Report: Saudi Arabia seizes 48% of foreign currency reserves for Arab countries

[Half Crazy Runner]

45 minutes ago, jb4388 said:

the Bank ‘s plan to modernize the currency in circulation and the deletion of zeros.

 

Sweet!!    The CBI is saying this a lot the last couple of days..  I think maybe they are finally ready to get this done! 

Thanks jb4388!!  

[yota691]

Reserve Central Bank exceeds 50 billion dollars

27/3/2018 12:00 am  Keywords: talk about counterfeiting currency [exaggerated]  Baghdad / Tareq al-Araji The central bank revealed the excess of cash reserves of $ 50 billion, noting that it is in constant change, while stressing that talk about counterfeiting the local currency is "exaggerated."  "The central bank's cash reserves now exceed 50 billion dollars," the bank's governor Ali al-Alak said during an interview with Al-Sabah. "This ratio is among the normal rates in terms of local currency and in line with the International Monetary Fund's Internationally. "  He added that "the Central Bank continues to print the local currency because of the damage and aging in order to maintain the balance between the offer of local currency and reserves, and this central role of the Central Bank," pointing out at the same time, "that what is put from time to time for falsification of the currency exaggerated In which the bank has the tools capable of detecting any fraud. "  "The percentage of fraud found and discovered by the bank does not exceed 6 sheets per million paper, and when discovered, are imposed a large fines on banks or entities that deposit."

[yota691]

Keywords: Central Monetary Reserve exceeds $ 50 billion

March 28, 2018

0 views

 

  

Knozemedia - Economy

 

The central bank revealed the excess of cash reserves of $ 50 billion, noting that it is in constant change, while stressing that talk about counterfeiting the local currency is "exaggerated."

 

"The central bank's cash reserves have now exceeded 50 billion dollars," the semi-official Al-Sabah newspaper quoted the bank's governor as saying. "This ratio is among the normal rates in terms of local currency and according to internationally agreed standards of the International Monetary Fund "He said.

 

He added that "the Central Bank continues to print the local currency because of the damage and aging in order to maintain the balance between the offer of local currency and reserves, and this central role of the Central Bank," pointing out that "what is put from time to time for falsification of the currency is exaggerated, The bank has equipment capable of detecting any fraud. "

 

Al-Aalak said that "the percentage of fraud found and discovered by the bank does not exceed 6 sheets per million paper and when discovered are imposing large fines on the banks or entities that deposit" ss

[yota691]

The central bank's reserves rose to more than 50 billion dollars

In the economy of  March 28, 2018 on the rise of the central bank reserve to more than 50 billion dollars closed 22 visits

 

Baghdad / SNG-

 

The Central Bank disclosed that the cash reserve exceeded 50 billion dollars. 
"The central bank's cash reserves now exceed 50 billion dollars," the bank's governor Ali al-Aalak said in a press statement. "This ratio is among the normal rates in terms of local currency and in accordance with the International Monetary Fund's agreed standards." 
He added that "the central bank continues to print the local currency because of the damage and aging in order to maintain the balance between the offer of local currency and reserve, and this central role of the Central Bank," pointing out at the same time, "that what is raised from time to time for falsification of the currency exaggerated In which the bank has the tools capable of detecting any fraud. " 
Al-Alak stressed that "the percentage of forgery found and discovered by the bank does not exceed 6 sheets per million paper, and when discovered, are imposed large fines on banks or entities that deposit."

[Butifldrm]

Keywords: Central Monetary Reserve exceeds $ 50 billion

28/03/2018 09:51 | Number of readings:

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Trend Press / Continue

 

The Central Bank disclosed that the cash reserve exceeded 50 billion dollars, pointing out that it is in constant change, while stressing that talk about counterfeiting the local currency is "exaggerated"He said.

 

"The central bank's cash reserves have now exceeded 50 billion dollars," the semi-official Al-Sabah newspaper quoted the bank's governor as saying. "This ratio is among the normal rates in terms of local currency and according to internationally agreed standards of the International Monetary Fund"He said.

