The dollar exchange rate stabilized on the Kifah Stock Exchange and local markets, Tuesday.
The prices of the Kifah Stock Exchange - Baghdad recorded 123.100 dinars per 100 dollars.
Buying and selling prices in banking shops:
The sale price of the dollar = 123,500 dinars per 100 dollars.
The purchase price of the dollar = 122,500 dinars per 100 dollars
The Markets:
The Asian markets closed up NIK by 1.33% HSI up by .52% SHANG up by .78%
The UK markets are currently trading mixed .03% to .39% own .05% to .31%
Our futures are currently trading mixed the DOW at 25427 is down by .27 % SNP at 3042 down by .17% NDX at 9980 up by .06 %
Precious Metals:
Gold is red at 1770 Silver is green at 18.08 Copper is green at 271 Platinum is red at 810
Brent 41 WTI 39
The UK markets are currently trading mixed .03% to .39% own .05% to .31%
Our futures are currently trading mixed the DOW at 25427 is down by .27 % SNP at 3042 down by .17% NDX at 9980 up by .06 %
Brent 41 WTI 39
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1172.2000 |  1225.6000 | 1192.3000 | 1191.8000 | 1192.3000 | -1.1000 | 16:10 |
| USD/VND | 23264.0000 | 23267.0000 | 23197.1100 | 23197.1100 | 23197.1100 | 5.1500 | 01:30 |
| USD/CNY |  7.0760 | 7.0780 | 7.0802 | 7.0651 | 7.0794 | -0.0040 | 04:48 |
| USD/KWD | 0.3073 | 0.3083 | 0.3074 | 0.3074 | 0.3074 | 0.0000 | 04:19 |
| GBP/USD | 1.2263 | 1.2265 | 1.2316 | 1.2258 | 1.2297 | -0.0033 | 04:55 |
| USD/IRR | 90000.0000 | 90450.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 97.5000 | 06:03 |
| USD/IDR | 14452.0000 | 14465.0000 | 14476.0000 | 14151.0000 | 14287.0000 | 160.0000 | 04:55 |
Things in the News:
Fiji tries to attract billionaire tourists: 'Escape pandemic in paradise'...
Nearly half US population without job...
Cash cliff spells trouble for unemployed, and everyone else...
Big Hotel Owners Stand to Gain From a Government-Orchestrated Debt Relief...
CIRQUE DU SOLEIL bankrupt...
Activists Set Up Guillotine In Front Of Bezos Home, Call For AMAZON To Be Abolished...Fiji tries to attract billionaire tourists: 'Escape pandemic in paradise'...
Nearly half US population without job...
Cash cliff spells trouble for unemployed, and everyone else...
Big Hotel Owners Stand to Gain From a Government-Orchestrated Debt Relief...
CIRQUE DU SOLEIL bankrupt...
Workers go on strike over infections...
Iraqi Articles:
Parliamentary economics criticizes the lack of a government vision to support the budget with money
Parliament on Monday criticized the lack of an economic vision of the government towards providing the necessary resources and revenues that supply the budget with money, pointing out that Iraq is shameful to import fuel from abroad at a time when it sells oil at a very low price, unlike the fuel it buys .
Member of the Parliamentary Committee, Nada Shaker, said in a press statement: “The government's moves and its lack of control over economic resources have aroused the discontent of the Iraqi people, especially with regard to border outlets and other productive sectors, and not to take action with the region to force it to hand over its funds to the center.”
She added that "the government pays millions of dollars to buy gasoline, while selling oil at a very low price, and this matter is very defective and indicates the lack of strategic economic planning."
Shaker stressed "the necessity of relying on a deliberate economic policy, and attracting expertise and competencies to amend the course of the economic plans pursued by the government and keeping it away from the policy and internal and external interventions."
