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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 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 - Page 3 Empty Commission: The coin sale auction has become a habitat for attrition and a money laundering incubator and we make these proposals

Post by claud39 on Thu Jul 09, 2020 2:27 pm

[size=36]Commission: The coin sale auction has become a habitat for attrition and a money laundering incubator and we make these proposals[/size]






09/07/2020











Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 12972020_iraq-_para





Baghdad - Mawazine News

, The Economic and Investment Committee in the House of Representatives, Thursday, said that the auction of selling currency has become a home for attrition of hard currency and an incubator for money laundering, while he presented a number of proposals.


Committee member, MP Mazen Al-Faili said, "It is necessary to review the mechanisms and controls of the currency auction to save public funds from the acquisition of corrupt and steal public money, and the window of the auction of hard currency formed a home for the depletion of hard currency and an incubator for some money-laundering practices."


He added: "Observers and officials estimate that the value of what was sold of the dollar in this auction during the past fifteen years by more than three hundred billion dollars - according to the report of the Parliamentary Finance Committee for the third session - most of it came out of Iraq without achieving a noticeable benefit in developing the country's productive economy. ".


He continued: "With a quick calculation of the losses incurred by the reserve as a result of these practices, and speculators and illicit trade brokers benefit from them. 



If sales are at a rate of (180) million dollars per day and more than half of them are not used in actual import activity, then this means that ninety million dollars per day go to the benefit of the opportunists and in total Profits of nearly two billion dollars annually, which is a very large amount, especially if we know that it was wasted over many years. "

Al-Fili continued by saying: Therefore, reviewing the mechanisms and controls of the currency auction is a necessary reform requirement to save public funds from the acquisition of corrupt and stealing public money and we suggest a set of procedures:


- Forming a high-level professional committee empowered to investigate the currency auction activity for previous years and recovering all the money acquired Speculators and influential people in the political scene, which will not be less than (18) billion dollars, according to the estimates of the observers.


- Restricting the sale of hard currency with restrictions and conditions in a manner that guarantees the revitalization of the productive national economy and meets the needs of citizens necessary from it, and it is not correct that it is sold to everyone who requested it.


- Checking the documents that require conversion and verifying that banks are free of any problems related to their capital, and that this is done before any sale of hard currency.


- Control and control the currency market to prevent any discrepancy between the official price and the market price to prevent smuggling and money laundering, and that all the intermediate links causing the events of this discrepancy in the two prices are held accountable.


- Imposing customs duties and collecting them from importing merchants in a tribal way and when selling the dollar to prevent the manipulation that might occur in reducing these customs fees or taxes in the border outlets.


It is assumed that the central bank delivers the dollar if the trader presents his commercial lists along with the dollar request.


- Banks that participate in the currency auction must engage in productive economic activity by supporting private projects, and that their business is not to parasitize the profits from selling the currency only, otherwise it is prohibited from participating in the currency auction. 



Ended 29 / A 43







https://www.mawazin.net/Details.aspx?jimare=109152

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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Empty A "serious" note from specialists and interested in the money market .. Has Iraq resorted to printing the currency?

Post by claud39 on Thu Jul 09, 2020 4:39 pm

[size=30]A "serious" note from specialists and interested in the money market .. Has Iraq resorted to printing the currency?[/size]


2020-07-07





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Money1








Yassin Iraq: Baghdad

A page dedicated to currencies and exchange-rate monitoring posed a serious question looming over “printing the currency”.

The page wrote a post that was monitored by "Yassin Iraq" as well as some comments, which I indicated through the continued pumping and delivery of banks "new currencies", in a sign that raises the question of whether there is a printing of the currency without a cover of gold that threatens inflation and the loss of its value, which is the option that was previously It was proposed by some economists and government officials to address the economic crisis.

The post stated: “Before the printed dinar was new (sulfoned), we would only see it at the beginning of each new year, and after that it disappeared. This
year, we entered the seventh month, and the banks distributed all new !!!”


Some comments wrote a different opinion stating that the new edition is based on the foundations of withdrawing the old and damaged currency, and printed an alternative to it with the same value.



