Parliamentary Insistence On Restoring The Value Of The Dinar To Its Previous Era And Adjusting The Exchange Rate
Politician Last update 02/23/2022 | The Information / Baghdad…Parliamentary circles confirmed that there is a tendency to restore the value of the dinar to its previous era after the dollar exchange rate was raised in late 2020, stressing that the rise caused great harm to the people and was a circumvention of the employees’ salaries.
The independent deputy, Basem Khashan, told Al-Maalouma, “The government took its decision to raise the exchange rate without any study, as this is a circumvention of the people and the salaries of the employees, and today, if it wants to restore the situation to its predecessor, it must reduce the exchange rate or compensate the poor and employees who lost The value of their salaries due to the rise in prices.”
On the other hand, independent MP Yasser and Tut told Al-Maalouma that “the decision to raise the exchange rate of the dollar came without prior planning and had a great impact on the citizen due to the rise in overall prices, pointing out that there is a parliamentary movement to interrogate the ministers, especially with regard to economic security in order to ensure Achieving justice”.
On the other hand, the representative of the State of Law coalition, Alia Nassif, confirmed to “Al-Maalouma” that “her coalition stands by restoring the dollar exchange rate to its previous era, stressing that the rule of law will move towards other forces in order to reduce the exchange rate to raise the value of the dinar against the dollar.”“ https://almaalomah.me/2022/02/23/583808/
The Price Of The Dollar Hits Hard In Iraq… Confusion In The Market And A Parliamentary Movement To Address It
Reports| 05:36 – 20/02/2022 Special – Mawazine News A state of confusion dominated the Iraqi market, as a result of the parliamentary movement to address the effects of raising the price of the dollar and the rise in the prices of goods and merchandise in the Iraqi markets, and the controversy that accompanied it about the possibility of reducing the exchange rate of the dollar by the Central Bank of Iraq.
Yesterday, the House of Representatives hosted the Governor of the Central Bank, Mustafa Ghaleb Mikhaif, who confirmed that there is no possibility to reduce the price of the dollar, but the local markets witnessed a decrease in dollar prices, as its price reached 1445 dinars to the dollar.
And the owners of the exchange shops demanded that the central bank “determine its position on the statements that come out regarding the reduction of the dollar exchange rate, especially as it introduced confusion in their work and increased supply compared to demand.”
According to the owner of a currency exchange in the Karrada area, he spoke to “Mawazine News”, “Many citizens are afraid of reducing the price of the dollar, so they are now selling the dollar, fearing a sudden decision and thus losing the difference between the current exchange rate and the new rate.”
And he asserts, “The demand for buying dollars from banking shops decreased as a result of the confusion that occurred and the return of the market to normal requires an explicit statement from the Central Bank.”
This comes as a parliamentary source revealed meetings of the political blocs, including the State of Law and Al-Fateh coalition, to discuss reducing the dollar exchange rate in light of the high prices of basic materials in the Iraqi markets.
The source added in an interview with Mawazine News that “the dollar hit the poor families and today it threatens economic security, so it is hoped that decisions will be issued regarding dealing with the effects of raising the price of the dollar.”
For his part, the representative of the State of Law coalition, a frightening revolutionary, comments on the political turmoil towards reconsidering the dollar exchange rate, stressing that any action has its economic reasons and rationales.
In an interview with Mawazine News, he said that the Sadrist movement had earlier voted to raise the dollar exchange rate, and that this was the country’s financial policy, and they believed earlier in the necessity of changing it.
He added that in our meeting with the Prime Minister, he confirmed that the process of raising the exchange rate achieved positive results in terms of raising the central bank’s balance of hard currency from 43 billion to 64 billion dollars, and indicated that any law issued must have negatives and positives, and in general economists take The biggest pluses. https://www.mawazin.net/Details.aspx?jimare=185206
What Happens If The Dollar Sale Window Stops? .. An Economist Answers
Economic Last update 02/22/2022 | 7:58 pm sharing Information / Baghdad..On Tuesday, the professor of economics at the University of Basra, Nabil Al-Marsoumi, expected the possible scenario in the event that the window for selling the dollar in Iraq was stopped.
