WOTS TUE DEC 28 2020
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1432.5000 |  1481.6000 | 1459.2000 | 1459.0000 | 1459.2000 | -0.8000 | 09:47 |
| USD/VND | 23120.0000 | 23127.0000 | 23124.8500 | 23123.8900 | 23124.8500 | 10.4800 | 21:45 |
| USD/CNY | 6.5306 | 6.5326 | 6.5362 | 6.5268 | 6.5359 | -0.0052 | 05:22 |
| USD/KWD |  0.3049 | 0.3059 | 0.3048 | 0.3047 | 0.3047 | -0.0004 | 05:09 |
| GBP/USD | 1.3506 | 1.3507 | 1.3522 | 1.3442 | 1.3449 | 0.0054 | 05:22 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | -914.4000 | 07:13 |
| USD/IDR | 14102.0000 | 14118.0000 | 14161.0000 | 14096.0000 | 14126.0000 | -28.0000 | 05:21 |
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Association of Private Banks: The Central Bank works to revitalize the economy after changing the exchange rate of the dinar
The Iraqi Private Banks Association announced that the decision to change the exchange rate of the dinar against the dollar, taken by the government, is part of reform packages for the economy, which is going through a stifling financial crisis due to its dependence on oil and disruption of other productive sectors.
The association said in a press release seen by "Al-Eqtisad News", that the Iraqi Private Banks Association supports the monetary policy measures taken by the Central Bank, aimed at revitalizing the economy through the lending initiative represented by 5 trillion dinars to support large industrial, agricultural and real estate projects in addition to the 1 trillion dinars initiative To support small and medium industrial and agricultural projects, which will contribute to supporting the local product and creating factories that can attract the unemployed, as well as his recently announced 3 trillion dinars initiative to support the residential sector, which will include non-employees in the public sector.
The Association of Private Banks confirmed that the economy has reached a very difficult stage, represented by the erosion of oil revenues, and its spending on salaries in addition to the government borrowing huge sums of money to support the operating budget, without creating real economic development, and the country’s dependence of a very large percentage on imports, which required taking important measures. To support the Iraqi productive sectors to confront the commodity dumping carried out by some countries, especially since the economy has become unable to attract people who are able to work in its public and private sectors.
Officially ... the 2021 budget arrives in Parliament
The Presidency of the House of Representatives announced, on Tuesday, the arrival of the budget bill for next year.
Hassan Karim Al-Kaabi, First Deputy Speaker of Parliament, said, "The draft federal budget bill for 2021 has reached the House of Representatives."
For his part, a member of the Parliamentary Finance Committee, Jamal Ahmed, confirmed, on Tuesday, that the budget has not yet reached the House of Representatives, pointing out that the issue of salary distribution is within the government's authority.
Ahmed said, in televised statements, that "the Parliamentary Finance Committee did not officially receive the budget from the government, and there is no accurate information about whether or not it reached the Presidency of the Council of Representatives."
He added that "the vote on the budget in the event that it reaches Parliament will depend on the nature of its content of clauses and paragraphs, as its approval may be delayed or it may not require more time."
Ahmed explained, "The issue of paying salaries to employees is one of the government's powers, and it is not related to approving the budget because the law allowed the government to disburse salaries according to the 1 on 12 system, or the Minister of Finance went towards borrowing according to the powers granted to him."
On Sunday, the Parliamentary Finance Committee revealed that the World Bank had submitted a proposal to the Ministry of Finance to set the dollar exchange rate at 130,000 dinars against 100 dollars.
A member of the Finance Committee, Ahmed Hama, said in statements monitored by "Yes Iraq": "A meeting was held in Iraq that brought together representatives from the World Bank, the International Monetary Fund, the Central Bank of Iraq and the Ministry of Finance to find solutions to the financial crisis."
He added that "the World Bank presented a proposal to set the exchange rate of the dollar at 130 thousand dinars per 100 dollars," noting that "the central bank submitted a proposal to set the exchange rate at 166 thousand dinars per 100 dollars."
He explained that "as a result of pressure, the Central Bank lowered the price to 145 thousand and the World Bank refused to raise the price to 166 thousand."
Business community: devaluation is supposed to be phased
The commercial community complained about the decision to devalue the currency in this way, which has had negative effects, affecting most of the joints of the economy, down to the family economy, especially since the rejection came not to the origin of the decision but to the suddenness of the decision that has had negative effects within the local market. Business circles said they expected the currency to depreciate to 1,300 dinars per dollar, which reduces the impact on domestic markets, as the rise is gradual.
Economic circles
Salah al-Shami, chairman of the Advisory Board of the Baghdad Chamber of Commerce, said: "The decision to devalue the currency was met with objections from the economic circles, because it did not take into account the reality of the shock experienced by the markets and negatively affected the reality of prices and left a stagnation for several joints," pointing out that there was no objection to the origin of the law, as we realize that the central bank has the right to control the price of the currency up or down.
He pointed out that "the legal aspect of the objection to the decision lies in the suddenness of the decision, which left a rise in the prices of market prices in a short time as a result of the shock, because most of the market exhibits are imported, and as a result prices have increased."
