget law for fiscal year 2021, according to a reporter for The Twilight News.
The source told Shafq News earlier in the day that the Parliamentary Finance Committee was holding a new meeting to discuss the alternative version of Article 11 on the Kurdistan Region's share in the general budget, after agreeing with leaders and representatives of the Shiite and Kurdish blocs.
Earlier in the day, Kurdish Democratic Party (KDP) mp Bashar al-Kiki told The Twilight News that the delegation had reached an amendment with the Iraqi parliament to amend the wording of one of the budget paragraphs, making it feasible on the ground.
Al-Kiki, a leader of the Kurdistan Democratic Party ( KDP), said the agreement confirmed that the Kurdistan regional government would deliver no more than 250,000 barrels of oil per day to the federal government.
Earlier in the day, the parliamentary circles told Shafq News that there was an agreement reached by the Kurdish delegation headed by Qubad Talabani with the speaker of the Iraqi parliament, Mohammed al-Halbousi, without disclosing what the agreement was.
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Economist: High oil prices will not break the government blockade of the Iraqi people link
Economic expert, Wissam Al-Tamimi, confirmed, on Tuesday, that the rise in oil prices to more than $ 75 a barrel does not mean an end to the suffering of the citizen as a result of the change in the prices of foodstuffs, pointing out that the blockade imposed by the government on the people was politically motivated and not to achieve economic stability.
Al-Tamimi told "the information", "The government raised the dollar exchange rate by 250 dinars only, while the prices of foodstuffs, especially edible oil, milk and other basic materials at home, have risen in price twice the old amount."
He added, "Maintaining the current dollar price will increase the prices of foodstuffs more and more, and the Iraqi citizen will have the option of resorting to inferior materials or alternatives in order to secure his livelihood."
And that "high oil prices will not end the economic blockade imposed by the government on the people, but will only secure the salaries of employees, and Iraq will be kept away from borrowing, as the decision to raise the price of the dollar was politically motivated and not to facilitate and provide a decent living for the citizen."
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Al-Halbousi cancels all deputies’ vacations and changes the date of today’s session link
The Speaker of Parliament directed to cancel all leave for deputies for today’s session, Monday, and the next sessions, in order to complete the Federal Court laws and the general budget for 2021.
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A representative source told the Euphrates News Agency that “it has been decided that today’s session will be held at seven in the evening.”
Parliament was scheduled to hold its session today at 11 am, but the lack of a quorum postponed its convening.
It is scheduled that the parliament will complete voting on the remaining articles of the Federal Supreme Court law today.
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An economist expects a representative decision related to the exchange rate that paves the way for market stability
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The economic expert, Rasim Al-Aqidi, predicted, today, Thursday, the date of price stability in the Iraqi market, while noting that the news and statements issued by political forces prompted many traders and importers to consider import operations.
"The markets are affected by rumors, news and statements related to the exchange rate of the US dollar against the Iraqi dinar, especially since some of them are issued by influential political blocs demanding the return of the exchange rate to its previous position," said Rasim Al-Aqidi.
Al-Aqidi added, "The change of the dollar’s exchange rate by the state and subjecting it to speculation through supply and demand came in order to alleviate the problem of foreign currency exiting outside the borders due to the low exchange rate by purchasing goods that the country does not need, which leads to a reduction in imports, and this allows space. The largest for domestic products in marketing and consumption. "
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Suspicious" signs of making adjustments to the budget with "the secret"! link
The economic expert, Abd al-Rahman al-Sheikhly, confirmed that the 85% of the amendments made to the budget by Parliament did not affect the life of the citizen, indicating that there are matters that took place in the corridors of the House of Representatives, the Finance Committee and members of Parliament that they are not aware of.
Al-Sheikhly said in a press statement that "Parliament has made amendments to the draft budget law and reached more than 85%, according to what the Finance Committee stated."
He added that "these amendments did not affect matters of concern to the citizen, including social welfare allocations, ration card allocations, and dollar exchange rates," noting that "secret agreements and amendments are taking place in the dark corridors and in the financial committee that even the committee members are not aware of according to deals prepared for that."
He explained that "the most important paragraph in the budget that the parliament overlooked is the ration card allocations," noting that "the budget came with allocations for the ration card twice as it was brought by previous budgets. The council did not ask the government where the allocations of previous years were, and the citizen did not receive any of the card items."
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The European Union and the World Bank issue a joint statement on the economy of Iraq ... and an urgent request link
Statement of the co-chairs issued by the co-presidency of the European Union, Germany and the World Bank following the meeting of the directors of the Iraqi Economic Contact Group,
following the launch of the Iraqi Economic Contact Group (IECG) on October 22, 2020 in London, the Government of Iraq met with its international partners in the Economic Contact Group at the level of directors in March 2, 2021, to conduct an assessment of recent reform steps, in order to begin identifying and aligning international support, and to map the way forward towards holding a high-level contact group meeting in late spring of 2021.
