Iraqi News Thursday AM 11-26-20
Iraqi News Thursday AM 11-26-20
TLM724 Administrator BondLady’s Corner
Ammar Tohme: The currency auction is ambiguous, and "parasitic banks" benefit from it
Thursday 26th November 2020 106 Baghdad: Hoda Al-Azzawi The head of the National Approach bloc, MP Ammar Tohme, confirmed that the currency auction process conducted by the Central Bank of Iraq is of great interest and profits for the corrupt and "parasitic" banks that do not contribute to any productive or economic service activity in the Iraqi reality.
In two separate statements in numbers, Tohme explained the devastating economic effects of the currency auction process, and the loss of that process of the principle of transparency and detailed data that the public opinion must see, indicating that the profits of the "parasites" from the difference in the selling price of the dollar amount to hundreds of billions of dinars per month, which is a loss for the Iraqi state. ..
While the Central Bank refused to respond to Al-Sabah’s questions regarding what was stated in the statements of the head of the National Approach bloc, and it refused to comment on the claims regarding the offer of the “full detailed bulletin of the daily sales of dollars.”
The reporter of the Parliamentary Finance Committee, Dr. Ahmed Al-Saffar confirmed in an interview with Al-Sabah that “the statement of the head of the National Approach bloc, according to the issued and current data available in the sale of the dollar at the currency auction, is correct, and the issue of the currency window at the Central Bank of Iraq is of a strange and unique type in the world, and we need To find immediate solutions, either by canceling the window and transferring it to the Ministry of Finance,
according to the Aidiyah, or for this window to be executed in a transparent manner in terms of issuing a daily bulletin detailing the amount of the sold dollar, which should not exceed the volume of daily oil revenues, so that the foreign exchange reserves are not depleted, And to make sure of receipts, identification papers and (receipts) for import, the type and value of imported goods, and what guarantees their import, and that they are not fake papers.
Al-Saffar called for "imposing customs tax on these imports and collecting them directly by a tax office located in the central bank when selling dollars, as well as that the banks participating in the auction are classified and apply conditions to be issued by the Central Bank."
In his first statement, the head of the National Approach bloc, Ammar Tohme called for the necessity of informing the public opinion and the supervisory authorities of all their varieties on the standards and controls adopted by the Central Bank in the classification of banks in the light of which it is necessary to determine the percentage of dollar sales in the currency auction to those banks.
The detailed bulletin of the central bank that mentions the amount of the dollar sums sold to each bank and verifies the realism of its activity commensurate with the purchase of those amounts from the dollar, and the bank is not satisfied with a bulletin that states the total dollar sales in the currency auction because this keeps the picture ambiguous and confused and prevents the necessary monitoring and follow-up to ensure the safety of the procedures.
While he indicated that the average total sales of the Central Bank in the currency auction is close to 4 billion dollars per month, Tohme pointed out that “parasitic” intermediary banks profit 160 million dollars from the difference in the price of the dollar in the market, which is sufficient for salaries (350 thousand citizens - at a monthly salary of 500 One thousand dinars), he explained that (240 million dollars) is the percentage of tax and customs revenues on imports,
if 75% of the value of the dollars sold goes to actual import, and this amount is sufficient as salaries for nearly 550 thousand citizens with a monthly salary of 500 thousand dinars.
In his second statement issued on the same topic, Tohme asserts that the state’s monthly losses from the currency auction exceed 200 billion dinars, indicating that these sums are sufficient to provide job opportunities for unemployed youth and move the economy’s wheel through the private sector, calling on “the Central Bank to bypass these intermediate rings.
Of (parasitic banks) depleting hard currency, and adopting mechanisms guaranteeing the granting of dollars to actual traders and other citizens directly, in order to save several trillions, instead of going to borrow and its burdensome effects temporarily and in the future and reduce the illusory rise in the prices of imported goods whose bill is paid by the consumer.
He also called for “imposing taxes on banks at a rate of no less than 25% of their profits,” indicating that “if the tax of their proposed profits is collected, the amount of (50-60) billion dinars will be available monthly to the public treasury and be more than (600) billion dinars. Annually ». LINK
Parliamentary Finance Recommends Issuing A Daily Bulletin Detailing The Amount Of Dollar Sold
Economie| 08:39 - 11/26/2020 BAGHDAD - Mawazine News The Finance Committee in the House of Representatives recommended, on Thursday, the issuance of a daily bulletin detailing the size of the dollar sold.
The committee's rapporteur, Ahmed Al-Saffar, said that "the statement of the head of the National Approach bloc, according to the issued and current data available in the sale of the dollar at the currency auction, is sound, and the issue of the currency window at the Central Bank of Iraq is of a strange and unique type in the world."