 

He added that "the Central Bank continues to print the local currency because of the damage and aging in order to maintain the balance between the offer of local currency and reserves, and this central role of the Central Bank," pointing out that "what is put from time to time for falsification of the currency is exaggerated, The bank has the ability to detect any fraud"He said.

 

"The percentage of forgery found and discovered by the bank does not exceed 6 sheets per million sheets and when discovered are imposing large fines

on banks or entities that deposit"He said.

 

http://aletejahtv.org/permalink/210651.html

 

ak

[The Englishman]

Iraqi central bank says reserves at USD50 billion: governor

 

by Mohamed MostafaMar 28, 2018, 10:32 am

 

 

The governor of the Central Bank Ali al-Alaq

 

 

 

 

Baghdad (IraqiNews.com) Iraq’s international currency reserves stand at USD50 billion, the governor of its central bank has been quoted saying on Wednesday.

Semi-official al-Sabaah newspaper quoted central bank governor Ali al-Allaq saying that “the central bank’s reserve has now exceeded USD50 billion dollar”. He noted that “that rate remains within the normal limits compared to the local currency and based on the internationally-recognized International Monetary Fund’s standards”.

According to Allaq, “the central bank continues to mint local currency due to its deterioration, so as to maintain the balance between the availability of the local currency and the reserve”.

Allaq dismissed reports about wide-scale currency counterfeiting, saying that the scale of that forgery does not exceed six bills for every one million, and assuring that the bank possesses advanced mechanisms to detect those violations.

Iraq’s oil-reliant economy has been severely damaged by the war against Islamic State militants that brought much damage to infrastructure and security.

[Butifldrm]

http://countrymeters.info/en/Iraq/economy

 

Iraq Economy

Iraq
Gdp and National debt

28-03-2018 07:03:45

$94 784 050 908	GDP this year (PPP)
$2 380	GDP this year per capita (annual $10 150)
$323 378 648	GDP today
$8	GDP today per capita
$33 375 573 948	Total National Debt (Public Debt Clock)
$838	Total National Debt per capita
$-398 338 812	National Debt this year
$1.00742	National Debt today

[WheresmyRV?]

Reserves should be going up now that gas is going up.

[yota691]

Governor of the Central Bank: Reserve exceeded 50 billion dollars

Central Bank of Iraq

 

 

 

 29 March 2018 11:50 AM

 

Mubasher : The governor of the Central Bank of Iraq that the bank's reserves exceeded 50 billion dollars .

Ali al-Alaq, according to the Iraqi News Agency, that he continues to issue the local currency to compensate for damage and obsolescence, to maintain a balance between supply and reserve .

He added that the percentage of fraud discovered bank does not exceed 6 sheets per million paper, and impose central fines large banks or the entities that deposit .

He said that this ratio is within the normal rates compared to the local currency, in accordance with the standards of the International Monetary Fund and agreed upon internationally .

And said the Keywords, at the end of last year , that the reserve of 48 billion US dollars.

[yota691]

The benefits of the Iraqi people to exceed the cash reserve to 50 billion dollars!

Last updated: March 28, 2018 - 12:16 PM

BAGHDAD (Reuters) - The Central Bank of Iraq (CBE) has uncovered a $ 50 billion cash reserve, saying it is in constant change, while stressing that talk about local currency fraud is "exaggerated." Said that "the central bank's cash reserves have now exceeded the 50 billion dollar barrier," adding that "this ratio is within the normal rates compared to the local currency and in accordance with the standards of the International Monetary Fund and agreed upon internationally." He added that "the central bank continues to print the local currency of the presence Damage and obsolescence, in order to preserve the He said that "what is being offered from time to time about the falsification of the currency is exaggerated, as the bank has the tools capable of detecting any fraud."

