Iraqis are waiting for the value of the Iraqi dinar to rise after decades of collapse

[yota691]

Financial advisor: 93% of the demand for dollars goes abroad

 

money and business
   

Economy News-Baghdad
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Monday, that 93% of the demand for the dollar goes to foreign transfers, stressing that the new central bank measures imposed discipline on the currency market.

Saleh told "Al-Iqtisad News" that "what is happening in terms of the rise and slight fluctuation in the exchange rate in favor of the dollar in the parallel market is not caused by a problem with the adequacy of foreign reserves, as it is a force to intervene in the exchange market and provide sufficient supply to meet the demand for foreign exchange (as everyone knows The net reserves of the Central Bank of Iraq in foreign currency, which amounted to nearly $100 billion with government reserves, which is the highest in Iraq’s financial history), especially in reaching levels of adequacy, as those foreign reserves cover the value of the national currency issued into circulation by about (one and a half times) as These reserves cover about 20 months of importation, while the international standard does not exceed 3-6 as a maximum.

He explained, "What happened in terms of a slight decrease in the external value of the dinar or the exchange rate, as it represents a temporary phenomenon dictated by regulatory conditions in the procedures for conducting external transfer requests (submitted by local banks) on foreign currency, as work was done a while ago (on an advanced electronic platform). It links the request for transfers by local banks with correspondents from international banks and the relevant global compliance bodies at the same time, due to the fact that oil revenues are in dollars at the Federal Reserve Bank as a result of a previous UN Security Council Resolution No. 1483 in May 2003.

And he continued, "During the start of experimentation with the platform for checking external transfer requests a few weeks ago (and at the stage of submitting requests for foreign currency by private banks to the window for selling foreign currency at the Iraqi Central Bank in order to transfer it to their correspondents around the world) it became clear that there are shortcomings and information deficiencies that are not consistent with governance Transfers flowed through the global banking system, which returned some of them again or were rejected to complete the standard submission requirements again and follow the standard bases in disclosing the final beneficiary and other terms of bank disclosure and compliance.

He pointed out that "the new procedures have imposed discipline on the supply of foreign currency temporarily, requiring an adjustment period in order for private banks to practice global compliance rules in transferring for the benefit of beneficiaries from foreign trade financing operations to the private sector."

And he pointed out that "the problem is rooted in regulating the supply of foreign currency and not in the availability of foreign currency, which is, as we mentioned, in an abundant and more efficient manner, since the surplus rate in the hot account of the balance of payments touched positive 15% to the gross domestic product, which is a high indicator of external economic stability." Thus, it takes some time to reorganize the requests and their consistency with the global requirements for transfer through the digital platform, which has come to represent the new tool in dealing with the window of the Central Bank of Iraq for buying and selling foreign currency.

The financial advisor confirmed that "the sales of the Central Bank of Iraq's window still meet the demand for foreign currency in full, including the cash dollar for the purposes of travel and tourism, but the demand of private banks remains mostly on behalf of the bank's customers from merchants and others, which focuses on external transfers of dollars, which represents a demand for commodities." And foreign services and benefits, as the percentage of requests for external transfer in dollars to foreign banks amounts to 93% of the total demand for foreign exchange from the window of the Central Bank and transferred to correspondent banks to pay import bills or what is called foreign trade financing for the private sector, trade finance.The problem is very temporary and applied. Purely technical in the transfer procedures via the digital platform and not in the conduct of the country's monetary policy at all.

 

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Views 187

Added 01/02/2023 - 1:28 PM

Updated 01/02/2023 - 5:38 PM

[6ly410]

Sudan's financial advisor sets dollar exchange rates in the coming days

• Today 16:56
• Sudan's financial advisor sets dollar exchange rates in the coming days| Information (almaalomah-me.translate.goog)
• 

Today 16:56

Information/ Private.

Mazhar Mohammed Saleh, financial and economic adviser, to the Prime Minister, on Monday, the dollar exchange rates in the Iraqi markets in the coming days, while stressing that Iraq's annual financial indicators confirm the existence of a surplus for the balance of payments.

Saleh said in an interview with the agency / information /, that "as a result of the solid measures taken by the monetary authority to impose the stability of the exchange market, it is expected that the coming days will witness stability in the exchange rate to be between 1455-4660 Dinars against each dollar.”

And Saleh mentioned: "As for the level of Iraq's current annual financial indicators, the country enjoys a surplus situation in the current account of the Iraqi balance of payments," noting that "the percentage of the aforementioned surplus relative to the gross domestic product is approximately (positive 15%)."

He added, "This is a high percentage that provides stability to the national economy and is supported at the same time by official reserves of foreign currency, which touch $100 billion."

Al-Sudani's advisor explained, "With the development of information governance to which foreign trade financing transactions are subject to the private sector under the international compliance platform, an available supply of dollars is rapidly restoring stability to the exchange market to equalize the desired demand for foreign currency."