Al-Marsoumi said, in a Facebook post, which was seen by / the information / that “the oil dollar that the Ministry of Finance sells to the Central Bank of Iraq, which is almost the only source of supply for the dollar in Iraq, and when the window for selling the dollar in the Central Bank stops, the dollar supply will drop to almost zero, which means :
He added, “The dinar exchange rate will roll down to very low levels that may reach the level of 4000 dinars against the dollar, i.e. to a lower level than the levels of the economic blockade in the nineties due to the large volume of imports in Iraq, which exceeds 40 billion dollars annually, and because the population today has increased By about 20 million people, and that people’s needs have varied and increased, and most of them come from abroad, and therefore the volume of imports has doubled several times compared to the time of the siege.”
He considered that “the call to abolish the currency sale window, which is the only supporter of the dinar exchange rate, is a kind of absurdity or economic adolescence at best, but what is required today is to regulate the foreign exchange market in Iraq and to confront the worsening cases of corruption in it, which amount to billions of dollars annually. https://almaalomah.me/2022/02/22/583776/
An Economist Who Shows The Negative Effects By Returning The Exchange Rate To Its Previous Value
Economic Last update 02/21/2022 | 9:55 am Information / Baghdad. On Monday, the economic expert, Nabil Al-Ali, warned those concerned against taking a decision to return the exchange rate to its previous value immediately, indicating that the decision would lead to a deterioration in market prices.
And Dhal Al-Ali told Al-Maalouma that “the reduction process should be gradual, with the activation of reform measures in the field of supporting the ration card, controlling borders, and activating the industrial and agricultural sectors.”
He added that “a decision to return the value of the dollar exchange rate to its previous value will lead to negative effects, including creating problems in the market between the creditor and debtor, as well as the government will bear financial losses as a result of financial and commercial transactions contracts.”
He pointed out that “the next government should work according to a flexible economic policy and work on the gradual reduction of the exchange rate, while activating reform measures in the field of supporting the ration card, controlling borders, and activating the industrial and agricultural sectors by exploiting the financial abundance of the Central Bank due to the rise in oil prices during the current and last year.” https://almaalomah.me2022/02/21/583450/
With Documents.. The Text Of The Security Council Resolution On Removing Iraq From Chapter VII
Political | 06:16 – 23/02/2022 Baghdad – Mawazine News The Security Council issued a decision to remove Iraq from Chapter VII after fulfilling all Kuwait’s compensation.
The Council issued Resolution No. (2621) on February 22, 2022, which confirmed that Iraq fulfilled all its international obligations under Chapter VII, and resulted in its exit from Chapter VII with immediate effect, and the closure of the Compensation Committee and Fund at the end of this year.
The Minister Of Foreign Affairs Announces Iraq’s Exit From Chapter VII Procedures
Foreign Minister Fouad Hussein announced that Iraq has exited from Chapter VII procedures, after paying all of its financial obligations, while stressing that Iraq is no longer required to pay any additional sums of money in the future.
Hussein said in Iraq’s speech at the Security Council during the session devoted to hearing the briefing of the Chairman of the United Nations Compensation Commission, that “Iraq today is turning an important page of its history that lasted more than thirty years,” noting that “Iraq seeks to strengthen cooperation frameworks with the international community.”
He added, “Iraq has paid the last payment in accordance with its financial obligations and paid the full amount of due compensation,” stressing that “Iraq is no longer required to pay any additional amounts of money in the future.”
He pointed out that “the Iraqi government confirms that working with the United Nations Compensation Commission was a successful model for multilateral work,” noting that “Iraq continued to fulfill these obligations in full according to the timetables.”
He explained, “The Government of Iraq considers the full fulfillment of its international obligations towards the international community and the sisterly State of Kuwait as a great development,” noting that “Iraq has sought to complete this unique model to remove Iraq from all Chapter VII procedures.”
And he continued, “Iraq looks forward to the fact that closing this file will reflect positively on its regional and international relations,” adding: “We congratulate the Iraqi people and government for ending international obligations and for Iraq’s exit from Chapter VII procedures.”
Below is the text of the speech:
Your Excellency Mr. Vasily, President of the Security Council, Your Excellencies the distinguished members of the Council , may the peace, mercy, and blessings of God be upon you…
It is my honor to begin my speech as a representative of my country, congratulating the State of the Russian Federation for assuming the presidency of the Security Council for the month of February, wishing His Excellency the Permanent Representative To Russia, good luck in this mission.
I also extend my thanks and gratitude to the Kingdom of Norway for assuming the duties of managing the presidency of the Security Council for the past month.
As well as thanks and gratitude for the briefing given by the Chairman of the Board of Directors of the United Nations Compensation Commission.
