Raising Or Lowering The Currency Exchange Rate Is The Exclusive Authority Of The Government

The Independent / – Member of Parliament for the Saeron Alliance, Riad Al-Masoudi, affirmed that “raising or lowering the currency exchange rate is the exclusive authority of the government according to the law and the constitution.”

Al-Masoudi said in a press statement by the Independent: “Articles 78 and 80 are clear about the government’s authority to manage the country, economic planning and financial policy, which are all exclusive to the executive authority.”

He added, “The raising or lowering of the currency rate is an exclusive prerogative and part of the government’s measures to reform the economy.”

Al-Masoudi explained: “The role of the House of Representatives is legislative, supervisory and representative exclusively in accordance with Article 68 and its constitutional paragraphs.”

He pointed out: “The parliament’s role in terms of collecting signatures, either issuing representative orders to form committees or issuing decisions on a specific issue, which are not binding and give the representative opinion of Parliament.”

It is noteworthy that the parliamentary signatures exceeded 100 signatures requesting the government to reconsider reducing the price of the local currency against foreign currencies.

Mustaqila.com

British ambassador talks about his country’s role in “supporting reforms” with the IMF and the World Bank

Baghdad today – Baghdad… The British Ambassador to Iraq, Stephen Hickey, said that the visit of the Prime Minister, Mustafa Al-Kazemi to London witnessed the AGREEMENT WITH THE INTERNATIONAL MONETARY FUND AND THE WORLD BANK TO SUPPORT ECONOMIC REFORMS IN IRAQ, indicating that the Ministry of Finance is now in negotiations with the International Monetary Fund to obtain loans to support the economy and hold elections .

Hickey said in a televised interview on Friday and followed by (Baghdad Today), that “during the visit of the Iraqi government delegation, headed by the Prime Minister, Mustafa Al-Kazemi, to Britain, LONDON TOOK IT UPON ITSELF TO SUPPORT THE IRAQI ECONOMYAND BROUGHT TOGETHER the INTERNATIONAL MONETARY FUND and the WORLD BANK with the IRAQI GOVERNMENT DELEGATION, To SUPPORT the ECONOMIC REFORMS UNDERTAKEN BY BAGHDAD, and this is what is happening now, “indicating that” AL – KAZEMI HAS AN OPPORTUNITY AN OPPORTUNITY TO ACHIEVE ECONOMIC REFORMS AND HE RECEIVES SECURITY FROM BRITAIN AND THE EUROPEAN UNION countries. ”

He added, “The Minister of Finance, Ali ALLAWI, is NOW in NEGOTIATIONS WITH the INTERNATIONAL MONETARY FUND, TO OBTAIN LOANS, to SUPPORT THE ECONOMY and PREPARE FOR ELECTIONS.” The International Monetary Fund had recently announced that it had received a request for emergency aid from Iraq .

“The Iraqi authorities have requested emergency assistance under the Rapid Financing Instrument, in a long-term arrangement, TO SUPPORT THE PLANNED ECONOMIC REFORMS,” ​​the fund said in a statement, adding that “discussions are ongoing regarding the authorities’ request for emergency assistance . ”

On January 24, Finance Minister Ali Allawi told Bloomberg that Iraq was in talks with the IMF to obtain a $ 6 billion loan .

Allawi indicated that Iraq may request an additional $ 4 billion in low-cost loans from the International Monetary Fund’s government reform program.

Baghdadtoday.news

Al-Jubouri to the World Bank Mission: Many reform measures were included in the budget

Baghdad – Mawazine News… Head of the Parliamentary Finance Committee, Haitham Al-Jubouri, discussed with the representative of the World Bank delegation in Iraq, Ramzi Numan, the draft of the 2021 budget bill.

A statement stated, “The Chairman of the Finance Committee, MP Haitham Al-Jubouri, received the representative of the World Bank mission in Iraq, Ramzi Numan, to discuss a draft Draft Federal Budget Law for 2021. ”

He added, “The meeting discussed the great challenges facing the Finance Committee, during its discussions of the draft budget in light of an unstable economic and financial situation, whether in Iraq or the world, imposed by the Corona pandemic.”

Al-Jubouri confirmed, according to the statement, that “the Finance Committee had a big challenge in the budget represented in the huge deficit and tremendous growth in expenditures without actual reform measures.” Oil revenues by supporting non-oil resources such as border crossings, collection and private sector support to stimulate the Iraqi economy. ”

For his part, Numan said: “The World Bank supports the reform process to revive the Iraqi economy and solve its structural problems,” stressing at the same time that the bank has restored to support investment and development projects in Iraq.

In another context, Speaker of Parliament Muhammad al-Halbousi chaired the thirty-fifth meeting of the Parliamentary Finance Committee, in which it continued its discussions on the draft federal budget bill for 2021.

A statement by the Media Department in the House of Representatives stated that the Speaker appreciated the efforts of the Finance Committee in its discussions to balance the current year and bear the burdens of the confusing financial and economic situation in the country.