"This was accompanied by the supply of cash dollars to the secondary market from multiple outlets that contributed to the availability of access to foreign exchange for travel purposes in a flexible manner away from the noise of the parallel market," Mazhar said.

Earlier, the Central Bank of Iraq announced the expansion of the number of bank outlets for the sale of foreign currency to 20 banks to get rid of the crisis of high dollar exchange rates in Iraq.

[6ly410]

 

The future of the Iraqi dinar in the current year, will it recover or fall to its lowest level?

Posted 16 seconds ago

 

The future of the Iraqi dinar in the current year, will it recover or fall to its lowest level? - Iraq news (iraqakhbar-com.translate.goog)

 

news source /Iraq Today Agency

 

Baghdad - Iraq today:

Today, Monday, the appearance of Muhammad Salih, the financial advisor to the Prime Minister, Muhammad Shiaa al-Sudani, explained the reasons for fluctuations in the exchange rates of the dollar in the local markets, and the future of the Iraqi dinar.

Saleh said in a press statement, "The fluctuations in the exchange markets in Iraq during the past period are not due to economic reasons, and that the financial situation in Iraq is at its best."

He added, "Iraq's foreign currency reserves exceeded $100 billion, and the current account surplus rate amounted to about 15 percent."

The financial advisor to the government indicated that “what happened was as a result of regulatory controls that linked the window for selling foreign currency, especially foreign transfers, to the so-called (international compliance with the dollar area), and therefore the Federal Reserve Bank in the United States monitors its currency, and asks about ways to go.”

He explained that "Iraqi merchants are required to submit correct documents on their orientations and the final beneficiary, as well as the type and price of the goods, so as not to arouse suspicion among the international authorities."

"In the first period, demand was more than supply and the gap occurred," Saleh continued, noting that "with the passage of time and the regularity of foreign currency requests with more transparent documents, the market will organize and the gap will disappear."

Regarding the future of the Iraqi dinar, Saleh said, "There is no fear of the Iraqi dinar, as it is strong," expecting that "it will be stronger in the future once the financing of foreign trade for Iraq is regular." 

[6ly410]

and explains the reasons

Financial Advisor to the Prime Minister launches his forecast for the dollar rate in the coming period

2023.01.02 - 22:31

Financial Advisor to the Prime Minister launches his forecast for the dollar rate in the coming period (nasnews.com)

 

 

  

Baghdad - Nas  

Mazhar Mohammed Saleh, financial adviser to the Iraqi Prime Minister, predicted on Monday that the price of the dollar will be 1460 dinars in the coming period, noting that "the Central Bank is working in two directions to stabilize the dinar against the US dollar."  

  

 

 

  

Saleh stated in a statement to NASS Godaw TV (January 2, 2023) that "Iraq's foreign exchange reserves are the strongest in its financial history, amounting to nearly $ 100 billion, and this means that there are no concerns about Iraq's financial ability to stabilize the dinar."  

  

"The current issuance of the value of the dinar against the dollar is more related to administrative and organizational affairs in the way foreign remittances and foreign exchange are dealt with, and therefore the dinar will gradually return to the official exchange rate or close to this rate," he said.  

  

Saleh added that "changing the exchange rate of the dinar against the dollar in the market has different internal and external reasons."  

  

He explained, "The reasons depend on the cash rate at the foreign exchange gates of the Central Bank of Iraq, exchange offices and banks, spending about $ 10 billion annually on tourism, and this is a large amount to meet the needs of the local market."  

  

"The Monetary Authority (central bank) is working to stabilize the dollar money market in two directions. First, monitor the currency exchange markets to ensure that the cash dollar reaches tourists properly, and the official branches of the state's banks sell dollars at the official prices of citizens."  

  

"The second trend is the transfer of dollars through the gates of the Central Bank abroad, which finances foreign trade for the private sector, and foreign transfers from foreign banks represent about 90 percent of the total demand for foreign currency at their gates from international observers about the lack of accurate information provided by these private banks to buy dollars," he said.  

  

"Transfer requests from some private banks have been rejected, and the latter must take the necessary procedures and standards for foreign transfers and review applications and documents, and this is improving step by step," Saleh said.  

[screwball]

14 hours ago, 6ly410 said:

Mazhar Mohammed Saleh, financial and economic adviser, to the Prime Minister, on Monday, the dollar exchange rates in the Iraqi markets in the coming days, while stressing that Iraq's annual financial indicators confirm the existence of a surplus for the balance of payments.

Waiting 

[yota691]

Will the exchange rate of the dollar be fixed on the (153 thousand) .. The Sudanese advisor explains

 

2023-01-03 04:51

 

 

Shafaq News/ The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, commented today, Tuesday, on the possibility of the dollar exchange rate remaining at (153 thousand) for every 100 dollars fixedly.

Saleh told Shafaq News agency; It is "with the improvement in the degree of disclosure in commercial transactions and the increase in their transparency that require funding in dollar currency from the window of the Central Bank of Iraq, the temporary gap between supply and demand for foreign currency will shrink."

