Adviser to the Prime Minister: Accelerating the approval of the oil and gas law will establish two important matters

[yota691]

The Central Bank of Iraq records the largest reserves in its history

2023-03-28 06:15

 

 

 

Shafaq News/ The Central Bank of Iraq recorded a financial reserve, the largest in the country's history, according to what the government's financial advisor said today, Tuesday. 

 

 

 

The advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said in a press statement, seen by Shafaq News Agency, that the Central Bank's reserves are currently the largest in Iraq's history, after reaching $115 billion.

 

And Saleh considered that "the Iraqi economy is strong and easily faces crises, and the situation is heading towards improvement," noting that "Iraq is towards gradually improving the digital payments climate and compliance with the world."

 

He stressed that "the packages launched by the Central Bank are smart and give reassurance to the Iraqi citizen," explaining that "we have entered the stage of digital payments correctly in Iraq."

 

On January 19, the Iraqi Central Bank announced a significant growth in its foreign currency reserves in the past year.

 

The Deputy Governor of the Central Bank of Iraq, Ammar Hamad, said, on January 23, that "the central bank's reserves amounted to more than $99 billion.

 

The Iraqi Council of Ministers had approved the adoption of the decision of the Central Bank of Iraq to raise the value of the dinar against the dollar to 1300 dinars instead of 1470 dinars, in a step aimed at enhancing the value of the local currency.

 

And the rise in oil prices during the past year, which in some months reached more than 100 dollars, contributed to the rise in Iraqi financial revenues, which was positively reflected in the rise in Iraq's hard currency reserves.

[yota691]

Sudanese advisor: Central Bank reserves reached 115 billion dollars

 2023/03/28

 

 603

 

Baghdad / resource news

Today, Tuesday, the advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, revealed in numbers the volume of daily financial transfer through the window of the Central Bank and Iraq's hard currency reserves, indicating that the central bank's reserves amounted to 115 billion dollars, which is the largest reserve in the country's history.

Saleh said, according to the official agency, that "the Iraqi financial sector is living in a transitional circumstance that includes several goals, including reducing the value of the dollar against the dinar from 1,450 dinars per dollar to 1,300 dinars per dollar," noting that "there are currently no transient or mysterious external transfers or intersections." with international compliance.

He added, "There is freedom in the transfer of trade and capital, such as buying a property outside the country, provided that it passes through the correct banking digital tools and through international compliance," noting that "this procedure generated two prices for the dollar: the first is official, and the other is parallel, except that the difference between the two prices appeared shrinks over time.”

He emphasized that "the economic situation is gradually improving as long as there is freedom in transfers that must be subject to compliance," noting that "during the next few weeks or months, the official exchange rate will match with the parallel."

And he stated that "the banks began to comply properly, and began to conduct the correct transfers," pointing out that "the external transfer number from the central bank window reached a normal rate, which is 200 million dollars per day."

Salih reassured the Iraqis that "Iraq's reserves are sufficient and freedom of transfer is available through legal frameworks and compliance, as imports are made at an exchange rate of 1,300 dinars to the dollar, and this gives strength to the Iraqi dinar," noting that "the central bank's reserves today are around $115 billion, which is It is the largest reserve in the country's history."

And he indicated that "the Iraqi economy is strong and faces crises easily, and the situation is heading towards improvement," explaining that "Iraq is towards gradually improving the climate for digital payments and compliance with the world."

He pointed out that "the packages launched by the Central Bank are smart and give reassurance to the Iraqi citizen," noting that "we have entered the stage of digital payments correctly in Iraq."

[Fimum]

So, if Nouri al-Maliki and friends have looted sufficient funds from their countrymen to rival Gates and Musk...can we please get on with increasing the Dinar's value? 🙂

[yota691]

Valid: The official exchange rate will match the parallel exchange rate within a few weeks or months

 

money and business
   

Economy News _ Baghdad
Today, Tuesday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, revealed in numbers the volume of daily financial transfer through the window of the Central Bank and Iraq's hard currency reserves, while indicating that Iraq's economy is strong and moving towards improvement.

 

Saleh said in an interview with the Iraqi News Agency, followed by "Al-Iqtisad News", that "the Iraqi financial sector is living in a transitional circumstance, which includes several goals, including reducing the value of the dollar against the dinar from 1450 dinars per dollar to 1300 dinars per dollar," noting that "there are currently no transfers." transient, ambiguous, or intersection with international compliance.”

He added, "There is freedom in the transfer of trade and capital, such as buying a property outside the country, provided that it passes through the correct banking digital tools and through international compliance," noting that "this procedure generated two prices for the dollar: the first is official, and the other is parallel, except that the difference between the two prices appeared shrinks over time.”