Negative impacts
He stressed that «devaluation of the currency must occur gradually, so that nothing will confuse the economic reality, but it is done in a phased way that reduces negative effects and keeps the local market from confusion, and here can benefit from the global experiences that worked to support its economy, and keep it away from the confusing shock."
He pointed out that "it is necessary to support the national industry and the private sector and encourage internal and external investments through an attractive environment and provide real privileges and banking facilities, provide security and energy to solve the problems of unemployment and work to withdraw the workforce from the government sector to the private sector and here the burden is reduced from the state."
"Economists who represent the core of the original private sector, who are competent and reputable, must be involved in the state's economic decisions," he said.
Negative impact
In his turn, the economic affairs specialist Haidar al-Assari pointed out that «the decision to devalue the currency caused a shock to the local market with all its joints, and should not have been taken so quickly and the ratio in the reduction, pointing out the need to devalue the currency gradually and gradually to reduce the negative impact on the economy and the nation»
He warned that "economic decision must be initiated with the private sector, which has sensors within the market and knows the extent of the impact."
Parliamentary Finance gives good news to contracts covered by Resolution 315 in next year's budget
The Parliamentary Finance Committee announced, on Monday, that the allocations of the lecturers covered by Resolution 315 will be included in the next year's budget.
Committee member Sadiq Al-Sulaiti said in a statement, "People" received a copy, (December 28, 2020), that "the 2021 budget provides for the inclusion of the allocations of lecturers, free persons, contracts and those covered by Resolution 315."
He added that "every movement of owners against any ministry will be the priority during which to install contract holders."
He pointed out that "the owner of the contract is subject to the same controls as owners, with regard to commitment to work, as well as with regard to promotions and bonuses, and his service is calculated for the purposes of retirement."
On Monday, Cabinet Spokesman and Culture Minister Hassan Nazim revealed the date for sending the 2021 budget to Parliament.
Nazem said during his hosting of the "neutral" program, presented by colleague "Saadoun Mohsen Damad," and "people" followed it (December 28, 2020), that "the budget has been signed and will be sent on Tuesday to the House of Representatives."
He added that "the budget is based on a reform vision presented by the Ministry of Finance, and will work to revitalize the private sector."
And he indicated that "there is a kind of protection for citizens with limited income in the ration card that has not been tampered with, and the government's decision is categorical about changing the dollar exchange rate, which is part of the vision of economic reform in Iraq."
He continued that "the development of the budget was not unique to the government, and there was a discussion about it with the leaders of political blocs and they expressed their willingness to vote on it within the exchange rate of the dollar."
CBI Update: Just a note:
including $ 200,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
12-28-2020 Intel Guru MarkZ An interesting week for sure in the making. Normally the week between Christmas and New Years is just full of left overs...this week it looks to be action packed. Many more people are returning to their locations throughout the day today… and I hope I can get more news when they get back into place today. This has me really upbeat. Normally they would have all just stayed home …especially the way Europe usually shuts down for the banking holidays over Christmas...If they did not think something was “afoot” they would not be returning to their exchange locations until after Jan 1st.
12-28-2020 Newshound Guru Kaperoni ...There are no arbitrary reevaluations or reinstatements...that's not how monetary policy works...the Central Bank of Iraq has to follow strict rules as well as rules and process from the IMF...This is a very complicated time for Iraq...It's going to take Iraq several months to get back on track and move forward...
12-28-2020 Newshound Guru Jeff Article: "Employees complain: owners of K-Card outlets in Mosul distribute salaries in dollars at the new exchange rate". You know what they're doing? They're injecting and defusing more of the U.S. dollar to get the dinar out of circulation on top of the fact that they've devalued it to squeeze more three-zero notes out of the citizens from their mattresses...this step to reduce the note count needs at least 90-days to be effective...they implemented this step on December 20th exactly 90 days before Kuwait historically changed the value of their currency which was March 24 of '91. That same day today would be Sunday March 21st of '21...
12-28-2020 Newshound Guru Breitling What's happening in Iraq, what's happening with their currency is only good news...I know people are in panic mode...I've got email from people asking "Should I get out? Is this over with?" That's furthest from the truth. It's the complete opposite...Iraq is in debt. They want to get out of debt...one of the strategies of getting out of debt is lowing the value of the currency. Then you pay at a lower price. Then when you're done making those payments guess what? You add value back to your currency. And that is what Iraq is doing...
12-28-2020 Newshound Guru Pimpy Article: "Today, Sunday, relative stability in the exchange rate of the dollar in the local markets" ...The rate was changed to 1450 dinars for every 1 dollar but the exchange rate on the stock exchange it's actually performing pretty good. It bounces somewhere between 1410 and 1430. That means the dinar is stronger than they had pegged. So it's doing very well in the markets.
12-28-2020 Newshound Guru MilitiaMan The focus is on their reserves and that there is strength to the dinar. The recent devaluation was on purpose for a purpose. That purpose is to have liquidity to support the public finances while they de dollarize the country...Modifying the exchange rate is on the table with House of Representatives this next week, as early as Tuesday - Wednesday... Lets see what they do. imo.
12-28-2020 Newshound Guru Jeff Iraq has now officially announced to us that they have implemented the reforms as of Sunday December 20th when they devalued that rate...they've got to change the rate by the end of March...Now that they've devalued the Iraq dinar they have now told you they've officially started the reforms.