Specialists warn of the repercussions of the devaluation of the dinar
link more people saying it makes no sense to devalue
Baghdad/ Hussein Thaghb
Mustafa Al-Hashimi
While reports that the government is considering devaluation of the dinar against foreign currencies, as measures to counter the financial crisis caused by falling oil prices and the repercussions of (Corona), a group of economists confirmed that the devaluation of the dinar against the dollar is not based on objective grounds and cannot be adopted because of the damage to the Iraqi economy, the purchasing power of the citizen, the strength of Iraqi bonds abroad and the country's credit rating.
According to economist Dr. Fadhil Mohammed Jawad, "the Central Bank is directly involved in the matter, as it is the government's financial and monetary advisor and therefore cannot be excluded from the process."
He added that "the Iraqi-Jordanian Business Council (the author of the proposal to devalue the Iraqi dinar) - according to Jawad - will not be affected by the decline as it affects the citizen living inside Iraq, as it bears more consequences than those who live outside it and deal in dollars and foreign currencies and not in Iraqi dinars."
Jawad called on the Central Bank and Iraqi economists inside the country to clarify their opinion on this sensitive issue, which concerns the nation and the citizen."
"The proponents of devaluation of the dinar are not oblivious to its inflationary effects, and the resulting social tensions will deepen the misallocation of income," said Dr. Hammam al-Shamaa, economic adviser to the Speaker of the House of Representatives, adding that "because they could not convince the public not to affect price levels, they are trying to convince the government and entice it to increase its foreign exchange earnings when the exchange rate is lowered."
"They promise the government an additional 60 billion dinars and a total of 18 trillion dinars a year if the proposal is implemented, but they forgot that the cost of establishing a solid and strong network for social protection for five million Iraqis below the poverty line, and compensating 73 percent of retirees who are less than Their monthly income of 500,000 dinars, and the compensation of 1.5 million employees with monthly income of less than 500,000 dinars, will generate huge numbers of people who are supported by this measure, which may amount to as much as the amount deposited due to the reduction."
"The social protection network will be an ongoing case, as in the 32-year-old ration card program, which no one dares to cancel yet," he said.
Al-Shamaa said that "the proponents of the reduction forgot the experience of printing paper and converting it to a currency in the 1990s and how this printing was weakening the purchasing power of the middle class, which turned into a destitute without the adoption of the ration card program at the time," pointing out that "the reduction of the exchange rate of the dinar is a process quite similar to the printing of paper. "In the end, it means that the government is wasting part of the purchasing power of fixed income earners, which is ultimately an innovative way to deduct part of the salaries of employees by 60 billion dinars per day, starting with the fact that price relations will soon create rising inflation for the poor."
"The proponents of the reduction are the beneficiaries of promoting their local products, whether agricultural or industrial, and this is legitimate and we call for administrative and market measures to reduce competition for the local product and not by reducing the exchange rate of the dinar," he said.
"The monetary policy that the Central Bank is drawing up and implementing, both in Iraq and in any country in the world, is independent of the will of the executive, but this does not mean a lack of coordination between the fiscal and monetary policies," he said.
"Exchange policy and its system are one of the most important pillars of monetary policy, so to say that the central bank has nothing to do with the exchange system is a lack of awareness of the economic realities, and to say that money is government money is a fallacy because the government, monetary authority, legislative and judicial authority are the components of the state that is the foundation of the people," he said.
For his part, economist Dr. Ahmed Husseini said that "it is not appropriate now to make a devaluation, especially since thinking about this measure coincides with the global economic recession and the stagnation of the local economy."
"The devaluation of the currency in order to finance the budget deficit will have unwelcome economic consequences, especially the rise in the overall level of prices due to the increase in inflation," he said, noting that "the economy currently does not tolerate such effects, as well as "The devaluation should not be the first line of action to address the financial crisis caused by falling oil prices and the repercussions of corona," he said.
Parliament on Monday criticized the lack of an economic vision of the government towards providing the necessary resources and revenues that supply the budget with money, pointing out that Iraq is shameful to import fuel from abroad at a time when it sells oil at a very low price, unlike the fuel it buys .
