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Iraqi News Iraqi News Tuesday AM 3-23-21

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They Replied, If You Could. The Justifications For Raising The Price Of The Dollar Are Invalid, And This Is Our Response

Pratha News Agency135 2021-03-23  Muhannad Al-Atabi ||After the many discussions about the issue of raising the price of the dollar, and after voices aroused here and there defending the increase in the price of the dollar, I put before the eyes of the public opinion and those interested in following the merits of this issue a set of denunciations that nullify the justifications for raising the price of the dollar: 👇

First:   Supporters of raising the price of the dollar claim that raising the price of the dollar contributes to encouraging and protecting the national product

* Here I say:

🔹 In the market system, there are two pillars, the producer and the consumer, and any decision or law must take into account these two pillars. Rather, the consumer is the object of service in the first place, and it is the one whose decisions and laws come to serve him.

And the increase in the price of the dollar is very clear that it has caused great harm to the consumer.

Secondly:   Supporters of raising the price of the dollar claimed that raising the price of the dollar would protect the national product from harassment of imported products that harass it in the market.

* Here I say:

Observers of the prices of national products finds that they are constantly increasing, reaching some of them more than 200%, as is the case with table fat (oil), as well as the increase in local sugar (thanksgiving) by 40%, as is the case with cheese, meat, eggs and foodstuffs in general.

Third:   Supporters of a dollar price increase claim that the dollar’s appreciation was due to lower oil prices

* Here I say:

Oil decreased for less than 60 days and returned to increase three times its price when it declined, and the sixty days were replaced by a surplus that forces a decline of more than 200 days with the continued rise in its prices to exceed or exceed in April the price of $ 70 per barrel of oil.

Fourth:  Supporters of raising the price of the dollar claim that raising the price of the dollar will undermine the power of those with big money, especially the parties that are inflating financially in a crazy way so that the citizen can recover.

* Here I say with all astonishment:

I do not know how they allowed themselves the proponents of raising the price of the dollar this justified, since everyone knows that the dollar is one of the assets of the owners of large money and that the citizen has his financial assets are the Iraqi dinar (contingent to the conversation I say balances where the reality is that the simple citizen does not have a balance but he has daily expenses that come from an incoming Daily or monthly)

With the rise in the price of the dollar, the service will be clear and free of charge for the owners of big money before severe harm to the citizen who owns the dinar, and with a simple calculation, the owner of one million dollars has gained 250 million dinars from the high price of the dollar

And the citizen who owns 10 million dinars, for example, loses 2.5 million and a half million because of the increase in the price of the dollar

This is with a decrease in the purchasing value of the citizen by 25%, which may be negatively increased in the future.

Fifthly:  Supporters of the dollar price increase claimed that raising the price of the dollar would contribute to raising the balance of the central bank

* Here I say:

Yes, the balance of the central bank will increase, but this increase will be in the local monetary mass, meaning the balance in the Iraqi dinar will rise. As for the hard or foreign currency, it will not increase

A healthy and beneficial rise is made by increasing the balance of hard currency, such as dollars or gold, and others

And if the central bank wanted to raise its dinar balance, it could print an Iraqi monetary block according to ratios that balance its dollar imports, thus achieving the purpose of raising the dollar’s price without going to raise its price.

Sixth: Supporters of raising the price of the dollar claimed that raising the price of the dollar would contribute to strengthening and strengthening the Iraqi dinar in the world

* Here I say:

Amazing and strange this justification, which if his claim is true, the ignorance of his claimants is true.

In fact, the rise in the price of the dollar has destroyed the Iraqi dinar and weakened it by more than 25%.

Seventh: Supporters of the dollar’s price increase claimed that they were embarrassed by the Iraqi street, as well as embarrassed by the results of this ignorant blind decision.