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 %D8%B5%D8%AB%D8%A8%D8%B5%D8%AB%D8%A8%D8%B5%D8%AB%D8%A8%D8%B5%D8%AB





https://yesiraq.com/%D9%85%D9%84%D8%A7%D8%AD%D8%B8%D8%A9-%D8%AE%D8%B7%D9%8A%D8%B1%D8%A9-%D9%85%D9%86-%D9%85%D8%AE%D8%AA%D8%B5%D9%8A%D9%86-%D9%88%D9%85%D9%87%D8%AA%D9%85%D9%8A%D9%86-%D8%A8%D8%B3%D9%88%D9%82-%D8%A7/
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Empty The banking system is in front of the task of proving existence

Post by claud39 on Thu Jul 09, 2020 4:44 pm

[size=36][rtl]The banking system is in front of the task of proving existence[/rtl][/size]




Wednesday 08 July 2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Alsabaah-39457


Baghdad / Al-Sabah 


 
Focusing on creating a solid financial sector that supports economic development activities after the penetration of the Corona pandemic and its negative effects, represents the most important steps for the banking system during the coming period, to create competition that strengthens financial products that support the national economy and finance production and service projects, and the demand for financial benefits will rise After coming out of the current crisis. 

The specialist in the financial affairs, Wahbi Al-Khaffaf, stressed the importance of "concerting all efforts to cross the current crisis in a manner that does not have significant negative effects on the financial sector and the beneficiary citizen, especially after the global financial sector was affected by the Corona pandemic and its negative consequences on the volume of sales around the world and the resulting From a significant drop in profits. "

 
Financial benefit

He added, "It is likely that bank customers will begin to seek financial aid, and encourage the Central Bank of Iraq to help them in providing multi-type loan initiatives with the help of Islamic and conventional banks."

And that "the reduction of interest came in support of national products in order to reduce foreign imports.

 The Iraqi Central Bank must also consider delaying loan installments for projects related to tourism, hotels and restaurants as a result of the stoppage of its business over the past period due to the Corona pandemic, especially since the banking system is aware of the importance of the tourism sector in The country, and its need for financial support, as this joint represents the permanent oil. " 
 

Productive sectors

He pointed out that "the banking system in the country must have a significant role in supporting the productive sectors, and here it is necessary to coordinate highly with the banking sector in the Iraqi Central Bank, as the central bank has a lending initiative in support of more than one sector, but it needs to organize more to achieve Its goals, which were found for it, and we all realize the need of many real industrialists and farmers for sums of money to develop the productive base in the country, which requires the efforts of all parties to advance them and achieve the highest levels of benefit for the country. "

 
The financial institution

He stressed that "the mission of the financial institution in the country for the coming period requires more effort that must be accompanied by developing performance and adopting the best banking systems in the world, and here promotes competition among all banks that lead to the multiplicity of products that serve the economic sectors of different production and service, and here We can reach the financial sector to its real goal, which works to reduce the negative effects on the national and family economies. "

It is reported that the banking system is busy with the issue of a new coronavirus (COVID-19). Borrowers and companies face job losses, slower sales and lower profits as the virus continues to spread throughout the world.



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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Empty Parliamentary finance warns of financing policy through the cash issue

Post by claud39 on Sat Jul 18, 2020 9:44 pm

Parliamentary finance warns of financing policy through the cash issue




- 07/18/2020





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 %D8%A7%D8%AD%D9%85%D8%AF-%D8%A7%D9%84%D8%B5%D9%81%D8%A7%D8%B1-696x435








Information / Baghdad



The Parliamentary Finance Committee warned, on Saturday, of the Central Bank of Iraq resorting to the policy of financing inflation through the cash issue, indicating that it leads to raising prices and harming those with limited and fixed incomes.



The committee's rapporteur, Ahmed Al-Saffar, said in a statement that followed him / the information: “There is a difference between printing the currency and the new monetary issue, because printing is an ongoing work by the central bank, to compensate the cash categories that are damaged after being withdrawn from the circulation stream, so the money supply remains as It is, which does not affect the state of the market or inflation. ”



As for the new monetary issuance, between Al-Saffar that this means creating a new amount of paper cash in different categories and this process is called in financial literature for inflation financing, because it leads directly to raising prices, and consequently low purchasing power of the national currency and lower real income of the individual, and harm to people Limited and fixed incomes, landlords and others.



He added that "monetary issuance is one of the solutions for deficit financing, and it is usually used in economically developed countries that have a developed production system that has flexibility, and is able to easily and quickly produce goods and services that are pumped to the market to meet the new amount of cash. When there are broken resources, new cash is used. To play it. ”



However, he added, "However, it is not advisable to use the new monetary issuance method in developing countries or that possess inflexible, slow and backward production devices, as is the case in Iraq . We in Iraq do not have production at all and depend on exporting oil and using oil revenues for import." 