Member of the Parliamentary Committee, Nada Shaker, said in a press statement: “The government's moves and its lack of control over economic resources have aroused the discontent of the Iraqi people, especially with regard to border outlets and other productive sectors, and not to take action with the region to force it to hand over its funds to the center.”
She added that "the government pays millions of dollars to buy gasoline, while selling oil at a very low price, and this matter is very defective and indicates the lack of strategic economic planning."
Shaker stressed "the necessity of relying on a deliberate economic policy, and attracting expertise and competencies to amend the course of the economic plans pursued by the government and keeping it away from the policy and internal and external interventions."
Today ... the Kurdistan government meets with the Kurdish negotiating delegation
The Kurdistan government will hold a meeting with the Kurdish delegation negotiating for the central government, on Tuesday.
Political sources told Mawazine News that "the president of the Kurdistan Regional Government, Masrour Barzani, is holding today, with the delegation of the regional government negotiating for the federal government."
The sources added, "The meeting will discuss the latest results of the meetings that the delegation held with the federal government to resolve the differences and outstanding issues between Baghdad and Erbil."
Political sources told Mawazine News that "the president of the Kurdistan Regional Government, Masrour Barzani, is holding today, with the delegation of the regional government negotiating for the federal government."
The central bank cuts loan interest to support the economic and productive sectors
The Iraqi Central Bank announced, on Tuesday, the reduction of loan interest to support the economic and productive sectors.
The bank’s media stated in a statement that Mawazine News received a copy of it, “With the continued economic repercussions caused by the Corona pandemic and the restrictions it imposed on economic activity in most of the productive and service sectors and the decline in oil revenues, the Central Bank of Iraq decided to enhance the liquidity of the“ existing projects ” Which was funded from the initiative (one trillion) in the amount of (5) million dinars for those wishing to do so, with the guarantees of the same project in exchange for administrative commissions and without interest.
The Central Bank directed, according to the statement, the banks and guarantor companies "to reduce interest from (4.8%) to (3.5%) for borrowers within the 1-20 million dinar segment and reduce the bank loan interest from the 21 million to 1 billion dinar segment after it was (6.3%) to become (4%), “He also directed banks to take into account projects related to the tourism, hotels and restaurants sectors whose recovery may be prolonged by studying postponing their installments for a longer period until recovering from the pandemic crisis.”
CBI, ISX,Dinar Guru:
CBI Update:
Click on the link above for the latest update.
The CBI for rate is 1190.
The currency auction total sales amount $ not updated for THUR.
including cash sold
ISX Update: At my last checking
Shares Traded: not updated for today
Value Traded: not updated for today
closed
6-30-2020 Intel Guru MarkZ About Zim exchanges...there is a lot of mis-information being put out on purpose. There is a lot of intel people being fed mis-information. I am not worried about the Zim…. I believe its real. I have 2 big attorney’s who tell me it’s still very real… Do not listen to the people who say it isn’t…do not turn into Chicken Little and run around thinking the sky is falling. There are people being paid to give false information out…that is a fact.
6-29-2020 Intel Guru RayRen98 I BELIEVE...THAT "IN THE COMING DAYS" ARE DEFINITELY COMING! $$$$$$$$ MAKE SURE YOUR SEATBELT IS "STILL" FASTENED.
6-29-2020 Intel Guru MarkZ [via PDK] A lot of positioning over the weekend...There was a lot of paperwork updated over the weekend... I cannot find anybody with actual dollars yet though. But they are being told it will be this week. There is a lot of really good chatter right now. There are many appointments set for tomorrow now. Iraqi connections are still very hopeful they will see a new rate by Wednesday. There is a great deal of mis-information right now being purposely sown to everyone…makes us think we are very close.
6-29-2020 Newshound Guru Breitling ...what's the definition of a "white paper"? There's absolutely nothing official about it at all. I've written many of them. I've coached individual on how to put them together...There's absolutely nothing official about it at all...having said that...we are there...because things have changed...we are in an even better spot even with oil prices going up...I can't stress enough about the position you are in. It's a very very good spot...
