Parliamentary finance identifies a reason why coins should not be minted and advises the move

BAGHDAD – Mawazine News: Identified the Finance Committee in the House of Representatives, on Monday, a reason to prevent the minting of coins, the introduction of a proposal before minting.

Majid al-Waeli, a member of the committee, expressed the readiness of the committee to prepare any legislation required by the Central Bank, which could benefit the Iraqi economy and market, including the circulation of coins.

“The committee respects the independence of the central bank and its monetary policy,” he said, stressing that “the bank has technical autonomy by decision regardless of administrative affairs, which decides the usefulness of the move to use the coin.”

And the MP Waeli, that “Iraq can not reproduce the experience of other countries in the use of those currencies, if it was in favor of the advancement of the economy; we can support this by listening to the justification and the views of the Central Bank ‘s view and then the appropriate legislation of laws for the continuation of the monetary policy The country has to proceed properly. ”

Committee member Jamal Kojer stressed that “all countries in the Middle East and the world have a coin,” noting that “this type of currency gives strength to its economy.”

Kojer said he hoped that “the concerned parties can strengthen the currency so that small groups can have purchasing power in the event of the use of coins”.

Committee member Ahmed al-Saffar said, “The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen.”

He said al – Saffar, that ” the winning of inflation in the economy prevents the sake of coins and make trading between citizens”, suggesting that “be no step to delete the zeros precede the process of coinage metal to be there the value of small groups versus large” .anthy 29 / A 43

Mawazin.net

Parliamentary finance reveals a tendency to re-work coin

Baghdad Today _ Continue: Parliamentary Finance Committee revealed on Monday (19 August 2019), there is a tendency to re-work coin, which has been used for decades in the country, while members of the Committee proposed to pre-empt the coin minting step “delete zeros” from existing currencies to be valuable to the categories Small cash.

The committee member, Hanin al-Qadu, said in a press statement, that “during meetings and discussions with officials in the Central Bank stressed the need to re-work coins that have been used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again.”

He added, “The use of metal categories and their descent for trading gives a notional value to the currency,” noting that “a number of neighboring countries – exchange rates are very high against the dollar – and yet we find that it has a coin in order to preserve the currency and not need to ask for more papers.” Cash, especially in small categories. ”

He expressed surprise at the “policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market.”

Baghdadtoday.news

Iraq and Iran are considering removing the dollar from bilateral trade

Iraqi Ambassador to Iran Saad Jawad Qandil said his country and Iran are considering mechanisms to use local currencies in their bilateral trade to reduce dependence on the US dollar, the Mehr News Agency reported.

The ambassador noted that the two neighbors are in talks to find the best way to facilitate their financial transactions.

The Iraqi diplomat reiterated his government’s clear position on unilateral sanctions imposed by the United States on Iran, saying that these restrictions contravene international rules and regulations.

Noting that bilateral trade between Iran and Iraq was not affected by the sanctions last year, Qandil expressed his country’s readiness to increase the level of cooperation with Iran in various economic fields.

Iraq is currently Iran’s largest trading partner, and the two countries have taken important steps to improve their mutual trade over the past few years.

In early February, the central banks of Iran and Iraq reached an agreement to establish a payment mechanism to facilitate banking relations and promote trade between the two countries.

During the meeting, Iran’s Central Bank Governor Abdul Nasser Hemmati, who visited Iraq to discuss the expansion of banking relations, expressed the hope that the trade balance between the two neighboring countries will increase further.

In early May, officials from the two countries held a meeting in Tehran to discuss the establishment of a trade commission between Iran and Iraq.

According to the Iranian Trade Promotion Organization ( TPO ), the two sides discussed at the meeting several issues including joint investment and establishment of industrial zones, facilitating the transit of goods, facilitating business trips, organizing pilgrimage and health tourism, as well as solving current problems related to mutual trade.

Iran’s exports to Iraq increased by 37 in the last Iranian calendar year (ending March 20) and neighbors are on the agenda to boost their trade to $ 20 billion by 2021.

Aynaliraqnews.com

Legal clarifies the decision of the Federal Court on the entry into force of Article 140 of the Constitution

Baghdad – Mawazine News: A legal expert explained the ruling of the Federal Supreme Court on the entry into force of Article 140 of the Constitution, pointing out that the time limits stipulated in the Constitution include the obligation on the bodies responsible for the implementation of these articles, pointing out that the withdrawal of any text of the Constitution requires an amendment in accordance with official mechanisms.

“The ruling issued by the Federal Supreme Court on the validity of Article (140) of the Constitution is true and binding on all authorities,” said Mohammed Sharif.

Sharif added that “the abolition of any article of the Constitution requires an amendment in accordance with the mechanisms provided for in the Constitution itself.”

He pointed out that “a number of questions are being asked about the Federal Supreme Court’s ruling on this article and the first of the timing of the issuance of this ruling, and why the judicial decision coincided with the political movement between the federal government and the Kurdistan region.”

