Sat. AM TNT News Articles 2-26-22



Economist: Iraq Will End The Debt File During The Next Two Years

The economist, Furat Al-Tamimi, expected, on Saturday, that Iraq would announce the payment of all its debts during the next two years, indicating that the price of oil would reflect positively on the economic situation after the end of the Kuwaiti debt file and exit from Chapter VII.

Al-Tamimi said in a statement to “The Information” that “the situation will change a lot in the coming months, especially with the end of the self-deduction imposed on Baghdad from Iraq’s oil money in return for the payment of Kuwait’s debts.”
He added, “The economic reflection on Iraq will be very significant, especially its exit from Chapter VII and the opening of important investment files by foreign companies.”

He pointed out that Iraq’s external debt amounts to more than 70 billion dollars, and it will eventually be able to develop an economic plan to pay all belongings and open new files. ink

After his refusal to attend, a deputy sets out a scenario for the fate of the Minister of Finance next Monday

02/25/2022 19:36  Baghdad Today – Special

Member of Parliament, Yasser Iskandar Watut, revealed today, Friday, that Finance Minister Ali Abdel Amir Allawi is threatened with dismissal.

Watout said in a statement to (Baghdad Today) that “next Monday, he will witness the hosting of Finance Minister Ali Allawi for the purpose of discussing the issue of the dollar and the white paper, and there is a decision that will be taken against Allawi, either by continuing until the selection of a new government or proceeding with his dismissal a week after Monday’ssession, as he is threatened with dismissal.” .

He explained, “Yesterday, a meeting was held between the independents and the political blocs on the decision that will be taken against Minister Allawi, after listening to his speech at Monday’s session.”

And he indicated that “Minister Allawi asked for a renewal of confidence in him as a minister in the next government, and this is contrary to the fact that there is no text according to which he is renewed for a minister, and so far no new candidate has been chosen to form the government.”

After his refusal to attend, a deputy sets out a scenario for the fate of the Minister of Finance next Monday

The exchange rate enters a new battle before Parliament and a proposal to adopt a “smart dollar”

The issue of the exchange rate of the dollar against the dinar continues to occupy the Iraqi street, after the state of confusion that the markets experienced a few days ago due to political debates, which led to a decrease in the price of the dollar against the dinar, which is the highest in nearly a year, but it soon returned to its previous era after Assurances from the Central Bank that there is no intention to change the exchange rate, offset by the House of Representatives’ setting for a session next Monday to host the Minister of Finance and discuss the mechanisms of the dollar exchange rate against the dinar.

The State of Law coalition, for its part, affirmed its determination to reduce the price of the dollar against the dinar according to professional mechanisms set by the central bank and the government without harming the segments of society, while a parliamentarian indicated that the currency exchange rate is a purely scientific economic issue and there are competent authorities that can decide on it in the interest of the country, as he suggested.

Economist Adoption of the smart dollar to reduce the damage to the poor and vulnerable classes with regard to the economic and health sectors.

Representative of the State of Law Coalition Muhammad Hassan Radi Al-Shamry He affirmed that his coalition is determined to reduce the exchange rate of the dinar against the dollar to a previous era as long as the justifications for raising it previously were negated, pointing out that there are other doors through which the government can comfortably cover its cash needs if it is used in an optimal way.

Al-Shammari said in an interview with Alsumaria News, “The State of Law coalition was and remains firm and clear in the issue of raising the price of the dollar against the dinar, and we boycotted the voting session on the previous budget for this reason, and we will have a firm position also during the next budget,” noting that “returning the exchange rate To its predecessor through mechanisms adopted by the government, the Ministry of Finance and the Central Bank that do not harm the market and the citizen is something that has been bypassed and is not retracted.”

Al-Shammari added, “Restoring the purchasing power of the dinar and improving the economic situation of the country and the citizen alike is an important and vital matter, and any talk about the existence of fears of negative repercussions on merchants or employees’ salaries in the event of returning the previous price is worthless fears.

On the contrary, returning The exchange rate to its predecessor will revive the market, increase the profits of traders and reduce the burden on the citizen,” noting that “all the justifications for raising the exchange rate previously have disappeared, and that the central bank reserves and global oil prices are all matters that make the financial side and cash liquidity with the government safe and does not require continuing in exchange rate hike policy.

He stressed that “there is a parliamentary insistence on our part to restore the exchange rate and leave the mechanism to achieve this step to the monetary policy of the state and the governor of the central bank after the reasons for raising the price have disappeared,” stressing that “Iraq He has other resources if they are exploited, as they are no less important than oil, such as the agricultural and industrial sector, in addition to the issue of border crossings, each of which is an oil pipeline that generates very large profits for Iraq if it is properly exploited.”

For his part, the economic expert indicated Safwan Qusay, to the possibility of reducing the damage of the dollar’s rise against the dinar on the weak and poor classes through the adoption of the smart dollar for the economic and health sectors.

Qusay said in an interview with Alsumaria News, “There are many doors through which the government and the central bank can deal with the damage caused by the high exchange rate of the dollar against the dinar, including what is related to the ration card and social welfare,” noting that “what is related to the issue of currency smuggling, the bank The Central Bank is keen to re-evaluate monetary policy and control the movement of banks in order to switch to the documentary credit system.

Qusay added, “The monetary and fiscal policy is supposed to be integrated so that we feel that there is control over the value of the dinar and the movement of goods and money,” noting that “there are procedures through which it is possible to work to achieve economic and health support in what is known as the smart dollar for certain sectors by allocating The Central Bank, an amount of five billion dollars for the purposes of purchasing foodstuffs and achieving food security, provided that the purchase is exclusively by Ministry of Commerce At a subsidized price,

 It would have been 1,190 dinars to the dollar, which supports the prices of materials that affect the lives of the poor and fragile classes, so that the window for government purchase and circulation is in order to ensure that this dollar enters its beneficiaries .Ministry of Health Which can allocate one billion dollars to buy medicines for chronic diseases at the same subsidized price of the dollar against the dinar and directly by it, so the central bank can break prices for necessary commodities that can be reflected on the rest of the commodities in varying proportions in order to reduce the effects of the dollar’s rise.”

Member of Parliament Thaer Al-Jubouri stressed that the currency exchange rate is a purely scientific economic issue and there are specialized parties that can decide on it in the interest of the country. AlJubouri said in a press interview, “Talking about hosting the governor of the Central Bank or the Minister of Finance regarding the exchange rate of the dinar against the dollar are all things we believe. It does not go beyond being a political discourse,” noting that “the currency exchange rate is a purely scientific economic issue, and there are competent authorities that can decide on it in a manner that serves the interest of the country.

They rejoice when their salaries are paid on time. Therefore, one of the economic treatments at a time of crisis was the adoption of a new exchange rate in order to strengthen the economy and provide financial liquidity within my personal vision,” noting that “the whole issue depends on an economic equation and the Central Bank must go to it in order to There will be a solid economy in which you can manage financial matters and provide salaries inside the country.”   link 

Source: Dinar Recaps


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