“CBI has to Make a Move” – Thurs. AM-PM Thoughts/News 6-10-21

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TNT

Tishwash:
Official statement: 3 drones target Baghdad International Airport

The Security Media Cell said, at dawn on Thursday, that an attack was carried out by 3 drones targeting Baghdad International Airport, while confirming that one of them had been shot down.  

A statement by the cell, which “Nass” received, a copy of at dawn on Thursday (June 10, 2021), said, “After an outlaw group targeted Balad Air Base on Wednesday evening with three missiles without causing human or material losses, it returned again late on Wednesday night. And Baghdad International Airport was targeted by 3 drones, one plane was shot down, and we will provide you with details later regarding the position of the remaining two planes.  

The cell’s statement added, “The security forces are determined to pursue all those who try to tamper with the security and stability of Iraqi society, and to bring them to justice to receive their just punishment.”  link

The Iraqi Ministry of Justice: Accelerated steps to recover the country’s frozen funds abroad

he Iraqi Ministry of Justice revealed that it was taking accelerated steps to recover the country’s frozen funds abroad.

Ministry spokesman Ahmed Laibi said in a statement that Iraq has filed lawsuits against many companies and people outside the country, for their seizure of the frozen funds.

Luaibi pointed out that Iraq does not have statistics on the amount of frozen and unfrozen funds located abroad, since most of these funds have been registered in the names of companies or people since the year two and three  link

A call to reconsider the dollar exchange rate (6/10)

The economic expert and specialist in crisis management, Ali Jabbar Al-Fariji, warned of the continued growth in inflation rates in Iraq, which is caused by the clear increase in the dollar exchange rate, stressing that the main purpose of the decision to increase the exchange rate is no longer necessary with the cash abundance achieved due to the rise in the price of a barrel of oil. . During the past few days, the currency markets witnessed a clear rise in the dollar exchange rate, as it exceeded the barrier of 150 thousand dinars per 100 dollars, which, according to those concerned with economic affairs, will lead to further increases in the prices of various materials and commodities.

In a gesture, which specialists believe will limit the “jumps” of the dollar exchange rate, the Central Bank has responded to requests to purchase dollars for citizens for the purposes of travel, study and treatment abroad, by feeding electronic payment cards (MasterCard and Visa Card) at the official price set by it. 

Justifications for devaluing the dinar

Al-Fraiji told Al-Sabah that “the decision to reduce the value of the dinar did not achieve the goals, and this is evidenced by the movement of the local market and the turbulent economic reality we are living in now.”

He pointed to “the absence of strategies to absorb the economic shock by the government, and deal with it to mitigate the negative repercussions left by this decision,” noting that “the cash abundance from the rise in the price of a barrel of oil has achieved the goal of covering the salary bill in the general budget.”

High rates of inflation

Al-Fraiji explained that “the negatives that accompanied the decision to raise the exchange rate are many, including the confusion factor in the local market, accompanied by an unrealistic rise in the real estate market, as well as the significant effects on the prices of consumer goods and services, which have become a commodity controlled by many greedy traders.

Suggestions to tackle the crisis

Al-Fraiji suggested solutions to reduce the negative effects of the high exchange rate, putting in the foreground, “Reconsidering this decision, and setting a time limit for dealing with it, proposing that the end of 2021 be the time period (one fiscal year only) to deal with the new exchange rate and return the value of the dinar. Then”.

Al-Fraiji called for tighter economic control by the government and parliament, strictly, on traders and speculators in the local market to limit the rise in food prices, or consumer goods and others that affect the needs of the local market and the individual.

For his part, the economic affairs specialist, Dr. Sattar Al-Bayati, said that “regardless of the negative effects that the low exchange rate of the dinar had on the market and the decline in the purchasing power of the consumer, the task of stabilizing the exchange rate of the dinar depends on two important factors or two measures. Cash in circulation (money supply) through the use of well-known traditional monetary policy tools (interest rate, rediscount rate, legal reserve ratio, and the open market) to maintain monetary stability, and then economic and not to raise the general rate of prices continuously (inflation).

He continued: “The second is the serious endeavor to diversify resources and achieve good and tangible economic performance for the economic sectors that make up the GDP, i.e. achieving a rate of economic growth based on economic diversification and not just the rentier sector.”

He pointed out that «the reason for this is due to the fact that the deliberate depreciation of the local currency exchange rate should be accompanied by a good economic situation based on production and export, and without that, the central bank should reconsider the exchange rate of the dinar because the economic and social effects with their negative repercussions will exacerbate and cause great harm. economy and consumer.  link

Rule of Law: The government does not control the markets and considers raising the price of the dollar one of the reforms

The State of Law coalition confirmed, on Wednesday, that the wrong fiscal policy carried out by the government pushed prices to rise and made it clear to the citizen.

A member of the coalition, Bahaa El-Din Al-Nouri, said in a statement to / the information / that “the government considers the rise in the price of the dollar among the reforms that contributed to solving the problems,” noting that “the only person affected by the high exchange rate is the citizen.”

He added, “The government was not satisfied with not controlling prices, but even the dollar’s exchange rate did not control it, and it is constantly rising.”

He pointed out that “we tried to question the Minister of Finance, but the political parties that stand with him and the presidency of the parliament are pushing in a different direction, and unfortunately, most of the decisions of the finance and government are incorrect.”

Iraq has witnessed a rise in the prices of food products in the markets since last Ramadan, as a result of the wrong policies pursued by the government and the high exchange rate.  link

Source: Dinar Recaps


NetGlobal:
The CBI has to make a move real soon. The exchange rate in Iraq is intolarable. 1500 to 1550 dinar to the dollar. The citizens are going to revolt. They have lost faith in the dinar and the government and the CBI.

RVAleady:
Yes, with better planning all around, I think we could have been done long ago. Hopefully, everyone is in high gear now.

AndyB:
are we getting close to where I can go fishing permanently yet?

Yada:
Andy,,I’m confident we are! There is intense pressure for Iraq to change the value on their currency and Baghdad and Kurdistan are meeting now regarding the launch. The CBI will release the rate and they are directed by the White Papers that was accepted by all the PTB

Clearly, floating the currency now is cause the value to decease on the dinar but after they RI, it will attract the world to their doors and the second economy will be launched with all the investments

Just read Walkingstick, via Frank26, confirmed they are implementing the new mechanism, which we know is the new rate to fund the salaries, the budget, the HCL, the farmers, and the white papers.

Source: Dinar Recaps

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