Parliamentary movement to change the dollar exchange rate in Iraq’s budget for 2022

News source / First News Agency – A member of the Parliamentary Economy and Investment Committee, Nada Shaker Jawdat, revealed today, Tuesday, the existence of a parliamentary movement aimed at changing the exchange rate of the dollar against the Iraqi dinar in the draft budget law for the year 2022.

Jawdat said, in a statement received by (Al-Oula News), that “the Iraqi government, until this moment, refuses to restore the exchange rate of the dollar against the Iraqi dinar, as it was before, especially after the disappearance of all justifications for raising this price, which greatly affected the lives of citizens from raising it. Food prices and others, and these justifications ended with the rise in oil prices and the presence of financial abundance to fill the remaining budget deficit.”

She added, “The Iraqi government’s insistence on its refusal to return the exchange rate of the dollar against the Iraqi dinar, as it was previously, prompted a new parliamentary movement, which will be effective during the coming days, for the purpose of which the exchange rate in the 2022 budget is different from the current budget.”

She stressed, “This matter is supported by the majority of deputies, and the new parliament will certainly have a position on this important economic file.”

Awla.news

Parliamentary Finance calls for a review of the exchange rate: all the justifications for raising the dollar have not been met

Baghdad / The Finance Committee says that all the justifications for changing the exchange rate of the dollar compared to the Iraqi dinar have not been achieved, denying the existence of a decrease in the sales of the Central Bank so far, stressing the continued flow of hard currency out of Iraq.

The committee stated that considering the decision is premature and will be with the draft budget law for the next year, which is still in the custody of the government, and talked about the parliament’s having the authority to intervene and address the severe economic effects it left on the simple citizen, by reconsidering or amending it.

Committee member Naji Al-Saidi said, in a statement to Al-Mada, that “the proposal to set the dollar exchange rate is a governmental and executive matter, before it falls within the competence of the House of Representatives.”

Al-Saidi, a representative of the Sairoon bloc, added, “An article in the budget laws that comes from the government in the form of a project, in which the exchange rate is set, and is discussed with the rest of the budget items in the House of Representatives.”

He pointed out, “Knowing the total government revenues is done in light of determining the price of the dollar compared to the Iraqi dinar, and setting an appropriate price for a barrel of oil, and here the parameters of the budget will become clear to us in terms of revenues, expenditures and the amount of the planned deficit.”

And Al-Saidi, “The Finance Committee in the House of Representatives has not yet received the draft budget law for the next year, and we do not know anything officially about the price of the dollar.”

And while he saw that “talking about setting a new price or maintaining what it is currently is, it is still premature.” next.”

Al-Saidi denied that “the main and only reason behind changing the exchange rate is to cover the budget deficit as it is promoted in the media.”

The member of the Finance Committee explained, “The goal was much further than that, and in light of this, the so-called white paper related to reforming the economic and financial system in Iraq was issued.”

Al-Saidi finds, “None of the objectives of raising the exchange rate has not been achieved, whether at the financial level related to the deficit, or the monetary related to reducing the sale of reserves of hard currency, in addition to achieving development,” stressing that “all these justifications have no effect on the ground.” Reality”.

And he added, “The House of Representatives, whether it is in the current or subsequent session, has the right to exercise its constitutional powers and amend the dollar exchange rate and return it to what it was in the past, especially with the absence of its justifications.”

Al-Saidi went on to say that “the functions of the House of Representatives regarding the budget are clear and defined by Article 62 of the constitution, which is reducing the total amounts or transfers between chapters, and changing the exchange rate if it comes within these two frameworks, then it is considered a project, whether by amending the government’s orientation or returning to what it was in the past.” .

And Finance Minister Ali Abdel Amir Allawi had stated in a dialogue session last month, with a number of journalists and media professionals, attended by (Al-Mada), that “the exchange rate of the dollar against the Iraqi dinar will not change in the next budget, as it reflects many issues and raises it to the benefit of some economic sectors.”

“Another committee member, Abdel Hadi Al-Saadawi, agreed with Al-Saeedi, that “changing the dollar exchange rate did not achieve any of the goals that the government promised.”