6-29-2020 Newshound Guru MilitiaMan Article quote: "...The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, instructed to bear the costs of the Zakaria citizen’s operation within the Tamkeen initiative sponsored by the Iraqi Central Bank and Iraqi banks.” Get ready folks.. This is all about going international and bringing in the PRIVATE SECTOR! OH YA!!! ...WOW...
6-29-2020 Newshound/Intel Guru Randy Koonce Iraq is finally ready to be DONE! The US and the IMF wanted them to get the borrowing law ready. The articles coming out have also been saying that this is done. It appears that Iraq has now done what everyone wanted done, and there is nothing left to be done. Except. . .The Rate. The date. ...With the Covid out there, there might be a few extra challenges in the exchange process, so be sure and call your bank, make an appointment, and ask them what their requirements are for coming in. All of the major banks will exchange for us, but it might take a bit of extra planning. Just stay calm. Be polite. Breathe...Do not give your dinar to anyone except a bank. Get professional advice...It has been a journey none of us ever expected, but we should all be grateful to have been included in it. Check www.cbi.iq every day to see if it has changed...[You can always find the latest official CBI rate is listed on the left side of this page.] [post 2 of 2]
6-29-2020 Newshound/Intel Guru Randy Koonce How are you makin it. Well, once again, we have had another long pause since I last gave an update to everyone. But, we have just now had a window open up, giving us another opportunity to finish up this investment. We are all weary...and none of us ever thought it would be this long. Many have asked me if I had gotten out. The answer is: NO!! I have not sold my dinar. And I have not exchanged any dinar...I am writing this letter to let everyone know - we have another window opening up. And this time, it is my opinion that the window will remain open until . . . we are done. "At least, if ALL the political parties keep playing nice." The story of this journey would make the greatest political thriller novel of all time! This time, it looks like the HCL is nearly done. If you have been keeping up with the articles coming out recently, then you know that Iraq has been signaling that they are going to pay people. And in the last week, they have let us know that the census that has been finished recently is on employees who will get paid. So what that means is . . . [post 1 of 2....stay tuned]
Catnip's Corner:
*************
ARTICLE 1 (from PM Kadhimi's website; posted only on Arabic side, not on English side)
Prime Minister Mustafa al-Kazemi chairs the meeting of the Higher Committee for Health and National Safety
Today, Monday, the Prime Minister, Mr. Mustafa Al-Kazemi chaired the meeting of the Higher Committee for Health and National Safety.
His Excellency said at the beginning of the meeting: The challenge facing Iraq in the face of the Corona pandemic is an unprecedented challenge, which revealed the administrative mistakes that have accumulated over years of mismanagement, which has increased the difficulties and pain.
The Prime Minister stressed that this challenge made us in front of one option, which is hard work, and dedication to confront and harness all potentials, to serve the injured, and to reduce the spread of the disease.
The following was decided during the meeting:
1- Approval of preparing the necessary financial allocations for the Ministry of Health, through transfers, in accordance with the provisions of the Federal Financial Management Law (6 of 2019).
2- Understand the medical staffs' needs of the Ministry of Health, through appointment or contracting, provided that their salaries or wages are secured through transportation, based on the provisions of Article (25) of the Federal Financial Management Law (6 of 2019).
3- That the Legal Department of the General Secretariat of the Council of Ministers prepare a draft law that includes granting deceased medical and health professionals as a result of facing (Corona Virus) a pension equal to the last salary and allocations they receive.
4- Allowing some of the accredited private laboratories to conduct examinations for the detection of (Corona virus), in a manner that ensures examining the largest possible number of citizens, according to strict criteria set by the Ministry of Health in coordination with the Council of Advisors.
5- Postponing the collection of the amounts of selling the (oxygen) bottles from the Ministry of Health until the financial situation of the Ministry improves.
