Economists: the coming months will witness a further decline in the reserves of the Central Bank

[yota691]

Obelisk Express

 

Economists for the Obelisk: the coming months will witness a further decline in the reserves of the Central Bank
 

 

No Copy to paste from the News Site

[mok45]

...worked it out...

Baghdad / Obelisk: Economist Manar Al-Ubaidi said, Thursday, 11 July 2020, that the coming months will
.witness a further decline in the reserves of the Central Bank
Al-Obaidi told Al-Masala: The central bank assets for May 2020 decreased by 1.83% compared to April 2020,
.but it increased by 3.93% compared to May 2019, to reach the value of the assets 105.6 trillion dinars
Al-Ubaidi added: The reason for the decrease in the assets of the central bank is due to the continued volume
of sales from the dollar for the purpose of importing with the decrease in the volume of purchases from the
dollar from the Ministry of Finance, which leads to the trend towards using the reserve to compensate for the
shortfall, and the gold and cash reserves increased by 0.54% compared to April 2020 At a rate of 15%
.compared to May 2019, to reach 21 trillion dinars
Al-Ubaidi continued: The percentage of decline in investments reached 4.64% compared to April 2020 and
.11.3% compared to May 2019 to reach 43.5 trillion dinars
On the level of the issued cash, Al-Ubaidi stressed that it increased by 1.3% compared to April 2020 and 26%
compared to May 2019, to reach 58.6 trillion dinars, and to represent 55% of the bank’s total liabilities, a large
proportion attributable to the decline in bank deposits and the balances of government institutions As the
banking sector suffers from weak banking transactions that reduce the volume of its deposits with the central
bank, as well as the need for government institutions for funds, which causes them to withdraw part of their
.assets with banks to cover their expenses
Al-Ubaidi said: It is expected that the coming months will witness a further decline in the reserves of the
central bank as a result of the decline in the purchase of the dollar from the Iraqi government as a result of
weak imports and the continued purchase rates of the dollar for import purposes at the same pace, which
.leads to withdrawing more of the bank's reserves to compensate for the shortfall
:Al-Ubaidi added: Three parties responsible for industrial investment in Iraq
Industrial development according to the Industrial Investment Law -1
The National Investment Commission according to the investment law in Iraq -2
The Directorate of Industrial Cities according to the Industrial Cities Law -3
Al-Ubaidi continued: In natural and logical circumstances, the three sides are competitive entities. The size of
the competition between the three bodies should be at their height, and the three bodies work to win over
:investors through
.Inviting investors to see the opportunities available in each body -
Building a model for what the agencies offer, the future image, investment returns, guarantees, and -
.facilities
.Internal and external marketing campaigns to attract investors from various countries -
.Direct dialogues and visits with major investors and big companies -
Al-Ubaidi stressed: But the absence of goals and monthly plans and the consequences of the lack of
investigation made their field of work confined to dealing with the consequences and problems without talking
.about the achievements
Al-Obaidi added: The three directorates, along with the three laws, could have built an investment
environment capable of establishing industrial societies that would contribute to increasing the local product
.and providing job opportunities for thousands of unemployed youth
Al-Ubaidi added: With the exception of the reasons paid by parties and parties working to use laws and laws to
.serve them only, the reason that comes after it is weakness and lack of interest in competition
Al-Ubaidi said: The competition results from the size and follow-up of the goals set and the consequences that
follow the failure to achieve, which constitutes a pressure factor on all bodies to work aggressively and fiercely
.and use all means to achieve these goals
Al-Ubaidi added: All previous and current governments are talking about investment and the private sector,
especially the industrial sector, but there is not a single report that explains the size of the desired goals from
each body and the amount of what has been produced on the ground and what steps have been taken rightly
.from achieving these goals

Edited July 11, 2020 by mok45

[bkeiller]

7 minutes ago, mok45 said:

...worked it out...

