Fri. AM TNT News Articles 2-18-22



The currency market in Sulaymaniyah to the population: Do not sell your dollars cheaply

The currency market in the city of Sulaymaniyah on Friday urged residents not to sell the hard currency, the dollar, in their possession at a cheap price.

The market sent a message to the residents, saying, “It is better to take caution and not sell your dollars at a cheap price until the morning of the next day of the Iraqi parliament meeting to see what will happen.”

According to the letter, “the market is unstable and prices are unreasonable.”

On Thursday, the Presidency of the Iraqi Parliament announced that it had summoned Finance Minister Ali Allawi and Central Bank Governor Mustafa Ghaleb to come to the parliament building “immediately” tomorrow, Saturday.

The Presidency stated, in a brief statement, that the summoning of financial officials came as a “response” to the directives of the leader of the Sadrist movement, Muqtada al-Sadr.

On Thursday, Al-Sadr presented six proposals regarding the exchange rate of the dollar against the Iraqi dinar, including summoning the Minister of Finance, Ali Allawi, and the governor of the Central Bank, Mustafa Ghaleb, immediately.

Al-Sadr’s proposals included, “strongly stopping currency smuggling, looking into the matter of some banks (such as Al-Sharq Al-Awsat, Al-Qabd, and Al-Ansari) belonging to some people who control the currency, and other private banks, and dealing firmly with banks belonging to some of the parties controlling the country and people.”

In addition, Al-Sadr urged “to organize the Iraqi currency market centrally and in a correct manner, by enacting some laws that increase the value of the dinar exchange rate.”

It is noteworthy that the annual inflation in Iraq rose significantly after raising the exchange rate of the dollar against the dinar in the 2021 budget, to equal every 100 dollars 145 thousand dinars, after it was 121 thousand.

It is worth noting that all the prices of materials and commodities in the Iraqi market witnessed a significant increase, in conjunction with the devaluation of the dinar, which sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.


A proposal on the dollar precedes hosting the Minister of Finance and the Governor of the Central Bank in Parliament tomorrow

The economic expert, former director of the Office of Financial Supervision, Salah Nuri, presented a proposal regarding changing the exchange rate of the dollar against the dinar.

Nuri told {Euphrates News}: “My personal opinion is that there is an inverse relationship between the price of a barrel of oil and the increase in the exchange rate of the dollar, and it is possible to find this equation as high as determining the price of a barrel of oil, for example, when it is at 50 dollars, the exchange rate of the dollar is raised, but the Ministry of Finance raised the price of The exchange is to reduce the deficit and not to borrow, but the proposal is reversed, as when the price of a barrel of oil rises, the dollar exchange rate is reduced and vice versa.

He stressed that “returning the dollar’s exchange to the previous one by about 1,200 dinars will cause a new and strong shock to the market, so a gradual decrease in it is necessary.”

Nouri stressed, “the need to find a sovereign fund and another to invest in surplus oil sales.”

Nouri criticized the Ministry of Finance, describing it as “traditional, difficult to convince, and planning with a certain stereotyped thought.”

And the Presidency of the House of Representatives summoned the Minister of Finance, Ali Allawi, and the Governor of the Central Bank of Iraq, Mustafa Ghaleb, in the dome of the Council tomorrow, Saturday.

The meeting will be held under the chairmanship of the First Deputy Speaker of Parliament Hakim Al-Zamili with the Minister of Finance and the Governor of the Central Bank to discuss the dollar exchange rate.

On December 19, 2020, the Central Bank of Iraq decided in a statement to raise the price of selling the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration of oil prices.

The bank added that the main reason behind the devaluation of the dinar is to bridge the inflation gap in the 2021 budget after the collapse of global oil prices, which is a major source of Iraqi financial resources.

And he said in his statement, “The financial crisis that Iraq was exposed to due to the Corona pandemic led to a large deficit in the public budget.”

The bank stated that the decision to devalue the currency came as a proactive step “in the interest of the bank to avoid depleting its foreign reserves,” and to help the government secure the salaries of public employees.  link

The Launch Of The First Demonstration In Iraq In Support Of The Federal Court’s Decision On Kurdistan’s Oil

On Friday, Baquba, the center of Diyala governorate, witnessed the launch of the first demonstration in support of the Federal Court’s decision on the oil and gas law in the Kurdistan region.

Murtada Al-Tamimi, one of the demonstrators, said in an interview with Al-Information, that “cultural and youth elites from different regions of Diyala went out in a demonstration in the center of Baqubah to support the decision of the Federal Court on the unconstitutionality of the oil and gas law in the Kurdistan region and considers it dangerous in the direction of ending chaos in the country.” .

Al-Tamimi added, “The demonstration is peaceful and spontaneous, and is not supported by any party or political bloc. It supports any steps that contribute to making the country’s wealth in the hands of federal authorities that distribute money equally among the governorates, with the need for a transparent and urgent investigation into the money received by the region for more than 10 years from the sale.” Oil is far from Baghdad.”

A few days ago, the Federal Court had approved a decision that the oil and gas law in the Kurdistan region was unconstitutional  link

Source: Dinar Recaps


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