Official: Iraqis keep 70 trillion dinars outside the banking system

[3n1]

1 hour ago, Laid Back said:

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.

 

Letsroll ..... hate to raise this unknowable question but how long will this take to implement .

J/K LB , appreciate all ur additions .... 

[Laid Back]

16 minutes ago, 3n1 said:

 

Letsroll ..... hate to raise this unknowable question but how long will this take to implement .

J/K LB , appreciate all ur additions .... 

Im my opinion, they’re positioning themselves for implementation. I have read others articles talking about beginning of 2022.

 

Go Iraq 

Go diversification of the economy 

Go open market economy 

Go RV

 

 

[yota691]

Invitation to launch a social market strategy

Monday 28 June 2021 67

 

 Baghdad: morning

 

Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, suggested implementing a strategy he called “the social market” to provide a diversified economic system in its sources that would turn Iraq into a productive power, while expecting the population of Iraq to reach 80 million in 2050.

Saleh said, to the Iraqi News Agency {conscious}, that {the population curve in Iraq still indicates a high growth of no less than 2.6 percent annually, which is the highest globally}, pointing to {the current high national income, which is sourced from oil, which constitutes a direct ratio of about 45 %. percent of the gross domestic product, has an impact rate of more than 80 percent 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 percent 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 there is More than 8 million Iraqis 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 support system. 

family }.

He noted that {Iraq has one strategy in front of it, which is to launch a social market system capable of developing the joints of the economy in the manufacturing industry, 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 that finance private productive activity and provide a brave 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.”

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 receive government income directly or indirectly, and this is a form of social solidarity, and is still reassuring to some extent. What up to the present time}.

He continued: {However, the country's population increase 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 approximately 23 percent currently, and in a young nation in which young people constitute nearly 60 percent 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 population of the country will double and may reach nearly 80 million people, and the second: the world's progress towards the implementation of the Paris Agreement." Climate change by making carbon emissions zero by 2050, which means the world will turn to alternative, renewable energy and the global demand for oil will fall.”

He continued his speech, saying: {Therefore, the continuation of 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 in theory.

[SocalDinar]

World’s fastest population growth demands new economic order in Iraq, says adviser

The population growth in Iraq is not less than 2.6 percent annually - the highest in the world. (Shutterstock)

Short Url

https://arab.news/9c85f

Updated 28 June 2021

ARAB NEWS

June 28, 202111:14

 

• Iraqi Prime Minister Financial Affairs Adviser Mazhar Mohammed Saleh called for a new “social market” to reduce oil dependence

RIYADH: The world’s fastest population growth is accelerating the need for a more diversified economic system in oil-dependent Iraq, according to a top government minister.
Iraqi Prime Minister Financial Affairs Adviser Mazhar Mohammed Saleh called for a new “social market” to reduce oil dependence and boost investment in key sectors such as manufacturing, agriculture and tourism and service areas, Iraqi News Agency (INA) reported.
Saleh warned against depending on oil until 2050 without diversifying the sources of national income.
The population growth in Iraq is not less than 2.6 percent annually- the highest in the world, Saleh told INA.
The country depends on oil, which constitutes 45 percent of the GDP and affects about 80 percent of the growth of the economy, contributing to 93 percent of the government’s revenues, he explained.
“More than 8 million Iraqis receive salaries, a pension, a grant or a social benefit from the state, which means that the majority of the Iraqi people receive income from oil revenues under the family support system,” he said. “The country’s population increase by one million people annually, and the employment rates at low annual levels, will cumulatively affect the risks of production disruption and the increase in unemployment among young people, which is currently approximately 23 percent.”
Iraq’s population reached 40.1 million at the end of last year, according to data from the Ministry of Planning

 

https://www.arabnews.com/node/1884591/business-economy

[horsesoldier]

More CALLS for literally everything to be done so Iraq can move forward and YET ............. 

[Fairways&Greens]

Their population is about the same as the State of California (which is rich in natural resources). Common sense politically, not so much. 

 

Iraq is resource rich, the market for crude oil is very high, many countries have signed deals to help diversify and develop infrastructure and the economy and the world banks, etc are saying you’re ready…go for it. Get it done CBI!

[yota691]

Al-Kazemi’s advisor requires determinants to raise the value of the dinar: the situation may worsen

25 June 2021

 

Saleh warned that the situation would deteriorate if development was not achieved
Ultra Iraq - Editorial Team

Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, set conditions for raising the value of the Iraqi dinar in light of the instability of exchange rates.