* Here I say:

🔹 This justification confirms the people’s admission of the mistake of the decision to raise the price of the dollar

But the strange thing is that the pride by mistake prompted them to justify keeping the high price of the dollar because of their fear of a delay in the budget, and this is an explicit fallacy for several reasons that deny this claim, including that we are today in front of eight months of the fiscal year where four of them have passed

Restructuring the budget on the old price of the dollar will only delay the budget by ten days

A delay of ten days is better than damaging years to come

In fact, with one formula, the budget can be deducted in one day, whereby expenditures are reduced equally by the value of what will decrease in the dollar.

Yes, we will be facing necessary adjustments here and there, so we said that ten days could be sufficient for these treatments.

These are brief responses to what proponents of a dollar appreciation claim

If there are other justifications, we are ready to discuss them scientifically and impartially.

And the God of the intent behind

Member in Parliamentary Finance: An agreement to pass the region’s share in the budget and approve it at a session on Saturday

Time: 03/23/2021 14:36:25 Read: 3,562 times   {Baghdad: Al Furat News} A member of the Parliamentary Finance Committee, Sherwan Mirza, is likely to pass the federal budget law next Saturday.

Mirza told {Al-Furat News} that “this delay is illegal,” noting that “an agreement has been made between the Kurdish delegation and the Shiite forces and the Sunni forces to pass Article 11 of the Budget Law regarding the share of the Kurdistan region according to the agreement.”

Mirza added that “passing the paragraph unilaterally without negotiations and without consulting with the Kurdish delegation is unacceptable.

The member of Parliament added: “If the Shiite forces have negotiations, they must be within the Finance Committee.”

The House of Representatives had failed, last Saturday, to vote on the draft federal budget law for 2021, following the continuing disagreements over some items.

The Media Department of Parliament said at the time, in a statement, that “Last Friday, Parliament failed to hold a session to vote on the budget, whose allocations are estimated at 130 trillion dinars (about $ 89.6 billion).

The Kurdistan region’s share is considered a budget node, with the continuing talks between Baghdad and Erbil to resolve differences over it.    LINK

One hundred and ten deputies sign for not voting on the exchange rate of the dollar in the General Budget Law

Tuesday 23, March 2021 16:54 | Political Views: 111   Baghdad / NINA / Representatives of various blocs launched an electronic campaign to collect signatures through the official website of the House of Representatives, which includes not voting on the paragraph on the exchange rate of the dollar 1450 against the dinar, in the General Budget Law.

The Iraqi National Observation Agency publishes the names of the electronically signed representatives until Monday evening, in order to restore the exchange rate of the dollar in the draft General Budget Law 2021, to what it was previously … The following is a list of the names of the representatives:

follow link

Representative Statistics: 20 Million Iraqis Have Been Affected By The Change Of The Dollar Exchange Rate

09:20 – 23/03/2021  The information / Baghdad ..A member of the Parliamentary Legal Committee, Hussein Al-Aqabi, revealed, on Tuesday, a shocking parliamentary statistic regarding the number of people affected by the change of the dollar exchange rate, stressing that their numbers reached 20 million Iraqis.

Al-Aqabi said in an interview followed by the information, that “bringing the dollar back to the fore is very important, since this issue has been absent in the recent period,” noting that “the government knows nothing but deduction, loans and the dollar price.”

He added, “More than 20 million Iraqis have been affected by the price of the dollar,” noting that “the state’s methodology targets the livelihood of the Iraqi citizen.”

Al-Uqabi pointed out that “the prices of consumer goods have risen to more than 30 percent,” explaining that “poverty rates in the south have reached 50 percent.”

On the other hand, Al-Puni stated that “the exemptions for Jordan reduced customs revenues by 45 percent,” noting that “what is declared customs revenues is a clear misleading.” End / 25

Economist: The Rise In The Dollar’s Exchange Rate Returned To The Region With Large Sums

08:54 – 23/03/2021  The information / special  between the economist, Wissam Al-Tamimi, said that the budget law stipulated that the region would deliver imports of 250 thousand barrels of oil to Baghdad, while the rise in the dollar will increase the region’s share of oil imports, especially since information is still vague about the amount of oil exports from the region.