25 n ended



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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Empty The new cash version

Post by claud39 on Sun Jul 19, 2020 11:24 am

[size=36][rtl]The new cash version[/rtl][/size]


Saturday 18 July 2020


Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 980-Alsabbaq


Dr.. In the name of Brahimi
 
Some have recently circulated a proposal to print the new currency or monetary issue, as it is called, in terms of possible solutions to address the financial crisis the government is going through as a result of the Corona pandemic, so can this proposal be implemented? What are the possible consequences if applied? .

In order to clarify the merits of the matter, we point out that the government, through the Ministry of Finance, has two main accounts (in addition to other accounts), the first in dollars in which its external revenues (from oil) are deposited, which constitute up to (95 percent), and the second in dinars, in which its local revenues are deposited (from taxes and fees And other returns) which are within (5 percent).

Thus, when the government wants to pay internal dues, it requests the central bank to transfer from its balance in dollars to its account in dinars, meaning that it buys the dinar from the central bank. The question is what if the financial balance is not sufficient to meet its requirements?

Before the issuance of the Central Bank Law No. 56 of 2004, one of the main solutions was to borrow directly from the Central Bank (overdraft) without the latter having the right to object, but after the issuance of the aforementioned law, this mechanism stopped, and the reason is that the law has prevented The central bank is able to provide direct debt to the government while allowing it to provide indirect debt by re-deducting government bonds in the secondary market, i.e. buying them from banks and not from the government, 
And that is within the framework of the independence granted by this law to the monetary authority, which aims to define the government borrowing process and not to use the latter this policy for political purposes and the issuance of more currency and consequently lower its value as a result of inflation resulting from the increase in issuance, meaning that the law was aimed mainly 
To prevent the improper use of religion.

Accordingly, the new monetary issuance process cannot be implemented before amending the law first, but if this is done, Iraq will lose one of the important achievements after the year 2003 which is the independence of the central bank, and this has a negative impact on the confidence of international institutions and organizations, and its consequences On the credit rating of Iraq, as well as dealing with those institutions and the ability to obtain financial and technical support, as this measure has negative consequences for the process of attracting foreign capital that we aspire to.

Away from all of that, the results that the cash issuance process can achieve do not differ from the indirect lending process initiated by the Central Bank a few days ago by re-deducting government bonds worth eight trillion dinars, but this process remains subject to the approval of the monetary authority and its appreciation of the actual need The size of the crisis and the need for government spending, which calls on us not to compromise the independence of the Central Bank, which is an important economic safety valve and the need to use specialists to deal with the crisis.





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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Empty Parliamentary Finance Decision: Inflation financing policy is harmful to limited incomes

Post by claud39 on Sun Jul 19, 2020 12:46 pm

[size=36][rtl]Parliamentary Finance Decision: Inflation financing policy is harmful to limited incomes[/rtl][/size]




Saturday, July 18 2020 





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 47641d8cf4125fa3e11cdcbd86968ff0








[rtl]Baghdad - conscious - Nassar al-Hajj[/rtl]






[rtl]The decision of the Finance Committee in the House of Representatives Ahmed Al-Saffar warned, today, Saturday, that the Central Bank of Iraq will resort to the policy of financing inflation through a cash issuance, indicating that it leads to raising prices and harming those with limited and fixed incomes. [/rtl]



[rtl]While the Director General of the Accounting Department at the Central Bank of Iraq, Ihsan Shamran, denied the existence of a currency printing process, for the purposes of government spending, calling for the separation between public financial resources, the central bank reserve and the banknotes that are in the possession of the central bank.[/rtl]



[rtl]Al-Saffar said in a statement to the Iraqi News Agency (conscious), "There is a difference between printing the currency and the new monetary issuance, because printing is a continuous work by the central bank, to compensate for the cash categories that are exposed to damage after being withdrawn from the circulation stream, so the money supply remains the same." Which does not affect the state of the market or inflation. "[/rtl]



[rtl]He added, "As for the new monetary issuance, creating a new amount of paper cash in different categories means this process is called in financial literature for inflation, because it leads directly to raising prices, and consequently low purchasing power of the national currency, lower real income per capita, and harming those with incomes Ltd., fixed and realtors and others. "[/rtl]



[rtl] Al-Saffar continued, "Cash issuance is one of the deficit financing solutions, and it is usually used in economically developed countries that have a developed production system that has flexibility, and is able to easily and quickly produce goods and services that are pumped to the market to meet the new amount of cash. When there are broken resources used New cash to run. "[/rtl]



[rtl]However, he added, "However, it is not advisable to use the new monetary issuance method in developing countries or that possess inflexible, slow and backward production devices, as is the case in Iraq, as we in Iraq do not have production at all and depend on the export of oil and the use of oil revenues for import."[/rtl]



[rtl]In turn, the Director General of the Accounting Department at the Central Bank of Iraq, Ihsan Shamran, said in a statement to the Iraqi News Agency (INA), "There should be a separation between public financial resources and the central bank reserves and banknotes that are in the possession of the central bank, i.e. the Iraqi dinar printed in the safes."[/rtl]



[rtl]"Supposedly, if there is now 10 trillion dinars in the central bank’s treasury, and the balance of money in the central bank is zero, in this financial case it has nothing, and therefore the finance needs to exchange dinars in the possession of the central bank with another asset, which is usually the dollar Which it sells to the central bank after selling oil. "[/rtl]












https://www.ina.iq/109927/%D9%85%D9%82%D8%B1%D8%B1_%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%B3%D9%8A%D8%A7%D8%B3%D8%A9_%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84_%D8%A8%D8%A7%D9%84%D8%AA%D8%B6%D8%AE%D9%85_%D8%AA%D8%B6%D8%B1_%D8%A8%D8%A7%D9%84%D8%AF%D8%AE%D9%88%D9%84_%D8%A7%D9%84%D9%85%D8%AD%D8%AF%D9%88%D8%AF%D8%A9
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Empty Parliamentary finance warns of financing policy through the cash issue

Post by claud39 on Sun Jul 19, 2020 12:55 pm

Parliamentary finance warns of financing policy through the cash issue




 07/18/2020



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 %D8%A7%D8%AD%D9%85%D8%AF-%D8%A7%D9%84%D8%B5%D9%81%D8%A7%D8%B1-696x435










Information / Baghdad


The Parliamentary Finance Committee warned, on Saturday, of the Central Bank of Iraq resorting to the policy of financing inflation through the cash issue, indicating that it leads to raising prices and harming those with limited and fixed incomes.


The committee's rapporteur, Ahmed Al-Saffar, said in a statement that followed him / the information: “There is a difference between printing the currency and the new monetary issue, because printing is an ongoing work by the central bank, to compensate the cash categories that are damaged after being withdrawn from the circulation stream, so the money supply remains as It is, which does not affect the state of the market or inflation. ”


As for the new monetary issuance, between Al-Saffar that this means creating a new amount of paper cash in different categories and this process is called in financial literature for inflation financing, because it leads directly to raising prices, and consequently low purchasing power of the national currency and lower real income of the individual, and harm to people Limited and fixed incomes, landlords and others.


He added that "monetary issuance is one of the solutions for deficit financing, and it is usually used in economically developed countries that have a developed production system that has flexibility, and is able to easily and quickly produce goods and services that are pumped to the market to meet the new amount of cash. When there are broken resources, new cash is used. To play it. ”


However, he added, "However, it is not advisable to use the new monetary issuance method in developing countries or that possess inflexible, slow and backward production devices, as is the case in Iraq . We in Iraq do not have production at all and depend on exporting oil and using oil revenues for import."


 25 n ended





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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Empty Parliamentary Finance: We warn that the central bank will resort to the policy of financing inflation through monetary issuance

Post by claud39 on Sun Jul 19, 2020 12:58 pm

Parliamentary Finance: We warn that the central bank will resort to the policy of financing inflation through monetary issuance




Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 %D8%A3%D8%AD%D9%85%D8%AF-%D8%A7%D9%84%D8%B5%D9%81%D8%A7%D8%B1-768x421












The decision of the Finance Committee in the House of Representatives, Ahmed Al-Saffar, warned that the Central Bank of Iraq would resort to the policy of financing inflation through monetary issuance

Al-Saffar said in a statement, that there is a difference between printing the currency and the new monetary issue, because printing is an ongoing work by the central bank, to compensate the cash categories that are exposed to damage after withdrawing them from the circulation stream, so the money supply remains the same, which does not affect the market condition Or inflation.

