KTFA Members "News and Views" Monday 2-7-2022

KTFA:

Clare:  TAKE NOTE EVERYONE: “Legal expert Ahmed Al-Abadi revealed that if Parliament fails to pass the President of the Republic, the current president will continue his duties normally, until the next elections are held after 4 years” (FROM POST #77)

AND PARLIAMENT HAS BEEN VOTED IN AND THEY ARE WORKING…IMO

THANK YOU SAMSON!

Clare Cont…..POST #52

Samson: The Speaker of Parliament issues a directive on the federal budget for 2022

7th February, 2022

Today, Monday, Parliament Speaker Muhammad Al-Halbousi issued a directive on the federal budget for 2022

The Council’s media department said in a statement received by the Iraqi News Agency (INA), that “the Speaker of Parliament, Muhammad al-Halbousi, directed the General Secretariat of the Council of Representatives to address the General Secretariat of the Council of Ministers to send the federal budget for 2022

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Al-Halbousi directs to address the secretariat of the Council of Ministers to send the 2022 budget  LINK

FROM POST #65

For his part, the Deputy Speaker of the House of Representatives, Shakhwan Abdullah, explained that the House is continuing to exercise its oversight and legislative role, and that the discussions of the political blocs regarding the selection of the President of the Republic will not affect the House of Representatives in exercising its supervisory and legislative role entrusted to it

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Paulette: IMO……We have seen this litigated in previous years……..A “Caretaker Government” cannot make any new laws and therefore cannot send any laws to parliament

Clare: THAT IS NOT ALL LAWS…….. ESPECIALLY IN COUNTRY… THE RESTRICTIONS ARE SPECIFIC, HOWEVER, WS TOLD US IN THE PAST A “CARETAKER GOV” IS A FULLY FUNCTIONING GOV. IMO

DCDriver:  IF a caretaker government continues, it certainly doesn’t portray security and stability. I don’t see how a rate change can happen in that environment IMO

Monkey:  remember in all this aparent confushon, NOTHING NOTHING NOTHING NOTHING then………….kaboom!!!!!!!!!!!!!!! Frank and WStick and Eddie and Neil are NOT wrong – this canot fail the citizens or the Fab4   IMO

Clare: SIT BACK & WATCH IT PLAY OUT…. YOU’LL BE PLEASANTLY SURPRISED.THERE MAY NOT EVEN BE A CARETAKER GOV…WE SHALL SEE… RIGHT NOW THEY ARE A LAME DUCK GOV. WE WATCH & PRAY, IT IS ALMOST DONE… IMO DO YOU THINK THEY ALWAYS FOLLOW THEIR CONSTITUTION? LOL

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Samson:  State Of Law: Foreign Wills Impose An Economic Blockade On Iraq

7th February, 2022

A member of the State of Law coalition, Adel Maneh, confirmed on Monday that the white paper that the current government spoke about is the demand of the World Bank and the International Monetary Fund.

Mana said to the “Information” agency, “The foreign will that wants to impose a new siege on Iraq, but in a different economic way, by raising the dollar exchange rate and decreasing the Iraqi currency,” noting that “what the government has prepared are recommendations for the World Bank.”

He added, “The only solution to return the exchange rate to what it was previously is for politicians to be stripped of their own benefits, and thus look at the people and try to meet their service requests,” noting that “when we reach the stage of gradualism away from political benefit, then we can say there is a group Government measures, including adjusting the exchange rate.”

A member of the State of Law coalition explained that “the exchange rate is not the only requirement as much as it represents a part of the government movement that should be towards the Iraqi people,” noting that “the white paper that the current government, the Ministry of Finance and the Central Bank of Iraq spoke about is a requirement of the World Bank and the IMF.” International Monetary”.  LINK

Samson: The growth of hard currency reserves in Iraq to more than 64 billion dollars

7th February, 2022

The Central Bank of Iraq revealed today, Monday, a growth in the country’s hard currency reserves to reach more than 64 billion dollars.

The Deputy Governor of the Bank, Ihsan Shamran, told Shafak News Agency, “Iraq’s reserves of hard currency, which includes the cash currency of the dollar, the euro, sterling and other other foreign currencies, in addition to the gold reserves amounted to more than 64 billion dollars,” noting that “there is a continuous growth in these reserves are hard currency.

Shamran added that “the volume of Iraq’s gold reserves is 96 tons,” explaining that “Iraq began with the rise of the sequence globally, reaching the 38th rank globally by owning the largest gold reserves in the world.”

