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Showing results for tags 'financial advisor to the prime minister'.
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Adviser to the Prime Minister: Iraq is living in its best financial conditions The appearance of Muhammad Salih April 15, 2022 02:11 PM Mubasher: The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that Iraq is living in its best financial conditions, while ruling out the government's resort to external borrowing. Saleh said, in a statement to the Iraqi News Agency (INA): "Iraq today is living in its best financial conditions in its modern history in terms of cash flows." He called for "the necessity of utilizing these cash flows in productive investments for the national economy resource, as well as employing national human resources in activities that should be income-generating and wealth-promoting at the same time." He added that "investment policies for large resources require operating them with economic joints in order to achieve financial and economic sustainability," noting that "exceptional circumstances are what impose a borrowing policy, including the deficit of government revenues due to the cycle of declining oil assets." He stressed that "the rise in oil prices and the resulting large rentier revenues will obviate the idea of external government borrowing." -
Urgent "On low fire." A sudden and important statement by the Prime Minister's advisor on changing the exchange of the dollar Time: 2022/06/27 22:27:19 "On low fire." Surprise and important statement by prime minister's advisor on changing dollar exchange - Euphrates News (alforatnews.iq) {Economic: Euphrates News} Prime Minister Mazher Mohammed Saleh's financial advisor surprised Iraqis about the possibility of changing and lowering the dollar-to-dinar exchange rate. "We need to cook on low fire and monitor prices until the end of 2022, oil prices and foreign reserves," Saleh said in a program aired by al-Furat satellite channel. "There are constant facts on the ground, the exchange rate of the dinar to the dollar follows stability, which is not arbitrary, but a contract between the Central Bank of Iraq and the Ministry of Finance because the foreign currency offer comes from the Ministry of Finance 100 percent and is the only source in the country," he said. "But the central bank is dealing in dollars to maintain the reserves of cash, prevent inflation and iraq's recent financial history, and iraq's recent financial history is witnessing cooperation in determining the exchange rate of the dollar between the central bank and the Ministry of Finance," Saleh said. "The agreement with the Finance Ministry to set the exchange rate of the dollar for three years, but its change has become a surprise, and it is part of the shock policy and there are limits to change in the exchange rate of the dollar, not a political or populist issue," he said. "The first limit according to commodity and market prices and then the central bank will defend the stability of prices under the reserve, which is the highest in its history now and we have an encouraging surplus for the end of the year from 8 to 10%," he said. "If prices and financial policy do not defend the livelihoods of the poor and social protection salaries, the central bank will intervene by raising the purchasing power of the central bank through its foreign reserves," he said. "It makes sense that fiscal policy has a package to defend living, relieve the poor and social welfare, compensate farmers for grain spreads, and the government keeps fuel prices and government services steady, and this stability is a kind of support that has risen to 15 percent of GDP," Saleh said. On the change in the exchange rate of the dollar, the prime minister's adviser said: "Anything is possible, but we need patience to change the exchange rate of the dollar in the event of higher prices and fiscal policy is unable and monetary policy is able to cover the dinar." -
Mazhar Muhammad talks about the impact of raising the dollar interest rate on the Iraqi economy 2022.05.06 - 19:18 Baghdad - people On Friday, Mazhar Muhammad Salih, the financial advisor to the Prime Minister, identified two things for managing the risks of the operation, foreign reserves, exchange rates and interest. Saleh said, in a statement to the official agency, followed by "Nass" (April 6, 2022), that "the implications and impact of raising interest by the American bank on the Iraqi economy are twofold, the first is that the country is the debtor party, as the rise in interest on the US dollar will lead to an increase in the cost of Loans withdrawn in dollars, especially those whose annual interests are determined on the basis of market or (moving) interest in dollars, which the financial markets indicate an increase in, such as the interest (Libor), which is the interest of lending and borrowing between banks in dollars in the London market, and even if some loans carry a fixed interest on the loan itself, but it bears (a hedging risk margin around the fixed interest itself) and it is called (spread), in order to avoid market fluctuations,” noting that “the latter, that is, the (spread) will rise automatically, taking into account the high interest risks.” The statement added, "As for the second part, and that the country is the creditor, investing in dollar deposits or US bonds for Iraq will be expected to raise returns in the future, with US interest rates mostly rising, and it depends on the nature of the contractual interest, is it fixed or variable?" If the interest on dollar bonds are It has a fixed contractual character until the maturity date, and it is required to liquidate it in the secondary market and transfer it to liquid cash for various purposes. He pointed out that "in all cases, the country's official investment department remains the most capable party in good hedging, by managing foreign currency risks or foreign reserves in dollars, especially exchange rate and interest rate risks, through good diversification and reducing market risks for Iraq's financial portfolio."
