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The central bank reserves jump to 64 billion dollars, and an important US decision is awaited by Iraq


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A new rise in the reserves of the Central Bank of Iraq

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 Economie

 

  •  Yesterday, 21:08
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Baghdad - INA - Nassar Al-Hajj
The Central Bank of Iraq announced today, Thursday, a new rise in the bank's foreign exchange reserves.
The Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, told the Iraqi News Agency (INA), that "the foreign reserves of the Central Bank of Iraq witnessed a 14% increase compared to what they were on 31/12/2020."
Al-Yasiri added: "It was worth 54.501 billion dollars, to reach on 22/9/2021 (yesterday), to 62.155 billion dollars, an increase of 7.654 billion dollars."
And Prime Minister Mustafa Al-Kazemi announced, last April, that the Central Bank's foreign currency reserves had risen to more than $60 billion.
Al-Kazemi said, in a statement received by the Iraqi News Agency (INA), that "the central bank's foreign currency reserves rose to more than 60 billion dollars, after it was 51.9 billion before the start of the reform measures for this government."
The Prime Minister added, "The increase came as a result of the reform measures taken by the government after many bet on their failure and non-continuity," adding, "We succeeded in stopping the waste and great corruption in the notorious Central Bank auction, and we are proceeding with our procedures and we will not stop."

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A new rise in the reserves of the Central Bank of Iraq

 

 

economic news  Yesterday, 21:46  3697 views

Today, Thursday, the Central Bank of Iraq announced a new rise in the bank's foreign exchange reserves.
The Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, told a journalist, "The foreign reserves of the Central Bank of Iraq witnessed a 14% increase compared to what they were on 31/12/2020."
Al-Yasiri added: "It was worth 54.501 million dollars, to reach on 22/9/2021 (yesterday), it reached 62.155 million dollars, an increase of 7.654 million dollars."
And Prime Minister Mustafa Al-Kazemi announced, last April, that the Central Bank's foreign currency reserves had risen to more than $60 billion.
Al-Kazemi said, "The central bank's foreign currency reserves rose to more than 60 billion dollars, after it was 51.9 billion dollars before the reform measures of this government began."
The Prime Minister added, "The increase came as a result of the reform measures taken by the government after many bet on their failure and non-continuity," adding, "We succeeded in stopping the waste and great corruption in the notorious Central Bank auction, and we are proceeding with our procedures and we will not stop."

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40 minutes ago, Laid Back said:

Good news.!!
 

Lets say they have 45 trillion IQD in circulation 

45 trillion IQD  / 1460 = $30.8 billion dollars 

Foreign currency reserves $62 billion dollars 

$62 billion dollars foreign currency reserves  / $30.8 currency in circulation 

They can cover monetary mass by 201%

 

The white paper reforms are working.!

 

Go dinar 

Go foreign currency reserves 

Go Purchasing power

 

Me likey!!

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55 minutes ago, Laid Back said:

Good news.!!
 

Lets say they have 45 trillion IQD in circulation 

45 trillion IQD  / 1460 = $30.8 billion dollars 

Foreign currency reserves $62 billion dollars 

$62 billion dollars foreign currency reserves  / $30.8 currency in circulation 

They can cover monetary mass by 201%

 

The white paper reforms are working.!

 

Go dinar 

Go foreign currency reserves 

Go Purchasing power

 

This is the best news I’ve read in weeks! It is all in motion and will happen at the right time. As Al-Kazemi said, “we are proceeding with our procedures and we will not stop."

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  • 2 months later...
 
 Baghdad: Ahmed Abd Rabbo
  
In the face of speculations and warnings posed by international monetary institutions, regarding the Iraqi economy, the Central Bank had accumulated cash reserves of hard currency to 64 billion dollars, which makes it able to influence exchange rates and provide a comfortably stable economic environment.
International reserves, deposits and bonds of foreign currency held by central banks and monetary authorities, are necessary to support the currency and pay the debts owed by the country.
On the other hand, the inflation index in the major countries of the world constitutes an obsession that pushes them to stimulate the interest rate hike of the dollar, and this is what the US Federal Reserve plans to do; By the middle of next year, he will raise interest rates on the dollar.
Those indicators drawn by the US data, the Iraqis read, are an increase in the material returns and interest on Iraqi funds, assets and bonds located in America, most notably the hard currency reserves in the US Federal Bank in Washington.
A senior source in the Central Bank told "Al-Sabah", "The hard currency reserves of the US Federal Bank rose to 64 billion dollars, due to the rise in the oil markets."
The source commented on the possible US decision that "it will bring great financial benefits to Iraq," which was confirmed by the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih.
Saleh said in a statement to "Al-Sabah": that Iraq "will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests its foreign reserves in the United States, which provides the highest returns and lower risks."
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A source in the Central Bank revealed that the Iraqi hard currency reserves rose to 64 billion dollars after the boom recorded by oil prices in global markets.
The source added, during a press statement to Al-Sabah newspaper, on Monday: "The hard currency reserves at the US Federal Reserve rose to 64 billion dollars, due to the rise in the oil markets."
The source commented on the possible US decision that "it will bring great financial benefits to Iraq," which was confirmed by the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih.
Saleh said during a press statement that Iraq "will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests its foreign reserves in the United States, which provides the highest returns and lower risks."

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The central bank reserves jump to 64 billion dollars, and an important US decision is awaited by Iraq
  
{Economic: Al Furat News} The Central Bank of Iraq's foreign currency reserves rose.

A senior source in the Central Bank of Iraq said, "The hard currency reserves at the US Federal Reserve rose to 64 billion dollars, due to the rise in the oil markets."
The source also attributed the strengthening of the foreign monetary reserve to "some important measures taken by the government", in reference to the measures related to fiscal and monetary policies included in the white paper.
The source commented on the possible US decision that it would "bring great financial benefits to Iraq," which was confirmed by the financial advisor to the Prime Minister, Mazhar Muhammad Salih.
Saleh said in a press statement that Iraq "will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests the least amount of its foreign reserves in the United States with the highest risks."
Among the investments that Iraq is engaged in are short-term and interest-bearing assets, and these include "treasury bonds and bank deposits," according to Saleh.
Saleh echoes his words, warning "against borrowing from the American market, because that will be very expensive, due to the high interest costs on loans."
The inflation index in the major countries of the world constitutes an obsession that pushes them to motivate them to raise the dollar interest, and this is what the US Federal Reserve plans to do; Which decided the middle of next year, to raise interest rates on the dollar.
Those indicators drawn by those US data, the Iraqis read, are the increase in material returns and interests on Iraqi money, assets and bonds in America, most notably the hard currency reserves in Washington.

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100 dollar bills. "Internet"
  

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Economy News - Baghdad

A government source revealed, on Monday, that Iraq's foreign currency reserves have risen to 64 billion dollars.

The source said in a statement to the official newspaper, "The hard currency reserves of the US Federal Reserve rose to 64 billion dollars, due to the rise in the oil markets."

He added that this "will bring significant financial benefits to Iraq."

 
 
Views 93   Date added 12/13/2021
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More GOOD news.!


“The hard currency reserves of the US Federal Reserve rose to 64 billion dollars, due to the rise in the oil markets."

He added that this "will bring significant financial benefits to Iraq."

 

Higher Reserves = Stronger currency 

 

Go 🇮🇶 

Go CBI

Go foreign currency reserves 

Go purchasing power 

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Since September 24th till now Iraq has added an additional 2 billion dollars to it's reserves. This is ABSOLUTE progress and that coupled with... 

 

The Central Bank of Iraq announces that it has terminated all necessary banking arrangements with the US Federal Reserve to stop the automatic deduction of Kuwait’s compensation from Iraqi crude oil export revenues, and confirms the possibility of paying the entire remaining amount of compensation before the end of the current year 2021 to end this file.

 

Looks like they are almost ready to make the leap to the worlds stage.

Yes @Laid Back very much agree that 2022 could be our year, perhaps early 2022:twothumbs:

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ERBIL, Kurdistan Region - Iraq’s foreign currency reserves have risen by more than $10 billion as a result of higher oil prices, an official source told the state-owned newspaper on Monday.

The Iraqi central bank’s reserves have increased from $51.9 to $64 billion "due to a rise in the oil markets," an anonymous source from the bank told al-Sabah newspaper. 

Record low oil prices during the pandemic last year contributed to a financial crisis in Iraq, but a recent boost in the oil market and the central bank’s decision in December to devalue the dinar have eased the crisis as the Iraqi government depends on oil revenues to cover its costs and pay the salaries of its civil servants.

Iraq exported over 98 million barrels of crude oil last month, bringing in $7.590 billion, the oil ministry said in its monthly report. In October, it increased exports by more than four million compared to the month before. 

Iraq is one of the most corrupt countries in the world. In April, Prime Minister Mustafa al-Kadhimi said the government has “succeed in stopping the waste of money and corruption in the notorious central bank auction.” 

Last year, the government announced a series of economic reforms titled the White Paper which includes financial, economic and institutional reforms.

The White Paper makes it clear that the causes of Iraq’s economic and financial woes date back several decades, providing a detailed outline of the factors that have distorted the country’s economy and its failure to keep pace with the economic developments the world has witnessed. 

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4 hours ago, Wiljor said:

The Central Bank of Iraq announces that it has terminated all necessary banking arrangements with the US Federal Reserve to stop the automatic deduction of Kuwait’s compensation from Iraqi crude oil export revenues, and confirms the possibility of paying the entire remaining amount of compensation before the end of the current year 2021 to end this file.

yep done deal

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POSTED ON 2021-12-14 BY SOTALIRAQ

The Central Bank: The cash reserve increased to 64 billion dollars

The Central Bank: The cash reserve increased to 64 billion dollars

 Baghdad: Ahmed Abd Rabbo
 
In the face of speculations and warnings posed by international monetary institutions, regarding the Iraqi economy, the Central Bank had accumulated cash reserves of hard currency to 64 billion dollars, which makes it able to influence exchange rates and provide a comfortably stable economic environment.
International reserves, deposits and bonds of foreign currency held by central banks and monetary authorities, are necessary to support the currency and pay the debts owed by the country.
On the other hand, the inflation index in the major countries of the world constitutes an obsession that pushes them to stimulate the interest rate hike of the dollar, and this is what the US Federal Reserve plans to do; By the middle of next year, he will raise interest rates on the dollar.
Those indicators drawn by the US data, the Iraqis read, are an increase in the material returns and interest on Iraqi funds, assets and bonds located in America, most notably the hard currency reserves in the US Federal Bank in Washington.
A senior source in the Central Bank said, "The hard currency reserves of the US Federal Reserve rose to 64 billion dollars, due to the rise in the oil markets."
The source commented on the possible US decision that "it will bring significant financial benefits to Iraq," which was confirmed by the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih.
Saleh said in a statement that Iraq "will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests its foreign reserves in the United States, providing the highest returns and lower risks."
Disclaimer: All published articles represent the opinion of its authors only
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 Baghdad: Ahmed Abd Rabbo
 
In the face of speculations and warnings issued by international monetary institutions, regarding the Iraqi economy, the Central Bank of Iraq had accumulated its cash reserves of hard currency to 64 billion dollars, which makes it able to influence exchange rates and provide a stable and comfortable economic environment.
 
 
 
International reserves, or foreign exchange reserves—the deposits and bonds of foreign currency held by central banks and monetary authorities—are important to support a currency and pay debts owed by a country.
On the other hand, the inflation index in the major countries of the world constitutes an obsession that pushes them to stimulate the interest rate hike of the dollar, and this is what the US Federal Reserve plans to do; Which decided the middle of next year, to raise interest rates on the dollar.
Those indicators drawn by those American data, the Iraqis read, an increase in the material returns and interest on the Iraqi funds, assets and bonds located in America, most notably the hard currency reserves located in Washington.
A senior source in the Central Bank told "Al-Sabah": "The hard currency reserves of the US Federal Reserve rose to 64 billion dollars, due to the rise in the oil markets."
The source also attributed the strengthening of foreign exchange reserves to "some important measures taken by the government", in reference to the measures related to financial and monetary policies included in the white paper.
The source commented on the possible US decision that "it will bring great financial benefits to Iraq," which was confirmed by the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih.
Saleh said in a statement to "Al-Sabah": that Iraq "will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests its foreign reserves in the United States, which provides the highest returns and lower risks."
Among the investments that Iraq is engaged in are related to short-term and interest-bearing assets, and these include "treasury bonds and bank deposits," according to Saleh.
Saleh echoes his words, warning "against borrowing from the American market, because that will be very expensive, due to the high interest costs on loans."
The government must work to shift this interest in favor of the “potential increase” in the prices of goods and services, according to economist Mustafa Hantoush.
In an interview with "Al-Sabah", Hantoush found that it is necessary for the government to make an effort to provide the ration card items in full and with a high flow, while supporting vulnerable groups, and expanding those covered by social protection.
The spokesman promised that the decision that the US Federal Reserve is going to take would be in the interest of the energy and oil market, and bring benefits to any country that sells oil.
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The Central Bank announces the preparation of a study of the currency structure project and warns against changing the exchange rate

https://iraqakhbar.com/3408042

1637752988_79112021_640.jpg

 

Baghdad / h. g

Today, Tuesday, the Central Bank of Iraq announced that it had prepared a draft currency structure study, while determining the negative effects when the dollar was re-exchanged to 1200 dinars.

