Official: Iraqis keep 70 trillion dinars outside the banking system

[yota691]

Al-Kazemi’s advisor: The central bank’s monetary policy is able to control the stability of the exchange rate

• POLICY
•  June 18, 2021
•  

 

Baghdad/

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that the monetary policy of the Central Bank is able to control the stability of the exchange rate.

Saleh said in a press statement, “The monetary policy of the Central Bank of Iraq and its sufficient foreign reserves has the ability to intervene in the exchange market by meeting the legitimate demands for foreign currency, in both its two forms, the monetary dollar and foreign transfers in foreign exchange and for the account of bank customers from private sector traders seeking to finance their foreign trade.” of various goods, services and benefits.

He pointed out that "this policy also has the ability to meet small commercial requests in the same foreign currency, which is being met additionally, which is also one of the important windows in stabilizing the exchange rate at its official borders, all of which leads to the stability of the general level of prices."

He added that “controlling the levels of local liquidity by sustaining the operations of sterilizing the surplus of local liquidity to achieve balance in the exchange market and in accordance with the objectives set by the amended Central Bank of Iraq Law No. 56 of 2004 will remain the practical course in correcting emergency price deviations and controlling and sustaining stability.”

[yota691]

Explain the mechanism

 

Al-Kazemi’s advisor: The central bank is able to control the dollar exchange rate

•  
•  Today, 14:24
•  
•  
•  42

 

 
Baghdad - IQ  

Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said on Friday (June 18, 2021) that the Central Bank is able to control the stability of the dollar exchange rate against the Iraqi dinar.

The official agency quoted Saleh, and IQ News followed  him, as saying: “The monetary policy of the Central Bank of Iraq and its sufficient foreign reserves has the ability to intervene in the exchange market by meeting the legitimate demands for foreign currency, in both its two forms, the cash dollar and foreign transfers in foreign exchange and for the account of bank customers from merchants.” The private sector seeking to finance their foreign trade of goods, services and various benefits.

He pointed out that "this policy also has the ability to meet small commercial requests in the same foreign currency, which is being met additionally, which is also one of the important windows in stabilizing the exchange rate at its official borders, all of which leads to the stability of the general level of prices."

He added that "controlling the levels of local liquidity by sustaining the operations of sterilizing the surplus of local liquidity to achieve balance in the exchange market and in accordance with the objectives specified in the amended Central Bank of Iraq Law No. 56 of 2004 will remain the practical course in correcting emergency price deviations and controlling and sustaining stability."

The Central Bank of Iraq had confirmed, earlier, the stability of the dollar exchange rate and the absence of any intentions to change it.

A central bank statement received by  IQ News stated, "What is being circulated is not true, as the price chosen at the end of the year 2020 for the dollar exchange was based on in-depth studies of the requirements of the economic and financial situation and the objectives of monetary policy." 

The bank indicated that "its foreign currency sales are based on the stability of its foreign reserves at excellent levels, as those sales have been increased to meet all legitimate requests," stressing that "the price will stabilize as a result of the measures taken by the Central Bank recently and that it will take."

[yota691]

A new statement from the financial advisor on exchange rates and central bank policy

06.18.2021 - 15:03

 

  

Baghdad - people  

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Friday, that the central bank's monetary policy is able to control the stability of the exchange rate.  

 

  

Saleh said, to the official agency, and followed by "Nass" (June 18, 2021), that "the monetary policy of the Central Bank of Iraq and its sufficient foreign reserves has the ability to intervene in the exchange market by meeting legitimate demands for foreign currency, in both its two forms, the cash dollar and foreign transfers in foreign exchange and for the account of customers." Banks are private sector merchants seeking to finance their foreign trade of goods, services and various benefits.  

He pointed out that "this policy also has the ability to meet small commercial requests in the same foreign currency, which is being met additionally, which is also one of the important windows in the stability of the exchange rate at its official borders, all of which leads to the stability of the general level of prices."  

He added that "controlling the levels of local liquidity by sustaining the operations of sterilizing the surplus of local liquidity to achieve balance in the exchange market and in accordance with the objectives set by the amended Central Bank of Iraq Law No. 56 of 2004 will remain the practical course in correcting emergency price deviations and controlling and sustaining stability."  

The Central Bank of Iraq had confirmed, earlier, the stability of the dollar exchange rate and the absence of any intentions to change it.  

A statement by the Central Bank stated that "what is being circulated is not true, as the price chosen at the end of the year 2020 for the dollar exchange was based on in-depth studies of the requirements of the economic and financial situation and the objectives of monetary policy."  

The bank indicated that "its foreign currency sales are based on the stability of its foreign reserves at excellent levels, as those sales have been increased to meet all legitimate requests," stressing that "the price will stabilize as a result of the measures taken by the Central Bank recently and that it will take."  