Baghdad / Obelisk: Economist Manar Al-Ubaidi said, Thursday, 11 July 2020, that the coming months will
.witness a further decline in the reserves of the Central Bank
Al-Obaidi told Al-Masala: The central bank assets for May 2020 decreased by 1.83% compared to April 2020,
.but it increased by 3.93% compared to May 2019, to reach the value of the assets 105.6 trillion dinars
Al-Ubaidi added: The reason for the decrease in the assets of the central bank is due to the continued volume
of sales from the dollar for the purpose of importing with the decrease in the volume of purchases from the
dollar from the Ministry of Finance, which leads to the trend towards using the reserve to compensate for the
shortfall, and the gold and cash reserves increased by 0.54% compared to April 2020 At a rate of 15%
.compared to May 2019, to reach 21 trillion dinars
Al-Ubaidi continued: The percentage of decline in investments reached 4.64% compared to April 2020 and
.11.3% compared to May 2019 to reach 43.5 trillion dinars
On the level of the issued cash, Al-Ubaidi stressed that it increased by 1.3% compared to April 2020 and 26%
compared to May 2019, to reach 58.6 trillion dinars, and to represent 55% of the bank’s total liabilities, a large
proportion attributable to the decline in bank deposits and the balances of government institutions As the
banking sector suffers from weak banking transactions that reduce the volume of its deposits with the central
bank, as well as the need for government institutions for funds, which causes them to withdraw part of their
.assets with banks to cover their expenses
Al-Ubaidi said: It is expected that the coming months will witness a further decline in the reserves of the
central bank as a result of the decline in the purchase of the dollar from the Iraqi government as a result of
weak imports and the continued purchase rates of the dollar for import purposes at the same pace, which
.leads to withdrawing more of the bank's reserves to compensate for the shortfall
:Al-Ubaidi added: Three parties responsible for industrial investment in Iraq
Industrial development according to the Industrial Investment Law -1
The National Investment Commission according to the investment law in Iraq -2
The Directorate of Industrial Cities according to the Industrial Cities Law -3
Al-Ubaidi continued: In natural and logical circumstances, the three sides are competitive entities. The size of
the competition between the three bodies should be at their height, and the three bodies work to win over
:investors through
.Inviting investors to see the opportunities available in each body -
Building a model for what the agencies offer, the future image, investment returns, guarantees, and -
.facilities
.Internal and external marketing campaigns to attract investors from various countries -
.Direct dialogues and visits with major investors and big companies -
Al-Ubaidi stressed: But the absence of goals and monthly plans and the consequences of the lack of
investigation made their field of work confined to dealing with the consequences and problems without talking
.about the achievements
Al-Obaidi added: The three directorates, along with the three laws, could have built an investment
environment capable of establishing industrial societies that would contribute to increasing the local product
.and providing job opportunities for thousands of unemployed youth
Al-Ubaidi added: With the exception of the reasons paid by parties and parties working to use laws and laws to
.serve them only, the reason that comes after it is weakness and lack of interest in competition
Al-Ubaidi said: The competition results from the size and follow-up of the goals set and the consequences that
follow the failure to achieve, which constitutes a pressure factor on all bodies to work aggressively and fiercely
.and use all means to achieve these goals
Al-Ubaidi added: All previous and current governments are talking about investment and the private sector,
especially the industrial sector, but there is not a single report that explains the size of the desired goals from
each body and the amount of what has been produced on the ground and what steps have been taken rightly
.from achieving these goals

 

I think some reduction in the Central Bank funds is a necessary strategy so the holdouts (IRGC mobs and affiliates) understand that Iraq ain't playing now. The growing fear of the street can only damage the standing of those holdouts. People power!

Edited July 11, 2020 by bkeiller

[jeepguy]

Getting those back funds and payroll paid , put a dent in the reserves, not to mention cash sales of currency window....

Oil goes up to 55 .oo the reserves will slowly rise , and the greedy rich bank thieves can continue to drain the cash again !!!

( The same folks , could raise the value of the dinar to 3 to 1 and those guys could get 3 times as much from stealing ! ) 😆