TheSnod: I think $1.45 just entered the equasion and it might just work.
Daytrader: We often have a tendency to drop the currency designation in our conversations. Unfortunately, that often leads to some misunderstandings IMO.
Currently the exchange rate is $1 = 1190 IQD. When Iraq drops three zeros the exchange rate would be $1 = 1.190 IQD, meaning it would take more than one dinar to purchase a dollar. 145,000 IQD to purchase $100 is also saying $1 = 1450 IQD. The IQD weakened 260 dinar (1450 – 1190) meaning it would take more dinar to purchase a USD.
As information, $1 = 1450 IQD also means it only takes $.000689 to purchase 1 dinar. That’s the wrong direction, all IMO. Hope this helps. Daytrader
Samson: Planning: The budget intends to benefit from the outputs of the Sino-Iraqi agreement and is still with the General Secretariat for Auditing
14:43 – 12/17/2020
The Ministry of Planning confirmed, on Thursday, sending the draft budget for 2021 to the Council of Ministers before the end of this December, indicating that it is still in the General Secretariat of the Council of Ministers for the purpose of auditing.
“The budget was not included in the cabinet session that was held yesterday, as it is still with the working secretariat for the purpose of financial and legal auditing,” ministry spokesman Abdul Zahra Al-Hindawi said.
He added, “It is hoped that it will reach the cabinet before the end of this month so that the cabinet can vote on it and send it to the parliament.” “The government intends to benefit from the outputs of the Sino-Iraqi agreement to cover projects in the 2021 budget,” Al-Hindawi said. LINK
DeepWoodz: Imo…. So here it appears that the Ministry of Planning is the spokesmen for the GOI on the current location of the budget. Mostly a smoke screen as I believe the budget is complete and has been, but the date for release isn’t quite here yet.
I wanna give a throwback to yesterday where the MOP put out an article that Frank referenced quickly last night. Article 111 he said was interesting. He was right.
Not 100% sure why he said that but….
This is what it said….
He added that “what is left of the funds in the 2021 budget will go to the investment side, including the completion of stalled projects,” noting that “the priority will be for projects that have reached advanced stages.”
Upon second glance, it would appear that there is a LARGE SURPLUS in their new upcoming budget.
There are 6000 ongoing projects. OH BUDDY!!!!!
Don961: What is its relationship with the US sanctions? ” … Economist: The smuggled Iraqi funds are hidden in 3 major countries
2,474 Economie 2020/12/16 22:02 Baghdad Today – Baghdad
Economic expert Rasem Al-Aqidi confirmed, on Wednesday ( 12-16-2020 ), that Iraq’s money smuggled abroad is hidden in 3 major countries, while revealing the impact of US sanctions on the return of part of it.
Al-Aqidi said in an interview with (Baghdad Today), “The volume of corruption in Iraq is very large and the money smuggled abroad after 2003 is not limited but rather huge,” noting that “part of it was placed in the assets of corrupt politicians and officials in the banks of countries of their nationality, especially since Most of the officials have more than one nationality. ”
He added, “Iraq’s other money went to countries whose economy depends mainly on financial transfers and bank balances, and among those countries (Panama, Luxembourg and other countries in Latin America), money flows to their banks from political figures and different classes.”
Al-Aqidi pointed out that “the US economic-framed sanctions on Iraq have prompted some to transfer their smuggled money abroad through various purchases of goods and marketing them inside Iraq to recover them as liquidity and place them in private banks or secret places,” noting that “it is difficult to determine the size of the money.” That smuggled out of the country, but it is agreed that it is very large because the extent of corruption in Iraq was at unprecedented rates. ”
The economic expert, Abdul Rahman Al-Mashhadani, revealed, earlier, the volume of money smuggled abroad, which is divided between laundering and illegal operations estimated at at least $ 250 billion, while confirming that the process of recovering it is fraught with risks and needs an international effort.
Abd al-Rahman al-Mashhadani said, in a televised statement that she followed (Baghdad Today), that “seeking to amend the Financial Management Law is futile, because it was amended at the end of last year to allow the government to work in the event that there is no budget by disbursing funds according to the 1/12 rule, i.e. disbursing money monthly. According to the closest approved budget to proceed with the investment projects that are disbursed at a later time.
Al-Mashhadani added, “Any new amendment will weaken the role of the government and the Ministry of Finance in passing its general budgets because the government cannot work without a budget, and also the parliament, which will not be able to monitor achievement ratios without adopting a plan or budget,” noting that “the state’s general budget is not approved.” In the year 2014 it cast a shadow over the performance of the Ministry of Finance since that day.
He continued: “A budget must be organized with the actual spending from January 2020 until July, and estimates of the total size of the budget must be added, and according to my estimation, it should be around 65 trillion dinars to cover operational expenses and even the deficit will match the deficit percentage specified in the Financial Management Law,” indicating that “oil prices “Stable at about $ 40 a barrel, and its price in the budget is supposed to be set at around $ 35, and here the doors of exchange will laugh until the end of the year.
Regarding the money smuggled outside Iraq, the economist said, “The money smuggled abroad is estimated between money laundering and illegal operations, estimated at at least 250 billion dollars and may reach 350 billion, and it is present in neighboring Arab countries as well as many countries of the world.”
Regarding the possibility of recovering the smuggled money, he stressed that “recovering these funds is fraught with risks and requires an international effort and cooperation with international organizations, as well as cooperation with international research and investigation offices to find these funds and then return them, and it takes at least five years.”
