An official source in the Central Bank: The currency auction has been suspended for 5 days due to banks’ failure to buy

Baghdad today – Baghdad: An informed source said, today, that the auction to sell the currency at the Central Bank has been suspended for a week due to the failure of banks to submit their requests to buy the currency.

The source stated in an interview with (Baghdad Today), that “the auction of selling the currency has stopped since Wednesday 3/31/2021, due to the failure of banks to buy the currency from the auction, fearing that the budget will be approved in a timely manner and its impact on the exchange rate.”

He added, “The banks have enough reserves for trading for a number of days without buying from the auction selling the currency and a number of banks have submitted a request to buy the currency from the auction, but the auction will resume on next Sunday, that is, the beginning of the new week.”

On the other hand, a source in the Central Bank said, “A number of banks submitted their requests on Sunday and Monday to the Central Bank to buy the currency from the auction.”

He added in an interview with (Baghdad Today), that “the submission to obtain the currency from the auction takes place a week ago,” indicating that “the work returned naturally in the auction and the banks did not submit last week, due to speculation about returning the old exchange rate and approving the budget.”

Baghdadtoday.news

Iraq uses the international community to recover its smuggled money

Today, the Iraq program discussed several axes, including the Al-Kazemi Gulf tour and efforts to restore bridges of confidence. Iraq is seeking the help of the international community to recover its smuggled funds.

Radiosawa.com

Central Bank Governor: Iraq is implementing its reform plans

Governor of the Central Bank, Mustafa Ghaleb Makhaif, confirmed, on Thursday, that Iraq is implementing it’s reform plans.

The Central Bank said in a statement that Mawazine News received a copy of, that “his governor participated, as a representative of Iraq, in the spring meetings of the International Monetary Fund.” He stressed during a speech delivered at the meeting, “Iraq is implementing it’s reform plans towards fiscal and monetary policy.”

He pointed out, “The Corona pandemic was and still is one of the obstacles facing the Iraqi economy despite the proactive measures that the central bank or the government worked on,” stressing, “the country’s keenness on international and regional openness in a way that serves Iraq’s economic and financial interests.”

Mawazin.net

The US Embassy welcomes the approval of the budget: We look forward to continuing our partnership

We are pleased that Iraq has approved the 2021 budget and can now move forward on the path of implementing economic reforms that will lead to greater prosperity and security. The United States looks forward to continuing our partnership with Iraq and the Iraqi people.

The American Embassy

Nasnews.com

Parliament transfers the budget from the dollar to the dinar to overcome the dispute

The House of Representatives decided in its meeting held today, Wednesday, to convert the federal budget for 2021 from the dollar to the Iraqi dinar.

A representative source said {for the Euphrates News} that “it was agreed to transfer the budget from the dollar to the Iraqi dinar, in order not to delay its approval and isolate it from the differences of the rise of the dollar.”

He pointed out that “a proposal was made to follow up on the issue of the dollar with the central bank and finance in other sessions without marketing the crisis to the budget after it was agreed to transfer the budget from the dollar to the dinar.”

Alforatnews.com

Imported ready-made recipes will not cure the Iraqi economic and financial collapse

Dr.. Abd Ali Awad – Economic researcher and writer

The Iraqi laboratory has become one of the world’s richest laboratories in the field of political, economic and social experiments. As the various dilemmas accompanying its collapsing consequences still follow him … If silence prevailed on the part of those concerned with the Iraqi economic and financial affairs, we would have said that it is inevitable to bring ready-made prescriptions from abroad and to seek the help of international economic and financial institutions and international scientific research centers, but after 2003, various studies were published. And research to address the Iraqi economy and how to advance it did not find deaf ears.

THE LAST STATEMENT OF the Minister of Finance – Ali ALLAWI – to MAKE THE PRICE OF EVERY 1{00} DOLLARS EQUAL TO 3{00} THOUSAND DINARS, AS IT WAS BEFORE 2003, CONFIRMS that he ADHERES to the directives of the WORLD BANK, on the pretext that the salaries of the employees of the state sector are burdening the budget!

He did not bother with his consultant team to involve the Ministry of Planning to develop an integrated study to transfer the majority of state sector employees to the private sector, which in turn stipulates providing job opportunities by granting loans with the application of the Social Security Law for the employees of that sector. I mentioned several years ago that the national economy, with its private sector, needs an estimate of 50 thousand industrial, agricultural and service production projects, and this huge number of projects can absorb unemployment in its both declared and disguised parts / the redundant state sector employees /.

It seems clear to us that there is a contradiction between Parliament legislation and executive authority agreements that take the nature of deals, so where is the commitment of the Council of Ministers to implement the laws on protecting the national product and protecting the consumer!

The inherited problem in running the state is that the ruler has the absolute right to dispose of state funds, which are the people’s money, unlike what is prevalent in countries with long-standing democracies with their constitutional institutions .. And here we are on the eve of a tripartite meeting between Al-Kazemi, King Abdullah II and President Al-Sisi, and the indications for that meeting It suggests that Iraq should be a consumer market for the goods of those countries in addition to Jordan and Egypt’s insistence on completing the extension of the oil pipeline from Iraq to the port of Aqaba at the expense of Iraq and the beneficiaries of that project are Jordan and Egypt. Iraq is the only one affected ..

Likewise, Egypt’s desire to export its labor to Iraq is as if Iraq suffers from a shortage of internal manpower … Whoever wants to build his country must set his sights on Iraq to infinity.

It is possible to conclude any agreements between Iraq and any other country if those agreements are in the interest of the two countries, but if they are in the interest of the other country and cause harm to Iraq, then there is no need to think about them.

