Al-Kazemi’s advisor: It is time to address the side effects of changing the exchange rate

political| 09:26 – 17/02/2022

Baghdad – Mawazine News
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Thursday, that the time has come to address the side effects of the exchange rate change and its effects on income, while warning of a double financial slope related to unemployment.
Saleh said, “The time has come for fiscal policy to play its active and important role in addressing the side effects that resulted from the exchange rate change and its effects on income, especially the negative impact of the poor and low-income classes by price failures without compensation.”
He added, “Usually, the transitional effects of the exchange rate depreciation on monetary income correspond to positive fiscal policies with influential social and economic effects within the income range, i.e. creating counter-price effects that generate positive or real income effects that help stabilize the standard of living for the low-income social classes.”
He added, “This aspect is directly related to the importance of reducing customs taxes in a tangible way on imported foodstuffs, medicines and local production supplies, as well as restructuring government support for goods and services that directly affect the poor social classes.”
He pointed out that “the most important thing is to start adopting employment policies for the unemployed and expanding the cash income space with additional and exceptional measures that lead to the employment of the unemployed in a tangible and comprehensive manner and creating sources of cash income that increase the welfare of society.”
He continued, “Unemployment today is one of the most serious economic and social scourges in our country and becomes more dangerous when accompanied by price developments that lead to an erosion of cash income or the purchasing power of family income sources, and it is a double financial slope that must be avoided.”
Earlier, the leader of the Sadrist movement, Muqtada al-Sadr, presented today, Thursday, six proposals regarding the dollar exchange rate.
In a statement, Mr. Al-Sadr said, “With regard to the dollar exchange rate, we propose some proposals in order for this not to continue:
1- To stop the smuggling of currency, forcefully and firmly, as well as forged invoices.
2- To look into the matter of some banks such as the Middle East Bank, Al-Qaqid and Al-Ansari that belong to each other . Persons controlling the currency and some other private banks
3- Immediately summoning the director of the Central Bank under the dome of Parliament
4- Summoning the Minister of Finance under the parliament immediately
5- Regulating the Iraqi currency market centrally and in a correct manner and by enacting some laws that increase the value of the Iraqi dinar exchange rate
6- Dealing firmly with some banks belonging to some of the parties that control the country and the people .

https://www.mawazin.net/Details.aspx?jimare=184967

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After al-Sadr’s tweet, the Iraqi parliament summons the Minister of Finance and the Governor of the Central Bank

politicsMuqtada al-SadrMinister of FinanceIraqi parliamentCentral Bank Governordollar exchange rate 2022-02-17 11:19A-AA+

Shafaq News / The Presidency of the Iraqi Parliament announced, on Thursday, summoning the Minister of Finance, Ali Allawi, and the Governor of the Central Bank, Mustafa Ghalib, to the council building immediately.

The Presidency said, in a brief statement received by Shafak News Agency, that the summoning of financial officials came as a “response” to the directives of the leader of the Sadrist movement, Muqtada al-Sadr.

Al-Sadr had presented, earlier today, six proposals regarding the exchange rate of the dollar against the Iraqi dinar, including summoning the Minister of Finance, Ali Allawi, and the governor of the Central Bank, Mustafa Ghaleb, immediately.

Al-Sadr’s proposals included, according to a statement received by Shafak News Agency, “strongly stopping currency smuggling, looking into the matter of some banks such as (Middle East, Al-Qaded, and Al-Ansari) belonging to some people who control the currency, and other private banks, and dealing firmly with banks belonging to some parties. controlling the country and the people.

In addition, Al-Sadr urged “to organize the Iraqi currency market centrally and in a correct manner, by enacting some laws that increase the value of the dinar exchange rate.”

It is noteworthy that the annual inflation in Iraq rose significantly after raising the exchange rate of the dollar against the dinar in the 2021 budget, to equal every 100 dollars 145 thousand dinars, after it was 121 thousand.

It is worth noting that all the prices of materials and commodities in the Iraqi market witnessed a significant increase, in conjunction with the devaluation of the dinar, which sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.

https://shafaq.com/ar/سیاسة/بعد-تغريدة-الصدر-البرلمان-العراقي-يستدعي-وزير-المالية-ومحافظ-البنك-المركزي

Yea Regarding the dollar exchange rate… Al-Sadr proposes to summon the Minister of Finance and the Governor of the Central Bank “immediately”

politicsMuqtada al-SadrMinister of Financedollar priceexchange rateCentral Bank Governor 2022-02-17 11:11A-AA+

Shafaq News / The leader of the Sadrist movement, Muqtada al-Sadr, presented, on Thursday, six proposals regarding the exchange rate of the dollar against the Iraqi dinar, including summoning the Minister of Finance, Ali Allawi, and the Governor of the Central Bank, Mustafa Ghaleb, immediately.

