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

[dinarham]

  The  "preparation of a study" ?  This dumb news is getting so stale .

[screwball]

dont they make decisions regarding chapter iv in december????

[yota691]

$63.8 billion foreign exchange reserves in Iraq

Central Bank of Iraq

 December 15, 2021 01:59 PM

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

The central bank said in a statement that "the 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 issued a decision to that effect.

The bank stressed that "this will negatively affect the exchange rate in the parallel (local) market, and consequently, sharp fluctuations in the exchange rate will lead to harm to the interests of citizens and projects."

He pointed out 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 these projects stopping work."

He added, "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." , explaining 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 amounted to 59.980 billion dollars.”

[yota691]

Economist: What The Central Bank Has Achieved In Terms Of Monetary Reserves Requires The Government To Reduce The Exchange Rate

 

LAST UPDATE 12/16/2021 | 9:37 AM

The Information/Baghdad...
The economic expert Wissam Al-Tamimi said, on Thursday, that the cash reserve achieved by the Central Bank exceeded 64 billion dollars, making it imperative for the government to reduce the dollar exchange rate a year after the decision to raise it by 23 percent.
Al-Tamimi said in a statement to Al-Maalouma, "The Central Bank's assurances on achieving a cash reserve of 64 billion dollars, is only a message to the government regarding issuing a decision either to continue the exchange rate rise or reduce it."
He added, "There are many question marks on the government, especially since there is a great financial abundance achieved from oil revenues and the high exchange rate, at a time when no final accounts have been conducted so that everyone can know the recovered or realized funds for the current year."
Al-Tamimi explained, “The cash reserve achieved by the Central Bank should be faced with a reduction in the exchange rate in the local market, especially since poverty rates have risen according to the statistics of the Ministry of Planning, which needs a quick treatment to remedy what the citizen may resort to to achieve a living, especially that the total prices The purchasing power of the citizen as well as the owners of the markets has increased and decreased, and therefore, continuing with this approach will lead the country to a dangerous slide.” finished/ 25 n

[yota691]

Al-Saadawi: The Money Laundering Process Continues, And The Smuggling Of Dollars From Iraq Takes Place On A Daily Basis

 

LAST UPDATE 12/16/2021 | 4:15 PM

information / special

A former member of the Finance Committee, Abdul-Hadi Al-Saadawi, confirmed on Thursday that the dollar's exit from Iraq has not stopped until today.

Al-Saadawi said, in a statement to the "Information" agency, that "the money laundering process has become greater than before, and there is no fear of the law because there are some parties involved in this crime that humiliate them by all procedures."

He pointed out that "the government, the leaders of the outlets and the economic men have so far not submitted any proposal to automate the outlets, and this is evidence of two things, the first is the problem of the law and the second is the state's knowledge of this problem and not addressing it."

He pointed out that "the federal government, until this moment, has not controlled its external borders and does not have sufficient power to control the money laundering and dollar smuggling process."

According to an unofficial statistic circulated by economists on the communication sites, the volume of Iraqi funds in the world's banks amounted to 60 billion dollars, restricted to fictitious names and projects on paper only. Done / 25 SR

[yota691]

The Central Bank expects that the price of a barrel of oil will be $ 45 in the 2022 budget

•  Time: 12/18/2021 12:40:11
•  
•  Reading: 689 times

  

{Economic: Al Furat News} The Governor of the Central Bank of Iraq, Mustafa Ghaleb, confirmed that Iraq's foreign exchange reserves rose to 64 billion dollars from 48 billion dollars since the value of the dinar was devalued about a year ago.

Ghaleb added in a press interview, that "the devaluation of the currency helped increase the reserves, and that the Iraqi economy became much better than it was in the middle of the Corona virus pandemic, when oil prices fell and Baghdad was in preliminary talks with the International Monetary Fund to obtain a possible loan."

Ghalib said: We used to hold meetings twice a day sometimes with the International Monetary Fund and the World Bank, but the Iraqi government's financial situation is much better now.

He continued, "The central bank's dollar reserves would have fallen to the level of the thirties if we had not increased the dollar exchange rate ... The increase in oil prices helped improve the situation as well."

Ghaleb said he expected "Iraq's budget for 2022 to be based on an oil price of about $45 a barrel. Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), gets about 95 percent of state revenues from oil sales."

Ghaleb added that "Iraq currently owes Iran about five billion dollars in value of energy imports, which are necessary for continued operation, but Baghdad abides by US sanctions that prevent it from paying any money to Iran."

