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Tishwash:  this is promising  imo  especially if the project to delete the zeros is in the reform paper hmmmm…

The Central Bank confirms the imminent launch of the terms of the banking sector reform paper

Central Bank Governor Mustafa Ghaleb Makhaif stressed, today, Sunday, the importance of supporting the banking sector to advance its current reality.

A central bank statement said, “Central Bank Governor Mustafa Ghaleb is terrifying held his first meeting for the banking sector,  during which the future vision for the work of the Central Bank in light of the economic crisis was presented and the terms of the reform paper for the banking sector that will be initiated soon.”

Mukhaif stressed “the importance of developing banking services and products in the next stage,” noting that “the bank will support the banking sector to advance its current reality    link

Tishwash:  Here’s another version

The Central Bank of Iraq announces a future vision in light of the economic crisis

The Governor of the Central Bank of Iraq, Mustafa Ghaleb, announced the first meeting of the banking sector today, Sunday, September 27, 2020, at the Central Bank building, to present the future vision of the central bank’s work in light of the economic crisis.

The Governor of the Central Bank also stressed the importance of developing banking services and products in the coming stage, indicating that it will support the banking sector to advance its current reality. The terms of the reform paper for the banking sector have also been put forward, which will be undertaken soon.  link

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Tishwash:  “Finance” indicates why September’s salaries were delayed. “Iraq is money-free”

The parliamentary finance committee on Sunday attributed the delay in employees’ salaries for September to “lack of sufficient cash flow,” noting that borrowing by the government again would be conditional.

“The reason for the delay in salaries of employees for September is the lack of sufficient cash,” Mp Hanin Kaddo told The Shafq News, adding that “parliament has already authorized the government to borrow in order to obtain 15 trillion Iraqi dinars in order to distribute it as salaries for three months, but this amount has been implemented, and it has been distributed as salaries to employees, retirees and social welfare.”

“The government is moving again to borrow, but this borrowing is governed by a condition,” he said, adding that the condition is that “the government will submit the draft economic reform bill that it has previously pledged to submit.”

“Without real economic reforms and iraq’s burden on domestic and external debt, this will result in the inability in the coming period to pay salaries to employees, as well as retirees and social welfare people,” he said.

“The parliament has not yet received the reform paper so that we can have new financial resources in the coming months, and this is a big problem that we face so far,” Kaddo said.

A source in the Iraqi Ministry of Finance revealed on Saturday that the salaries of the month of September were fully secured with the ministry, noting at the same time that the delay in the payment of salaries due to technical problems with the technology of transferring funds from the central bank to the account of ministries, institutions and state departments in banks.

The Central Bank of Iraq responded to the Ministry of Finance, expressing its readiness to receive salary payment notices, stressing that “according to an official source there are no technical or technical problems.”

Iraq has been struggling to secure the salaries of employees and retirees for months as oil prices on the world market fall as a result of the Corona pandemic.   link

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Tishwash:  Baghdad intends to send 320 billion dinars to Erbil

The federal government intends, on Sunday, September 27, 2020, to send 320 billion dinars to the Kurdistan region, in exchange for 50% of the imports of the border outlets, while discussions are taking place between Baghdad and Erbil on the 2021 budget.

The official spokesman for the region’s deputy prime minister, Samir Hawrami, said in a statement to the media that an agreement has been reached in principle between the two parties regarding the current year’s budget, pointing out that Baghdad will send 320 billion dinars to the Kurdistan region in exchange for 50% of the imports of the border ports.

He added that the regional government is continuing through meetings and meetings with the federal government in order to formulate a financial strategy for Iraq, pointing out that the ministries of finance and planning in the two governments are continuing in this regard through the weekly meetings to formulate the financial strategy for Iraq, which includes the years 2021, 2022 and 2023.

Hawrami indicated, That this strategy is the basis for the draft budget next year 2021 and fixing the financial dues for the region in the draft general budget law before sending it to the parliament and approving it.  link

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Tishwash:  The Iranian riyal enters one of the worst chapters in history … it has completely lost its value against the dollar

The Iranian riyal entered history from its “worst” gates, after the record collapse it recorded this year by more than 100% against the US dollar, under the weight of economic pressures, stemming from the ruling oligarchy corruption, mismanagement and US sanctions.

According to Bonbast.com, which specializes in monitoring the exchange rate of the Iranian riyal against foreign currencies on the black market, the selling price of the dollar in Iran jumped from 133 thousand riyals to one dollar at the beginning of this year, to 188.5 thousand riyals on September 26.

This means that the Iranian riyal has plunged 116.5% against the dollar since the beginning of the year, striking all the economic logic out of the wall, and confirming that the regime in Tehran is not worthy of the confidence of any investor or citizen.

The price of the Iranian rial against foreign currencies

This comes while the Central Bank of Iran continues to blind the truth about the currency’s deterioration, as the official exchange rate has been fixed at 42,000 riyals to the dollar.

However, this price does not apply at all, and no dollars are spent on it to the Iranians.

Crash flight in 2020

2020 was the year of record collapses in the Iranian riyal, during which the deteriorating situation reached a record low almost every hour on some days of the year.

The Iranian currency began the year in January, recording 133,000 riyals against one dollar, then 136,000 riyals in February, and 156,000 riyals in March.

In April 2020, one US dollar recorded 166 thousand riyals, then 170 thousand riyals in May, and 177 thousand riyals in June.

Since the beginning of July 2020, the deterioration of the Iranian riyal has worsened, with the dollar recording 205 thousand riyals, then it jumped to 234 thousand riyals in August, then 288 thousand riyals on September 26.

$ 150 billion in losses

The United States had re-imposed all UN sanctions on Iran a week ago, vowing to take action against all those who violate those sanctions.

As a result, Iranian President Hassan Rouhani admitted, on Saturday, to failing to cope with the impact of sanctions, and revealed that his country had incurred $ 150 billion in revenue losses since US President Donald Trump withdrew in 2018 from the 2015 nuclear deal and re-imposed sanctions.

According to Rouhani, the Iranian economy has contracted over the past two years, and inflation and unemployment have risen.

It is worth noting that the proceeds of crude oil exports, on which Iran depends for most foreign currencies, have deteriorated following the US withdrawal and the imposition of sanctions.  link