On January 19, the Central Bank of Iraq announced a significant growth in its foreign currency reserves last year, thanks to its diversified investments and management in accordance with monetary policy based on international best practices away from risks. LINK

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Samson:  The Baghdad Investment Commission introduces “large revenues” into the state treasury

7th February, 2022

A source in Baghdad Governorate revealed on Monday, large revenues achieved by the Baghdad Investment Authority.

The source told Shafak News Agency; The Baghdad Investment Commission, through following up on investment projects in the capital, was able to enter more than (53 billion Iraqi dinars) for the investment licenses in force, according to what was stated in an official letter sent by the Baghdad Investment Commission to the Federal Revenue Distribution Monitoring Commission through rental allowances for investment projects after the end of the period First Employment and Ownership Allowances.

The source added; That “this number is the highest in the history of the authority.”  LINK

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Samson:  A Record Rise In The Rate Of “Domestic Cash” Outside Iraqi Banks In 2021

7th February, 2022

The economic expert, Manar Al-Obaidi, revealed, on Monday, the high proportion of the local monetary mass outside the scope of Iraqi banks at the end of last year.

Al-Obaidi said, in a Facebook post followed by / the information, that “the local cash outside the banking system has increased by 50% since the beginning of 2020 to reach more than 70 trillion dinars at the end of 2021, after it was 47 trillion dinars at the beginning of 2020.”

He attributed this to “the weak banking culture and the lack of confidence in the banking system, which kept many from dealing with local banks.”

The expert explained that “deposits with Iraqi banks increased by 15% to reach 93 trillion dinars, after it was at the beginning of 2020 81 trillion Iraqi dinars,” noting that “the ratio of cash outside the banking system to the volume of deposits is about 75%, which is a high percentage. Very much compared to other countries.

He pointed out that “the private sector deposits constitute 45% of the total deposits, while government institutions’ deposits amount to 27%, while the central government’s deposits with banks amount to 28%, in contrast, the contribution of the banking and insurance sector to the GDP is less than 1.5%.”

He called for “the adoption of banking policies that increase confidence in the banking sector, as well as the adoption of stricter policies in monetary transactions outside the banking system that would increase the value of deposits and reduce the cash outside the banking system, which would lead to an increase in the banking sector’s contribution to the domestic product, which would create job opportunities. Reality in a country where the unemployment rate is more than 30%.”

Al-Obaidi considered that “Iraq is among the countries with a low banking mass, where there is a bank for every 32 thousand people, while the global average is 10 thousand people for each bank, and Iraq needs to open 3 times the number of banks and their branches that currently exist, and many of the existing banks are weak banks that depend on an auction work on the sustainability of its work.”  LINK

Don961:  Expert: Weak culture prevents the spread of electronic payment services

Saturday 05 February 2022  Baghdad: Mustafa Al-Hashemi 

Many citizens, especially those who have traveled abroad, wonder why POS  Point of Sale (the device that reads financial cards) is not widespread in the country, although it has come a long way and has the necessary infrastructure for the successful spread of this service, especially after the entry of modern technology into Iraq. And that it is still new to providing electronic services to citizens by opening the door for shopping and conducting commercial transactions.

Earlier, the Central Bank announced its quest to reduce the use of cash (cash) in the country, due to the challenges of geography and security issues, which make the transfer of cash within the country difficult and risky.

 However, the matter was limited to distributing the salaries of employees and retirees only, and the Central Bank did not implement its policy on the ground in limiting cash circulation. (cache).

individual financial losses

Hussain Al-Khaqani, an economic expert, said that “the spread of sales points will greatly reduce individual financial losses, especially as many citizens who have visited or traveled abroad bemoan the lack of points of sale and credit card readers in markets, fuel filling stations, markets and all merchants. and sellers.” 

Al-Khaqani called for the provision of electronic payment card readers, at all official authorities and shops to collect their debts, such as departments that collect fees, traffic and taxes, for example, malls, large and small commercial markets, taxi drivers, stores selling vegetables and fruits, ovens and restaurants, in order to avoid the citizen dealing with damaged and counterfeit currencies and payment. More than required and greatly reduces the use of paper currency.”

Weak banking culture

For his part, banking expert Samir Al-Nusairi explained the most important reasons for the non-proliferation of points of sale in Iraq, attributing the reason to the weak banking culture among citizens using this modern technical method to move from paying with cash to paying with this. style”.

Al-Nusairi added in a statement to “Al-Sabah” that “other reasons for the weakness of the spread of dealing in this way are also represented by the lack of knowledge and motivation for the owners of malls or shops. and service.

