Citizen and exchange rate

In economics, the external value of a currency lies in the presence of a balance or surplus in the current account of the balance of payments relative to the gross domestic product, which should indicate a stable state at a minimum, not less than 4 percent annually. To achieve this goal, it is necessary to rely on a sustainable increase in the annual growth rate of the gross domestic product, provided that exports exceed imports, within the country’s trade balance.

In the past, the country had the capacity to export goods and services more than it imported, which strengthened the value of the national currency, especially the external value of the currency itself, during those years, especially in the early seventies, and the economy indicated a positive state, in addition to the availability of foreign reserves that support the main barrier against potential external factors and their effects on the overall economic situation.

In the current economic system, currency prices are determined globally in two main ways, namely floating and fixed prices and through local and international factors that control the strength of the currency in supply and demand, interest rates, inflation and growth in the local economy, the trade balance and other influences, but the strength of the national currency is linked to its external value, specifically the exchange rate, as the external value of money is directly linked to the stability of the current account of the balance of payments, especially in the long term, in addition to the stability of foreign reserves in the central bank of the country, which strengthens the strength of the Iraqi dinar and the stability of the exchange rate.

On the other hand, the value and stability of the currency are linked to the internal value of the national currency itself. Just as we talk about the stability of the external value of the currency in the exchange rate and its exchange power with other currencies, the internal value of the currency is the other side of the stability Currency and its strength, here the value of the national currency is directly linked to the general price level, which means the strength of goods and services expressed in money.

There is a correlation between price stability and the value of the national currency, and this requires the availability of a wise monetary policy, undertaken by central banks that make the growth in the money supply commensurate with the growth in the gross domestic product or national income.

The quantitative theory of money is based on the principle of the neutrality of money, which explains that the cause of inflation in the long term is money itself, as the growth in the money supply in a way that is not commensurate with the growth in the gross domestic product leads to either inflation or contraction in the growth of the general price level, if the amount of money in the economy increases, and unless there is a parallel increase in economic output, this will lead to an increase in the general price level, and a loss of control over exchange rates, even if the state sets the exchange rate in a way that is different from what is sold in the market.

The best evidence of this is that the exchange rate in most Iraqi markets is still fluctuating between 149-150 thousand Iraqi dinars for every 100 US dollars, while the government exchange rate is 132 thousand Iraqi dinars for every 100 dollars. American, but it did not bring any significant benefit to the citizen, but rather only speculators, brokers, traders and some companies profited from the price difference.

Alsabaah.iq

Rafidain Bank announces the implementation of the electronic banking system in a number of its branches

Rafidain Bank announced today, the implementation of the electronic banking system in a number of its branches

The bank’s media stated in a statement received by {Al Furat News} “In implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in the branches of Al-Amel neighborhood in Baghdad, Al-Farouq in Diyala, and Al-Khalidiya in Anbar to join the branches that have activated the comprehensive system in Baghdad and the governorates in addition to the branches of the border crossings (Zurbatiya – Safwan – Arar – Trebil) so that the number of branches that have implemented and completed the system becomes (40) branches.”

He added, “This is an important step to strengthen the banking system, meet its requirements, and move away from paper work and towards electronic systems.”

The bank confirmed that “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all the bank’s branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions.”

Alforatnews.iq

Finance and World Bank discuss supporting Iraq’s economic reform program

Alsumaria News – Economy… Today, Finance Minister Taif Sami discussed with the Regional Director for the Middle East at the World Bank, Jean-Christophe Carré, and the Bank’s Special Representative in Iraq, Richard Abdelnour, support for the economic and financial reform program in Iraq.

The ministry explained in a statement received by Sumaria News, that “the meeting witnessed the follow-up of the loans and grants of the World Bank, the priorities of development projects, and ways of supporting the World Bank to enhance the financial and business sectors and improve the investment environment, where the continuation of bilateral coordination to enhance sustainable development was emphasized, in addition to discussing the bank’s support for the government program regarding economic reform in Iraq.”

According to the statement, the Minister referred to “the government’s interest in strengthening partnership with international financial institutions, within the framework of accelerating the pace of financial and banking reforms in line with the Iraqi government’s vision aimed at consolidating the foundations of the national economy, achieving economic balance, and correcting the course of financial policy in Iraq.”

Alsumaria.tv

Economist: Currency auction will secure liquidity for the Ministry of Finance

Information/Baghdad… Economic expert Safwan Qusay confirmed that the Ministry of Finance does not suffer from any problems in securing employees’ salaries, noting that the currency auction will secure the necessary liquidity.

