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Found 8 results

  1. The Central Bank of Iraq records the largest reserves in its history 2023-03-28 06:15 Shafaq News/ The Central Bank of Iraq recorded a financial reserve, the largest in the country's history, according to what the government's financial advisor said today, Tuesday. The advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said in a press statement, seen by Shafaq News Agency, that the Central Bank's reserves are currently the largest in Iraq's history, after reaching $115 billion. And Saleh considered that "the Iraqi economy is strong and easily faces crises, and the situation is heading towards improvement," noting that "Iraq is towards gradually improving the digital payments climate and compliance with the world." He stressed that "the packages launched by the Central Bank are smart and give reassurance to the Iraqi citizen," explaining that "we have entered the stage of digital payments correctly in Iraq." On January 19, the Iraqi Central Bank announced a significant growth in its foreign currency reserves in the past year. The Deputy Governor of the Central Bank of Iraq, Ammar Hamad, said, on January 23, that "the central bank's reserves amounted to more than $99 billion. The Iraqi Council of Ministers had approved the adoption of the decision of the Central Bank of Iraq to raise the value of the dinar against the dollar to 1300 dinars instead of 1470 dinars, in a step aimed at enhancing the value of the local currency. And the rise in oil prices during the past year, which in some months reached more than 100 dollars, contributed to the rise in Iraqi financial revenues, which was positively reflected in the rise in Iraq's hard currency reserves.
  2. Advisor to the Prime Minister identifies the factors for stabilizing the purchasing power of the Iraqi dinar Political Today, 20:46 Baghdad - Waa - Amna Al-Salami Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, on Wednesday, the power of quantitative and price monetary policy tools in managing public liquidity, while identifying the factors for stabilizing the purchasing power of the Iraqi dinar. Saleh told the Iraqi News Agency (INA): "Some are betting on the impossibility of being able to control the levels of local liquidity generated by government spending, especially in the federal general budget 2023, which is based on methods of financing the budget in Iraqi dinars in exchange for oil revenues in foreign currency mostly, as oil revenues constitute the reserves of the Central Bank of Iraq, which helps to intervene in the money market to sterilize local liquidity levels and control them when they rise through the ability to meet the increasing demand for cash. foreigner". He added, "The bet is losing on the inability to intervene and control the liquidity levels in dinars, which will increase with the rise in government expenditures due to the conditions of the compliance platform and the fear of them in meeting the demand for foreign exchange, as monetary policy and the strength of foreign reserves, which are the highest in the country's financial history, are the only ones that have different price and quantitative tools in influencing the liquidity levels generated by government spending in the majority." Saleh continued, "There is a force of coordination and integration between monetary policy and the joints of economic policy and fiscal policy, which affects the drawing of the rules of price stability factors and building an efficient commodity supply in order to achieve the objectives of the Central Bank in stabilizing the purchasing power of the Iraqi dinar, based on the objectives of Decree Law No. 56 of 2004." He noted that "there is a very pessimistic extremist imagination that spreads from time to time and is not at all commensurate with the power of quantitative and price monetary policy tools in particular and the opportunities available to government policies in general in addressing the shocks that are occasionally raised in the subject of public liquidity management."