 

 

 

He added, "This means that the flexibility of monetary policy intervention in the exchange market to restore market stability will accelerate, and this is what we expect in the coming days for all exchange markets to settle between the price of 1455-1460 dinars per dollar."

[6ly410]

 

[yota691]

'Speculations behind the recent rise'

What is the possibility of returning the exchange rate to 1200 dinars?.. Parliament's finances answer

2023.01.05 - 09:18

 

Baghdad - people  

On Thursday, the Parliamentary Finance Committee expected the dollar exchange rate to return to 1480 dinars, while it ruled out its return to 1200 dinars, in light of the high exchange rate on the Iraqi Stock Exchange to more than 1550 dinars.  

 

  

Committee member Jamal Cougar said in a statement to the official newspaper, followed by “Nass” (January 5, 2023), that “the issue of the dollar’s rise in exchange rates is due to political and economic speculation,” noting that “the government does not seek to raise the exchange rates.” He also confirmed that matters It is still under the control of the government and the central bank, which has high currency reserves."  

  

He continued, "The government will restore the exchange rate to its previous price of 148,000 dinars," stressing that "any talk about returning prices to 120,000 dinars has become past and impossible."  

  

For his part, the economist and former head of the Office of Financial Supervision, Salah Nuri, pointed out, according to the newspaper, that "the rise in prices is often rapid, but their decline and return to their previous state is slow and takes a long time."  

  

He pointed out, "There are reasons behind the continued rise related to traders inside the country."  

  

Earlier, Mazhar Muhammad Salih, the financial advisor to the Iraqi Prime Minister, predicted that the price of the dollar would be 1460 dinars in the coming period, noting that "the central bank is working in two directions to stabilize the dinar against the US dollar."  

  

And Salih stated in a statement followed by "NAS" (January 2, 2023), that "Iraq's foreign exchange reserves are the strongest in its financial history, reaching nearly $100 billion, and this means that there are no concerns about Iraq's financial ability to stability of the dinar.    

  

He pointed out that "the current issuance of the value of the dinar against the dollar is more related to administrative affairs and regulation in the way of dealing with foreign remittances and foreign exchange, and therefore the dinar will gradually return to the official exchange rate or close to this price."    

  

Saleh added, "The change in the exchange rate of the dinar against the dollar in the market has various internal and external reasons."    

  

He explained, "The reasons depend on the price of cash at the foreign exchange gates of the Central Bank of Iraq, exchange offices and banks. About $10 billion is spent annually on tourism, and this is a large amount to meet the needs of the local market."    

  

And he indicated, "The Monetary Authority (the Central Bank) is working to stabilize the cash market in dollars in two directions. First, monitoring the currency exchange markets to ensure that cash dollars reach tourists properly, branches of the state's official banks sell dollars at official rates for citizens."    

  

And he continued, “The second trend is the transfer of dollars through the gates of the Central Bank abroad, which finances foreign trade for the private sector, and foreign transfers from foreign banks represent about 90 percent of the total demand for foreign currencies at their gates from international observers about the lack of accurate information provided by these Private banks to buy dollars.    

  

Saleh pointed out that "transfer requests from some private banks have been rejected, and the latter must take the necessary measures and standards for foreign transfers and review requests and documents, and this is improving step by step."   

  

[rvmydinar]

1 hour ago, yota691 said:

 

What is the possibility of returning the exchange rate to 1200 dinars?.  

Come on. No more talk talk and talk. Just do it if you dare , otherwise another BS.

[dinarham]

That would be like conducting international trade with two ply Tp instead of one ply Tp . It makes no logical sense . 

[6ly410]

The appearance of Muhammad Salih for / NINA / The dinar is in its strongest degree of stability..and the fluctuation of the currency price is caused by an external regulatory constraint

Thursday 05 January 2023 15:12 | Economical Number of readings: 879

Baghdad / NINA / - The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed: The dinar is in the strongest degree of stability..and the fluctuation of the currency price is caused by an external regulatory constraint.

He told the National Iraqi News Agency ( NINA😞 The fluctuations in the exchange rate came due to a regulatory restriction imposed by international compliance mechanisms on the countries of the dollar region, including Iraq.

Saleh added: There is a surplus in the current account of the balance of payments that is not less than (15%) of the country's gross domestic product, which is a really high number, while the balance of foreign currency reserves amounted to about 100 billion dollars, which is the highest in Iraq's financial history.

He explained: The Iraqi dinar is theoretically at its strongest degree of stability, but the international compliance controls that require greater transparency and governance in the behavior of traders in foreign currency through financing foreign trade from the window of the Central Bank in foreign currency is the reason for the temporary supply of foreign currency in response to demand./ End 3

[6ly410]

Sudanese Economic Adviser: The Iraqi dinar is in its strongest degree of stability

 

 

Sudanese Economic Advisor: The Iraqi dinar is in its strongest stability - Iraq News (iraqakhbar-com.translate.goog)

 

news source /Baghdad today

 

Baghdad today - Baghdad

Today, Thursday, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, saw that the Iraqi dinar is in the strongest degree of its stability.