The Iraqi economy has faced multiple shocks that led to a severe recession and high poverty rates. Structural hurdles accumulated for decades limit the availability of fiscal reserves to mitigate the socio-economic impact on Iraq's most vulnerable citizens and its business ventures. As a result, engaging in reforms is the fastest way to reverse the situation. Indeed, the long-term success of Iraq is crucial to the stability of the entire region. But the Iraqi oil-based economic model is facing an increasing challenge from a young and growing population that needs to diversify job opportunities, and from an irreversible global trend towards decarbonization and a green economy.
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The British Ambassador: Iraq will witness a great openness to the world link
The British Ambassador to Iraq, Stephen Hickey, said Saturday, March 6, 2021 that Iraq will witness a great openness to the world.
Hickey said in a press statement, that he is “very happy with the visit of Pope Francis, to Iraq,” noting that “this visit represents an important symbol of peaceful and pluralistic coexistence in Iraq.”
He added, “The whole world is now focusing on Iraq, because the Pope is an important symbol for the whole world,” noting that “we will witness the opening of Iraq to the world significantly.”
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Two Rikany banks are expected to present the budget to a vote next Thursday
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The former Minister of Construction and Housing, two Rikany banks, spoke, on Tuesday (March 2, 2021), about the latest developments regarding the ongoing negotiations between Baghdad and Erbil regarding the provisions of the .2021 budget bill, while it is expected to present it to the vote next Thursday
Rikani said, in a press interview, followed by (Baghdad Today), that "the oil agreement is present and agreed upon, and nothing can be added to it, but the dispute revolves around the drafting of the text of the agreement.
Should Kurdistan receive 250 thousand barrels and fix it in the budget, or add a clause that obliges a region Kurdistan delivers all its oil after deducting the value of the wages of producing and operating companies in Kurdistan and deducting .domestic consumption He added, "The disagreement between the political parties revolves around the nature of drafting the text of the ".agreement
The former Kurdish minister expressed his hope that "the political blocs will reach an agreement in the coming hours ".in order to present the budget law to a vote next Thursday And the Speaker of Parliament, Muhammad al-Halbousi, set today, Tuesday, a date for a meeting with the heads of .political blocs to resolve the budget laws and the Federal Court Al-Halbousi said during the parliament session on Monday, that "it was decided on Tuesday for the Presidency of the Council to meet with the heads of political forces on the necessary laws in the corridors of the Council, including the ".Budget Law to expedite its approval, in addition to the Federal Court Law
And the co-chair of the Patriotic Union of Kurdistan, Lahore Sheikh Genki, announced, Monday, March 01, 2021, that next Thursday, a final agreement will be reached between the governments of Erbil and Baghdad regarding the .Kurdistan region’s share of the budget Lahore Sheikh Genki said during his participation in the memorial ceremony of Qadir Haj Ali, which was held in the (Art) building in Sulaymaniyah, that "there is great hope that the region and Baghdad will reach a final agreement ".regarding Kurdistan's share of the budget next Thursday Regarding the position of the National Union regarding if the two parties did not reach an agreement, Sheikh Genki ".added:
"God willing, they will agree, they must reach an agreement Earlier, a member of the Kurdistan Regional Parliament, Othman Karim, said that “he was supposed to visit the regional government headed by Deputy Prime Minister Qubad Talabani, the capital, Baghdad yesterday, but the absence of any response by the political blocs in Baghdad regarding the Kurdish proposals, prevented him from " .visiting The delegation is gone
Karim added, "The problem is now political, and we are waiting for a breakthrough regarding paragraph 11 of the region’s share, which is the basis and focus of the dispute," noting that there is a "possibility that the Kurdish delegation will go during the next two days, but this is related to the presence of a positive signal from the active
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Parliamentary Finance announces the completion of all budget law articles link
**The Parliamentary Finance Committee announced, on Monday, that it has completed all the articles of the Federal Budget Law for the fiscal year 2021.
The Media Department of Parliament stated, in a statement received by Mawazine News, a copy of it, that “The Finance Committee is headed by Representative Haitham Al-Jubouri, Chairman of the Committee, and the presence Members, it held a meeting in which it discussed a number of topics on its agenda.