He added, “Al-Halbousi presented a set of proposals and ideas that could be included in the draft law that would contribute to developing the agricultural sector, such as obliging the government to pay farmers’ dues and supporting this important segment in the country, and supporting the industrial sector and the private sector to create opportunities for unemployed youth.”

The statement indicated that “the Finance Committee included a text in the budget that includes the establishment of a special fund for petrodollars for oil and gas producing provinces to implement important projects and provide services at the level of all sectors.”
He continued, “The meeting discussed supporting the liberated governorates and providing adequate allocations to the fund for their reconstruction, as well as the need to support the stabilization program to enable the displaced to return to their homes voluntarily.” Ended 29 / A 87

Mawazin.net

Official: Bank accounts in Iraq grow annually by more than 44%

Mubasher: The Iraqi Private Banks Association revealed today, Saturday, that the number of bank accounts in Iraqi banks amounts to more than 4.8 million accounts.

The association explained that the number of activated bank cards is more than 11.2 million cards, attributing the reason to the employee salaries resettlement program and the increase in the interest rate for fixed deposits, according to the Iraqi News Agency, “INA”.

The executive director of the association, Ali Tariq, said that the bank account ratio is very good, and it is witnessing a great annual growth of more than 44 percent, explaining the reason for this to the “program of resettlement of state employees’ salaries and the opening of new companies in addition to the need for citizens to save in banks because of the high interest rate For fixed deposits, purchases from the Internet and others.

Tariq added that “the number of currently activated bank cards is more than 11.2 million cards, while the number of ATMs has reached 1170 devices,” explaining that “POS devices known as POS amount to about 4 thousand devices, and electronic payment companies are working to increase the performance of devices to include all Stores across the country in the coming years. ”

He pointed out that “the activated electronic wallets amount to more than 3.5 million wallets, and the points of cash payment amount to about 13 thousand devices spread throughout Iraq.”

The Executive Director of the Banks Association emphasized that “the strategy of the Central Bank of Iraq to enhance financial inclusion contributed to increasing bank accounts, bank cards and electronic payment devices, in addition to that it was able to diversify banking services to all citizens in Baghdad and the provinces.”

He pointed out that the Central Bank is working with the International Monetary Fund, the Arab Monetary Fund, the World Bank, the Association of Private Banks and other financial institutions to promote the concept of financial inclusion inside Iraq.

Mubasher.info

A parliamentary request to change the exchange rate of the dollar in the 2021 budget

Shafaq News / The Parliamentary Economic and Investment Committee revealed, on Saturday, that a request has been submitted to change the exchange rate of the US dollar to 130,000 Iraqi dinars in the general budget law for 2021.

A member of the committee, Mazen Al-Faili, told Shafaq News, “Members of Parliament collected signatures and submitted them as a request to the Parliamentary Finance Committee to change the exchange rate of the dollar against the Iraqi dinar in the budget law.”

Al-Faily added, “The request submitted by members of Parliament includes changing the dollar’s ​​exchange rate and calculating it at 130,000 dinars per $ 100 instead of the current approved price.”

Al-Faily pointed out that “the Parliamentary Finance Committee will, in turn, submit a proposal to change the exchange rate to the Central Bank before changing it in the budget law.”

The Presidency of Parliament announced on (December 29 last) the arrival of the draft budget bill from the Council of Ministers in preparation for discussion and approval.
The Parliamentary Finance Committee has previously confirmed its inability to change the exchange rate of the Iraqi dinar against the US dollar, indicating the stability of the exchange rate after the approval of the 2021 budget law.

The Central Bank of Iraq had decided to raise the price of selling the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration of oil prices.

Experts: Changing the exchange rate means re-preparing the budget completely

In conjunction with the demands of some parliamentarians to raise the price of zero dinars against the dollar, economists stressed the difficulty of moving forward with this step, as it would mean a complete re-preparation of the budget.

Economists added that again manipulating the exchange rate of the Iraqi dinar will affect public revenues as well as exacerbate the deficit, stressing that changing the exchange rate will also lead to confusion in local markets and the benefit of corrupt people and influential banks.

In turn, legal experts confirmed that the House of Representatives does not have the authority to change the exchange rate, since Article 62 of the Constitution limited the powers of Parliament to conduct transfers between chapters and chapters of the general budget and reduce the total of its sums. He may, when necessary, suggest to the Council of Ministers to increase the total amount of expenditures.

Observers stressed that some parliamentarians are trying to deflect to the people through “the lie of raising the exchange rate of the dinar” after the price of most basic commodities rose.

Dijlah.tv

More than 4.8 million active bank accounts in Iraq

Baghdad: Al Furat News… The Iraqi Private Banks Association revealed, today, Saturday, the number of bank accounts in banks operating inside Iraq, indicating that they amount to more than 4.8 million bank accounts.

