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More Iraqi News Sunday PM 12-20-20

TLM724 Administrator BondLady’s Corner

A Parliamentarian Calls For Questioning The Governor Of The Central Bank And Stopping The Plundering Of Funds In The Currency Auction

The Baghdad Post Sunday, December 20, 2020 10:31 AM  Sanaa Al-Mousawi  A member of the Parliamentary Services Committee, Sanaa Al-Mousawi, called for an interrogation of the Governor of the Central Bank of Iraq and to stop the plundering of money through the currency auction.

Al-Mousawi said in a press statement, “A stand must be taken against those manipulating the livelihood of the poor and the people and the fate of this country.” And the consequent rise in the price of food and commodities. As responsible for protecting the interests of the people.

She added, “From here we must stop this policy, whose burdens are borne by the Iraqi citizen, and only corrupt and influential people benefit from it.”   LINK

The Governor Of The Iraqi Central Bank Distances Himself From “Market Turmoil” And Blames Finance For The Consequences Of Reducing The Dinar (Uh Huh) Zz1444

Economy Sunday 20 December 2020 | 04:13 PM| Views: 183  The governor of the Iraqi Central Bank distances himself from “market turmoil” and blames finance for the consequences of reducing the dinar

The Governor of the Iraqi Central Bank, Mustafa Makhaif, admitted, on Sunday, that the devaluation of the Iraqi dinar in front of the foreign operation had affected the Iraqi market and affected the poor classes, holding the Ministry of Finance responsible for issuing a decision to reduce the value of the Iraqi dinar against the US dollar .

“The Ministry of Finance officially requested an increase in the exchange rate to 1450 dinars against the dollar, which led to market turmoil these days,” he said in a televised interview that will be shown this evening on the “Al-Iraqiya” channel, noting that “the Central Bank requested the presence of the Minister of Finance to explain the reasons for raising The value of the exchange of the dollar against the dinar . ”

He added, “The World Bank had asked Iraq in 2014 to raise the dollar exchange rate to 1500 dinars,” affirming that “Iraq’s position on hard currency reserves is still good .”

The governor of the central bank said, “The high exchange rate of the dollar has affected the Iraqi market and the poor classes will be affected. The Ministry of Finance is responsible for supporting these classes, as it will double the amounts of social welfare .”

He called on the Ministry of Finance to “enhance customs revenues and accelerate the automation of customs and border crossings to maximize state revenues.”   https://aynaliraqnews.com/index.php?aa=news&id22=142009

The Central Bank Clarifies The Current Monetary Reserve Position

Author: AhadNA3 On 12/20/2020 – 3:52 PM 96   Ahed News – Baghdad  The Governor of the Central Bank, Mustafa Ghaleb Makhaif, confirmed today, Sunday, that the Iraqi reserve is still in good standing, while noting that the Ministry of Finance is responsible for supporting the poor classes.

“The Ministry of Finance officially requested an increase in the exchange rate to 1450 dinars to the dollar,” Mekhaif said, noting that “we have requested the presence of the Minister of Finance to explain the reasons for raising the value of the dollar.”

He added that “the World Bank in 2014 asked to raise the exchange rate of 1500 dinars against the dollar,” noting that “the Iraqi reserve is still in good standing.”

He continued, “The Ministry of Finance is responsible for supporting the poor,” noting that “it will double the amounts for social care.”

He called the financial governor to “enhance customs revenues,” noting that “the ministry promised to automate the work of customs and ports.”

https://alahadnews.net/145441/%d8%a7%d9%84%d8%b9%d8%b1%d8%a7%d9%82/%d9%85%d8%ad%d9%84%d9%8a%d8%a7%d8%aa/%d9%85%d8%ad%d9%84%d9%8a%d8%a7%d8%aa-2/

Central Bank Governor: Exchange Companies Will Buy 100 Thousand Dollars Instead Of 50 Thousand Dollars

Central Bank Governor, Mustafa Ghalib   Banks  Economy News – Baghdad   Central Bank Governor Mustafa Ghaleb Makheif confirmed that the bank will double the sale of dollars to exchange companies .