[yota691]

Governor of the Central Bank: Reserves are re-increasing

 Issue number: 4162 Version Type: Paperback Last modified: 26/03/2018 21:20

 

•  
•  26/03/2018 21:20
•  

 

 

Baghdad / Range

The Central Bank of Iraq has succeeded in strengthening the country's reserves of hard currency and precious metals to more than fifty billion dollars, expected to continue this process with the improvement in the performance of the bank and recovery from the difficult situation experienced by the country with the collapse of oil prices and the invasion of a terrorist organization calling for a third of the country. 
In an interview with a number of media officials at the headquarters of the General Administration yesterday, the Governor of the Central Bank Ali Mohsen Al-Alak said that the reserve managed by the bank has been achieving a greater return than before, which is due to the diversification of operations related to its management and to the program to develop cadres, These operations by himself without intermediaries as it was in the past, and confirmed that the reserve amounted to 51 billion dollars today.
The reserves fell in 2016 to $ 43 billion in the circumstances that followed Iraq after the collapse of oil prices, the country's main source of income and the only source of hard currency, as well as a sweeping invasion, which covered one-third of the country and resulted in very poor social, economic and political conditions. The reserves were in the range of $ 77 billion in 2013. 
Al-Alak said that the bank has also been interested in recent years in the development of public and private banking. He said that he has completed the infrastructure of the smart card system, which is now ready to deal with it even through mobile phones, Government has agreed to pay the salaries of employees through banks through special accounts of staff, noting that some ministries have begun using this system, and stressed that the Bank 's plan to modernize the currency in circulation and the deletion of zeros.
Al-Alak pointed out that the bank did not allow him in previous circumstances to play his role in stimulating the national economy, he is now working in this direction, referring to the lending initiative launched by the bank and the monitoring of 6 trillions and 500 billion dinars to lend to industrial and agricultural projects, including trillion and 500 billion JD for small projects. 
The central bank governor said that the bank also managed to address the situation of most of the troubled private banks and troubled, noting that the large international banks seeking to work in Iraq and referred to what he called the signs of the return of foreign investment to Iraq. 
On the external debt, al-Aalak stressed that it is still acceptable, pointing out that the external debt is mostly inherited from the previous regime (41 billion dollars) while foreign debt in this era is 29 billion dollars and internal 42 billion dollars.

 

 

[yota691]

The underlying reasons for the rise in the exchange rate of the Iraqi dinar in the parallel market

 