Al-Tamimi said to “the information”, “The value of the dollar rose against the dinar by more than 20 percent, as this increase came with large returns for the region in light of the high oil prices.”

He added that “Kurdistan’s proportion of the budget amounting to 13 percent will remain the same, but the region will get additional revenues by increasing the income of the dinar in light of the high dollar.”

He explained, “The region is obligated to deliver imports of 250 thousand barrels to Baghdad, while the real numbers of the quantities exported through the region are still unknown, and therefore the region is the first to benefit from the high exchange rate as well as oil prices, at a time when the citizen lives great suffering and an economic blockade imposed by the government.” To serve specific agendas. 25 n

Dollar Exchange Rates In The Local Market Today

Market  Economy News _ Baghdad  Al-Eqtisadiah News publishes the exchange rates of the dollar in local markets on Tuesday (March 23, 2021).

Baghdad – Al-Kifah Stock Exchange  145,150   The price is in the exchange    144,500   145,500

Number of observations 60 Date of addendum 23/03/2021

Saleh: Iraq Has Not Reached The Stage Of Inflation And Prices Have Not Risen Significantly

Money  and business  Economy News _ Baghdad  Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed, on Tuesday, that Iraq has not reached the stage of inflation, indicating that we are still within the one-decimal place.

Saleh said in a press interview, that “Iraq still has not yet reached the stage of inflation, as we are still within the one-decimal place,” indicating that “before the adjustment of the dollar exchange rate, inflation in Iraq was slightly higher than zero.”

He added, “People are sensitive to prices on the basis of a commodity, but we believe that inflation is an index measure with weights and every commodity has a relative weight,” noting that “there is a commodity that may have increased 500 percent but its relative weight is little compared to vegetables or foodstuffs.”

Saleh pointed out, “There has become a sense of prices after adjusting the dollar exchange rate, but it is still reasonable and that inflation is still acceptable, not at the individual level, but at the level of the general price index.”   Number of observations 128 Date of addendum 23/03/2021

View Of Inflation Index

Tuesday 23rd March 2021  100  Muhammad Sharif Abu Maysam  The increase in the annual inflation index by 3.3 percent was not surprising to observers in the economic affairs, after the increase in the exchange rate of the dollar in mid-December, which led to a rise in the prices of goods and services due to the depreciation of the local currency, in light of a large dependence on imports. In meeting the domestic demand for commodities.

Inflation is an economic term that at first glance indicates a rise in prices, while it can refer to inflation in the issuance of monetary currency, or income inflation due to higher monetary incomes, such as wage inflation and profit inflation, and so it can be a rise in costs or an excess of credit ratios. In monetary terms, this does not mean that these cases can occur simultaneously, but in all cases, inflation refers to the rise in the general level of prices in a country’s economy, and it can be employed in processors for drawing up plans that target sustainable development and poverty alleviation. .

The general price level is the average of the prices of goods and services consumed in the economy during a particular year. Hence, the inflation rate calculated for large increases in the prices of a commodity or service does not reflect the real level of inflation related to consumer prices.

If we refer to the rise in the inflation index in the goods and services section due to the rise in gold prices throughout Iraq, this means that the high price of gold was reflected in the accounts of the inflation rate for other commodities related to people’s lives and daily consumption, as well as other episodes in the sectors that take place Follow-up by the relevant authorities, including, for example, the Education Department, which also recorded an increase “as a result of the increase in the private lessons section in a number of governorates,” according to a statement reported by the media.

Here, we are faced with a situation in which accounts are mixed between the reality of the existence of such activities, which drain the entry of specific groups of society, while other groups are not related to them, regardless of the legitimacy that such activities take by simply referring to them in the report of a government agency, as a practice Acceptable, but referring to it in inflation accounts increases its numerical rates at the expense of the concept and its calculations in the goal of promoting economic growth, as is the case with moderate inflation that some countries target in their economic accounts to promote sustainable development.

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