KTFA:

Don961:  Reducing the value of the Iraqi dinar against the dollar .. Do I approach and what is the position of the Central Bank?

1,192 Economie 2020/10/15 20:48 ht Baghdad Today - Special

A member of the Parliamentary Finance Committee, Kamal Cougar, confirmed, Thursday, October 15, 2020, that the Central Bank is concerned about the government and parliamentary approach to reducing the value of the Iraqi dinar against the dollar.

Cougar said in an interview with (Baghdad Today), "There is a governmental and parliamentary approach to reduce the value of the dinar against the dollar, but this trend has not been made a final decision on it," noting that "the Central Bank has great concerns about the step of reducing the value of the Iraqi dinar in exchange for Dollar. "

He added that "the final decision on this issue will be decided in the draft federal budget law for the country for the year 2021," noting that "the details of this approach are not clear features regarding the price of the reduction."

The Financial Committee of the Iraqi Parliament commented, Thursday (July 2, 2020), on news that there are possible intentions to change the exchange rate of the dollar against the dinar within the anticipated financial reform law.

Committee reporter Ahmed Saffar said, in an interview with (Baghdad Today), that "until now we have not seen the financial reform bill, but there are information and leaks. We state that there is an intention to change the exchange rate of the dollar against the dinar, but we do not know its accuracy until the moment, as there is. Some MPs have approached this option, and there is parliamentary opposition to such an approach.

Al-Saffar indicated that "any decrease in the value of the dinar or the dollar will cause price inflation because it will reduce the purchasing power of the Iraqi dinar, and here the affected will be those with limited income from employees, contracts and renters," indicating that "within the monetary policy, this is the last solution to the crises."  link

BearCinnebar:  IMO KTFA, FOR ANYONE NEW:  remember when reading this phrase or similar ones:  " REDUCING THE VALUE OF THE IRAQI DINAR AGAINST THE DOLLAR " is coming from the country of Iraq's perspective:

Remember this helpful chart from Newshound Samson:  SAVE TO SHARE WITH OTHERS:  this should help the new people that we have just brought in Yes! 

" When we finally see our IQD listed on FOREX you won't see it as a dollar amount.  You'll see a "factor" and it requires a simple math step to get to what we want to know - how many $'s we get for each Dinar.

All FOREX listings are listed in pairs - comparing the USD to some other currency.  They will all show a different numerical factor against the USD.        USD/CAD, USD/EUR, USD/IQD

Using the program rate of 1190 you would divide $1 by 1190 = .00084 
So you will see it on FOREX listed as  USD/.84       $1 divided by .84 = $1.19
And.......
USD/0.537 = $1.86          ($1 divided by .537 = 1.86)
USD/0.400 = $2.50          ($1     "       "  .400 = 2.50)
USD/0.333 = $3.00          ($1     "       "  .333 = 3.00)
USD/0.243 = $4.11          ($1     "       "  .243 = 4.11)  

Also ....

$ RATE = WHAT YOU WILL SEE ON FOREX….WHEN IT RI’S/RV’S….. See:  the numbers reduce on Forex and read by Iraq, but the numbers as the Foreign Exchange rate increase in Dollars:

$.86   = 1.162…….. 

$1.00 = 1.000……… 

$1.17 = 0.854………. 

$1.86 = 0.537…….. 

$2.00= 0.500……… 

$2.50 – 0.400……..

$3.00 = 0.333……

$3.22 = 0.310….. 

$3.46 = 0.289…….. 

$3.50 = 0.285 ……… 

$3.86 = 0.259…….. 

$4.00 = 0.250……… 

$4.10 = 0.243…….. 

$4.40 = 0.227………

$5.00 = 0.200…….. "

Samson:  Central Bank Governor: We Have Started Implementing The Banking Sector Reform Plan

15th October, 2020

The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhaif, confirmed that a few days ago, he presented a vision to reform the reality of the country's banking sector to strengthen the financial stability system based on competition.