The statement added, "The committee concluded, during its meeting, which was held at its headquarters, its discussions regarding the third amendment to the Law of the Accountants and Auditors Syndicate and raising it to a vote, in order to keep pace with the development in the professions of accounting and internal auditing, and for its importance in preserving public funds and being an element of fighting corruption, and to organize work Those who are practicing the profession, and organizing the election process for members of the union’s board of directors and members of the control and monitoring committees. "
The Finance Committee stated, according to the statement, "its position regarding the draft federal budget bill for 2021," stressing that it "has completed all the articles of the law and has delivered a letter to the Presidency of the Council of Representatives since 2/15/2021 for the purpose of setting a date for voting on it**
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Finance issued a statement on the change of the dollar exchange rate
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The Ministry of Finance announced, on Wednesday, that an expanded meeting will be held between Finance Minister Ali Abdul Amir Allawi and representatives of the private sector to study the goals achieved by changing the exchange rate of the dinar.
A statement by the ministry, which NRT Arabia received a copy of, today (February 24, 2021), stated that "during the meeting, the positive effects of changing the exchange rate of the dinar against the dollar and the effect of that step on rebalancing the Iraqi economic reality burdened with challenges and obstacles and protecting it from Collapse risk. "
He added, "The meeting discussed mechanisms to change the investment environment, support the private sector, and support industry and agriculture in line with corrective measures for the course of the national economy . "
He explained, "The meeting discussed the encouraging measures related to the work of the banking sector and its contribution to providing support to the various productive sectors, as well as procedures for automating the tax and customs system and simplifying all administrative processes in line with the adoption of the white paper, and the Minister listened to most of the problems raised by representatives of the private sector and industrialists." . Allawi stressed that the Ministry of Finance has taken several measures in support of the effects of changing the exchange and is continuing to work on translating them effectively to protect the poor classes, in conjunction with the approaching vote of the House of Representatives on the draft general budget bill . It is worth noting that the reduction in the exchange rate of the dinar against the dollar was met with widespread popular rejection because of its effects that pushed up the prices of many commodities in the market, whether domestic or imported
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Biden makes first call to Iraqi Prime Minister Mustafa Al Kadhimi link
The call is the first from the Oval Office to an Arab leader and the second to the Middle East, after Israel
US President Joe Biden on Tuesday called Iraqi Prime Minister Mustafa Al Kadhimi, Baghdad announced.
The call is the first from the Oval Office to an Arab leader and the second to the Middle East, after Israel.
Mr Al Kadhimi announced in a tweet on Tuesday that he had spoken with Mr Biden and reaffirmed security and bilateral commitments.
“We reaffirmed our commitment to bolstering Iraqi-US ties for the benefit of our peoples and co-operation in fighting [ISIS] to ensure regional peace and stability,” Mr Al Kadhimi said.
Mustafa Al-Kadhimi مصطفى الكاظمي
@MAKadhimi
Replying to @MAKadhimi
I spoke to @POTUS today. We reaffirmed our commitment to bolstering Iraqi-US ties for the benefit of our peoples and cooperation in fighting Daesh to ensure regional peace and stability. Strategic Dialogue continues to serve as a roadmap for the future.
1:48 PM · Feb 23, 2021
The call comes eight days after a rocket attack in Erbil in northern Iraq that led to the killing of a military contractor and the injury of several US service members. The Biden administration said it is assisting Iraq in the investigation and that it will make a response at the appropriate time.
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Targeting the US embassy in the Green Zone
link
On Monday evening, Katyusha rockets targeted the vicinity of the US embassy in the Green Zone in Baghdad.
An explosion was heard in the area. Iraqi media confirmed that smoke rose from inside the US embassy, which is located in the Green Zone, confirming that it was exposed to Katyusha rockets.
After the attack, warning sirens sounded inside the "third al-Tawhid base" of the US embassy, with helicopters flying overhead.
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Monitoring important economic achievements of the Al-Kazemi government opens a new gateway of hope for Iraqis link
The Al-Kazemi government is striving to address the economic challenges and manage the legacy and multi-dimensional crises that the government has received at all levels. Which represents the main challenge facing Iraq in this period, which is considered standard in managing these crises.
Everyone remembers the biggest crisis, which is the salary crisis; In the fourth quarter of 2020, expectations indicated that the Iraqi economy was heading towards an inevitable economic collapse, with the continued decline in revenues that reached the point of defaulting to pay salaries on time, which raised concerns among the Iraqi citizen.
However, the measures that the government adopted during the months of May and June were able to overcome the biggest crisis threatening the security and stability of the Iraqi citizen.
The Al-Kazemi government began preparing the white reform paper, as well as drafting the 2021 budget and including it in the economic visions in the white paper. One of the first reform measures was to reduce the exchange rate of the Iraqi dinar against the dollar, to stimulate local production, address the huge deficit in the budget, and put an end to the illegal profit from currency auction sales, which some if not most of its revenues reach the pockets of the corrupt.