He stressed that "the economic situation is gradually improving as long as there is freedom of transfer that must be subject to compliance," noting that "

And he stated that "the banks began to comply properly, and began to conduct the correct transfers," pointing out that "the external transfer number from the central bank window reached a normal rate, which is 200 million dollars per day."

Salih reassured the Iraqis that "Iraq's reserves are sufficient and freedom of transfer is available through legal frameworks and compliance, as imports are made at an exchange rate of 1,300 dinars to the dollar, which gives strength to the Iraqi dinar," noting that "the central bank's reserves today are around $115 billion, which is It is the largest reserve in the country's history."

And he indicated that "the Iraqi economy is strong and faces crises easily, and the situation is heading towards improvement," explaining that "Iraq is towards gradually improving the climate for digital payments and compliance with the world."
He pointed out that "the packages launched by the Central Bank are smart and give reassurance to the Iraqi citizen," noting, "

 

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Views 196

Added 03/28/2023 - 12:05 PM

[yota691]

The Prime Minister's advisor reveals the volume of daily financial transfer through the Central Bank's window

2023.03.28 - 12:44

 

Baghdad - people  

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, revealed, on Tuesday, in numbers, the volume of daily financial transfer through the window of the Central Bank and Iraq's hard currency reserves, while indicating that Iraq's economy is strong and moving towards improvement.  

  

  

Saleh said in a statement to the official agency, followed by "NAS", (March 28, 2023), that "the Iraqi financial sector is living in a transitional circumstance that includes several goals, including reducing the value of the dollar against the dinar from 1450 dinars per dollar to 1300 dinars per dollar," noting that " There are currently no transient or ambiguous external transfers or intersections with international compliance.  

  

He added, "There is freedom in the transfer of trade and capital, such as buying a property outside the country, provided that it passes through the correct banking digital tools and through international compliance," noting that "this procedure generated two prices for the dollar: the first is official, and the other is parallel, except that the difference between the two prices appeared shrinks over time.”  

  

Saleh stressed, "The economic situation is gradually improving as long as there is freedom in transfers that must be subject to compliance," noting that "during the next few weeks or months, the official exchange rate will match with the parallel."  

  

And he stated that "the banks began to comply properly, and began to conduct the correct transfers," pointing out that "the external transfer number from the central bank window reached a normal rate, which is 200 million dollars per day."  

  

Salih reassured the Iraqis that "Iraq's reserves are sufficient and freedom of transfer is available through legal frameworks and compliance, as imports are made at an exchange rate of 1,300 dinars to the dollar, and this gives strength to the Iraqi dinar," noting that "the central bank's reserves today are around $115 billion, which is It is the largest reserve in the country's history."  

  

And he indicated that "the Iraqi economy is strong and faces crises easily, and the situation is heading towards improvement," explaining that "Iraq is towards gradually improving the climate for digital payments and compliance with the world."  

  

And Salih pointed out that "the packages launched by the Central Bank are smart and give reassurance to the Iraqi citizen," noting that "we have entered the stage of digital payments correctly in Iraq."  

[screwball]

To remove extrusions and fluctuations and parallel rates they must move to a unified single rate and lift all limits on trading in foreign currency exchange…this is coming…this mean article 8 complaint as per this from IMF

“For all legitimate current account transactions, there should be a single exchange rate. But in some countries, there are two (or more) exchange rates for current account transactions—an “official” rate and a parallel market rate. 2 This may contravene the country’s obligations under the IMF’s Article VIII.3 Balance of payments weakness and associated exchange rate pressures, related to COVID-19, have seen an increase in such cases. This note discusses the impact of a spread growing over time between the official and parallel market exchange rates for current transactions purposes, and what happens when it is eliminated by a move to a market-clearing rate. “Recognizing reality” by moving to a unified, market-clearing rate for current transactions removes distortions and inefficiencies imposed on the economy by an official rate that is out of line with economic reality, and the inflation consequences of the move—presumptively close to the parallel market rate—tend to be relatively small. Supportive interest rate and fiscal policies are important factors in determining the market-clearing rate, both before and after an exchange rate adjustment.”

[screwball]

The exchange rate is out of line with the current economic reality….there words

[6ly410]

Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh: The Central Bank's reserves reached $ 115 billion, which means that Iraq's economy is strong and is moving towards improvement

[Laid Back]

 "the central bank's reserves today are around $115 billion, which is It is the largest reserve in the country's history”.

 

Keep the dinar because the dinar is stronger…. PM. Mohammed Shia’ Al Sudani.

 

Go CBI 

Go new monetary policy 

Go Stronger Dinar 1+

[3n1]

well all righty then , dont see any reason why iraq cant remove the program rate and get on with the real rate with more reserves ever in their history now 

[rvmydinar]

1 hour ago, Laid Back said:

Keep the dinar because the dinar is stronger….

