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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Follow-up cell: The government may resort to borrowing and printing currency to provide salaries

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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Follow-up cell: The government may resort to borrowing and printing currency to provide salaries

Post by claud39 on Sat Mar 28, 2020 1:53 pm

[size=36]Follow-up cell: The government may resort to borrowing and printing currency to provide salaries[/size]




 27/03/2020








Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 142732020_19184201911201_346363246346346346346436







Baghdad - Mawazine News

, The Follow-up Cell in the Prime Minister's Office revealed today, Friday, that the government will be able to distribute the salaries of the current month of March, while it will resort to some solutions to ensure the provision of salaries next month.
The head of the government follow-up cell, Mustafa Sanad, said in a radio statement followed by Mawazine News, that "Iraq's monthly income from oil is currently estimated at one billion dollars only (after the price of a barrel drops to 18 dollars)."

Sanad said, "The salaries of employees amount to 3 and a half billion per month, which may push Iraq to borrow or to print the currency as a last option," as the state of the state will be affected starting from the next month.





https://www.mawazin.net/Details.aspx?jimare=92213
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty The Central Bank of Basra for Al-Mirbad: Next Tuesday is a last date to pay the salaries of all employees

Post by claud39 on Sat Mar 28, 2020 2:05 pm

The Central Bank of Basra for Al-Mirbad: Next Tuesday is a last date to pay the salaries of all employees


March 26, 2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 14263202047005_15372019_43214321








The Central Bank of Iraq, Basra branch, announced that next Tuesday is the last date for the payment of salaries of all employees of the governorate departments, indicating that it has begun from the day before yesterday to grant funds and notices to banks for the purpose of disbursing the salaries of employees in all departments in the province.
The director of the central bank in the province, Qassem Raheef, said that there is no delay in the bank’s work, explaining in his response to citizens ’communications in the program that the Basra treasury sent books to the bank, which in turn gave the exchange notice to the banks concerned.
Among Raheef, a financial exchange notice was given to the salaries of employees of the defense, the interior, borders, and the welfare of minors and the Directorate of Education, as well as other departments since yesterday.
Raheef pointed out that the problem of delaying salaries lies as a result of the momentum on some banks and consequently the reason for the delay, considering that it is possible to grant exchange notice for a period not exceeding 15 minutes if you complete what is required of it at the state treasury and banks.
The Crisis Cell in Iraq announced that it excluded the employees of the Central Bank in the capital and the rest of the provinces, as well as employees of the Ministry of Finance and employees of government and private banks from the curfew in order to expedite the payment of employee salaries.







https://www.almirbad.com/detail/47005
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty United Nations Treasury - The United Nations Operational Rates of Exchange Disclaimer

Post by claud39 on Sat Mar 28, 2020 2:45 pm

I only give you my opinion on the two articles I sent you, notice what they say about, either the end of the month or Tuesday, and in addition we will start the 2nd quarters of the year at from April which is in 3 days !!


 that the government will be able to distribute the salaries of the current month of March, while it will resort to some solutions to ensure the provision of salaries next month.



which may push Iraq to borrow or to print the currency as a last option," as the state of the state will be affected starting from the next month.



THE CENTRAL BANK OF IRAQ, BASRA BRANCH, ANNOUNCED THAT NEXT TUESDAY IS THE LAST DATE FOR THE PAYMENT OF SALARIES OF ALL EMPLOYEES OF THE GOVERNORATE DEPARTMENTS,




Claud (Moose)



United Nations Treasury - The United Nations Operational Rates of Exchange

Disclaimer



The Operational Rates of Exchange listed herein are intended only for the internal record-keeping of the United Nations. No warranty of accuracy can be given and the United Nations shall not assume any responsibility in connection with the present publication of these rates.



The operational rates of the United Nations are published for internal operations of the U.N. and their agencies. They are not to be used as a database for market rates by outside parties. Please do not quote the operational rates for database for market rates or any indication of market.


The rates continue to be effective from the effective date and further on until revised. Still, for the regular monthly revisions, all currencies will be posted for the rates whether or not they are changed. However, for mid-month revisions, only the currencies with rate changes will be posted.


Please note that there are mid-month revisions for effective 13 March 2020 for the U.N. major currencies and their related currencies including Mexican Peso, Lao Kip, and Lebanese pound.



Schedule of UN Operational Rates of Exchange for 2019-2020


The Operational Rates of Exchange were last updated for the effective date in accordance with the schedule below and thereafter until further notice.

Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Bg-li
[th]Publishing Date[/th][th][/th][th]Effective Date[/th]

March 30, 2020

01 Apr 2020

13 Apr 2020if applicable15 Apr 2020
29 Apr 202001 May 2020
13 May 2020if applicable15 May 2020
28 May 202001 Jun 2020
11 Jun 2020if applicable15 Jun 2020
26 Jun 202030 Jun 2020
13 Jul 2020if applicable15 Jul 2020
29 Jul 202001 Aug 2020
12 Aug 2020if applicable14 Aug 2020
28 Aug 202001 Sep 2020
11 Sep 2020if applicable15 Sep 2020
29 Sep 202001 Oct 2020
13 Oct 2020if applicable15 Oct 2020
29 Oct 202001 Nov 2020
11 Nov 2020if applicable13 Nov 2020
27 Nov 202001 Dec 2020
11 Dec 2020if applicable15 Dec 2020
29 Dec 202031 Dec 2020
[size]
Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Bg-li[/size]

https://treasury.un.org/operationalrates/default.php
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Victory Coalition: the option of printing the currency is destructive to the economy and Parliament must hold the government accountable

Post by claud39 on Sat Mar 28, 2020 3:58 pm



[rtl]Victory Coalition: the option of printing the currency is destructive to the economy and Parliament must hold the government accountable[/rtl]


3/28/2020



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Story_img_5e7f35b39951b




Baghdad-Ain] 


The victory coalition confirmed, on Saturday, that the option of printing the currency is devastating to the economy, stressing that Parliament should hold the government accountable.


A member of the Victory Ali Al-Sunaid coalition said in a press statement that "the options revealed by the head of the Follow-up Cell in the Prime Minister's Office yesterday, Friday, are catastrophic options for the state's financial, economic and social security." He called on Parliament to "hold the current government accountable for its reckless spending policies and misuse." Authority to manage public interests. "

He added, "This government inherited a cash surplus from the Abadi government, which fought wars of liberation and unity with the lowest financial budgets. However, with rational management of wealth, it managed to hand over $ 14 billion to the government of Abdul-Mahdi, in addition to the 2019 budget, but it was wasted, and today we are on the cusp of A stifling financial crisis due to the deterioration of oil prices. "

And Sunaid added that "what the head of the follow-up cell mentioned is dangerous and puts the government in front of legal and political accountability, saying that the state of the state will be affected starting next month (including the salaries of employees), which may prompt Iraq to print the currency as a last option, something that threatens the state of the whole state, and not It must be covered politically and conclusively by the beneficiaries at the expense of the country and the citizen. "

He pointed out that "the coalition of victory has always warned against the policies of waste, corruption and theft of wealth, the last of which was its warning on 10 March last," calling for "a rapid recovery of the crisis and the development of valid and decisive solutions to ensure the state's financial and economic security."





http://www.alliraqnews.com/modules/news/article.php?storyid=88686&fbclid=IwAR0072C0BMF6tn_yG-286FxXfSU_9U02UF3xZIvrOJJJ1sE3aTez-Ta0mqQ
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Al-Faili told (Tigris): The United States seeks to withdraw Iraq from Iranian hegemony

Post by claud39 on Sat Mar 28, 2020 7:08 pm



[size=46][ltr]Al-Faili told (Tigris): The United States seeks to withdraw Iraq from Iranian hegemony[/ltr][/size]



29-03-2020



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Image




The writer and political analyst Issam Al-Faili confirmed today, Sunday, that breaking the health embargo by citizens has exacerbated the crisis that spread throughout the world.

Al-Fili said during his talk to (Tigris), that society is not aware of the scale of the disaster and the government must spread awareness, adding that health is a top priority and we must work to strengthen institutions that affect citizens.

Al-Faili pointed out that the demonstrators proved that they possess sufficient awareness through the evacuation of the squares, stressing the need to implement prohibitions measures to maintain health security.

Al-Fili added that the phenomenon of overpopulation in Iraq caused the epidemic to spread faster.

Regarding oil and the economy, Al-Faili stressed that the collapse of oil is linked to an international factor, and we must work to find alternative sources, adding that the United States seeks to withdraw Iraq from Iranian hegemony and that it will punish those loyal to Iran through the imposition of sanctions, stressing the need to seek economic experts before the exacerbation of the financial crisis.


Noting the need to control government expenditures and work on the method of compulsory saving, stressing that some politicians do not care except for their gains and do not look at crises

Al-Fili called for the need to control government expenditures and work on the method of saving, warning against the negative effects of printing the currency and that it will increase internal inflation.





https://www.dijlah.tv/index.php?page=article&id=250921
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Central: printing currency is a “routine procedure” and differs from monetary issuance

Post by claud39 on Sun Mar 29, 2020 8:28 am

Central: printing currency is a “routine procedure” and differs from monetary issuance

 29/03/2020


Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 8550


The Economy News - Baghdad



The Central Bank of Iraq issued, on Sunday, a clarification regarding what is being circulated by news about the possibility of printing an Iraqi currency to "avoid" the economic problems that face the outbreak of the "Corona" virus.

The central bank said in a statement received by "Economy News", "The printing of Iraqi banknotes is a routine technical procedure practiced by the central bank in accordance with the requirements of cash circulation, and that the printing of banknotes is completely separate from the process of issuing cash."

The statement added, "No party can withdraw banknotes from the central bank unless there are funds in their accounts that cover the amount to be withdrawn. Therefore, the central bank law and monetary policy do not allow the issuance of cash in favor of an account without balance."

He pointed out that "when the Ministry of Finance wishes to finance spending on the various spending units and salaries, it requests the central bank to strengthen its account in Iraqi dinars in exchange for withdrawing from its account in dollars .. No amount is deposited into the finance account in dinars unless there is a corresponding withdrawal from its dollar account."

He continued, "The Central Bank Law does not allow him to lend to the government, whether by printing currency or any other way, direct or indirect, and he is entitled to deduct treasury transfers, if they are present in the secondary trading market, as it is one of the tools of monetary policy, if he deems it based On accurate objective data serving the objectives of monetary policy. "





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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Document .. The central bank issues new instructions to withdraw the dollar and comments on the printing of the currency

Post by claud39 on Sun Mar 29, 2020 5:11 pm

Document .. The central bank issues new instructions to withdraw the dollar and comments on the printing of the currency



03/29/2020


Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Dolar




Shafaq News / The Iraqi Central Bank issued on Sunday a set of decisions regarding the withdrawal of the US dollar.

Among the most prominent decisions is that the withdrawal of the dollar to the customer (if it is the case) by 75% dollars and 25% dinars and is calculated on the price of 1,200 dollars per dollar.

Likewise, the withdrawal of the dollar to the customer if the deposit is 100% dollars without any change.

On the same level, an authorized source in the Central Bank of Iraq stated what some people are talking about to some officials about the possibility of printing an Iraqi currency to avoid economic problems and so on, including the following:

1- The printing of Iraqi banknotes is a routine, technical procedure practiced by the central bank in accordance with the requirements of cash circulation, and printing of banknotes is a completely separate process from the cash issuance process.

2- No party can withdraw banknotes from the central bank unless there are funds in their accounts that cover the amount to be withdrawn.

 Therefore, to say the dinar does not mean any meaning other than strengthening the treasures of the Central Bank in accordance with the monetary policy, and not for any other purpose or purpose .. The Central Bank Law and Monetary Policy do not allow the issuance of cash in favor of an account without balance.

3- When the Ministry of Finance wishes to finance spending on the various spending units and salaries, it requests the Central Bank to strengthen its account in Iraqi dinars in exchange for withdrawing from its account in dollars.

No amount is deposited into the finance account in dinars unless offset by a withdrawal from its dollar account.

4- The Central Bank Law does not allow him to lend to the government, whether by printing the currency or any other way, direct or indirect, and he is entitled to deduct the treasury transfers, if they are present in the secondary trading market, as it is one of the tools of monetary policy, if he deems it based on Accurate, objective data serving monetary policy objectives.



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Cbi-iraq-2233





https://www.shafaaq.com/ar/%D8%A7%D9%82%D8%AA%D8%B5%D9%80%D8%A7%D8%AF/%D9%88%D8%AB%D9%8A%D9%82%D8%A9-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D8%B5%D8%AF%D8%B1-%D8%AA%D8%B9%D9%84%D9%8A%D9%85%D8%A7%D8%AA-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%84%D8%B3%D8%AD%D8%A8-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%88%D9%8A%D8%B9%D9%84%D9%82-%D8%B9%D9%84%D9%89-%D8%B7%D8%A8%D8%B9-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9/
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Iraqi bank reassures about salaries: We have sufficient financial liquidity

Post by claud39 on Sun Mar 29, 2020 6:20 pm

Iraqi bank reassures about salaries: We have sufficient financial liquidity



03/29/2020



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries %D8%A7%D9%84%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A



Shafaq News / Al-Rafidain Bank announced on Sunday that it will continue to pay the salaries of employees and owners of private outlets through its branches located in Baghdad and the provinces.

The media office of the bank said in a statement today that the bank has sufficient financial liquidity to distribute the salaries of employees and the dues of owners of outlet offices and other categories without interruption after large amounts of money have been allocated to feed its branches.

He pointed out that the bank pays the employees' salaries via the electronic card and according to the specific times and dates set by each department.

On Saturday, the adviser to the Iraqi Prime Minister, Mazhar Muhammad Salih, assured the employees that their salaries are a priority for the government, while he indicated that the issue of printing the currency is merely a "personal opinion" and a proposal that is not consistent with the Central Bank Law.

The head of the Follow-up Cell in the Prime Minister’s Office, Mustafa Jabbar Sanad, said on Friday that it is likely that the process of delivering salaries will be affected during the month of April, pointing out that "the government may resort to the option of printing the currency recently put forward as a last option after the establishment of the United States By violating the commitment to the determinants of printing and initiating them, while he indicated that Iraq could print the currency to walk for one or two months, for example.


https://www.shafaaq.com/ar/%D8%A7%D9%82%D8%AA%D8%B5%D9%80%D8%A7%D8%AF/%D9%85%D8%B5%D8%B1%D9%81-%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-%D9%8A%D8%B7%D9%85%D8%A6%D9%86-%D8%A8%D8%B4%D8%A3%D9%86-%D8%A7%D9%84%D8%B1%D9%88%D8%A7%D8%AA%D8%A8-%D9%84%D8%AF%D9%8A%D9%86%D8%A7-%D8%A7%D9%84%D8%B3%D9%8A%D9%88%D9%84%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D9%83%D8%A7%D9%81%D9%8A%D8%A9/
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Economist: resorting to printing currency to secure salaries is excluded, and oil imports cover 35% of them

Post by claud39 on Mon Mar 30, 2020 10:39 am

Economist: resorting to printing currency to secure salaries is excluded, and oil imports cover 35% of them


3/30/2020


Follow-up cell: The government may resort to borrowing and printing currency to provide salaries %D8%B1%D9%88%D8%A7%D8%AA%D8%A83-696x435



Information / private ...

Economic expert, Saad al-Qadi, ruled out, on Monday, that Iraq resorted to printing the currency to secure the salaries of employees in light of the economic crisis caused by low oil prices, indicating that the printing of the currency leads to high inflation rates in exchange of the Iraqi dinar against the dollar.

The judge said to / information / that "the government will face great difficulty in securing the salaries of employees for the next month in light of the continuing decline in oil prices."
He added that "what Iraq receives from the money from the imports of the sale of oil covers only 35% of the salaries of state employees," noting that "there are solutions expected of the government to resort to to cover salary expenses."