[yota691]

Al-Kazemi’s advisor determines a way to control the exchange rate

political| 02:53 - 06/18/2021

 

 

 

 

Baghdad - Mawazine News
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that the monetary policy of the Central Bank is able to control the stability of the exchange rate.
Salih said, according to the official media, that "the monetary policy of the Central Bank of Iraq and its sufficient foreign reserves has the ability to intervene in the exchange market by meeting legitimate demands for foreign currency, in both its two forms, the monetary dollar and foreign transfers in foreign exchange and for the account of bank customers from private sector traders seeking to finance their trade." foreign goods, services and various benefits.
He pointed out that "this policy also has the ability to meet small commercial requests in the same foreign currency, which is being met additionally, which is also one of the important windows in stabilizing the exchange rate at its official borders, all of which leads to the stability of the general level of prices."
He added that "controlling the levels of local liquidity by sustaining the operations of sterilizing the surplus of local liquidity to achieve balance in the exchange market and in accordance with the objectives specified in the amended Central Bank of Iraq Law No. 56 of 2004 will remain the practical course in correcting emergency price deviations and controlling and sustaining stability."
The Central Bank of Iraq had confirmed, earlier, the stability of the dollar exchange rate and the absence of any intentions to change it.

[Laid Back]

“The monetary policy of the Central Bank of Iraq and its sufficient foreign reserves has the ability to intervene in the exchange market by meeting legitimate demands for foreign currency”

 

In other words the daily auctions are going to continue.

 

 

 

 

[patrick50]

Im with you Laid Back as I am looking at it, seems like it is out of control than in control

Wish you had a crystal Ball Yota and thank you again for bringing all this information!

Im still praying for a ending soon to this ride and want to meet as many of you as i can!

[yota691]

 

A government official confirms the control of the "Central" of Iraq on the stability of the exchange rate

The Iraqi dinar and the dollar - archive picture

 June 18, 2021 2:35 PM

 

Mubasher: The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that the monetary policy of the Central Bank is able to control the stability of the exchange rate.

Salih said to the Iraqi News Agency (INA): "The monetary policy of the Central Bank of Iraq and its sufficient foreign reserves has the ability to intervene in the exchange market by meeting legitimate demands for foreign currency, in both its two forms, the monetary dollar and foreign transfers in foreign exchange, and for the account of bank customers from private sector traders seeking to finance their foreign trade of goods, services and various benefits.

The Prime Minister's advisor pointed out that this policy also has the ability to meet small commercial requests in the same foreign currency, which are being met additionally, which is also one of the important windows in stabilizing the exchange rate at its official borders, all of which leads to the stability of the general level of prices.

He added that controlling local liquidity levels by sustaining operations of sterilizing surplus local liquidity to achieve balance in the exchange market and in accordance with the objectives set by the amended Central Bank of Iraq Law No. 56 of 2004 will remain the practical course in correcting emergency price deviations and controlling and sustaining stability.

The Central Bank of Iraq had confirmed, earlier, the stability of the dollar exchange rate and the absence of any intentions to change it.

 

A central bank statement received by the Iraqi News Agency (INA) stated that "what is being circulated is not true, as the price chosen at the end of the year 2020 for the dollar exchange was based on in-depth studies of the requirements of the economic and financial situation and the objectives of monetary policy."

The bank indicated that "its foreign currency sales are based on the stability of its foreign reserves at excellent levels, as those sales have been increased to meet all legitimate requests," stressing that "the price will stabilize as a result of the measures taken by the Central Bank recently and that it will take."

[yota691]

 

After he exceeded the 150 thousand dinars, Al-Kazemi's advisor: There is no change in the dollar exchange rate

 

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 2021-06-19 08:21

 

 

Shafaq News/ Mazhar Muhammad Salih, the economic advisor to the Prime Minister, ruled out, on Saturday, changing the exchange rate of the dollar against the Iraqi dinar in the coming period, while confirming the ability of the Central Bank to control the exchange rate.

 

Saleh told Shafaq News Agency, "The Central Bank is interfering more broadly and with short-term plans to break bottlenecks in cash transactions and financial transfers to control the rise in dollar prices against the Iraqi dinar."

 

He added that "the central bank is able to impose its control on changing the exchange rate," noting that "the recent rise in the exchange rate came after citizens refrained from buying the currency at the beginning of this year."

 

And Saleh said, "The exchange rate is fixed at 145,000 Iraqi dinars per 100 dollars, and there is no price change in the coming period."

