Central between supporting projects and initiatives to eradicate poverty and inflation

[yota691]

The Central Bank announces the increase in its reserves of gold and hard currency

 

 

•  Today, 19:44

 

Baghdad - INA - Nassar Al-Hajj
The Central Bank revealed, today, Saturday, the increase in its reserves of gold and hard currency, while explaining its value.
Deputy Governor of the Central Bank, Ihsan Shamran al-Yasiri, told the Iraqi News Agency (INA), that "the central bank's reserves of hard currency witnessed a stable rise for more than a year, affected by the balanced measures of monetary policy, with which it exceeded the $64 billion barrier at the beginning of February 2022, as gold assets exceeded." The Central Bank has 96 tons in reserves.
He added, "The Central Bank continues to support banks to expand development opportunities in the country and reduce the financing gap."
Earlier, the Central Bank of Iraq announced an increase in the allocations of its initiative to lend to small and medium enterprises.
And the Governor of the Bank, Mustafa Ghaleb, stated in a statement received by the Iraqi News Agency (INA), that "the Central Bank increased the amount of its initiative to lend to small and medium-sized enterprises by an amount of one trillion dinars, bringing the total amount allocated for this goal to two trillion dinars," noting that "the Central Bank's lending initiatives, contributed to Supporting the sectors of industry, agriculture, housing and trade, and they now constitute nearly 30% of the total credit granted to the private sector, and have contributed an important percentage to the GDP.
He added, "There are some loans provided by the Central Bank that are granted without interest, without an administrative commission only." The percentage of its implementation reached 90%, which prompted us to increase its amount by an additional trillion dinars. 
And he continued, fearing, according to the statement, that "the monetary policy tools contributed greatly to supporting the economy and overcoming the financial crises that occurred in the country."
It is noteworthy that the Central Bank launched multiple lending initiatives, including the initiative to finance small and medium projects, the initiative for large projects amounting to five trillion dinars to finance specialized banks, as well as three trillion dinars to support the real estate sector, and finally the clean energy initiative in the amount of one trillion dinars, bringing the total amounts allocated to development initiatives More than fifteen trillion Iraqi dinars.

[bkeiller]

Big money flowing into the economy. Expect a good growth rate, a lot of jobs, and a lot of new homegrown entrepreneurs.

 

Quite a shift for ME politics (typically, dictators, monarchs and theocrats)?

[NMP2017]

"reserve of hard currency...exceeded the $64 billion barrier at the beginning of February 2022, as gold assets exceeded. The Central Bank has 96 tons in reserves."

 

All the above PLUS a gazillion barrels of oil, natural gas and more to offer than many of their Arab neighbors, yet their currency when compared to said neighbors currency isn't worth s**t at 1460-1.  It's criminal I tell ya, criminal!

 

Make a move Ghaleb! Ya wanna shake some speculators out? Drop a zero or two! After this many years quite a few will take the money and run instead of waiting any longer!

 

MAKE YOUR MOVE!

 

 

 

[Carrello]

More strength

 

As Laid Back would say: Go Go Go

[southbeach]

COME rv NOW, in Jesus mighty name!

[currenzcraze]

**The Central Bank announces the increase in its reserves of gold and hard currency**

Today, 19:44

Baghdad - INA - Nassar Al-Hajj
The Central Bank revealed, today, Saturday, the increase in its reserves of gold and hard currency, while explaining its value.
Deputy Governor of the Central Bank, Ihsan Shamran al-Yasiri, told the Iraqi News Agency (INA), that "the central bank's reserves of hard currency witnessed a stable rise for more than a year, affected by the balanced measures of monetary policy, with which it exceeded the $64 billion barrier at the beginning of February 2022, as gold assets exceeded." The Central Bank has 96 tons in reserves.
He added, "The Central Bank continues to support banks to expand development opportunities in the country and reduce the financing gap."
Earlier, the Central Bank of Iraq announced an increase in the allocations of its initiative to lend to small and medium enterprises.
And the Governor of the Bank, Mustafa Ghaleb, stated in a statement received by the Iraqi News Agency (INA), that "the Central Bank increased the amount of its initiative to lend to small and medium-sized enterprises by an amount of one trillion dinars, bringing the total amount allocated for this goal to two trillion dinars," noting that "the Central Bank's lending initiatives, contributed to Supporting the sectors of industry, agriculture, housing and trade, and they now constitute nearly 30% of the total credit granted to the private sector, and have contributed an important percentage to the GDP.
He added, "There are some loans provided by the Central Bank that are granted without interest, without an administrative commission only." The percentage of its implementation reached 90%, which prompted us to increase its amount by an additional trillion dinars.
And he continued, fearing, according to the statement, that "the monetary policy tools contributed greatly to supporting the economy and overcoming the financial crises that occurred in the country."
It is noteworthy that the Central Bank launched multiple lending initiatives, including the initiative to finance small and medium projects, the initiative for large projects amounting to five trillion dinars to finance specialized banks, as well as three trillion dinars to support the real estate sector, and finally the clean energy initiative in the amount of one trillion dinars, bringing the total amounts allocated to development initiatives More than fifteen trillion Iraqi dinars.
https://www.ina.iq/148159--.html

[yota691]

 

The growth of hard currency reserves in Iraq to more than 64 billion dollars

 

 2022-02-07 05:41

 

Shafaq News/ The Central Bank of Iraq revealed today, Monday, a growth in the country's hard currency reserves to reach more than 64 billion dollars.

