Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1460.0000 | 1465.0000 | 1459.0000 | 1458.9000 | 1458.9000 |  -0.2000 | 14:20 |
| USD/VND | 23050.0000 | 23110.0000 | 23071.7000 | 23052.2700 | 23068.2800 | -16.0200 | 14:19 |
| USD/CNY |  6.5317 | 6.5337 | 6.5357 | 6.5167 | 6.5227 | 0.0090 | 15:28 |
| USD/KWD | 0.3036 | 0.3046 | 0.3042 | 0.3039 | 0.3042 | -0.0002 | 14:54 |
| GBP/USD | 1.3667 | 1.3670 | 1.3686 | 1.3604 | 1.3623 | 0.0038 | 15:59 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | -914.4000 | 07:13 |
| USD/IDR | 13928.0000 | 14305.0000 | 14013.0000 | 13832.0000 | 14004.0000 | -98.0000 | 15:59 |
Parliament announces the start of the first reading of the budget
The parliamentary finance committee announced Thursday that the 2021 draft budget bill will be distributed to members of the House of Representatives, noting that parliament will read the first reading of the budget next week.
"After the legislative recess is cancelled, parliament will resume its regular sessions next week to read a number of laws, most notably the general budget law," committee member Jamal Cougar told Twilight News.
"The draft law reached the parliamentary finance committee and was distributed to members of parliament," he said, adding that "a number of observations were recorded on the articles and paragraphs of the budget and will be discussed after the resumption of the sessions."
First Deputy Speaker of the House of Representatives Hassan Karim al-Kaabi announced on Tuesday that the budget had reached the council for review.
Economist: The dollar’s exchange rate may rise to unnatural levels after the middle of next year
Economist Ihssan Al-Tamimi said that the dollar’s exchange rate may change after the middle of next year, especially if the government resorts to borrowing after it exceeded the month of June in 2021 because of the large deficit in the budget.
"The budget, which exceeded the 160 trillion dinars, has a large deficit that exceeds the 60 trillion dinars, at a time when everyone is contemplating the rise in oil prices to cover this deficit."
He added that "the government will resort to borrowing again, in the event that it is not able to overcome the deficit in the budget, which is intended to take additional measures that would increase the dollar exchange rate."
And that "the dollar exchange rate may reach unnatural levels and may exceed 1700 dinars to one dollar, after the middle of next year, if the government can find new funding sources that eliminate the budget deficit."
Al-Kinani ruled out the return of the dollar’s exchange rates to 1,200 in the next three years, especially since global markets are suffering from a financial crisis due to the Corona virus, amid fluctuations in oil prices due to the repercussions of the virus.
Parliamentary Finance talks about attempts to withdraw the Iraqi dinar from the local markets
The Parliamentary Finance Committee said, "The new budget is the largest in the Arab world after Saudi Arabia, while the currency selling window was accused of" currency smuggling "according to a systematic work.
A member of the committee, MP Muhammad al-Darraji, said in a statement carried by the official agency, followed by "People" Thursday (December 31, 2020), that "the 2021 budget amounts to 164 trillion dinars, in which oil is set at $ 42 a barrel," indicating that "salaries expenses in the budget It amounts to 53.8 trillion dinars. "
He added, "The debts payable in the budget are estimated at more than 16 trillion dinars, pointing out that operational expenses amount to about 50 trillion dinars."
He pointed out that "the budget deficit amounts to 71 trillion dinars," stressing that "the ration card allocations in the budget amount to 4 trillion dinars."
He explained, "The budget is devoid of job grades," noting that "the 2021 budget does not differ from its predecessors except in numbers, as it is the second largest budget in the Arab world after Saudi Arabia."
On raising the dollar exchange rate, Al-Darraji said, "Parliament is not responsible for raising the exchange rate of the dollar against the dinar," pointing out that "the window for selling the currency was a systematic process of currency smuggling."
He revealed "there are attempts to withdraw the Iraqi dinar from the local markets and put large quantities of the (green) dollar into the market," indicating that "these quantities come from the Kurdistan region."
He called on the government and security agencies to scrutinize the sales of hard currency and find out where the source of this dollar comes, stressing that "the sums of sale of the region's oil enter Baghdad illegally to take advantage of the currency difference."
On the occasion of the New Year ... the stock exchange stopped its activities for one day
The market said in a statement received by Al Furat News, that "based on the decision of the General Secretariat of the Council of Ministers considering Sunday as an official holiday on the occasion of the New Year, it was decided not to organize the trading session for that day."
The statement added, "The sessions will be organized as of Monday, the fourth of January, according to their official timing."
It is noteworthy that the Iraq Stock Exchange has used electronic trading and central depository systems since 2009 and seeks to launch the Internet trading system for investors, and organizes five trading sessions per week from Sunday to Thursday, and 105 Iraqi joint stock companies are included in it representing the sectors of banking, communications, industry, agriculture, insurance, financial investment and tourism And hotels
Parliament announces the start of the first reading of the budget
The parliamentary finance committee announced Thursday that the 2021 draft budget bill will be distributed to members of the House of Representatives, noting that parliament will read the first reading of the budget next week.