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To the executive branch to the Central Bank of Iraq link
Proposing the
need to amend the exchange rate of the Iraqi dinar towards the US dollar
1 - The devaluation of the national currency of the Iraqi dinar in favor of the US dollar and making the exchange rate of the dinar against the US dollar at 1450 is an unfair, ill-considered and urgent exchange rate, which is against the interest of the Iraqi people and economy, and that the first beneficiaries of that are regional and international countries and Arab and foreign companies And the ruling political elite ... as the wealth of the Iraqi people is bought cheaply according to the new exchange rate, and this means systematic plundering ((the law)) of the wealth of our Iraqi people, at a very low price, and he played in achieving this the failure of the Minister of Finance and the President of the Central Bank of Iraq according to Guidance from the International Monetary Fund and the World Bank.
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United Nations on Erbil attack: heinous, reckless acts that threaten stability link Attack on Erbil International Airport, will it threaten the "Revaluation of the Iraqi Dinar"?
**The UN mission in Iraq, "UNAMI", said, Tuesday, that the missile strikes that targeted Erbil International Airport last night are among the heinous, reckless acts that pose serious threats to stability.
"We condemn the deadly missile attack on Erbil. Such heinous, reckless acts pose serious threats to stability. Iraq must be protected from (external) quarrels," the UN envoy, Jenin Blashart, said in a statement received by Mawazine News.
She added, "We call for restraint and close cooperation between Baghdad and Erbil to bring the perpetrators to justice."**
Parliament finance announces the date for voting on the budget law link so now we're back to Thursday hmmm
Today, Tuesday, the Parliamentary Finance Committee set the date for voting on the 2021 budget.
The committee’s reporter, Ahmed Al-Saffar, said that “the committee has completed the draft budget, and is awaiting the results of the region’s delegation’s meetings to prepare the text for the Kurdistan quota.”
He suggested that "the voting session on the budget will take place during the next two days," noting that "the meetings with the Kurdistan region delegation are still continuing to reach a final agreement that satisfies all parties.
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The Iraqi Prime Minister reviews the steps for economic reform and the preparation of the white paper
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link
Mustafa Al-Kazemi, Prime Minister of Iraq, reviewed the latest developments related to government steps in the field of economic reform, the completion of the white reform paper, and the inclusion of related concepts in the general federal budget law.
This came during his meeting, today, Saturday, with ambassadors of the countries of the Economic Contact Group in support of Iraq, according to a statement from the Media Office of the Prime Minister.
Al-Kazemi stressed the importance of government measures to address the chronic problems plaguing the Iraqi economy, and their link to corruption and mismanagement.
The Prime Minister said: The reform paper carries a future vision towards building an advanced Iraqi economy that stimulates local production in the industrial, agricultural and other sectors, provides job opportunities, and optimizes Iraq's human and material energies.
Al-Kazemi also indicated that the government is proceeding with steps to combat corruption despite the great pressures that hinder this file as a result of harming the interests of those who have been living illegally on state resources for many years.
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A final round of the dollar and the Iraqi dinar in the budget .. Can the exchange rate be changed? link
Since the Iraqi government announced a change in the exchange rate of the dollar against the dinar as a result of the drop in oil prices, and what the Corona pandemic has produced on the Iraqi economy, the citizen, in addition to the merchant with various groups, is living a period of wandering in financial dealings, which resulted in a "good opportunity" for conflict between the exploiters For crises in such circumstances.
The value of the US dollar after the Iraqi government resorted to reducing the dinar, in an attempt to pull the country out of the financial and economic crises, reached 1450 dinars, after it had been stable at the threshold of 1200 dinars over the past years, which led to great losses, close to a quarter of the value of the Iraqi savings of money , As well as a quarter of their monthly salary.
Negative effects despite reassurances
Economic academic Jawad Al-Kaabi comments, in a statement to "Ultra Iraq," saying that "the decision to reduce the dinar has led to more impoverishment of the poor, bankruptcy and the suspension of small and medium businesses, due to the increase in the prices of food, medicine and imported production requirements by more than 30%, indicating that" and after each The damage that occurred The decision-makers (the prime minister, the minister of finance, and the governor of the central bank) continue to insist on their unfair decision for the right of the poor citizen and productive business owners in the real economy. "
This comes at a time when the Iraqi government reassured citizens about the decision to reduce the value of the official currency, stressing that it "will not affect the classes that depend on local goods." Prime Minister Mustafa Al-Kazemi also cited during his speech at the Iraqi Council of Ministers session, in several countries, including "the Emirates." And South Korea and Singapore when they made difficult decisions in the past to reform the economy.
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The Iraqi government launches a new financial reform committee that includes the World Bank link
Mubasher: The Iraqi government announced during its weekly meeting, headed by Mustafa Al-Kazemi, today, Tuesday, the inauguration of a new financial reform committee.
In a statement issued today, Tuesday, the Iraqi government stated that it had been decided to form a committee under the name of the "Supreme Committee for Reform", led by the Prime Minister.