He stated that "the first option will go to the government to reserve in the central bank, while the second option will be in the event of continued decline is compulsory savings." 

Finished 25 and







https://www.almaalomah.com/2020/03/30/465489/
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty The central bank clarifies the fact that it is not possible to pay salaries next month

Post by claud39 on Mon Mar 30, 2020 10:46 am

The central bank clarifies the fact that it is not possible to pay salaries next month


3/30/2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries %D8%A7%D9%84%D8%A8%D9%86%D9%83-696x435








The information / Baghdad ..



The Central Bank of Iraq confirmed, on Monday, the availability of employee salaries for the month of April next after paying the salaries of the current month of March, and while he indicated that the country will not reach the stage of the crisis, he made it clear that the monetary reserve of Iraq is currently $ 60 billion.



"I have no reason to be pessimistic about the financial situation and salaries," indicating that "April's salaries are currently available with the Ministry of Finance," the bank's director of accounting, Ihsan Shamran, said in televised statements that I followed.



He added that "the central bank will not leave Iraq in danger", stressing that the country "will not reach the stage of danger or the stage of crisis and dismay."



In a related context, Shamran stressed that " Iraq's cash reserves are currently $ 60 billion," pointing out that "there is no reason to worry about that."



Concerning the options put forward for printing the currency, Shamran stressed that "there is no longer anything after his name, the printing of the currency, and this cannot be contemplated at all." 



Ended / 25



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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty By the time the salaries are due, how will they be distributed with the curfew?

Post by claud39 on Mon Mar 30, 2020 2:20 pm

[size=30]By the time the salaries are due, how will they be distributed with the curfew?[/size]



12:09 Sunday, March 29, 2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries %D8%B1%D9%88%D8%A7%D8%AA%D8%A8-%D8%A3%D9%85%D9%88%D8%A7%D9%84-%D9%85%D9%88%D8%B8%D9%81%D9%8A%D9%86-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9



Baghdad - people


Corona pandemic caused a major crisis in the Iraqi currency market, as well as the work of private and government banks, especially with the start of the distribution of monthly salaries to employees. 


In spite of the curfew, many governmental and private banks were able to resume their work after receiving exceptions to the curfew by the Crisis Cell and the concerned authorities, and began to disburse employees ’salaries and financial entitlements, as well as facilitate citizen transfers.


Al-Rashid Bank announced that it would begin distributing the salaries of employees of a number of ministries and institutions of the endemic country, their salaries with the bank using electronic payment tools.


The bank said in a statement that "people" received a copy of it, that "all bank branches were opened in implementation of the decisions of the crisis cell, and that all bank branches in the central and southern region continue to provide services to citizens despite the curfew and in coordination with the crisis cells in those provinces."


Regarding the departments that the bank began distributing its salaries, he stated that “raising the salaries of the employees of the endemic government departments is their salaries with him, and for all holders of the palm card and for more than 30 ministries and institutions where the lifting operations were completed on 03/24/2020, and the bank was assured that all salaries were insured and raised if It is received by the ministries and institutions by the bank, knowing that it is possible to receive from any of the bank’s branches or from the authorized agents of Suwij Company.


As for the Rafidain Bank, it has also announced that large amounts of money are available to feed its branches and distribute the salaries of employees and retirees, if available.


The bank’s media office said in a statement that “people” received a copy of it, today (29 March 2020), that “the bank has sufficient financial liquidity to distribute the employees’ salaries and the dues of the owners of the outlets offices and other categories without interruption after allocating large amounts of money to feed its branches. ”


He pointed out that "the bank pays the employees' salaries through the electronic card and according to the timing and specific dates set by each department."


But the curfew exacerbated the suffering of citizens, regarding their ability to access these banks.


Citizens in the capital, Baghdad, and Basra Governorate, said, "The measures imposed by the security forces to prevent curfews prevented them from reaching bank branches to receive their salaries, whether employees or retirees."


In turn, the Islamic Spectrum Bank announced the reopening of its branches in a number of Iraqi governorates, for an official period of time starting from 9 am to 12 noon, in implementation of the headquarters of the crisis cell in this regard.
The bank said in a statement, "The branches of the Islamic Spectrum Bank will resume operations from the date of (29 March 2020) at 9:00 a.m. until 12:00 p.m. every day."


And between the bank, that “the branches that will resume work in Iraq are the Erbil branch (Family Mall), the Mansour Mall branch in Baghdad, the Harthy branch in Baghdad, the Hilla branch, the Kut branch, the Najaf branch, and the Nasiriyah branch.”


According to informed sources I spoke to "people", "The financial transactions offices between the Iraqi provinces are facing difficulty in their work after imposing the curfew, except for many remittance offices, financial dealings and private banks that have started to resume their work partially since yesterday, and waiting for new instructions on the work of the currency market And the exchange and transfer shops near the beginning of next April.


NAS
Yesterday, member of the Parliamentary Security and Defense Committee, Saad Ma`a Al-Halfi, criticized the government silence over the suffering of low-income families.


In a statement, a copy of which was received by “people”, Al-Halfi said, “The fear of transmission of the Corona virus has imposed a number of measures, including a curfew that will prove its effectiveness and perform its intended purpose if it is applied with regard to the humanitarian side,” noting that “the restrictions that The decision imposed by the ban on families with low incomes has added suffering to their suffering, especially since the heads of those families depend on bridging their children to earn their living from their daily work.


He added, “The sons of the Iraqi people presented a wonderful image of compassion among themselves, and a clearer picture of that is what we are seeing in the Tramaum campaign launched by His Eminence the Leader, Muqtada Al-Sadr, which relieved many of the shoulders of the needy families,” noting that “this does not absolve the government of its responsibility.” Toward its people, which is moving from crisis to crisis and from intensity to the next due to the entrenched partisanship and interests at the expense of the public interest.


Al-Halfi criticized “the government silence regarding the suffering of families with low incomes and the choice of the people between death by corona or starvation if they abide by the decisions issued to limit the spread of the deadly virus,” calling for “allocating a sum of money provided in the form of a monthly grant to each family that does not have a salary to be able to bridge Its needs during the curfew period, as well as obliging the Ministry of Trade to provide the ration card items in full and as quickly as possible.


The Human Rights Committee warning coincides with the security forces' tightening of measures to impose a comprehensive curfew in cities and popular neighborhoods.


An officer in the Ministry of Defense told Anatolia, (asked not to be identified), that this morning, the army and security forces closed five markets in the cities of Al-Sadr and Al-Shaab, east of Baghdad.


The source pointed out that the security forces prevented all kinds of gatherings outside the homes, and closed all small squares that the youth segment used to practice sports.
NAS




How did "workers and winners" face the curfew? .. This is what they told Nass camera!

28 mars 2020







https://www.nasnews.com/12-30/?fbclid=IwAR3CMJZB2uqKvoMkKzQfPhrh1x-Y1ahu5LsX0JQtdfLdGLrRJ2mCcSiKtzQ&__cf_chl_jschl_tk__=118817ba79e0a7f97a53b6d1adb4224466f16d71-1585592271-0-AXNR3sUtPoO6GKMBMDZVXVvqf9l3tCBRxLaoOE7Xqa6d32XFuYt-C_SszmaxI4w8qEW2_bV69Cbq7lGmXT1xHnGk0FqYmrN5c9cVl2tGzLnzyNqckwzaFeSo3-_8tdf4RaRCeJFsUAOy5_s7ryYLMEok17o9RyVcDOmapwSg1rZRdGgdmJDDawEtvIDT4ZFZui_7RTvUsgFSwBUM9-pu7HaMj7Q6dbcF7wOWb2OlTck5xWDKxm0JnKO9NyJ05QpX7sLb0icay7LkQ4wUoOzPSN-swRxjp19aefEm9GA99w94grMZEHlhBIeNmAO5YX-cXgWdEFtprohRwDSS7o5xqG2xRm9diG-fAeWjfZavxuZW7-T4teqpzyR2yIPf9o2zcw
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Iraq Stock Exchange Announcement The extension of the suspension of organizing trading sessions for securities to April 11, 2020

Post by claud39 on Tue Mar 31, 2020 8:45 am

Iraq Stock Exchange Announcement The extension of the suspension of organizing trading sessions for securities to April 11, 2020

26/03/2020 13:46

Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Iraqstock-logo



Iraq Stock Exchange Announcement The extension of the suspension of organizing trading sessions for securities to April 11, 2020





For more, please review the attached file





http://www.isx-iq.net/isxportal/files/story0_120_3_4_13_46_2.pdf




http://www.isx-iq.net/isxportal/portal/storyDetails.html?storyId=9142&type=2
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Monthly report of the Iraq Stock Exchange for the month of March 2020

Post by claud39 on Tue Mar 31, 2020 8:53 am

[rtl]Monthly report of the Iraq Stock Exchange for the month of March 2020

03/30/2020 06:36
[/rtl]








[rtl]Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Iraqstock-logo
Review the attached filef
[/rtl]

Monthly report of the Iraq Stock Exchange for the month of March 2020

http://www.isx-iq.net/isxportal/files/story0_120_3_1_12_10_31.pdf

http://www.isx-iq.net/isxportal/portal/storyDetails.html?storyId=9143&type=2






Monthly report of the Iraq Stock Exchange

March 2020




Iraq Stock Market Indexes for the month of March 2020




 The Iraq Stock Exchange organized 12 trading sessions in securities until March 16, 2020

Because of the curfew that was applied from the night of March 17, 2020, one of the most important indicators achieved during

Current month:




1. Organizing 12 trading sessions in securities from March 1 to March 16. And complete the settlements

Financial and stock deals that were executed by investors buying and selling.




2. The number of companies whose shares were traded reached 53 out of 103 companies

Listed market share.




3.Total number of shares traded reached more than 21 billion shares, trading focused on the banking sector

By 74% and the telecommunications sector by 18%




4. The value of shares traded amounted to more than 39 billion dinars, which was 70% concentrated in a sector

Telecom and 22% in the banking sector.




5. The number of buying and selling deals reached 4757 deals, which were 40% concentrated in the industrial sector

And by 23% in the banking sector, then the telecommunications sector by 18%.




Table 1 illustrates




Stock trading indicators according to the performance of each sector in the month of March 2020

Banks

Banks

Communications

Telecommunication

Insurance

Insurance

Investing

Investment

Money transfer

Money transfer

Services

Services

Industry

Industry

Hotels and tourism

Tourism & Hotels

Agriculture

Agriculture

6 4 1.62 77 0.06 25,044,469 0.02

103

2 2 18.37 874 70.16 27,682,036,679 18.48 3,981,011,162

4,230,151

10 6

53 100 4,757 100 39,455,091,749 100 21,536,569,059 TOTAL TOTAL

4.18 199 0.55 216,161,210 0.06 11,887,689

10 6

21 11 40.99 1950 5.53 2,183,114,646 5.31 1,144,152,720

10.28 489 1.09 429,847,555 1.16 249,208,477

6

__________ ______ 3

__________ _____

40 22

5 2 0.65 31 0.03 11,031,797 0.08 17,899,894

23.90 1137 22.58 8,907,855,393 74.89 16,128,178,966




The current value




Traded Value




From the attached monthly trading bulletin which documents the stock buying and selling indicators during 12 trading sessions

The following appears:




1) The high share prices of 9 joint-stock companies of various degrees




2. Decrease in the share prices of 21 joint stock companies of various degrees




3 The share price of 23 joint stock companies has not changed, the shares of which were traded in the same previous prices.




4 out of 103 companies were trading in shares of 53 joint stock companies. And the number of companies suspended for

Trading due to failure to provide annual disclosure for previous years (24) companies and number of companies

Which has meetings of public bodies) 2) a company.




5.The shares price index traded in the first session of March closed at 81,462 points, and closed

In the session of March 16, the last session in the current month was 9,444 points. Down by 4%

The market price index for traded shares for the month of February has witnessed a decrease of 3% at

Shutdown also.




Disclosure of joint stock companies - March 2020




1 - Launching trading on the shares of Gulf Insurance Company as of Monday 3/3/2020

After the general assembly meeting held on 1/3/2020.




2. Launching trading on the shares of Amin Financial Investment Company as of Monday’s session

9/3/2020 after the general assembly meeting held on 5/3/2020.




3. Trading in shares of Elaf Islamic Bank Company will be launched in the first trading session

After the curfew is lifted, the company's general assembly meeting is held on

 10/3/2019




4. Trading in the shares of Erbil Bank for Investment and Finance will be launched in the first session

After the curfew was lifted, the general assembly meeting that was held on 22/2/2020 was traded.

 Annual disclosure of joint stock companies

 (9) Joint Stock Companies provided financial statements and final accounts, as in

In the companies law, the financial markets law, and disclosure instructions

Commitment to the market 12/31/2019

Issued by the Securities Commission and has been published on the website of the Iraq market

For financial and corporate securities are:




Trans Iraq Investment Bank, Elite General Contracting, Noor Iraq Islamic Bank,

Al-Ameen for Financial Investment, Al-Ameen for Insurance, Between the two rivers for financial investments, Mosul for cities

Games and tourism investments, Al-Mansour Investment Bank, Al-Nobala for financial transfer.








List the companies on the Iraq Stock Exchange



1. The Securities Commission approved the listing of shares of Al-Rajhi Islamic Bank

Investment and financing in the second market on 20/202020 to complete the listing requirements.



Trading will commence after completion of the listing procedures and the shareholders' register will be deposited in the deposit center

Obtaining the international code in accordance with the instructions.



2. The Securities Commission approved the listing of Al-Ribas Poultry and Feed Company in

The second market, as an agricultural company, on 3/15/2020, to complete the listing requirements.



Trading will commence after completion of the listing procedures and the shareholders' register will be deposited in the deposit center

Obtaining the international code in accordance with the instructions.



Control and inspection

 According to the inspection and control plan for the first half of 2020, the Monitoring and Inspection Section was implemented

Inspection and audit of records and documents (9) companies from approved brokerage companies during the month of March

2020 included:



Financial Disclosure and Solvency Instructions.



Disclosure Instructions.



Online Trading Instructions.



Securities due diligence rules.



The inspection and oversight plan will continue to be implemented after the curfew is lifted and activity returns, and audits will be approved

Remotely by searching documents electronically until the force majeure declared by the Council is over

Iraqi ministers as a start on February 20, 2020.