Qusay told Al-Maalouma, “The fear of not funding salaries is exaggerated, as the Ministry of Finance has no problem funding the employee compensation item, as it is governed by laws. In addition, some federal ministries have paid their employees’ dues, with the exception of certain units whose salaries were not funded due to lack of data or lack of conformity between the amounts requested for funding and the attached statements, which leads to procrastination.”

He added, “The Central Bank sells at a rate of 280 million dollars daily, and this number is sufficient to cover all commodity and service products.”

He explained that the price of a barrel of oil needs $69 to balance operating expenses at the current production level of 3 million and 200 thousand barrels of oil per day.

He explained that “more than $69 per barrel is used to finance the investment budget, as Iraq needs $96 per barrel to finance all operating and investment expenses.”

Almaalomah.me

Parliamentary Committee Calls on Foreign and International Companies to Invest in Iraq

Information / Baghdad… The Parliamentary Investment and Development Committee called on foreign and international companies to invest in Iraq today, Thursday, while stressing that the Iraqi market is promising and its investment environment is good.

Deputy Chairman of the Investment Committee, Hussein Al-Saabri, told Al-Maalouma Agency that “the Prime Minister discussed developing economic and trade relations with international and Arab countries to increase foreign investments in Iraq.”

He added that “local investments in Iraq are small compared to foreign and international investment capabilities and opportunities, noting that foreign investments play an important role in stimulating economic growth and developing the state’s sources of hard foreign currency.”

He continued that “foreign investments improve the image of the state and confidence in the Iraqi economy abroad, which encourages increased foreign investments.”

Almaalomah.me

More than 108 million barrels of Iraqi oil exports in one month

Shafaq News / The Iraqi Ministry of Oil announced on Thursday that the total oil exports achieved for the month of July exceeded 108 million barrels of crude, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO).

According to a statement issued by the Ministry, the quantity of crude oil exports amounted to (108) million, (53) thousand and (356) barrels.

The statistics indicated that the total quantities of crude oil exported last July from the oil fields in central and southern Iraq amounted to (106) million, (125) thousand, and (200) barrels, while exports from Qayyarah amounted to one million, (928) thousand, and (156) barrels.

Shafaq.com

Central Bank of Iraq on ‘unannounced’ visit to America

An informed source revealed, on Thursday, that the Central Bank of Iraq is currently making an unannounced visit to the United States of America, to discuss developments in the Iraqi banking sector.

The source told Shafaq News Agency that a delegation from the Central Bank of Iraq, headed by the Governor of the Central Bank, Ali Al-Alaq, and a number of general managers, have been visiting the United States of America since the 26th of this month, to discuss developments in the banking sector and the restrictions on the use of the dollar imposed on a large number of private banks.

He pointed out that the Central Bank delegation discussed cancelling the platform at the beginning of next year, and relying on correspondent banks, which will increase the imposition of restrictions on Iraqi private banks, and completely eliminate competition in favor of Jordanian banks that have American correspondent banks.

The source noted that the Central Bank is close to signing a contract with Oliver Wyman, the consulting firm for the Iraqi Development Road, to conduct a study on reforming the Iraqi banking sector, in order for it to be approved by the Central Bank in the coming period, and to be considered a roadmap for reforming the private banking sector.

On the other hand, a number of economists were surprised by the lack of announcement of the visit of the Central Bank of Iraq to America, especially since it comes at a very important time.

Shafaq.com

Iraq prepares a special plan for its employees’ salaries, costing 10 trillion dinars

The Finance Committee in the Iraqi Parliament revealed, on Thursday, its intention to prepare a special plan for the file of unifying the employees’ salary scale, indicating that its implementation costs 10 trillion dinars.

Committee member, Moeen Al-Kadhimi, explained to Shafaq News Agency that the Parliamentary Finance Committee had previously hosted the government committee concerned with the file of unifying the salary scale of state employees, and that it is working to find the necessary financial liquidity to achieve this unification.

He added that the number of employees exceeds 4 million, and that unifying their salaries requires nearly 10 trillion dinars, which necessitates financial allocations and amendments to the salary scale.

Al-Kadhimi pointed out that the Council of Ministers is the body concerned with amending the salary scale by approving a special law on salaries or the civil service law and sending it to the House of Representatives.

About 70% of Iraqi employees, estimated at five million employees, are demanding an adjustment in the salary scale due to what they see as “injustice and unfairness” compared to their peers in other ministries who are granted much higher allowances. The employees have threatened to continue their demonstrations if the procrastination and delay in their rights since 2008 continues.