6- The Ministries of Health and Foreign Affairs shall coordinate with the concerned parties in the countries that have announced the possibility of reaching the treatment of (Corona Virus), as well as negotiate for Iraq to obtain medicines and medical supplies, in a manner that guarantees limiting the number of deaths, according to the contexts approved by the Ministry of Health.
7- That the winning public companies and formations operating in the self-financing system provide the necessary support to the Ministry of Health in its efforts to confront the pandemic, provided that the sums to be provided from the aforementioned authorities by the public health directorates working in the governorates are used to purchase medicines, supplies and medical materials directly.
8- Determination of partial curfew times from seven in the evening until six in the morning, in line with the increase in daylight hours.
9- Operations leaders in Baghdad and the governorates are strictly responsible for strictly enforcing the curfew procedures, and the leadership or the concerned agency bears legal responsibility for any violations.
10- Agreeing to enter the substance (oxygen) from all border crossings.
11- Excluding workers in the Arab Company for Antibiotic Industries and Supplies (AKAI) from the measures to impose a curfew, to ensure the continuity of production and to secure the country’s need for antibiotic preparations and bypassing the scarcity of medicine.
13- The Prime Minister directed that the Baghdad Municipality and the General Civil Defense Directorate carry out sweeping campaigns in Baghdad, including the areas that witnessed a high rate of injuries.
Media office of the Prime Minister
June 29 -2020
*************
ARTICLE 2 (from the Government of Iraq twitter account)
At the time this report was submitted, there are no new tweets posted on the Government of Iraq twitter account,
*************
ARTICLE 3
The Central Bank directed, according to the statement, the banks and guarantor companies "to reduce interest from (4.8%) to (3.5%) for borrowers within the 1-20 million dinar segment and reduce the bank loan interest from the 21 million to 1 billion dinar segment after it was (6.3%) to become (4%), “He also directed banks to take into account projects related to the tourism, hotels and restaurants sectors whose recovery may be prolonged by studying postponing their installments for a longer period until recovering from the pandemic crisis.”
CBI Update:
Click on the link above for the latest update.
The CBI for rate is 1190.
The currency auction total sales amount $ not updated for THUR.
including cash sold
ISX Update: At my last checking
Shares Traded: not updated for today
Value Traded: not updated for today
closed
6-29-2020 Intel Guru MarkZ [via PDK] A lot of positioning over the weekend...There was a lot of paperwork updated over the weekend... I cannot find anybody with actual dollars yet though. But they are being told it will be this week. There is a lot of really good chatter right now. There are many appointments set for tomorrow now. Iraqi connections are still very hopeful they will see a new rate by Wednesday. There is a great deal of mis-information right now being purposely sown to everyone…makes us think we are very close.
6-29-2020 Newshound Guru Breitling ...what's the definition of a "white paper"? There's absolutely nothing official about it at all. I've written many of them. I've coached individual on how to put them together...There's absolutely nothing official about it at all...having said that...we are there...because things have changed...we are in an even better spot even with oil prices going up...I can't stress enough about the position you are in. It's a very very good spot...
6-29-2020 Newshound Guru MilitiaMan Article quote: "...The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, instructed to bear the costs of the Zakaria citizen’s operation within the Tamkeen initiative sponsored by the Iraqi Central Bank and Iraqi banks.” Get ready folks.. This is all about going international and bringing in the PRIVATE SECTOR! OH YA!!! ...WOW...