Akhbaar.org

Mustafa Al-Kazemi: The decision on the exchange rate of the dollar was taken by the Central Bank

Baghdad: Morning… Prime Minister Mustafa Al-Kazemi demanded, on Tuesday, to stay away from auctions in the issue of the dollar exchange rate, stressing that the decision was taken by the Central Bank according to a targeted vision and strategy, and we began to see the results on the growth of monetary reserves and on Iraq’s international credit rating.

Al-Kazemi said, during the regular session of the Council of Ministers: “Challenges continue in the country due to the nature of the situation, which requires the solidarity and cooperation of everyone to overcome them,” expressing his “aspiration to expedite the passage of the Federal Budget Law, and the paragraphs it contains that address the needs of the poorest classes, and support projects.

He called on all ministries to “work with all their efforts to support the Ministry of Trade in order to distribute the ration card items among citizens and not give some merchants an opportunity to exploit the citizens’ needs.”

He added that “the ministries must work diligently to support reform decisions according to the strategy prepared for them, and pressures must be faced with patience and work.”

On the other hand, a spokesman for the Prime Minister, Dr. Hassan Nazim, Minister of Culture and Antiquities, said that Al-Kazemi called on the Ministry of Trade to support the ration and that there are measures in the ministry to meet the ration now and at the beginning of the Ramadan month.

Alsabaah.iq

Economist: The devaluation of the Iraqi currency caused a collapse in the currencies of these countries

Baghdad today – Baghdad… Today, the economic expert, Rasem Al-Aqidi revealed a surprise regarding the repercussions of the change in the price of the dollar against the Iraqi dinar, while referring to a group of countries whose local currencies were damaged as a result of the decline of the Iraqi currency.

Rasim al-Aqidi said, in an interview with (Baghdad Today), that “the monetary block in Iraq before the exchange rate change amounted to 61 trillion dinars, of which the government owns only 20%, while 40% of the bloc is in neighboring and regional countries, and 40% at Banks, banks, markets, and civilian homes. ”

Al-Aqidi added, “After the new dollar price, banks related to neighboring countries and foreign companies dealing with Iraqi private banks have replaced their Iraqi currency with dollars, and have stopped buying dollars at the new price because it does not suit them.”
He pointed out that “what happened from collapses in the exchange rates of some Arab and regional currencies and the rise in prices, whether in Lebanon, Turkey, Jordan or Syria, came as a result of their dependence on Iraq to obtain dollars.”

The economic expert explained, “The state now owns 60% of the Iraqi monetary mass, which is a positive framework that allowed it to move the file of loans and advances and invest them through interest,” indicating that “the change in the price of the dollar gave some of its fruits within a short period of time.”

And the economic expert, Dawood Al-Jumaili, had spoken earlier, that Iraqi money had been taken into account during the previous exchange rate.

Al-Jumliy said, “The price of the previous dollar, of (1200), was considered a cheap exchange rate by the exporting countries. Therefore, Iraq was one of the largest importers of goods, as it adopted an unreal dollar exchange rate and was not based on scientific theories, for the purpose of flooding the market with imported goods.” .

The economic expert called “to put laws in the 2021 budget in order to protect the poor classes and those with limited income from sudden changes taking place in the Iraqi economy.”

And after the decision to reduce the exchange rate of the Iraqi dinar against the dollar, the economic agency “Bloomberg” said that the decision of the Central Bank of Iraq, which includes adjusting the exchange rate of the US dollar against the Iraqi dinar, is a “deserved reduction in the value of the national currency.”

In a report translated (Baghdad Today), Bloomberg explained that the measure “reduces the currency by about 20 percent against the dollar,” indicating that it came “to avoid depleting countries’ foreign currency reserves after the Corona virus drained energy demand and caused a collapse the prices”.

Baghdadtoday.news

Erbil announces a political agreement with Baghdad regarding oil

Baghdad – Mawazine News: The Patriotic Union of Kurdistan announced, on Friday, a political agreement with Baghdad regarding oil.

The leader of the Union, Ghayath Al-Surji, said in a radio interview, “In the past, the agreement was for the region to hand over 460 thousand barrels, but the dues of the oil companies operating in the oil sector and the debts owed by the region were deducted from the wages of the oil pipelines to Turkey in addition to the deduction of the region’s share for consumption.” the local”.

He added, “The delegation of the region has agreed with the political blocs in Baghdad and the Parliamentary Finance that the remainder will be 250 thousand barrels to be delivered to the SOMO Oil Marketing Company.” Ended 29 / A 43

Iraqakhbar.com

Al-Haddad denies changing the exchange rate of the dinar in the budget law

Shafaq News / The media office of the Iraqi Deputy Speaker, Bashir Khalil Al-Haddad denied, today, Saturday, that an agreement had been reached to change the exchange rate of the Iraqi dinar in the Federal Budget Law.

The media office of the Deputy Speaker of the Iraqi Parliament stated, in a statement received by Shafaq News: It is true that “some news agencies and social media circulated about the agreement of the Finance Committee and the government in today’s meeting chaired by Al-Haddad about the approval of the Finance Committee for the exchange rate of the Iraqi dinar against the US dollar.”

The statement confirmed; That what happened at the meeting regarding the exchange rate; It is “a discussion of its repercussions and the resulting consequences, problems and price increases. It was an extensive discussion between the Parliamentary Finance Committee and the concerned ministers to discuss solutions and ways to address the issue of the exchange rate of the Iraqi dinar.”

The official Iraqi News Agency quoted the Second Deputy Speaker of Parliament, Bashir Al-Haddad, as saying, “The government and most of the members of the Finance Committee while keeping the exchange rate in its current position.”

Shafaq.com