WOTS WED MAR 31 21
These are the articles for the "My FX Buddies" podcast at: https://anchor.fm/dashboard/episode/eu0eg8
Iraqi Parliament votes on 2021 budget law
link
The House of Representatives voted wednesday night on the 2021 federal budget bill and the dissolution of the House on October 7.
The House of Representatives' Information Service said in a statement that the house voted on the bill in its entirety and raised its session to April 10, 2021.
In the first reaction to the budget approval, President Barham Saleh said in a tweet: "We bless the vote on the budget, we salute the hard work between the government and parliament, and we hope that it will meet the aspirations of our people for better living conditions. "We now have the right to implement to ensure the interests of citizens and the reconstruction of the country, to take the utmost measures to support low-income classes, provide employment opportunities for our young people and fight corruption," Saleh said.
The leader of the Sadrist movement, Muqtada al-Sadr, expressed his hopes that this budget will be out of reach of the corrupt and that there will be seriousness in implementing its provisions, especially the service projects that are being pursued.
The head of an Iraqi coalition, Ammar al-Hakim, praised the vote on the budget after a long wait and a difficult struggle, congratulating the Iraqi people on this important achievement.
See the moment they announced passing the vote
After months of controversy, the Iraqi parliament approves the 2021 budget after increasing it
The Iraqi parliament approved, on Wednesday, the draft general budget bill after months of obstruction due to controversial paragraphs that almost led to political conflicts, adding more complexity to the political scene in the country.
Parliament raised the size of the general budget for 2021 before its approval to more than 101 trillion Iraqi dinars, or about $ 69 billion, up from the government's estimate of 96 trillion Iraqi dinars.
Parliament has also raised operational expenditures, proposed by the government, to ninety trillion dinars, making the total deficit after accounting for other expenditures amounting to more than 28 trillion dinars, according to a copy of the draft budget published by the official Iraqi agency.
The government calculated the price of a barrel of oil on the basis of 42 dollars per barrel and an export rate of 3.25 million barrels per day, but Parliament calculated it at a price of up to 45 dollars, using the Iraqi currency in assessing the price of a barrel instead of the dollar, which ended a major political debate about the restoration of government support for the value of the dinar. Iraqi against the dollar.
With regard to the Kurdistan region of Iraq, the budget obliged the region to pay at least 250 thousand barrels per day of oil field production in the Iraqi region to the Iraqi government for export in exchange for paying the salaries of public employees in the region and settling the dues between the two sides "after being audited by the Office of Financial Supervision."
but ....
Finance Minister: The change in the dollar’s exchange will continue for a long time, and this is his expectation of the flotation
On the recent devaluation of the Iraqi dinar by the government and the Central Bank, Allawi said in a press statement that "negative expectations on commodity price levels were expected and what happened came less than expected, but it was a necessary step for years due to its importance in structuring the economy and reducing the bill to support the dinar," He explained, "The negative effects of the devaluation gradually fade away."
He added, "The current price of the Iraqi currency against the US dollar after reducing its value will continue for a long time, and a full float may occur in the future, but the central bank will now work to maintain the current exchange rate level for as long as possible."
It is noteworthy that the exchange rates of the US dollar in exchange offices and local markets in the capital, Baghdad, reach 1435 dinars for purchase, and 1445 dinars for sale.
It is noteworthy that the Central Bank of Iraq decided on 19 December to amend the exchange rate of the dollar as follows:
1450 dinars per dollar is the purchase price of foreign currency from the Ministry of Finance.
1460 dinars per dollar the selling price of foreign currency to banks.
1470 dinars per dollar is the selling price of foreign currency to the public.
It is noteworthy that Prime Minister Mustafa Al-Kazemi said during the cabinet session held today, Tuesday, "We hope to stay away from auctions in the issue of the dollar exchange rate, as the decision was taken by the Central Bank according to a targeted vision and strategy, and we began to see the results on the growth of the monetary reserve, and on the classification of Iraq." Credit internationally. "
He added, "We look forward to speeding up the passage of the federal budget law, and the paragraphs it contains that address the needs of the poorest classes, and support service projects that affect the lives of citizens
Saleh blesses the approval of the budget and stresses the entitlement to implement it
Barham Salih,
we congratulate the vote on the budget, and we salute the tireless work between the government and parliament, and we hope that it meets the aspirations of our people for better living conditions.
In front of us now is the entitlement to implement in a way that guarantees the interests of citizens and rebuild the nation, and to take maximum measures to support low-income classes, provide job opportunities for our youth, and combat corruption.