Company name

Code

The company

Code

Opening price

Opening

Price

the highest price

Price

High

The lowest price

Low

Price

Average price

Present

Average

Price

price

Shutdown

Closing

Price

Closing price

the previous

Clo

Previous

.Price

the change %

Change

%

Deals

N o.of

Trans

Number of shares traded

Traded Volume

The current value

Traded Value

The number of days

Trading

Trading

days

Company Name

Banking sector

Iraqi Commercial Bank BCOI 0.460 0.470 0.450 0.460 0.450 0.460 -2.17 19 56,802,108 26,191,399 8 Commercial Bank of Iraq

Baghdad Bank BBOB 0.300 0.340 0.290 0.310 0.300 0.300 0.00 516 4,651,151,245 1,443,394,538 12 Bank Of Baghdad

Iraqi Islamic Bank BIIB 0.410 0.420 0.400 0.400 0.400 0.400 0.410 -2.44 17 20,497,500 8,273,840 7 Iraqi Islamic Bank

Middle East Bank BIME 0.110 0.110 0.100 0.110 0.100 0.110-9.09 83 664,236,746 71,220,042 8 Iraqi Middle East Bank

Iraqi Investment Bank BIBI 0.250 0.250 0.240 0.250 0.240 0.240 0.00 32 73,209,543 18,301,790 7 Investment Bank of Iraq

Iraqi National Bank BNOI 0.500 0.520 0.500 0.510 0.520 0.480 8.33 2 112,695 57,348 1 National Bank of Iraq

Commercial Sumer Bank BSUC 0.510 0.510 0.510 0.510 0.510 0.510 0.00 21 37,050,000 18,895,500 5 Sumer Commerical Bank

Babylon Bank BBAY 0.100 0.100 0.090 0.100 0.100 0.100 0.00 12 69,500,000 6,840,000 6 Babylon Bank

Commercial Gulf Bank BGUC 0.140 0.140 0.130 0.140 0.140 0.140 0.00 66 246,159,580 33,524,291 8 Gulf Commercial Bank

BMFI 0.150 0.160 0.140 0.150 0.140 0.140 0.00 38 200,131,949 29,134,123 6 Mosul Bank

Kurdistan Bank BKUI 1.060 1.060 1.060 1.060 1.060 1.060 0.00 4 19,290,000 20,447,400 2 Kurdistan International Bank

Ashur Bank BASH 0.240 0.250 0.220 0.230 0.230 0.240 -4.17 29 51,235,171 11,842,438 8 Ashur International Bank

Al-Mansour Bank BMNS 0.650 0.650 0.610 0.630 0.620 0.650 -4.62 81 268,510,347 169,581,019 10 Al-Mansour Bank

BUND 0.070 0.080 0.070 0.070 0.070 0.070 0.00 64 506,148,082 35,760,366 11 united Bank For Invistment

Elaf Islamic Bank BELF 0.180 0.180 0.180 0.180 0.180 0.180 0.00 2 1,000,000 180,000 1 Elaf Islamic Bank

BNAI 0.650 0.650 0.650 0.650 0.650 0.650 0.00 35 4,501,000,000 2,925,650,000 4 National Islamic Bank

For Iraq investment through BTRI Bank 0.700 0.700 0.700 0.700 0.700 0.700 0.00 2 3,000,010,000 2,100,007,000 1 Trans Iraq Bank Investment

Iraqi Credit BROI Bank 0.380 0.400 0.380 0.380 0.380 0.380 0.00 61 76,625,000 29,849,000 11 Credit Bank Of Iraq

Al-Islami Giving Bank BLAD 0.180 0.190 0.180 0.180 0.190 0.170 11.76 8 5,400,000 992,000 2 Al-Attaa Islamic Bank

International Islamic Bank BINT 1.950 1.950 1.900 1.900 1.900 1.950 -2.56 3 2,260,000 4,294,500 2 International IslamIc Bank

Islamic Bank of Iraq BAIB 1.100 1.100 1.100 1.100 1.100 1.100 0.00 6 600,000,000 660,000,000 3 Asia Al Iraq Islamic Bank

Islamic spectrum bank BTIB 1.200 1.200 1.200 1.200 1.200 1.200 0.00 36 1,077,849,000 1,293,418,800 4 AlTaiF Islamic Bank

1137 16,128,178,966 8,907,855,393 12 TOTAL

TASC 7.030 7.050 6,160 6.960 6.160 7.060 -12.75 795 3,974,171,162 27,665,620,679 12 Asia Cell Telecommunication

TZNI 2.400 2.400 2.400 2.400 2.400 2.400 0.00 79 6,840,000 16,416,000 9 Al-Khatem Telecommunication

874 3,981,011,162 27,682,036,679 12 TOTAL

NAME 0.620 0.780 0.620 0.700 0.720 0.610 18.03 27 9,795,000 6,877,252 7 Al-Ameen for Insurance

NAHF 0.490 0.520 0.490 0.520 0.520 0.490 6.12 4 8,104,894 4,154,545 2 AHliya For Insurance

31 17,899,894 11,031,797 7 TOTAL

Services sector

Tourist karkh games SKTA 4.400 4.480 3.900 4.230 3.900 4.400 -11.36 112 19,577,986 82,884,638 11 Kharkh Tour Amuzement City

SMOF 15.880 16.990 15.750 16.280 15.750 15.750 0.00 46 2,269,148 36,937,140 5 Al-Mosul for funfairs

SMRI 1.580 1.590 1.500 1.560 1.500 1.600 -6.25 38 23,694,188 36,990,951 9 Mamoura Realestate Investment

Elite Contracting Company SNUC 0.370 0.410 0.370 0.400 0.390 0.370 5.41 28 22,100,617 8,844,753 5 AL-Nukhba for Construction

SILT 1.320 1.350 1.290 1.320 1.330 1.320 0.76 246 180,024,389 237,131,715 12 Iraqi Land Transport

General Transport Iraq Baghdad SBPT 18,000 18,000 17,500 17.550 17.500 17.080 2.46 19 1,542,149 27,058,358 6 Iraq Baghdad For General Transportation

489 249,208,477 429,847,555 12 TOTAL

Total Telecom Sector

Insurance sector

Services Sector

Insurance Sector

Total services sector

Monthly circulation of shares trading on the Iraq Stock Exchange for the month of March 2020 March Bulletin Trading M







[rtl]
Industry sector

IMAP 1.250 1.470 1.190 1.350 1.200 1.250 -4.00 433 275,059,256 370,190,892 12 Al-Mansour Pharmaceuticals Industries

IMOS 6.350 6.350 6.350 6.350 6.350 6.500 -2.31 2 22,000 139,700 2 Modern Sewing

Upholstery Carpets IITC 10.100 10.800 9.950 10.120 10.100 9.500 6.32 52 3,273,000 33,120,680 10 Iraqi For Tufted Carpets

Soft Drinks Baghdad IBSD 2.600 2.710 2.300 2.520 2.330 2.600 -10.38 497 248,852,498 625,895,284 12 Baghdad Soft Drinks

Iraqi dates IIDP 1.280 1.290 1.160 1.230 1.250 1.280 -2.34 157 162,506,167 200,414,240 12 Iraqi Date Processing and Marketing

INCP 2.100 2.430 1.800 2.110 1.860 2.070 -10.14 655 375,213,366 790,986,217 12 National Chemical & Plastic Industries

Veterinary Canadian vaccines IKLV 1.600 1.650 1.520 1.620 1.520 1.600 -5.00 86 45,240,000 73,259,000 9 AL- Canadian of Veterinary Vaccines

Metal bicycles IMIB 2.900 3.000 2.200 2.940 2.800 2.900 -3.45 54 26,747,566 78,554,096 11 Metallic Industries and Bicycles

Ready-made garment production IRMC 9.050 9.050 9.050 9.050 9.050 9.050 0.00 1 3,000 27,150 1 Ready Made Clothes

Construction materials Khazar IKHC 1.450 1.450 1.450 1.450 1.450 1.450 0.00 1 3,697,867 5,361,907 1 Al-Khazar Construction Materials

Home Furniture Industries IHFI 1.460 1.460 1.460 1.460 1.460 1.460 0.00 12 3,538,000 5,165,480 5 Modern Constrcution Materials

1950 1,144,152,720 2,183,114,646 12 TOTAL

Palestine HPAL Hotel 9.100 9.100 9,000 9.090 9,000 9.100 -1.10 8 995,000 9,040,500 3 Palestine Hotel

Babylon Hotel HBAY 72,000 72,000 61,000 68.950 62,000 72,000 -13.89 67 2,123,085 146,376,845 6 Babylon Hotel

Baghdad Hotel HBAG 8.000 8.100 7.900 8.020 8.050 8.000 0.63 51 3,627,000 29,097,770 10 Baghdad Hotel

Tourist Investments HNTI 8.600 9,100 8,050 8,790 8,600 9,000 -4.44 51 2,705,312 23,787,423 9 National for Tourist Investment

Karbala Hotels HKAR 0.840 0.840 0.780 11.200 0.800 0.850 -5.88 13 1,871,980 1,528,709 6 Karbala Hotels

Mansour Hotel HMAN 11,500 11,500 11,000 18,180 11,000 11.750 -6.38 9 565,312 6,329,963 4 Mansour Hotel

199 11,887,689 216,161,210 11 TOTAL

AAHP 1.100 1.100 1.100 1.100 1.100 1.130 -2.65 1 26,992 29,691 1 Al-Ahlyia for Agricultural Production

For AMEF 8,860 8,860 8,860 8,860 8,860 8,800 0.68 1 1,117 9,897 1 Middle East for Production- Fish

Meat and AIPM production 5.000 5.100 4.600 4.830 4.600 5.000 -8.00 22 3,729,042 17,997,902 7 Iraqi Products Marketing Meat

AIRP 14.250 15.500 14,000 14.810 15.400 13.100 17.56 53 473,000 7,006,980 5 Iraqi Agricultural Products

77 4,230,151 25,044,469 10 TOTAL

4757 21,536,569,059 39,455,091,749 12 Grand TOTAL

Sector Agriculture

total summation

Total industry sector

Sector Hotels & Tourism

Total hotel and tourism sector

Monthly circulation of shares trading on the Iraq Stock Exchange for the month of March 2020 March Bulletin Trading M







http://www.isx-iq.net/isxportal/files/story0_120_3_1_12_10_31.pdf





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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty In the document .. Central Bank instructions regarding withdrawing the dollar cash

Post by claud39 on Tue Mar 31, 2020 1:54 pm

[size=36]In the document .. Central Bank instructions regarding withdrawing the dollar cash[/size]




29/03/2020








Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 112932020_yuuy








In the document .. Central Bank instructions regarding withdrawing the dollar cash 







Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 1129320200a267bbc-4a22-469e-be44-a81facc496bb












Translation....



Thuraya Dar Al-Qarar, and that external transfers: / 9/88 Auto to the separate banks Bug 1 I0EE following in our book provided with the dimension (/ 1392) on 03/03/16, you would like to clarify the following points: . .



Because the cash withdrawal commission for the US dollar and the balance of incoming transfers to a bank to our accounts at the American Federal Bank, as well as incoming transfers to banks of another acquaintance of (90007) seven for thousand 20 The amounts of the above remittances are exchanged for the banks by (75%) in cash in dollars according to the above lung and (25% to pay an Iraqi dinar and on the official exchange rate (1182) Diyar dollars.



Banks must spend the ratio (25) above compared to their customers for the money transfer lover at a price) Dinar) Dinars / dollars, and submit their requests at the end of each month to the accounting department of the central bank .

 

Objective: remedy the difference in price on his account in Iraqi dinar in banks, to exchange the total amount of the transfer received in Iraqi dinar if the customer wishes. We confirm that the above mechanism does not include time creations b The dollar in cash, as known to the customer in full, and is not limited to customers who receive remittances received from the outside Iraq of any kind, and internal dollar transfers between banks in their accounts we have.











https://www.mawazin.net/Details.aspx?jimare=92480
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty IS IRAQ RESORTING TO PRINTING CURRENCY TO OVERCOME ITS FINANCIAL CRISIS?

Post by claud39 on Thu Apr 02, 2020 9:37 am

IS IRAQ RESORTING TO PRINTING CURRENCY TO OVERCOME ITS FINANCIAL CRISIS?

02/2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries %D9%87%D9%84-%D9%8A%D9%84%D8%AC%D8%A3-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D8%A5%D9%84%D9%89-%D8%B7%D8%A8%D8%B9-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9-%D9%84%D8%AA%D8%AC%D8%A7%D9%88%D8%B2-%D8%A3%D8%B2%D9%85%D8%AA%D9%87-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9%D8%9F


The appearance of Muhammed Salih, advisor to the Iraqi Prime Minister, confirmed that the options to face the financial situation are heading towards the pressure of expenditures, and that the issue of printing the currency is just a proposal that is not consistent with the Central Bank Law, which confirms that the printing of banknotes is a routine technical procedure practiced by the bank according to the requirements of cash circulation, and that the printing process Completely separate from the cash issue process.


Saleh said that the government has financial procedures that will not lead to stumbling the salaries of employees, as it is one of the priorities of the government, indicating that their options for facing the financial situation are heading towards pressure expenditures, indicating that there is a team working with the Ministerial Council to restructure state expenditures, and that the issue of printing the currency is just a proposal that does not Consistent with the Central Bank Law.


The Central Bank of Iraq issued an explanation regarding the news circulating about the possibility of printing an Iraqi currency to avoid economic problems, in which he affirmed that any party cannot withdraw banknotes from the central bank unless there are funds in its accounts that cover the amount to be withdrawn, and therefore, does not mean to say Of course, the dinar has no meaning other than to strengthen the treasury of the central bank in accordance with the monetary policy, and not for any other purpose or purpose. The law of the central bank and monetary policy do not allow the issuance of cash in favor of an account without a balance.


The bank said in a statement that when the Ministry of Finance wishes to finance spending on different spending units and salaries, it requests the central bank to strengthen its account in Iraqi dinars in exchange for withdrawing from its account in dollars, so no amount is deposited into the finance account in dinars unless a withdrawal from its dollar account is offset.


Noting that the Central Bank Law does not allow him to lend to the government, whether by printing the currency or any other way, direct or indirect, and he is entitled to deduct the treasury transfers, if they are present in the secondary trading market, as it is one of the tools of monetary policy, as he saw this based on data Precise objectivity serving the objectives of monetary policy.


The balance of economic deficits

and economist Salam Semsem asked about the nature of the cash issue and whether it was in the normal form issued by the government in exchange for coverage with a quantity of cash and a quantity of gold, the state’s commitment to the international community, the international economy, and the International Monetary Fund, and all this is measured by the state’s economic standing and the amount of wealth.


Sumaisem told Al Jazeera Net that the state is now implying the printing of the coin to coincide with the talk about the cash crisis and the existence of a deficit, and this means that there is a deficit in the economic balances represented by the general budget and the trade balance and the balance of payments, and this requires more money, so how can the state pay this deficit with the increasing expenses represented by salaries Wages and social benefits.


She also asked, "Will the printing of the currency be free of charge, and if it is, then it will negatively affect the reality of the Iraqi economy through the collapse of the Iraqi dinar, which will lead to significant monetary inflation, and here the risk is possible because it will affect the classes with limited income, in the sense that the amount of goods and services that it gets The individual as a result of his use of this income will decrease, and with it the living standards of the individual represented by the most important files such as food and medicine will decrease.


The value of remittances

In a related context, the Central Bank issued instructions pertaining to the cash withdrawal commission for the dollar, according to which it will spend 25% of the value of remittances in dollars that come to Iraqi banks in Iraqi dinars, as a measure to overcome financial and economic crises.


In this regard, economic analyst Dhargham Mohammed Ali explained to Al-Jazeera Net that this measure is caused by a lack of foreign currency caused by the decline in the price of crude oil in global markets, which is a temporary measure to cross the current crisis, indicating that it is a procedure followed in many countries that suffer from a shortage of currencies Foreign, as for the printing of the currency, it is not possible because it will harm the economic and financial position of Iraq and float the price of the currency and create greater economic problems, he said.


And on the ways to support the federal budget to cover the deficit, Muhammad Ali explained that this is done by giving away all unnecessary forms of spending, reducing the salaries of special grades and stopping the statements completely.


The Iraqi currency went through several phases, the royal edition bearing the image of King Faisal and continued until 1958, the edition bearing the Republican emblem until 1978, and the international edition, called the Swiss edition, which was printed at the British company Delaw and Soviet Exports until 1990.


Then, as a result of the circumstances of the economic blockade that Iraq passed through, the Central Bank of Iraq printed the banknotes at Dar Al-Nahrain for printing, and in the beginning of 2003 the central bank withdrew all local and international banknotes named Swiss edition and put the new series of Iraqi dinars consisting of seven categories that were printed with specifications High security, while continuing to develop these specifications, which prevents the ability to counterfeit or counterfeit them.






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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty The central bank reveals the reasons for the high exchange rate of the dollar against the dinar

Post by claud39 on Fri Apr 03, 2020 1:20 pm

[size=36]The central bank reveals the reasons for the high exchange rate of the dollar against the dinar[/size]



03/04/2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 13342020_132432020_1558713019114660e9f379183a4ea4b4b19391074d


Baghdad - Mawazine News

revealed the Director General of the Financial Operations and Debt Management Department at the Central Bank of Iraq, Mahmoud Dagher, on Friday, the reasons for the high exchange rate of the dollar against the dinar.