  3. The parallel market for hard currency imposes its power Parallel Market for Hard Currency Asserts Its Power – Iraq News Network (aliraqnews.com) Last Updated: 21 May 2023 - 9:39 AM By: Jassim Al-Halfi The price of the US dollar against the Iraqi dinar has not fallen in the parallel market, and the expectations of Dr. Mazhar Muhammad Saleh, financial adviser to the Prime Minister, that a decline in the selling price of the dollar "will be witnessed in the coming days" despite the passage of about a month since the statement he made on April 18. This shows that black market controllers have power in fiscal policies. The local stock exchange has recorded 1440 dinars per dollar as a general average during the past period, and you can simply notice the big difference between this price and the official rate of 1320, which is 120 dinars to the dollar alone. This is a large and worrying figure, confirming the entrenchment of the price turmoil of the dollar, despite the compliance of Iraqi banks with the electronic platform and their adaptation to it, and despite the Central Bank's injection of dollars into the market in large quantities, as it used to be in the currency auction. Which ranged from 180 and $200 million over five business days per week, shared by 42 local banks. The Central Bank has provided financial coverage for remittances, which constitute 80 per cent of the demand for foreign currency, accompanied by the streamlined audit procedures on the electronic platform. Despite all these measures, the price of the dollar remained high in the parallel market, which reflects a clear imbalance, and indicates the fact that those who manipulate buying and selling are not bankers, although some of them have a role in confusing the market. The issue seems much further, and we do not venture to conclude that there are foreign hands controlling the market, through currency speculators and moneylenders, who have no conscience and no principle except profit and more profit, no matter how illegal the path to it and no matter how turbulent the currency market is. It is clear from the above that there is an authoritarian foreign interest that does not care about the national interest, and has influential hands that impose its presence strongly in the money market, and control the parallel market for currency trade. These hands, which manage suspicious and illegal financial activity from behind a veil, do not appear in the foreground and sometimes do not reveal themselves, and at other times they work without fear or shame behind the facades of banks, exchange shops and financial transfer companies, speculating in currencies and controlling the market, and raising the demand for the dollar exaggeratedly and raising its price. It does not care about the chaos, turmoil and confusion that results in the markets, and the consequent rise in prices and an increase in the rate of inflation, which leads to a decline in purchasing power and a decrease in the standard of living.
  4. economy Government advisor: The parallel dollar will approach the official rate within days 2023.04.18 - 15:24 Government advisor: The parallel dollar will approach the official rate within days (nasnews.com) Baghdad - NAS A government adviser confirmed on Tuesday that the parallel market for the sale of the dollar will witness a new decline during the next ten days and get closer to the official price, indicating that remittances are currently taking place in an easy and accurate manner, after the agreement with the US side. According to local stock exchanges, the exchange rate of the parallel market yesterday recorded 1440 dinars per dollar. The financial adviser to Prime Minister Mazhar Muhammad Saleh said in press statements followed by "NAS" (April 18, 2023), that "the elaborate measures taken by monetary policy in Iraq have become clear at the present time." Saleh added that "the price turmoil of the dollar began since the adoption of the electronic platform to audit transfers in advance." He pointed out that "remittances constitute 80% of the demand for foreign currency," noting that "the level of sale was ranging from 180 to 200 million dollars." Saleh stressed that "Iraqi banks have adapted today to comply with the electronic platform," pointing out that "transfers have become facilitated." "The market has begun to absorb the accumulation of demand that has not been implemented during the past four months," he said, noting that "this absorption leads to the approximation of the exchange rate in the parallel market from the official rate." Saleh stressed that "the visit of the Governor of the Central Bank Ali Al-Alaq to Washington witnessed an agreement to conduct some transfers through the platform, but in a more flexible manner." He expects that "the exchange rate in the parallel market will approach the official exchange rate within 10 days and more rapidly." Saleh stressed that "the difference between the official price and the parallel market was 20 points, and today it fell to less than nine points, and will reach five points in the coming days, while the natural difference required is only two points." He promised, "The government's measures are a success in controlling funds, their flow, transparency and governance for the benefit of the Iraqi and international economy at the same time." Saleh pointed out that "the Iraqi economy is strong and has great resources that qualify it to stand in front of foreign currencies if there is a correct economic and monetary policy and political, economic and security stability," expressing optimism that "the Iraqi economy will stabilize, which is reflected in the rise of the dinar against foreign currencies." For his part, a member of the parliamentary finance committee, Jamal Kojar, said that "the rise that occurred in the past months in the dollar exchange rate is due to the actions of the US Federal Reserve regarding the currency auction." Koger continued in press statements followed by "NAS", (April 18, 2023), that "the number of participants in the currency auction reaches 42 banks, and seven major banks have been excluded, some of which are large and have their share of the currency auction." He pointed out that "Iraq suffered during the past period from the submission of forged invoices from some banks participating in the currency auction." "The exclusion of some banks and the confirmation of the validity of invoices tighten the noose on illegal operations," Koger said. He stressed that "these measures led to a shortage of dollars within the markets, and we are facing a shortage," noting that "full control over the exchange rate of the dollar in the parallel market can only be through obliging all banks to follow the electronic window system." "The measures taken by the central bank over the past period to control the exchange rate are good, but they are insufficient in order to reach official levels in the parallel market," he said. "Parliament is following up on what the executive authorities are working on to control the parallel market and prevent a new rise in the exchange rate," Koger said. It is noteworthy that the exchange rate market parallel to the dollar has witnessed significant jumps and has sometimes exceeded 1700,1300 dinars per dollar, while the government decided to reduce the official rate to <>,<> dollars and has adopted this in the draft budget currently before the House of Representatives.