The Council of Ministers indicated that the Supreme Committee for Reform will include:
-
Minister of Finance as Vice President
-
Minister of Planning as Member
-
Minister of Oil as Member
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Secretary General of the Council of Ministers as Member
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Central Bank Governor as Member
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Executive Director of the Supreme Committee for Reform as Member and Rapporteur
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Adviser to the Prime Minister for Strategic Affairs as Member
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Adviser to the Prime Minister for Economic Affairs Member
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Head of the Legal Department In the General Secretariat of the Council of Ministers as a member
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two experts named by the Prime Minister as members
The Council of Ministers indicated that each of the two main international organizations (the International Contact Group, the World Bank Group) would be represented as observers, without either of them having the right to vote.
The Council stated that the Supreme Committee for Reform undertakes the following tasks:
-Supervising the implementation of the reform program as a whole, and the projects it consists of, according to the plans and timelines approved by the Supreme Committee for Reform, including adding, deleting or amending new projects.
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Canceling the currency auction, reducing borrowing, and “isolating” the central bank’s reserves ... the most important thing for hard currency in the 2021 budget link
Today, Monday, the Parliamentary Finance Committee revealed a tendency to cancel the currency auction, while indicating that the Central Bank's reserves will not be affected in the general budget for 2021.
The committee's reporter, Ahmed Al-Saffar, said in statements to the official agency and its subsidiary, Yass Iraq, that “when the draft budget is approved in the House of Representatives vote session, it becomes a binding law for the government and enforceable,” indicating that “the Ministry of Finance then issues instructions within a week or two to send to ministries to facilitate The budget execution process ”.
He added that "the budget deficit has been reduced from 71 trillion to 24 trillion only, as the lending scheme was deducting treasury transfers to the central bank 47 trillion, but we reduced it to only two trillion, if the price of a barrel of oil remained at 45 dollars," noting that "the deficit will disappear soon The government will have an abundance of money if the price of a barrel of oil remains high.
Al-Saffar stressed that "the Central Bank's reserves will not be affected at all in this budget, as we have reduced borrowing and canceled foreign loans."
The decision of the Finance Committee indicated that "there is a tendency to cancel the currency auction because it does not exist in all countries of the world except in Iraq," explaining that "the currency auction mechanism is incorrect, and hard currency is supposed to be given to actual importers, students, professors, and patients who travel outside the country and not to banks." “.
Al-Saffar indicated that "there is an increase in social care because large numbers of them were included, with the private sector participating in employing the unemployed," noting that "the budget carries a clear economic and social vision."
He stressed that "the committee will hold a meeting with the political blocs to bridge the gap in views and come up with the draft budget that can be passed easily under the parliament."
Regarding the dollar exchange rate, Al-Saffar pointed out that "the exchange rate is exclusively within the authority of the Central Bank and it is not possible to interfere in its work as it is responsible for the monetary system, the monetary mass, the exchange rate and the cash reserve."
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Deputy favors passing the budget with the approval of the region in the last moments link
Member of Parliament, Siham Shenoun, confirmed, on Wednesday, that the pressure exerted by the region on the Finance Committee is great, including the threat of the region’s representatives to boycott the voting session, but it will not affect the fairness of distribution. The budget is likely to be passed with the approval of the region at the last moments.
Shannon said in a statement to / the information /, that “the region’s demands have been used to it every year when preparing annual budgets in an attempt to gain as much as possible from obtaining funds. However, the Finance Committee works according to the legal measurements and contexts without paying attention to the pressures exerted by the regional governments. When preparing annual budgets.
She added that "waving the region’s representatives after attending the vote session on the budget is part of the pressures that are exercised at every budget, and thus it is retracted when they feel that all the doors are set in front of them," suggesting that the budget will pass with the approval of the region at the last moments.
The deputy of the State of Law coalition, Mansour Al-Baiji, demanded, today, to present the budget on the agenda of the nearest session in order to be passed by the political majority in the event that the Kurdistan Regional Government continues to procrastinate.
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Deputy is likely to hold a session Tuesday evening to vote on the budget link
On Monday, a deputy from the Al-Hikma Parliamentary Bloc suggested that the Parliament would hold a session tomorrow evening, Tuesday, to vote on the General Budget Law, while he confirmed the presence of parliament members in Baghdad.
Deputy for wisdom, Ali Al-Badiri, told Shafaq News Agency, “Most of the parliament members from various political blocs are currently in the capital, Baghdad, awaiting a signal from the Parliament Presidency to hold the voting session on the General Budget Law for 2021.”
Al-Badiri added, “It is expected that the Parliament Presidency will set tomorrow evening, Tuesday, a date for the voting session on the General Budget Law,” noting that “the end of the first legislative term for the House of Representatives will be on Wednesday evening.”
Al-Badiri pointed out, “The absence of any political agreement is among the last to vote on the budget law.”