Al-Saadawi, a representative of the State of Law coalition, added, in a statement to (Al-Mada), that “the government had promised that it would encourage the national product and provide job opportunities for the unemployed.”

He regrets that “all those promises were not implemented. On the contrary, the decision contributed to increasing the burdens on the citizen, especially the poor and middle classes.”

Al-Saadawi finds that “talking about providing funds to the government as a result of this decision is scientifically inaccurate, as it contributed to obtaining sums temporarily and not permanently.”

He noted, “This comes at a time when the Central Bank continues to operate through the currency sale window in an unthought manner, and this contributed to the exit of large quantities of hard currency abroad.”

Al-Saadawi added, noting “the importance of reconsidering these decisions in the next budget, and that they meet the aspirations of the Iraqi street, and do not contribute to increasing the burdens on it.”

And he spoke, “It is not possible to complete the discussion of the budget during the remainder of the parliament’s life, and its legislation will be postponed until next year due to the approaching date of the elections.”

Al-Saadawi concluded, “The need to resort to other available resources to secure important revenues for the state away from pressure on the citizen, and at the forefront of those revenues are the revenues of border crossings, customs and fees.”

The budget for the current year had raised the dollar’s exchange to 1450 dinars, but this price did not remain fixed, but witnessed a change in the market, sometimes reaching 1490 dinars or a little less.

Sotaliraq.com

Al-Kazemi confirms: We have reached “full readiness” to hold the October vote on time

Baghdad – Prime Minister Mustafa Al-Kazemi confirmed, on Tuesday, that he has reached full readiness with regard to holding the elections next October, after the government completed all the requirements of the technical and security electoral process.

Al-Kazemi stressed during the cabinet session, (September 7, 2021), “the importance of integrative work between state institutions, in order to achieve the desired goals and push the wheel of development forward, in a way that contributes to upgrading the country’s reality, and its repercussions on the lives of citizens.”

“We have reached full readiness with regard to holding the elections next October, after the government fulfilled its obligations and completed all the technical and security requirements of the electoral process,” he stressed.

The Prime Minister called on political forces and social activities to “push towards urging citizens to participate broadly in the elections.”

Nasnews.com

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Al-Kazemi and Al-Awdat discuss ways to facilitate bilateral integration between Iraq and Jordan

Baghdad – Prime Minister Mustafa Al-Kazemi received, on Saturday, the Speaker of the House of Representatives in the Kingdom of Jordan, Abdel Moneim Al-Awdat, while they discussed ways to facilitate bilateral integration between the two countries.

Al-Kazemi welcomed the guest delegation, and emphasized the depth of bilateral relations between Iraq and Jordan, which recently reached a high level of cooperation, praising the role of King Abdul God the Second Bin Al Hussein in developing these relations, and this was evident in his active presence in the tripartite summits, as well as in the Baghdad Conference for Cooperation and Partnership.

Al-Kazemi added that “the consolidation of relations between Baghdad and Amman positively reflects on the stability of the region, as well as the achievement of strategic and economic partnerships,” and urged parliamentarians in both countries to “work to facilitate the process of bilateral and regional integration, which was initiated by the Iraqi and Jordanian governments.”

The Prime Minister stressed that “Iraq has gone through difficult circumstances, and is now in the stage of recovery, and moving towards the normal situation it deserves.”
For his part, Jordanian Parliament Speaker Abdel Moneim Al-Awdat conveyed the greetings of King Abdullah II bin Al-Hussein to the Prime Minister, stressing the Kingdom’s keenness to build the best relations with Iraq, as well as his blessing for the success of the Baghdad Conference for Cooperation and Partnership, which Iraq recently hosted.

He praised “the steps taken by the Iraqi government towards adopting a policy of dialogue and calm to ensure the stability of the region, as well as Jordan’s appreciation of Iraq’s role in fighting terrorism that threatens the security of the entire region.”

Al-Awdat stressed that “the balance and recovery that Iraq is witnessing are two things that deserve support and backing.”

Nasnews.com

The dollar fell to its lowest level in a month

Mawazine News: The dollar fell to its lowest level in almost a month, against major counterpart currencies, before an important US jobs report that may spur the Federal Reserve to an early cut in stimulus.

