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Sun. PM TNT News Articles 11-13-22

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TNT

Tishwash:
Reform of the salary payment mechanism system (cash withdrawal machines)

For the requirements of the interest of work and for the purpose of maintaining the integrity and stability of the Iraqi payment system and the salary settlement project, it was decided to oblige banks participating in the salary settlement project and electronic payment service providers (collectors) to:

 1. The programs of the salary localization project should not be combined with the cash withdrawal service, and they are not included in any of the offers submitted by the banks participating in the salary localization project and electronic payment service providers (collectors).

2. The commission for cash withdrawals through cash withdrawal machines ( POC ) is fixed at the rate of ( 6 ) per thousand and with a minimum of ( 2,000 ) Iraqi dinars to be deducted from the card holder at the moment of the cash withdrawal process, and it is visible in the customer’s bar.

The above shall be adhered to and implemented as of 1/1/2023 , with the need to educate customers about that . link

The dollar re-registers its high official prices.. 10 billion dinars lost by citizens who sold their hard currency and speculators profited

The exchange rates of the dollar against the dinar in the local markets and stock exchanges returned to rise again, to exceed the barrier of 148 thousand dinars per 100 dollars, after an emergency decline in the value of the dollar in the local markets during the past two weeks.

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And the central Al-Kifah and Al-Harithiyah stock exchange in Baghdad recorded, this afternoon, an exchange rate of 148,200 Iraqi dinars for 100 US dollars, while the prices this morning, Sunday, were 147,750 Iraqi dinars for 100 dollars.

While the buying and selling prices increased in money exchange shops in the local markets in Baghdad, where the selling price amounted to 148,750 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 147,750 Iraqi dinars per 100 US dollars.

This gradual rise came after about two weeks of a sharp decline in the exchange rates of the dollar in the local markets as a result of “rumors” and statements by deputies and speculators about working to reduce the price of the dollar against the dinar, which manipulated the market severely and prompted citizens to sell their dollars quickly and this wave began from October 25 until Today, during the past week, prices began to rise gradually after the Central Bank’s assurances not to manipulate the dollar exchange rate, which led to great losses for citizens who sold their dollars at cheap prices before prices started to rise again.

Cash sales of dollars per day in the Iraqi market are estimated at about 30 million dollars on average, which means that the citizens who sold with a price difference of 30 dinars per dollar due to the decrease and offer their dollars for sale significantly in the market, which led to a drop in prices to 1450 dinars per dollar, have lost nearly one billion dinars in One day, and while the decline continued due to the offer to sell the dollar significantly for about two weeks, this means that the loss of citizens amounted to an average minimum of about 10 billion dinars, and at the same time, speculators gained 10 billion dinars due to this crisis and the confusion in prices caused by the representatives’ statements about devaluation of the exchange rate.

These losses caused calls from experts to the affected citizens to file lawsuits against the deputies and speculators who spread propaganda to reduce the price of the dollar, which led the citizens to sell their dollars at low prices and consequently their loss. link

Deputy: Approving the budget before the end of the year is necessary, and the government must raise it this month

The representative of the State of Law coalition, Muhammad Al-Shammari, called on Sunday for the government to complete the 2023 budget and submit it to Parliament during the current month, indicating that approving the budget at the end of this year will contribute to organizing the work of the government curriculum at the times set by Al-Sudani. 

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Al-Shammari said in a statement to “Information”, “Delaying or accelerating the completion of the next year’s budget 2023 is guaranteed by the government because Parliament is ready to review the budget and has insistence on approving it and amending some of its paragraphs as soon as possible,” revealing that “there is governmental and parliamentary determination to flee the next year’s budget.” 2023 before the end of the current year. 

He added that “the approval of the budget will contribute to organizing the work of the government curriculum at the times set by Al-Sudani,” calling on the government to “the necessity of completing the 2023 budget and submitting it to Parliament during this month.” 
Al-Shammari indicated that “the joint specialized committee between the government and the parliament will contribute to overcoming any obstacle that the government may face.” 

And the financial advisor at the Ministry of Finance, Abdul Hassan Jamal, had confirmed in a press statement that I followed / the information /, that his ministry has actually started preparing the 2023 budget, without Jamal setting a date for sending the draft budget to the Council of Ministers, but he indicated that it “will be submitted soon.   link

Source: Dinar Recaps

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