A scary, in an interview with Iraqiya and followed the “Economy News”, that “discreet precautions enable us to stabilize prices,” noting that “exchange companies buy 50 thousand dollars, and Sndhaafha to 100 thousand dollars .” He added, “The abundance of the dollar will make it stable in the market.” Suspect

Number of observations 1,300, date of addition 12/19/2020   https://economy-news.net/content.php?id=23209

Central Bank Governor: We Will Double The Sale Of Dollars To Exchange Companies

Economie| 10:10 – 19/12/2020    Baghdad – Mawazine NewsCentral Bank Governor Mustafa Ghaleb Makheif confirmed that the bank will double the sale of dollars to exchange companies.

Makhif said, “discreet reserves enable us to stabilize prices,” noting that “exchange houses buy 50 thousand dollars, and we will double it to 100 thousand dollars.”

He added, “The abundance of the dollar will make it stable in the market.”

The Central Bank of Iraq decided earlier today, Saturday, to amend the foreign currency exchange rate as follows:

1450 dinars per dollar, the price of buying foreign currency from the Ministry of Finance. ”

1460 dinars per dollar, the price of selling foreign currency to banks.”

1470 dinars per dollar is the selling price of foreign currency to the public. ”Ended 29 / A43

https://www.mawazin.net/Details.aspx?jimare=134878

TOBYBOY:   Timmy  I remember about 2 years ago the Iraqi government talked about increasing the dinar to 1500 to 1. I

was under the impression the CBI was in charge of the dinar rate but looks like the finance is in charge. With this decrease is going to be terrible for the people and for us. It won’t be long the reserves will be gone at the rate they going with inflation going out of control. Plus to compound the situation article was out few days ago on the site stating they have been printing trillions of dinars with no backing of the currency. Will not take much to be in Bankruptcy. Looks like the writing on wall of our leaving this currency, unfortunitely after all the years we have invested out funds in Iraq.

TLM724:   Toby remember this isn’t our first rodeo with Iraq. We have seen them do things that leave us speechless. Yes the people will suffer and probably revolt. I think the CBI is positioning itself to make more money off the USD for the reserves but time will tell. I personally still have faith on our investment and will ride this storm out just like our Lady taught us. Thank you for your comments. (See article below)

The Chart Reveals The “Benefits Of Raising The Dollar” And Its Effect On The Markets

Time: 12/20/2020 12:25:55 Read: 9,841 times   {Baghdad: Al Furat News} The Ministry of Planning revealed, on Sunday, the benefits of raising the dollar exchange rate and its impact on the markets.

A spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said in an interview with Al-Furat News that “raising the dollar exchange rate aims to stimulate the economy and take advantage of price differences to support the existing deficit.

Even when the dollar was below this number, it was sold from the bank at a price of 1190, and in exchange, it is sold.” More than that, the price differentials did not contribute to supporting the state’s budget, but rather went in other directions. ”

He added, “The difference now, with this increase, will go to the state’s public treasury, which will contribute to covering a large part of the deficit and contribute to developing a lot of efficiency in the private sector. It will preserve the cash reserves at the central bank and the government will not be forced to borrow more, in addition to that inflation indicators will witness stability and as a result this measure.” It would contribute to curbing the existing inflation. ”

He pointed out that “perhaps there will be a recession in the markets, and this recession is due to the difficulty of absorbing this sudden change that has not been gradual.” Declared, and the speculation with which we lost millions of dollars will end.

The Central Bank of Iraq announced yesterday, Saturday, the adoption of new exchange rates for the dollar, as it decided to raise the exchange rate to 1450 dinars per dollar.   LINK

TOBYBOY:   Timmy   Thank you for your response, yes we have seen many problems with this investment over the years. I am not sure what I will do yet will see how this is playing shortly. I had my hopes that al Kazemi the PM was going to make some big changes and get these corrupt politicians put in jail but he has caved into the big wheels real disappointment.

I don’t believe Iraq can turn this around as I have been saying for long time most of the politicians in Iraq are corrupt. I hope and pray you & your family are safe from this virus. I always read your information. If we don’t speak again next week have a Merry Christmas. I have enjoyed your comments over the years. Toby

Representative Finance: The Dismissal Of (The Minister Of Finance) And (The Governor Of The Central Bank) Not Far Away

Sunday 20, December 2020 17:16 | Political Views: 89  Baghdad / NINA / The Parliamentary Finance Committee confirmed that the dismissal of (the Minister of Finance) and (Governor of the Central Bank) and all those responsible for the crisis of the high exchange rate of the dollar is not far away.

A member of the committee, MP Majed Al-Waeli, referred to the book of the Finance Committee addressed to (Presidency of the Council of Ministers) on 11/26/2020 to implement the provisions of the (White Paper), as well as presenting the committee’s proposals in order to maximize revenues and solve the problems that stand in the way of resolving the financial crisis and the progress of the Iraqi economy.