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Experts: Changing the exchange rate means re-preparing the budget completely link
In conjunction with the demands of some parliamentarians to raise the price of zero dinars against the dollar, economists stressed the difficulty of moving forward with this step, as it would mean a complete re-preparation of the budget.
Economists added that again manipulating the exchange rate of the Iraqi dinar will affect public revenues as well as exacerbate the deficit, stressing that changing the exchange rate will also lead to confusion in local markets and the benefit of corrupt people and influential banks.
In turn, legal experts confirmed that the House of Representatives does not have the authority to change the exchange rate, since Article 62 of the Constitution limited the powers of Parliament to conduct transfers between chapters and chapters of the general budget and reduce the total of its sums. He may, when necessary, suggest to the Council of Ministers to increase the total amount of expenditures.
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Parliamentary Energy: A meeting this evening to raise the price of a barrel of oil in the budget to 50 dollars link
The Parliamentary Energy Committee announced, on Tuesday, its intention to raise the price of a barrel of oil in the budget to $ 50 per barrel, indicating that it will approve the final decision in an upcoming meeting this evening that brings it together with the Finance Committee.
A member of the Energy Committee, Zahra Al-Bajari, told / Al-Maaloumah / that "oil is high and its price set at 42 dollars per barrel is a great injustice and leaves a large deficit."
She added that "the committee intends to raise its price in the budget, and it could reach 50 dollars," noting that "an upcoming meeting this evening will be held by the Parliamentary Energy and Finance Committees to discuss the price set for a barrel."
Al-Bajari explained that "the price is likely to be set at 50 dollars per barrel, and the government will be informed of the matter.
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Iraq and Kuwait affirm the necessity of activating reconstruction projects and the outputs of the International Donors Conference
link
Parliament Speaker Muhammad Al-Halbousi met today, Monday, with his accompanying delegation, His Highness the Emir of the State of Kuwait, Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah.
The meeting discussed cooperation between the two brotherly countries, strengthening bilateral relations, strengthening joint economic relations, activating joint governmental and parliamentary committees between the two countries, and stressing the necessity of activating reconstruction projects and the outcomes of the international donors conference.
He stressed, "During the meeting, Iraq was keen on strengthening relations between the two neighboring brotherly countries in all fields, appreciating Kuwait's stances in support of Iraq."
For his part, His Highness the Amir extended his condolences to the victims of the two bombings that targeted Al-Tayaran Square in Baghdad, expressing the State of Kuwait's condemnation and condemnation of these two actions that targeted the lives of innocent people and destabilized security and stability
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The moment people gathered at a suicide bomber in Tayaran Square and blew himself up
link
Today, Thursday (January 21, 2021), a suicide bombing took place in Tayaran Square, in the center of the capital, Baghdad, which led to the deaths and injuries, according to what was confirmed by the Baghdad Operations .Command A video tape received (Baghdad Today) showed the bombing incident from the scene of the accident, after the presence of citizens in the Bab al-Sharqi market (Al-Bale), where the citizens are present after the first explosion, ".according to what the videographer says, who indicated that "the second terrorist blew himself up on the citizens
The videotape shows that citizens were present at the scene of the accident, so the suicide bomber exploded, and the .bodies of the martyrs who were very close to the scene of the accident disappear
Earlier in the day, the Ministry of Interior revealed the details of the suicide attack that targeted Tayaran Square, in .central Baghdad Major General Khaled Al-Muhanna, spokesman for the ministry, said in an interview with (Baghdad Today), "The initial ".toll of the Tayaran Square attack has risen to 13 martyrs and 28 wounded so far ".He added, "This toll is official, not final and subject to increase Regarding the details of the attack, Al-Muhanna said, "The first suicide bomber blew himself up after he claimed that ".he was sick and people gathered around him He continued, "The second suicide bomber blew himself up after people gathered to transport the injured in the first ".bombing For its part, the Joint Operations Command confirmed that the first explosion occurred near the Granada cinema, after .the terrorist shouted and called on citizens to help him as a patient The first explosion took place near Granada, after the terrorist played the role of the patient, followed by a second" explosion after the security forces arrived at the site of the first explosion, which led to the fall of a number of martyrs .and wounded," said the leadership spokesman,
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Saleh congratulates Biden and invites him to take important steps link
President Barham Salih congratulated, today, Wednesday, US President Joe Biden on the occasion of his swearing in and assuming his official duties.
Saleh expressed his “aspiration to strengthen relations between the two countries in various fields, to face common challenges, foremost among which is combating terrorism and extremism, and to work to reduce tensions in the Middle East region, and to chart a path towards a more prosperous Iraq and Middle East based on mutual respect and the values of freedom and democracy.”