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The financial advisor talks about 'leaps' that have been achieved in protecting and recovering public money 2022.04.08 - 11:51 Baghdad - people The financial advisor to the Prime Minister, Mazhar Muhammad Salih, on Friday identified two main national bodies working to protect public money and address financial crimes, while declaring that "great leaps" have been made in protecting and recovering public money. Saleh said in a statement to the official agency, followed by "Nass" (April 8, 2022), that "there are two main national bodies working to protect public money and address financial crimes: the first is the Money Recovery Fund and it has a higher council headed by the head of the National Integrity Commission, which is the important council that resumed His work is under Law No. 7 of 2019, which represents the first amendment to the Funds Recovery Fund Law No. 9 of 2012. He added that "the new law obligated the government, when concluding investment and economic agreements with any country that has Iraqi funds covered by the provisions of this law, to conclude agreements with those countries to recover those funds, in addition to the international cooperation drawn by the map of the United Nations Convention against Corruption and approved nationally," noting that "The council has made great strides in the past in its work in protecting and recovering public money." He continued: "The second main body is the Office for Combating Money Laundering and Crime and Terrorism Funds, which operates according to Law No. 39 of 2015, and it is a specialized entity that represents the National Financial Intelligence Unit and has agencies spread in the Iraqi banking and financial activity and a Supreme Council that draws up its policies, regulations, and regulatory and supervisory instructions headed by Governor of the Central Bank of Iraq. He explained that "the office enjoys international links through its important membership in the International Financial Action Organization, and it addresses suspicious transactions and prosecutes financial crimes at the regional and international levels, without neglecting effective cooperation with economic crime-fighting agencies."
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70 billion dollars, the size of the reserves of the Central Bank of Iraq Central Bank of Iraq April 24, 2022 12:47 PM Mubasher: The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, today, Sunday, the monetary policy of the Central Bank of Iraq. Saleh told the Iraqi News Agency (INA) that the monetary policy of the Central Bank of Iraq has exercised and is still playing its great role in strengthening the national economy and supporting it in terms of liquidity, stability and managing monetary resources, especially through two successive double crises that the national economy was exposed to between the years 2014-2021. He continued, "The monetary policy of the Central Bank of Iraq, with high success, led to the requirements to meet the needs of growth and stability of the national economy and to provide it with sufficient liquidity, with high accuracy and wisdom, and at the same time supportive of the financial policy that faced harsh conditions through the two successive double crises between 2014-2021, as well as the restoration of the Central Bank of its foreign reserves. It is the cover of the national currency, with its balance today recording more than 70 billion dollars, a balance more than three times the government’s external debt payable during the years 2022-2028, which confirms the efficiency of the foreign reserves of the Central Bank of Iraq. He added that under these compelling circumstances, the monetary policy of the Central Bank of Iraq, accurately and with calculated and successful steps, led the process of building the foundations of maximizing the liquidity of the national economy, whether by proceeding with the initiative of the Central Bank in revitalizing the real sector with soft loans, in which the grant element increased. He also pointed out that "those loans approached about 13 trillion dinars to push the activity of the national market, operate the labor market and the business of private activity forward, in addition to supporting government liquidity and attributing the effectiveness of the government's economy and public finances without stopping this by deducting government treasury transfers that accounted for approximately 67% of the total debts." The Ministry of Internal Finance or the internal public debt was borne by the Central Bank of the total balance of internal debt, which today amounts to about 72 trillion dinars. The monetary policy of the Central Bank in it addressed the serious manifestations of stagnation to which the macro economy and its real sectors were exposed, and its use of a satisfactory monetary policy. He added, "The two pillars of this policy are: credit easing and granting the monetary market with sufficient liquidity through the continuous initiatives of the Central Bank, and the other is quantitative easing policies to support macroeconomic liquidity in general by motivating secondary market operations with calculated, accurate and successful ranges that saved the national economy in the most downturning economic conditions and supported by one side. The last of the Iraqi financial policy to get out of the impasse of the fiscal deficit and the deterioration of the country's financial sustainability by relying on the internal liquidity levers provided by the Central Bank with its accurate, balanced and successful tools. He pointed out that "the first crisis that our country faced in the years 2014-2017 was a serious double crisis, financial and security at the same time, as energy markets and Iraq's financial revenues from exported oil deteriorated between these years, accompanied by strict security conditions, namely the war on ISIS terrorism." The Central Bank of Iraq played its prescribed role in its monetary policy, which contributed to attributing victory in the war and the economy, with remarkable accuracy.
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Exchange rate and market stability Saturday 19 February 2022 122 Baghdad: Mustafa Al-Hashemi 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 The dollar.”
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The price of the dollar is still high Thursday 10 December 2020 7 Baghdad: Al-Sabah The dollar market in Baghdad recorded an increase in the exchange rate, which reached 127 thousand dinars per hundred dollars, while in the rest of the provinces ranged between 126 thousand and 127 thousand dinars per hundred dollars in it. The financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified two reasons for the rise in the dollar’s exchange rate, stressing that they are temporary bubbles affected by speculative rumors to reap profits. Saleh told the Iraqi News Agency (INA): "The exchange market, as it is known, is one of the markets most affected by information. Rather, all its decisions depend on the available information and its level of credibility, but there are two reasons for the price fluctuation slightly above its usual rates of stability in the parallel market." He added that "the first reason is that the budget bill is close to being approved, and the conflicting, colored, and confused information was raised about correcting the exchange rate, which generated vague signals that the market adopted for speculation and hedging in the short period." He continued, "As for the second reason, it is the approaching date of the legislative elections, the political strife, and the signals and information they generate regarding political gains, or the reasons for preparing for the elections, which give a high state of uncertainty among market makers, regarding the political and economic situation of the country." He pointed out that "all these factors lead to anxiety in the decisions of buying and selling in foreign currency, and maintaining a price slightly higher than the market's balance and levels of stability." He stressed that they are "temporary bubbles affected by speculative rumors, to reap emergency profits from the price differences," indicating that "correcting the exchange rate will remain a monetary policy work for the Central Bank of Iraq, which is the only source For information. "