 

The Deputy Governor of the Bank, Ihsan Shamran, told Shafak News Agency, "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 amounted to more than 64 billion dollars," noting that "there is a continuous growth in These reserves are hard currency.

 

Shamran added that "the volume of Iraq's gold reserves is 96 tons," explaining that "Iraq began with the rise of the sequence globally, reaching the 38th rank globally by owning the largest gold reserves in the world."

 

On January 19, the Central Bank of Iraq announced a significant growth in its foreign currency reserves last year, thanks to its diversified investments and management in accordance with monetary policy based on international best practices away from risks.

[yota691]

Central between supporting projects and initiatives to eradicate poverty and inflation

Thursday 10 February 2022 104

 

  Baghdad: Haider Falih Al-Rubaie 

Specialists in economic affairs urged the need to create greater understandings between monetary and financial policies that would revitalize the Iraqi economy, indicating that the expansion of the cash reserve in the Central Bank should be invested in launching real initiatives that would support the development process and contribute to supporting industrial and agricultural projects. As well as allocating part of those reserves to finance the construction of infrastructure projects, and the adoption of other initiatives that reduce inflation and poverty levels.

And the Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, announced in a statement to the Iraqi News Agency (INA), that “the Central Bank’s hard currency reserves exceeded the $64 billion barrier at the beginning of February 2022, and the gold assets in the Central Bank’s possession exceeded 96 tons within the reserves. ".

 

Coordination between the two policies

Despite the great economic benefit that the volume of cash reserves can achieve, the economist, Manaf Al-Sayegh, believes during his speech to Al-Sabah that “central banks should have a monetary strategy that leads to strengthening the work of fiscal policy, as well as to create balance in terms of supplying Cash to deal with cases of inflation, as well as to activate investments, foreign trade and local industries, so I do not find a clear policy in these directions, and there is no strategy for coordinating with fiscal policy to build policies capable of reviving economic activity, creating job opportunities and revitalizing the private sector.

Al-Sayegh stressed the need for the Central Bank to adopt policies that would revitalize the reality of the private sector to achieve two benefits, the first is to create job opportunities, and the second is to increase various activities that can revive the economy and move the wheel of investments and its diversity, as well as creating financial savings that are added to the gross domestic product.

 

lack of strategy 

According to the expert Al-Sayegh, the previous initiatives of the Central Bank “did not achieve their goals” due to the absence of a clear strategy for the work of these initiatives, and the absence of follow-up with applicants for small and medium projects, indicating that the continuous follow-up ensures the success of these projects and knowledge of the extent to which the project has reached, as the most prominent benefit These loans are the realization of projects that have a real presence in the market and are able to provide job opportunities.

Al-Sayegh expressed his surprise at not specifying the type of small and medium-sized enterprises that should be granted financial loans, as the society’s needs for activities, goods and services must be determined in order to know the small and medium-sized enterprises that should be supported, noting that “initiatives are not in the amount allocated to them, but through the economic benefit that can be To achieve them, indicating that the economic reality has not seen any benefit from these initiatives since their inception,” he said 

speaker.

 

industry and agriculture 

The speaker believes, the necessity of "activating small and medium industries, and activating agricultural projects to encourage workers in this sector, and then this will lead to the creation of important job opportunities in two important sectors," suggesting at the same time "the exploitation of part of the funds available with the Central Bank to redevelop the infrastructure." Through an agreement with international companies, this matter will achieve many achievements, including employing the unemployed and renewing infrastructure in line with the population expansion taking place in Iraq, as well as creating a huge and large economic activity.

 

Infrastructure 

In turn, the economist, Manar Al-Obaidi, expressed his astonishment at the presence of high foreign reserves in a country where the exchange rate is fixed and non-floating and the central bank controls the quantity of the supply of dollars in the local market, describing keeping this large amount without moving it to revitalize the economy “a person hoarding gold while he is inhabited.” In a ruined house that does not have the basic services of life.”

Al-Obaidi believes that "it is more useful, instead of raising foreign reserves, to work on launching various initiatives that contribute to strengthening the Iraqi economy and work to build infrastructure projects for the country by financing these projects, and also work to adopt initiatives that reduce inflation and poverty levels."

 

sustainable economy 

Al-Obaidi stressed the need for the Central Bank to provide financing for real industrial, agricultural and tourism projects, and to launch financing initiatives to support education and increase human capital, as well as other initiatives to support the poor and destitute classes, and that its goal is to work on building a sustainable economy and work on Reducing the level of poverty and illiteracy and reducing the level of inflation.