 

It should be noted that since the government reduced the value of the Iraqi dinar against the US dollar in late 2020, bringing the exchange rate of every $100 to 145 thousand dinars, and this price was fixed in the federal budget for the year 2021, and since then until now the dollar exchange rate has not been stable Where it lasted for about three months without the official exchange rate, to rise in recent months and reach 151 thousand dinars per 100 dollars.

[yota691]

Mazhar Saleh: The government succeeded in managing the economic and financial file

Sunday 20 June 2021 108

 

 Baghdad: Shaima Rashid

 

Adviser to the Prime Minister, Mazhar Muhammad Salih, stated that despite the severity of the economic and financial difficulties that afflicted the country, the government was able, within a year of its life, to manage the financial and economic file well, which in turn was reflected in the management of the health file in light of the Corona pandemic.

Saleh said, in an interview with “Al-Sabah”: “The country’s economic file during a year of the life of the current Iraqi government faced double difficulties imposed by the health crisis as a result of the Corona pandemic, the closure of the local economy and the disruption of many private sector activities, accompanied by a severe government financial crisis that lost actual government expenditures More than 60% of its revenues in the year 2020 compared to the year 2019.”

And he indicated that "in the face of these difficult deflationary conditions in the economy, and in order to finance current spending, especially salaries, wages, pensions, social welfare, and governing obligations, the House of Representatives agreed that the government would expand the base of internal borrowing to finance the deficit in actual current spending, about 25 trillion dinars funded by the government banking system." And the Central Bank of Iraq strongly and fully supported it in exchange for treasury transfers under the borrowing laws, a rescue deal that enriched the country from resorting to external borrowing.

He added that "the government was able to manage the epidemiological file with all the health capabilities available to protect public health tirelessly day and night, as well as its ability to prepare and pass the federal general budget law for the year 2021 in cooperation with the legislative authority, which included appropriate allocations in the investment budget for new and ongoing projects that accounted for approximately 23 % of the total expenditure in the budget, in order to cover the expenses of those projects.

And Saleh continued: "The successful exit from the bottleneck in the health and financial double crisis for the year 2020-2021 with the recovery of the oil markets and the restoration of the general budget to reassuring cash flows; we can say that the features of crossing the cycle of oil assets that reached the bottom and crossing the epidemic crisis that reached the top, are the test." The most difficult in Iraq's modern political history, after the country successfully crossed the double security and financial crisis that occurred in 2014-2017.

He concluded by saying: "These are the harsh lessons in the government's management of the economic file in crisis conditions, which ended with government success and with the least possible losses to preserve the safety and stability of our country and people."

[yota691]

Al-Kazemi’s advisor: The foreign debt is almost dead..and reveals its size

•  Time: 06/20/2021 20:09:41
•  
•  Reading: 4,628 times

  

{Economist: Al-Furat News} Mazhar Muhammad Salih, financial advisor to Prime Minister Mustafa Al-Kazemi, confirmed today, Sunday, that Iraq's foreign debt has become "almost dead with the passage of time."

 

Saleh said, in a press statement: "Iraq's foreign debts are to 8 countries, four Gulf Arab countries, namely the UAE, Qatar, Saudi Arabia and Kuwait, in addition to Egypt, Turkey and two foreign countries, and matters to my knowledge have been suspended since 2004, the date of the signing of the Paris Club Agreement."
And he indicated, "The tendency is towards writing them off 100 percent, and they are almost dead with the passage of time, especially since some of them are incorrect and completely unknown."
He added, "In all cases, these debts are hateful debts, as they financed wars and bloody conflicts during the eighties war and did not serve development and progress in Iraq."
He added that the debts of the UAE, Qatar, Saudi Arabia and Kuwait amount to 27 billion dollars, while the other countries amount to 14 billion dollars.
Saleh had confirmed in previous statements to him that Iraq succeeded in 2004 in writing off about 100 billion US dollars of its debts against the background of signing the Paris Club agreement, describing the agreement as "standard" to resolve the sovereign debts owed by Iraq to 65 countries, including 19 countries within the Paris Club. and 46 countries outside it.
The Paris Club is an informal institution that represents the gathering of creditors from the rich countries in the world. It was established in 1956 as a result of the talks that took place in Paris between the Argentine government and its creditors. The club undertakes the task of restructuring the sovereign debts of countries, easing the burdens of some debts, or even canceling some of them.

Ammar Al Masoudi

[yota691]

Adviser to the Prime Minister sets two conditions for deleting 3 zeros from the Iraqi dinar

Mazhar Muhammad Salih, Financial Adviser to the Iraqi Prime Minister

 June 20, 2021 09:20 PM

 

Mubasher: The appearance of Muhammad Salih, the financial advisor to the Iraqi Prime Minister, today, Sunday, set two conditions for deleting 3 zeros from the currency, while stressing that the option to delete is proposed as part of the strategies for reforming the currency and cash payments system in Iraq.