Saleh said, to (Baghdad Today), that “the Iraqi dinar is in its strongest degree of stability, the instability of the exchange rate of the dollar against the dinar is caused by international compliance controls that required transparency and broader governance in the behavior of merchants in foreign currency through financing foreign trade from the window of the central bank, and this lack Stability is my time, and it will be back very soon.”

And he indicated that “the balance of foreign currency reserves is around 100 billion dollars, which is the highest in Iraq’s financial history, and this confirms that the Iraqi dinar is in the strongest degree of stability. back to normal as it was before.

This comes as the exchange rate of the dollar has been fluctuating for days, after reaching the threshold of 160,000 dinars for every 100 dollars. It later declined and then rose to about 156,000 dinars, amid government pledges to control the exchange rate.

[screwball]

8 hours ago, 6ly410 said:

The appearance of Mohammed Saleh for / Nina / the dinar with its strongest degree of stability. The fluctuation of the currency rate is caused by an external regulatory constraint

I could be completely wrong but what if he external restraint is that they they are not allowed to trade in US dollars in country… and they have not joined the forex .we know the US Treasury have told them to stop because the flow of USD are heading over the border to Iran and Syria etc

[yota691]

In Need Of A “Mysterious” Effort.. Advisor To The Prime Minister: The Exchange Rate Is Still Subject To International Restrictions

10/01/2023

2525

  

Earth News/ The Economic Adviser to the Prime Minister, Mazhar Muhammad Salih, indicated today, Tuesday, that the issue of exchange rate stability is still subject to an international constraint that needs a vague diplomatic effort.

Salih told Earth News, "The country's oil revenues today are the highest in Iraq's modern economic history, as they exceeded $116 billion, accompanied by foreign reserves of nearly $100 billion, which is also the highest in Iraq's financial history, while the current account surplus of the balance of payments indicates a percentage to the gross domestic product (GDP) of approximately 15%, which is one of the indicators indicating the strength of the country's external economic sector.

He added, “Nevertheless, the restrictions set by the international compliance and control departments on dollar payments, which are the bodies that monitor the movement of the dollar and its external flows, which are withdrawn from the country’s foreign deposits and which are allocated to cover the requests of the private commercial sector to finance the country’s imports, and that the international controls are a signal that occurs for the first time after The phenomenon of the economic blockade in the nineties of the last century.

Saleh continued, "The role of international compliance restrictions has become evident today through the (digital compliance platform) that linked foreign remittances in US dollars to foreign currency requests for private banks and merchants through the window of the Central Bank of Iraq, specifically (external remittances), within a path that requires investigation of the final beneficiary of Funds transferred to him abroad, details of imported goods, and accurate commercial documents, that is, a high degree of governance in terms of accuracy of information and details of commercial data, which is something that Iraqi civil trade may have left over the last twenty years and with such a high degree of micro-transparency, and in the face of the continuous automatic rejection of incomplete applications The data, with the clarity and vision required by the international or external compliance departments responsible for the movement of the dollar.

He continued, “This matter has restricted the effective supply of the foreign currency itself and made the supply falter in front of a continuous and effective demand of the foreign currency itself, which the market used to flow with its requests in the past, which generated a temporary surplus of demand for foreign exchange, which made its way to the exchange rate in the parallel market usually.” And the rises we are witnessing fluctuations today in the exchange rate.

And Saleh believes that “despite the importance of regulating foreign trade for the private sector and ways of financing it immediately and in accordance with international compliance controls for civil trade and providing stability for the national economy, the issue of exchange rate stability is still subject to international restrictions that need a vague diplomatic effort that provides better flexibility, He loves economic diplomatic means and finds in the strategic framework agreement between Iraq and the United States the essential basis for organizing economic interests between the two countries in the interest of Iraq and the international community and provides conditions for stability and development for our country.

[6ly410]

Shafaq News/ International arrangements are behind the unstable exchange rate in Iraq, the financial advisor to PM Mazhar Muhammad Saleh told Shafaq News Agency.

Saleh explained that the devaluation of the dinar is not due to economic factors, but rather to foreign arrangements.

 

He deemed the exchange rate a “struggle” between private trade and international compliance, between the local market and global compliance” stressing that Iraq has a “strong economic arm.” So it can provide food and medicine at cheap prices.

The U.S. dollar (USD) exchange transactions against the Iraqi dinar (IQD) closed at a higher rate in the markets of Baghdad and Erbil today, Wednesday.

Shafaq News Agency correspondent said that the USD closed at a rate of 157500 IQD to 100 in al-Kifah and al-Harithiya Central Exchanges.

The selling and buying rates of the USD in Baghdad's parallel markets settled at 158000 and 157000 IQD to 100, respectively.

In Erbil, the USD selling and buying rates closed at 157000 and 156975 to 100.

Financial experts explained that the recent measures taken by U.S. authorities to tighten the channeling of dollars to Iran from Iraq had decreased the value of the Iraqi dinar on the black market, the member of the Iraqi Parliament.