Dagher said, "The rise in the exchange rate of the dollar is due to the overlapping of a set of expectations for the financial crisis that Iraq is going through, resulting from the drop in oil prices and accompanied by the impact of the Corona virus and curfews, which resulted in the resulting halt in economic activities."

He added, "All of these factors are added to them by stopping the outlets of selling currencies in the central bank, which led to a rise in the exchange rate of the dollar and a decrease in the value of the Iraqi currency," noting that "the central bank was unable to stop the rise in exchange rates, due to the interruption of the auction of selling the currency, There is no real interventionist management at the exchange rate from the central bank, as it did in the past. "

He explained, "The window has stopped, and there is no real economic activity in the market only for foodstuffs, and we find that the demand for dollars rises, and the exchange rate rises with it," noting that "the issue relates to future expectations and that the assurances were not at the required level regarding the payment of salaries and talk Printed the currency, which led to a lot of efforts to convert what he has from dinars to dollars.

He continued: "I think with the intervention of the Central Bank from next week and the expected increase in the price of oil, it might reduce the severity of the increase in the exchange rate," explaining that "the central bank announced the opening of the dollar sale window next week, and it has already opened the doors of certain transfers for the purposes of Food and medicine, and it didn't work out much because it stayed open for a short time. "

He pointed out that "if there is reassurance in terms of oil prices and improvement in public finances due to high levels of revenue and because of the intervention of the central bank and foreign currency injection into the market, then all of these factors, if combined correctly, and not one of them, will exchange rate stabilize."


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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Central Bank: The dollar's appreciation will end this week

Post by claud39 on Sat Apr 04, 2020 9:38 am

[size=36]Central Bank: The dollar's appreciation will end this week[/size]




04/04/2020








Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 4442020_156872624058339100



Baghdad - Mawazine News

, the Central Bank of Iraq revealed the implementation of several steps to control the high exchange rate of the dollar in the markets.

"The central bank has implemented a number of steps to control the exchange rate of the dollar," he said, noting that "the bank will try and in any way to curb this large disparity.

" Jabbar explained that "there are some weak souls speculating in dollars, so the bank Central will try in any way to curb this great disparity and we expect this week to resolve the issue of higher dollar prices. "

He explained that" Obozor these steps to open ports for sale and the strengthening of banks in hard currency, while Rahj to end the rise happening in the dollar exchange rate against Uncle Of the local during the current week. "

The exchange rate of the dollar in the local markets during the past few days increased, reaching sometimes from 126 to 128 thousand dinars per 100 dollars. 


Ended 29 / p






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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Parliamentary Finance: The economic situation is very dangerous .. !!

Post by claud39 on Sat Apr 04, 2020 2:31 pm

[rtl]Parliamentary Finance: The economic situation is very dangerous .. !![/rtl]



3/04/2020


Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 39175


Baghdad - Iraq today:

The Finance Committee in the House of Representatives announced by one of its most prominent members that the economic situation in Iraq has become very dangerous, and it is not possible any setback.

And it came in a publication released by Member of Parliamentary Finance and former Minister of Industry Eng. Muhammad Sahib Al Daraji, (Iraq Today) received a copy of it, that the state should take a set of quick decisions before it is too late.

Darraji has listed ten points:



 1- Changing the dinar exchange rate gradually



 2- Stopping the currency auction


3- Putting an import platform and stopping some imports

4- Building the budget on a fixed oil price for the operational budget and moving to the investment budget

5- Delaying the dues of oil companies

6- Selling local oil coupons at the prevailing price and buying them after a year At the prevailing price then

7 - Allocating the budget to salaries, purchasing the ration and medicines, and sterilizing water and the educational process only

8 - The state imports commercial foodstuffs to the markets

9 - Negotiating to stop the payment of external debt

10 - Handing over the protection of the border ports of the anti-terrorism agency









http://iraqtoday.com/news/38386/%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D9%86%D9%8A%D8%A7%D8%A8%D9%8A%D8%A9--%D8%A7%D9%84%D9%88%D8%B6%D8%B9-%D8%A7%D9%84%D8%A5%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A-%D8%AE%D8%B7%D9%8A%D8%B1-%D8%AC%D8%AF%D8%A7-
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Former Deputy Minister of Finance: For fear of the Iraqi economy..the salaries will be spent on time

Post by claud39 on Sun Apr 05, 2020 6:11 pm

[size=36]Former Deputy Minister of Finance: For fear of the Iraqi economy..the salaries will be spent on time[/size]




05/04/2020








Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 16542020_269136Image1



Baghdad - Mawazine News

, the former undersecretary of the Finance Minister, Fadel Nabi, confirmed on Sunday that the Iraqi economy is not afraid of the crisis that Iraq is currently going through, while indicating that the employees ’salaries will be paid on time.


A Prophet, in a television interview seen by Mawazine News, said that "the current rate of decline of the Iraqi dinar exchange rate against the dollar is a result of temporary reasons," explaining that "the main reason I knew after my question was officials of the Iraqi Central Bank yesterday, Is the market stalling and the banks closing due to the spread of the Corona epidemic, which prevented the dollar auctions from taking place and placing them in the markets as they should, and this consequently led to a decrease in the supply while the demand for the dollar remained the same.


He continued: "To solve this problem, the Iraqi Central Bank yesterday to work to continue to open the window to sell the dollar, starting today, and in a way that will overcome this problem," revealing that "the price of the dinar against the dollar is linked to the reserves of the Central Bank of Iraq and its monetary policies, In terms of reserves, Iraq does not suffer from any problem. "


He added: "According to what I learned yesterday, the size of this reserve at the Iraqi Central Bank ranges between 60 and 62 billion dollars, and our previous talks with the International Monetary Fund confirmed to us that as long as this reserve reached 36 billion dollars, Iraq will remain in the safe area and the economy will not be affected and the price will remain The exchange of the Iraqi currency is fixed.


And he explained, "Even under the current economic conditions, if we take Iraq’s revenues in the month of March, which have fallen by half, compared to January, and if Iraq continues at this pace for another six months and is able to issue treasury bonds of approximately $ 2.5 billion a month, it will not It touches only 15 billion dollars from the storage of 62 billion dollars and remains between 45 and 47 billion dollars and Iraq will remain in the safety zone, and thus Iraq will not suffer from this problem.



 He assured the citizens that "what is happening is temporary and Iraq does not suffer any problem", he added: Regarding salaries and major expenditures in Iraq, including the Kurdistan region , It needs about $ 4.5 billion a month for Iraq and not a solution to meet this shortfall only through internal loans through the issuance of treasury bonds. "

A prophet advised the governments of Baghdad and Erbil to "be more conservative and in control of their expenditures and work in every way to increase their revenues, especially customs," noting that "but with all this I return to say that there is no fear for the Iraqi economy, and our citizens should not be afraid. It is true that the situation Bad projects will stop, but salaries will be paid on time. ”



Ended 6/29 n




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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty The suspension of trading activity until Saturday April 18 2020 for the continuation of the comprehensive curfew in Iraq

Post by claud39 on Thu Apr 09, 2020 7:45 am

[rtl][The suspension of trading activity until Saturday April 18 2020 for the  continuation of the comprehensive curfew in Iraq[/r][/rtl]




[rtl][04/08/2020 07[/r[/rtl]



[rtl]Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Iraqstock-logo[/rtl]


In compliance with the decisions of the Supreme Committee for National Safety and Health in Iraq, the
trading activity will remain suspended until Saturday, April 18, 2020 for the continuation of the comprehensive curfew in Iraq.


http://www.isx-iq.net/isxportal/portal/storyDetails.html?storyId=9144&type=2
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty The Central Bank announces the continuation of its activities and banks according to the exception issued by the competent authorities

Post by claud39 on Thu Apr 09, 2020 2:36 pm

The Central Bank announces the continuation of its activities and banks according to the exception issued by the competent authorities




09-04-2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Image






Baghdad / news

The Central Bank of Iraq announced today, Thursday, the resumption of external transfer through the window to meet the needs that citizens and the government routinely need during the period of imposing the embargo.

A statement of the bank stated that during the meeting of the Board of Directors general in the bank today, and after discussing the current situation of the country, the board took the following decisions:

1- The continuation of the work of the Central Bank and banks, according to the exception issued by the competent authorities.

2- Resuming the fulfillment of external transfer requests through the window to meet the requests that citizens and the government routinely need during the period of imposing the embargo.

3- Delaying the implementation of the penalties and fines imposed on banks, for a period of three months, starting from 1/4 to 6/30/2020.

4- For the purpose of supporting the process of postponing the payment of the installments of all citizens' loans (for a period of three months), it was decided to support the liquidity of banks by reducing the percentage of their statutory reserve to 13% for a period of six months.

5- Banks, in the event of a curfew, continue to re-practice their activities in full, taking into account reducing the number of employees working in them and adopting health safety measures in order to ensure the implementation and fulfill the necessary actions for citizens and state institutions.

6- The continuation of all payments system activities on a daily basis.

7- Delaying the commission incurred by merchants when using electronic payment tools for a period of six months.

8- Resuming the investment window for the open banks in the Central Bank.







https://www.ikhnews.com/index.php?page=article&id=213119
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty The Iraqi dinar is falling apart: Corruption and Corona are jumping in dollars

Post by claud39 on Mon Apr 13, 2020 7:59 pm

[size=32]The Iraqi dinar is falling apart: Corruption and Corona are jumping in dollars[/size]


9 Hours Ago


Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 368-2-3-341x341



The turmoil in the Iraqi dinar exchange rate against the dollar recently led to negative effects, which directly affected the business sector and commodities in the markets, which led to the loss of confidence of dealers and investors in the monetary authority.

The decline of the dinar came after the Central Bank of Iraq stopped its activities related to pumping liquidity in foreign exchange to meet the needs of banks and their customers, as it was pumping an average of 140 million dollars or more per day to maintain the value of the currency and support its stability, and stopping the pumping of liquidity led to a jump in the exchange rate of one dollar from 1200 to 1280 Iraqi dinars, amid warnings of the continuation of this rise due to the curfew imposed by the authorities as part of the procedures to face the outbreak of the Corona epidemic.

In the midst of the financial crisis experienced by the world in general and Iraq in particular in light of the collapse of oil prices and the large deficit in the budget for 2020, the government faces great economic challenges, most notably the difficulty that the central bank can maintain the value of the dinar against the dollar because of the corrupt control of the auction of selling currency, according to What officials and economists see.

In an interview with "The New Arab," an official in the caretaker government said that "the central bank cannot maintain the value of the Iraqi dinar against the dollar by continuing to pump the hard currency to the market, because of the lack of public revenues due to weak demand for oil and the decline in its price." That "the central bank will have to legalize the sale of the currency for a certain period until oil prices rise again."

And Iraq, the second largest producer of crude oil in the Organization of Petroleum Exporting Countries (OPEC), with an average daily production of 4.5 million barrels per day.

The official, who preferred to remain anonymous, added that "continuing to hold auctions to sell currency and pump tens of millions of dollars per day to preserve the value of the dinar leads to great risks for the country's economy, and it is better for the central bank to cancel the currency auction and install its local currency, since most of the beneficiaries are Of these auctions are not businessmen and traders, but banks, banks and private sector companies dominating the market, a large part of which has been transferred out of Iraq.

He pointed out that the central bank has succeeded in recent years in achieving the stability of the dinar exchange rate and improving it in relation to the dollar and other currencies by stabilizing the price of the local currency and defending it, but the current collapse in oil prices, and consequently, the country's financial returns are completely different from the crises of past years.

According to the official, "There are daily discussions to reach a road map that enables the country to maintain an acceptable exchange secret of the dinar against the dollar."

The central bank sells between 140 and 160 million dollars to public and private companies and banks, as part of a plan adopted since 2004 to control the exchange rate of the dinar and prevent its collapse in the market. The central bank only allows companies and limited banks to enter the auction and buy dollars, amounting to less than 50 banks and financial companies that are licensed by the central bank, all of which are private or private.

For his part, Professor of International Economic Relations at the Iraqi University, Abdul Rahman Al-Mashhadani, said in an interview with "The New Arab" that "canceling the currency auction is very difficult, because the goal of the currency window is to finance imports in the private sector."

According to Al-Mashhadani, 90% of the country's consumer needs are secured by import by the private sector, which means that canceling the currency auction will lead to a major disruption in the prices of imported goods.

Al-Mashhadani stressed that "the currency auction is a drain on foreign exchange due to its association with prominent political figures," pointing out that 15% of Central Bank sales through the auction go as money laundering in various ways and methods and are transferred outside of Iraq.

He pointed out that the best way for the central bank to follow is to legalize the sale of hard currency as much as possible to maintain the value of the dinar and foreign exchange reserves.

For its part, Ayat Muzaffar, a member of the Iraqi parliament from the "victory" coalition led by former Prime Minister Haider al-Abadi, attributed the causes of the economic collapse and the value of the dinar against the dollar to the wrong financial policies pursued by the Adel Abdul-Mahdi government.

Muzaffar said, in an interview with the "New Arab", that "bad management and fiscal policy floundering the head of the caretaker government, Adel Abdul Mahdi, and its indiscriminate spending on the state budget, is one of the main reasons that led to the economic collapse of Iraq, and to an unprecedented financial deficit is expected to It is, if the oil price continues to decline, about 80 trillion dinars.

She explained a member of the Iraqi parliament that the central bank spent a large part of the cash reserve for the purpose of stabilizing the dinar price against the dollar, which led to the depletion of the cash reserve, and then the central bank will lose over time its ability to maintain the par value of the dinar.

She added that "the government’s flop seemed clear when the head of the crisis cell talked about the possibility of Iraq resorting to printing the currency." An easy amount until there are surplus sums that increase the demand for goods and services, so that the producers increase the production.

As for the other reason, according to Muzaffar, the printed currency must be equal to the national product, while stressing the need to preserve the monetary reserve of the central bank through its reliance on a flexible policy that takes into account the emerging political and economic conditions of the country.

And at the end of last March, the rapporteur of the Parliamentary Finance Committee, Ahmed Al-Saffar, said that "the central bank reserves reached 87 billion dollars, and it does not include cash and foreign currency only, but it includes gold bars."
Ammar Hamid

New Arab




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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Iraq is considering another proposal to print the currency to counter the decline in oil

Post by claud39 on Mon Apr 20, 2020 11:59 am

[size=36]Iraq is considering another proposal to print the currency to counter the decline in oil[/size]






04/20/2020




Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 122042020_6545



Baghdad - Mawazine News

revealed the Parliamentary Finance Committee, today, Monday, a proposal to secure salaries based on the printing of the Iraqi currency, as happened under the previous regime.

Member of the Finance Committee Hanin Qaddo said in a statement seen by Mawazine News that "there is a proposal to print the Iraqi currency to counter the decline in global oil prices."

Qadoo pointed out that "this matter will lead to high costs of living, inflation in prices and an increase in the price of the dollar compared to the Iraqi dinar."