  5. Financial advisor: 93% of the demand for dollars goes abroad money and business Economy News-Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Monday, that 93% of the demand for the dollar goes to foreign transfers, stressing that the new central bank measures imposed discipline on the currency market. Saleh told "Al-Iqtisad News" that "what is happening in terms of the rise and slight fluctuation in the exchange rate in favor of the dollar in the parallel market is not caused by a problem with the adequacy of foreign reserves, as it is a force to intervene in the exchange market and provide sufficient supply to meet the demand for foreign exchange (as everyone knows The net reserves of the Central Bank of Iraq in foreign currency, which amounted to nearly $100 billion with government reserves, which is the highest in Iraq’s financial history), especially in reaching levels of adequacy, as those foreign reserves cover the value of the national currency issued into circulation by about (one and a half times) as These reserves cover about 20 months of importation, while the international standard does not exceed 3-6 as a maximum. He explained, "What happened in terms of a slight decrease in the external value of the dinar or the exchange rate, as it represents a temporary phenomenon dictated by regulatory conditions in the procedures for conducting external transfer requests (submitted by local banks) on foreign currency, as work was done a while ago (on an advanced electronic platform). It links the request for transfers by local banks with correspondents from international banks and the relevant global compliance bodies at the same time, due to the fact that oil revenues are in dollars at the Federal Reserve Bank as a result of a previous UN Security Council Resolution No. 1483 in May 2003. And he continued, "During the start of experimentation with the platform for checking external transfer requests a few weeks ago (and at the stage of submitting requests for foreign currency by private banks to the window for selling foreign currency at the Iraqi Central Bank in order to transfer it to their correspondents around the world) it became clear that there are shortcomings and information deficiencies that are not consistent with governance Transfers flowed through the global banking system, which returned some of them again or were rejected to complete the standard submission requirements again and follow the standard bases in disclosing the final beneficiary and other terms of bank disclosure and compliance. He pointed out that "the new procedures have imposed discipline on the supply of foreign currency temporarily, requiring an adjustment period in order for private banks to practice global compliance rules in transferring for the benefit of beneficiaries from foreign trade financing operations to the private sector." And he pointed out that "the problem is rooted in regulating the supply of foreign currency and not in the availability of foreign currency, which is, as we mentioned, in an abundant and more efficient manner, since the surplus rate in the hot account of the balance of payments touched positive 15% to the gross domestic product, which is a high indicator of external economic stability." Thus, it takes some time to reorganize the requests and their consistency with the global requirements for transfer through the digital platform, which has come to represent the new tool in dealing with the window of the Central Bank of Iraq for buying and selling foreign currency. The financial advisor confirmed that "the sales of the Central Bank of Iraq's window still meet the demand for foreign currency in full, including the cash dollar for the purposes of travel and tourism, but the demand of private banks remains mostly on behalf of the bank's customers from merchants and others, which focuses on external transfers of dollars, which represents a demand for commodities." And foreign services and benefits, as the percentage of requests for external transfer in dollars to foreign banks amounts to 93% of the total demand for foreign exchange from the window of the Central Bank and transferred to correspondent banks to pay import bills or what is called foreign trade financing for the private sector, trade finance.The problem is very temporary and applied. Purely technical in the transfer procedures via the digital platform and not in the conduct of the country's monetary policy at all. Views 187 Added 01/02/2023 - 1:28 PM Updated 01/02/2023 - 5:38 PM
  6. Sudanese advisor: Central Bank measures will raise the value of the Iraqi dinar Posted 50 seconds ago Al-Sudani's advisor: Central Bank measures will raise the value of the Iraqi dinar - Iraq News (iraqakhbar-com.translate.goog) News Source /Iraqi Media News Agency "INA" Baghdad / ZN Financial Adviser to Prime Minister Mazhar Mohammed Saleh said on Saturday that the Central Bank's actions reflected positively on the negotiations with the US Treasury, indicating that these measures will raise the value of the Iraqi dinar. Saleh said that "the procedural package launched by the Central Bank of Iraq hours ago is a positive reflection of the success of the negotiations between the Central Bank of Iraq and the US Treasury, and is a systematic easing of the restrictions imposed, by adopting international banking tools as transparent channels for the movement of funds, and in a more detailed way to conduct external transfers between Iraq and the world.” And Saleh continued, in an interview with him (the Iraqi Information News Agency / ), that “the instructions issued indicate a systematic liberation of the external transfer from the restrictions, instructions and customs previously approved on the movements of the Iraqi balance of payments, which will raise the value of the Iraqi dinar rapidly.”