Articles   Dr.. Appearance of Mohammed Saleh   The monetary policy of the Central Bank of Iraq aims to find a monetary framework near the exchange rate of the dinar in the parallel market in a manner not far from the exchange rate of the official monetary policy and the difference is the natural difference of the homogenization of the money market and balance at a real rate of 2% is universally approved not to spend in the long period. The objective at the same time balance the exchange market in the inflection, which is sought by the monetary authority through the procedures and processes of monetary policy continued short-term. Factors and reasons that indicate today the rise of the dinar against the dollar (as sometimes called, lar in the Iraqi parallel market In the decentralized market or the decline of Aldo convergence rate of the dollar exchange rate parallel dinar with its price of the official window of the Central Bank of the majority) is mostly due to three main factors: First, the ability of the central bank to meet the demand for foreign currency by Mazid or the window of the bank as a monetary policy and comfortably and disciplined, especially in the flexible application of the standards of banking compliance and the second, are speculative speculators optimistic value of the dinar, which is indicated by increasing the value of proceeds of oil sales in foreign currency and rising and achieving The current account surplus of 25 percent was accompanied by the suspension of the government's borrowing from the central bank in the dinar, which increased its balance due to the intensification of the financial crisis. (Ie, stop betting on the policy of 2014 trillion dinars since the year to monetize the debt or finance the budget deficit in the issuance of cash), which was adopted during the years of the financial crisis to finance the deficit in public budgets because of shrinking cash flows of the budget. The dinar remained on the tools of monetary policy on demand for the foreign currency represented The surplus, at the time, is pushing much of the ongoing demand for foreign currency reserves. Although the central bank used the policy of sterilization of the dinar and control of domestic liquidity levels through the dollar window, the bank was forced to exercise tight scrutiny and its relative reserves of dollar sales decreased from the central window of the foreign currency, which led to the monetary authority facing a phenomenon of multiple exchange rates . Ie face the phenomenon of two different rates of exchange because of addressing the suspicions of money laundering and cut any financial extension to finance terrorism after the occupation of some provinces by terrorism Da'ashi. It has led to two exchange rates, one of which is fixed and the other is counter-cyclical, that would push the latter towards the dollar's appreciation for several months during the financial crisis. The third factor, which is the most important in the cash market, which has influenced but is different and superior this time, the stability of the exchange market in its impact completely comes from the impact of the function of monetary demand on the dinar or change the structure of the behavior of thousands in demand for cash in dinars. The rise in the monetary demand from the effect of the rational expectations factor in the dinar holders raises the real interest rate signal in which the nominal interest rate surpassed the inflation rates (ie, the rise in nominal nominal interest to be higher than the annual inflation over the past three years). The real interest and expectations for the transfer of the monetary demand function were structural and increased from the behavior of the monetary demand on the dinar. It should be noted that the annual inflation in the range did not increase by 1%, for nominal interest on savings deposits in banks in the organized market, The interest rate of monetary policy, which has also touched 6 percent annually, is more than one percent per year, while nominal interest in the informal money market has exceeded unprecedented levels of one percent (in the wave of so-called 180-currency traders to touch an annualized rate of money). All these factors, including the increase in the demand for the dinar in the Kurdistan region and the liberated governorates, have contributed to the high exchange rate of the dinar in the market. The dollar has come close to the official central price in a price homogeneity that has not been seen in the country for many months. The Central Bank of Iraq to defend the stability of the exchange rate and stay constant in the continuation of the monetary behavior of individuals and their positive expectations on the strength of the Iraqi dinar, the stability of Saaralpr (reflected by the similarity between exchange rates in the two markets mentioned) may continue indefinitely. In conclusion, in a society of monetary aggregation, there is a high rate of economic stagnation, which is politicized. Liquidity The rate of growth in monetary demand continues to outperform the real money supply growth, which can be called "liquidity trap". The impact of higher interest rates has opened up. The liquidity trap coincides with the stagnation of demand in real commodity markets represented by rising stocks satisfying a three-year real-time demand for durable goods. It is worth mentioning that all these factors have been reflected and overlapped (including the rational application of banking compliance in the legitimacy of the demand for foreign currency conversion by the monetary authority on its customers) leading to a decline in the dollar exchange rate in the parallel market to close to the official central rate of disbursement in The time of the increase of the foreign reserve of the Central Bank, which 51 exceeded the needs of the country for more than one billion and currently covers the months of Esteradip 9 billion Duo Esteradip in the expression of the accumulation of reserves 3 exceeds the standard standard of monetary policy in maintaining stability and maintaining power No matter what form of success, foreign cash income. Views 11   Date Added 08/04/2018

[yota691]

Central Bank of Iraq: 7 percent growth of foreign reserves in 2017

- 1 Hour Ago

The war forced the Iraqi government to adopt a number of methods to secure spending, including domestic and foreign borrowing and withdrawal from foreign reserves in the central bank as a cover for the dinar, causing a decline from $ 71 billion in 2013 to below $ 50 billion by 2017.

"Foreign reserves grew by 7 percent in 2017 and are distributed across eight countries," the central bank said in a statement. He pointed out that «the annual reports data showed the growth of foreign reserves by 7 percent last year compared to 2016». It also showed "growth in dollar portfolios of 38 percent as a result of investing in the dollar in bonds, treasury bills and deposits."

"The investment portfolio in gold also increased by 15 per cent in 2017, which caused its value to be equal to 2016. The value of the bank's investment in Islamic sukuk has increased by 50 per cent," he said. "The reserve department takes into account the importance of the geographic distribution of investments," he said. "These reserves are distributed to eight countries, including the United States, Switzerland, France and Britain."