He added, in a press statement, that “the executive authority is still lazy and lax and resorting to the citizen’s strength directly, and the first measure it took is to raise the exchange rate of the dollar. An unofficial version of the budget was leaked in a way that was not without its default, to brandish a harsh austerity policy that the citizen would pay for.

” “We say it (from the last), we will not allow the policy of starvation, and we will not allow the attempt to satisfy the people towards normalization.” /    https://ninanews.com/Website/News/Details?key=877367

Large Demonstrations Are Taking Place In Baghdad And The Provinces Tomorrow To Protest The Increase In The Price Of The Dollar

The Baghdad Post Sunday, December 20, 2020 10:03 AM  Activists on social media called for demonstrations to start tomorrow afternoon, Monday, to protest against the increase in the price of the dollar against the dinar.

Activists stressed that they are ready to bring down the government, not the dinar.

The Minister of Finance suddenly announced yesterday that the dollar exchange rate has become 145 dinars to the dollar, which sparked a wave of anger in the Iraqi street.   LINK

A Member Of The Parliamentary Economy Responds To Allawi About The Iraqis ’Savings: You Don’t Know

Editing date: 20/12/2020 16:47 • 53 times read  [Baghdad-Where]  Member of the Parliamentary Economic Committee, Mazen Al-Faily, responded, on Sunday, to the statements of Finance Minister Ali Allawi regarding that most Iraqis are saving their money in dollars.

Al-Faily said in a statement: “We are surprised by the statements of the Minister of Finance, Ali Allawi, as he states that most of the Iraqis’ savings are in dollars, so there is no need for concern, which indicates a lack of awareness and awareness of the reality of the Iraqis and their accumulated suffering. Suspect The competent government agencies announced in their official reports that the poverty rate exceeded 25% of The Iraqi people are not receiving the minimum sources of income required to provide for the necessary human needs. ”

He added, “Those who are included in the retirement, their average monthly salary does not exceed six hundred thousand dinars, as well as the majority of employees. The average of their salaries does not reach one million dinars. Are such sums sufficient when most of them do not own homes and bear the monthly rent for housing to meet their basic needs until they are said to save in dollars.”

He continued: “We believe that the government’s way of thinking that is deduced from such statements that are far from the reality of matters and are confined to theoretical frameworks separate from the reality of the painful people will lead to more confusion and ill-considered decisions, exacerbating the pain of the poor, low-income people and the majority of employees.

Therefore, we demand Parliament to assume its responsibility in addressing To address this imaginative approach and prevent any attempts to harm the salaries of employees or restrict the limited income. ”

http://www.alliraqnews.com/modules/news/article.php?storyid=105389

Al-Jubouri Announces Five Scenarios To Reduce The Budget Deficit

Money  and business  Economy News _ Baghdad  On Sunday, the Finance Committee announced that there are several steps to reduce the deficit in the 2021 budget during the next stage.

The head of the committee, Haitham al-Jubouri, said in a statement to the official Al-Sabah newspaper, which was followed by Al-Iktissad News, that “there are other scenarios to reduce the deficit percentage in the budget next year,” indicating that “if the government fulfills all its obligations during this year, the expected deficit may reach 49% in the budget, but if it takes some austerity steps, it could reach from 40 to 42%.

He added that “the other scenario is a set of reforms and austerity measures at the same time, through which the percentage could reach 33% according to the first expectations,” noting that “even this percentage of the deficit is high.”

Al-Jubouri expressed his concern about the high rate of deficit in the budget so far, and said, “There must be steps. Iraq needs to schedule some external debts, and the government moves to restore Iraq’s share within OPEC, and real reform steps such as automating taxes and customs, activating collection and creating Other resources to improve the tax base or fees, and the rest of the matters according to the laws in force, “stressing” the possibility that all these measures reduce the percentage of deficit in the budget. ”    Number of observations: 865, date of addendum 12/20/2020

https://economy-news.net/content.php?id=23214

The Stock Index Rises In Conjunction With The Rise In Exchange Rates

Iraq Stock Exchange   Market   Economy News – Baghdad   The stock market index rose in Sunday’s session, the first session of the week, in light of the high exchange rates in the Iraqi exchange markets.