The executive director of the Iraqi Private Banks Association, Ali Tariq, said in a statement that Al Furat News received a copy of it, that “bank accounts amount to more than 4.8 million accounts, which is a very good percentage, and are witnessing a great annual growth which is more than 44% thanks to the salaries localization program for employees.” The state and the opening of new companies in addition to the citizens’ need to save in banks because of the high interest rate for fixed deposits and purchases from the Internet and others.

He pointed out that “the number of currently activated bank cards is more than 11.2 million cards, while the number of automatic teller machines is 1170”, explaining that “the point of sale devices known as POS amount to about 4 thousand devices, and electronic payment companies are working on an increase to include all stores across the board. The country in the coming years. ”

Tariq pointed out that “the activated electronic wallets amount to more than 3.5 million wallets, and the points of cash payment amount to about 13 thousand devices spread throughout Iraq.”

He emphasized that “the strategy of the Central Bank of Iraq to enhance financial inclusion contributed to increasing bank accounts, bank cards and electronic payment devices, in addition to that it was able to diversify banking services to all citizens in Baghdad and the provinces,” noting that “the Central Bank works with the International Monetary Fund and the Monetary Fund Al Arabi, the World Bank, the Association of Private Banks and other financial institutions to promote the concept of financial inclusion “inside Iraq.

Alforatnews.com

Parliamentary Finance resolves the date for approving the budget and identifies 3 points of contention

On Thursday, the Parliamentary Finance Committee decided the date for approving the budget, while it identified 3 points of contention in it.

The committee’s reporter, Ahmed Al-Saffar, said in a televised interview,”WE HAVE REACHED THE END OF DISCUSSING THE DRAFT FEDERAL BUDGET LAW FOR 2021, AND 3 OUTSTANDING ISSUES WILL BE RESOLVED, INCLUDING THE TRANSFERS. He stressed, “There is no deduction in salaries and instead of income tax,” noting that “the region’s share, transfers and job grades are the most prominent obstacles in the draft law.

Al-Saffar referred to “a governmental agreement and to a parliamentary extent regarding the (SOMO) company and the Ministry of Natural Resources, BUT PARTIES, BLOCS and REPRESENTATIVES OF POLITICAL AGENDAS WANT TO PUT UP BARRIERS AND OBSTACLES TO THE AGREEMENT.” And that “the Ministry of Oil prefers to receive 250 thousand barrels from the region at a price (Sumo), because they sell oil for less than 9 to 11 dollars.”

Al-Saffar concluded, “THE EXCHANGE RATE IS WITHIN THE AUTHORITY OF THE CENTRAL BANK and has been changed under pressure from the Ministry of Finance, the International Monetary and the World Bank for loans that are not equal to oil revenues. RAISING THE EXCHANGE RATE TO 1450 DINARS IS A WRONG DECISION THAT BENEFITS SPECULATORS AND HARMS CITIZENS.”

Almawrid.news

Parliamentary Finance: The budget will be ready for voting next Monday

The Parliamentary Finance Committee clarified, today, Friday, that all the difficulties that went through auditing the country’s general budget, except for the share of Kurdistan, have been overcome, pointing out that next Monday’s session in which the budget will be ready for voting, especially after a meeting that will be held tomorrow between the leaders of the political blocs and the committee.

“The budget is currently in its recent negotiations, and most of the financial allocations have been agreed upon, with the exception of the share of the Kurdistan region,” said a member of the committee, Representative Jamal Cougar, in a statement to “Tigris” .

He added that “the next meetings of the committee will discuss non-oil revenues such as collection and income taxes such as taxes for mobile phones and others . ”

Cougar stressed that “next Monday’s session in which the budget will be ready for voting pending the completion of the meeting of the leaders of political blocs with the Finance Committee in order to agree to pass it and determine the proportion of the Kurdistan region in it . ”

The Finance Committee had confirmed to the “Tigris”, yesterday, Thursday, that it authorized its head, MP Haitham al-Jubouri, to negotiate with the leaders of political blocs in the terms of the budget. The meeting of the two parties will be held tomorrow, Saturday.

Dijlah.tv

The central bank’s dollar sales record a noticeable decline

BAGHDAD – Mawazine News.. The Central Bank of Iraq’s hard currency sales fell, on Thursday, by 7 percent, compared to Wednesday’s sales.

According to central bank, through the daily published, said sales fell during the auction sale and purchase of foreign currencies today, up to $ 103 million and 982 thousand dollars. ”

He added that” covered the sales price based on the exchange rate was 1460 dinars per dollar. ”

He said the bank, that “The sales that went to boost assets abroad in the form of remittances with credits amounting to 103 million and 982 thousand, while $ 100 thousand were purchased in cash.”

He pointed out, “18 banks and one exchange company have met requests to enhance assets abroad, while one bank By satisfying the requests to purchase dollars in cash. ”
It is reported that the Central Bank’s sales of hard currency, on Wednesday, amounted to 111 million and 266 thousand dollars. Ended 29 / P4

Mawazin.net