In the text of the congratulations, he said, “Dear President Joseph Biden, I extend my sincere congratulations on your inauguration as President of the United States of America, and I wish you and Vice President Harris all success in your future endeavors as you work to achieve the hopes and aspirations of the American people.”
He added, “We look forward to building on the deep relations that bind our two countries, expanding the range of strategic cooperation that we already enjoy, and together we face many challenges, especially those represented by terrorism and extremism, as it is in our common interest to confront them, and we also welcome the opportunity to work closely with the states.” United to ease regional tensions and promote peace and stability in the Middle East. ”
“We hope that the relations between our two countries will become stronger in the coming months and years, and that we will be able to chart a common path towards a more prosperous Iraq and Middle East based on mutual respect and our common values of freedom and democracy,” Saleh added.
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Washington is ready to solve the problems between Baghdad and Erbil link
On Tuesday, (January 19, 2021) the United States of America expressed its willingness to solve the problems between Baghdad and Erbil.
The Patriotic Union of Kurdistan said in a statement affiliated with IQ NEWS , "The two co-chairs of the union received today, in the city of Sulaymaniyah, the US Consul General in the Kurdistan Region Rob Waller and his accompanying delegation."
He added, "During the meeting, views and opinions were exchanged on the political, economic and security situation and the issue of early elections in the Kurdistan region and Iraq in light of current developments and events, reiterating the necessity of continuing our efforts to conduct serious dialogues and remove obstacles."
The two co-chairs of the federation stressed during the statement, "the necessity of activating efforts to address problems in order to provide a decent life for citizens and maintain stability in the region . "
They also emphasized, "the implementation of the decentralization system within the framework of the agreement with the Kurdistan Democrat to participate in the government, as they considered it an important point, in order to strengthen the government, preserve the entity of the Kurdistan region, provide service to citizens more and provide better services to all provinces of the region," demanding "the United States. The American government should have a role in converging viewpoints between the parties and solving problems in order to bypass this stage and end the outstanding problems between the governments of the Kurdistan region and the federal on the basis of the constitution in a manner that preserves the rights of citizens, and that the way is not cleared from now on by mixing the livelihood of citizens with political problems and conflicts Citizens' lives and livelihoods are preserved. "
For his part, the US Consul General in the Kurdistan Region expressed his country's readiness to continue efforts, provide support and help the parties to find appropriate solutions and reach a final agreement between the Kurdistan Regional Government and the federal government.
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Parliament keeps the debate on the draft budget open and sets a date for its holding link
The Iraqi Council of Representatives announced, Thursday (January 14, 2021), the continuation of the session to discuss the draft budget law for 2021.
The media department of the council said in a brief statement received (Baghdad Today): “The session to discuss the federal budget 2021 will continue on Saturday 1/16/2021, at three in the afternoon.”
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Exchange rate regulations and policies
link
In order to finance international trade and financial exchanges across borders, banks and financial institutions around the world exchange no less than $ 5 trillion in currencies every day in the foreign exchange markets. That amount represents about $ 600 for every person who lives on planet Earth. The currency exchange market is a market that is transacted 24 hours a day without stopping and almost universally.
Usually banks exchange their deposits in exchange for real large amounts of currency. For example, a US bank might exchange dollar-denominated deposits it has with deposits held by an Iraqi bank that are denominated in dinars. In fact, the foreign exchange market is characterized as a hypothetical market (or what economists call across the table), meaning that most transactions in it take place between major banks through computer networks that link them instead of physical exchanges. Despite the enormous size of these exchanges, most of them are concentrated in limited places and within a relatively small number of currencies. More than half of the world's foreign exchange exchanges involve financial institutions in the United States or the United Kingdom. About 85% of the exchanges are made using the US dollar, 39% of the euro, 19% of the Japanese yen, and 13% of the British pound sterling.
Exchange rate policies:
Different countries have different exchange policies for their currencies. Some countries, such as the United States and Canada, allow the exchange rate to be determined by the forces of the foreign exchange market, as is the case with the prices of most other goods and commodities. Countries that take this approach have a floating exchange rate. Other countries prefer a fixed exchange rate, or what is also called a pegged exchange rate, between a country's currency and another country's currency. For example, Iraq has a fixed exchange rate of 1,450 dinars to the dollar. When countries adopt certain exchange rate policies, economists say there is regulation of the exchange market, or exchange rate regime.
Countries around the world usually follow one of three exchange rate regimes:
- Fixed exchange rate system.
- Floating exchange rate system.
- Managed Floating Exchange Rate System (or Intermediate Exchange Rate System)
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Financial Committee: The budget will be delayed for 6 months if it is refused to pass it link
Member of the Finance Committee, Representative Jamal Cougar, confirmed, on Saturday, that political parties stand against the passage of the budget, warning of the consequences of its rejection.