 End / 29 BC




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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Parliamentary Finance: Proposals to save 25% of employee salaries after the arrival of the 2020 budget in Parliament

Post by claud39 on Mon Apr 20, 2020 6:55 pm

Parliamentary Finance: Proposals to save 25% of employee salaries after the arrival of the 2020 budget in Parliament


 04/20/2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries %D8%B1%D9%88%D8%A7%D8%AA%D8%A85555-696x435






Information / private ...
The Parliamentary Finance Committee revealed, on Monday, many proposals and scenarios in the House of Representatives to secure the salaries of employees after the budget reached it, indicating that one of them required to save 25% of their salaries spent at a later time.
Member of the Finance Committee Haneen Al-Qaddu told / "The information" that "the salaries of state employees are almost insured, but there are fears of a continuous decline in oil prices."
He added that "there are several proposals put forward in the House of Representatives that will be discussed and work with one of them after the arrival of the 2020 budget to the House of Representatives."
Al-Kiddo said that "one of the proposed proposals is to print the currency along the lines of the previous system, but it is an option perhaps far because it leads to market inflation, high material prices and the exchange rate of the dinar against the dollar."
He stated that “the other option offered is to save 25% of the employees’ salaries compulsorily and be placed in a special fund designated for them to spend them at a later time after the price of oil has stabilized, ”noting that“ saving does not include employees whose salaries are 500 thousand dinars or less. ”



Ended 25 and



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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Warnings of local currency printing

Post by claud39 on Wed Apr 22, 2020 9:30 am

[size=35]Warnings of local currency printing[/size]


2020-04-22



[size=35]Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Doc-P-342363-637231367532015796
[/size]


Member of the Iraqi Economic Council, Ghadeer Al-Attar, warned of the danger of the government's support for some of the proposals to print local currencies outside the cover of the Iraqi Central Bank, while he presented a proposal to get out of the current economic crisis.


Al-Attar said in a statement that Alsumaria News received a copy of it that "printing the currency without a cover is a disaster and it contains great areas of corruption in addition to losing the national currency to its value in exchange for gold."
 
Al-Attar pointed out that "the issue is a dangerous adventure and the damage will be reflected in the middle class more than others," noting that "Iraq is able to cross this crisis and it is temporary, no matter how long it takes."





 
Al-Attar suggested that "the borrowing money from the reserves of the Central Bank of Iraq be borrowed, provided that the payment be made as soon as the crude oil recovers in the global markets and the end of the Corona virus crisis."


https://www.alsumaria.tv/news/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF/342363/%D8%AA%D8%AD%D8%B0%D9%8A%D8%B1%D8%A7%D8%AA-%D9%85%D9%86-%D8%B7%D8%A8%D8%B9-%D8%B9%D9%85%D9%84%D8%A7%D8%AA-%D9%85%D8%AD%D9%84%D9%8A%D8%A9
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Warnings of "dire consequences" for Iraq and demands for financial action to avoid "disaster"

Post by claud39 on Wed Apr 22, 2020 5:53 pm

Warnings of "dire consequences" for Iraq and demands for financial action to avoid "disaster"




04/22/2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 111610201928213_untitled-1




Shafaq News / Deputy Ahmad Al-Jubouri called on the Iraqi Central Bank on Wednesday to compulsory lending from private banks with low oil prices in global markets and its impact on Iraq
Al-Jubouri said in a statement today that "the central bank must carry out compulsory internal borrowing from private banks participating in the auction sale of the currency."

He added, "The Ministry of Finance has also suspended funding for all projects for a year and diverted them to pay salaries, medicine and food, while stopping dual and fake salaries and retrieving them, and working to separate the phantom aliens."

For his part, leader of the "wisdom" stream, Ammar Al-Hakim said that "what happened in the global oil market and the impact of major economies on its repercussions will reflect negatively on our national economy, which depends on the single rentier side in its financing and warns of dangerous consequences unless the repercussions of such tremors in the volatile oil market are not remedied. According to solid scientific plans that revitalize other resources to the national economy, such as agriculture, industry, investment and others. "

He continued, "These sectors have the ability to operate the Iraqi hand and contain the armies of the unemployed. They are able to support the local product and switch to self-sufficiency and then export and thus compensate for the losses resulting from fluctuating oil prices."

And increased talk in the recent days about the fate of salaries of employees and retirees in Iraq, which is estimated at millions after oil prices fell to low levels after a decrease in demand for it due to the outbreak of the Corona virus in most countries of the world.

Iraq’s economy is classified as a rentier economy, as it depends more than 90% of its imports on its oil and gas exports. Economists have previously warned against pursuing this policy, but successive governments have ruled the country after 2003 and have not been able to find appropriate solutions to multiple resources.


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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Reducing the dinar price and its impact on the Iraqi economy

Post by claud39 on Fri Apr 24, 2020 1:43 pm

Wednesday 22 April 2020

Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Alsabaah-35257

In light of the current economic conditions accompanied by government failure in managing the file of monetary and financial policies in Iraq, the issue of devaluation has emerged, which is the devaluation of the Iraqi dinar vis-à-vis the US dollar and other currencies in a deliberate and deliberate manner, noting that this differs from the change in the exchange rate that is subject to For the supply and demand process in the currency markets.


I looked at a period of time before a study prepared by the Central Bank on this issue and after scrutiny in this matter and many discussions with experts and specialists and I believe that Iraq needs such economic solutions at the present time I thought that I clarify a realistic point of view may contribute to the crystallization of a specific opinion among the decision-makers in this The matter. 

In normal circumstances, this type of solution must be the last drug. Unfortunately, the country's economy is mismanaged, the absence of economic doctrine, the continued dependence on oil as a single source, and the exploitation of the economy as an electoral tool that has led to a near collapse in the economy whenever the price of oil decreases, and the failure of successive governments to support the product The industrial and agricultural patriotic pushed the specialists to resort to this kind of thinking.

I may agree with the study conducted by the Central Bank on many points that talk about the need to find other economic solutions other than reducing the value of the Iraqi dinar, but through experience and extrapolation of the Iraqi political situation I do not see on the horizon any ability of the owners of the solution and the contract to bring about a fundamental economic change because of the lack To truly understand the problem in Iraq and look at it from a single perspective, which may be factional, partisan, or personal.

 Therefore, my article will focus on discussing a paragraph devaluing the local currency vis-à-vis foreign currencies and responding to factors that affect or are related to the reduction process. For the purpose of taking note of the topic from all sides, the factors associated with this reduction must be discussed. Among the most important of these factors are: -
 

First: the balance of payments

I do not think that Iraq has a strong position in the balance of payments because Iraq’s exports are only 99 percent oil. If we raise or delete the value of the exported oil and we calculate the balance of payments without it, Iraq’s position will be very negative. 

It is worth noting that the Central Bank study on the percentage of surplus in the balance of payments, which was estimated at 5, is discussed. 75 percent of GDP for 2019, from the first two aspects in terms of whether to include the balance of oil exports or not and this balance changed by changing world oil prices. On the other hand, discussing a real and important question, which is how to calculate GDP in Iraq? What is the proportion of the value of oil exports in it? This question also applies to the proportion of foreign reserves available in Iraq, which is estimated at $ 70 billion, which represents 30 percent of GDP, according to the study. 

Here, the same problem lies, which is how to calculate the domestic product, and thus how to calculate the ratio of the adequacy of reserves in International Monetary Fund standards or other traditional measures, from It is clear that there is a deficit in the balance of payments because the balance of our payments depends on a very large percentage on oil and consequently the deficit, surplus or strong position depends on the global oil price, the amount of production and the amount of oil exported from Iraq, therefore the study that gave measures for 2019 Totally corrupted from the current year

 

Second: consumer prices

There may be an effect of the devaluation of the Iraqi dinar on consumer prices, but there are many positive aspects in this framework that can be benefited from and turn this challenge into a real opportunity to build an economic doctrine that fits the current political and social situation.

The rate of imports in Iraq is very large and the annual rate of amounts of hard currency that goes out of the country for the purpose of import is estimated at 48 billion dollars annually and in the case of reducing the price of the dinar, these imported materials will be more valuable in the Iraqi dinar than their current value in the local market, which will lead to a decrease in demand On them, and here is the stall of the Persians to refute all allegations that are expected to be high in life due to the devaluation of the Iraqi dinar, because this reduction must accompany a set of economic measures that are supportive of it, the most important of which is controlling the prices of the value of food and fuel. In the imported consumables, which are considered a factor in the ruin of the country's economy, it can be addressed and accept a certain increase in the prices of some unnecessary luxury items.

Therefore, there must be packages in the application of this reduction in order to encourage the national product, and we can give a simple example in this framework. If there is material that we import from neighboring countries, and the value of this material was only one dollar, i.e. its value is 1,200 Iraqi dinars at present, and the cost of producing it is from Local raw materials may cost the owner of the Iraqi factory 1300 Iraqi dinars, so the local product cannot compete with the imported product price due to the relatively high value of the dinar, but if the value of this material is one dollar in light of the exchange rate of 1500 Iraqi dinars and the value of the local product remains for the same article 1300 Iraqi dinars It will be a pain The domestic product is cheaper than the importer at the local value and thus this will encourage the owners of factories or farms to produce locally and run the workforce and run the macroeconomic cycle again so this reduction will have a significant role in supporting the local product, and it was noted that the central bank study spoke about the extent of Provides local products As an alternative, here we say that the egg and chicken base must end in Iraq, meaning do we work in a local industry in order to stop the import or stop the import in order to encourage national production? I think that the time has come to break this rule and for the state to put an end to imports in order to encourage production and because capital is coward and factory owners will not risk their money in order to provide material that does not have a market or has no consumer or competing foreign producer at a lower price and the state must be firm and legalize the import in order to Factory owners are able to produce and make the local product a competitor. It is worth noting that there will be a specific time period in which some products will be less available in the markets, but I believe that the national product will soon fill the void and we will start a new phase of the Iraqi economy.
 



Third: the level of inflation

Iraq currently does not suffer any rise in the level of basic inflation; therefore, the effect of reducing the currency devaluation level in the basic inflation level will be limited, meaning that if we reduce the currency by 30 percent, the prices of some luxury items will increase by 12 percent, and this price increase can be addressed by moving the economy even if we have to Increasing nominal salaries and moving the wheel of the economy by pumping cash into the street to move some industrial, agricultural and construction sectors.

 

Fourth: Increasing economic growth and trade

The study prepared by the Central Bank on the effect of currency devaluation on increasing trade growth showed that the relationship between devaluation and the deficit of the trade balance and stimulating the national economy is a conditional and specific relationship with factors including:

A- The extent of the national productive capacity, technologically, financially or humanly, to manufacture the same goods imported from abroad with similar quality and at competitive prices and to replace them with national products.

I think that Iraq can achieve a return from this reduction in this framework, which we mean by the growth and trade framework, because Iraq’s exports are limited to only crude oil, the devaluation of its currency may increase its exports from other materials that encourage the national product, whether industrial or agricultural, to increase its production, specifically some Exportable materials so that there will be new non-oil dollar revenues that can be used as a hard currency to increase the domestic product of the homeland.

 Also, this reduction will increase and strengthen the local Iraqi industries to be able to compensate for imports. Therefore, reducing the value of the Iraqi dinar will reduce a large percentage of the import. Revenues and maintains the hard currency coming from selling oil inside Iraq and these amounts are transferred instead of sending them out of the country through the currency auction to pump them into the local market to move the economy wheel, the banks that operate with the currency auction and those behind it may be affected.

 

Fifth: The effects of reduction in vulnerable social groups

It is also known that the number of people dependent on the government for their income from employees, retirees and those covered by the social protection network is around 6 million citizens. If we take the average of five individuals per family, 30 million citizens depend entirely on their income for government support, and this represents 75 percent of the Iraqi people. The negative effects of this reduction on the purchasing power of this group are limited, because the cuts will have measures to support the ration card and an increase in the minimum salary for the job grades and the welfare network grants.

At the same time, the state must act as a food merchant in the sense that it imports food or provides it from local production and stores it and pushes it to the market at any time there is a deliberate raise in prices or a specific monopoly process, and thus there will be food security for these vulnerable groups and the state also works To support fuel and medicine and direct the general budget to the ration and medicine, and sterilize water and infrastructure.

As for other luxury goods, there is no harm in accepting the cost of some non-essential materials, such as the mobile phone by 12 percent or the price of perfumes, for example, 12 percent. 
To the state.

On the other hand, I do not think that this reduction leads to an increase in government expenditures in general, but it may lead to an increase in the ration card expenditures, which do not represent 3 percent of the total general budget of the country. At the same time, you can benefit from the increase in revenues in the Iraqi dinar in other operating and investment expenses. By up to 25 percent, for example if the price of the dollar becomes 1500 Iraqi dinars.

At the same time, this reduction will have positive effects on the remittances of expatriate citizens from abroad for their families, so that the value of what they convert from hard currency into Iraq is greater than the present value and this leads to addressing the status of a particular class in front of the potential relative costly.
 



Sixth: The effect of the reduction in public debt

Iraq's foreign debt in foreign currency is about 23 billion dollars (except for pre-2003 debts of 41 billion dollars). The domestic debt in the dinar currency is around 40 trillion Iraqi dinars, including treasury transfers and bonds, and since 95 percent of the public budget depends on imports of oil that is sold In dollars, therefore, foreign debts will not be affected, either negatively or positively, by the devaluation of the Iraqi dinar, as they are receivables payable in US dollars.

As for the domestic or domestic debt, surely the reduction of the dinar’s rate will have a positive impact in the interest of the state, as the value of the local debt against the petroleum dollar. The state is limited to 7 billion dollars, and this indicates that the devaluation of the currency has a positive impact on public debt and thus strengthens the country’s economy without affecting the external debt by any negative impact and therefore there will be no negative impact on the Iraqi situation with the international community due to this reduction in Local currency value.
 



Seventh: The effect of reducing confidence in the national currency

I do not think (in my personal opinion) that this devaluation of the Iraqi dinar will affect the confidence of global markets and economies in the Iraqi local currency because this planned devaluation must accompany a set of economic decisions that are supportive of this devaluation and reduce its impact, whether on the internal or global economy in the Iraqi currency and the most important These reforms are to control the expected inflation, as we mentioned earlier through controlling food, fuel and medicine. 

The pressures of demand for the dollar may not escalate, but on the contrary, the local counterpart to the dollar unit may be more than before, so the process turns into a process. The dollar and try to keep Aa local currency, especially if we raised interest rates on deposits in local currency rates as a measure of the structural part of the decisions that must accompany the process of devaluation Vtkhvv thus the pressure on the dollar exchange rate.

The central bank study indicated the existence of the stability of the Iraqi dinar exchange rate for a number of years. In this context, I think that this stability is not real, but it is pressure on the dollar price by the country’s monetary policy, and therefore this stability as a result gave negative returns on the Iraqi economy, so stability can remain, but On another exchange rate that is less valuable than the current price.

If we note that the Lebanese experience has lasted decades for an exchange rate of 1500 that is stable but at a real price for the Lebanese pound while it is believed that the Iraqi dinar price on its current stability for the past years was not a real price but rather it was a price engineered by those responsible for the country’s monetary and financial policy, I mean Here is the central bank and the exchange rate is set in the annual general budget by the government and the finance committee in the Iraqi parliament.

 

Eighth: Monetary and Financial Policy

Before we get into the details of this factor, we must answer the following question: Do we expect Iraq to have a political ability to manage monetary and financial policy in the face of pressures that may result from reducing the price of the Iraqi dinar against the unit of the dollar? What determines this is the strength of the political administration in the country and the understanding of the political forces, the truth of the problem. The monetary policy tools represented in the interest rate, the discount rate, open market operations, etc. These can be controlled by coordination between the owner of the Iraqi money, which is the Ministry of Finance, and between the custodian of this money, which is the bank. 

The Central Council of Ministers shall be the judge and judge in the approximation of views between the owner and the governor. As for the fiscal policy, the government and parliament must collectively control expenditures and work to increase revenues (and we have talked a lot as others talked about how to increase revenues) in order to control m Suitable for the cash block in order to reduce the effects of inflation on the citizen.

We believe that the pessimistic view of financial and monetary management in Iraq must change. Otherwise, the situation will remain as it is. Yes, there is a big failure in managing these two files, but everything has an end and an end, and I think the time has come to end the failure of monetary and financial policy.