Al-Sadr’s proposals included, according to a statement received by Shafak News Agency, “strongly stopping currency smuggling, looking into the matter of some banks such as (Middle East, Al-Qaded, and Al-Ansari) belonging to some people who control the currency, and other private banks, and dealing firmly with banks belonging to some parties. controlling the country and the people.

In addition, Al-Sadr urged “to organize the Iraqi currency market centrally and in a correct manner, by enacting some laws that increase the value of the dinar exchange rate.”

Al-Sadr had called yesterday, Wednesday, to spare the Iraqis the damages of interest resulting from the high exchange rates of the dollar in the country.

Al-Sadr wrote in his Twitter post, “The rise in the dollar exchange rate, and the benefits and damages that it entails, should not at all cause a rise in the prices of commodities in the markets, especially the important ones.”

And he stressed the need to work through economic security, to punish all merchants who seek to do so, and the like, and according to the law, especially among the people approaching the month of Ramadan.

It is noteworthy that the annual inflation in Iraq rose significantly after raising the exchange rate of the dollar against the dinar in the 2021 budget, to equal every 100 dollars 145 thousand dinars, after it was 121 thousand.

It is worth noting that all the prices of materials and commodities in the Iraqi market witnessed a significant increase, in conjunction with the devaluation of the dinar, which sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.

Shafaq.com

Al-Sadr and Barzani agree to hold a meeting soon for the Triple Alliance

political| 04:35 – 17/02/2022

Najaf – Mawazine News

On Thursday, the leader of the Sadrist movement, Muqtada al-Sadr, received a phone call from the head of the Kurdistan Democratic Party, Massoud Barzani.

A statement by al-Sadr’s office in Najaf, of which Mawazine News received a copy, said that the two sides discussed taking the necessary steps and coordinating the positions of the strategic tripartite alliance at the current stage in order to reach the formation of a national majority government.

According to the statement, “the two parties agreed on the necessity of holding a meeting of the forces of the Triple Alliance during the coming days.”

https://www.mawazin.net/Details.aspx?jimare=184936

Saleh calls for the need to launch a “serious and urgent” dialogue between Erbil and Baghdad

politicsErbilBaghdadbreakingValid 2022-02-17 03:41A-AA+

Shafaq News/ The President of the Republic, Barham Salih called on Thursday for the necessity of launching a “serious and urgent” dialogue between the federal government and the Kurdistan Regional Government after the ruling issued by the Federal Supreme Court (the highest judicial authority in Iraq) that the oil and gas law of the regional government was unconstitutional.

In a statement received by Shafaq News Agency, Salih stressed the need to launch a serious and urgent dialogue between the federal government and the Kurdistan Regional Government to find realistic mechanisms that guarantee what the Federal Supreme Court wanted to implement, and in a manner that guarantees the constitutional entitlements of the region and other Iraqis by harnessing imports to serve citizens away from corruption and bad faith. Administration”.

The President of the Republic called on “the House of Representatives to act immediately to discuss the postponed oil and gas bill, by enriching its texts or submitting a new bill from the executive authority, and approving it without complacency.”

He added, “The political forces’ hesitation for years in approving the oil and gas law contributed to creating problems and crises, and brought us to this critical moment where we face its consequences today.”

Saleh also stressed “the necessity of forming the Federation Council, the missing legislative chamber in the existing political system, which Article 65 of the Constitution expressly and bindingly stipulates.”

The President of the Republic also called for “the necessity of establishing a public authority concerned with guaranteeing the rights of the regions and governorates stipulated in Article (105) of the Constitution, and supporting the “General Authority for Monitoring the Distribution of Federal Revenues”.

Saleh renewed his call “to amend the texts of the constitution, which reality has proven to be inapplicable or responsible for deep crises, in addition to supplementing and amending the texts regulating the work and formation of the executive and legislative authorities.”