To control the rate at the black market, the government has asked the CBI to take urgent steps to compensate for a dollar shortage in the local market and to help private banks strengthen their non-US dollars foreign currency reserves such as the Chinese yuan, the euro, the Emirati dirham, and the Jordanian dinar.

But these measures failed to strengthen the local currency.

[6ly410]

He waved the use of the "strong arm". Sudanese advisor: Dollar fluctuations are not economic, but "international arrangements"

He waved the use of the "strong arm". Sudanese advisor: Dollar fluctuations are not economic, but "international arrangements" (shafaq.com)

2023-01-11 11:00

 

Shafaq News / The financial adviser to the Iraqi Prime Minister, Mazhar Mohammed Saleh, attributed on Wednesday the reasons for the rise in the exchange rate of the US dollar and its instability to "international arrangements" and not economic, reassuring citizens that the state has a "strong arm" that it can use to prevent prices from rising.

 

 

Saleh told Shafaq News Agency, "The factors of changing the exchange rate of the dollar witnessed by the Iraqi market are not economic, but are caused by international administrative arrangements, and these will be solved sooner or later, and despite that, the economic administration of the state is closely monitoring the situation and prices closely and strongly."

"The issue of curbing food prices is through the power of trade control over prices and their fluctuations, and the state has a strong arm to provide food at cheap, appropriate and appropriate prices," he added.

"The current exchange rate problem is a struggle between private trade and international compliance, between the domestic market and global compliance circles, so it is an administrative story, and the market must obey international standards in its trade data when importing," Saleh explained.

"The economic arm of the state is strong, and it is able to intervene and provide food and medicine at cheap prices, and impose stability on prices, and the price fluctuations that occur here and there have red points and lines," he said.

The adviser to the prime minister stressed "the need not to fear and fear this issue, because the state is able to intervene and provide the requirements for the quiet supply of goods to prices."

Since the vote on the cabinet of the new government headed by Mohammed Shia al-Sudani, the exchange rates of the US dollar against the Iraqi dinar have not stabilized, reaching their peak in late December and during the month of January, when the price reached 1,600 dinars per dollar.

[yota691]

He hinted at resorting to the "strong arm".. Al-Sudani's advisor: The fluctuations of the dollar are not economic, but rather "international arrangements."

 

2023-01-11 13:00

 

 

 

Shafaq News/ The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, attributed, on Wednesday, the reasons for the rise in the exchange rate of the US dollar and its instability to "international arrangements", not economic ones, reassuring the citizens that the state has a "strong arm" that it can use to prevent price increases.

 

 

 

Salih told Shafaq News agency, "The factors that change the exchange rate of the dollar that the Iraqi market is witnessing are not economic.

He added, "The issue of curbing food prices is through strong commercial control over prices and their fluctuations, and the state has a strong arm to provide food at cheap, appropriate and appropriate prices."

Saleh explained, "The current exchange rate problem is a struggle between private trade and international compliance, between the local market and global compliance circles, so it is an administrative story, and the market must comply with international standards in its trade data when importing."

He stressed that "the economic arm of the state is strong, and it is able to intervene and provide food and medicine at cheap prices, and impose stability on prices, and the price fluctuations that occur here and there have red points and lines."

And the Prime Minister's advisor stressed, "the need not to be afraid and apprehensive about this issue, because the state is able to intervene and provide the requirements for a quiet commodity supply to prices."

Since the vote on the cabinet of the new government headed by Muhammad Shia al-Sudani, the exchange rates of the US dollar against the Iraqi dinar have not stabilized, reaching their peak in late December and during January, when the price reached 1,600 dinars to one dollar.

[yota691]

Sudanese Consultant: Electronic small projects provide 60% of job opportunities

 

•  Today, 11:11

 

Baghdad - INA - Nassar Al-Hajj
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, predicted today, Friday, the annual growth rate in the gross domestic product, and while he indicated that the accumulated housing deficit is estimated at about 3 million housing units, he stressed that desertification and water scarcity are the biggest environmental challenges facing Iraq.

 

Salih said, to the Iraqi News Agency (INA): "The system of startup companies needs to improve its orientations, as it portends a phenomenon for the transformation of the national market into an institutional market," noting that "the phenomenon of organized national markets carries the factors and seeds of the government, which helps accelerate growth opportunities and flexibility in Investment and legal engagement with the official state agencies, which gives them greater confidence in collecting loans and intertwining with the production forces within the market.

He added, "The positive international external factors helped in the country's high growth rates during the past year, as the boom was estimated at nearly 9 percent of the gross domestic product. However, the international economic situation in the current year and the potential decline in energy markets may not provide the same high growth rate as last year." ".

He noted that "expectations indicate that the annual growth in GDP will reach 4-5 percent, since the expected growth rates in industrialized countries will often be less than 2 percent."