Al-Sharif said, “The court did not issue its verdict on its own, but this came upon an explanatory request received from the House of Representatives dated (15/7/2019), and therefore became necessary for the judiciary to decide.”

He continued, “The timing must be asked by the interpreter, although the right of access to justice is guaranteed to everyone in accordance with Article (19 / III) of the Constitution, and at any time.”

He added, “The court issued its interpretative judgment a few days after receiving the request after it completed its study of all formal and substantive aspects with a view to issuing the verdict in it, on (28/7/2019).”

He stressed that “when the court issued the verdict was in accordance with Article (92 / second) of the Constitution, in accordance with its interpretative jurisdiction, which ruled in many judgments, including on (the age of the electoral cycle and the largest parliamentary bloc and the opposition bloc and the unity of Iraq and territorial integrity).” .

Al-Sharif stated that “ the explanatory request contained a clear inquiry which can be found in the form of provision No. (71 / Federal / 2019), which is ((kindly interpret the text of Article (140) of the Constitution as to whether or not it applies ..)).

Al-Sharif stressed that “the explanatory applicant, the House of Representatives, limited his request to know whether this article is still valid or not?”, And the court according to legal contexts is obliged to answer that question whenever the correct formal and objective conditions for the request for interpretation and otherwise will put itself before Responsibility to “(refrain from realizing the right))”.

Al-Sharif stated that “the pretext mentioned by the objectors in criticizing the ruling of the Federal Supreme Court is the existence of a time limit in Article (140) of the Constitution, is (31/12/2007) a maximum to implement them.”

He added that “resolving the issue requires a return to the philosophy of the existence of time limits in the constitutional articles, is that exceeding them is the birthplace of those articles.”

Sharif pointed out that “the examination of article (140) of the Constitution, paragraphs (first and second) shows that it begins with the words ((the executive authority takes steps)) … and ends with ((not later than the thirty-first of December in the year two thousand and seven) ). ”

He continued, “This period, as stated in the constitutional text, imposes an obligation on the executive authority to accomplish its task during that period and not to drop the article, that is, if the executive authority lags in the completion of this constitutional task will be subject to accountability in accordance with the mechanisms provided for in the Constitution.”

Sharif stressed that “the omission of an article in the Constitution means that we are making an amendment to it, and this amendment can be obtained only through the mechanisms provided for in the Constitution itself.”

He pointed out that “the constitutional legislator, if he wanted to exclude article (140) of the Constitution from the rules of amendment of the Constitution stipulated in its articles, to mention it explicitly, as his intention was clear that that period was designed to oblige the executive authority to a certain task, and that skipping it will make it vulnerable For accounting. ”

Al-Sharif stated, “The position of the Federal Supreme Court on this matter is not the first of its kind, but it went in the same position in the interpretation of Article (142) of the Constitution by virtue of the number (54 / Federal / 2017) issued on 21/5/2017 on the mechanisms of amendment the Constitution”.

He continued, “Article 142, which is also included in the transitional provisions and provides for time limits for amendments, but the court said in its interpretative ruling that that article also remains in force.”

He added, “The same position with respect to Article (137) of the Constitution, which talked about the formation of the Council of the Union (the second wing of the legislative authority), after the end of the first electoral cycle for the years (2006-2010), but the Federal Supreme Court ruled in many of its judgments This council, even though we are in the fourth electoral cycle now. ”

“The summary of the above shows us that exceeding the constitutional deadlines is not intended to drop its articles because this requires an amendment in accordance with the mechanisms set forth in the Constitution itself, but to determine the responsibility of the body that is responsible for implementing them and if they exceed them are held accountable in accordance with the constitutional contexts of the concerned authorities.

Mawazin.net

Iraq increases US Treasury bond holdings

The acquisition of the State of Iraq of US Treasury bonds during the month of June 2019, by 30.94%, year on year.

According to Treasury data, Iraq’s holdings of US bonds increased to $ 34.7 billion, up from $ 26.5 billion in June 2018.

Iraq bought US $ 300 million in June.

On a monthly basis, Iraq’s ownership of US bonds rose marginally by 0.87% in June 2019, compared to the $ 34.4 billion in May of the same year.

The ownership of Iraq has increased US bonds since the beginning of this year, about $ 100 million; compared to its ownership at the end of 2018, which was $ 34.6 billion.

Iraq ranked 31st globally among the holders of US Treasury bonds and the fourth in the Arab world, after Saudi Arabia, which ranks 11 globally and first Arab at $ 179.6 billion, the United Arab Emirates ranked 22 globally and the second Arab at $ 51.5 billion, and Kuwait ranked 27 globally and third $ 44.4 billion.

The reversal of the US bond yield curve raised fears of a US recession as government debt yields fell for 30 years to an all-time low.

Globally, Japan took the top spot with US $ 1.122 trillion in bonds, followed by China with $ 1.112 trillion and the UK with $ 341.1 billion.

The world’s total holdings of US Treasury bonds in June were $ 6.636 trillion, compared with $ 6.539 trillion in May.

