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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The distribution of salaries in dollars ... a scenario that escalates in parliament: will it happen

    Rocky
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    The distribution of salaries in dollars ... a scenario that escalates in parliament: will it happen Empty The distribution of salaries in dollars ... a scenario that escalates in parliament: will it happen

    Post by Rocky Sat 03 Apr 2021, 8:10 am


    [size=30]The distribution of salaries in dollars ... a scenario that escalates in parliament: will it happen and what is its danger?

    2021-04-03
    [/size]
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    Yes Iraq: Baghdad

    After the dollar pricing file was officially resolved in the budget and the door was finally closed to any efforts to change it and restore it to its previous position, parliamentary votes began proposing an alternative solution that had been proposed earlier to control the price of the dollar in the market and prevent its rise to more than the official pricing.
     
    The matter started from a proposal from the Parliamentary Finance Committee represented by its member, Representative Muhammad al-Shabaki, when it was proposed to spend half the salary for employees of non-sovereign ministries in dollars for two months and at a subsidized price to address the difference between supply and demand for hard currency, which would contribute to the stability of its prices.
     
    Al-Shabaki said in a press statement, "The Parliamentary Finance Committee was keen to take a set of measures and include them in the text of the budget in order to reduce and limit the damage that resulted from the high exchange rate of the dollar against the dinar," indicating that "among those measures is the increase in the allocations of the ration card items." "With the aim of distributing them on a monthly basis, what affects the stability of prices in the market for basic commodities such as edible oil, sugar and rice, as a result of the balance of supply with demand."
     
    He pointed out that “and within a personal proposal and not a proposal from the Finance Committee, I see the need for the government to spend 50% of the two-month salary for employees in non-sovereign ministries exclusively in dollars and the other half in Iraqi dinars, and that the price is supported between 1300-1350, which clearly contributes to controlling the price of the dollar. In the market, by addressing the issue of a demand for the dollar, but there is no supply, but then the dollar will be available to employees and not only to banks, which reduces the demand for it and speculation in its prices.
     
     
    Human rights are joined
    For his part, the head of the parliamentary human rights committee, Arshad al-Salhi, called on the government to distribute salaries for the next three months in dollars instead of the Iraqi dinar.
     
    Al-Salhi said in a statement today, that “after the Iraqi Ministry of Oil’s statement on the amount of its oil exports for the month of March, revenues amounted to $ 5.8 billion, indicating that the amount of exported oil is 91 million 311 thousand and 929 barrels, at an average price of $ 63.329 per barrel, despite OPEC’s decision to reduce production. “.
     
    Al-Salihi called on the government to distribute salaries for the next three months in dollars so that the aggrieved citizen can return part of his stolen right, which will lead to a direct increase in the value of the Iraqi dinar.
     
     
     
     
     
    How much is the value of salaries?
    While the value of monthly salaries in Iraq is equivalent to about 6 trillion dinars, salaries used to cost the state according to the previous price of the dollar, about 5 billion dollars, but after the decision to reduce the value of the dinar, the state had to pay only 4.1 billion dollars at the new price of the dollar, which equals 6 trillion. Dinar.
    And if the government is forced to pay half of the salaries in dollars, this means that it will pay perhaps 2 billion dollars, compared to 3.1 trillion as well.
     
     
    Earlier, before the devaluation of the dinar and the continuing fluctuation of the dollar’s ​​prices, the Finance Committee demanded a similar request, but an economist considered the step "dangerous."
    The specialist in economic affairs, Maytham Laibi, described the proposal to distribute the salaries of state employees "in dollars" as "an" improper "proposal and a step that threatens the national economy.
    Laibi said in a press statement, "This proposal is not valid, and it will negatively affect the Central Bank in particular and the state budget in general."
    He stressed, "The distribution of salaries in dollars will lead to the loss of monetary policy represented by the Central Bank, which is one of its most important functions to control the money supply, and the exchange rate, indicating that this step will increase" dollarization "operations, which means a decrease in the operations of keeping the dinar as a store of value.
    Laibi said, “It is not certain that there will be a decrease in the demand for dollars in the currency auction if the state’s salaries are distributed in dollars.”
    He added, "speculators and bankers will continue to speculate on the dollar for the purposes of achieving quick profits, expecting that the difference between the exchange rate for buying dollars by speculators and the price at which employees receive dollars will increase."
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