Fri. PM KTFA News Articles w/ Frank26 3-4-22



Frank26 » March 4th, 2022


A new parliamentary statement regarding the dollar exchange rate

2nd March, 2022

Representative of the State of Law coalition, Muhammad Al-Sihoud, said on Wednesday that his coalition is “one of the most demanding” of restoring the dollar exchange rate to its previous era.

In an interview with Mawazine News, Chihoud said, “Our efforts are continuing on the necessity of returning the dollar to its normal price, due to the great harm it caused to citizens.”

He added, “The increase in the exchange rate of the dollar did not achieve the desired goal, especially since oil prices rose and the financial crisis in the country ended.”    LINK

Al-Maslmawi: The Minister Of Finance Is Obligated To Address The Negative Effects Of The High Dollar Exchange Rate

3rd March, 2022

Representative of the State of Law coalition, Firas Al-Maslmawi, confirmed that the Minister of Finance is obligated to take urgent measures to address the damage caused by the rise in the exchange rate of the dollar.

Al-Maslamawi told “Al-Maalouma”, “The State of Law coalition has shown more than once the damages of the high exchange rate of the dollar to the citizen, and also refused to vote on raising the exchange rate because of its remnants on the living reality.”

He added that “the dollar’s exchange rate, and after a year of its rise, some political blocs found out the great damage it left to the citizen,” noting that “the Minister of Finance, after giving an explanation of the country’s financial situation, the political blocs demanded that he address the negative effects of this rise.” 

And he indicated that “parliament members obliged the Minister of Finance to submit a study within two weeks that includes solutions to the negative damages inflicted on the citizen and the poor, provided that he supports the ration card and a social protection network, increases its salaries, grants loans for youth employment without any benefits, and addresses other negative effects.”  LINK

Samson » March 4th, 2022

An Iraqi Official: Rising Oil Prices Will Not Do Anything… This Is The Reason!

3rd March, 2022

An Iraqi official in the Cabinet confirmed today, Thursday, that the rise in oil prices will not benefit anything, among the reasons for this.

The official, who asked not to be named, told “Earth News”, “The rise in oil prices will not benefit anything, even if the price of a barrel of oil reaches 300 dollars, Iraq will not benefit from this increase as long as there is no budget.”

And he indicated that “spending in 2022 is subject to the Financial Management Law, which stipulates that in the event the budget is not approved, the disbursement will be similar to the previous year with the principle of 1/1, but this matter increases the reserves, but no additional amount will be spent above what was spent in 2021 until the budget is approved.”  LINK

Clarification From The Central Bank Regarding The Exchange Of The Dollar And Money Laundering

3rd March, 2022

The Central Bank of Iraq issued a clarification on the dollar exchange rate and money laundering.

And the bank confirmed, in response to a previous parliamentary question, seen by “Earth News”, that “the Iraqi judiciary has taken the necessary measures regarding some forged invoices, which date back to previous dates.”

He added, “The exchange rate change came to remedy the gap between the real value of the national currency and its nominal value.”

Translation ….

The Iraqi Parliament / Office of Representative Soran Omar Saeed M / Question about the dollar exchange rate and money laundering  –  We show that the information contained in your above letter regarding the (forged) invoices of some banks dates back to earlier dates. The Iraqi judiciary took its measures in a timely manner towards those banks, and the court’s decision was to complain against the banks and close the case for the absence of a crime because the permits submitted by the banks are correct and supported by the outlets.  related border.

On the other hand, the instructions of the window for buying and selling foreign currency issued in 2021 obligated all banks participating in the window, to finance foreign trade through documentary credits and foreign transfers, 10 files for each company  (Customer) includes, among other things, an endorsement of purchasing the goods or obtaining the service that has been communicated to the final beneficiary, an endorsement that the bank conducts searches, investigations and verification of all parties of remittances. 

In addition, the border outlets have to do their duty and endorse the correct invoices.  Banks that are proven to have submitted incorrect invoices are formally referred to the judiciary to take legal action against them. 

Regarding your inquiry about the possibility of changing the current exchange rate, we would like to clarify that the current exchange rate has many positive results, including reducing the budget deficit, which achieved a surplus in 2021 compared to 2020, and that the fiscal space that was achieved for the Iraqi government as a result of the current exchange rate will help it to its obligations include part of the internal and external debts, which contributes to enhancing financial sustainability, to the fragile classes, and to financing stalled investment projects.

With regard to changing the exchange rate, we would like to point out the following: 10 The exchange rate over a short period of time confuses local markets, threatens investment, creates a strong stagnation and weakens confidence in monetary policy and the value of the local currency, also contributing to the increase in speculation. 

The exchange rate change came to remedy the gap between the real value of the national currency (the dinar) and its nominal value, as the dollar was calculated at a low exchange rate, which gives  A high competitive advantage for imported goods and services, which prevents the rise of the national product, while raising the exchange rate constituted a barrier to the competitive importer of the national product equivalent to the rate of change in the exchange rate (about 23%).   

It is worth noting that the decision to change the exchange rate is a national strategic decision that is not linked to interim conditions, and that the negative results that may have resulted from it, can be avoided by financial and governmental action to support vulnerable groups and improve the ration card and not retract this important decision.  With respect.   LINK

The Asian Infrastructure Investment Bank Suspends Its Activities In Russia And Belarus

4th March, 2022

The China-backed Asian Infrastructure Investment Bank has suspended business related to Russia and Belarus

The bank said in a statement issued yesterday, Thursday, that “in the interest of the bank, the management decided to suspend all activities related to Russia and Belarus and are under review,” noting that it “actively monitors the situation in Ukraine,” and that the administration will do “all efforts to protect the financial integrity” of the group

China, whose bilateral relations with Russia have strengthened in recent years, has so far avoided criticizing Moscow over Russia’s military operation in Ukraine

Beijing is the largest stakeholder in the multilateral institution, the brainchild of Chinese President Xi Jinping, with nearly 27 percent of the voting power

The bank was launched in 2016 to counter Western domination of the World Bank and International Monetary Fund

Russia is also among the founding members of the Asian Bank, holds about 6 percent of the votes in its operations, and is the third largest after China and India. She also holds a seat on the bank’s board of directors

The Shanghai-based New Development Bank, which was founded around the same time and has similar goals to the Asian Infrastructure Investment Bank, said it had “suspended new transactions in Russia


After The Decision Of The Russian Central Bank .. Sberbank: Deposits Of The Population Amounted To A Trillion Rubles In Two Days

3rd March, 2022

Sberbank, the largest Russian bank, confirmed that it witnessed a demand from citizens to deposit money in Russian rubles, after the historic decision of the Russian Central Bank.

The press service of Sberbank said that the bank has received deposits in Russian rubles and foreign currencies in the amount of more than one trillion rubles over the past two days.

The press service of Sberbank attributed the demand for deposits to the rise in interest rates after the decision of the Central Bank of Russia to increase the main interest rate.

At the beginning of this week, the Russian Central Bank took a set of decisions to achieve financial stability in the country, the most important of which was raising the main interest rate to 20% annually.

In light of this, Russian banks raised interest rates on deposits, including Sberbank, which raised the interest on ruble deposits (from one month to 3 months) to 21%, and on foreign currency deposits to 6%, to the amount of $1,000 and more.  LINK

Source: Dinar Recaps


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