He explained that "the opportunity for renaissance for small business entrepreneurship will be greater because of the high flexibility it carries in adapting the conditions of demand, especially since it is possible to know the market needs and consumer tastes early, in addition to the lower supply costs, as trade will be adapted according to the market's desires, which provides flexibility of demand." high on commercial services.

And he continued: "Especially with the presence of the Internet and the possibility of promoting and defining the activity within the framework of the progress made with digital services, as the entry of small businesses into the market activity through facilitated digital means is a success valve for the small Iraqi project," noting that "small projects with digital engagement mostly provide 60 percent of job opportunities.”

Saleh pointed out, "The accumulated housing deficit, which is estimated at about 3 million housing units, in addition to the success of the Iraqi Central Bank's housing initiative in providing soft loans of nearly 6 trillion dinars, crystallized the rush of investors to take advantage of the excessive demand for housing units due to the financing capacity, as well as About benefiting from the advantages of the investment law in the ease of ownership of land for real estate investors.

And he indicated that "demand factors supported by government financing and investment policies have undoubtedly contributed to investors' orientation towards real estate investment in residential complexes throughout the country. Quality is supported by infrastructure services, and therefore the country needs accelerated development in housing policies that stimulate investors, and it is hoped that this will be implemented within the government program.”

And he warned that "the biggest environmental challenges facing the country are desertification and water scarcity, and this necessitates the introduction of technology in water management, starting with the desalination of sea water and purifying fresh rivers from sewage water and heavy water, ending with methods of rationalizing water use, especially in agriculture, which requires renewal of the desertification syndrome, water and technology." And work on developing and updating them constantly.

[yota691]

The appearance of Muhammad Salih expects the spending ceiling for the 2023 budget: the surplus will go in three directions

2023.01.14 - 13:16

 

Baghdad - Nas   

Mazhar Muhammad Salih, the financial advisor to the Prime Minister, suggested that the spending ceiling for the current year 2023 budget reach the barrier of 200 trillion dinars, specifying three directions that will be supported in the event of a financial surplus, including the strengthening of development funds included in the government curriculum.  

  

 

  

Saleh said in a statement to the official newspaper, followed by “Nass” (January 14, 2023), that “although there are statements about an extremist trend in increasing public expenditures, even in light of the price of a conservative oil barrel that does not exceed 65 dollars (and it may reach 70 dollars per barrel). ) and an oil export capacity of about 4.3 million barrels per day, the spending ceiling in the 2023 general budget is the one who will decide in the end, is there a hypothetical deficit or not? Or how much is the amount of that assumed deficit?  

  

Saleh stressed, "The need to include the financial surpluses collected at the end of the fiscal year 2022 and count them as an opening balance for the current year 2023 budget legally."  

  

The financial advisor pointed out that "extreme estimates of public spending say: The budget will have a spending ceiling of about 200 trillion dinars, and that the increases or surpluses will go in three directions, the first to enhance the capital of development funds included in the government curriculum, and the second to fill part of the operational budget and new appointments." And the third will be allocated to the state’s strategic and service projects, including the unimplemented allocations in the Emergency Law for Food Security and Development No. 2 of 2022. And Saleh confirms that, in “in any case, I expect the spending ceiling in the next budget to exceed the barrier of 150 trillion dinars, up to 200, if ( The hypothetical deficit (in a manner that does not exceed 15% of total spending, due to the existence of financial savings from the past year 2022).  

[yota691]

The appearance of Muhammad Saleh: The spending ceiling for the budget will reach 200 trillion dinars

Economy

12:28 - 2023-01-14

 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, suggested, on Saturday, that the spending ceiling for the current year 2023 budget will reach the barrier of 200 trillion dinars, specifying three directions that will be supported in the event of a financial surplus, including strengthening the development funds included in the government curriculum. 
Saleh said that, despite the existence of statements about an extremist trend in increasing public expenditures, even in light of the conservative price of a barrel of oil that does not exceed 65 dollars (and it may reach 70 dollars per barrel) and an oil export capacity of about 3.4 million barrels per day, the spending ceiling in the general budget is 2023. He is the one who will decide in the end, is there a hypothetical deficit or not? Or how big is that supposed deficit?
 Saleh stressed, "The need to include the financial surpluses collected at the end of the fiscal year 2022 and count them as an opening balance for the current year 2023 budget legally."  
The financial advisor pointed out that "extreme estimates of public spending say: The budget will have a spending ceiling of about 200 trillion dinars, and that the increases or surpluses will go in three directions, the first to enhance the capital of development funds included in the government curriculum, and the second to cover part of the operational budget and new appointments." And the third will be allocated to the state’s strategic and service projects, including allocations not implemented in the Emergency Law for Food Security and Development No. 2 of 2022. 
He pointed out that "in different cases, I expect the spending ceiling in the next budget to exceed the barrier of 150 trillion dinars, up to 200, if the (hypothetical deficit) is in a way that does not exceed 15% of total spending, due to the presence of financial savings from the past year 2022.  