The governor of the Central Bank of Iraq Ali Alalak, announced in the last month of last year, «reserves in hard currency of $ 48 billion». A source for Al-Hayat said it would withdraw about 14 trillion dinars ($ 12 billion) in one year, specifically in 2015, yet reserves of $ 51 billion would remain as a cover for the currency.

The source said that foreign reserves are not in a single currency as some believe, as the volume of foreign exchange accounts for 91 percent of the total and what remains is a gold worth 1.1 trillion dinars, and balances in foreign banks and special drawing rights ».

Al-Alaq confirmed to Al-Hayat that the Central Bank has adopted a diversification approach in managing its foreign reserves and in accordance with the criteria of guarantee, liquidity and profitability to enhance monetary stability and achieve its objectives through the proper management of these reserves and adherence to the specific criteria for investment and diversification.

Foreign reserves in the bank include a basket of foreign currencies and bonds with foreign banks. The dollar contributed 61 percent of the total, followed by the euro by 26.6 percent and the British pound by 12 percent.

Al Hayat Newspaper

[yota691]

Parliamentary oil: high oil prices will raise reserves and achieve a surplus of $ 24 billion

19 views

02/06/2018

Follow - up to the 
parliamentary finance committee suggested Saturday, achieving Iraq 's financial surplus of $ 24 billion in the event of continuing oil prices on what it is the end of this year, noting that the amount mentioned will end the budget deficit and raise the central bank 's reserves to about $ 60 billion.

 "The federal government has estimated the price of a barrel of oil during the budget is 47 dollars, while the real price is 70 dollars, which gave Iraq additional funds," said Commission Rapporteur Ahmad Hama in a statement.

Hama added that "high oil prices of one dollar per barrel will achieve Iraq billion dollars every year, meaning that the government will achieve a surplus of $ 24 billion if oil prices continue throughout the year."

 He added that "the government has a budget deficit of 13 trillion dinars and the survival of oil prices will end its deficit and we will dispense with foreign loans and will raise the Iraqi Central Bank of foreign currency to 60 billion dollars."

[fnbplanet]

So, I'm getting that this is saying that the price of oil being as high as it is through the end of the year will not only cover the budget deficit, but pay off all of Iraq's foreign debts (including Kuwait) AND increase the CBI's reserves to 60 billion USD.  

 

While the average Dinarian and/or currency speculator would presume that this news would "OBVIOUSLY" point to a January 1st RI/RV, I still believe that one of the most critical parts of the RI/RV process is the element of surprise - if everyone knows when it's going to happen, speculators and citizens will behave badly and muck up the entire roll out. 

 

I'm no guru, but just as an example scenario, wouldn't a RI/RV date of July 1st make more sense?  Ramadan/Eid would be over, the 90 day 2% deal accomplished, new government COULD be formed and accounting-wise, reconciling the country's books at the half year mark would be MUCH easier to deal with.  Kuwait and any other debtors can easily see that "Iraq is Back" once the new government is in place and Abadi getting a second term with a "reforms" platform.

 

Again, NOT a prediction, just me wondering how to put all of the recent news into the file cabinet I call my brain....

[Butifldrm]

Iraq is booming economically following high oil prices and the elimination of terrorism

June 13, 2018

BAGHDAD - The 
rise in global oil prices, which reflected positively on the Iraqi economy with the liberation of all regions of the organization calling the terrorist as the Finance Committee points to the rise of Iraq's monetary reserves with the Central Bank of Iraq to about 6 billion dollars as well as the extrapolation of the country's external debt and reduce the deficit The budget of 2018. 
The decision of the Finance Committee parliamentary Ahmad Hama said in a statement to «Journal News» that "the latest Central Bank report indicates the increase in foreign exchange reserves to 46 billion dollars instead of 40 billion dollars at the beginning of this year, as well as a rise in reserves Gold. " 
Hama added that "the rise of oil prices one dollar per barrel will achieve Iraq billion dollars every year, meaning that the government will achieve a surplus of 24 billion dollars in the event of continued high oil prices throughout the year."
"The government has a budget deficit of 13 trillion dinars and in the survival of oil prices to rise we will dispense with foreign loans. 
Economists expect Iraq to overcome the financial crisis following global oil prices and the elimination of terrorism, which has cost the state coffers billions of dollars in the war to organize and control the oil fields in the north of the country and refineries and laboratories for cement and sulfur.