Saleh told the Iraqi News Agency (INA), that "the Central Bank of Iraq has developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened with the insomnia of the economic blockade imposed in the nineties of the last century, and put it into research and study long ago, after that. Examining about 54 international experiments since the end of World War II until the second decade of the twenty-first century, which took place in various countries of the world in which the monetary payment systems were reformed and made to work more efficiently, the last of which was the Islamic Republic of Iran and before that, Turkey.

He added that "the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unruly waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance." .

And because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover transactions and exchanges of high monetary value in the market.

He continued, “Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets and various numbers of tools.” Accountability, after two conditions are met.

He added, "The first condition is price stability and global economic growth, and the second is appropriate stability in political life, so the importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and facilitating arithmetic use and the cost of managing new large numbers and the absence of small numbers and fractions, as it is noted that slimming Coins come because of their role in the sustainability of calculating huge numbers of financial values that are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing in trillions, which means that one number in front of it has 12 decimal places.

Saleh believed that "the hyperinflation that hit the Iraqi economy in the nineties of the last century added three numbers to the Iraqi monetary unit (that is, one dinar became equal to a thousand dinars, and ten dinars became ten thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but rather Every 250 fils became equal to 250 dinars, and it was considered the smallest monetary unit in circulation today, which raised the cost of micro-transactions that mostly affect the poor.

 

He added, "In this way, monetary systems aspire to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros from the old currency to equalize the new currency with lower numbers but with the same value. Let's say, for example, that one new dinar equals 1,000 old dinars without any change in value or rights. .

The accounting books, statistics, numbers and computer systems are also modified with the value of the new currency within an easy and easy reform strategy, and the countries consider that the slimming of the currency system facilitates the circulation of mathematical numbers and helps to issue smaller cash denominations for very small transactions whose monetary values have been destroyed by historical inflation in our country such as the dirham and others.

He said: "The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities, but the project is postponed at the present time until the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in Iraq.

[yota691]

Mazhar Saleh: High production costs contributed to the high price of eggs

Monday, June 21, 2021 31

 

 Baghdad: morning

The financial advisor in the Prime Ministry, Dr. Mazhar Muhammad Salih, attributed the reasons for the high prices of table eggs and chicken in Iraq to the high costs of production inputs in the major national fields, which in turn were subjected to the shock of the exchange rate change, while the economist, Anmar al-Obaidi, estimated the coverage amount. Of the local eggs, up to 18.63 percent annually, he stressed that the decision to ban the import of eggs was not successful.

Amid the high prices of eggs, whose “single layer” amounted to about 6,500 dinars, the Ministry of Agriculture hinted at reopening imports to poultry and eggs in the event that their prices continued to rise locally, while it operated buses to sell eggs directly to consumers at a price of 5,000 dinars, in a move aimed at to bring prices back to normal.

"There is preliminary information that 70 percent of the inputs for the production of food eggs and chickens (in the large national fields) are imported and have been subjected to the shock of the exchange rate change in terms of the installation cost of import," Saleh said.

Saleh believes that, according to these data, there are two price shocks, the first resulted from the withdrawal of demand, or the desired excess demand that exceeds supply and its restrictions, while the second shock came as a result of limited production capacities, and production at high costs.

In turn, the economic expert, Anmar Al-Obaidi, believes that "the decision to prevent the import of eggs was not successful, and contributed to an increase in demand, much greater than the supply, which raised the price of eggs."

Al-Obaidi explained that among other reasons that led to the increase in the selling prices of eggs, is the largest cost of operational expenses for work, noting that the actual need amounts to more than 1.3 million tons annually of feed on an area of one million acres, while the lands planted with feed do not exceed 15 thousand acres.

The economic expert pointed out that “poultry farming needs continuous electrical energy, which means high fuel consumption, which contributed to raising operational costs,” calling for “work to achieve balance, by allowing the introduction of imported eggs, but in quantities that do not exceed the required size.” in the market to achieve price equilibrium.

[yota691]

Al-Kazemi’s advisor reveals the importance of the Central Bank’s initiative

Economie

2021-06-23 | 07:03

 

 

 

 

Source:

Alsumaria news

 

1,887 views

 

 

Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the importance of the recent Central Bank initiative.

Saleh said in a statement to the official agency, which was followed by Alsumaria News, that "the monetary policy of the Central Bank of Iraq in recent years has kept pace with the changes." Which The monetary policies witnessed in the whole world, especially in the face of the long-term economic and technological stagnation that hit the economies of the world,” noting that “the objectives of monetary policies expanded in the world in general and Central Bank of Iraq Especially towards moving the real economy rather than focusing on the token economy.”

