Sun. AM/PM TNT News Articles/Thoughts 2-27-22



Iraq is the fifth Arab country in gold reserves

The World Gold Council announced today, Sunday, that more than 2,000 tons of gold are in the possession of a number of Arab countries.

The council said in a report that “the central banks of ten Arab countries own more than 2,180 tons of gold,” noting that “these countries combined are much less than what America owns alone in possession of 8,133 tons of gold.”

The report added that “Saudi Arabia is at the forefront of the Arab countries with the most gold, with its gold holdings amounting to 323.1 tons, followed by Lebanon 286.8 tons, followed by Algeria 173.6 tons, followed by Libya 116.6 tons, and then Iraq came fifth with reserves of 96.4 tons.”

And he added, “Egypt’s reserves amounted to 80.9 tons, Kuwait 79 tons, Qatar came with reserves of 56.7 tons, followed by the UAE with 55.2 tons, and finally Jordan came with 43.5 tons.”

It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.  link

Political analyst: The start of parliament sessions will be “strong” due to the success of the tripartite alliance

Political analyst Najm Al-Qassab confirmed, on Saturday, that the start of the parliament sessions will be strong and is also expected to be different and more effective than previous parliamentary sessions due to the success of the tripartite alliance by passing the Presidency of the Parliament with great parliamentary support.

Al-Qassab explained, “The tripartite alliance between the Sadrist bloc, the Kurdistan Democratic Party and the Sovereignty Alliance, when it passed the presidency of the House of Representatives by more than 200 votes, then it possesses the overwhelming majority that qualifies it to play an important role in the success of Parliament’s work.”

Al-Qassab added, “Success in convening the parliament session will lead to the dismantling of many political blocs that are still cohesive until this moment by granting or allowing some deputies in those blocs to obtain positions within the parliamentary committees.”

And the Iraqi parliament published on its website, on Saturday,  the agenda for the session scheduled for next Monday .

The agenda includes taking the constitutional oath of some deputies, as well as forming permanent parliamentary committees.

The table also included a public invitation for discussion regarding the rise in the dollar exchange rate, in the presence of Finance Minister Ali Allawi.

Political analyst: The start of parliament sessions will be “strong” due to the success of the tripartite alliance..

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 CoalitionMuhammad Hassan Radi Al-ShamryHe 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

I’m hopeful we will hear something tomorrow; tish posted a great article: “Al-Kazemi must be present.. The dollar issue is being raised strongly in parliament: This is what must be done tomorrow.”

Al-Kazemi must be present.. The dollar issue is being raised strongly in parliament: This is what must be done tomorrow

The representative of the Coordination Framework, Intisar Al-Moussawi, demanded, today, Sunday, the necessity of the presence of the Prime Minister, the Minister of Finance and the Governor of the Central Bank to the parliament session for the purpose of discussing raising the price of . the dollar

Al-Moussawi said to (Baghdad Today), “Tomorrow’s session should explain why the dollar price was raised, and who decided that, and today and after reducing it, did the need for that ceased, and therefore we demand that the exchange rate be “.returned to what it was previously due to the great impact on the lives of citizens

She added, “But we have to know what the repercussions are for the process of bringing it back to the past and whether the need for the matter is no longer needed. Therefore, it requires the presence of the bank’s governor to the meeting to “.find out the matter and how the exchange rate will be dealt with  link

After Paying It In Full, An Economist Offers Ways To Benefit From Iraq’s Surplus Debt

On Sunday, economic analyst Basil Al-Obaidi presented economic ways to benefit from the money that Iraq was paying as international debt, the most important of which was the Kuwaiti debt.

Al-Obaidi told the “Information” agency, “The real economic ways to benefit from the sums of money that Iraq was paying as international debts, which amount to more than four billion dollars annually, is to put them in two funds, either the Special Fund for Development and Investment, or put it in the Generations Fund to ensure that it is not lost in government expenditures.” “.

He added, “After Iraq pays all international debts annually in addition to the interests and fees that it was paying on the will of its account at the United Nations, it is assumed by the Iraqi government and by a decision of the House of Representatives stipulating that the amount should not be entered into the budgets.”

Al-Obaidi explained that “the international debt ratio represented more than seven percent of the monthly oil revenues,” noting that “putting money in the financial budget leads to inflated expenditures and disbursing funds without knowing the ways to use them.”  link

Source: Dinar Recaps


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