[yota691]

The Sudanese advisor sets the spending ceiling in the 2023 budget

money and business
   

Economy News-Baghdad
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, suggested that the spending ceiling for the current year 2023 budget would reach the barrier of 200 trillion dinars, specifying three directions that will be supported in the event of a financial surplus, including strengthening the development funds included in the government curriculum.

 

Saleh said in a statement to the official newspaper, that despite "there are statements about an extremist trend in increasing public expenditures, even in light of the conservative price of a barrel of oil that does not exceed 65 dollars (and may reach 70 dollars per barrel) and an oil export capacity of about 3.4 million barrels per day. Spending in the 2023 public budget is the one that will ultimately decide whether or not there is a hypothetical deficit, or how much is the supposed deficit?.

 

Saleh stressed, "The need to include the financial surpluses collected at the end of fiscal year 2022 and count them as an opening balance for the current year 2023 budget." legally.” 

 

He pointed out that "extreme estimates of public spending say: The budget will have a spending ceiling of about 200 trillion dinars, and that the increases or surpluses will go in three directions. For the state’s strategic and service projects, including unimplemented allocations in the Emergency Law for Food Security and Development No. 2 of 2022.

 

Saleh confirmed that, in “various cases, I expect the spending ceiling in the next budget to exceed the barrier of 150 trillion dinars, up to 200, if it is (the hypothetical deficit) In a way that does not exceed 15% of total spending, due to the existence of financial savings from the past year 2022.

 

 

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Views 179

Added 01/14/2023 - 11:30 AM

Updated 01/14/2023 - 6:04 PM

[3n1]

Good grief Saleh you were involved and knew the plan Shabibi was to implement at the beginning guess that jail stint Maliki sent you to changed ones perspective to play and game the system , whoever set this corruptible currency plan in motion to devalue the iqd ship pallets and pallets of usd to prop iraq up till a PM could be installed then reinstate the iqd like shabibi had planned flew off the corruption rails fast when he was removed as head of cbi those here that have followed along know all this and watched - seen it all happen now iraq has this complicated currency war within iraq between the iqd and usd its enough to bend a rational thinking persons mind .... Thanks for all the article yota , appreciated 

[6ly410]

Uncovering the "real" reason for the dollar's rise. "Banks are not good at dealing with this system"

Uncovering the "real" reason for the dollar's rise. "Banks are not good at dealing with this system" » Baghdad Today News Agency

Economy | Today, 15:52 | 

   

 

Baghdad Today - Translation

Revealed network Agency France-Presse, on Sunday, the reasons behind the rise in dollar exchange rates in Iraq during the past days, describing them as "real."

The agency said, according to its report, which was translated by (Baghdad Today), that "the news that talked about the existence of "US sanctions" against Iraq and prevented from accessing its reserves of the dollar, is inaccurate," noting that "quoting economist Ahmed Tabaqji, that the real reasons are due to the application of the SWIFT system in Iraq."

She explained that "the application of the SWIFT international system for remote transactions and financial transfers requires imposing conditions on banks and banks in the countries that fall within the system, and since mid-November, Iraq entered the SWIFT international system."

According to the agency, Tabaqji stressed that "participation in the global currency transfer system requires compliance with a set of laws guaranteeing the fight against money laundering and terrorism and the application of international sanctions such as those imposed on Iran and Russia."

"The truth is that these laws and requirements came as a shock to most Iraqi banks because they are not used to dealing with this system," he said.

For his part, the economic adviser to the Prime Minister's Office, Mazhar Saleh, told the agency that "Iraqi banks must register requests to transfer dollars from the US reserve to their coffers through the website of an electronic platform, the US Federal Reserve verifies those requests within the international SWIFT system before approving them, and in the event of doubts about the destination of the funds or inaccuracy in filling out the data of the requests, the request is subject to cancellation."

"Since its implementation in mid-November, 80% of Iraqi banks' requests for US dollars through the SWIFT system have been rejected due to doubts about their destination and inaccuracy in providing the required data through the SWIFT system," he said.

The agency added that "the inability of Iraqi banks and banks to use the international SWIFT system and the high refusal of the US Treasury to process the dollar, led to a decline in the local treasury of foreign currency, causing the current crisis, which the Central Bank of Iraq confirmed that it is "completely temporary" and solutions will be reached soon.

The agency pointed out that "there is a great local concern about the inflation that has become affecting the Iraqi dinar as a result of the inability of banks to apply the international currency exchange system SWIFT," stressing, "The most important sources of concern for specialists, is the decrease in the purchasing power of the citizen due to exchange rates."

 

[yota691]

The appearance of Muhammad Salih announces the total public debt of Iraq

2023.01.15 - 15:14

 

Baghdad - people  

The appearance of Muhammad Salih, the financial advisor to the Prime Minister, confirmed, on Sunday, that the foreign reserves in Iraq are very high, while determining the total public debt.  

  

  

  

Saleh said, in a statement to the official agency, followed by "NAS", (January 15, 2023), that "the internal public debt of the country is currently estimated at about $50 billion, the possession of which belongs entirely to the government banking system (i.e. debt within the government apparatus and not outside it)."  