The economic expert pointed out that “the State of Morocco carried out an experiment in which it bargained with money smugglers that the lawsuits against them would be dropped in exchange for returning half or a third of that money, and this matter is faster than research and investigation and assigning follow-up bodies, because the matter may extend for years.” LINK
Samson: Parliament Finance holds an urgent meeting after the rise in the dollar exchange rate
17th December 2020
The Iraqi Parliament announced that the Parliamentary Committee will hold a meeting this afternoon, Thursday, due to the high dollar, and to discuss the 2021 budget.
A brief statement of the council’s media department, received by Shafaq News, stated that “the Finance Committee is holding an emergency meeting this afternoon to discuss the reasons for the high exchange rate of the dollar, and to discuss the leaked draft budget law for 2021.”
A little while ago, the exchange rate of the dollar jumped on the Al-Kifah Central Stock Exchange in the capital, Baghdad.
Shafaq News Agency correspondent said that the Al-Kifah Stock Exchange registered 136,000 dinars against 100 dollars, after about an hour of stabilizing at 129,500 Iraqi dinars against 100 dollars. He added that the exchange rate deteriorated after the news that the Iraqi dinar exchange rate had been fixed in the budget at 145 thousand dinars against 100 dollars.
The Kurdistan Region Stock Exchange also recorded the price of 132,500 Iraqi dinars per 100 dollars against the selling price, in a jump after it recorded in the morning 129,600 dinars per hundred dollars.
The Shafaq News Agency correspondent said that the purchase price of every 100 dollars recorded 132,000 Iraqi dinars. LINK
Samson: Demonstrations in Baghdad and southern Iraq demanding appointments and salaries
17th December 2020
On Thursday, the Iraqi capital, Baghdad, and Basra Governorate, in the south of the country, witnessed massive demonstrations demanding salaries and appointments.
A source told Shafaq News, “Dozens of higher degree holders organized, this morning, a demonstration in the Alawi area in the center of the capital, Baghdad, to demand appointment within the degrees of deletion and creation in the budget next year,” indicating that “the demonstration extended to the square of the Baghdad International Fair amid the spread Heavy security. ”
And in the province of Basra, a security source indicated that “demonstrators who are contract employees crossed Baghdad Street in Karma Ali in the governorate to demand payment of their back salaries.” LINK
Samson: Central Bank of Parliament Governor for Parliamentary Finance: We are preparing to launch a package of measures that achieve a displacement balance in the exchange rate
The Governor of the Central Bank provided an explanation on the reasons for the high exchange rate, stressing that the bank is preparing to launch a package of measures that will achieve a shifting balance in the exchange rate for the year 2021, such as launching an initiative with an amount of 3 trillion to support low-income people, doubling the provision of hard currency in the market, and increasing interest rates. On the Iraqi currency deposited in banks. LINK
Samson: After the 2021 budget leaked … a parliamentary warning of a massive revolution sweeping Iraq
17th December 2020
Khashan said, to Shafaq News, that “the 2021 budget targets the poor citizen and the simple employee, and this budget is clearly targeting the livelihood of the Iraqi people, as the government wants to solve the financial and economic crisis at the expense of the citizens, as it does not have any other solutions.”
And he stated that “after the 2021 budget law was leaked, the price of the dollar rose dramatically, and even some materials began to rise with the dollar, and here the poor citizen will be the victim, and the deduction of employee salaries, especially the young ones, is unacceptable and unacceptable.”
Khashan said, “All these factors will generate a great popular wave of anger, which will be launched, and its slogan may be this time (The Revolution of the Hungry), due to the policy of the Al-Kazemi government towards the people.”
The exchange rate of the US dollar against the Iraqi dinar rose during the few days to exceed 130,000 dinars for a hundred dollar denomination, which is an unprecedented rise that has not been witnessed in the currency markets over the past few years.
Shafaq News Agency has obtained a draft federal budget bill, which is scheduled to be passed by the Council of Ministers at its next session, to the Iraqi parliament for voting, after the completion of the discussion on it.
The project included calculating the export price of a barrel of oil at $ 42, at an export rate of (3,250) million barrels, including (250) thousand barrels for the quantities of crude oil produced in the Kurdistan Region. LINK
Samson: Iraq’s Local Stock Exchanges Close On The Exchange Of 140,000 Dinars For $ 100
17th December 2020
The Independent Correspondent said today, Thursday, that the Kurdistan Region Stock Exchange recorded a price of 132,500 Iraqi dinars per 100 dollars for the sale price.
He added that the Central Al-Kifah Stock Exchange in Baghdad registered 140,000 dinars at the end of Thursday noon, compared to 100 dollars.
Al-Harithiya Stock Exchange recorded the same closing price.
He explained that the exchange rate deteriorated after the news of fixing the Iraqi dinar exchange rate in the budget at 145,000 dinars against $ 100. LINK
Samson: The Iraqi Market Settles In The Red Zone At The End Of The Week’s Trading
17th December 2020
The Iraqi market stabilized in the red zone at the end of today’s session, Thursday, the last session of the week.
The general index of the Iraqi market decreased slightly by 0.06% to reach the level of 481.1 points.
The number of shares traded reached 356.06 thousand shares, with a total value of 485.39 thousand dinars, through the implementation of 367 transactions.
During today’s trading, 24 companies were traded, of which 6 rose and 9 fell, while 9 shares settled unchanged. LINK