  7. Determine its value The financial advisor talks about an unamortised “enormous” advance: it prevents the completion of final accounts 2022.07.03 - 08:29 Baghdad - people Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, confirmed on Sunday that there are huge un-amortized advances to ministries, amounting to 150 trillion dinars, that prevent the completion of final accounts. Saleh said in a statement to the official newspaper, followed by "Nass" (July 3, 2022), that the obstacles that prevent the final accounts are being held, represented by the lack of budgets, and the ministries borrowing huge amounts of money that have not been extinguished so far, exceeding 150 trillion dinars. And he indicated that "the final account procedure requires the existence of a general budget for the state, and in the absence of it, a budget law (reality status) is required to be discussed and approved by the House of Representatives." He pointed out that "the final accounts require that they be prepared in succession, as it is not possible to calculate a current year without making the calculation for the previous one, and this is expected to happen during the current year, in the event that a general budget of the state is not approved." Earlier, the World Bank Group said that Iraq is gradually emerging from the deep recession that it experienced in 2020 due to the Corona Virus (Covid-19) pandemic and the accompanying collapse in oil prices, but at the same time it warned of the repercussions of delaying the approval of the financial budget. . The report, which was followed by "Nass" (June 16, 2022), said that despite expectations that the Iraqi economy will grow by an average of 5.4% annually between 2022 and 2024, macroeconomic expectations are surrounded by a large degree of risks due to the high dependence on oil, and the continued The stalemate in the budget, and the delay in forming the new government. The report also emphasized that dependence on oil alone could harm domestic motivations to implement economic reforms, which would deepen the country's structural economic challenges. The report concluded that, after contracting by more than 11% in 2020, the Iraqi economy achieved a growth of 2.8% in 2021 with the easing of restrictions imposed by the Corona pandemic on movement, and this growth was supported by a strong expansion in non-oil production, especially in Services sector. With the phasing out of the OPEC+ production cuts, oil GDP also began to grow in the second half of 2021, and higher oil revenues pushed Iraq's fiscal and aggregate external balances to surplus in 2021. The stagnation in the public finances continues, and the uncollected arrears remain large. Commenting on this, Saroj Kumar Jha, Regional Director of the Mashreq Department at the World Bank, said: “Iraq has a unique opportunity to undertake urgent and wide-ranging structural reforms by taking advantage of the fiscal space created by its recent windfall oil revenues. The report reveals that the current food security challenges in Iraq have intensified in the midst of the current rise in the prices of basic commodities globally, while the level of local food production is less than the level of demand resulting from rapid population growth. Severe droughts and other climate change factors have exacerbated this situation While direct subsidies and transfers can help mitigate these negative impacts in the short term, achieving food security requires coordinated efforts to improve local food production and more efficient management of water resources. Iraq’s financial, social and economic fragility underscores the need to accelerate much-needed macro-structural and financial reforms to remove impediments to private sector development, increase investments in water efficiency and agri-food systems, and shift towards more sustainable sources of energy, in addition to decarbonizing the private sector. Transport. Further delays in forming the government and approving the 2022 budget may limit the use of the country's sudden oil revenues, as the actual ceilings of the 2021 budget have been reached, and suspend the implementation of new investment projects, which may reduce economic growth. As for the "white paper" drawn up by the Iraqi government, it remains to this day a model and a bold blueprint for a comprehensive economic reform program towards economic diversification. For example, a child born in Iraq prior to the Corona pandemic may be productive at the age of eighteen at only 41% of what it would have been if he enjoyed a full education and full health. The pandemic has affected Iraq's human capital by negatively affecting the health and economic well-being of today's workers, as well as by lowering the potential productivity of Iraq's future generation. Addressing such challenges requires an educational reform path to improve the level of learning and skills development for Iraqi children.
