KTFA (Frank26, Clare, Samson & Don961)

  In KTFA 

Clare:  WOW… AWESOME CC!!!!!!!  (See link below) THANK YOU FRANK, WALKINGSTICK & MM!!





Frank26:  1-18-21…CATEGORIES: LINK

Samson:  Al-Shamaa: The Old Exchange Rate Creates Big Problems And Loses Confidence In The Iraqi Currency

19th January, 2021

Economist Hammam Al-Shamaa emphasized that returning to the old exchange rate … loses confidence in the currency and creates big problems.

Al-Shamaa said in a press statement followed by Al-Independent today, Tuesday, that in Iraq there is chaos and in light of the state, everything is possible, except that returning to the old price creates big problems and the Iraqi currency loses confidence in it.

Al-Shamaa added that: Some of these problems are the financial losses that resulted from the reduction of the exchange rate for everyone who had savings hoarded in the dinar, as it lost 20% of its value.

He explained that: the debt relations will also lead to losses. The merchant who was in debt in dollars was forced to pay a larger amount of dinars when the exchange rate was lowered, and conversely, the debtor now in dinars will have to bear a larger amount of dollars to pay off his debt.  LINK


Samson:  The Central Bank of Iraq sales return to decline

19th January, 2021
The Iraqi Central Bank’s hard currency sales decreased again today, Tuesday, to more than $5 million, at a time when the US currency continues to rise against the dinar.

The correspondent of Shafaq News Agency stated that the Central Bank of Iraq witnessed during its auction for the sale and purchase of foreign currencies today a decrease in its sales to reach 5 million 561 thousand dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar, compared to Monday, where sales reached 7 million 353 one thousand dollars.

He added that the sales all went to boost the assets abroad in the form of transfers and credits, while the dollar was not purchased in cash.

Our correspondent indicated that 6 banks have fulfilled the requests to enhance the assets abroad.



Samson:  6 years imprisonment for the former Director of the Pension Authority

19th January, 2021
On Tuesday, an informed source revealed that the former director general of the National Pension Authority, Ahmed Abdel-Jalil Al-Saadi, had been sentenced to six years in prison, indicating that the latter is still being brought before the courts in other cases.

The source told Shafaq News that after the investigation into the Saadi case was completed by the Anti-Corruption and Important Crimes Committee and referred to the judiciary, the Central Anti-Corruption Criminal Court issued today a pre-trial sentence of 6 years imprisonment in accordance with the provisions of Resolution 160 of 1983.

The source indicated that the ruling was issued in the case of concluding a health insurance contract and deducting amounts from retirees in violation of the law, in partnership with Al-Salamah Commercial Mediation Company, indicating that there are other cases against the above convicted person pending trial.

It is noteworthy that, on September 15, 2020, a special security force arrested the former director of the General Retirement Authority, Ahmed Abdel-Jalil Al-Saadi, and a number of officials on charges of financial corruption.  LINK

Don961:  Adjusting the dollar exchange between supporting the national product and the dream of economic recovery

Monday January 18, 2021  Baghdad: Mustafa Al-Hashemi

The director of the Market Research and Consumer Protection Center, Dr. Yahya Kamal Al-Bayati, said that the government is facing a strong and big challenge in the face of the current economic crisis, which made it present the reform white paper, asking: Is the white paper capable on its own to address economic and social problems, and did the budget include solutions to advance the reality of development The existing infrastructure to revive the Iraqi economy, in light of the Central Bank’s decision to amend the exchange rate?

Al-Bayati confirmed that the Central Bank’s decision, late last year, contributed to adjusting the exchange rate of the dollar in the market, as our local markets faced a new problem that requires the government to put in place appropriate mechanisms in how to control it and limit manipulation. In which.

National product support

Al-Bayati indicated that “this decision was supposed to be preceded by support for the national product, which is witnessing a clear absence in the market, as well as support for the private sector to take its role properly, with the need not to overlook the importance of limiting imports, for the purpose of making the economic reform process successful.”

He believed that the exchange rate of the dollar against the dinar now needs to be revised because it has negatively affected the rates of commodity prices in the market and made them rise by 20 percent from their rates before the central decision to amend the exchange rate, which is supposed to revive the Iraqi economy with deliberate steps.”

Consumer Protection Act

The Director of the Market Research and Consumer Protection Center added that “the Consumer Protection Law No. 1 of 2010 needs to activate and adopt mechanisms for its implementation on the ground, as well as the Consumer Protection Council, which includes in its formation a number of ministries,” noting that “Iraq needs institutional integration.” Through engaging the work between ministries and departments and coordinating efforts aimed at solving economic problems with a national vision to raise the standard of living Citizen ».