6-29-2020 Newshound/Intel Guru Randy Koonce Iraq is finally ready to be DONE! The US and the IMF wanted them to get the borrowing law ready. The articles coming out have also been saying that this is done. It appears that Iraq has now done what everyone wanted done, and there is nothing left to be done. Except. . .The Rate. The date. ...With the Covid out there, there might be a few extra challenges in the exchange process, so be sure and call your bank, make an appointment, and ask them what their requirements are for coming in. All of the major banks will exchange for us, but it might take a bit of extra planning. Just stay calm. Be polite. Breathe...Do not give your dinar to anyone except a bank. Get professional advice...It has been a journey none of us ever expected, but we should all be grateful to have been included in it. Check www.cbi.iq every day to see if it has changed...[You can always find the latest official CBI rate is listed on the left side of this page.] [post 2 of 2]
6-29-2020 Newshound/Intel Guru Randy Koonce How are you makin it. Well, once again, we have had another long pause since I last gave an update to everyone. But, we have just now had a window open up, giving us another opportunity to finish up this investment. We are all weary...and none of us ever thought it would be this long. Many have asked me if I had gotten out. The answer is: NO!! I have not sold my dinar. And I have not exchanged any dinar...I am writing this letter to let everyone know - we have another window opening up. And this time, it is my opinion that the window will remain open until . . . we are done. "At least, if ALL the political parties keep playing nice." The story of this journey would make the greatest political thriller novel of all time! This time, it looks like the HCL is nearly done. If you have been keeping up with the articles coming out recently, then you know that Iraq has been signaling that they are going to pay people. And in the last week, they have let us know that the census that has been finished recently is on employees who will get paid. So what that means is . . . [post 1 of 2....stay tuned]
*************
ARTICLE 1 (from PM Kadhimi's website; posted only on Arabic side, not on English side)
Prime Minister Mustafa al-Kazemi chairs the meeting of the Higher Committee for Health and National Safety
Today, Monday, the Prime Minister, Mr. Mustafa Al-Kazemi chaired the meeting of the Higher Committee for Health and National Safety.
His Excellency said at the beginning of the meeting: The challenge facing Iraq in the face of the Corona pandemic is an unprecedented challenge, which revealed the administrative mistakes that have accumulated over years of mismanagement, which has increased the difficulties and pain.
The Prime Minister stressed that this challenge made us in front of one option, which is hard work, and dedication to confront and harness all potentials, to serve the injured, and to reduce the spread of the disease.
The following was decided during the meeting:
1- Approval of preparing the necessary financial allocations for the Ministry of Health, through transfers, in accordance with the provisions of the Federal Financial Management Law (6 of 2019).
2- Understand the medical staffs' needs of the Ministry of Health, through appointment or contracting, provided that their salaries or wages are secured through transportation, based on the provisions of Article (25) of the Federal Financial Management Law (6 of 2019).
3- That the Legal Department of the General Secretariat of the Council of Ministers prepare a draft law that includes granting deceased medical and health professionals as a result of facing (Corona Virus) a pension equal to the last salary and allocations they receive.
4- Allowing some of the accredited private laboratories to conduct examinations for the detection of (Corona virus), in a manner that ensures examining the largest possible number of citizens, according to strict criteria set by the Ministry of Health in coordination with the Council of Advisors.
5- Postponing the collection of the amounts of selling the (oxygen) bottles from the Ministry of Health until the financial situation of the Ministry improves.
6- The Ministries of Health and Foreign Affairs shall coordinate with the concerned parties in the countries that have announced the possibility of reaching the treatment of (Corona Virus), as well as negotiate for Iraq to obtain medicines and medical supplies, in a manner that guarantees limiting the number of deaths, according to the contexts approved by the Ministry of Health.
7- That the winning public companies and formations operating in the self-financing system provide the necessary support to the Ministry of Health in its efforts to confront the pandemic, provided that the sums to be provided from the aforementioned authorities by the public health directorates working in the governorates are used to purchase medicines, supplies and medical materials directly.
8- Determination of partial curfew times from seven in the evening until six in the morning, in line with the increase in daylight hours.
9- Operations leaders in Baghdad and the governorates are strictly responsible for strictly enforcing the curfew procedures, and the leadership or the concerned agency bears legal responsibility for any violations.
10- Agreeing to enter the substance (oxygen) from all border crossings.
11- Excluding workers in the Arab Company for Antibiotic Industries and Supplies (AKAI) from the measures to impose a curfew, to ensure the continuity of production and to secure the country’s need for antibiotic preparations and bypassing the scarcity of medicine.