The governor of the bank said in a statement reported by the newspaper "Al-Sabah" and its independent newspaper today, Thursday, that "the future vision for the work of the Central Bank of Iraq is centered in light of the economic crisis through the goals that it seeks to achieve and specified under its amended Law No. 56 of 2004, the most important of which is (guarantee) Domestic price stability and the promotion of a stable financial system based on competition), to continue achieving the strategic objectives set out in the 2016-2020 plan.

The governor explains, “In order to do so, the bank recently proposed the terms of the reform paper for the banking sector, which has been initiated now, because of its importance in developing banking services and products in the next stage, and through it, the banking sector will be supported to advance its current reality.

Of the specific criteria adopted by the bank and on the basis of which the operating banks were classified, ”indicating that“ this classification will be reviewed by the end of this year, and this will continue for the following semesters of the year.”

The governor of the Central Bank says: “This step comes within the framework of enhancing confidence in the banking sector and improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector.”

Their conditions and the payment of their customers' dues, ”stressing that“ this classification will be an opportunity for these banks to prove their seriousness in achieving the requirements of reform and pay the dues of depositors and shareholders owed by those banks.”   LINK

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Samson:  Nouri al-Maliki is recovering from Corona

14th October, 2020

A source in the State of Law coalition stated, on Wednesday, that the head of the coalition, Nouri al-Maliki, had recovered from infection with Corona virus.

The source told Shafaq News Agency, "Al-Maliki has recovered after about four days of his injury."

On Sunday, an informed source in the Islamic Dawa Party revealed that the Secretary-General of the party, Nouri al-Maliki, was infected with the Corona virus, indicating that the health condition of al-Maliki is now stable and he is in good health.  LINK

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Samson:  Representative Finance: The government borrowing law includes debts worth 41 trillion dinars

19:05 - 10/13/2020

The Parliamentary Finance Committee confirmed, on Tuesday, that the new borrowing law prepared by the government includes debts worth 41 trillion dinars, with a monthly deficit of about 10 trillion.

A member of the Finance Committee, Ahmed Al-Saffar, told Al-Maalouma that "the Finance Committee reviewed the new borrowing law prepared by the government and prepared on the basis of financial reforms."

He added, "The law includes expenditures for current spending, investment, salaries, debts, etc. and is prepared on the basis of a mini-budget," noting that "it includes debts worth 41 trillion dinars with a monthly deficit of 10 trillion dinars."

Al-Saffar clarified that "if parliament approves the matter, its approval will be conditional on the necessity to present the financial and economic reform paper."    LINK

Samson:  Integrity: Imprisonment for a government bank manager damaged public money by nearly 600 billion dinars

11:20 - 10/13/2020

The Federal Integrity Commission announced, on Tuesday, the issuance of a judgment in absentia to imprison the former director of the Agricultural Bank, the issuance of an arrest warrant and investigation against him, and support for seizing his movable and immovable funds, attributing this to his deliberate damage to public money in an amount of about 600 billion dinars.

The investigation department of the authority said in a statement received / the information /, a copy of it, that “the convict, who was formerly the director of the Agricultural Bank, deliberately harmed public funds through the violations of the financial allocations for the agricultural initiative,” indicating that “he did not take legal measures against my managers. Branches and offices who violated the credit plan, noting that the amount spent amounted to (596,364,063,000) billion dinars.

She added, “The Criminal Court for Integrity Cases in Baghdad has reached full conviction of the convict’s negligence, after examining the evidence obtained in the case represented by the statements of the legal representatives of the Ministry of Agriculture and the Agricultural Bank who requested the complaint against him, as well as the report of the Financial Supervision and Administrative Investigation Bureau that includes his negligence. Because of the excesses of the financial allocations for the years 2011-2014, and his failure to obtain legal approvals from the competent authorities, in addition to the presumption of his escape from justice.

The circuit clarified that “the court decided in absentia to sentence the convicted person to seven years imprisonment based on the provisions of Article (340) of the Penal Code, issuing an arrest warrant and investigation against him, and confirming the seizure of his movable and immovable property, while giving the affected party the right to claim compensation before the civil courts after acquiring the judgment. The hyperbolic degree.    LINK