"Tidbits From TNT" Saturday AM 2-19-2022

Feb 19

TNT:

Tishwash: The Start Of A Session To Discuss The Reality Of The Exchange Rate In Parliament

A parliamentary source said, on Saturday, the start of hosting the Governor of the Central Bank of Iraq, Mustafa Ghaleb and his deputy, regarding discussing the dollar exchange rate inside the dome of the House of Representatives.

The source said in a statement to the "Information" agency, "The House of Representatives began hosting the Governor of the Central Bank of Iraq, Mustafa Ghaleb and his deputy, to discuss the exchange rates of the dollar against the Iraqi dinar."

The source added, that the request to host the Minister of Finance and the Governor of the Central Bank came after the signatures of more than 50 deputies. link

Tishwash: The high turnout of citizens to buy the Iraqi dinar in Diyala

The rate of citizens' turnout in Diyala to exchange the US dollar for the Iraqi dinar increased, with an increase of 5-10% within 24 hours, due to fear of the exchange rate collapse at lower levels after the tweet of the leader of the Sadrist movement.

A local source in the province said that the exchange owners in Baquba and the rest of the cities confirmed the high rate of citizens' turnout to exchange the dollar for the Iraqi dinar by 5-10% within 24 hours and the purchase is very limited due to fear of the exchange rate collapse to lower levels after Al-Sadr's tweet and the developments that followed it in the House of Representatives. link

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Tishwash: Hakim Al-Zamili: We will issue a travel ban against the Minister of Finance until he appears in Parliament

The House of Representatives hosted, on Saturday, February 19, 2022, headed by the First Deputy Speaker of Parliament Hakim Al-Zamili, the Governor of the Central Bank, Mustafa Ghaleb and his deputy, .to discuss the consequences of the price hike as a result of raising the dollar exchange rate

During the session, Al-Zamili said, "The House of Representatives responds to any citizen, so how if the request is from an Iraqi leader with a request to research the financial policy, given that Muqtada Al-Sadr is not a political ".leader, but an Iraqi citizen, so he must be responded to He added: We have the signatures of more than 50 deputies to hold an emergency session to host the Minister of ".Finance and the Governor of the Central Bank, noting that "Parliament exercises its oversight role

He said, “We were surprised that the Minister of Finance did not attend the meeting,” noting that “some leaders and leaders contacted us in order to wait on the issue of the Minister of Finance. If we do not exercise our ”.oversight role, Parliament cannot exercise its oversight role or host any minister anymore

He continued: We heard that the minister wants to submit his resignation, and this is his right, but there are files .that must be discussed, and there are requests for signatures from MPs to host the Finance Minister in Parliament

He stressed that even if Allawi resigns, he will not be left without accountability, and we have files condemning .him, pointing out that we will issue a travel ban against the Minister of Finance until he appears in Parliament The Governor of the Central Bank, Mustafa Ghaleb Mokhif, his deputy and a number of officials in the bank .attended the meeting, while Finance Minister Ali Allawi and his ministry boycotted the meeting link

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Tishwash: Exchange rate and market stability (2/19)

A group of economic specialists called for a study of market conditions and their proportionality with the citizen’s income before taking any step regarding the exchange rate adjustment, unless it is positive for the citizen in the first place and the markets in the second degree

Because the citizen is the active element in this equation, at the time when the financial advisor suggested Prime Minister Mazhar Muhammad Salih, a mechanism to address the side effects of changing the exchange rate, specialists stressed the need to provide electricity to factories, and implement advanced marketing plans for local production to ensure the reduction of import and dependence on the national product.

Saleh said, in a statement to the Iraqi News Agency (INA), "It is time for fiscal policy to play its active and important role in addressing the side effects, which resulted from the change in the exchange rate and its effects on income, especially the poor and low-income classes being negatively affected by price failures without Compensation".

tax cuts

Saleh added, "This aspect directly bears the importance of reducing customs taxes in a tangible way on imported foodstuffs, medicines and local production supplies, as well as restructuring government support for goods and services that directly affect the poor social classes."

For her part, economic researcher Aya Adel said that “one of the means to achieve stability in the Iraqi market is to provide the national product with all its ramifications, whether it is a food or electrical industry and others.”

Save electricity

Adel indicated to “Al-Sabah” that “the factories of the Ministry of Industry companies, for example, produce equipment, devices and clothing, but they lack marketing plans, and above all that they suffer from a lack of electricity, which is the problem of industry in Iraq, whether it is for the public sector or for the public sector.

The private". In turn, the economic researcher Khaled Abdel-Hussein pointed out that “any decision that will be taken on the side of adjusting the exchange rate will have repercussions, even if the intention is to achieve positive results,” explaining that “this decision will confuse local markets, especially after the decision of the Central Bank has passed more than more than one year.” A year, during which the markets witnessed a new pattern with which the citizen became acquainted for a long time duration.”

market conditions

Abdul-Hussein considered “the necessity of studying market conditions and their compatibility with the citizen’s income before taking any step regarding the exchange rate adjustment. Relationship".

And he indicated that “the relevant authorities are represented by the ministries of Finance, Planning, Interior and Economic Security, along with the Ministry of Commerce and the Central Bank. The Ministry of Finance is responsible for customs and taxes, and the Interior pursues smuggling and industrial fraud, and the Ministry of Planning is responsible for drawing up inflation policy and limiting price increases, and the Ministry of Commerce is related to its role.” By controlling imports, the central bank will decide the final decision to raise or lower the exchange rate of The dollar.” link

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