And that “the intended integration lacks follow-up, and every process that the government takes needs to be followed up and monitored to activate it, calling on those in charge of the economic file in Iraq to activate the Iraqi consumer protection law to preserve the hard currency and the domestic capital cycle, and we limit the depletion of our resources on import only without There is real development ».

Al-Bayati focused on “the need to support the local product in a concentrated manner because it deals in the national currency and not in dollars, which may make a difference that the citizen touches when buying it from the market after providing it in it.”     LINK

Don961:  Al-Kazemi: We are working on preparing the infrastructure to revive the Iraqi industry

Tuesday 19 January 2021

Baghdad: Muhammad Al-Ansari

Prime Minister Mustafa Al-Kazemi said, during his opening, yesterday, Monday, the exhibition “Made in Iraq”, which is being held by the Ministry of Industry at the Baghdad International Fair: “We face challenges, and we do not care about the attempts to question the work of the government and put the stick in the wheel. The most important thing is how to provide service to citizens.” .

Al-Kazemi added that “the government is counting on the private sector to supplement the Iraqi industry and restore its identity.”

He added that “Iraq has enormous minds and energies that can be a source of creativity and a tributary to the region and the world. Long decades of dictatorship, wars and crises have prevented opportunities for investment and prosperity of the distinguished Iraqi energies,” pointing out that “supporting and protecting the local industry has occupied a large place in the government curriculum, and we are currently working

To create the necessary infrastructure to create an appropriate environment to revive the Iraqi industry again, and we rely on this path on the energies of the youth in our country ».

He stated, “We directed the Ministry of Industry and Minerals to launch the National Project for Youth Employment, to help young graduates establish small industrial projects that contribute to the development of local industry and reduce unemployment rates at the same time, and the government has embarked on a set of reforms to support the industry through the reform white paper and in the budget In 2021, we imposed taxes on the imported product to support and protect the national, local product.

Al-Kazemi declared that “the government is continuing to develop industrial zones in Nineveh, Basra, Dhi Qar and Anbar, and in all regions of Iraq.”     LINK


Samson:  Parliamentary warning of an employee uprising that could topple the Al-Kazemi government

19th January, 2021
The independent deputy, Kazem Al-Sayyadi, warned on Tuesday, that the contract employees will revolt as a result of not being included in the draft fiscal budget for 2021, and that this uprising may lead to the overthrow of the federal government headed by Mustafa Al-Kazemi.

Al-Sayyadi told Shafak News Agency, “Al-Kazemi has proven his inability to run the government, after it became unable to provide citizens with the most basic rights of the ration card items, electric energy and services.” He added that “hundreds of thousands of contract employees in state ministries were hoping that the government would do them justice by including them in the Iraqi state budget law, but it failed them by not including them and not paying their financial dues for the year 2020.” Al-Sayyadi continued, saying that “these employees are now waiting for the approval of the budget law by Parliament to pay their back salaries, otherwise they will rise up against the government and may cause it to be dropped.”

On Tuesday, the Parliamentary Finance Committee announced that the applications for the listing of contracts and lecturers in the 2021 budget bill will be referred to the prime minister.

A member of the committee, Ahmad al-Hajj, told Shafaq News, “It is not within the Parliament’s Finance Committee’s authority to approve the creation of job grades and appointments in the General Budget Law,” pointing out that “the committee referred all requests of members of Parliament regarding the inclusion of contracts for Resolution 315 and the lecturers in the Budget Law to the Prime Minister”. He added, “When the prime minister and the Ministry of Finance agree to add allocations to contracts, daily procedures and lecturers, and create job grades, there is no objection to the Finance Committee adding them to the budget law.”

Hajj pointed out, “The Finance Committee is currently working to reduce the fiscal deficit in the budget from 71 trillion by reducing expenditures and making financial transfers.” The members of the House of Representatives had submitted a request to the Presidency of Parliament to include employees contracts and wages in the ministries of the state as part of Resolution 315 issued by the Council of Ministers in the General Budget Law for 2021.

The Iraqi government approved the draft of the draft last month and sent it to Parliament for discussion and approval in the coming weeks. According to the draft seen by Shafaq News, the budget is 164 trillion dinars, with a fiscal deficit of 71 trillion. The budget was based on an estimated price of $ 42 per barrel of oil and an export rate of 3.250 million barrels per day, including 250 thousand barrels from the fields of the Kurdistan Region.   LINK