TNT:
CandyKisses: Al-Tamimi: The Federal Court Can Dissolve Parliament According To These Articles
Legal expert Ali Al-Tamimi confirmed, on Saturday, that exceeding the constitutional periods and the failure of constitutional institutions, including Parliament, allows the Federal Court to dissolve Parliament, indicating that the general principles contained in the civil law confirm that the legislative institution, when it fails to perform its role, the judiciary takes over dissolving it.
Al-Tamimi said in a statement to / the information /, that “the Federal Court can dissolve Parliament in accordance with Articles 47 and 59 of the Civil Code related to the failure of its constitutional role and exceeding the constitutional periods.”
He added that “the general principles contained in the civil law confirm that when the institution is unable to perform its role, the judiciary takes over dissolving it,” noting that “the Federal Court has a general and mandatory decision-making mandate, in accordance with Articles 92, 93 and 94 of the Iraqi constitution.”
Al-Tamimi expected that “the court will move to dissolve parliament, which has become a popular demand.”
Tishwash: Parliamentary Energy reveals proposals to amend the Hydrocarbon Wealth Law
The Parliamentary Oil and Energy Committee revealed, today, Saturday, proposals to amend the Hydrocarbon Wealth Law.
Committee member Ali Shaddad Al-Faris told {Euphrates News}, “We had an intention to host the Minister of Oil, with the agreement of the members of the committee, to find out the latest developments in the oil and gas sector, in addition to the fact that oil selling prices are in light of their continuous rise,” noting that “the Ministry of Oil wants to move forward.” with strategic projects.
Al-Faris stated that “the committee intended to legislate the federal oil and gas law, as well as proposals to amend the hydrocarbon wealth law, in addition to projects proposed by the committees regarding oil coexistence and oil environmental coexistence. link
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Tishwash: The Game of Thrones may topple the pockets of employees and small earners in Iraq… an Iraq without budgets or salaries
The economic expert, Mahmoud Dagher, stressed that approving the country’s general budget is still an urgent necessity to support the Iraqi economy, as the food support law did not cover all aspects, specifically the investment aspect, which is one of the most important aspects in budgets.
Dagher said, “Disrupting the approval of the budget destroys the Iraqi economy because it negatively affects important sectors that need large investment projects, and at the forefront of those sectors is electricity, which needs projects in production, transportation and distribution, as well as public transportation methods.”
Noting that “the public roads, specifically the ones linking the center and the south with the Kurdistan region, are very bad, and the presence of negatives in those roads not only affects the high rate of accidents, but also raises the price of goods due to the high risk of being damaged.”
In addition, economic circles warned against entering the new year without approving the state budget for the second year in a row, stressing that this would mean the inability of the current government to pay the salaries of employees, retirees and others.
They stressed that “this abnormal situation may end with an uncalculated fall of the national economy, and entry into a labyrinth that is difficult to get out of link
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Harambe: Zimbabwe central bank considers currency board | Bulawayo24 News (8/12/22)
ZIMBABWE is considering establishing a currency board to support the Zimbabwean dollar, as inflation surges.
The southern African country is fast moving back into a hyperinflationary crisis, about 14 years since its unit collapsed in 2008 after the rate hit 500 billion percent.
The annual inflation shot up to 256% last month, after ending at 191,7% in June. The rate was 131,7% in May leading to fears that inflation may reach four digit figures by the end of this year. Authorities agreed to switch to a multi-currency system in 2009, before policy changes in 2019 brought back the Zimbabwean dollar as the sole medium of exchange in local transactions.
But the currency has been haunted by hyperinflation, which has eroded its purchasing power.
To address the crisis, the government allowed the United States dollar to operate alongside the domestic unit in 2020, but this has failed to stem its depreciation. Bloomberg reported on Thursday that a monetary policy committee member had confirmed that authorities were looking at the possibility of introducing a currency board.
“The issue of the currency board is being looked at,” Ashok Chakravarti, a member of the central bank’s monetary policy committee, said on Thursday at an economic conference in the resort city of Victoria Falls, according to Bloomberg.
“It’s been done by 40 countries before, but it also requires a substantial amount of reserve money. It is being considered.”
A currency board must among other requirements back all units of domestic currency in circulation with foreign currency.
Zimbabwe will need about US$700 million to back the domestic money in circulation, Chakravarti said.
Reserve Bank of Zimbabwe Governor John Mangudya did not answer two calls by Bloomberg to his mobile phone seeking comment.
In a paper published in the Zimbabwe National Chamber of Commerce 20212022 report, Tinashe Murapata, an economist and founder of Leon Africa said to solve currency problems, Zimbabwe had two options: dollarisation or adoption of a currency board.
A currency board is a pegged exchange rate mechanism that guarantees full convertibility of domestic currency to an anchor foreign currency or a basket of currencies.
Under this system, the total monetary base of the economy is supported or backed by international reserves. The pegged exchange rate creates a stable currency and stable prices but takes away the ability of a country to increase its money supply willy-nilly.
“If Zimbabwe is to adopt a currency board, all issued domestic currency will be backed fully by an anchor currency. The anchor currency can be a basket of currency determined and weighed by our trading partners or hard metal commodities like gold, silver and platinum,” he said.
“It could very well be a combination of the above but essentially every issued domestic money must be fully convertible on demand for foreign currency at a fixed rate that does not change over time.”
Murapata said the currency board should maintain an international account where it stores or deposits all foreign currency receipts as reserves.
These reserves, he prescribed, should be held by South Africa Reserve Bank and the African Development Bank who will act as an underwriter for every issued local currency.
“They will agree to underwrite full convertibility of the local currency with what is in the reserves. Furthermore, a weekly audit performed by an audit firm confirms wha
t is in the offshore reserves and i•n the issued currency,” he said.
https://bulawayo24.com/index-id-news-sc-local-byo-222299.html
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Mot: …. Soooooo True!!! – LOL