"After the legislative recess is cancelled, parliament will resume its regular sessions next week to read a number of laws, most notably the general budget law," committee member Jamal Cougar told Twilight News.
"The draft law reached the parliamentary finance committee and was distributed to members of parliament," he said, adding that "a number of observations were recorded on the articles and paragraphs of the budget and will be discussed after the resumption of the sessions."
First Deputy Speaker of the House of Representatives Hassan Karim al-Kaabi announced on Tuesday that the budget had reached the council for review.
The Kurdistan government calls for the implementation of the financial agreement between Baghdad and Erbil
On Thursday, the President of the Iraqi Kurdistan Regional Government, Masrour Barzani, expressed his hope for the implementation of the recent agreement between Erbil and Baghdad regarding the 2021 budget .
Barzani said in a press statement, that the Kurdistan Region and the whole world have faced a difficult year in light of the outbreak of the Corona epidemic and its difficult economic consequences, and the federal government’s refusal to send financial dues to the Kurdistan Region, which created a financial crisis and a difficult situation that, in turn, formed a heavy financial burden on our dear citizens in the Kurdistan Region. .
He added, "We have reached an agreement with the federal government regarding the draft federal budget for the year 2021, we hope that the agreement will be implemented in full, and we ask the political parties in Iraq, and from now on, not to accept the use of Kurdistan Region’s dues and rights as a political pressure card against the people of Kurdistan who do not." His rights are still being denied, affirming at the same time that we will never compromise our constitutional rights .
Iraq faces 71 trillion dinar budget deficit in 2021: parliamentary finance committee member
A member of Iraqi parliament’s finance committee has told state media that the country’s budget deficit for 2021 stands at 71 trillion dinars (approximately $49 billion), according to a bill set to be read by parliament next month.
Muhammad Saheb Al-Daraji told state media on Wednesday that the budget, approved by Iraq’s Council of Ministers on December 21, stands at 164 trillion dinars (approx. $113 billion), and the price of oil is set at $42 per barrel, according to the bill.
“The deficit in the budget reaches 71 trillion dinars,” Al-Daraji added, saying Iraq will also be steeped in 16 trillion dinars, or $11 billion, worth of debt from previous loans.
Deputy parliament speaker Basheer Haddad said that the parliament will conduct their first reading of the bill at the “beginning of January,” state media reported on Tuesday.
Iraq has plunged deeper into an economic crisis amid low oil prices, the main source of revenue for Baghdad. Economic woes were a key factor pushing people to the streets in widespread protests that began in October 2019, with youth calling for better services and an end to mass unemployment, but the economy has continued to weaken amid the COVID-19 pandemic. In October, the World Food Programme warned that 10 percent of Iraqis are going hungry.
Iraq’s central bank announced on December 19 that it would be devaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers.
The devaluation of the Iraqi dinar is a step taken towards reform and creating a “financial balance” and will revive the economy, said Iraq’s Minister of Finance.
“There are attempts at removing the Iraqi dinar from the market and adding huge amounts of [older] dollars into the market,” Daraji added. “These huge amounts come from the Kurdistan Region.”
According to the committee member, 53.8 trillion dinars (around $37 billion dollars) of the budget has been set aside for civil servant salaries – a thorny issue between Baghdad and Erbil this year.
The Kurdistan Regional Government (KRG) in Erbil, reliant on Baghdad to pay its civil servants, has not paid its employees for most of this year amid budget disputes with Baghdad. The federal government has had to take out loans from its central bank to pay the salaries of its civil servants for the last three months of 2020.
Tensions rose between the two governments after Kurdish MPs in Baghdad walked out over a parliamentary session on the fiscal deficit coverage bill, angered over a clause obliging Erbil to hand over an unspecified amount of oil in exchange for funds- a clause they say was not in the original bill.
Frustrated civil servants took to the streets across the provinces of Sulaimani, Halabja and the Garmiyan administration to protest their unpaid salaries earlier this month. 11 people were killed.
Protests have also recently taken place in Basra over unpaid salaries.
High-level civil servants will receive a pay cut next year, Iraq’s labour minister announced in a Tuesday press conference.
"The three presidencies will receive a 40 percent cut in their salaries, and all MPs and ministers will receive a 30 percent cut," Adel al-Rikabi said.
"The budget bill does not affect the salaries of employees that make up the majority of Iraqi people," added Iraqi Prime Minister Mustafa al-Kadhimi. "The targets of this bill are people in higher positions."
In the document: The Security Council cancels the sanctions imposed on an Iraqi government bank 17 years ago
The Committee for Freezing Terrorist Funds of the Central Bank of Iraq announced the issuance of a Security Council / International Sanctions Committee decision to remove its sanctions against Rafidain Bank, which were issued during the era of the previous regime in 2003.