Saleh said in a statement, July 25, that "the increase in the value of the Iraqi dinar depends on the economy's ability to grow away from rentier revenues."

Saleh added, "Expectations indicate a current growth of 2.5%, in a way that parallels the real population growth," noting "the need to achieve correct development, reduce unemployment, and enhance job opportunities through investment projects to achieve economic sustainability."

The advisor identified, "two important things to raise the value of the dinar: the first is the monetary policy that maintains the stability of the exchange rate and creates a stable environment for a long period, and the second is to support investment projects for development, otherwise the situation will be worse."

And Saleh indicated that "inflation rose by 6%, measuring the types of goods and services," returning that "reasonable and controlled inflation compared to the significant decline in the value of the dinar."

 

 

[Laid Back]

“The increase in the value of the Iraqi dinar depends on the economy's ability to grow away from rentier revenues."

 

“Two important things to raise the value of the dinar: the first is the monetary policy that maintains the stability of the exchange rate and creates a stable environment for a long period, and the second is to supportinvestment projects for development, otherwise the situation will be worse."

 

Go diversification of the economy 

Go open market economy 

Go increase in the value of the dinar

 

 

 

[southbeach]

They can and will fulfill those 2 requirements easily

[southbeach]

Talk about Bank of Indonesia pegging rupiah to Kuwait.  Should Iraq peg to US or Kuwait?

[rvmydinar]

47 minutes ago, southbeach said:

Talk about Bank of Indonesia pegging rupiah to Kuwait.  Should Iraq peg to US or Kuwait?

It looked like you were interested in rupiah. Have you already been investing in rupiah beside iqd?

[rvmydinar]

49 minutes ago, southbeach said:

Should Iraq peg to US or Kuwait?

It doesn't matter. I can live with either US or Kuwait.

[3n1]

33 minutes ago, rvmydinar said:

It doesn't matter. I can live with either US or Kuwait.

 

agree just need it international tradeable bankable in the past articles stated a basket of currencies usd being in the pegged basket .... 

[rvmydinar]

2 minutes ago, 3n1 said:

 

agree just need it international tradeable bankable in the past articles stated a basket of currencies usd being in the pegged basket .... 

Exactly.

[GreedyDinar07]

Like I have said, they will have to be compelled to RV their currency by diversifying their economy and other resources other than oil. They can't do this without going international. Eventually something has to give!! The question is...How much longer????

[southbeach]

9 hours ago, rvmydinar said:

It looked like you were interested in rupiah. Have you already been investing in rupiah beside iqd?

You should consider holding this grossly undervalued currency.  Far East and Middle East high growth areas 

[3 bucks new rv rate]

4 hours ago, southbeach said:

You should consider holding this grossly undervalued currency.  Far East and Middle East high growth areas 

thanks for your advice southbeach. I'll keep that in mind.

[screwball]

14 hours ago, rvmydinar said:

It looked like you were interested in rupiah. Have you already been investing in rupiah beside iqd?

Rupiah is a gamble but they are oil rich and want to remove zeros as well I have rupiah as well 

[screwball]

9 hours ago, GreedyDinar07 said:

Like I have said, they will have to be compelled to RV their currency by diversifying their economy and other resources other than oil. They can't do this without going international. Eventually something has to give!! The question is...How much longer????

Exactly 

[3 bucks new rv rate]

4 minutes ago, screwball said:

Rupiah is a gamble  

you may be right. a gamble has something to do with risk, no risk no gain. i thought people don't have a confidence in rupiah.  now, i am just so surprised that some have been investing in rupiah. what a good choice of investment beside iqd..

[screwball]

28 minutes ago, 3 bucks new rv rate said:

you may be right. a gamble has something to do with risk, no risk no gain. i thought people don't have a confidence in rupiah.  now, i am just so surprised that some have been investing in rupiah. what a good choice of investment beside iqd..

Had for years better than dong in my opinion 

[rvmydinar]

2 hours ago, screwball said:

better than dong in my opinion 

You don't have a confidence in dong anymore than rupiah?

[screwball]

11 hours ago, rvmydinar said:

You don't have a confidence in dong anymore than rupiah?

I have a little dong always like to cover all bases and have lots of Iranian rial 

[JonnyV]

1 hour ago, screwball said:

I have a little dong always like to cover all bases and have lots of Iranian rial 

 

That’s TMI.    LOL

[markb57]

5 hours ago, screwball said:

I have a little dong always like to cover all bases and have lots of Iranian rial 

have allot of Rial too. curious to see if it ever does anything....