  8. A government proposal to compensate the poor classes Monday 28th December 2020 8 Baghdad: Haider al-Rubaie The financial advisor in the cabinet, Dr. Mazhar Muhammad Salih, suggested setting up a strict government program that compensates those affected by the change in the exchange rate from the poor, vulnerable and low-income classes. A lowering of the exchange rate may provide partial protection for the domestic product. The procedures for changing the exchange rate of the dinar against the dollar, which the Central Bank implemented recently, met with mixed reactions. At the time, that step led to a clear rise in prices and contributed to reducing the purchasing value of employees ’salaries. Specialists in economic affairs show that the“ central procedure ” It will contribute to improving the domestic product from various sectors, such as the industrial, agricultural, and service sectors, because it will increase the activity of these sectors, while “many members of Parliament rejected that approach, describing measures to address the economic crisis as" prosthetic solutions. " Economic explanation During his speech to Al-Sabah, Saleh attributed the trend towards adjusting the exchange rate to several factors mainly related to the problems of the deficit in the current account of the balance of payments, in which the deficit was estimated during the current year 2020 with a limit of negative 20 percent, which was reflected bilaterally as a deficit in the state’s general budget (bilateral deficit This indicates the necessity of adjusting the exchange rate, indicating that otherwise, "the foreign reserves of the Central Bank of Iraq will be eroded." And draws the financial advisor in the prime minister, that «the exchange rate represents the external value of money in Iraq or in any other country in the world, and the exchange system in our country tends to adopt the so-called fixed exchange rate or pegged to foreign currency, specifically the dollar, because of the cash flows Foreigners to Iraq (especially oil revenues as a sovereign resource) are mostly in currency Dollar ». Inflation financing Salih believes that «the trends of the general budget 2021 and its pursuit of a reduction in the exchange rate, and in a rentier economy such as Iraq, are directly related to financing the state’s general budget and represent, in essence, an inflationary financing method (financing with inflation), that is, buying cheap dinars issued by the Central Bank with government oil revenues from Dollars or high-value foreign currency to fill part of the deficit in the general budget equal to the reduction percentage. Shrinkage in demand The financial advisor asserts that, despite the fact that the local market itself is not affected (directly) by the reduction, it will transfer the price or value burden to the final consumer or buyer directly as a transitional inflation tax (except for temporary problems related to contracts between dealers, term sales, debts and obligations. Reciprocal). He explained, "This does not mean that there has been no contraction in the demand for goods and services in the internal market, especially the demand for highly flexible goods, including luxury or leisure goods." As imports dumped in the internal market, which leads to a gradual improvement in the current account of the Iraqi balance of payments. Salih explains, "The people who are most affected by the reduction in the exchange rate are those with limited income and the poor and vulnerable groups in society, as the purchasing power of their incomes in the local currency will decrease by a decrease in the external value of money, due to the high prices, especially the necessary imports, which requires a strict government program that compensates the affected From the poor, vulnerable and low-income classes, whether by amending social welfare allocations or by spreading a special national program that addresses cases of monetary income contraction or the lack of real income opportunities itself for social classes due to poverty or unemployment, indicating that this procedure represents one of the social justice rules that the financial policy follows from During the implementation of the general budget for attainment Its goals ».
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