13- The Prime Minister directed that the Baghdad Municipality and the General Civil Defense Directorate carry out sweeping campaigns in Baghdad, including the areas that witnessed a high rate of injuries.
Media office of the Prime Minister
June 29 -2020
Parliamentary Economy Committee reveals the interest rate for foreign loans
Editing Date: 6/20/29 18:17 • 67 times read
Ayna News - Baghdad
Parliamentary Committee on Economy and Investment revealed, on Monday, the interest rate that will be imposed on external loans to finance the federal budget.
Committee member Ibrahim Charter said in a press statement, "The interest rate will be less than 1% for external loans, as the country is unable to pay a high fouad because of the collapse of the Iraqi economy in light of the Corona pandemic," pointing out that "loan funds have not been secured yet and need to A time to discuss with the International Monetary Fund.
She added that "the government is obligated to support the local industries and the private sector to maintain the hard currency inside Iraq and avoid the collapse of the currency", indicating that "external borrowing is an incorrect solution, except that the government is obligated to it because of the financial situation it is currently undergoing."
And the Parliamentary Committee on Economy and Investment indicated, the day before yesterday, Saturday, that the borrowing law voted by the House of Representatives will be valid for only three months.
*************
ARTICLE 4
Editing Date: 6/20/29 18:17 • 67 times read
Ayna News - Baghdad
Parliamentary Committee on Economy and Investment revealed, on Monday, the interest rate that will be imposed on external loans to finance the federal budget.
Committee member Ibrahim Charter said in a press statement, "The interest rate will be less than 1% for external loans, as the country is unable to pay a high fouad because of the collapse of the Iraqi economy in light of the Corona pandemic," pointing out that "loan funds have not been secured yet and need to A time to discuss with the International Monetary Fund.
She added that "the government is obligated to support the local industries and the private sector to maintain the hard currency inside Iraq and avoid the collapse of the currency", indicating that "external borrowing is an incorrect solution, except that the government is obligated to it because of the financial situation it is currently undergoing."
And the Parliamentary Committee on Economy and Investment indicated, the day before yesterday, Saturday, that the borrowing law voted by the House of Representatives will be valid for only three months.
Parliamentary finance is surprised by the lack of payment of salaries of employees, despite the provision of liquidity
Editing Date: 6/29/2020 19:38 • 61 times read
Ayna News - Baghdad
Member of Parliamentary Finance Committee MP Ahmad Al-Saffar confirmed on Monday that the reasons for delaying the salaries of state employees are unknown to the committee despite the availability of funds in Iraqi banks.
Al-Saffar said, "It is assumed that the salary payment instruction should start since the passage of the internal and external borrowing law because the law is in effect from the time of formal voting in Parliament, in addition to that there is an official directive from the government to the Ministry of Finance to expedite the disbursement."
He added, "The financial liquidity is in the banks, but we do not yet know why the Ministry of Finance was late in spending it," expressing his hope to "expedite the payment of salaries at the earliest opportunity possible, especially as millions depend on them for their livelihoods."
The House of Representatives was closer last Wednesday to the internal and external borrowing law to give more room to the government to secure the payment of salaries to state employees.
*************
Editing Date: 6/29/2020 19:38 • 61 times read
Ayna News - Baghdad
Member of Parliamentary Finance Committee MP Ahmad Al-Saffar confirmed on Monday that the reasons for delaying the salaries of state employees are unknown to the committee despite the availability of funds in Iraqi banks.
Al-Saffar said, "It is assumed that the salary payment instruction should start since the passage of the internal and external borrowing law because the law is in effect from the time of formal voting in Parliament, in addition to that there is an official directive from the government to the Ministry of Finance to expedite the disbursement."
He added, "The financial liquidity is in the banks, but we do not yet know why the Ministry of Finance was late in spending it," expressing his hope to "expedite the payment of salaries at the earliest opportunity possible, especially as millions depend on them for their livelihoods."
The House of Representatives was closer last Wednesday to the internal and external borrowing law to give more room to the government to secure the payment of salaries to state employees.
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