Dinar Recaps

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KTFA Members "Wednesday News" 2-3-2021

KTFA:

Samson:  International Islamic" intends to launch a service for transferring funds between bank accounts

3rd February, 2021

The International Islamic Bank announced, on Wednesday, that it will soon launch a service for transferring funds from one bank account to another using a mobile phone

The bank said in a post on Facebook, followed by "Al-Eqtisad News", "Stay tuned for the launch of the service of transferring funds from one bank account to another bank account over the phone

He added that "the service is expected by merchants because of its great effect in facilitating their commercial dealings related to financial settlement   LINK

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Samson:  The Iraqi judiciary arrests officials and oil employees

3rd February, 2021

On Wednesday, the Federal Integrity Commission announced the arrest of a number of officials and employees of the Oil Products Distribution Company in Wasit Governorate, due to suspicions of embezzlement of large quantities of gas oil, gasoline and oil.

The Investigation Department of the Commission, and in its discussion of the details of the process of implementing arrest warrants issued by the judiciary and was carried out under the supervision of law enforcement agencies in the governorate, reported in a statement received by Shafaq News, that “the staff of the Commission’s investigation office in the governorate were able to implement arrest and investigation orders issued against (13) officials. And an employee in the oil products distribution company in the province.

The department continued, “The arrest and investigation orders issued were based on the provisions of Article (316) of the Iraqi Penal Code, against the background of the lawsuit relating to the embezzlement of (361630) thousand liters of gas oil, (99750) liters of gasoline, and (73948) a Liters of oil."

It revealed that "the arrest warrants that were executed included officials and employees of the company, including managers, a number of department and division directors, current and former heads of committees, and a number of other employees, as they were directed to the competent investigating judge, who decided to sponsor them with a financial guarantee of (25) million Dinars for each of them."

The authority had announced earlier this month that it had managed to arrest (5) officials of the Kirkuk Oil Products Distribution Company. To cause them to waste (2.5) two billion dinars.  LINK

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Samson:  Integrity arrest an official in an Iraqi Ministry of corruption

3rd February, 2021

The Federal Integrity Commission announced on Wednesday that it had managed to arrest a general manager of one of the companies affiliated with the Ministry of Construction, Housing and Municipalities, in flagrante delicto.

The investigation department of the authority stated, in its talk about the details of the operation that was carried out according to a judicial memorandum, that a team from the Baghdad Investigation Directorate, after receiving information about an attempted bargaining and extortion, was able to arrest the general manager of a company affiliated with the Ministry of Construction, Housing and Municipalities with the flagrant offense while receiving it The amount of the bribe.

The department continued, indicating that the accused received a financial amount of (15,000,000) million Iraqi dinars in exchange for the payment of dues amounting to (75,000,000) million dinars, referring to the organization of a fundamental arrest report in the process, and it was presented with the accused and the criminal highlights to the judge of the Court of Integrity Investigation. To take appropriate legal measures, based on the provisions of Resolution 160 of 1983.

On the twenty-sixth of last January, the commission announced that officials in the Baghdad governorate were caught red-handed on charges of receiving bribes and extortion. In return for paying the dues of a company to install cameras, the amounts of which reach (20,000,000,000) one billion dinars.  LINK

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Don961:  2021 budget, its money and money

2021-02-02  Dr. Nazem Al-Rubaie - economist wrote:

The Planning and Follow-up Committee of the Government Program in the House of Representatives accused the Minister of Finance, Ali Abdul Amir Allawi, and the Governor of the Central Bank, Mustafa Ghaleb, terrifying of negligence and deliberately causing damage to public money by preparing an unfair budget for the right of citizens to increase the poor and increase prices by presenting a budget with unprecedented increases in allocations Finance for all ministries and departments not associated with a ministry at the time the claim is made that the draft budget law takes into account the state of scarcity of financial resources and a significant increase in raising the exchange rate of the dollar against the Iraqi dinar, which was set in the budget at an amount of 1460 dinars per dollar instead of 1190 dinars, even if we carefully consider the draft The budget law submitted by the government to Parliament, we found that there is a great contradiction in it

While the government claims that it is an austerity budget, we see the exact opposite, as the budget amounts amounted to 123 billion dollars, which is the second highest budget in the Arab world after Saudi Arabia despite its lack of development of new projects.

And that there are institutions and departments that are not linked to a ministry that have increased their budgets because they are profitable in the first place and do not need additional funds allocated to them in the budget.