 

 

 

 

 

He added, "The double crisis Which saw Iraq In the war on ISIS terrorism and the decline in oil revenues between 2014 and 2017, the payment of Central Bank of Iraq To present a $5 billion initiative to support the real sectors (real estate, industrial, and agricultural), including youth loans, with long-term concessional financing terms and low bank interest, which recently reached the point of cancellation, especially for real estate loans. "The fight against economic stagnation and unemployment has become at the core, " Saleh pointed out .

The current monetary policy of the Central Bank of Iraq is no less important than fighting the problems of hyperinflation Which It was adopted by the Bank during the first decade of the third millennium,” noting that “inflation and stagnation exhaust the national economy and lead to serious deviations in the issues of production and investment on the one hand and income distribution on the other.”

Al-Kazemi’s advisor pointed out that “the Central Bank’s initiative today is devoted to financing the construction of housing complexes for the low-income classes within the framework of systematic urban planning for future cities, away from the pressure of existing cities and the problems they may cause in the rise of real estate rents and pressure on existing infrastructure networks.”

He continued, "The focus on real estate financing represents a strategic objective for monetary policy in moving the labor market, as the construction sector embraces a percentage of no less than 18 percent of the labor force, and it can move two hundred different work paragraphs at the same time."

He explained, "The back and front links of the housing finance sector from the monetary policy side are a carefully studied issue in addressing the crises of economic stagnation and unemployment in the national economy on the one hand, and the provision of housing supply within the goals of sustainable development on the other hand."

The Governor of the Central Bank revealed Mustafa Ghalib Fearful, yesterday, Tuesday, announced the launch of an initiative worth 5 trillion, in addition to contributing to moving the housing sector to complete the residential complexes Which It was halted, in addition to the imminent issuance of bonds that would enable citizens to invest their money.

[yota691]

A government advisor reveals the goal of the 5 trillion initiative for the Central Bank

political| 02:49 - 06/23/2021

 

 

 

 

Baghdad - Mawazine News
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced, on Wednesday, the importance of the recent Central Bank initiative, and indicated that it aims to finance housing complexes for low-income classes, stressing that the initiative represents a strategic goal by moving the labor market.
Saleh said, according to the official agency, that "the monetary policy of the Central Bank of Iraq in recent years has accompanied the changes in monetary policies in the whole world, especially in the face of the long-term economic and technological stagnation that hit the economies of the world," noting that "the objectives of monetary policies have expanded in the world." In general, and the Central Bank of Iraq in particular, towards moving the real economy instead of focusing on the symbolic economy.”
He added, "The double crisis that Iraq witnessed in the war on ISIS terrorism and the decline in oil revenues between the years 2014 to 2017, prompted the Central Bank of Iraq to present a $5 billion initiative to support the real sectors (real estate, industrial and agricultural), including youth loans, with concessional financing terms. Long-term and low interest rates, which have recently reached the level of cancellation, especially for real estate loans.
Saleh pointed out that "fighting economic stagnation and unemployment has become at the core of the current monetary policy of the Central Bank of Iraq and is no less important than fighting the problems of hyperinflation that the bank adopted during the first decade of the third millennium," noting that "inflation and stagnation exhaust the national economy and lead to serious deviations in the economy." The issues of production and investment on the one hand and income distribution on the other hand."
Saleh pointed out that "the Central Bank's initiative today focuses on financing the construction of housing complexes for the low-income classes within the framework of systematic urban planning for future cities, away from the pressure of existing cities and the problems they may cause in the rise of real estate rents and pressure on existing infrastructure networks."
He continued, "The focus on real estate financing represents a strategic objective for monetary policy in moving the labor market, as the construction sector embraces at least 18 percent of the labor force, and it can move two hundred different work paragraphs at the same time."
He explained, "The back and front links of the housing finance sector from the monetary policy side are a carefully studied issue in addressing the crises of economic stagnation and unemployment in the national economy on the one hand, and the provision of housing supply within the goals of sustainable development on the other hand."
Yesterday, Tuesday, Central Bank Governor Mustafa Ghaleb Makheef revealed the launch of an initiative worth 5 trillion, in addition to contributing to moving the housing sector to complete the residential complexes that were suspended, as well as the imminent issuance of bonds that enable citizens to invest their money.

[yota691]

Counselor Saleh comments about the pumping of hundreds of billions by the Central Bank of Iraq

• MIX
•  June 23, 2021
• 0
•  0

 

Baghdad/

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced today, Wednesday, the importance of the recent Central Bank initiative, and indicated that it aims to finance housing complexes for low-income classes, stressing that the initiative represents a strategic goal by moving the labor market.