He added, "We need to find immediate solutions, either by canceling the window and transferring it to the Ministry of Finance, according to Al-Aidiyah, or for this window to be executed in a transparent manner in terms of issuing a daily bulletin detailing the amount of the dollar sold, which should not exceed the volume of daily oil revenues, so as not to be done." Depletion of foreign exchange reserves, and making sure of receipts, identification papers and (receipts) related to imports, the type and value of imported goods, and what guarantees their import, and that they are not fake papers.
Al-Saffar called for "imposing customs tax on these imports and collecting them directly by a tax office located in the Central Bank when selling dollars, as well as that the banks participating in the auction are classified and apply conditions to be issued by the Central Bank." Ended https://www.mawazin.net/Details.aspx?jimare=131804
The Financial Committee Announces The Issuance Of A Daily Bulletin Detailing The Size Of The Dollar Sold
Economy Thursday 26 November 2020 | 09:02 am| Views: 213 The Finance Committee in the House of Representatives announced today, Thursday, the issuance of a daily bulletin detailing the size of the dollar sold. The reporter of the committee, Ahmed Al-Saffar, said in a press interview,
"The statement of the head of the National Approach bloc, according to the issued and current data available in the sale of the dollar at the currency auction, is correct, and the issue of the currency window at the Central Bank of Iraq is of a strange and unique type in the world."
To find immediate solutions, either by canceling the window and transferring it to the Ministry of Finance, according to the Aidiyah, or for this window to be executed in a transparent manner in terms of issuing a daily bulletin detailing the amount of the sold dollar, which should not exceed the volume of daily oil revenues, so that the foreign exchange reserves are not depleted,
And to make sure of receipts, identification papers and (receipts) related to import, the type and value of imported goods, and what guarantees their import, and that they are not fake papers.
https://aynaliraqnews.com/index.php?aa=news&id22=141229
A Parliamentary Threat To Al-Kazemi Due To The 2021 Budget
Political Thursday 26 November 2020 | 06:14 pm| Views: 99 Al-Fateh Alliance confirmed, on Thursday, to host Prime Minister Mustafa Al-Kazemi in the event that he did not send the 2021 budget to the House of Representatives .
The deputy for Al-Fateh Zahra Al-Bajari said that "the arrival of the prime minister to the parliament did not take more than minutes ."
She added that he "attended the funeral council for the death of Deputy Al-Zuhairi," noting that he "left the council immediately afterwards ."
Al-Bajari explained that "the House of Representatives will host Al-Kazemi during the coming sessions in the event that it is not sent to the 2021 budget in the coming days." https://aynaliraqnews.com/index.php?aa=news&id22=141259
Al-Kazemi Launches Important Financial Pledges For The Kurdistan Region
Time: 11/26/2020 14:12:07 Read: 5,291 times (Baghdad: Al Furat News) The second deputy speaker of Parliament, Bashir Al-Haddad, said that Prime Minister Mustafa Al-Kazemi pledged today, Thursday, to solve the problem of financing employees, financial dues to farmers, and exporting gold at airports in the Kurdistan region.
Al-Haddad said in a statement he made to reporters after a funeral ceremony for the representative of the Badr Hussain al-Zuhairi bloc, who died recently with the Coronavirus, that “today we met with Prime Minister Mustafa Al-Kazemi, and we talked with him about a set of files, including the salaries of the region’s employees that were not paid in a number of Months of the current year. "
And he added, "Al-Kazemi said that he is convinced that the sums sent to finance salaries in the region are much less than their entitlements, and that there are people inside and outside parliament who seek to put obstacles in the way of the work of the federal government."
Al-Haddad pointed out that "Al-Kazemi stressed the need for parliament to support the agreement between Erbil and Baghdad on salaries, not to hinder them."
Al-Haddad added that Al-Kazemi stressed the necessity to end the salary problem and the necessity to implement the agreement reached by the federal government with the Kurdistan region, and to send salaries to the region and spend them for the month in which the employees were not paid.
The Deputy Speaker of Parliament noted that "Al-Kazemi seeks to find an agreement and political consensus among the Iraqi parties to solve the problem of the region’s share of the budget and salaries of employees in one basket."
Al-Haddad went on to say, "Al-Kazemi pledged to us by saying: We will not allow our citizens and people to remain in Kurdistan without salaries."
Regarding the farmers' dues in the Kurdistan region, Al-Haddad quoted Al-Kazemi - and told the latter - that "these (the peasants) were treacherous and wronged," pointing out that Al-Kazemi "immediately contacted the Minister of Commerce and the Minister of Finance and asked them to solve the problem of financial dues."
And about stopping the export of gold in airports in the Kurdistan region, Al-Haddad said, "Al-Kazemi pledged to address this issue as well." LINK
To read more current and reliable Iraqi news please visit BondLady’s Corner: