KTFA
Samson » February 19th, 2022
After the unexpected position of the Minister of Finance, an economist expects different scenarios for the dollar crisis
19th February, 2022
Today, Saturday, the economic expert, Nabil Al-Marsoumi, said that people should dispense with their “dollar” savings and transfer them to the Iraqi dinar.
Al-Marsoumi said in a clarification followed by NRT Arabia, “It is expected that after the unexpected response from the Minister of Finance and the accompanying turmoil in the currency market, most people will give up their dollar savings and convert them to the Iraqi dinar.”
He explained that “in light of the lack of confidence in the Iraqi banking system, the demand for land, real estate and gold is expected to rise because they are a store of value, which will lead to an increase in their prices or people hoarding some of their savings in Iraqi dinars, in addition to the expectation that the Central Bank of Iraq’s sales will decline in the coming days due to the increase in the dollar supply.” in the local market.”
Yesterday, Friday, the Minister of Finance, Ali Abdul-Amir Allawi, responded to a request to be summoned by the First Deputy Speaker of the House of Representatives, Hakim Al-Zamili under the dome of Parliament, considering it an outrageous and unacceptable interference that should not be tolerated, while confirming that he would seek a vote of confidence in him from the House of Representatives.
Allawi mentioned in a letter he addressed to Prime Minister Mustafa Al-Kazemi, which included 21 points. LINK
MilitiaMan » February 19th, 2022
The looks of this is that they are allowing the citizens to sell the dollar to get dinars.
The demand there is to sell Dinars to get Dollars is not being allowed. The exchangers are waiting on decisions from the Parliament and the government, thus the unexpected change.
Allawi has been summoned to Parliament and refuse. However, they have the 50 signatures required for him to be summoned properly. He will be attending an extraordinary session and will address the circumstances with an hour of his time.
It may not be out of the question that he may very well attend and explain the past devaluation and the reasons for that, and also the reason he is to change it again or why he just did prior to the session. We shall see.
In the mean time, they are not selling dollars for Dinars. They are allowing sales of dollars though for dinar. All of which is a bonus to the citizens imo.. They’ll make a lot more money by doing so now with the new rate and purchase power to come.. imo.. If it works out this way, it is brilliant. imo ~ MM..
“The decision to reduce the dollar exchange rate in the local markets is exclusively in the hands of the Central Bank of Iraq, according to the law, and no one may act on it without a decision from the bank.””
KBC123 » February 19th, 2022
On my goodness…. Please, Faster!!!!
MilitiaMan » February 19th, 2022
The bank has the ability to change the rate when ready. There is a government in place today, is there not? Just as there was when they devalued. imo ~ MM
Don961 » February 19th, 2022
Al-Sadr’s tweet about bank corruption withdraws to the discussion of the issue of dollar exchange.. Focus on a file that does not exist and neglect of the “false bills” file!
2022-02-19 Yes Iraq: Baghdad
Propaganda and news circulating on social media and expert analyzes about restoring the dollar exchange rate to its previous state did not subside after only one year of raising the dollar exchange rate, two consecutive days after the tweet of the leader of the Sadrist movement Muqtada al-Sadr, which carried 6 proposals described as “complementary” measures for the issue of raising the dollar. dollar exchange rate.
Although al-Sadr’s tweet did not refer to the issue of returning the dollar exchange to its previous status, but rather included proposals to take measures regarding some banks that benefit from the currency sale auction and the issue of forged import bills, but the talk and the general atmosphere still revolves around the issue of the exchange rate and the possibility of returning it to its previous era. . LINK
MilitiaMan » February 19th, 2022
It may not have talked about the previous era, but, be sure that is on the table.. The other focus is on the corruption. I imagine Sadr, will let those that stole anything get away with it. It is now all about the citizens, just as we saw with the federal court with the Oil and Gas Law., The ability to see into the files from Switzerland Treasury. All that money stolen.. All that money can and likely be returned to benefit the people.. imo ~ MM
Samson » February 19th, 2022
Al-Azm: The exchange rate issue has become a political issue, not an economic issue
19th February, 2022
A member of the Azm Alliance, Abdel Wahab Al-Bilawi, confirmed, on Saturday, that the dollar exchange rate file has become a political issue, not an economic issue, as it is dealt with in line with the political process and its interests.