Saleh said, to the official agency, that "the monetary policy of the Central Bank of Iraq in recent years has accompanied the changes in monetary policies in the whole world, especially in the face of the long-term economic and technological stagnation that hit the economies of the world," noting that "the objectives of monetary policies have expanded in the world in general. And the Central Bank of Iraq, especially, towards moving the real economy instead of focusing on the symbolic economy.”

He added, "The double crisis that Iraq witnessed in the war on ISIS terrorism and the decline in oil revenues between the years 2014 to 2017, prompted the Central Bank of Iraq to present a $5 billion initiative to support the real sectors (real estate, industrial and agricultural), including youth loans, with concessional financing terms. Long-term and low interest rates, which have recently reached the level of cancellation, especially for real estate loans.”

Saleh pointed out that “the fight against economic stagnation and unemployment has become at the core of the current monetary policy of the Central Bank of Iraq and is no less important than fighting the problems of hyperinflation that the bank adopted during the first decade of the third millennium,” noting that “inflation and stagnation exhaust the national economy and lead to serious deviations in the economy.” The issues of production and investment on the one hand and the distribution of income on the other hand.”

Saleh pointed out that "the Central Bank's initiative today is spent on financing the construction of housing complexes for low-income classes within the framework of systematic urban planning for future cities, away from the pressure of existing cities and the problems they may cause in the rise of real estate rents and pressure on existing infrastructure networks."

He continued, "The focus on real estate financing represents a strategic goal for monetary policy in moving the labor market, as the construction sector embraces at least 18 percent of the labor force, and it can move two hundred different work paragraphs at the same time."

He explained, "The back and front links of the housing finance sector from the monetary policy side are a carefully studied issue in addressing the economic stagnation and unemployment crises in the national economy on the one hand, and the provision of housing supply within the sustainable development goals on the other hand."

Yesterday, Tuesday, Central Bank Governor Mustafa Ghaleb Makheef revealed the launch of an initiative worth 5 trillion, in addition to contributing to moving the housing sector to complete the residential complexes that were suspended, as well as the imminent issuance of bonds that enable citizens to invest their money.

[yota691]

 

Al-Kazemi’s advisor: The high oil price does not make the budget balanced except on conditions

 

•  

 2021-06-24 08:41

 

Shafaq News/ Adviser to the Prime Minister for Financial and Economic Affairs Mazhar Muhammad Salih confirmed on Thursday that the rise in the oil price does not make the budget balanced, except on conditions, indicating that the budget surplus prompted the government not to finance the deficit by borrowing.

Saleh said in an interview with Shafaq News Agency; “The high oil price does not make the budget balanced except on conditions, as the average oil price should be $75 over the course of the fiscal year and not fluctuate, such as dropping to $50 and rising again,” noting that “the budget set the price of a barrel at $45.” And it has a hypothetical deficit, it has spending commitments, and it has oil and non-oil revenues.”

Saleh added, "If the price of a barrel of oil continues at $75 throughout the fiscal year, there will be a balanced budget, provided that there is efficiency in spending and efficiency in non-oil revenues as planned."

Saleh pointed out that "during the first 6 months of this year, the barrel price achieved more than 45 dollars, and at least 62 to 65 dollars the average selling price, and thus achieved a surplus that made the government not finance the deficit by borrowing," noting that "the budget turns from Budgeting a deficit into a balanced budget when the desired expenditures are equal to the desired revenues with the surplus resulting from the rise in oil prices.

On (March 31, 2021), the Iraqi parliament voted on the federal general budget law for the fiscal year 2021 with a deficit of more than 28 trillion dinars, while the revenues of the general budget amounted to more than 101 trillion Iraqi dinars, while expenditures were estimated at 129 trillion dinars.

It is noteworthy that Iraq has entered into a stifling economic crisis since the beginning of the year 2020, as a result of the decline in crude oil prices in global markets due to the Corona pandemic, before oil prices resumed their rise again.

[yota691]

An important clarification from Al-Kazemi’s advisor regarding the value of the “dinar”

Economie

2021-06-25 | 03:11

 

 

 

 

 

14,231 views

 

 

Today, Friday, the Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, determined the rate of rise in the inflation rate in the country.

Saleh said, in statements to the official agency, followed by Alsumaria News, that "the improvement in the value of the Iraqi dinar is related to the economy's ability to grow if significant growth is achieved in the economy and not rent growth," noting that "expectations indicate a current growth of 2.5%, and this growth is equivalent to growth real population.

 

 

 

He added that "this needs the right development, reducing unemployment, increasing job opportunities, and flourishing investment projects, which encourage and generate income that compensates for oil, and gives sustainability in returns, and sustainability with the strength of the economy," noting that "there are two important things, the first is monetary policy that maintains On the stability of the exchange rate, and create a stable environment for a long period, and the second is to support investment projects for development and achieve growth, because without growth the situation will be bad.”