Ninth: The effect of reducing the dinar on the public budget

The general budget is revenue and expenditures, and since the main source of revenue for Iraq is oil sold in dollars, the reduction of the Iraqi dinar will certainly increase the revenue by the amount of the rate of the dinar, so when the price of one dollar is 1500 dinars instead of 1200 dinars, every billion dollars of oil revenue will be worth In the budget is one trillion and a half trillion dinars, compared to one trillion and two hundred billion dinars at the current exchange rate. This rise in revenues will have a clear and positive impact on the general budget. As for expenditures, I would like to refer here to the central bank’s report and discuss it again as He mentioned that the reduction will witness an increase in expenses due to the following points:

Government import of goods and services

This is beneficial because, as we said above, the government should be the first to reduce imports and depend on the local product, whatever the circumstances, and this is an opportunity to create a local economy and increase local production by increasing agricultural and industrial production and reducing imports.

-2 Paying the interest of the external debt

We have previously mentioned in this topic that external debt will not be affected by the dollar’s ​​devaluation, but internal debt will decrease in value relative to the petroleum dollar.

3 - Foreign investments and contributions

This does not represent a significant percentage, it is also in dollars, and we are our resources in dollars, so this is considered beneficial as well.

4- Paying the oil related investments

Everyone knows that paying the dues of oil companies is my eyes with oil, so there is no relationship with the dollar or the dinar.

5- The ration card

I do not agree with the report of the Central Bank that stated that most of the ration card materials are imported. The ration card that must be developed currently depends on four main materials, which are rice, flour, oil and sugar, three of which are flour, oil and sugar purchased locally. Reducing the value of the dinar will save money for the ration card when purchasing These materials and the only material that is imported is rice, and in the same logic that we spoke in this article, the oil dollar will not be affected because Iraq sells oil in dollars and imports rice in dollars. In sum, the reduction of the dinar will affect the ration card positively.

6 - Social protection salaries

In the event that the dinar is reduced, the government should increase the social protection salaries with the same expected inflation rate, which is 12 percent. In this way, we remove the potential inflation effect from the socially vulnerable groups.

 

Conclusions:

In the end, gradually reducing the value of the dinar will have positive effects on the economy of the country, from which it can be taken advantage of, and other negative things that must be taken in advance to avoid them so that the gross product will be positive for the national economy and to avoid the expected economic shock.

The positives are as follows:

1- Encouraging the local agricultural and industrial product.

2- Stir the wheel of the country's microeconomics.

3- Employment of labor and absorption of unemployment.

4- Increasing the revenues of the general budget and reducing import expenditures.

Naturally, this measure will have negative effects, so the government must take a series of measures in parallel with this reduction, as follows:

1 - Stopping the currency auction to maintain the hard currency inside the country and that the dollar and other foreign currencies are sold and traded directly in the currency markets or through the stock market, in order to get a real price of the Iraqi dinar against the American dollar, and that the guarantor of the prices is the value of the available reserve The Central Bank of Iraq has hard currency.





2- Setting an import platform, stopping some imports, controlling customs outlets, supporting the tax system, and exempting the local product from income tax for a period of two years.

3- Building the budget on a fixed oil price for the operational budget and moving to the investment budget, directing the budget to salaries, purchasing the ration and medicines, and sterilizing water and the educational process only.

4- Delaying the dues of oil companies or paying them in kind outside OPEC's share.

5- Selling oil coupons locally, at the prevailing price now, and buying them a year later at the prevailing price then.

6 - Increasing nominal salaries by 10 percent, reviewing high allocations to achieve social justice, and increasing salaries of the social protection network by 12 percent

7 - The state imports commercial foodstuffs into the market and injects it into the ration program in the event of high prices. And activating the role of economic security and entering the competent government agencies to control the cash rhythm in the currency market and the markets for the sale of foodstuffs.

8 - Supporting fuel for transport and factories and giving high relative importance to industries 
Food.

9 - Pumping a hard currency to the exchange markets to maintain the price level of the Iraqi dinar, preventing the price from slipping so that its decrease exceeds 30 percent within two years.

10 - The Ministry of Finance issues the e-dinar for the purpose of collecting government revenues and fees due and what distinguishes them from being non-negotiable in the market as cash and thus we have reduced corruption in this aspect as well as the state's knowledge of the value of those imports quickly to be issued by a government bank and not through companies Eligibility.




In conclusion, such a procedure requires a courageous decision by statesmen who are able to manage a stage through which the world in general and Iraq in particular, statesmen who lead society and manage state institutions literally without paying attention to partisan or factional or electoral interests, but rather put the interest of Iraq first.




Member of the Finance Committee










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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Economist warns against the consequences of printing local currencies and suggests borrowing

Post by claud39 on Fri Apr 24, 2020 2:06 pm

Economist warns against the consequences of printing local currencies and suggests borrowing



Friday, April 24, 2020



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 12201921155939724925228





Member of the Iraqi Economic Council, Ghadeer Al-Attar, warned of the danger of the government's support for some of the proposals to print [url=https://www.thebaghdadpost.com/ar/Story/t/81312/%D8%B9%D9%85%D9%84%D8%A7%D8%AA %D9%85%D8%AD%D9%84%D9%8A%D8%A9]local currencies[/url] outside the CBI cover, proposing a solution other than cash printing.

 Al-Attar said, in a statement: "The printing of the currency without cover is a catastrophe and there are great areas for corruption, in addition to losing the national currency to its value in exchange for gold."

He pointed out that "the subject is a dangerous adventure and the damage will be reflected in the middle class more than others." Noting that "Iraq is able to cross this crisis, which is temporary, no matter how long it takes."

Al-Attar suggested that "the borrowing money from the reserves of the Central Bank of Iraq be borrowed, provided that the payment be made as soon as the crude oil recovers in the global markets and the Corona virus crisis ends."

F.A.







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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Currency printing ... as part of Iraq’s solutions to its collapsed economic crisis

Post by claud39 on Sat Apr 25, 2020 2:36 pm

[size=42]Currency printing ... as part of Iraq’s solutions to its collapsed economic crisis[/size]


24.04.2020



[size=42]Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 1038909547_0:209:2999:1832_1000x0_80_0_1_c6aa815cd44bafd4b28926353b746b9b.jpg
[/size]





Iraq stands before five solutions, including one with a catastrophic outcome to face the local and international financial crisis, following the drop in oil, and the rise in currency and metal prices, after the outbreak of the Corona virus, which causes the disease (Covid 19).
 
The financial crisis destined for the collapse in Iraq was reflected in the reality of citizens of low and middle income to merchants and owners of money, following the embargo, and the stoppage of business due to the pandemic of the new Corona that made the price of oil cheap , in exchange for a sharp rise in hard currency, gold, food prices, and protective supplies that It has become a commercial commodity sold on the market.
The salaries of many Iraqi state departments have been delayed for more than 10 days for the second month in a row, with large debts arranged for citizens who have sought to borrow sums from relatives and acquaintances, clogging the heavy days of the embargo, in conjunction with the arrival of the month of Ramadan, which increases the buying turnout .


"Sputnik" documented the exchange rates of the dollar and gold, in light of the stifling economic crisis hitting Iraq at the current circumstance, as the exchange of $ 100 ranged between 119,400 Iraqi dinars, on the stock market, currency auction, and 124 to 126 thousand in the markets.

And the price of the yellow metal "gold" increased to 295 thousand Iraqi dinars per weight "equivalent to 5 grams", for the importer from Europe, especially the Italian, who is considered the most expensive among them because it is hand-formed "hand made" with charming strange shapes whose beauty does not match anyone, and five thousand, and ten thousand less For jewelery of Turkish, Gulf, and local manufacturing Iraq.
Gold markets have witnessed almost non-existent demand for women due to the rise, which is considered the first of its kind in the history of the country, except for vectors to exploit the crisis to sell their jewelry without loss, but no jeweler opened his shop to buy the user in order to avoid incurring financial losses more exacerbating his crisis.
In order to take the crisis to stability in light of the low oil prices on which the Iraqi budget depends, a member of the Finance Committee in the Iraqi Parliament , Deputy of the Kurdistan Islamic Union bloc, Jamal Kujer , revealed in a special statement to correspondent "Sputnik" Iraq, today, Friday, April 24, For proposals put forward by some economic experts from the government and outside to save the country from the economic crisis.
Cougar stated that one of the options put forward by some economists is to print the currency, but it was not accepted by the central bank, because that would lead to a dilution of the currency, each printing should be in return there either for gold or bank reserves.
He added: "Iraq does not have a large bank reserve, or gold, and therefore any printing that will affect the value of the currency, and accordingly the bank did not agree with the economic experts' proposal when discussing liquidity to cover the salaries of employees for the month of April, and after that, because the options are limited due to the global recession, and the stone, The prohibition is due to the Coruna epidemic. "   
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Other solutions
Cougar drew attention to other proposals made by experts to solve the salary crisis and the economic meltdown, namely: either going to the bank reserve, or selling property and state real estate, or resorting to severe accountability for political money and taking it by force and we do not have a strong government that does this .. he said .
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He continued: "What remains of the solutions before the Iraqi government, in addition to bank reserves, printing currency, political money, and accounting for the corrupt, go to internal borrowing because the external do not know who are the countries that will lend us in this situation of the global financial crisis."
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A member of the Parliamentary Finance Committee, a member of the Kurdistan Islamic Union bloc, explained that internal borrowing, for example, in the general federal budget for 2019 is our borrowing from the General Retirement Authority, there are institutions that have balances, as well as banks and companies that have large sums that can give some projects at high prices to some investors and postpone Pay it after two, three or five years.
The member of the Finance Committee, Representative Jamal Cougar, revealed in an interview to our correspondent, in the middle of last March, that the drop in oil prices had a negative impact on the general federal budget, adding a deficit of about 50%, because the estimated price of the specified barrel was 56 or 55 dollars, And every dollar falls from the price of oil, the federal budget for Iraq will lose about one billion and 315 million dollars within a year if the situation remains like this.

Iraq faces in the current circumstance, an economic crisis, from low oil sale prices, and the deterioration of its federal budget, which may affect the future negatively on all sectors, and on the one hand the Corona risk, which is still recording injuries among Iraqis.


https://arabic.sputniknews.com/arab_world/202004241045265724-%D8%B7%D8%A8%D8%B9-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9-%D8%B6%D9%85%D9%86-%D8%AD%D9%84%D9%88%D9%84-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%84%D8%A3%D8%B2%D9%85%D8%AA%D9%87-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D9%86%D9%87%D8%A7%D8%B1%D8%A9/
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Advisor to the Prime Minister: There will be no risk to salaries and the budget will be at two oil prices

Post by claud39 on Sun Apr 26, 2020 1:17 pm

Advisor to the Prime Minister: There will be no risk to salaries and the budget will be at two oil prices






  • 04/26/2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Photo--977








{Baghdad: Al Furat News}. I exclude the Prime Minister’s advisor, Abdul Hussein Al-Hanin, from affecting employee salaries.




Al-Hanin said in a press statement, "Iraq is committed to all its financial obligations with international financial institutions, and there are understandings to deal with the crisis of declining oil prices and the Corona crisis, which is a global crisis not related to Iraq only, and unfortunately there are those who speak without knowing about incorrect numbers of Iraq's external debt. And, in fact, it is about 23 billion dollars, and there are almost dead debts, as well as internal debt, which does not constitute a sovereign risk to the Iraqi state. "

Al Hanin added that the budget team, in cooperation with the Finance Committee in the House of Representatives, addresses the problem of weak revenues due to the decline in oil prices, and there are procedures in rationalization and preventing waste, and I do not think that there is a serious risk threatening the payment of salaries in general, and there are proposals to stop the payment of loan installments that employees borrowed for a period Specific linked to the duration of the financial crisis. "

He explained, "The new budget model will be at two fixed prices for the first oil, covering all expenses that cannot be exceeded, the most important of which are salaries, medicines, and payment of farmers' dues after the success of the agricultural extension, and record records in agricultural production after applying the policy (support to production outputs) that led to the delivery of more than 5 Millions of tons of wheat, and a visit to rice production about 13 times, and the matter applies to other agricultural products, as Iraq returned grain after an absence of more than fifty years. "

And Al-Hanin said, "The second price of oil is mobile, and this will finance projects and deficits that will appear in the fixed part of the budget, as it is reliable that the deficit does not exceed 20 trillion dinars, which is a reasonable number and within the acceptable proportions with the size of the budget or the country's gross domestic product."

Ammar Al-Masoudi


https://alforatnews.com/news/%D9%85%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1-%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D9%88%D8%B2%D8%B1%D8%A7%D8%A1-%D9%84%D8%A7-%D8%AE%D8%B7%D8%B1-%D8%B9%D9%84%D9%89-%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%B1%D9%88%D8%A7%D8%AA%D8%A8-%D9%88%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D8%B3%D8%AA%D9%83%D9%88%D9%86-%D8%A8%D8%B3%D8%B9%D8%B1%D9%8A%D9%86-%D9%84%D9%84%D9%86%D9%81%D8%B7
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Proposals and solutions for the Iraq budget crisis 2020

Post by claud39 on Wed Apr 29, 2020 2:27 pm

 Proposals and solutions for the Iraq budget crisis 2020


04/28/2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 20514



A number of officials, deputies, economies, and bloggers have deliberated a number of proposals and questions in order to overcome the crisis in the budget for the year 2020, in light of the decline in world oil prices, and I would like to offer some answers about these proposals and questions as follows:

1- The possibility of the Iraqi state printing the Iraqi currency outside the framework of the monetary block agreed to be issued by the Central Bank of Iraq (a new cash issuance) without the presence of a cover of gold and foreign currencies, which provides funds for overcoming the crisis in the budget for the year 2020?

The answer here is that there is no such solution in modern Iraqi financial thought after the year 2003, just as the Iraqi Financial Management Law and the Iraqi Banking Law that includes the Iraqi Central Bank Law prohibits the issuance of a new currency without the cover of gold and foreign currencies, just as the international organizations that monitor the work of Iraq and issue its report Annual financial about Iraq prevents Iraq from such a measure that shakes the value of the Iraqi currency and thus weakens the Iraqi economy and causes economic inflation, knowing that the Iraqi currency is printed continuously but within the framework of compensation for damaged money within the monetary mass issued by the Central Bank of Iraq J amounting to approximately 48 trillion Iraqi dinars.
 
2 - The possibility of the Iraqi state to raise the value of selling the dollar as for the Iraqi dinar in the window of currency sale, which provides new money for overcoming the crisis in the budget for the year 2020?

The answer here is that the countries usually seek to raise the value of their local currency against foreign currencies, not the other way around, because that such a procedure will cause a loss of deal confidence and long-term savings in the Iraqi currency. 

Example: The Central Bank of Iraq is currently selling the (1) US dollar at 1190 Iraqi dinars sold in the Iraqi market at (1210) Iraqi dinars, assuming that the Central Bank of Iraq sold the (1) US dollars at (1290) Iraqi dinars it will be sold In the Iraqi market at the price of (1500) Iraqi dinars and more, and that is not Reason for the high dollar price of 100 Iraqi dinars, but because of the loss of confidence in the handling of the Iraqi currency, and it will cause a significant rise in prices with the survival of the level of salaries as it is causing a turning large layer of Iraqi society from the middle class to the poor layer.

This is similar to what happened in Lebanon during this period, when the Central Bank of Lebanon reduced the value of the Lebanese pound (float) from (1700) pounds to one dollar to (3000) pounds to one dollar, but the price of the Lebanese pounds collapsed in the market to 4,500 pounds to one dollar and could not The Lebanese state has control over the currency rate. We do not want to repeat these mistakes in the Iraqi economy.

3- Possibility of the Iraqi state to sell oil futures contracts (two oil coupons) to Iraqi citizens?

The answer here is that selling bonds to citizens in exchange for interest will change according to oil prices in the future. A possible proposal if it is included in the 2020 budget law. As for selling oil coupons to citizens, it needs (Iraqi Oil and Energy Law No. 9 of 2007 change - finding stores for this oil because oil companies You will extract it - get international approval from OPEC +) and this proposal is difficult to achieve.