In an interview with Mawazine News, Al-Bilawi said, “Exchange rates are currently used politically, not economically, and that the issue is not economic, but rather it is to seek victory in front of the poor people and to shade them, after they have become a hostage to the ruling political issue.”
He added, “Citizens’ lives have become politicized through the imposition of taxes, high prices of oil products, foodstuffs and traffic taxes, and that the outputs during the current stage may be the defining boundary between the previous and current stages,” while Al-Bilawi warned “politicians of the revolution of the hungry if they are not helped.” LINK
Serious effects .. a warning of an economic crisis that the government and the local market may be exposed to
18th February, 2022
Friday, former MP Mazen Al-Faili stressed the need to proceed with the decision of the 2022 budget, while indicating that there is no economic crisis, but rather a crisis in the management of funds.
Al-Faili, in an exclusive statement to NRT Arabia, said that “the budget law is the first in the fiscal year, and it is necessary for the state to adopt expenditures, finance investment projects, and run its affairs completely.”
A member of the former Economic Committee explained, “Any delay in approving the budget will have a profound impact on the strata of society, starting from the ministries to the local market.”
Al-Faili added, “The local markets are affected by the distribution of salaries in the basic degree,” stressing that “the delay in approving the budget harms the public interest.” And he indicated, “Iraq does not have a national product, and the market is 90% dependent on imports.” LINK
The Iraqi economy between the “Gresham” dollar and the glorious “struggle” dinar
19th February, 2022 by Dr. Emad Abdel Latif Salem
The Iraqi dinar, like any currency, fluctuates between adornment and reality, between abundance and hardship, and between strength and weakness.
Its value fluctuates between a “super-strong” dinar, with oil at $36 a barrel at the end of the seventies of the last century, to a “poor” dinar, with oil at $93 now. (Of course, the price of a barrel at that time, its “value” is adjusted through what is known as the “purchasing power parity” of the dollar at that time, compared to its “value” now. Nevertheless, the form, role, function, and content of the currency will remain a reflection of the nature of the situation.
The weakness or “strength” of the economy.
For the cohesion of society, or for its division.. and for the “unity” or “fragmentation” of people. And “mainly” this will remain a reflection of chaos, or stability (in all its forms) in a country. Bad currency cannot drive good currency off the market.
The “good” is not defeated by the bad, except for a short time, and in the absence of history.. Then the “good” will chase the legions of the “villains”, push them into the “caves” from which they came, and bury them with their “tools”, “dinars” and “papers”. there. Bad… can never… expel the good “from” the market. The good currency is the one that expels the bad currency .. “to” the market.
Peace be upon our great professor (Ibrahim Kubba), who overturned the Gresham Law for us, and showed it to us in its true form, while we are in “second college” .. only .. and nothing else. Hello our old friend (John Grisham), who was not an “economist,” but a “philosopher,” and that is why he made the “law” of currency stand on his head, not on his feet.
Hello, Your Excellency Minister Ali Abdul-Amir Allawi, because the “novelty” of the Iraqi dinar (as well as its strength, as well as its weakness) has nothing to do with the “novelty” of the family.. Rather, because the Iraqi dinar (as is the case with the Iraqi economy) does not stand now on its head, and he does not know where are his feet? And, of course, there is no peace for those who think that “economics” can be changed by waving the stick, or by “riding on a broom,” by pressing the “button,” or by a shot from a rifle.
I confess to you here, Mr. Minister, that you do not bear the burden of this alone (because this is not fair), and that we are all “partners” in our resounding, multidimensional defeat. I confess to you here that our chronic failure is a logical consequence of our mismanagement, our lack of resourcefulness, and our humiliation over “others” .. and also for our attempt to manage a thing called “the economy” .. when in fact we have nothing, called “economy”.
There is no “economy” in Iraq, but a “bazaar,” “shorja,” and shops (of various purposes), and everyone shouts in them (at his convenience) to promote his goods.. Goods mix, faces mix, voices mix, “profits” differ, and they differ. “Losses”.