On Tuesday (15 February), the Federal Court issued a decision “unconstitutional of the oil and gas law of the Kurdistan Regional Government, with its obligation to hand over all oil production from oil fields in the region and other areas from which the Kurdistan Ministry of Natural Resources extracted oil and handed it over to the federal government represented by the Ministry of Federal Oil and enable it to use its constitutional powers regarding oil exploration, extraction and export.

The President of Kurdistan Region, Nechirvan Barzani, described the decision as “unconstitutional” and was based on a law of the time of the former regime, and stressed the regional government that “such an unconstitutional decision cannot be accepted.”

The Kurdistan Regional Government considered the decision of the Federal Court on the oil and gas law in the region, on Tuesday, as “unconstitutional”, stressing that it cannot be accepted.

And the Kurdistan Region began to sell its oil in isolation from the federal government, after a stifling financial crisis as a result of the collapse of oil prices during the ISIS invasion of areas in Iraq, in addition to the disputes with Baghdad that prompted the latter to stop paying the salaries of the region’s employees.

Baghdad says its national oil company, SOMO, is the only one authorized to sell Iraqi crude oil, but each side claims the constitution is on its side. Since the Iraqi oil and gas law remained imprisoned in the drafting stage due to differences, there was room for maneuver.

The oil file is one of the most prominent outstanding issues between Baghdad and Erbil.

Baghdad used to pay 453 billion Iraqi dinars per month (about $380 million) as salaries to the employees of the Kurdistan Region, but it stopped them after the region conducted the independence referendum on its part, and because of what Baghdad said that the region was not committed to handing over its oil in accordance with the terms of the federal budget.

After several rounds of political negotiations, the region was obligated, according to an agreement with the government in Baghdad, to hand over 250 thousand crude barrels per day of crude oil produced from its fields to the state-owned company SOMO, and hand over the revenues to the federal public treasury.

https://shafaq.com/ar/%D8%B3%DB%8C%D8%A7%D8%B3%D8%A9/%D8%B5%D8%A7%D9%84%D8%AD-%D9%8A%D8%AF%D8%B9%D9%88-%D9%84%D9%89-%D8%B6%D8%B1%D9%88%D8%B1%D8%A9-%D8%B7%D9%84%D8%A7%D9%82-%D8%AD%D9%88%D8%A7%D8%B1-%D8%AC%D8%A7%D8%AF-%D9%88%D8%B9%D8%A7%D8%AC%D9%84-%D8%A8%D9%8A%D9%86-%D8%B1%D8%A8%D9%8A%D9%84-%D9%88%D8%A8%D8%BA%D8%AF%D8%A7%D8%AF

Iraq has banking secrecy clause lifted from smuggled money in Switzerland

An Iraqi counts his dinar banknotes on 22 June 2017 [Ali Choukeir/AFP/Getty Images]February 17, 2022 at 9:00 am 

Iraq is a step closure to identifying the amount of money deposited in Swiss banks by the former regime and recovering it, the President of the Federal Commission of Integrity (Nazaha) Judge Alaa Jawad Al-Saadi said yesterday.

The official said Iraq has succeeded in removing international banking secrecy clauses off of smuggled funds in Swiss bank in coordination with the Swiss Treasury.

This comes as part of a campaign launched by Prime Minister Mustafa Al-Kadhimi to recover the smuggled funds, and to stop the country’s wealth being drained through various companies and people.

Smuggled funds are divided into frozen and unfrozen funds believed to be stored mainly in Switzerland and Scandinavia by members of the former regime of the late President Saddam Hussein as well as money smuggled through corrupt deals following the fall of Hussein’s regime in 2003.

A spokesman for the Iraqi Ministry of Justice, Ahmed Laibi, told Anadolu Agency that $150 billion is believed to have been smuggled since 2003 in corrupt deals.

While member of the Parliament Integrity Committee Taha Al-Defei told Al Jazeera Net that the smuggled money is estimated at between $300 and $350 billion.

Both Luaibi and Al-Defei indicated that Iraq does not have data on the amount of frozen and unfrozen funds located abroad, because these funds are registered in the names of companies and individuals and their value and whereabouts are still unknown. Some are in the form of real estate and farms abroad.

Under UN Resolution 1483, member states have agreed to transfer the funds deposited by former Iraqi regime officials to a fund for the reconstruction of the war torn country.

In the same context, Nazaha announced that 11,605 officials; including 54 ministers, were involved in corruption deals during 2021 with 15,290 charges brought against them.

Iraq has banking secrecy clause lifted from smuggled money in Switzerland