The Stock Exchange recorded a rise in the exchange rate of the dollar, reaching 146 thousand dinars for every 100 dollars.

The index rose by 3.69% after the increase in the value of shares of 22 companies.

The shares of Al Mamoura Real Estate, the gaining companies, led by 9.82%, and the shares in Baghdad for soft drinks by 9.51%.

While the ready-to-wear company topped the losers, with a 3.14% decline in the value of its shares.

Likewise, the session witnessed the circulation of 1.9 billion shares, worth 1.6 billion dinars.

Number of observations 87 Date of addendum 12/20/2020   https://economy-news.net/content.php?id=23224

Dollar Prices In Iraq Today, After The Central Bank’s Decision

Time: 12/20/2020 11:26:47 Read: 14,521 times   {Baghdad: Al Furat News} The exchange rate of the dollar rose in Iraq today, Sunday, after the Iraqi Central Bank decided to raise the exchange rate.

The price of the dollar in Baghdad today reached 1455 dinars, or 145 thousand and 500 dinars for one hundred dollars. In Basra governorate, 1,440 dinars, and in Erbil, 1,430 dinars.

The Central Bank decided yesterday to amend the dollar exchange rate as follows:

1450 dinars per dollar, the purchase price of foreign currency from the Ministry of Finance.

1460 dinars per dollar the selling price of foreign currency to banks.

1470 dinars per dollar is the selling price of foreign currency to the public.

The Ministry of Finance attributes the reason for the increase in the dollar exchange rate to reducing the large deficit in the 2021 budget.   LINK

The Central Bank Publishes Currency Auction Sales For The Dollar At The New Rate

Time: 12/20/2020 15:16:47 Read: 5,655 times    (Baghdad: Al Furat News) The Central Bank of Iraq sold more than 207 million dollars in its window to sell foreign currency, today, Sunday.

According to the bank’s daily bulletin on the currency auction, the total sale for the purposes of strengthening the funds abroad (transfers, credits) amounted to 198 million and 768 thousand and 67 dollars, and the cash sale amounted to 8 million and 600 thousand dollars.  As for the total sales, it was 207 million and 368 thousand and 67 dollars.

The sale price of the sums transferred to bank accounts abroad was (1460) dinars per dollar, and the cash sale price was (1460) dinars per dollar, in implementation of his decision yesterday to raise the exchange rate.

The Central Bank of Iraq had raised the exchange rate of the dollar against the Iraqi dinar to 1470 dinars for the public and 1460 dinars for the banks participating in the currency auction.

The decision caused concern and fear among Iraqis, especially employees, of high prices, and had already negatively affected the movement of commercial centers and important markets such as Shorja and Jameela Alwa in Baghdad.

Central Bank Governor Mustafa Ghaleb said that the bank “will double the sale of the dollar to exchange companies,” indicating that “the abundance of dollars will make it stable in the market.”

He pointed out that “the Ministry of Finance formally requested an increase in the exchange rate of 1450 dinars to one dollar and we asked for his presence to explain the reasons for raising the value of the dollar,” stressing that “the Iraqi reserve is still in good standing.”   LINK

The Chart Reveals The “Benefits Of Raising The Dollar” And Its Effect On The Markets

Time: 12/20/2020 12:25:55 Read: 9,841 times  {Baghdad: Al Furat News} The Ministry of Planning revealed, on Sunday, the benefits of raising the dollar exchange rate and its impact on the markets.

A spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said in an interview with Al-Furat News that “raising the dollar exchange rate aims to stimulate the economy and take advantage of price differences to support the existing deficit.

Even when the dollar was below this number, it was sold from the bank at a price of 1190, and in exchange, it is sold.” More than that, the price differentials did not contribute to supporting the state’s budget, but rather went in other directions. ”

He added, “The difference now, with this increase, will go to the state’s public treasury, which will contribute to covering a large part of the deficit and contribute to developing a lot of efficiency in the private sector. It will preserve the cash reserves at the central bank and the government will not be forced to borrow more, in addition to that inflation indicators will witness stability and as a result this measure.” It would contribute to curbing the existing inflation. ”

He pointed out that “perhaps there will be a recession in the markets, and this recession is due to the difficulty of absorbing this sudden change that has not been gradual.” Declared, and the speculation with which we lost millions of dollars will end.

The Central Bank of Iraq announced yesterday, Saturday, the adoption of new exchange rates for the dollar, as it decided to raise the exchange rate to 1450 dinars per dollar.   LINK

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