"The war on terrorism has cost the state budget about $ 100 billion, as well as huge human losses and another $ 100 billion estimates of the age of liberated areas of a terrorist organization," said a member of the investigative committee in the fall of Mosul.

A member of the Finance Committee, Sarhan Ahmed, in an interview in an earlier statement about the financial losses shocked by Iraq because of the invasion of "dashing" the cities and occupation.

Ahmed said the financial losses amounted to about $ 100 billion, of which $ 15 billion was lost by Iraq as a spending on the four-year war. Other losses are the bombing and destruction of oil fields, facilities and infrastructure such as bridges, factories, roads, water and electricity networks, sewage, telecommunications, government buildings, And public and private property of citizens.

He explained that at the level of the infrastructure of the Iraqi provinces entered by the organization, "Daash", the percentage of destruction more than 60 percent in Anbar province, 70 percent in the province of Nineveh, and 40 percent in Salahaddin province.

http://www.aljournal.com/العراق-يشهد-ازدهارا-اقتصاديا-عقب-ارتف/

[Floridian]

Ya think "booming" is the right word?  😂

[pokerplayer]

Parliamentary Finance calls on the government to invest surplus budget for development

 

 

11:27 - 16/06/2018


Information / Baghdad ..

The Parliamentary Finance Committee on Saturday called on the government to develop a clear economic strategy to take advantage of surplus funds obtained from the rise in international oil prices, indicating that the cash reserves of the Central Bank of Iraq exceeded 46 billion dollars.

"The government is required to develop a strategic plan for economic development in order to benefit from the surplus of the financial budget after the increase in oil prices," said Finance Committee Rapporteur Ahmad Hama in a statement.

He added that "working to take advantage of the financial surplus avoids the country's economic crisis as happened in 2014-2015 and reduce dependence on the sale of oil."

Hama pointed out that "the reserve of the Central Bank of foreign currency exceeded 46 billion dollars, which allows the government to move economically free during the next phase." Ending / 25 d


http://www.almaalomah.com/2018/06/16/318552/

 

 

[mr.unlikely]

Good find PP and top of the morning to you. 

Lets hope it's not the reconstruction of those thieves bank accounts. They have this thing going in the right direction and if they can keep the momentum maybe they can break through the wall and enact the final phase of currency reforms. 

Until then, we wait

[pokerplayer]

I am hesitant to think the surplus will be used for development for as we all know these theives race to grab the spoils.

 

  When is enough, enough ?

 

Have a great day as well mr. unlikely

 

  Cheers, pp

[yota691]

Iraq's financial budgets finance corruption and increase poverty

- 3 Hours Ago

   

Shatha Khalil *

The budget is the government program of the Iraqi state, and its assessment depends on the economic reality of the country, and through it can be realized the extent to achieve the desired objectives to reform the economic reality deteriorating, and did economic development achieved or not? 
The main indicators of the Iraqi economy: 
• Public debt and cash reserves, as the public debt has increased since 2013, rising from (73.1) billion dollars, to (132.6) billion in 2018, while the cash reserve is decreasing From $ 77.8 billion in 2013 to $ 40.8 billion in 2018. 
• GDP, according to statistics from the Ministry of Planning, the proportion of oil contribution in its composition decreased after 2013, but this is not a positive indicator because this decline was due to the fall in oil prices only.