Cougar said, "The budget needs careful study because the deficit is large and its numbers are large, and it came in a difficult economic circumstance, so it must be subjected to a thorough study," noting that "all the items in the budget are sensitive and controversial, and there are political parties looking for gaps in it." And another looking for reforms, and all of this takes space and time for discussion. "
He continued, "We should stand against the budget formula, and that it be modified," warning against "refusing to pass it, because it gives room to be delayed at least 6 months, and this is a dangerous matter, because the budget needs to be modified, not delay, and it is in line with the economic reality of the country." .
He pointed out that "there are political positions present, as some parties stand against passing them," stressing that "the country's situation does not bear the disruption of the budget, and that any suspension means delay in paying salaries and that the street will not bear this, and everyone must bear the responsibility for passing them."
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In this episode I cover a few articles that seem to point to another devaluation...
The journey of devaluing the dinar is "not over" here ... The Finance Ministry is preparing for broad measures that it discussed for weeks and did not "reveal" link
The Ministry of Finance in Iraq is preparing to take "supportive measures" to remedy the risks and effects that the raising of the dollar exchange rate against the Iraqi dinar may cause in the country.
"The Ministry of Finance is fully aware that there are a number of supportive measures that need to be taken to increase the positive effects of adjusting the exchange rate," the ministry said in a statement, which "Yes Iraq" received a copy of, noting that "the Ministry of Finance was unable to do this publicly due to the sensitivity of the issue and because The budget must first be approved by the Council of Ministers.
And she added: “The Ministry of Finance has led extensive discussions in the past weeks after the budget was approved by the Council of Ministers on the follow-up to adjusting the exchange rate with many parties inside and outside the government. These discussions will culminate next week with a proposed expanded meeting with the main economic actors from the public and private sector, where the Ministry of Finance will develop a program. Its detailed policy is designed to maximize the benefits from the exchange rate adjustment ”.
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Market Review: "Stock Market Rallies on Currency Devaluation"
link
this gives a nice little history of the dinar imo
For Iraq and its equity market the year ended the same way it began, with a bang that is much louder than its effect.
The official IQD exchange rate versus the USD was reset from 1,190 to the new USD rate of 1,460 on December 20th - or a de facto devaluation of 22.7%.
The IQD's parallel market's FX price increased throughout the year, from about 1,203 at the start of 2020, reflecting several factors. Starting with the momentous events at the beginning of the year that raised the spectre of a US-Iran proxy war fought in the country, followed by the full lockdown from mid-March and the rolling lockdowns that cut the working weeks to four days throughout the summer, and finally by the rumours of a devaluation as last reported on here in October .
By the end of November, the IQD parallel market FX rate was about 1,250 IQD to the USD and throughout December increased to about 1,300-1,350, just before the devaluation was made official. However, after initially increasing to about 1,470, trading at a premium to the official price, it began to decrease in the following days to about 1,390, trading at a discount to the official price, before rising higher than the official exchange rate as the month concluded.
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This is the article I was reading from
Economic expert: Two reasons weakened the sale of the dollar in the Central Bank of Iraq - urgent
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The economic expert, Manar Al-Obeidi, revealed, on Sunday, January 03, 2021, two reasons for the weakening of the sale of dollars in .the central bank, after the bank was selling 200 million dollars a day
Al-Obaidi said in an exclusive interview with (Baghdad Today), "The decrease in demand for the dollar in the Central Bank was the result of two factors. The first is related to the high exchange rate of the dollar compared to the Iraqi dinar, which prompted many " .merchants to refrain from purchasing goods from abroad to make sure of the current phase."
What will happen in the coming days He added that "the second reason is the decrease in the sales price, related to many banks and exchange companies that close their ".accounts and financial currencies at the end of each year for the purpose of the annual inventory or writing annual financial reports
He continued, "The country will witness a natural return to dollar sales in the central bank, but it will not return as it was at the rate of ".200 million dollars a day, but rather it will be limited to 100-115 million dollars a day The central bank’s sales decreased recently after the dollar’s exchange rate changed dramatically. After its daily sales reached $ 200 .million, it fell to less than $ 40 million per day in recent days
The economic expert, Safwan Qusay, commented on Wednesday, December 30, 2020, on the decline in central bank sales after .changing the dollar exchange rate compared to the Iraqi dinar Qusay said in an exclusive interview with (Baghdad Today), "The decline in central bank sales by nearly 70% before raising the dollar exchange rate is natural, given that import operations have greatly decreased due to the concerns of fear and trauma experienced by ".merchants
He added that "merchants and bankers, as well as citizens who own the Iraqi dinar, deliberately acquired the dollar before its price rose in the markets, and they deliberately pumped the dollar into the market after the exchange rate rose, which achieved great profits for ".them
He continued, "These traders are keeping the Iraqi dinar at the present time for fear of buying the dollar and returning its price to what ".it was in the past
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