Mr president …
Iraq today turns an important page of its history that lasted more than thirty years, and a new page begins in Iraq’s diplomatic, political and economic history, a page that strengthens its regional and international role in proportion to its history and cultural weight on the map of the region and the world, as an effective state in harmony with the aspirations and goals of the international community, as it seeks Iraq to strengthen cooperation frameworks with the international community, led by the United Nations, considering that Iraq is one of the founders of this organization and the signatories to its charter on October 14, 1945, and in order to restore its role as an effective and responsible member of the international community.
Mr president …
According to the final report issued by the United Nations Compensation Commission, and the briefing given by the Chairman of the Committee’s Board of Directors, and the clear indications it contained on Iraq’s fulfillment of all its international obligations under the relevant Security Council resolutions, Iraq has paid the last payment in accordance with its financial obligations and paid in full.
The amount of compensation owed by him, which is (fifty-two point four) billion dollars, through the United Nations Compensation Committee, which was distributed to (one point five million) claim from all categories of claims, and in accordance with what is stated in that, and the wording of the paragraphs of the Council’s resolution was approved The security approved in this session,
and as a reminder of all relevant Security Council resolutions, the Compensation Committee has fulfilled its mandate in full, and has completed consideration of any future claims on the issue of compensation, and Iraq is no longer required to pay any additional sums of money in the future, or deal with Chapter VII procedures.
In this context, my country’s government affirms that working with the United Nations Compensation Commission and your esteemed council has been a successful model for multilateral action, a model that enhances confidence in international mechanisms and procedures in settling the crises that have afflicted and afflicted our world until today,
and through this international mechanism and out of respect Iraq has fulfilled its obligations under the relevant Security Council resolutions and fully assumed its responsibilities, Iraq continued to fulfill these obligations in full in accordance with the timetables and percentages approved by the Compensation Committee,
despite the difficult circumstances that Iraq experienced in the previous years of bearing the burdens and economic costs of fighting terrorism and taking its role at the forefront of the countries of the world To address the terrorist gangs of ISIS and recover the cities from the organization’s control, the costs of the programs to return the internally displaced to their cities, the programs to restore stability, services, provide aid and reconstruction costs, which were accompanied by a significant decrease in the prices of oil sales Globalism.
In this regard, the Government of Iraq considers the full fulfillment of its international obligations towards the international community and the sisterly State of Kuwait, as a major development that would enhance Iraq’s relations with its regional and international surroundings, as well as the Iraqi-Kuwaiti historical relations and move them to broad future horizons based on trust and equal bilateral relations. .
Mr president …
Iraq has sought to complete this unique model of work, international effort and joint cooperation under the frameworks and mechanisms of the United Nations, through its full fulfillment of its international obligations, which in turn highlighted an international legal and moral commitment to the international community and the United Nations, which is to remove Iraq from all procedures of Chapter VII,
and to preserve Iraq’s rights, funds and international legal entitlements, and its protection from any future claims within the framework of the international effort led by the United Nations, based on the Charter of the United Nations, the rules of international law and the general principles of international law in justice and equity, which enhances confidence in these UN mechanisms.
This is what we were keen to confirm and defended hard to include it in the UN Security Council resolution in cooperation with the (British) pen holder and the rest of the Security Council members. As this international effort will not have completed its success until after Iraq’s legitimate demands are embodied and included in the UN Security Council resolution.
My country’s government affirms, in light of the historical and legal vision that we have presented, that Iraq is looking forward in this regard and of great importance, for your esteemed council to assume its historical responsibilities, so that closing this file will reflect positively on Iraq in its regional and international relations, particularly with neighboring countries. The lesson is always with its conclusions, meaning that the success of the work is always measured by its conclusions, results, outputs and positive repercussions on peoples and countries.
In conclusion… Allow me, Mr. President, to express our thanks and appreciation to you and the other members of the Council, and to the pen holder, the esteemed British mission, which engaged in intensive negotiating rounds with the Iraqi mission, and to all the friendly countries that provided support to my country to overcome this historical era that was Bitter for the peoples of the region, as well as our thanks and appreciation to the State of Kuwait, the leadership and people.
We congratulate the Iraqi people and their government for the termination of these international obligations, and for Iraq’s exit from the procedures of Chapter VII, and we extend our thanks and pride to those in charge of Iraqi diplomacy, especially the permanent Iraqi mission in New York for its tireless efforts in negotiations to include Iraq’s legitimate demands in the resolution, wishing continued prosperity, prosperity and progress for the people of Iraq and the peoples of the region and the world.
Thank you, Mr. President.