And he indicated, that Iraq "paid some of these energy debts in the form of goods and supplies, as it, for example, purchased $250 million worth of Russian Sputnik's anti-Corona vaccines, as well as wheat for Iran."

Ghaleb confirmed, "The validity of reports that Iraq opened an account with the Chinese-backed Asian Infrastructure Investment Bank, saying that it had deposited about $100 million in the account to pay potential costs for infrastructure projects in the future."

[coorslite21]

14 minutes ago, yota691 said:

The Central Bank expects that the price of a barrel of oil will be $ 45 in the 2022 budget

•  Time: 12/18/2021 12:40:11
•  
•  Reading: 689 times

  

{Economic: Al Furat News} The Governor of the Central Bank of Iraq, Mustafa Ghaleb, confirmed that Iraq's foreign exchange reserves rose to 64 billion dollars from 48 billion dollars since the value of the dinar was devalued about a year ago.

Ghaleb added in a press interview, that "the devaluation of the currency helped increase the reserves, and that the Iraqi economy became much better than it was in the middle of the Corona virus pandemic, when oil prices fell and Baghdad was in preliminary talks with the International Monetary Fund to obtain a possible loan."

Ghalib said: We used to hold meetings twice a day sometimes with the International Monetary Fund and the World Bank, but the Iraqi government's financial situation is much better now.

He continued, "The central bank's dollar reserves would have fallen to the level of the thirties if we had not increased the dollar exchange rate ... The increase in oil prices helped improve the situation as well."

Ghaleb said he expected "Iraq's budget for 2022 to be based on an oil price of about $45 a barrel. Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), gets about 95 percent of state revenues from oil sales."

Ghaleb added that "Iraq currently owes Iran about five billion dollars in value of energy imports, which are necessary for continued operation, but Baghdad abides by US sanctions that prevent it from paying any money to Iran."

And he indicated, that Iraq "paid some of these energy debts in the form of goods and supplies, as it, for example, purchased $250 million worth of Russian Sputnik's anti-Corona vaccines, as well as wheat for Iran."

Ghaleb confirmed, "The validity of reports that Iraq opened an account with the Chinese-backed Asian Infrastructure Investment Bank, saying that it had deposited about $100 million in the account to pay potential costs for infrastructure projects in the future."

China, Russia & Iran all mentioned in this article...kind of says something about the new sovereign independence Iraq is headed towards...

JMO.    CL 

Thanks Yota....😄

[HowieC]

Saleh: The Central Bank Has A Comfortable Reserve That Helps It Impose Stability In Exchange Rates

 

ECONOMIC

12/19/2021 | 6:01 PM

The economic expert and financial advisor to the government, Mazhar Muhammad Salih, confirmed today, Sunday, that the Central Bank currently possesses a comfortable cash reserve of foreign currencies, pointing out that there is a direct correlation between the current account surplus of the Iraqi balance of payments and the development of foreign reserves.

Saleh said in a statement to the "Information" agency, that "the monetary policy of the Central Bank of Iraq has today, a strong foreign reserve tool that can maintain the purchasing power of the Iraqi dinar and face inflationary expectations with a high capacity due to the surplus in the current account of the balance of payments."

He added that "the Central Bank of Iraq's dollar reserves can be exploited through the power of intervention to impose stability in the exchange market through open market operations exercised by the monetary authority to achieve the operational goals of monetary policy with ease and flexibility."

He pointed out that “there is a positive indicator of the accumulation of the foreign reserves of the Central Bank of Iraq during the year 2021 with a change in the direction of increase by more than 20% compared to the levels of the year 2020. .

And the Central Bank of Iraq revealed, earlier, the rise in the Iraqi hard currency reserves to 64 billion dollars.

International reserves, or foreign exchange reserves - deposits and bonds of foreign currencies held by central banks and monetary authorities - are important to support the currency and pay debts owed by the state.

https://almaalomah.me/2021/12/19/571753/

[yota691]

The Central Bank is talking about “returning” the dollar exchange rate to 1200

PM:08:30:14/12/2021

13852 views

 

 

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.

 

The bank said in a statement, followed by NRT Arabia, (December 14, 2021), that "the Central Bank has completed the preparation of a draft currency structure study," noting that "the timing of the project's implementation depends on the bank's policy and the political and economic conditions of the country."

 

He added, "There is no intention of the bank to issue 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 stressed that “this will affect negatively and will lead to the exchange rate in the parallel (local) market going 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, thus exacerbating the unemployment crisis as a result of those projects stopping work.”

 

He added, "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." , explaining 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 amounted to 59.980 billion dollars.”

[yota691]

Counselor Saleh identifies factors to enhance the cash reserve in the Central Bank

2022.01.01 - 11:24

 

  

Baghdad - people  

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified, on Saturday, 3 factors that contributed to strengthening the financial reserves in the Central Bank of Iraq, while confirming the success of the government's economic policy in the year 2021.  

  

Saleh said in a statement to the official agency, subordinate "people", (1 December 2022), said that " these factors are the good disposition of public finances, as well as good management of the economy foreign payments, as well as sector management of oil to coincide with the rise in oil prices , " noting that " These factors contributed to the strengthening of the financial reserve and helped the development of the reserves of the Central Bank at an almost efficient level .  

He pointed out that " the central bank currently has reserves level of efficiency in terms of proportion to the many debts of waste, and increase to the money supply, and attributed to Iraq and other external obligations, where the balance of all payments in almost a positive situation " , stressing " the economic success of the policy of the government in year 2021".

[yota691]

Al-Kazemi’s advisor identifies three factors that strengthened the financial reserve in the Central Bank

 political

 

•  Today, 11:09

 

Baghdad - INA - Nassar Al-Hajj,
the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified today, Saturday, three factors that contributed to strengthening the financial reserves in the Central Bank of Iraq, while confirming the success of the government's economic policy in the year 2021. 
Salih told the Iraqi News Agency (INA): "These factors are the good disposal of public finances, as well as the good management of the economy and its external payments, as well as the management of the oil sector in conjunction with the rise in oil prices," noting that "these factors contributed to strengthening the financial reserve and helped develop the Central Bank's reserves at an almost efficient level." 
He pointed out that "the Central Bank currently enjoys reserves at the level of efficiency with regard to its ratio to wasteful debt, its ratio to the money supply, and its ratio to Iraq's other foreign obligations, as the balance of payments is almost all in a positive situation," stressing "the success of the government's economic policy in year 2012".
A senior source in the Central Bank of Iraq had confirmed earlier that Iraq's reserves of hard currency had risen to 64 billion dollars due to the rise in the oil markets.

[screwball]

On 12/15/2021 at 11:41 PM, yota691 said:

The central bank said in a statement that "the 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."

boom.....

[screwball]

On 12/21/2021 at 1:08 AM, yota691 said:

political and economic conditions

these are the two files, the FLM law and Elections were key, the economic file and political file...

[jeepguy]

heyyyyy  they are dragging out the lower denominations !                     heyyy wait a second that looks familiar 😁

[yota691]

 

Al-Kazemi’s advisor: The rise in central bank reserves ensures the stability of the dinar

 

 2022-02-14 03:25

 

Shafaq News/ Adviser to the Prime Minister Mazhar Muhammad Salih stated, on Monday, that the rise in the hard currency reserves of the Central Bank of Iraq guarantees the stability of the local currency.

 

Saleh said in an interview with Shafaq News Agency that "the reserves of the Central Bank decreased during the last period due to the health crisis and the financial crisis in 2020," noting that "the monetary policy of the Central Bank was balanced and was able to return these reserves by more than 23 percent at the present time, to reach 64 Billion dollar".

 

He added that "the rise of the hard currency gives a positive signal to the Iraqi economy and gives precautionary reassurance to the stability of the Iraqi dinar," noting that "the issue is being monitored over the long period and its importance in defending the value of the dinar and stability in the service of monetary policy goals, stability of the currency value and reducing inflation."

 

Saleh stressed that "the monetary policy is currently a rational, balanced policy that has managed to maintain the value of the dinar and the stability of the reserves, and there is a constant monitoring of the situation," noting that "in the short term, we cannot do anything just raising the amount of reserves and maintaining them, but in the long term it is considered a safety valve." of the Iraqi economy.

 

Saleh pointed out that "the size of these reserves depends and is linked to the monetary blocs also what is called the monetary basis. There is a proportion and proportionality that must also be achieved, so monetary policy studies its proportions and amounts accurately, so it monitors the movement of the Iraqi balance of payments from a deficit or surplus and the status of reserves and their strength and preservation, liquidity, size and all Variations are not easy and take time and scope.

 

The Deputy Governor of the Bank, Ihsan Shamran, had revealed to Shafaq News Agency, that Iraq's reserves of hard currency, which includes the cash currency of the dollar, the euro, sterling and other other foreign currencies, in addition to the gold reserves have risen to more than 64 billion dollars.