There was little change in the dollar index, which tracks the performance of the US currency against a basket of 6 counterpart currencies, at 92.207, after it touched 92.151 earlier for the first time since the fifth of last August.

The euro also nearly settled at $1.1878, after hitting its highest level since August 4 at $1.1884, supported by rising inflation in the region to its highest level in 10 years, and a monetary tightening speech from European Central Bank officials ahead of a policy meeting on August 9. This September.

Meanwhile, the US central bank has made labor market recovery a condition for reducing asset purchases during the pandemic.

Mawazin.net

Oil: Price stability at $70 is a good indicator that enhances financial will and revives the economy

Economie – Today, the Ministry of Oil clarified the mechanism for dividing the gradual increase in production that was agreed upon in “OPEC +”, while confirming that this increase will contribute to reducing the deficit in the country’s financial budget .

A spokesman for the Ministry of Oil, Assem Jihad, said in a statement that “one of the most important priorities of the OPEC + member states is to maintain the stability of oil markets and control the required balance between supply and demand for crude oil, and work to address the oil surplus here and there .”

Dijlah.tv

Proposal to digitally reintroduce small denominations

Baghdad: The expert in economic affairs, Dr. Hussein Al-Khaqani, suggested to the Central Bank to digitally reintroduce small denominations, which would provide sums for the public, after amending the digital banking system. Al-Khaqani said that {small cash denominations, which are smaller than 250 dinars, if they are collected and accumulated annually, the citizen will get good savings from them, instead of wasting them on buying goods that are not worth their real value.

The 250 dinars

He pointed out that “the records of government departments used to contain parts of the 250 dinars currency, but they were settled and made into the currently circulating cash denominations, as imposed by reality, transactions and the public’s acceptance of them.”

Alsabaah-iq

Baghdad today publishes dollar prices after the capital conference for cooperation and partnership

Baghdad today – (Baghdad Today) publishes, on Saturday, the exchange rates of the US dollar against the Iraqi dinar, according to what the Iraqi stock exchanges recorded after the Baghdad Conference for Cooperation and Partnership.

The selling price of the dollar in Iraq reached 148,000 thousand dinars for each $100 bill.
After the Baghdad conference, the stock exchanges witnessed the purchase price of the dollar at 147,000 thousand dinars in exchange for the $100 bill.

Baghdadtoday.news

Finance Minister: We have started reform, and we need everyone’s concerted efforts

Baghdad: Finance Minister Ali Abdul-Amir Allawi stressed that the country’s situation is described as sensitive and requires concerted efforts by all, in order to achieve serious reforms that distance the country from potential dangers, pointing out that cooperation is most intense with the Central Bank of Iraq with the aim of building a clear financial map.

Allawi said during a meeting with a group of journalists: The budget for the year 2022 will be completed within 3-4 weeks and presented to the Council of Ministers, expecting to submit it to the next parliament.

And it will depend on the price per barrel of oil, $50, and it will be based on the current production level. Regarding the exchange rate and the decision to devalue the national currency, Allawi stated that {the exchange rate represents the external face of the economy, and the high exchange rate brings benefit to many economic sectors}, noting that {the price when it affects the economy negatively and encourages the transfer and transfer of resources. On the outside, it is necessary to reconsider and this is what happened.”

He said, “The decision to devalue the currency came in order to create a competitive economy that encourages the work environment in the country,” noting that “during the past six months, we have indicated an increase in demand for investment licenses in the industrial sector”.

Allawi pointed out that “the increase in prices in local markets, and the percentage that exceeds the rate of devaluation of the currency, came due to the increase witnessed by global markets, which coincided with the decision to reduce and the Corona pandemic, which had negative effects on the global economy as a whole.”

He stressed, “We are moving towards offering treasury bonds for trading in the Iraqi Stock Exchange, and we expect a great turnout for them in the absence of ideal investment opportunities in the country,” noting that “Iraq’s revenues are large, but the obligations are also wide, and there is an inflation in the number of employees that coincides with a lack of productivity.

He said: {Reform of government performance and the economic system is inevitable, and far from it we cannot create an incubating environment for the economy}, pointing out that we have begun a real reform of government institutions, banks, customs and taxes, in order to manage the economy”.

Alsabaah.iq