Zig’s Place Chat and News Wednesday PM 3-24-21

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Butterfly   Economist to NINA: The current exchange rate is exaggerated, and returning to its previous rate is very difficult

Wednesday 24, March 2021 18:42 Economist Saleh Al-Hamashi confirmed that: The current exchange rate ... is exaggerated and returning to its previous price is very difficult.

He told the Iraqi National News Agency / NINA / that: the monetary policy of the central bank in changing the exchange rate of the Iraqi dinar against the dollar, which amounted to 1450 per dollar, came as a result of the lack of cash liquidity and to restore the balance of the monetary mass with the size of foreign currency reserves to reach the point of balance in the monetary mass with the size of obligations The internal state.

Al-Hamashi added that: The government resorted to reducing the exchange rate of the Iraqi dinar against the dollar, but the government exaggerated this price, which affected people with limited income.

He explained that: The possibility of returning the exchange rate to 1200 per dollar is very difficult at the present time.

Blocs and political forces and popular and economic actors are calling for the return of the dollar’s ​​exchange rate to its old status after the current exchange rate caused an increase in the prices of basic products that affected low-income people and families under the poverty line in particular.   https://ninanews.com/Website/News/Details?key=895158

butterfly  https://ninanews.com/Website/News/Details?key=895191

Ali Al-Tamimi: The absence of Kurdish judges in the Federal Court is due to the withdrawal of the region’s representatives from the voting session

Wednesday 24, March 2021 21:28 The legal expert, Ali Al-Tamimi, confirmed that: The absence of Kurdish judges in the Federal Court is due to the withdrawal of the region’s representatives from the voting session.

He said in a press statement that: There is no representation for the Kurdistan region despite the fact that the Federal Supreme Court Law stipulated that judges in this court must be chosen in consultation with the Ministry of Justice in the Kurdistan region.

Al-Tamimi added that: The withdrawal of the deputies of the Kurdistan region from the voting session on the law of this court made them prevail in the region, the political position on the constitutional one, although the decisions of this court apply throughout Iraq and the region as well.

He explained: In front of this court there are many pending files, and according to constitutional jurisprudence, it can reconsider some interpretations according to economic, political and social development, meaning the development of these interpretations and not change them so that the interpretation keeps pace with the development.

butterfly  https://ninanews.com/Website/News/Details?key=895204

Hammam Al-Shamaa to / Nina /: Any decision by Parliament to change the exchange rate is not binding

Wednesday 24, March 2021 23:20 Adviser to the Speaker of Parliament for Economic Affairs, Hammam Al-Shamaa, confirmed that: The government has changed the exchange rate through the Ministry of Finance by pressing the Central Bank according to the white paper.

He told the Iraqi National News Agency ( NINA ) that: The government will not return the exchange rate to what it was previously, even if there is a parliamentary decision because it is a non-binding decision from the constitutional point of view because Parliament cannot interfere with the work of the government.

Blocs and political forces and popular and economic actors are calling for the return of the dollar’s ​​exchange rate to its old status after the current exchange rate caused an increase in the prices of basic products that affected low-income people and families under the poverty line in particular.

Al-Shamaa added that: Parliament's jurisdiction is to legislate the budget provided by the government, so it cannot pressure to restore the exchange rate to its position. Even if parliament issues the budget law, including changing the exchange rate, the government and the central bank can appeal to the Federal Court that the budget is in violation of the constitution.

butterfly  https://www.iraq-businessnews.com/2021/03/24/cabinet-approves-480m-drilling-deal-in-southern-iraq/

Cabinet approves $480m Drilling Deal in Southern Iraq 24th March 2021 The Iraqi Cabinet held its weekly meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi.

Following discussions, the Cabinet approved a bid from Schlumberger to drill 96 wells for the Basra Oil Company (BOC) and ExxonMobil.   The company has previously worked at ExxonMobil's West Qurna 1 field in southern Iraq.   The deal is valued at more than $480 million.

NORV   Iraq   In the second half of 2020, the Central Bank of Iraq faced a waste of foreign exchange reserves, as a result of the black market speculators taking advantage of the difference between the official rate (1183 dinars per dollar) and the parallel market price (1490 dinars per dollar).

Under this pressure, and pressure from international institutions, the Iraqi authorities last December, a partial float of the currency, by reducing the price of the dinar to 1460 against the dollar, with the aim of eliminating the black market.

The Iraqi Finance justified the reduction of the value of the dinar, in the face of the financial crisis that the country is exposed to, following the decline in oil selling prices in global markets, due to the repercussions of the "Corona" virus.

And soon the International Monetary Fund announced its support for the decision to reduce the value of the Iraqi dinar against the dollar, as part of a plan for financial reforms in the country suffering from a stifling economic crisis.

"Under this pressure, and pressure from international institutions, the Iraqi authorities last December, a partial float of the currency, by reducing the price of the dinar to 1460 against the dollar, with the aim of eliminating the black market.

NORV   full article here....

NORV  http://alrafidain.news/News/8109157/5-%D8%AF%D9%88%D9%84-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%AD%D8%B1%D8%B1%D8%AA-%D8%B9%D9%85%D9%84%D8%A7%D8%AA%D9%87%D8%A7..-%D9%83%D9%8A%D9%81-%D9%83%D8%A7%D9%86%D8%AA-%D8%AA%D8%AC%D8%A7%D8%B1%D8%A8-%D8%A7%D9%84%D8%AA%D8%B9%D9%88%D9%8A%D9%85-%D9%81%D9%8A%D9%87%D8%A7%D8%9F

NORV   5 Arab countries liberalized their currencies ... How were the experiences of "floating" in them?

NORV   Told ya....

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