 Also, the number of credit cards is not commensurate with the number of available points of sale, which number up to 4000 devices, compared to 12 million credit cards .”

Digital Transformation Application

The banking expert indicated that “there are no instructions and legislation obligating the citizen and the service provider to implement digital transformation, use electronic payment methods in shops and gas stations, and pay electricity, water and phone bills, so that cash is not accepted. 

Rather, it is exclusively through cards, in addition to the lack of infrastructure integration. 

Through networking and the use of advanced software, in addition to facilitating the use of Internet services “.

governmental support

Al-Nusairi stressed the need for government support for the expansion of the use of electronic cash cards, in coordination with the relevant ministries and the central bank .

 As well as automating business and facilitating routine procedures,” he called for “providing incentives for business owners to provide services, provide banking facilities, and reduce tax rates and commissions imposed on the use of pos.   liNK

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Samson:  When The State Is Silent About Stealing People’s Money!!!

6th February, 2022 – Books / Dr. Basil Abbas Khudair

Although corruption spreads in Iraq in a way that makes our state at the forefront of the list of countries in which transparency is weak and thefts prevail, we hear from time to time that the state has been able to detect some cases through financial control, the Integrity Commission, Parliament, the judiciary or through the committee. 

 Regardless of the quantity, quality and effectiveness of these measures and the extent of their contribution to the radical treatment of the phenomenon of corruption, they are primarily concerned with money and assets stolen from the state, as if these authorities are concerned with defending the rights of the state and its looted funds in isolation from the rights of citizens, and it is true that the judiciary is concerned with civil cases related to people’s money looted or owed through the courts of first instance or other authorities

But there is an almost missing link, which is the defense of people’s rights and money in their relationship with the private sector, including the banking sector, as there are related matters that have not been resolved for years, and in terms of legal van the Central Bank of Iraq is responsible for regulating this relationship, addressing its violations, and holding perpetrators accountable, based on Banking Law No. 94 of 2004, which did not leave any stray or incoming except and included it in the texts of the articles.

The Central Bank, according to the constitution, has the upper hand in its mandate over the work of private banks in terms of supervision and regulation as well as he enjoys the independence that gives him the right to take all the measures stipulated by law without interfering in his business and affairs by others except to the extent permitted by legislation.

This superiority and independence is supposed to be invested in a way that achieves the goals and reputation of the banking business and provides full protection for the money of all individuals and institutions, as it is the exclusive authority in granting licenses for establishing private banks and supervising their affairs in various fields, and because of these advantages, people have come to deal with private banks with confidence on the basis of their performance is guaranteed by the authority of the Central Bank.

And when we talk about the performance that caused harm to citizens by (lagging) private banks, we do not find, in actual fact, an effect of activating the articles of the law for those private banks that still keep the money of shareholders, depositors and creditors, individuals and companies forcibly without taking procedures that restore rights to its people who are now suffering from injustice

For example, the Al-Warka National Bank, which started violating since 2010 and its creditors did not find the appropriate response from its management or from the Central Bank to return the money to its owners.

The case is in a state of silence far from the knowledge of the ownersRights, and the result is that depositors have not recovered their deposits for more than 12 years. What they hear are promises, to say the least, that they are procrastination and wasting more time. 

It is strange that this bank is still operating in its only headquarters in Baghdad (Al-Mansour) and a number of employees work in it. Those who occupy their time drinking coffee and tea and receive their salaries from the depositors’ money, and they do not allow the depositors to be reviewed and do not answer any questions regarding the exact date for returning the money. ) Because the purchasing capabilities of depositors’ money are decreasing due to inflation rates that increase annually, according to the data of the Ministry of Planning.

And the depositors did not leave a door without knocking it, whether by reviewing the same bank, the central bank, the judiciary, or organizing sit-ins and issuing appeals to the various levels of the state, but all of them did not work. The ears of the depositors were filled with phrases (guardianship, merger, restructuring, capitalization, re-election of the board of directors) and they were frightened by the promises and solutions that were sterile because the most important and most important was not achieved by returning the money, and because we are in a country with working authorities and laws, this problem is supposed to be solved without secrecy.

 Anyone, by taking practical measures to return people’s money and to stop the deadly silence that brought nothing but ruin to the homes of Iraqis, who entrusted this bank with their money and found nothing but to cover it up.

With their money and the bank did not move a finger years ago, and you can imagine the material and immaterial damage from stopping the withdrawal of funds from 2010 until today.  LINK