When reviewing the budget of 2017, we see that the revenues achieved were less than planned, totaling a total of 79,011 trillion dinars, while actually achieved only 75,030 trillion dinars, and this applies to the budget of 2018, unless there is a qualitative change in the implementation, Preliminary figures show that the total revenue is 90,982 trillion dinars, while the total expenditure to 103,997 trillion dinars. This means that the total planned deficit is 13 trillion Iraqi dinars, and is directed by the government to fill the deficit towards domestic or external borrowing; to meet the operational expenses and not limited to investments, contrary to economic rules.
The poor financial management and the preparation of the budget is subject to the repercussions of the political process, and depends on building the budget and mainly on the revenues of oil resources, which suffer fluctuations in the volume of exports and prices, as for the high oil prices, it does not mean reducing the deficit, Public expenditure. 
In addition, there are problems in the oil wealth embodied in dealing with public money and non-spending according to the economic feasibility, which turned the Iraqi economy into a social welfare economy, and the absence of vision to invest the wealth of generations "oil" for the present and future is a depleted wealth and its use must be exclusively for the development of economic capital represented The introduction of factories and the necessary technologies and human capacity building, and the development of a strategy to determine the rate of increase in the use of oil revenues for the purposes of investment allocations for the development of the economy of the country.

Weak non-oil revenues: 
1- Actual non-oil revenues did not exceed 9% of public revenues. 
2 - This ratio, with its moderation, depends on oil revenues by a large percentage. The taxes are mostly due to income taxes realized by the owners as a result of contracts and work with government departments (which in turn depend on oil). 
3 - Mismanagement of the tax, the Iraqi tax system is one of the worst systems that waste large amounts of money, and record tax revenues under the real value, and the reality indicates that there is a tax evasion estimated at 
(61%).

The lack of transparency in the planning and preparation of the budget, and the non-activation of the law allows the spread of financial and administrative corruption and in turn increases poverty in the country, which is clearly reflected on the economic reforms of Iraqi society. 
Corruption in appointments The 
mechanism of appointments in Iraq depends on partisan, nepotism and sectarian bases, which weakened the manpower base and thus destroyed the corruption of scientific competencies and practical skills and replaced them with inefficiency that destroyed the economic development in the country. The appointments are subject to party control, especially within the Iraqi security services, As the marginalization and exclusion of some components, and became each ministry, each hand, the monopoly of the component without another. 
The MP criticized the "coalition of Iraqi forces," a meeting pink, "the ambiguity surrounding the appointments in the security institutions.
"It has sent official books demanding the statement of the mechanism that followed the appointments and positions, and the share of each province and the town, but did not get a response," noting that this strengthens the information that there are irregularities in the mechanism of appointment and positions, and the process of balance on the basis of provinces, which aims To build institutions on the basis of citizenship and balance between the components of the Iraqi people, without discrimination or exclusion, as stipulated by the Iraqi constitution. 
"This reinforces sectarian discrimination and deprives the people of the affected provinces of their right to participate in the building of security institutions, in accordance with the principles laid down in the constitution," she said. 
In the same context, a survey of the researcher Mohammed Al-Atabi, supported by two tables on the preparation of employees and retirees shows the extent of imbalance and ruin in the administration of the state as a result of random appointments and party spoils and nepotism, and a large proportion of retirement salaries that go to non-Iraqi citizens.
Form (1)

Shape (2)

Recent statistics from the World Bank indicate that the poverty rate in Iraq reached the following: 
- 41.2% in the liberated areas. 
- 30% in the southern regions. 
- 23% in the middle. 
- 12.5% in the Kurdistan region 
- the phenomenon of child poverty in Iraq, accounting for 48% of the population under the age of 18 years, including 23% poor, each child of four children classified poor. 
- 5% the percentage of poor children in the Kurdistan Region. 
- 50% of poor children in the southern governorates.