He added, regarding the new monetary issuance, that it means creating a new amount of paper cash in different categories and this process is called in financial literature for inflation financing, because it leads directly to raising prices, and consequently low purchasing power of the national currency and lower real income per capita, and harm those with limited incomes Fixed and landlords and others.







https://altaghier.tv/2020/07/19/%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-%D9%86%D8%AD%D8%B0%D8%B1-%D9%85%D9%86-%D9%84%D8%AC%D9%88%D8%A1-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84/
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Empty Re: Follow-up cell: The government may resort to borrowing and printing currency to provide salaries

Post by claud39 on Sun Jul 19, 2020 1:20 pm

@claud39 wrote:Parliamentary finance warns of financing policy through the cash issue




 07/18/2020



Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 %D8%A7%D8%AD%D9%85%D8%AF-%D8%A7%D9%84%D8%B5%D9%81%D8%A7%D8%B1-696x435










Information / Baghdad

The Parliamentary Finance Committee warned, on Saturday, of the Central Bank of Iraq resorting to the policy of financing inflation through the cash issue, indicating that it leads to raising prices and harming those with limited and fixed incomes.

The committee's rapporteur, Ahmed Al-Saffar, said in a statement that followed him / the information: “There is a difference between printing the currency and the new monetary issue, because printing is an ongoing work by the central bank, to compensate the cash categories that are damaged after being withdrawn from the circulation stream, so the money supply remains as It is, which does not affect the state of the market or inflation. ”

As for the new monetary issuance, between Al-Saffar that this means creating a new amount of paper cash in different categories and this process is called in financial literature for inflation financing, because it leads directly to raising prices, and consequently low purchasing power of the national currency and lower real income of the individual, and harm to people Limited and fixed incomes, landlords and others.

He added that "monetary issuance is one of the solutions for deficit financing, and it is usually used in economically developed countries that have a developed production system that has flexibility, and is able to easily and quickly produce goods and services that are pumped to the market to meet the new amount of cash. When there are broken resources, new cash is used. To play it. ”

However, he added, "However, it is not advisable to use the new monetary issuance method in developing countries or that possess inflexible, slow and backward production devices, as is the case in Iraq . We in Iraq do not have production at all and depend on exporting oil and using oil revenues for import."

 25 n ended








 the Central Bank of Iraq resorting to the policy of financing inflation through the cash issue





A good question on this, if the CBI does not print a new currency, then they are in the process of issuing a new category?

Rolling Eyes Rolling Eyes

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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Empty An economist talks about what controls the dollar exchange rate in Iraq

Post by claud39 on Mon Aug 03, 2020 11:29 am

[size=36]An economist talks about what controls the dollar exchange rate in Iraq[/size]


7/20/2020


Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Image.thumb.jpeg.3fc426f98211f1cf23e7ff12ade86899


Economie 7/20/2020 19:41 441   

Baghdad today - Baghdad
 
Economist, Humam Al-Shamaa, on Tuesday (28 July 2020), talked about what controls the dollar exchange rate in Iraq and the effect of internal factors on it.


Al-Shamaa said, in an interview with (Baghdad Today), that "the exchange rate of the dollar in local markets has nothing to do with the exchange rate of the dollar in global markets towards other currencies."


He added, "What controls the dollar exchange rate in global markets are expectations, oil prices, gold prices and a relationship with the euro. As for Iraq, the relationship between the dollar and the dinar is controlled by internal factors related to the demand and supply of the dollar." 


And Al-Shamaa said, "The decrease leads to higher prices, inflation and more problems for the poor classes, because the devaluation of the dinar means an increase in the value of commodities."




The price of gold reached record levels yesterday, with a new drop in the price of the dollar in the global market at a time when investors rushed to buy it as a safe haven, amid concern about the tension between the United States and China and the rise in the number of cases of Covid-19 again around the world and the lack of progress in Washington on a new package To stimulate the economy. 


After months of improvement in stock markets, driven by the trillions of dollars of support from governments and central banks, investors are rethinking the long-term economic implications of the emerging corona virus. 



And at a time when the wide easing measures imposed by the Federal Reserve monetary dollar push the dollar against most of the other currencies, gold rises significantly, reaching a record level of $ 1944.71, which is much higher than the previous record level recorded in 2011 and reached $ 1921.18. 

The focus is on the next meeting of the Federal Reserve to discuss its policies this week, as some expect that more measures will be imposed to boost the economy (probably negative interest rates), which is expected to increase pressure on the dollar and raise the price of the gold ingot to more than two thousand dollars. 