As for the mechanisms and how to get out of this crisis without harming the Iraqi economy, it is possible to provide available solutions as follows:

1- Structuring the 2020 budget for an operational budget and a budget for basic needs of Iraqi society (salaries + drug and food security) and leaving the investment budget for oil price fluctuations, as the price of oil rises to be implemented with a supplementary budget, but if the transformation does not rise for the next year 2021.

2- Structuring the 2020 budget for an operational budget with basic needs, covering the investment budget through internal debt from Iraqi banks or offering bonds with interest to the Iraqi community, to be paid when oil prices rise.

3- Structuring the 2020 budget for an operational budget with basic needs, and covering the investment budget by withdrawing part of the balance of the Central Bank of Iraq in the form of central treasury transfers to the state to be paid by the state when oil prices rise exactly as it did in 2015.

In conclusion, it must be noted that the Iraqi state received approximately $ 1280 billion dollars during the past 17 years, with a surplus of 200 billion dollars during these years. Now, once oil prices drop for two or three months, financial officials and deputies of the Finance Committee say they will cut rates of salaries or declare bankruptcy! !!! Does this talk make sense? Where are these billions? Where are planning in Iraq? Where are financial minds?



*  Assistant teacher at Baghdad College of Economic Sciences







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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty A government consultant denies deducting 25% of employee salaries

Post by claud39 on Sun May 03, 2020 9:52 am

A government consultant denies deducting 25% of employee salaries


03/05/2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 5260





Economy News - Baghdad:

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, denied that a decision had been taken to deduct a percentage of the employees ’salaries.

Saleh said, "Talking about a decision to deduct 25% of the employees’ salary due to the low oil prices due to the repercussions of the Corona crisis is untrue. "

He added that "deduction of a percentage of the employees' salaries requires a decision by the Council of Ministers, otherwise no decision can be issued."

The media had reported on a trend to deduct 25% of employee salaries in accordance with the government’s compulsory savings policy to counter the crisis of low oil prices.







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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Parliamentary work: the salaries of retirees and the protection net are insured until the end of 2020

Post by claud39 on Sun May 03, 2020 9:55 am

Parliamentary work: the salaries of retirees and the protection net are insured until the end of 2020




05/03/2020



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 20600





Economy News _ Baghdad

On Sunday, the Parliamentary Labor and Social Affairs Committee assured the retirees and those covered by the protection network, of securing their salaries until the end of the year 2020.

Member of the committee, Deputy Fadel Jaber, said in an interview with Al-Sabah newspaper, which was viewed by Al-Iqtisad News, that “the salaries allocated to the social welfare network and retirees are insured until the end of this year.” Any party, on the contrary, we seek to increase government grants to poor families, and there are studies prepared by the committee to add other numbers to include them as beneficiaries of the social protection network. "

He stressed the need to "prepare studies and plans to confront the drop in oil prices and the Corona pandemic," adding that "Iraq possesses huge economic resources and these crises may be a real opportunity to support the economic sectors and fight the corrupt."





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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Re: Follow-up cell: The government may resort to borrowing and printing currency to provide salaries

Post by Jayzze on Sun May 03, 2020 1:37 pm

none of the countries that promised Iraq aid has helped them since once Iraq gets the money very little goes to the people but it lines the pockets  of the politicans. the cbi per their constitution will not lend them money also so if they print money it will be worth less then its worth now. how far will it get them?
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty The Deputy Prime Minister and Minister of Finance holds a consultative meeting to study the mechanisms of managing the financial crisis in the country

Post by claud39 on Wed May 06, 2020 6:54 pm

The Deputy Prime Minister and Minister of Finance holds a consultative meeting to study the mechanisms of managing the financial crisis in the country




Monday 4 May 2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 3ed3331c-2236-4398-8bac-e1097d72e28f




Mr. Fouad Hussein, Deputy Prime Minister for Economic Affairs and Minister of Finance, this morning, May 4, presided over an expanded complementary meeting in the presence of Mr. Ali Al-Alaq, Governor of the Central Bank, Undersecretary of the Ministry of Planning and directors of Al-Rafidain and Al-Rashid Banks and the Iraqi Trade Bank. 


Retirement and public debt in order to complete government efforts in examining mechanisms to improve the economic and financial situation in order to secure the needs of the country, especially in advance of the May allocations in light of the continuing decline in oil prices



The current cash deposit deposited by the government has been studied in banks and entities that generate annual profits and how to restructure these funds and use them to bridge the current shortfall to secure the salaries of Iraqi state employees, and the meeting discussed the government's obligations to pay internal and external debts in addition to the need to finance some government institutions, Due to the peculiarity of its work.



In another axis of the meeting, they discussed how to provide legal cover or urgent legislative decision to secure the cash liquidity required for the future, whether by borrowing internally or externally to fill the shortfall in the financing process. 



Mr. Fouad Hussein and Mr. Governor also stressed the need to overcome all obstacles and speed up framing immediate solutions to remedy the financial situation in the country. As the meeting reached the possibility of walking and advancing through internal solutions at the present time, provided that the government will consider other options in the coming months.






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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Central Bank of Iraq: a window for the sale of foreign currency

Post by claud39 on Thu May 07, 2020 9:57 am

Central Bank of Iraq: a window for the sale of foreign currency


05/05/2020



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Book-cover-CBI-foreign-exchange-sales




For many years, there has been a heated debate in the economic and political circles about the monetary policy of the Iraqi Central Bank, but it has intensified in recent days against the background of the collapse of oil prices and the significant decline in Iraq’s oil revenues to less than half the levels of last year. With expectations that this new external shock will adversely affect the levels of Iraq's foreign currency reserves due to the central bank continuing to finance unnecessary or imaginary imports aimed at money laundering and smuggling "hard currency" from the viewpoint of critics of the central bank, voices calling for strict control over Imports and stopping the leakage of what is described as foreign currency. Ironically, the same accusations were leveled at the previous leadership of the Central Bank under the title "Waste of Public Fund" during the financial crisis in 2009-2011 that ended with the exclusion of the former governor and his deputy and issuing orders to arrest them.

Whatever the matter, the network continues its policies in opening up to meaningful professional dialogue between the parties involved in formulating effective macroeconomic policies and gives the opportunity to the Central Bank of Iraq to clarify its vision supported by scientific arguments by re-publishing the following booklet, which covers its six paragraphs three main sections:

Introduction to scientific and practical concepts, justifications, and backgrounds.

Entrance to the possible alternatives to finance imports and differentiate between them.

Entrance to the instructions and directions regarding the import financing process.

 To download the brochure as a PDF, click on the following link







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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Economist for Mawazine News: The reasons for borrowing are multiple

Post by claud39 on Sun May 10, 2020 1:34 pm

[size=36]Economist for Mawazine News: The reasons for borrowing are multiple[/size]






09/05/2020








Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 15952020_270914104944







Private- Mawazine News



. The economist, Ahmed Hattal, commented, on Saturday, on the move of the Ministry of Finance to borrow from the Rafidain and Al-Rasheed banks and commercial banks in the secondary market at the Central Bank of Iraq’s administration.

”Hattal said in an interview with Mawazine News / that“ after a year has passed since this borrowing process The banks will take back the money that they lent to the Ministry of Finance. ”

He added: These papers will be deducted from the central bank, because the Ministry of Finance does not have liquidity to retrieve its securities from the banks and pay the debt, and the central bank will record the debt to the Ministry of Finance.

Hattal pointed out that "it is assumed that the finance will pay back its liabilities to the Central Bank when oil prices rise, but it did not do so when oil revenues revive in previous years, and the bonds will die in the possession of the central bank and their value will be eroded because the finance must extinguish the debt by the due date." : There are many reasons and one borrowing.

And he adds: When analyzing monetary policy tools, we find that there is a disconnect between the real and monetary sector, and the effects of monetary policy on real output are very weak and even on credit and financial depth as well, noting that "This indicates that the money supply is an internal variable of public finance, as it is The controller is through the oil revenues it converts, which the central bank converts into dinars, and thus it is directed towards spending, most of which is consumer and import, indicating: After that, the central bank comes to finance these imports through its window, from which the dollar comes out, in addition to being an instrument for deducting the internal government bonds, and thus will be a creditor to the finance Which has not paid what this monetary policy has done in Iraq in a nutshell since 2003, as it is closer to banking than to activating its monetary tools in the banking system.

This turns out to say: Although leaving the interest to the market, it is the depth of the problem for borrowers, and banks have become artistic in imposing interest.

It is worth noting that, "On the other hand, (1,385) billion and three hundred million and eighty five thousand dollars are the sales of the currency window for the month of April (credits and transfers that are abroad only), but the cash sale is equal to zero, so we find that the dollar rose to (1250 D P) for every dollar, and the citizen bears an increase of 4% since the start of the crisis until now, by (5000) dinars per ($ 100).

The economic analyst asked: How much is the value of Iraq’s imports for the month of April? Until we know whether the value of the dollar sold is equal to the real value of the imported goods. ”


And he
concludes this speech: The central bank defends its position on the currency window through the legal basis on which it is based (Law 56 of 2004) by preserving the value of the currency and monetary stability, and when mentioning false bills Which drains the currency blames the customs institutions, does this mean that the customs control and deplete foreign reserves?





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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Al-Abadi: We will face a problem with paying salaries next month, and printing currency is one of the options

Post by claud39 on Tue May 12, 2020 8:43 am

Al-Abadi: We will face a problem with paying salaries next month, and printing currency is one of the options




12/05/2020



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 20730





Economy News _ Baghdad



The head of the victory coalition, Haider al-Abadi, confirmed on Tuesday that the government will face a problem in paying salaries during the next month, and while he indicated that Iraq is facing a real problem, he pointed out that printing the currency is one of the options of Mustafa Al-Kazemi’s government.

"We are facing a real problem and we need approximately 4 billion dollars a month to cover salaries and retirement expenses, and the salaries of new recruits have not been covered," Al-Abadi said in a televised interview followed by the "Economy News", indicating that "Iraq's revenue for the past month is less than $ 1.5 billion, which means There is a large deficit in the insurance of salaries, and there are other things, such as the ration card and the second operational matters.

He added that "the previous government was unable to pay salaries in the first month of the crisis and we may face a crisis during the next month." He pointed out that "I am not against borrowing, but I am against political borrowing in the sense of borrowing in order to pay a month to solve the crisis only and leave what is possible after that." .

He added that "Turkey and Iran are heading to float their currency now and floating the currency produces inflation and raises prices that harm the low-income as well as printing the currency one of the options of the current government with reducing spending", noting that "reducing the value of the Iraqi dinar raises the price of imported goods and supports the local product and thus we encourage the local industry."





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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty The central bank renews its commitment to the criteria for banks to enter the currency sale window

Post by claud39 on Wed May 13, 2020 1:16 pm

[size=30]The central bank renews its commitment to the criteria for banks to enter the currency sale window[/size]


2020.05.13





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 49449eaa7-30661-202005130740


Baghdad - people  
 
The Central Bank of Iraq affirmed, on Wednesday, its commitment to a list of criteria regarding the introduction of banks into the foreign currency sale window. 
 
Ihsan Shamran Al-Yasiri, Director General of the Central Bank’s Accounting Department, said in a statement to the official agency, followed by “Nass” (May 13, 2020), that “discrimination does not exist in entering the currency sale window, but some banks do not meet the criteria that the bank adopts, for quality and compliance For decisions, especially regarding money laundering units. " 
 
Al-Yasiri added that "some of those who fail to reach the criteria of the Central Bank are accused of discrimination." 
 
And that "the central bank adheres to a list of points drawn up more than four years ago, and those points represent compliance standards, and the bank that meets them to a certain degree is authorized to enter the currency sale window."
  
Al-Yasiri went on to say that "the bank that fails does not deal with the central bank in selling the dollar, and remains a bank that practices its other normal activities, without participating in the window."  


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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Advisor to the Prime Minister: The government is waiting for Parliament to borrow to secure salaries!

Post by claud39 on Wed May 13, 2020 1:48 pm

[size=30]Advisor to the Prime Minister: The government is waiting for Parliament to borrow to secure salaries![/size]




2020.05.13





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Cdc2f92ec-30619-202005131137








Baghdad - people 

 

On Wednesday, the financial advisor to the Prime Minister, Mazhar Mohamed Saleh, confirmed that the new government submitted a draft law to Parliament in order to authorize it to borrow from internal and external sources of financing to fill the deficit and enhance financial liquidity. 

 

Saleh told the official agency, followed by "Nass" (May 13, 2020), "The government submitted a draft law to parliament in order to authorize it to borrow from internal and external sources of financing in order to bridge the deficit and enhance public financial liquidity when necessary," noting that "the borrowing came due to The financial hardness that the country is going through in order to bridge the revenue gap, due to fixed expenditures, especially in the operating budget. 

 

He added, "The legal cover did not provide the government with internal and external borrowing due to the lack of a federal budget law for the year 2020." 

 

He pointed out that "internal or external loans will be included in the event of legislation for the budget for the year 2020 or its alternative the final account at the end of the fiscal year (as a reality)." 

 

Saleh pointed out that "external loans will go toward supporting investment projects and completing stalled ones and the urgent need to launch them, while internal loans will be allocated towards the operational budget in the government's needs for insurance of salaries and others."  



The Council of Ministers had approved a draft of the domestic and foreign borrowing law to finance the fiscal deficit of 2020 and referred it to the House of Representatives in accordance with the provisions of constitutional articles.  





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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Member of Parliamentary Finance answers .. What will happen if the central bank stops selling the dollar?

Post by claud39 on Thu May 14, 2020 7:30 pm

[size=36]Member of Parliamentary Finance answers .. What will happen if the central bank stops selling the dollar?[/size]


14th May, 2020



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 121257








Member of the Parliamentary Finance Committee, MP Ahmad Al-Saffar stressed, on Thursday (14 May 2020), the necessity of the dollar sale window in the central bank, while revealing the repercussions of what happens if the bank stops selling the dollar.

Al-Saffar said in an interview with (Baghdad Today), that "the central bank is an independent institution that has no room for parliament or the government to interfere in its work,"stressing that "the bank has a mission which is to maintain the Iraqi currency's price, i.e. the purchasing power of the dinar and its value against other currencies, including the dollar." 

He added, "The central bank’s selling window to the dollar is one that contributed to the stability of the exchange rate during the last period," pointing out that "the sale process stopped for a short period that led to an increase in the exchange rate of the dollar and a decrease in the value of the Iraqi dinar, which means that the owners of limited income will be affected because of the high Prices of goods and merchandise. " 

Al-Saffar pointed out that "the dollar sale window is very necessary to preserve the value of the Iraqi currency, but the amount of sales and its mechanism need to be reconsidered according to specific considerations, that is, that the sale process is specific for traders who import goods and goods in exchange for official papers," noting that "there is a recent talk that Others and banks that benefit from the sale. "


The Central Bank of Iraq confirmed, yesterday, Wednesday, its commitment to a list of criteria that include compliance points, in the introduction of banks to the window of sale of foreign currency. 


 Ihsan Shamran Al-Yasiri, Director General of the Central Bank’s Accounting Department said in a statement that “discrimination does not exist in entering the currency sale window, but some banks do not meet the criteria adopted by the bank, for the quality and compliance with decisions, especially regarding money-laundering units.” Al-Yasiri added that "some who fail to reach the criteria of the Central Bank, are accused of discrimination."