The exchange rates of the dollar in the local markets on Wednesday (March 31, 2021), according to the monitoring of specialists.
Baghdad - Al-Kifah Stock Exchange
145,700
....
Price in exchange (approximate)
145,000
146,000
Basra / Stock Exchange
145,500
Erbil / Bursa
145,750
Mosul / Stock Exchange
145,750
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1460.0000 | 1465.0000 | 1457.5000 | 1457.5000 | 1457.5000 | 0.2000 | 00:24 |
| USD/VND | 23074.0000 | 23076.0000 | 23057.5500 | 23053.6100 | 23053.6100 | 5.2100 | 00:24 |
| USD/CNY | 6.5530 | 6.5550 | 6.5712 | 6.5523 | 6.5700 |  -0.0171 | 05:16 |
| USD/KWD |  0.3019 | 0.3029 | 0.3020 | 0.3019 | 0.3020 | -0.0001 | 05:11 |
| GBP/USD | 1.3778 | 1.3779 | 1.3794 | 1.3716 | 1.3738 | 0.0040 | 05:16 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14582.0000 | 14582.0000 | 14603.0000 | 14527.0000 | 14548.0000 | 33.0000 | 05:16 |
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Deputies began arriving in Parliament to attend the session to vote on the budget
On Wednesday, a number of members of the House of Representatives began arriving at the Parliament building to attend the voting session on the 2021 budget.
The "People" correspondent (March 31, 2021) stated that a number of members of the House of Representatives began arriving at the Parliament building in order to attend the voting session on the 2021 Budget Law.
And the Parliamentary Finance Committee revealed, on Wednesday, the possibility of approving a budget for a period of three years, while expressing its support for that.
A member of the Parliamentary Finance Committee, Magda Al-Tamimi, told the official agency, and his follower, People (March 31, 2021), that “the government, according to the Financial Management Law, has the right to present a short-term budget for a period of three years, and the House of Representatives votes on it compulsory for the first year, and the Council of Ministers is also entitled To amend it at the request of the Ministries of Planning and Finance, as it is amended for the second and third years and submitted to the House of Representatives for approval and voting.
Al-Tamimi added that "the Finance Committee supports the presentation of a budget for three years, as the delay that occurs in voting takes three or four months, which affects the overall economic activities and the lives of citizens," noting that "presenting the budget for three years reduces political disputes."
On Wednesday, the Parliamentary State of Law bloc set the conditions for attending the voting session on the 2021 General Budget Law, while noting that the final version of the budget has not yet been distributed.
The representative of the bloc, Kata Al-Rikabi, told the official agency, and "people" followed him (March 31, 2021), that "the state of law depends on its attendance to the voting session on the budget law by changing the exchange rate of the dollar and deleting the materials that have nothing to do with the budget, but were presented for the first time," referring to The influence of the poor and middle classes by changing the exchange rate and the impact it had on the rise in prices in the market with the approaching month of Ramadan.
He added that "the final version of the budget law has not yet been distributed to members of the House of Representatives and has not seen the articles of the law and what paragraphs have been deleted and others have been added," stressing that "not to see the agreement of Article 11 of the Kurdistan region in addition to the need to include the entitlement of the lecturers with the lifting of the articles that have them." Related to the leveling of lands. "
On Wednesday, the Al-Hikma Parliamentary Bloc confirmed that all its representatives attended the voting session on the 2021 General Budget Law.
The representative of the bloc, Muhammad Abu Dharr, told the official agency, and "People" followed him (March 31, 2021), that "the representatives of the Al-Hikma parliamentary bloc will all attend the voting session on the budget law scheduled for this Wednesday noon."
He added that "the political tensions in the recent period impeded the passage of the budget law," indicating that "the interactions revolved around the proposals related to external loans and the sale of state assets and other paragraphs."
He pointed out that "there is seriousness and desire by the political blocs to vote on the 2021 budget."
The parliamentary bloc of the Kurdistan Democratic Party announced today, Wednesday, that it will attend the budget-passing session.
The representative of the bloc, Mahdi Abdul-Karim, told the official agency, and "People" followed him (March 31, 2021), that "the representatives of the bloc will attend the session of passing the budget scheduled to be held this afternoon."
He added that "this came after what was agreed with the Finance Committee and all the political blocs to pass Article 11 and the share of the Kurdistan region."
Parliament Speaker Muhammad al-Halbousi called, on Tuesday, for parliament members to attend tomorrow, to hold a voting session on the budget law, while indicating that the names of attendance and absence will be published on public opinion.