Full details in the document shown inside the news.
this is the document translated
Decision of the Committee on Freezing Terrorist Funds No. (45) for the year 2020 based on what was approved by the Sanctions Committee formed under Security Council Resolution (2009), the provisions of the Anti-Money Laundering and Terrorist Financing Law (39 for the year 2010), and the Terrorist Funds Freezing Regulation (: for 2016) And in accordance with the powers vested in the committee, the Terrorist Funds Freeze Committee decided to generalize the deletion on the consolidated list that came from the International Sanctions Committee regarding Iraq according to the following:
First: Deleting an entity (Rafidain Bank) from the sanctions list imposed pursuant to Security Council Resolution (149 of 2009), according to For the provisions of Chapter Seven of the United Nations Charter:
Second: This decision shall be implemented from the date of its issuance.
Third: To circulate this decision to ministries and agencies not associated with a ministry, all governorates, financial institutions, and relevant departments, for the purpose of taking appropriate measures regarding the aforementioned entity. Departments of Good Loan Article Internet B
Fourth: This decision shall be published immediately in the Official Gazette and the website of the Office of Combating Money Laundering and Financing Terror.
1-1-2021 Newshound Guru Pimpy they're already talking about the rate change again. Will it happen? I don't know. It's only talk...The World Bank wanted to increase the number of dinars per dollar and the Iraq central bank said no. They want to go in the opposite direction. They want to decrease the number of dinars you get for every dollar. So the World Bank wants to devalue the dinar more. The Central Bank...they want to increase the value of the dinar...I thought this change would be really quick, very temporary just so they can get the salaries paid. Get back on track and then go right back to changing the rate in the right direction. So that's what looks like is happening fairly quickly. At least it's being discussed...this is a good thing. A very good thing.
12-31-2020 Newshound Guru MilitiaMan "TODAY'S AUCTION RESULTS...The results of the foreign currency sale window on Thursday 12/31/2020 and executed today 100,000 Total Cash Sale" Well folks I don't know about you all, but, the auctions at $100,000 or even at $1.3 million is getting scarce, especially the former. Something BIG is about to happen.. DT even stated as such too... Fairly sure when things line up electronically, it will be big...Happy New Year to ALL!!!
12-31-2020 Intel Guru Frank26 I have not changed my mind. The Iraqi dinar is going through a monetary reform right now. We're at the point right now that the tellers are done...and they're preparing themselves to introduce the small category notes to the citizens of Iraq. It's that simple.
12-31-2020 Intel Guru MarkZ [via PDK] Iraq is announcing another decrease instead of an increase…the chatter in Iraq is that they expect to go up in rate sometime between now and the 6th of January. So there is great potential for a rate increase on the Dinar the first week of January.
12-31-2020 Newshound Guru Breitling It's a policy based investment. If you're watching the local markets in Iraq and trying to figure out where the value is coming from you're never gonna get it because that's not how they think in Iraq. That's not the way they think in parliament, Ministry of Finance, Ministry of Planning or the CBI. That's not what they're thinking. They're thinking how do we keep the budget going with the U.S. dollar and at the same time how do we participate in other markets so we're diversified and we're not stuck in just the energy markets. They know the energy is going to go down period. Everybody knows this. Everybody is trying to get into different markets. Iraq is no different...they need to add value to their currency...
12-31-2020 Newshound Guru Adam Montana We don't have an RV yet, but it isn't hard to see this coming quickly. Rate change - done, overnight. A flick of the switch, and ...the rate changed. It will happen just as suddenly when they shock the world with a quick move the other way.
12-31-2020 Intel Guru Bruce ...we’ve got a week possibly from tonight before we actually do something with have our numbers and we set our appointments or we get our numbers Monday night and start Tuesday – there’s a possibility and we had it from an extremely high source – as high as you can get – in the banking world – that - that was the Monday/Tuesday thing...Now – what about the possibility of Mon/Tues – or Tues/Wed? I think it looks very good we should be there by then... that is what I’m hearing – passing on what it is that I’m getting...As far as Iraq is concerned – they are expecting to have another new rate – over the weekend – could start them on Sunday – their first business day – with a new budget – with a rate in the budget...the rate we were actually notified about was very strong – and just slightly below what Dr Shabbibi had predicted that the value of the Dinar to hold back in...2012...I believe we are in a good place to move forward and I’m excited because I think we’re finally coming to the end...
12-31-2021 Newshound Guru Pimpy Article "After the central bank was hit by a surprise... Iraq may move to change the dollar exchange rate". But this time in the right direction! Not the other way around. We're talking about increasing the value of the dinar against the U.S. dollar. You'll see different articles conflicting with one another that's why you can't get too excited with good news and get too bummed out with bad news. Quote "as soon as the devaluation of the dinar against foreign currency especially the US dollar came into effect the peoples willingness to buy those currencies decreased which created an alarm for the Central Bank of Iraq ." If they're going to increase it, this might be a good time...when you see the number of dinars decrease for every $1 that's what we want. That's good. That's what we want to see.
The Cabinet held its weekly meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi.
The Minister of Health presented a detailed report to the Cabinet on the latest developments in relation to the Coronavirus pandemic and the official measures to protect public health.
The Cabinet discussed other items on its agenda, and agreed to authorise the Ministry of Transport to conclude a new contract with a Dutch company to build two ships instead of eight, to add to Iraq’s merchant maritime fleet at the cost of 31,750,000 US dollars per ship.
Deputy: The Al-Kazemi government has failed to formulate the state's financial policy
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