And the bank said in a statement that it was followed by (the Iraqi Information News Agency /) that “the Central Bank has completed the preparation of a draft currency structure study,” noting that “the timing of the implementation of the project depends on the bank’s policy and the political and economic conditions of the country.”

He added, "The bank has no intention of issuing new denominations of the currency," noting that "continuing to provide new banknotes to compensate for the damaged banknotes."

And about the negative effects caused by re-exchange of the dollar to 1200 dinars in the event that the next House of Representatives issues a decision to do so, the bank confirmed that “this will affect negatively and will lead to the exchange rate in the parallel (local) market getting out of control and consequently sharp fluctuations in the exchange rate that lead to to harm the interests of citizens and projects,” noting that “this will cause a destabilization of confidence in the stability of the financial system in Iraq, and such a decision will lead to the exit of local investment and production projects from competition, and thus exacerbate the unemployment crisis as a result of those projects stopping work.”

He continued, "The increase in the exchange rate led to an increase in the competitiveness of the local product and thus an increase in its market share, as well as a reduction in expenditure pressure on the Ministry of Finance by 23%, which enabled the Ministry of Finance to overcome the crisis resulting from the drop in global oil prices during 2020 and the first months of 2021." He explained that "this also led to an increase in the flexibility of public finances to carry out the necessary structural reforms to achieve financial sustainability in Iraq."

And on the central bank’s foreign currency reserves, the bank stated that “the volume of the total foreign reserves during the month of December 2021 amounted to 63.793 billion dollars,” noting that “the volume of net foreign reserves during the current month reached 59.980 billion dollars.”

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Iraq foreign reserves rise on currency devaluation, oil prices - cbank governor

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Iraq’s Central Bank Governor Mustafa Ghalib, speaks during an interview with Reuters in Baghdad, Iraq December 14, 2021. REUTERS/John Davison

Iraq’s Central Bank Governor Mustafa Ghalib, speaks during an interview with Reuters in Baghdad, Iraq December 14, 2021. REUTERS/John Davison

 
BAGHDAD, Dec 14 (Reuters) - Iraq's foreign currency reserves have risen to $64 billion from $48 billion since Iraq devalued its currency almost a year ago, Iraqi Central Bank Governor Mustafa Ghalib said on Tuesday.

Ghalib said the devaluation had helped bring the reserves up, and that Iraq's economy was much healthier than during the middle of the coronavirus pandemic, when oil prices plummeted and Baghdad was in preliminary talks with the International Monetary Fund for a possible loan.

"We were meeting sometimes twice a day with the IMF and the World Bank, but the Iraqi government's financial situation is much better now," Ghalib told Reuters in an interview at his office in Baghdad.

"Reserves might have decreased in the 30s of billions of dollars without the devaluation ... the rise in oil prices has also helped," he added. Ghalib said he expected Iraq's 2022 budget to be based on an oil price of roughly $45 per barrel. Iraq, OPEC's second-largest producer, draws around 95 percent of its state revenue from oil sales.

Iraq currently owes its neighbor Iran around $5 billion for energy imports that are crucial for keeping the lights on, but Baghdad is abiding by U.S. sanctions that prohibit it from paying any cash to Iran, Ghalib said.Iraq has paid some of those power debts in commodities and supplies, for example buying some $250 million worth of Russian-made Sputnik COVID-19 vaccines for Iran, as well as making wheat purchases for Tehran, he said.

Ghalib confirmed reports that Iraq has opened an account with the China-backed Asian Infrastructure Investment Bank, saying it has deposited around $100 million in the account for possible future payment for infrastructure projects.

 

https://www.reuters.com/markets/currencies/iraq-foreign-reserves-rise-currency-devaluation-oil-prices-cbank-governor-2021-12-14/?rpc=401&

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