Tues. PM KTFA News Articles 3-1-22



Samson » March 1st, 2022

Kurdistan government sets holidays during the month of March

1st March, 2022

The Kurdistan Regional Government announced, on Tuesday, holidays during the month of March, which coincides with a number of boccasions.  

According to the government’s calendar, which was reviewed by “Nass” (1 March 2022), “the holidays will be eight days as follows:”  

March 5: The day of the beginning of the uprising of the people of Kurdistan  

March 11: Anniversary of the announcement of the March 11, 1970 agreement with the Iraqi government.  

March 14: Barzani’s birthday.  

March 20 to 24: Nowruz holidays.    LINK

Was the Sadrist movement adopting the issue of changing the dollar exchange rate? Vice chest clarifies the fact that !

1st March, 2022

The prominent leader of the movement, Riyadh Al-Masoudi, said in a press interview that “the large budget deficit should have been paid, either by reducing the salaries of employees or going towards enhancing non-oil revenues or borrowing.

Indeed, the internal and external borrowing law was passed with an amount of up to 20 billion dollars, and the Ministry of Finance’s plan was to change the exchange rate against foreign currencies, in order to achieve savings of up to 10 billion dollars from the exchange rate. 

Also among the opinions presented was a change in the exchange rate by the Ministry of Finance and the World Bank, which is an economic and not a political opinion,” adding that “the Saeroon Alliance has never adopted this proposal, nor was it in favor of it, emphasizing the fact that the owner of the US dollar is the Ministry of Finance through the amounts collected through the sale of oil by the Ministry of Oil.

Al-Masoudi responds to the accusation by some that “Al-Sadr” demanded a change in the exchange rate, by saying that “the current requested a package of financial, monetary and economic reforms.”  Which is represented in stopping the smuggling of US dollars outside Iraq through banks, and stopping corruption in the sales of the Central Bank. Of the 73 banks, approximately 15 to 20 banks have been identified in the corruption circle. 

He adds that “the Sadrist movement demands an improvement in the actual value of the dinar, not numerical, and to go in the direction of supporting agricultural and industrial projects.

As for setting the exchange rate, we say that it should be in the direction of setting real criteria to find a real exchange rate for the dinar. 

And he talks about that “Iraq’s actual need of US dollars to enhance the government’s foreign purchases does not exceed 12 to 15 billion dollars, while dollar sales from the Central Bank amount to more than 60 billion dollars.

This gives the impression of false invoices, money laundering and money smuggling. Therefore, Iraq loses more hard currency by smuggling it abroad, especially if we know that a number of neighboring countries are suffering from a decline in their hard currency revenues.  LINK

Putin signs decree imposing sanctions on the United States and European countries

28th February, 2022

On Monday, Russian President Vladimir Putin issued a decree imposing sanctions on the United States and European countries.

The Kremlin said in a statement, “Russian President Putin signed a decree on the implementation of special economic measures in connection with the unfriendly steps of the United States of America, foreign countries and international organizations that joined them.” The statement added, “Putin also signed a decree prohibiting the transfer of hard currency to accounts outside Russia, starting from March 1”.

Last Wednesday, US President Joe Biden directed the imposition of sanctions on the Russian gas pipeline project “North Stream 2” and officials of the operating company, explaining that these constitute the first tranche of sanctions in response to Russia’s actions in Ukraine. And yesterday, Saturday, the European Union announced the adoption of the harshest package of sanctions against Russian elites and financial sectors. The sanctions cover various areas such as finance, energy, transportation and the freezing of VIP assets.

Russian President Vladimir Putin and Foreign Minister Sergei Lavrov topped the list of new sanctions, as were members of the Russian National Security Council and members of the House of Representatives. Sanctions were imposed on a total of 64 important Russian institutions, including various public institutions such as the Russian Presidency, the Ministry of Defense, companies operating in the energy, aviation and finance sectors, and debt refinancing of Russian public institutions was prevented.

Under the sanctions, EU banks are prohibited from accepting deposits of more than 100,000 euros from Russian citizens. In addition, a ban was imposed on sending goods, services and technology for oil refineries to Russia, as well as a ban on the export of dual-use products and equipment to the country.

On Sunday, Germany, Britain, Italy, Canada, the United States, France and the European Commission agreed to tough new financial sanctions against Russia, including the separation of some Russian banks from the SWIFT system.

These countries decided to separate all Russian banks that have been sanctioned by the international community, as well as limit the ability of the Russian Central Bank to support the ruble exchange rate through international financial transactions.  LINK

Source: Dinar Recaps


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