The capital, Baghdad, and a number of governorates witnessed periodic demonstrations demanding an amendment to the salary scale, as thousands of employees took to the streets in mass demonstrations, heading to the Green Zone in the center of the capital, demanding an amendment to the salary scale in light of the high annual inflation rate.

Prime Minister Mohammed Shia al-Sudani describes the salary scale amendment file as a “sensitive issue,” stressing the need to “reach a formula that achieves justice.”

Shafaq.com

Iraqi Dinar / US Dollar auction results for Wednesday 08-28-2024

Results of the foreign currency selling window for Wednesday 08/28/2024

Advertisement No. (5191)

The amount:

Total amounts of transfers abroad (transfers, credits)
268,125,565

Total cash withdrawals
12,650,000

Total total sales
280,775,565

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

Mark Zuckerberg regrets and repents

Alsumaria News – International… Meta CEO admitted to participating in a censorship scheme on opposing opinions.

Zuckerberg expressed deep regret and remorse for giving in to pressure from the Biden-Harris administration to censor dissenting Americans. “I think the government pressure was wrong, and I’m sorry we weren’t more upfront about it,” he said.

Zuckerberg’s regret was more humiliating than inspiring.

This sudden remorse came only after his company fought for years to hide evidence of its work with the government to censor dissenting views.

He was finally forced to release the documents by House Judiciary Committee Chairman Jim Jordan, R-Ohio, and the House Judiciary Committee.

In my book, The Indispensable Right: Free Speech in an Age of Outrage , I discuss Facebook’s record as a key player in the anti-free speech coalition between government, corporations, academics, and the media.

In previous testimony before the House Judiciary Committee and other congressional committees, I noted that Zuckerberg continued to refuse to disclose this information after Elon Musk revealed this system in his release of the “Twitter Files.”

Zuckerberg has remained silent as Musk has been viciously attacked by anti-free speech figures in Congress and the media. He was fully aware of his company’s similar behavior but remained silent.

When the White House and the President claimedJoe BidenRepeatedly claiming that Hunter Biden’s laptop was Russian disinformation, Facebook continued to withhold evidence after coming under pressure to suppress the story before the election.

After the censorship system was recently brought before the Supreme Court in Murthy v. Missouri, and the justices asked for evidence of government coordination and pressure in Murthy, the states showed lower courts that there was government coercion in securing an injunction. The Biden administration denied such pressure, and the court rejected the plaintiffs’ position, blocked an injunction to stop the censorship, and sent the case back to the lower court. Zuckerberg remained silent.

But Facebook has not been silent when it comes to censorship, or “content moderation,” as the company prefers to call it. While Zuckerberg now expresses “regret” for not speaking up sooner, his company has sought to sell censorship to Americans in the past.

In 2021, I wrote about Facebook’s commercial campaign to rally young people to embrace censorship. Facebook presented people like Josh, who says he grew up with the internet, and fellow enthusiasts Chava and Adam as happy, shiny faces for young people eager to moderate content. They were all born in 1996—the sweet spot for censorship by those who saw young people as allies in curbing free speech.

Young people have been taught for years that free speech is harmful and exciting. Zuckerberg and Facebook wanted to tap into this generation to get people to stop fearing censorship and love “content moderation.” It’s time, as Joshua and his friends tell us, to “change” with our computers.

Now, Zuckerberg and Meta want people to know that he has been “pressured” by censorship and that he is truly sorry for his role in silencing dissenting voices. But that’s the manufactured regret that comes with forcing the truth out.

The Facebook files have now exposed the lie of previous claims by the Biden administration and a large number of congressional Democrats who attacked some of us for claiming that we had no evidence of government coordination or pressure, while at the same time opposing any effort to investigate and release such evidence.

Now we have the undeniable evidence: The Biden administration has long demanded the removal of dissenting views on a wide range of topics, and Democrats in Congress have pushed Zuckerberg to expand censorship to areas like climate change denial.

As I wrote in my book, the presidentJoe BidenHe is arguably the most anti-free speech president since John Adams. His administration helped create a censorship system that one federal judge described as “Orwellian.” Vice PresidentKamala HarrisFully supportive of this effort.

Thomas Jefferson defeated John Adams in the only election in 1800 where free speech was a major campaign issue. It should be so again. In my book, I propose a federal law that would prohibit the government from using any federal funds to support efforts to censor, blacklist, or suppress individuals or groups. Harris should say whether she would oppose such a law or support it and dismantle the current oversight apparatus in the federal government.

Alsumaria.tv