As an example of what we say, the Shiite endowment budget amounted to 829.9 billion dinars, an increase of 9 billion from the previous budget

Likewise, the Sunni endowment, whose budget amounted to 309 billion dinars, an increase of 28 billion

The Ministry of Finance was not satisfied when presenting the budget with these numbers for the Sunni and Shiite endowments. Rather, as a matter of quotas and sectarianism, a special budget for the Imam al-Kadhim College was added to the amount of 18.3 billion dinars, knowing that it belongs to the Shiite endowment

And a special budget for Imam Abu Hanifa College at an amount of 21.9 billion dinars belonging to the Sunni endowment. With a simple calculation, we see that what was allocated to the Shiite endowment only in the draft budget is 848.200 billion dinars

What was allocated to the Sunni endowment is 330.9 billion dinars

If we look at these enormous numbers, which I do not need to allocate to the fact that the two endowments have properties and many investment projects spread throughout Iraq that generate billions of dinars, in addition to the fact that the colleges of Imam
Al-Kadhim and Imam Abu Hanifa are among the originally profitable colleges and do not need money from the budget

In addition to the existence of departments, the necessity to legalize their structure has become urgent, such as the Accountability and Justice Commission, the Political Prisoners and Martyrs Foundation and the Property Claims Commission. These departments have completed their work and accomplished what is required of them and are now a burden on the budget

In addition to the fact that there are other ministries and departments that should be profitable due to the nature of their work instead of being losers at the present time, such as the ministries of transport and electricity, which is required from the House of Representatives, especially the Finance Committee, to reconsider these huge sums and transfer them and allocate them to industrial and agricultural projects

And investment for the employment of manpower and the employment of graduates who have been demonstrating for a long time to absorb unemployment

Reconsidering the exchange rate of the dollar to become 1130 instead of 1460 dinars, so that the exchange rate would rise gradually and not burden citizens with an increase in material prices.

Increase the poor poorer after the prices of the necessary materials, especially imported or locally produced, rose and the necessary ration card materials were not distributed because the worst that could face any country is ill-considered and random planning, especially on the economic and financial side as long as there is ample time to study the budget and discuss it before approving it as a budget

They are contradictory and not be like their predecessors from budgets that are a container for putting things in how they are agreed and rotating problems between the region and the government from one year to another without finding real solutions to them and that they do not contradict the laws in force with tax fighters, the retirement law and other laws because it is a one-year budget and the work ends By the end of the year, it is not a fixed law, it is not flabby, and the deficit in it exceeds 71%, that it is realistic, and that it fits with the market need and the financial capacity of the citizens. It is not a field for electoral propaganda or for local consumption, and that the percentage of the poor does not increase more than it reached, which is 32%. Reached To him now    LINK

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Don961:  Parliamentary Finance raises notes on changing the exchange rate of the dollar against the dinar

Posted 5 hours ago   News source / NR TV

The Parliamentary Finance Committee announced, on Wednesday, that suddenly changing the exchange rate of the dinar against the Iraqi dinar is not consistent with the financial situation of citizens

The reporter of the Finance Committee, Ahmed Al-Saffar, said, in a televised interview with NRT Arabia, today (February 3, 2021), that “determining and changing the exchange rate is not within the authority of Parliament, but the government, stressing that“ the Parliamentary Finance Committee hosted the Minister of Finance Ali Allawi more than Once, the man is a specialist and has experience, but they must integrate with reality in theory and practice

He added, "The first observation about the change in the exchange rate was surprising and it is assumed that it is gradual and consistent with the current financial situation of the citizens, and the second is that Iraq is not ready for such a procedure because reducing the price of the dinar against the dollar raised the price of imported goods and Iraq has no competing local product and thus it was damaged Citizens due to inflation

He explained, that the third observation is that "Iraq is not ready to change the exchange rate in order to encourage development through investment because it does not have an investment environment free from risks and corruption

He continued, "The problem with the minister is that he does not know the details of the Iraqi individual's life. If he went to the eastern gate and to the Shorja as commercial areas and visited poor areas in Baghdad, for example, he would have been informed of the reality of the people's standard of living

Regarding the budget items and comparing them to the living conditions of the citizens, the decision of the Finance Committee said, “Yesterday we received the latest report from the Minister of Planning, Khaled Battal, on poverty in Iraq, and it contains catastrophic figures. Financial and human, there are provinces in which the proportion of people living below the poverty line is above fifty percent  LINK

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