The media office of the Speaker of Parliament said in a statement, which "People" received a copy of (March 30, 2021), that "Legislation of the Federal Budget Law for the fiscal year 2021 is one of the important steps, because of its prejudice to the interests of the citizen, and the paragraphs it bears that address his needs." Directly, as well as enabling the government to proceed with the implementation of its government program, and to support service projects that affect the daily life of the citizen. "
According to the statement, Al-Halbousi added, "Therefore, we call upon the distinguished members of the House of Representatives to attend tomorrow, Wednesday, at 1 p.m., to hold the vote session on the budget law, which is long overdue, and we also note that the names of attendees and absences will be published on public opinion."
Al-Halbousi indicated that "the agenda for tomorrow's session will include the presentation of the request submitted by the political forces, and the supporter of more than 172 deputies to vote on the dissolution of the Iraqi parliament in its fourth session, according to the provisions of Article 64 first of the Iraqi constitution."
He pointed out that "this step comes in response to popular demands to hold early elections, and by this the House of Representatives will have completed all the requirements and practical steps for conducting early elections, including the formation of an independent commission of judges, legislating the House of Representatives election law, and voting on the First Amendment Law (Order No. 30). For the year 2005 AD) the Federal Supreme Court Law.
"Finance" reveals a proposal to change the price of a barrel of oil from the dollar to the dinar
The parliamentary finance committee on Wednesday unveiled a proposal to change the price of a barrel of oil from the dollar to the Iraqi dinar in the 2021 federal budget law.
"There is a proposal to change the price of a barrel of oil in the budget law and it is calculated in Iraqi dinars instead of dollars, as in previous budgets," committee member Mohammed al-Resin told Shafq News.
"Changing the price of a barrel of oil does not hinder operational and investment expenditures by budgeting law, and that changes the price of a barrel of oil from 45 dollars to 65,000 Iraqi dinars," he said.
"This proposal is the best in accordance with the constitution to preserve the Iraqi currency," he said, adding that "the Ministry of Finance has confirmed that there is no technical impediment to changing the price of a barrel of oil from the dollar to the Iraqi dinar."
The House of Representatives failed to vote on the 2021 federal budget bill in a session sunday that lasted late at night.
The budget allocation is estimated at 130 trillion Iraqi dinars (about 89.6 billion dollars).
Iraq relies on oil sales revenues to finance about 95 percent of the state's expenditures, and is suffering from a severe financial crisis, as crude prices fall under pressure from the Corona pandemic.
Iraq is under great pressure under the worst economic crisis since 2003 and so far, with low oil prices and the outbreak of the Coronavirus.
Washington extends Iraq's exemption from sanctions on Iran for its energy imports
The United States agreed to extend Iraq's exemption from sanctions on Iran for its energy imports, for a period of four months, and the French Press Agency quoted an Iraqi official today, Wednesday.
The exemption is the first to be given under the Biden administration and for the longest period permitted by law, and it comes days before a "strategic dialogue" between the two countries.
Although Iraq is an oil country, it relies heavily on Iran in the field of energy, as it imports a third of its consumption needs of gas and electricity, due to its dilapidated infrastructure that makes it unable to achieve self-sufficiency to secure the requirements of its 40 million people.
The former US administration headed by Donald Trump withdrew from the nuclear deal with Iran and re-imposed sanctions at the end of 2018, which prevents many countries and international companies from dealing with the government or Iranian companies for fear of being affected by the sanctions. But Washington continued to grant Iraq exemptions until it found other suppliers, and the last exemption was in January for a period of three months.
Under the new exemption given by the Biden administration, Iraq will be able to continue importing electricity and gas from its eastern neighbor for four months, that is, from early April until early August, as the Iraqi official, who asked not to be named, explained. He pointed out that this exemption is the longest term among the previous exemptions, and it is the maximum allowed by US law.
It is clear that the Biden administration wants to extend a hand to the Iraqi government through this step, before a new "strategic dialogue" that is supposed to start on the seventh of April, while the government faces challenges represented by the great influence of armed factions loyal to Iran impeding their work, and before the summer A hot heat is expected in Iraq to witness popular protests against the backdrop of power cuts.
Baghdad must also resolve disputed points with Tehran, which is demanding it pay more than six billion dollars in arrears, which are bills owed by the Iraqi Ministry of Electricity, which US sanctions prevent from paying any dollar amount to Tehran.