The economic expert Obeid Freih, that the law of the general budget since 2004 until today is fraught with some problems, including: 
1 - the budget law did not approach the scientific and international standards of planning budgets. 
2 - There is no legal and financial literature the concept (not to issue the budget), but we are in front of two cases, not the third, first: the ratification of the budget by voting, and this follows the issuance of the budget law, the other: the rejection of the budget, also vote, Failure to issue the budget law. 
The delayed issuance of the budget law without its explicit refusal to vote against it, is a heresy and a violation of the Constitution and the Financial Management Law.
3. The disbursement by 1/12 is a legal procedure to be implemented in the event of delay in the issuance of the budget. The Minister of Finance shall issue a circular to the Ministries of the State for disbursement of 1/12 of the expenses of the previous year and for continuing expenditures. Do not exceed days or weeks, not to mention the months or the year, the exchange in this case will be for continuing expenses only. 
4 
- This budget is weak and inflexible, and the field of maneuvering in it is very little is not more than 10-20%, because the budget is a digital translation of the government plan during the year, which includes (for programs, objectives and activities) . The large percentage of about 44% is allocated to salaries and this ratio is not flexible, which can not be manipulated, of course. The remainder is earmarked for debt repayment first, then military obligations, which is less flexible.
The budget 
deficit is one of the main pillars of the budget, which reflects the strategy on which the budget is based (government trends, priorities, sources of revenue, fiscal policy, relative importance of each activity and sector). Who is aware of the budget even from non-specialists, and came with the numbers of the deaf lacks transparency and clarity. 
2. The budget contains unclear material, some of which are contrary to other articles or laws, and some of them are not valid for years. 
3 - Repeated phrase (an exception to the law of financial management and public debt) until it became a phenomenon, is it permissible to break the law whenever we want. 
4 - There are materials that are repeated annually without application, without accountability, which weakens the law and goes to flames.
5 - There are articles that deal with cases with their own fixed laws, which leads to severe confusion, and perhaps conflict in the implementation (such as the law of retirement or civil service law or salaries, etc.) This is a mistake, because the budget law annually, . 
6 - The reliance on non-oil resources in this budget is very modest, despite all the risks to oil prices, and the global trend towards clean energy sources. As we have only found more figures than in previous years without any reference to measures to raise the level of contribution of non-oil resources. 
7 - Dependence on accounting estimates represent an old settlement in 2015 led to the emergence of revenue in the budget accounts. It is really not income, in the sense that there are no real increases in financial revenue.
8 - The weakness of public tax revenues, all its revenues do not exceed 790 billion, while revenues of the tax alone amounted to 740 billion. 
9 - The weakness of tourism revenues, it is known that tourism in the whole world takes tourists, but in Iraq gives them as well as take them. 
10. In Iraq, there is no database of State real estate, although publicly exploited by non-governmental organizations, and their revenues are due to those entities. In this regard, we propose to offer public investment in the health and medical education sectors.

Center for Economic Studies and Research Center

[yota691]

The central bank's reserve of foreign currency rises in June to 55.7 billion dollars

 

Central Bank of Iraq     Banks Economy News Baghdad The Central Bank of Iraq announced on Sunday the rise of foreign currency reserves during the month of June to 55.7 billion dollars. A source in the Central Bank of Iraq declined to disclose its name to "Economy News", "The central bank reserves rose during the month of June to 55.7 billion dollars." He added that "the rise in foreign exchange reserves is due to successful management and better investment," noting that "Iraq is one of the countries that fully secured their reserves of foreign currency to cover demand by more than 100% of the dollar." Views 430   Date Added 08/07/2018

[ChuckFinley]

NICE 

[3n1]

4 hours ago, yota691 said:

"Iraq is one of the countries that fully secured their reserves of foreign currency to cover demand by more than 100% of the dollar."

great .... lets get this dog and pony show on the road ... thanks yota

[Laid Back]

Great news.!!!

 

40 trillion dinar in circulation equal $33.6 billion dollars

Foreign currency reserves $55.7 billion dollars 

$55.7 / $33.6 = $1.65 per dinar.

 

Go CBI 

Go foreign currency reserves

Go RV

Go Real market value 

 

Thanks for the master yota.!