What is happening now is that the “Al-Kifah” and “Al-Harithiya” exchanges are stronger and more influential than the monetary policy of the Central Bank of Iraq.. and that people base their economic choices and actions on the expectations and statements of politicians, and not on data, indicators and “balances” of the Ministry of Finance.
What we have now is…nothing. Our main issue is how we can get something out of this nothing, at the lowest possible cost and in the shortest possible time, because “people” have lost their ability to bear, and may lose their “sense” at any moment. The economy is “wise” and “sense”, “rational” behavior, and “rational” management of actions and resources.
The economy is not a “speculation” of fates.. However, “policies” that are hastily drawn up and implemented, may quickly lead to speculation in “our dinars” and their “dollars” (as is happening now) and may lead later (and quickly) to speculation in Our blood, which could also happen at any moment. We have no shortage of policies, solutions and means. We have a lot of them. Just ..
Do not put the “cart” of politics before the “horse” of the economy, and leave the economy to its people, and enjoy the “leadership”. LINK
Source: Dinar Recaps
Samson » February 19th, 2022
“Anti-Corruption”: Britain Includes 10 Billion Dollars Of Looted Iraqi Funds
19th February, 2022
A former member of the Anti-Corruption Council, Saeed Yassin, revealed on Saturday that there are 10 billion dollars of looted Iraqi funds in Britain, noting that countries are evading in meeting the requirements because these funds have been integrated into national economies.
Yassin said in a statement reported by the newspaper “Al-Sabah” and seen by “The Information”, that “Iraq has legal measures that it must take in pursuit of its looted funds, and according to the report of the Integrity Commission, which indicated that there are files to recover funds that were prepared for the claim, but we need inside Iraq. to legal and judicial procedures related to the quality of judgments.
He pointed out that “the need to know the addresses, residence and residence of the wanted persons inside and outside Iraq, and we also need to match the legal concepts between Iraq and the countries of the sanctuary for money, accused, convicts and wanted persons, and we also need to invest (the United Nations Convention against Corruption) with the states of the parties in addition to (the Arab Convention against Corruption). )
By concluding a framework agreement for countries and concluding bilateral agreements with the sanctuary countries in order to establish a recovery mechanism, because there are crimes criminalized in Iraq and the same crime is not criminalized in the sanctuary countries.”
He explained that “the countries evade meeting the requirements because these funds have been integrated into the national economies, which means that in the event of freezing, seizing and recovering these funds to Iraq, they will affect the economies of those countries, which requires Iraq in the event of seizure, freezing and approval to recover these funds from the countries.
That there be a timetable, and the most important thing is to register these funds in the name of Iraq, and then the stage of corruption returns comes, and this is important if these funds work and have returns in those countries.”
Yassin pointed out that “in the economic activities of these funds, there are returns that must be included in the recovery process, as we have the origin of the amount and the proceeds of this stolen amount.” He explained that “regardless of the countries, some of them were mentioned casually, including Britain, which is suspected of having ten billion dollars.” Of the looted Iraqi money as real estate, and the same is found in Jordan and Lebanon, and in the latter there is an economic collapse and the money that is to be recovered is affected.”
The expert and activist in the fight against corruption stressed, “Iraq’s need for international cooperation, in the sense of exchanging legal information and exchanging criminals, and before recovery, we need preventive measures on the movement of funds and filling legal loopholes in Iraq, including the legislation of the law of contracts, tenders and government procurement, not to be instructions, in addition to not setting an exception for any institution to conduct contracts without a commitment to competition and direct invitation to one party and not to several parties, that is, those contracts are referred to the private sector entities to compete.
Yassin noted, “the need to control remittances because there are suspicions that the money transferred abroad for import is not equivalent to the amount of goods supplied to Iraq,” and explains that “when remittances are $45 billion abroad for import, we monitor commodity revenue not equal to more than $15 billion.”
He pointed out that “the need to know the shareholders of these companies from which imports are made and which operate inside Iraq, and who are the participants? And members of the board of directors, are they politicians of the rank of general manager or above? This is a task to open the issue of graft and apply the principle (where did you get this?).”
Source: Dinar Recaps
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