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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty An economist comments on a proposal to reduce the value of the Iraqi dinar against the dollar in order to provide salaries for employees

Post by claud39 on Thu May 14, 2020 7:41 pm

An economist comments on a proposal to reduce the value of the Iraqi dinar against the dollar in order to provide salaries for employees


2020 05/14



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 121238



Economist Rasem al-Aqidi, Thursday (14 May 2020), warned against floating the Iraqi dinar against the dollar, that is, to reduce the value of the Iraqi dinar against the dollar, according to a proposal put forward by economists to provide additional funds for the Iraqi budget to be paid as salaries for employees. Al-Aqidi said in an interview with (Baghdad Today), 

"The issuance of any decision to float the dinar against the dollar in light of the current conditions in Iraq is very dangerous for the country which is basically suffering from uncontrollable losses, namely fees, customs, taxes and many other financial resources." And that "the flotation does not constitute an increase in the value of the Iraqi dinar, but rather we will see an increase in the exchange rates of the dollar because of the lack of its acquisition in the global market, especially with the decline in global oil prices."

He added that "the flotation will lead to a significant increase in prices, and will be paid by the poor," noting that "the flotation is taken in light of the stable financial conditions of the state, as well as the diversification of the economy and its dependence on resources other than oil."

Al-Akidi said that "floating the dinar against the dollar is launching the process of buying and selling without any limits, and the country will face an unprecedented rise in prices with limited and steady salaries, so conditions will be more difficult, especially in the humanitarian context."

Economists suggested reducing the value of the Iraqi dinar against the dollar by a value ranging between 1300 dinars or 1400 against one dollar to provide additional budget resources that allow part of the salaries to be spent, while others considered that any proposed float process may go out of control and cause a significant increase in the price of the dollar against the Iraqi dinar.








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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty parliamentary finance: iraq is committed to international monetary policy and cannot print the currency

Post by claud39 on Thu May 14, 2020 9:57 pm

[size=40]parliamentary finance: iraq is committed to international monetary policy and cannot print the currency[/size]


5/14 2020 


Follow-up cell: The government may resort to borrowing and printing currency to provide salaries %D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86



The Finance Committee of the Iraqi parliament, today, Thursday, commented on the possibility of Iraq printing a monetary process, in order to confront the economic crisis and secure the salaries of Iraqi state employees.

Committee member Haneen Qadu said, in a statement that was followed by Al-Ahd News, that "Iraq cannot print a monetary process, in order to face the economic crisis, because Iraq is committed within the international monetary policy, and its taking such a step means the destruction of the Iraqi dinar."

And Qaddo that "there are a lot of solutions and proposals, with the Parliamentary Finance Committee, as well as the Ministry of Finance, to cross Iraq its economic crisis, without going to the issue of currency printing, this will cause economic and financial disasters."





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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Parliamentary source: Al-Kazemi's government will print the currency to pay employee salaries

Post by claud39 on Fri May 15, 2020 9:48 am

Parliamentary source: Al-Kazemi's government will print the currency to pay employee salaries


Thursday 14 May 2020



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Irq_1576908703_1589459402







Baghdad / ... Parliamentary source confirmed, Thursday, that the government of Prime Minister Mustafa Al-Kazimi will go to print a new local currency in order to pay the salaries of employees.




The source said to "Eye of Iraq News", "This measure is one of the solutions to overcome this economic crisis that is ravaging the country, so it is necessary to find harmless solutions for future generations such as the use of cash or gold reserves in the central bank."


He pointed out that we, "after the application of this procedure, we expect a decrease in the Iraqi dinar exchange rate against the dollar," stressing that "this will have a positive impact on activating the industry in Iraq and not resorting to global or regional markets that provide goods to Iraq at low prices because of the high exchange rate The dinar compared to the price of currencies in Turkey, Iran and others. "


The financial advisor to the Prime Minister, Mazhar Muhammad Salih, had determined, on Wednesday, the loan disbursements that the government intends to request from home and abroad.


Saleh said in a press statement, "The government submitted a draft law to Parliament in order to authorize it to borrow from internal and external financing sources, in order to bridge the deficit and enhance public financial liquidity when necessary."


And, "The borrowing came because of the financial hardship that the country is going through, and in order to bridge the revenue deficit gap against fixed expenditures, especially in the operating budget."


He added, "The legal cover did not provide the government with internal and external borrowing, due to the lack of a federal budget law for the year 2020."


He pointed out that "internal or external loans will be included in the event of legislation for the budget for the year 2020 or its alternative the final account at the end of the fiscal year (as a reality)."


Saleh said, "External loans will go toward supporting investment projects and completing the stalled ones and the urgent need to launch them, while internal loans will be allocated towards the operational budget in the government's needs for insurance of salaries and others."



It is mentioned that the Iraqi Council of Ministers approved the draft of the domestic and foreign borrowing law to finance the fiscal deficit for the year 2020 and refer it to the parliament in accordance with the provisions of the constitutional articles. 




Finished 2






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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Parliamentary finance comments on the ability of Iraq to print a monetary process

Post by claud39 on Fri May 15, 2020 9:51 am

Parliamentary finance comments on the ability of Iraq to print a monetary process




Thursday 14 May 2020



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Irq_512711462_1589449788





Baghdad / .. The Finance Committee in the Iraqi parliament, today, Thursday, commented on the possibility of Iraq printing a monetary process in order to confront the economic crisis and secure the salaries of Iraqi state employees.


Committee member Hanin Qaddo said to "Eye of Iraq News" that "Iraq cannot print a monetary process, in order to face the economic crisis, because Iraq is committed within the international monetary policy, and its taking such a step means the destruction of the Iraqi dinar."



And Qaddo that "there are a lot of solutions and proposals, with the Parliamentary Finance Committee, as well as the Ministry of Finance, to cross Iraq its economic crisis, without going to the issue of currency printing, this will cause economic and financial disasters."






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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty A parliamentarian refused to go to Iraq to print the monetary process

Post by claud39 on Fri May 15, 2020 10:09 am

A parliamentarian refused to go to Iraq to print the monetary process


Thursday 14 May 2020



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Irq_615480828_1589450168





Baghdad / .. The deputy of the Alliance of Sayers, Riyadh Al-Masoudi, confirmed today, Thursday, the existence of a parliamentary refusal, to go to Iraq towards printing the monetary process, to confront the economic and financial crisis in the country.


Al-Masoudi told "Eye of Iraq News" that "until this hour, the Iraqi government, the issue of orientation has not decided to print the monetary process, to confront the economic and financial crisis in the country, but this decision is rejected by parliament, and we will not allow it."



And that "this approach may temporarily solve the crisis, but it will create many and serious future problems and crises, especially as the Iraqi dinar will collapse significantly, and it is very difficult to return it to its natural state. It will also be rejected by the international community, especially the international financial bodies." ".






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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty The National Congress reveals the real economic problem that Iraq suffers from

Post by claud39 on Fri May 15, 2020 1:46 pm

[size=36]The National Congress reveals the real economic problem that Iraq suffers from[/size]



14/14/2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 81452020_unnamed









Baghdad - Mawazine News

, Thursday, the Iraqi National Congress revealed the true problem that Iraq is suffering from, while stressing the need to invest local resources to build real development.


The Secretary General of the conference, Representative Aras Habib, said in a statement that Mawazine News received a copy of it. Accumulation of development, not just liquid money, which we are looking for for temporary solutions?


For his part, the leader of the Iraqi National Congress, Mohammed al-Musawi, said that "the real problem that Iraq suffers, especially in the field of economic reform, is the shortening of the treatment ranges due to the fact that they are related to the period when the minister takes over his ministry, not further than that."


Al-Moussawi pointed out that "short-term, quick-execution remedies are the guarantor of political and electoral returns, while strategic programs lack such a return." 



End / 29 / p.







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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty External borrowing .. Reducing the value of the dinar .. Printing the currency .. Reducing salaries .. Any ways to overcome the financial crisis

Post by claud39 on Sun May 17, 2020 10:47 pm

External borrowing .. Reducing the value of the dinar .. Printing the currency .. Reducing salaries .. Any ways to overcome the financial crisis



5/17/2020 4:52:37 AM  

Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 97457200_724213628313750_8964762564084891648_o.jpg?_nc_cat=104&_nc_sid=ca434c&_nc_oc=AQncIukYDS8IxAZyalnxah6_MnRn0BXbVU8qCy9QNy_5x4-Y4EOm8tLiNfTTEXXx5Nk&_nc_ht=scontent-yyz1-1



Baghdad / Obelisk: Iraq suffers from an acute financial crisis due to the drop in oil prices, in light of the spread of the Corona virus, while the Iraqi government is studying with the competent authorities, possible solutions to overcome the crisis, including reducing the value of the Iraqi dinar. 


Information indicated that the options available to Prime Minister Mustafa Al-Kazemi are mostly difficult, but there are serious dialogues with economic advisers and experts, including external borrowing or the devaluation of the dinar.


Economists suggest going to reduce the value of the Iraqi dinar, stressing that it is the best solution available, noting that reducing the value of the Iraqi dinar will work to reduce the current value of the currency in half, indicating that it will be a substitute for the proposed proposal to reduce the salaries of employees in half, and in both cases , The result will be the same. 


The experts touched on a group of solutions, including offering state factories and public properties for investment or sale, and printing the currency.
 
The government tends to fill the salary deficit by relying on the cash reserve for a few months, while taking a series of unprecedented austerity measures at the state level.


Member of Parliament Ali Fayez said that the economic pressure on Iraq accumulated due to the closure of business and trade facilities and financial life due to the events that occurred on the oil level, in addition to the Corona pandemic, while the country suffers mainly from a structural defect represented in its dependence on oil only.


He added, that oil is the source of the entry of the US dollar into Iraq, which is the force behind the dinar, but its absence means that Iraq is unable to finance.


The economist Salam Semsem stated that the government will not be able to manipulate the salaries, and it is constitutionally and legally obliged to provide the salaries of its employees and workers in its sectors.

Semsem said, in an interview with Al-Masala, that cutting salaries or deducting them will lead to the wrath of the Iraqi street, which will not be silenced by cutting its livelihoods today, so the Iraqi government will resort to another option to bridge the financial deficit.


She added, the government will resort to a ploy, which economists know, which is to reduce the value of the Iraqi dinar, and when the value is reduced, the per capita income will be halved, so an employee who has a salary of 600,000 dinars will actually receive 300,000, which would make him unable to secure his life requirements.


Obelisk








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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty Four parliamentary "solutions" to secure employee salaries for the rest of the year without waiting for high oil prices

Post by claud39 on Wed May 20, 2020 9:21 pm

Four parliamentary "solutions" to secure employee salaries for the rest of the year without waiting for high oil prices


05/19/2020 


Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 121830


Baghdad today - follow up Member of the Parliamentary Finance Committee, Muhammad Sahib al-Darraji, proposed 4 solutions that he said that their implementation would allow to secure the salaries of employees despite the collapse of oil prices, while it triggered a surprise in which he stressed that the exchange rate of the dinar against the dinar at present is the one that harmed the national production industrially and agriculturally and encouraged import, proposing to .change the exchange rate to 1500 Dinar per dollar 

Al-Daraji said in a televised interview I followed (Baghdad today) that "Iraq gets one billion and 400 million dollars from the value of its oil sales in the month of April, while it needs at least 3 billion for salaries only, and this is a disaster and there are intentions to compensate " .for the shortage of the central bank reserves and this hit To the country's economy 


He pointed out, "There are some possible solutions to provide additional funds for the treasury, the first of which is not adhering to the decision of OPEC to reduce oil production, the second is to reduce the exchange rate of the dinar against the dollar and make it worth 1500 dinars to one dollar, and the third is to increase social wage salaries to create a balance of living capacity with a fourth solution that increases salaries. 

The minimum for employees " .from nine to five to create the same goal He continued, "There are those who will object to the second option and say that the devaluation of the dinar against the dollar will cause an increase in the value of commodities .and a high cost of living He indicated that the option to increase the dollar’s exchange rate against the dinar would enable the country to print additional funds with the availability of financial cover from the .dollar because its value would increase He pointed out that "the current exchange rate has had a negative impact on productivity in Iraq, both agriculturally and industrially, because the value of what is imported from abroad ".is less than the cost of production in the country The head of the Parliamentary Finance Committee, Rep. Haitham al-Jubouri, on Thursday (April 30, 2020), in turn, offered solutions to secure salaries during the next four months, while he indicated that securing them alone without the rest of the operating expenses .requires selling the Iraqi barrel of oil at 31 dollars, and this matter is not currently possible Al-Jubouri said during his hosting of the program (Shortest Roads) 

(https://www.facebook.com/NabilJassim.Official/videos/664848664293664/) presented by Dr. Nabil Jassem on Al Sharqiya News Channel, "Iraq may get 25% of the revenues of 2019 in 2020, and we need annually 138 trillion dinars, equivalent to $ 110 billion to meet all expenses, and we need 97 trillion dinars, equivalent to 81 billion, to secure salaries and pay " .external debt only He added, "The necessary expenditures in Iraq amount to $ 72 billion, and they relate to the salaries of employees, social welfare and other expenses," noting that "Iraqi oil is currently ".sold at $ 16, half of which is spent as an extraction cost Al-Jubouri revealed, "Securing the necessary funds for operating expenses in the month of ".May He proposed solutions to secure salaries for the next 4 months, explaining that "it is possible to take advantage of the state's cash that is available in the Rafidain Bank and the Iraqi Bank for Trade, and we have a deposit of 4 billion dollars to buy weapons from America, we can negotiate and take half of it, and it is also possible to negotiate with the World Bank to borrow 2.2" One billion dollars, and these solutions can solve the problem of salaries for the " .next 4 months He stressed that "salary insurance only requires the sale of an Iraqi barrel of oil at $ 31, and ".this is not currently possible due to the low oil prices The Chairman of the Finance Committee pointed out that "we must sell a barrel of oil at $ 71 to secure all expenditures," noting that "border crossings can provide the budget with $ 8 ".billion, but what you get is half a billion because of corruption and illegal outlets He continued, "The reserve of the difficult process in the central is 81 billion dollars, and it remains that 52 billion dollars in all cases to preserve the value of the Iraqi monetary currency. If we use the warehouse, we should not exceed this number, and if we tamper with it, the Iraqi currency may be exposed to a great risk that causes it to collapse as it happened. ."In Lebanon


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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries Empty A member of the Parliamentary Finance reveals the size of Iraq's debts and is likely not to approve the 2020 budget

Post by claud39 on Wed May 20, 2020 9:59 pm

A member of the Parliamentary Finance reveals the size of Iraq's debts and is likely not to approve the 2020 budget


05/20/2020


Follow-up cell: The government may resort to borrowing and printing currency to provide salaries 121874


Baghdad today - Baghdad Member of the Parliamentary Finance Committee, Muhammad Sahib al-Daraji, confirmed on Tuesday (19 May 2020) that Iraq’s debts amounted to 124 billion dollars, while the budget of 
.2020 was unlikely to be approved Daraji said during his hosting of the program (the shortest path) 

(https://www.facebook.com/NabilJassim.Official/videos/2458849454428390/) presented by Dr. Nabil Jassem on Al Sharqiya Channel News, "Iraq’s debts currently amounted to 124 billion dollars, while expenditures in 2019 amounted to approximately 116 trillion dinars," ".noting that "the debts owed by Iraq include what is due to us from the Kuwait war


He added that "the previous government erred when it agreed to reduce oil production because it caused great losses," calling on "Prime Minister Mustafa Al-Kazemi, to take a decisive position on this decision after the appointment of a new oil minister, even if we had ".to leave the OPEC agreement He pointed out that "there are many solutions that must be followed to save the country from the economic crisis it is going through, including preventing speculation with food and not importing products except the necessary things, as well as imposing control on the border ports by the Iraqi government to ensure that unnecessary products are not imported." It is "possible to achieve this by supporting the anti-terror agency because there are large ".(militias) controlling these outlets He continued: "The exchange rate of the currency must be changed, and the direct sale to the citizens should be taken instead of the auction, and external relations must be exploited and worked to improve them," stressing that "it is necessary to review Iraq’s decision on ".reducing oil, and to return from it regardless of circumstances On the budget, Darraji commented: "The circumstances Iraq is going through are difficult, ".and the possibility of passing the 2020 budget, so far, is not certain



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