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A source: The Central Bank sets a new price for the dollar, starting from Sunday

12/18/2020 11:00:49

A private source revealed that the Central Bank of Iraq will soon set a new price for the dollar exchange in Iraq.

The source told {Al-Furat News} that “the central bank, starting next Sunday, will adopt a new price for the dollar at a value of 1450 dinars for one dollar {ie 145 thousand dinars for one hundred dollars}”. It is noteworthy that the Central Bank of Iraq is currently selling dollars for 1190 dinars.


The Parliamentary Finance Committee hosted, yesterday, the Governor of the Central Bank, Mustafa Ghaleb, to discuss the economic crisis and the implications of the high exchange rate of hard currency on the Iraqi market situation.

The central bank governor explained to the committee, according to a statement that “the bank is preparing to launch a package of measures that will achieve a comfortable balance in the exchange rate for the year 2021, including launching an initiative in the 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.”

According to the leaked draft of the federal budget law for 2021, it included fixing the exchange rate of the dollar against the Iraqi dinar on the basis of {1450} and a deficit that exceeded 58 trillion Iraqi dinars. The estimated revenues from exporting crude oil were also calculated on the basis of the price of 42 dollars per barrel, and the rate of exporting 3 million And 250 thousand barrels per day, including 250 thousand barrels exported from the Kurdistan region.

The former Undersecretary of the Ministry of Finance, Fadel Nabi, attributed the decline in the value of the Iraqi currency against the dollar to banks and currency dealers who are working to raise the price of the dollar in order to achieve profits.

The leakage of the draft budget to the media and social networking sites caused widespread controversy and turmoil in the foreign currency market in Baghdad, as the exchange rate of the dollar rose in the local market in a frenzy and exceeded 1340 dinars before it fell to 132 thousand dinars after government and parliamentary assurances that the draft is not final and subject to modification.   LINK

Zeeman:  On sunday they will change the rate from 1190 to 1450. if so they are going in the wrong direction that we want.if so  what happened to the white papers and all the things we have been told since the summer?

DeepWoodz:  Imo…Confusion at the end is PLANNED and expected, foretold, pre-destined, and yes even mentioned. Ps….we are pretty educated on this investment…have y’all considered these articles just may be Iraq’s idea of preventing people from taking advantage of the news their rate is changing? I mean….to us it sounds like way too late but then again this is their FIRST EVER RI!!! Lol

Edna:  I must say, Ya gotta love ALL these articles talking about the exchange rate and the budget…I feel the Dam is breaking.

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Samson:  Parliamentary Finance: The Central Bank will take measures regarding the exchange rate of the dinar

18th December 2020

The Parliamentary Finance Committee confirmed, today, Friday, that the governor of the Central Bank will take measures regarding the exchange rate of the dinar.

A member of the committee, MP Ahmed Al-Saffar, said, “The leaked budget project is not official, and no one knows who is behind its diversion, what is the purpose of its diversion, and what is meant by the diversion,” noting that “the leakage of the budget affected the market situation and the citizen’s psyche.” 

Al-Saffar added that “the financial committee met with the governor of the central bank, and that there are some measures that the governor will take,” noting that “the committee is continuing to follow up the matter, and is awaiting the arrival of the draft budget until it has its own opinion in this regard.”  LINK

Samson:  Talabani: We will not return from Baghdad without an agreement

12/18/2020 13:21:19

Vice President of the Kurdistan Regional Government, Qubad Talabani, {head of the negotiating Kurdish delegation}, expressed his optimism to reach an agreement with the federal government on returning financial dues to the region.

The Patriotic Union of Kurdistan website quoted Talabani as saying, “The problems are many and not only the issue of the fiscal deficit and salaries law. Some of them go back to the constitutional reading in Parliament, as well as the preparations for early elections.”

He added, “There is an unhealthy political atmosphere in Baghdad, as well as political pressures on all sides, so the process of dialogue with the federal government to solve all problems is not easy, but we are optimistic about reaching an agreement and we will not return from Baghdad without an agreement.”

Talabani indicated, “They are ready to implement the fiscal deficit law in Iraq and hand over oil and non-oil revenues, and in return, fix the share of the Kurdistan region in the borrowing law.”   LINK

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Samson:  Deputy: Theft of $ 150 million in the budget next year

12/18/2020 11:32:46

Representative Alia Nassif revealed a paragraph in the fiscal budget for 2021 that contains millions of dollars of corruption, indicating that there are common known names in this theft.

Nassif said in a statement today, the Euphrates News Agency received a copy of it, that “in light of the difficult economic circumstance and the semi-empty treasury and the scarcity of employees’ salaries, the corrupt are mastering the theft of public money and their greed does not stop even in times of crisis and lack of funds, and today there is a paragraph in the budget of the year. The next includes the theft of $ 150 million through a loan to a company that owns two names, and these thefts are an extension of the thefts of {Luay Al-Khatib} {former Minister of Electricity}. We will explain to the Iraqi public opinion the details of this process, the place where the deal was concluded and who are the partners in it.”

She indicated that “the current situation is very worrying, considering that one article of the budget will be theft of $150 million through a loan, led by Luay Al-Khatib’s gang, director general, minister and official in the former regime in Dubai,” calling on the Prime Minister, the Integrity Commission and the honorable deputies to “stand up against this theft and an end to this misuse of public money.”

It is noteworthy that a copy of the draft federal budget law for 2021 was leaked yesterday in the media and included fixing the exchange rate of the dollar against the Iraqi dinar on the basis of {1450} and a deficit that exceeded the 58 trillion Iraqi dinars, and the estimated revenues from the export of crude oil were calculated on the basis of the price of 42 dollars Per barrel, and at the rate of exporting 3 million and 250 thousand barrels per day, including 250 thousand barrels exported from the Kurdistan region.

LINK

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Samson:  Integrity arrest senior officials in Nineveh

18th December 2020

On Friday, a force from the Integrity Commission arrested the director of the municipality of Mosul, accusing him of involvement with a large network that manipulates the state’s lands, as well as an official in the Nineveh Health Department on charges of corruption.

A security source told Shafaq News that a force from the Integrity Commission in Nineveh, “arrested late this week the deputy director of the municipality of Mosul, Engineer Walid Muwafaq, who was in charge of the property regulation division in the municipality.”

The source indicated that Muwaffaq was arrested “against the background of the dismantling of an entire network of selling and manipulating state land two weeks ago,” adding that “the reason for Muwaffaq’s arrest is because he was involved in these cases and was aware of the numbers of distinctive plots of land whose prices reach fictional sums and may be involved in the diversion and sale of them.” But the investigation with him is still ongoing.”

He added, “Less than 24 hours later, Al-Nazaha arrested the director of the medical committees in the Nineveh Health Department, Dr. Muhammad Odeh, also on suspicions of corruption, but the real reason behind his arrest has not yet been clarified.”   LINK