Shafaaq.com

Five prominent political figures refrain from swearing in .. Without blaming the presidency of parliament!

Baghdad / Sky Press: Local media reported that five prominent Iraqi figures have not been sworn in as deputies until now.

According to a document leaked by parliamentary sources, today, five winning candidates in the 2018 elections have not been sworn in so far, including heads of government to whom the presidency of the parliament has not been blamed for not swearing.

The list included State of Law coalition leader Nuri al-Maliki and former Prime Minister Haider al-Abadi, as well as former Interior Minister Qasim al-Araji as well as the Governors of Basra and Kirkuk Asaad al-Aydani and Rakan al-Jubouri.

Skypressiq.net

Deputy: The next legislative term will include the replacement of a number of ministers

Wisdom MP Abbas Sarrout said on Tuesday that the next legislative term will include the replacement of a number of ministers because of their unconvincing performance for the government and the House of Representatives and even the citizen.

Sarout said in an interview with Alsumaria News, “The next legislative term will be full of interrogations of many ministers who have completed its files,” noting “some of them formally submitted to the presidency of the Council to set a date after the legislative holiday.”

He explained that “interrogations are a healthy phenomenon to assess the work of the government and is an inevitable result of the imbalance in the performance of some ministers.”

“There are many indicators for some ministers in the performance and dealing with the work of the ministries in charge of managing them,” Sarrout said.

Alsumaria.tv

After the approval of the reference .. Sadr and Hakim stream agree to choose “alternative” Abdul Mahdi ..

Baghdad / Sky Press – Local media reports revealed that there are movements at the highest religious level in order to prepare for any emergency that may require the change of Iraqi Prime Minister Adel Abdul Mahdi

According to what was leaked yesterday, citing local media, there are contacts between the leader of the Sadrist movement Muqtada al-Sadr and the son of the religious authority Ali Sistani and other political forces, led by the wisdom movement led by Ammar al-Hakim, to choose the most suitable candidate to succeed Abdul Mahdi as president Ministers.

According to the leaks, which did not comment on any political party, the overthrow of Abdul-Mahdi is awaiting the resolution of the matter after proving his failure to address many of the files of special importance as well as his failure to manage the affairs of Iraq.

Skypressiq.net

How much has the Iraqi money smuggled out of Iraq?

BAGHDAD (Reuters) – Iraq has smuggled and looted funds amounting to $ 150 billion, some of those funds are registered with the names of the former intelligence service and secret names and numbers, a lawmaker said on Tuesday .

Masoudi said in a statement to the information, that the issue of recovering the smuggled money transferred and immovable before and after 2003, where it was put in parliament and a law has been enacted to recover those funds and showed in the folds of talk in the parliament that there are Iraqi contributions to banks and sports clubs, It is therefore difficult to account for these funds. ”

He added that “the money smuggled between (100-150) billion dollars, where spread over large areas of the world and reach South America, in addition to the money overlooked by the government and registered with the names of the intelligence service and the names and secret numbers and these are among the money smuggled before 2003 ”.

He explained that “after 2003, a lot of money was stolen, especially in the era of (J Carno and Premier) in addition to money and gold coins looted from banks, in addition to money laundering operations amounting to $ 100 billion, and these funds exist in several neighboring countries, Egypt and the UAE “It has become commercial centers, real estate, airlines, banks and large-scale trades.”

And that “the magnitude of funds and lack of knowledge of their positions made the House of Representatives enacted a law providing for up to $ 10 million to those who know the government about the sites of these huge funds smuggled abroad.”

Almaalomah.com

Gold reaches its highest level in more than 6 years

Economy News _ Baghdad : Gold prices hit their highest level in more than six years on Tuesday as investors shied away from riskier assets due to concerns surrounding Hong Kong protests and the collapse of the Argentine currency amid fears of a global economic slowdown.

By 0518 GMT, spot gold rose 0.3 percent to $ 1515.56 an ounce, after hitting its highest level since April 2013 at $ 1518.03.

US gold futures rose 0.6 percent to $ 1,526.90 an ounce.

Hong Kong, the world’s busiest airport, was shut down on Monday. The protests began in protest at a bill that would allow suspects to be handed over to China for trial, but expanded to include broader calls for democracy.

On the other side of the world, fears of a possible return of interventionist policies dominated the Argentine market after President Mauricio Macri lost a margin beyond expectations in the presidential primaries.

Those uncertainties, along with fears of a protracted China-US trade war, have shaken financial markets and pushed investors into safe-haven assets.

Gold, along with the Japanese currency and US Treasuries, is seen as a relatively safe investment in times of political and financial uncertainty. The yen held near a seven-month high against the dollar.

For other precious metals, silver rose 1.4 percent to $ 17.29 an ounce. It reached its highest level since February 2018 at $ 17.36.

Platinum rose 1 percent to $ 860.75 and Palladium gained 0.8 percent to $ 1,439.11 an ounce.

Economy-news.net