  

He added that "63% of the internal public debt is held by the Central Bank of Iraq and represents local assets in the structure of the central bank's balance sheet," noting that "the remainder of the internal debt is held by the three main government banks, with an annual interest of between 2-3%."  

  

He pointed out that "the effective external debt that must be paid during the period from 2023 does not exceed 20 billion dollars, which means that the total public debt is estimated at about 70 billion dollars currently, and it constitutes only a percentage of 30% to 35% of the country's gross domestic product, which is a very safe percentage." Compared to the standard or international standard rate of 60%.  

  

He continued, "The efficiency of the country's foreign reserves is very high and covers external debt liabilities by 5 times, which is a high and reassuring standard ratio and reflects the strength of Iraq's financial situation," noting that "the mechanism for repaying internal and external debts takes place through annual allocations approved in the federal budget."  

  

And he continued, "Fiscal policy in Iraq tends to adopt the principle of financial discipline, which is based on gradually reducing the total accumulated public debt, offset by narrowing the annual deficit in the federal general budget and making the debt created when necessary within the standard ratios, so that the new public debt does not exceed 3% annually."  

[6ly410]

Iraq.. SWIFT Compliance Affects JOD Exchange Rate

رغم الخدمات الفندقية "الضعيفة".. "خليجي 25" تعيد السياحة للبصرة (alhurra.com)

15 January 2023

 

The exchange rate of the Iraqi dinar has been witnessing fluctuations against the dollar for about two months, which experts attribute to Iraq's start complying with international measures on hard currency remittances, while parties in the country blame Washington for this decline.

While the fixed official exchange rate is 1,470 dinars to the dollar, the price of the local currency in the market has fallen since mid-November to 1,600 dinars at the beginning of the week, before stabilizing at about 1,570, according to the official news agency, meaning that the Iraqi currency has lost about 10% of its value.

The decline is not significant, but it has begun to worry Iraqis about rising prices of imported materials, such as gas and wheat.

Prime Minister's adviser on finance, Mazhar Saleh, told AFP that the "fundamental and fundamental reason" for the decline "is an external constraint".

Hadi al-Amiri, head of the Fatah Alliance, which represents the Popular Mobilization Forces, which includes pro-Iranian factions affiliated with the state, accused the Americans of exerting "pressure on Iraq to prevent its opening to Europe and the countries of the world."

On the other hand, economist Ahmed Tabaqshli believes that "contrary to rumors and misinformation, there is no evidence of US pressure on Iraq," an important economic and trade partner of neighboring Iran.

"Shock"

In fact, the volatility of the dinar is linked to the start of Iraq's compliance with some of the standards of the International Remittance System (SWIFT), which Iraqi banks must apply since mid-November to access Iraq's dollar reserves held in the United States.

To access these $100 billion in reserves, Iraq must now comply with regulations that "require compliance with global anti-money laundering, counter-terrorist financing, and sanctions-related provisions, such as those applied to Iran and Russia," Tabaqshli said.

He added that this is about Iraq's entry "into a global financial transfer system that requires a high degree of transparency", but that this "shocked many Iraqi banks "because they are not used to this system".

Iraqi banks must now register their transfers (in dollars) on an electronic platform that checks applications... The Federal Reserve is examining them and if it has doubts, it stops the transfer."

Since the restrictions came into effect, the Federal Reserve has rejected "80% of requests" for financial transfers to Iraqi banks, Saleh said, due to doubts about the final destination of those amounts being transferred, he said.

"Temporary status"

This rejection affected the supply of dollars in the Iraqi market, as demand accumulated, but the supply was not consistent with it, and thus the exchange rate declined with the decline in bank transfers in dollars.

The Central Bank of Iraq spoke in a statement on Tuesday about the return of the exchange rate to what it was in two weeks, describing the "turmoil in dollar rates" as a "temporary situation."

Meanwhile, the Iraqi authorities have taken several measures, including facilitating the financing of private sector trade in dollars through Iraqi banks, and opening outlets for the sale of foreign currency in government banks for travel purposes.

The Council of Ministers also decided to "oblige all government agencies to sell all goods and services inside Iraq in dinars and at the Central Bank rate of (1470) dinars per dollar."

Mazhar Saleh believes that "these measures are important because they show that the state exists to protect the market and the citizen," and help "repel the problem."

Despite the decline in the dinar, inflation is still small, reaching 5.3% at an annual pace in October 2022, according to the Ministry of Planning, but the actual concerns are related to the purchasing power of the population.

Saad al-Taie, a pensioner who helps his son run a small shop in Baghdad's Karrada neighbourhood, began to feel the impact of exchange rate fluctuations on his purchasing power: "This fluctuation is a real problem for the retailer and the consumer."

"Iraqis have limited salaries and are paid in Iraqi dinars. As a pensioner, I receive 494 thousand dinars... When the dollar was 1470, my salary was $336. Today at an exchange rate of 1570 my salary is $314."