There is also concern that recording worse-than-expected results in US gross domestic product for the second quarter of the year will cause major selling to the dollar, and while the weak dollar has been a major driver of the high price of gold, the matter is also driven by the attractiveness of the metal as a haven in times of turmoil, especially in light of the deterioration The relations between the United States and China day after day.

Gavin Wendt, chief resource analyst at MineLife Consulting, said: “Strong gains cannot be avoided at a time when we are entering a stage similar to the atmosphere that prevailed in the aftermath of the global financial crisis as gold prices rose to record levels as a result of large amounts of Federal Reserve funds being pumped into Financial system, "and the dollar fell again against other currencies, while the euro reached its highest level since September 2018.


https://baghdadtoday.news/news/126864/%D8%AE%D8%A8%D9%8A%D8%B1-%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A-%D9%8A%D8%AA%D8%AD%D8%AF%D8%AB-%D8%B9%D9%86%D9%85%D8%A7-
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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Empty Iraq is in a "critical situation" ... $ 6 billion to fulfill its obligations

Post by claud39 on Thu Aug 06, 2020 10:17 am

Iraq is in a "critical situation" ... $ 6 billion to fulfill its obligations





2020-08-06





Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 1596699376504


Shafak News / A member of the Parliamentary Finance Committee revealed, on Thursday, that Iraq needs $ 6 billion to fulfill its domestic and international obligations, noting that it is still going through the critical stage.

"Oil was sold at $ 21 and after subtracting the cost, we only get $ 10 of oil," MP Ahmed Hama Rashid told Shafaq News, stating that "after the current oil price rises, the government gets $ 3 billion a month. If border ports are well controlled and managed, one billion dollars can be obtained from these ports. "

Rashid added, "Iraq does not need more than this amount to pay the salaries of employees if it undertakes the process of austerity in state administration," explaining that "through borrowing, it can bridge the investment gap and other service issues ."

Rashid stressed that "Iraq is still going through the critical phase until now and needs monthly $ 3 billion to pay the salaries of employees and retirees, but that other issues and duties including the ration card and international obligations, Iraq needs $ 6 billion to cover these things ."

Rashid pointed out that "through loans and other alternatives that until now the government did not turn to, including financing by inflation and adjusting dollar rates, Iraq can go beyond the critical stage ."


Iraq suffers from a deficit in its public budget due to the low oil prices, which constitute 90% of this budget, which led the government to borrow to pay the salaries of employees and retirees, and to stop investment projects for this year. 



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Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 Empty Member in Parliamentary Finance: The state is the losing party in the currency auction

Post by claud39 on Fri Sep 11, 2020 1:20 pm

Member in Parliamentary Finance: The state is the losing party in the currency auction



11/09/2020


Follow-up cell: The government may resort to borrowing and printing currency to provide salaries - Page 3 132709




Baghdad Today - Baghdad A member of the Parliamentary Finance Committee, Jamal Cougar, said Friday (September 11, 2020) that the state is the losing party in the currency auction as a result of not stopping corruption and reorganizing the currency sale, according to what he said. 

Cougar said in an interview with him (Baghdad Today), "There are a lot of thefts that happen when the federal funds are transferred to the local budgets of the provinces, we find there are dozens of fake projects or the doors of disbursement exaggerated." 


He added that "there are those who do not want to stop or end the corruption operations in state institutions or in the auction process," noting that "the government has so far not been able to stop those suspicious transactions that occur in the currency auction or is working to reorganize the sales."

 Cougar stressed that "reorganization will give the state great profit opportunities, which will lead to the flow of money into the state treasury, but in the current situation the state is the loser." 

A member of the Parliamentary Finance Committee, Abd al-Hadi al-Saadawi, revealed, on Tuesday (June 2, 2020), that there were suspicions of corruption hovering around the work of the foreign currency auction. Al-Saadawi said in an interview with (Baghdad Today), "There are funds sold in the currency auction without supervision and allow for major corruption operations. 

Therefore, it is possible that the Prime Minister, Mustafa Al-Kazemi, according to his powers, monitor the window of currency sale and hold the negligent accountable." 

He added that "Al-Kazemi does not have the powers to cancel the auction of selling the currency, as it is a window from the central bank’s windows in order to obtain the local currency as well as import goods."

 He stressed that "the prime minister has the power to restrict the auction and does not have the right to cancel it."


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