 

 

Regarding the rate of inflation, Saleh explained that “there are two types of goods, tradable goods, most of which are imported and linked to the exchange rate, and non-tradable goods, which are local such as services and others,” stressing that: “If we collect tradable and non-tradable goods, we will find Inflation did not increase more than 6%, and therefore it is considered reasonable and controlled in comparison with the significant devaluation of the dinar.

[yota691]

Government financial advisor: High oil prices prevented borrowing in the budget

 

- 06-25-2021 09:14 AM - Read: 3469

 

Adviser to the Prime Minister for Financial and Economic Affairs, Mazhar Muhammad Salih, said that the high oil price does not make the budget balanced, except on conditions, indicating that the budget surplus prompted the government not to finance the deficit by borrowing.
Saleh confirmed in a press interview; The conditions of balance in the federal budget require the stability of the average oil price of $75 over the course of the fiscal year and not fluctuate, as if it decreases to 50 dollars and rises again,” noting that “the budget in which the price of a barrel was set at 45 dollars and has a hypothetical deficit and it includes spending commitments and oil revenues And not oil.” He added that if the price of a barrel of oil continues at $75 throughout the fiscal year, there will be a balanced budget, provided that there is efficiency in spending and efficiency in non-oil revenues as planned. He pointed out that "during the first 6 months of this year, the barrel price achieved more than 45 dollars, and at least 62 to 65 dollars the average selling price, and thus achieved a surplus that made the government not finance the deficit by borrowing," noting that "the budget is transformed from a budget A deficit to a balanced budget when the desired expenditures are equal to the desired revenues with the surplus resulting from the rise in oil prices.

[yota691]

The government advisor talks about the high oil price and its impact on the budget

political| 04:17 - 06/24/2021

 

 

 

 

Baghdad - Mawazine News
, Adviser to the Prime Minister for Financial and Economic Affairs Mazhar Muhammad Salih said, on Thursday, that the high oil price does not make the budget balanced, except on conditions, indicating that the budget surplus prompted the government not to finance the deficit by borrowing.
Saleh said in a press interview; “The high oil price does not make the budget balanced except on conditions, as the average oil price should be $75 over the course of the fiscal year and not fluctuate, such as dropping to $50 and rising again,” noting that “the budget set the price of a barrel at $45.” And it has a hypothetical deficit, it has spending commitments, and it has oil and non-oil revenues.”
He added, "If the price of a barrel of oil continues at $75 throughout the fiscal year, there will be a balanced budget, provided that there is efficiency in spending and efficiency in non-oil revenues as planned."
Saleh pointed out, “During the first 6 months of this year, the barrel price achieved more than 45 dollars, and at least 62 to 65 dollars, the average selling price, and thus achieved a surplus that made the government not finance the deficit by borrowing,” noting that “the budget turns From a budget deficit to a balanced budget when the desired expenditures are equal to the desired revenues with the surplus resulting from the rise in oil prices.” Ended 29/ 77

[yota691]

A government advisor bets the improvement of the value of the dinar on several conditions and determines the rate of high inflation

Economie| 10:01 - 25/06/2021

 

 

 

 

 Baghdad - Mawazine News,
Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, pledged, on Friday, the improvement of the value of the dinar with several conditions that must be met and achieved, while determining the rate of high inflation in the country.
Saleh said, "The improvement in the value of the Iraqi dinar is related to the economy's ability to grow if significant growth is achieved in the economy and not rentier growth," noting that "expectations indicate a current growth of 2.5%, and this growth parallels the growth of the real population."
He added that "this needs the right development, reducing unemployment, increasing job opportunities, and flourishing investment projects, which encourage and generate income that compensates for oil, and gives sustainability in returns, and sustainability with the strength of the economy," noting that "
Regarding the rate of inflation, Saleh explained that “there are two types of goods, tradable goods, most of which are imported and linked to the exchange rate, and non-tradable goods, which are local such as services and others,” stressing that: “If we collect tradable and non-tradable goods, we will find That inflation did not increase more than 6%, and therefore it is considered reasonable and controlled inflation compared to the significant devaluation of the dinar.

 

 

 

[yota691]

Al-Kazemi’s advisor bets the improvement in the value of the dinar on several conditions and determines the rate of high inflation

 

 

Today, 09:58

Baghdad

Today, Friday, the Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, pledged an improvement in the value of the dinar on several conditions that must be met and achieved, while determining the rate of high inflation in the country.