But Western and Iraqi sources told the French Press Agency that Iraqi officials were given a green light by the United States to release the money owed to Iran in return for gas imports, amounting to two billion dollars, through a Swiss bank account.
CBI Update: Just a note:
including $0. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
3-30-2021 Intel Guru Frank26 Question: [What happens if in 4 to 6 months Iraq calls in all 3-zero notes, will we be forced to dump them in an exchange...?] Yes. When you bought your Iraqi dinars did you get the piece of paper that said that they were going to guarantee things for you? No. That's why it's a speculative investment. You're under the program of the monetary reform of the CBI...all time frames will be given by the CBI to the citizens and they will be given to the rest of the world as well...
3-30-2021 Intel Guru MarkZ [via PDK] I have seen no bad news… [Did Iraq pass their budget?] I spoke with contacts on the ground in Iraq…. A minister said they are now “moment to moment” as they iron out the final details. They have agreed to the overall framework and it should be within days… Could be today…could be tomorrow…we are at the precipice... People are still in place for exchanges… [Are people still working at redemption centers?] Yes…they are in place with a skeleton crew…Keep in mind there is a tremendous amount of smoke and misinformation thrown at you...don’t be Chicken Little…stay calm.
3-30-2021 Newshound Guru Pimpy It's better to watch what they do. We already know that parliament is raising holy bajibas about the exchange rate. We know there's huge demands in the political blocks. Do they have the power to get the exchange rate changed? It's possible. So we're keeping an eye on that...
3-30-2021 Newshound/Intel Guru Petra ...Are we excited on where we are at??? ABSOLUTELY!!! We do mine the articles for validation of accuracy and continued process towards the RI and there have been many for sure. The key for everybody to understand is the need for DISCERNMENT as to what is real...and...the Dog and Pony show. So accurate a metaphor for where we are right now as we await the CBI to make the change. ...question: How many contrary articles have you seen in the last 7-10 days. I would say..a lot!! ...we are most excited but...what the media is doing in Iraq because...just tells us they are looking for headlines while the real "minds and hearts" of Iraq are focused on getting to the end game of the RI for...Iraq. So, chin up...the game is definitely afoot and I am excited to see what the "near proximal" future has to show us as we await the CBI, AND ONLY, the CBI to make their move...
3-30-2021 Newshound Guru Breitling Question: [An old friend reached out to me today and said he has learned that the dinar is 1 U.S dollar in country...are you aware of any such exchange?] NO. And there never ever is going to be an in country revaluation. It's never happened in the history of mankind. How is that going to work? ...it's ridiculous. It's the dumbest things I've ever heard...
3-30-2021 Intel Guru MarkZ [... I spoke with 2 bank managers at 2 major banks and both claimed they had no idea of ANY changes - QFS, New Currencies, Fed changes, RV, nothing.] That is the official line from lower levels at banks…. I have talked to many people at big banks…some know this is happening…some do not. Think about this…if you worked at a bank and knew this was happening…would you have your own currency? Banks would not have an employee left if it were common knowledge with the lower level employees. The elites never wanted the masses to know about this…the wealthy do not want to share first class air seats, expensive cars or exclusive restaurants with us…they do not want us to be wealthy also. The folks I know that are trained for redemption centers all have their own currency. They had to sign an agreement. They cannot exchange or get access to their funds until after the exchange process is complete.
3-30-2021 Newshound Guru MilitiaMan ...The facts and information that is outside the hype does point conclusively to the reforms are coming to a head with an exchange rate change on the top of the list. The clarity that is out there in respect to the 2021 budget has been a dog a pony show be sure. They have to have the rate change ioo first...And no, they will not get into the private sector ioo with a program rate. ...I like where we are and we may see even more good news in the very short term. The first quarter is coming to a close in a couple of days...
Al-Halbousi directs the attendees to hold session to vote on the budget tomorrow
Deputy for Saeron: We will achieve a quorum to pass the budget
Moussawi said, "The members of the Going Alliance will attend the Parliament session to pass the budget tomorrow, Wednesday," pointing out that "the Egypt Alliance To attend the session and complete the quorum. "
He added, "In principle, most of the Kurdish and Sunni representatives, in addition to the Wisdom movement, have announced their desire to attend," indicating that "the majority of the quorum will be achieved by the blocks that will be present."
He pointed out that "many representatives from the rest of the blocs individually expressed their initial agreement to attend," explaining that "we will achieve a quorum, and we insist on staying in the parliament until the quorum is achieved and the budget is voted on."
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