Former minister: Iraqi dinar on the way to "float"

by **Rocky** Thu Mar 12, 2020 4:02 am

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Post n°1

Former minister: Iraqi dinar on the way to "float"

by Rocky Thu Mar 12, 2020 4:02 am

11-03-2020 05:24 PM
Former minister: Iraqi dinar on the way to "float"

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Baghdad - news
The former minister, Amer Abdul-Jabbar, confirmed today, Wednesday, that the Iraqi dinar is on the way to floating, in light of the sharp decline in oil prices, while noting that employees should expect that during the coming days their salaries will be deducted.
"The continuation of monetary policies and the current government in the same contexts with the sharp decline in oil prices will be catastrophic, and the employee should expect to deduct his salary, perhaps for half, or exchange part of his salary every two months," noting that "the next stage may witness reduced employee salaries, deductions and taxes to reduce the budget deficit." .
He added that "the Iraqi dinar is on its way to float (i.e. reduce its value), and the Iraqi government may have to increase the exchange rate of the dollar to 1250 dinars against the dollar in order to obtain additional funds estimated at 4 trillion dinars in the budget and this matter is positive because it will allow encouraging the national industry because it will raise the value Imported goods and makes domestic competitive. "
He added, "We are afraid of a government decision to reduce the price of the dinar against the dollar to 1300 or 1350 in the event that the drop in oil prices is catastrophic. This float will cause the price of commodities to rise and burden the citizens. The state may use it to reduce the budget deficit."
Abdul-Jabbar continued, "The government's decision to place customs and other exemptions to remove visa amounts with some neighboring countries has harmed Iraq and contributed to preventing the entry of important revenues to the state," noting that "since 2018, he warned of low oil prices in 2020".
He pointed out that "the advisory base available to the Prime Minister is not qualified to deal with major crises, especially those related to low oil prices." He added that "the current advisers are friends of the Prime Minister, one of them told me: whoever understands his work with specialists will not enable him to reach the Prime Minister." Because it will take the place of others. "
And Abdul-Jabbar said, "The recent appointments made by the Prime Minister killed the state and burdened its finances, and there is a 200-square-meter department with 270 employees."

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by **Rocky** Thu Mar 12, 2020 4:16 am

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Post n°2

A former minister expects to cut employee salaries and reduce the value of the dinar due to the coll

by Rocky Thu Mar 12, 2020 4:16 am

A former minister expects to cut employee salaries and reduce the value of the dinar due to the collapse in oil prices

Posted, 11/3/2020 22:10
[You must be registered and logged in to see this image.]Baghdad today – Baghdad
The former Minister of Transport, Amer Abdel-Jabbar, expected, on Tuesday (10 March 2020), to reduce employee salaries and increase deductions and taxes, in light of the decline in oil prices in Iraq. In order to reduce the budget deficit.
Abdul – Jabbar in an interview on “point of view” provided by the media Nabil Jassim, on the satellite channel of the Tigris, said that ” the continuation of monetary policies and the government ‘s current contexts itself with a sharp decline in oil prices would be disastrous, and the employee should be expected to deduct his salary perhaps half or exchange part of His salary every two months, “noting that” the next stage may witness a decrease in employee salaries and increased deductions and taxes to reduce the budget deficit. ”
He added that “the Iraqi dinar is on its way to float (i.e. reduce its value), and the Iraqi government may have to increase the exchange rate of the dollar to 1250 dinars against the dollar in order to obtain additional funds estimated at 4 trillion dinars in the budget and this matter is positive because it will allow encouraging the national industry because it will raise the value Imported goods and makes domestic competitive. ”
He added, “We are afraid of a government decision to reduce the price of the dinar against the dollar to 1300 or 1350 in the event that the drop in oil prices is catastrophic. This float will cause the price of commodities to rise and burden the citizens. The state may use it to reduce the budget deficit.”
Abdul-Jabbar continued, “The government’s decision to place customs and other exemptions to remove visa amounts with some neighboring countries has harmed Iraq and contributed to preventing the entry of important revenues to the state,” noting that “since 2018, he warned of low oil prices in 2020″.
He pointed out that “the advisory base available to the Prime Minister is not qualified to deal with major crises, especially those related to low oil prices.” Because it will take the place of others. ”
Abdul-Jabbar said that “the recent appointments made by the Prime Minister killed the state and burdened its financial burden, and there is a 200-square-meter department with 270 employees.”
Earlier today, Tuesday, the Finance Committee revealed the fact that the salaries of employees and retirees were discussed after the drop in oil prices.
The committee confirmed, according to a book issued by it, “The news circulated regarding the reduction of the salaries of employees and retirees is incorrect, and it categorically denies the intention of the financial committee or the parliament, and the government delve into this issue as it is an acquired right.”
She pointed out that she “is currently working to develop appropriate and faraway solutions to the issue of employee salaries, in order to advance the reality of the Iraqi economy.”

baghdadtoday.news