Saleh told the Iraqi News Agency (INA): "The improvement in the value of the Iraqi dinar is related to the economy's ability to grow if significant growth is achieved in the economy and not rentier growth," noting that "expectations indicate a current growth of 2.5%, and this growth parallels population growth." Real".

 He added that "this needs the right development, reducing unemployment, increasing job opportunities, and flourishing investment projects, which encourage and generate income that compensates for oil, and gives sustainability in returns, and sustainability with the strength of the economy," noting that "there are two important things, the first is monetary policy that maintains On the stability of the exchange rate, and create a stable environment for a long period, and the second is to support investment projects for development and achieve growth, because without growth the situation will be bad.”

Regarding the rate of inflation, Saleh explained that “there are two types of goods, tradable goods, most of which are imported and linked to the exchange rate, and non-tradable goods, which are local such as services and others,” stressing that: “If we collect tradable and non-tradable goods, we will find Inflation did not increase more than 6%, and therefore it is considered reasonable and controlled in comparison with the significant devaluation of the dinar.

 

[yota691]

Adviser to the Prime Minister: The world's highest population growth and social market strategy must be launched

 

 

money and business Economy News _ Baghdad Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, on Sunday, put forward a proposal to implement a strategy he called (the social market) to provide a diversified economic system in its sources that turns Iraq into a productive force, while he expected the population of Iraq to reach 80 million in 2050. Salih said in an interview with the agency. Iraqi News and Al-Eqtisadiah News continued, "The population curve in Iraq still indicates a high growth of no less than 2.6% annually, which is the highest in the world," pointing to "the current high national income, which is sourced from oil, which constitutes a direct proportion of about 45% of the population." The GDP has an impact rate of more than 80% in the components of the growth of that output. He added, "This is through the impact of oil on the structure of government spending, whose revenues still constitute 93% of the total revenues of the general budget," adding: "In spite of this, the coexistence of two pension systems, one over the other, is a fragile and frightening relationship, and I mean that that There are more than 8 million Iraqis who receive salaries, pensions, grants, or social benefits from the state, which means that the majority of the Iraqi people receive income from oil revenues under the family support system. He pointed out that "the system is based on the principle that (the recipients of government income in our country guarantee the livelihood of a family of 5), which indicates that the majority of the population receives government income directly or indirectly, and this is a form of social solidarity, and it is still somewhat reassuring until Nowadays". He continued, "However, the increase in the country's population by one million people annually and the continuation of employment at low annual levels, will cumulatively affect the risks of disruption of production joints and the increase in unemployment among the youth, which is about 23% at the present time, and in a young nation in which youth constitute nearly 60% of the population." He explained, "Regardless of the increasing problems of poverty due to the Corona pandemic, the closure of the global economy and the deterioration of oil prices in the past year, the system of salaries, government pensions and subsidies has formed a safety valve in maintaining the standard of living and facing social collapse within the current Iraqi dependency base." He stressed, "In spite of this, there are two restrictions if the economy continues to depend on oil until 2050 without diversifying the sources of national income in it, the first: that the country's population will double and may reach nearly 80 million people, and the second: the world's progress towards the implementation of the Paris climate agreement. By making carbon emissions zero in 2050, which means the world will turn to alternative, renewable energy and the global demand for oil will fall.” And he continued his speech, saying: "Therefore, keeping the situation as it is will lead to the fragility of the current support system itself or its thinning over time and the difficulty of extending it because the oil financial cover will not be sufficient theoretically and realistically to support 80 million people in light of the current government operation and disruption of the private sector." He noted that "Iraq has only one strategy before it, which is to launch a social market system that is capable of developing the joints of the economy in manufacturing manufacturing, cash agriculture, tourism and service areas, and transforming Iraq into a diversified productive force, provided that oil revenues are directed between the years 2022-2032 to funds for financing private productive activity." And providing a courageous law for security and social protection against forms of unemployment,” he concluded by saying: “Here a prosperous economic system that is diversified in its sources will be born that is not dependent on depleted unilateral wealth.”

Views 229   Date Added 06/27/2021

[3n1]

hmmm The Social Market strategy 🤔 

[horsesoldier]

SoooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooMUCH RUNNING AT THE MOUTH !!!!!!!! 
 

What an insufferable people ! The entire country & it’s citizens suffer mightily and yet its a call for this or that-we must do such & such. STILL WAITING !

 

What a miserable mob of deadbeats

 

Ive “ chewed all the hair of my tail .... Don’t even have enough for cheap violin strings “

[Laid Back]

Social market system is a socioeconomic model combining a free market capitalist economic system alongside social policies that establish both fair competition within the market and a welfare state.

 

Go iraq

Go diversification of the economy 

Go free market capitalist economy 

Go RV

Go $1:1