This sentence " the dinar is stronger " is in the " Present Tense ". Does that mean the current rate 1,310 is already stronger?

[NMP2017]

Huh, $115 BILLION huh! They should be able to know at least the last number or 2 off the exchange rate! $132 or $13.20 IQD to 1 USD would be a nice move! And get rid of a lot of "speculators" before any further rate changes! 😀

 

$115 Billion the CBI should be able to afford to "compensate and rehabilitate" warka bank as they were ordered to by the high and mighty Iraqi courts way back when

[unirod]

Again we ask. If the reserves of 115 Bilion are the highest in Iraqi history. Then why continue with the program rate of 1300 IQD to 1 USD? The rate of exchange was higher under the Sadaam regime. It should be obvious to all that things just don't add up!

[NMP2017]

1 hour ago, NMP2017 said:

Huh, $115 BILLION huh! They should be able to know at least the last number or 2 off the exchange rate! $132 or $13.20 IQD to 1 USD would be a nice move! And get rid of a lot of "speculators" before any further rate changes! 😀

 

$115 Billion the CBI should be able to afford to "compensate and rehabilitate" warka bank as they were ordered to by the high and mighty Iraqi courts way back when

Sorry that should be something like "drop" or "get rid of" at least the last number or 2 and not "know"....doh!

[screwball]

3 hours ago, 3n1 said:

well all righty then , dont see any reason why iraq cant remove the program rate and get on with the real rate with more reserves ever in their history now 

exactly....iraq is part of the bigger system, they will do it when told in MHO

[screwball]

46 minutes ago, unirod said:

Again we ask. If the reserves of 115 Bilion are the highest in Iraqi history. Then why continue with the program rate of 1300 IQD to 1 USD? The rate of exchange was higher under the Sadaam regime. It should be obvious to all that things just don't add up!

yep....115 billion in reserves....over 360 million or billion barrels of oil plus gas reserves which generates SA over 100 billion per year plus 39 plus tons of gold....

[NMP2017]

13 minutes ago, screwball said:

exactly....iraq is part of the bigger system, they will do it when told in MHO

and that about sums it ALL up! Exactly!👍

[md11fr8dawg]

22 minutes ago, screwball said:

.115 billion in reserves

That's NOTHING! Dementia Joe spends that much before he finishes his morning ice cream!

[Laid Back]

8 hours ago, rvmydinar said:

This sentence " the dinar is stronger " is in the " Present Tense ". Does that mean the current rate 1,310 is already stronger?

It is 10% stronger than before. 

The dinar is moving in the right direction 

 

Go stronger dinar $1+

[Carrello]

4 hours ago, md11fr8dawg said:

That's NOTHING! Dementia Joe spends that much before he finishes his morning ice cream!

Yes! Because Joe is PRESIDENT of the United States of America. 

[NoviceInvestor]

13 minutes ago, Laid Back said:

It is 10% stronger than before. 

The dinar is moving in the right direction 

 

Go stronger dinar $1+

It’s moving albeit ever so slowly ... 🙏

[T B]

rekon why they so dam slow to learn? my old body cant wait forever! he ! he!🤣

[rvmydinar]

9 hours ago, Laid Back said:

It is 10% stronger than before. 

However , that is only small increments and this isn't what we want it to cash out.

[southbeach]

9 hours ago, Carrello said:

Yes! Because Joe is PRESIDENT of the United States of America. 

And he better enjoy every minute of it here because his enjoyment here is going to match his coming horrors after he is judged by the Lord Jesus and sentenced to hell, not because of all his atrocities but because he refuses to repent from his sins against God and America and follow Christ Jesus instead of, well, nothing.

[yota691]

The central bank records the highest cash reserve in its history

2023.03.29 - 11:51

 

Baghdad - people  

The Central Bank of Iraq recorded a financial reserve, the largest in the country's history, according to what was reported by the government's financial advisor.  

  

  

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said in a press statement followed by “NAS” (March 29, 2023), that the Central Bank’s reserves are currently the largest in Iraq’s history, after reaching $115 billion.  

  

And Saleh considered that "the Iraqi economy is strong and faces crises easily, and the situation is heading towards improvement," noting that "Iraq is moving towards gradually improving the digital payments climate and compliance with the world."  

  

He stressed that "the packages launched by the Central Bank are smart and give reassurance to the Iraqi citizen," explaining that "we have entered the stage of digital payments correctly in Iraq."  

  

On January 19, the Iraqi Central Bank announced a significant growth in its foreign currency reserves in the past year.  

  

The Deputy Governor of the Central Bank of Iraq, Ammar Hamad, said, on January 23, that "the reserves of the Central Bank amounted to more than 99 billion dollars.  

  

The Iraqi Council of Ministers had approved the adoption of the Central Bank of Iraq's decision to raise the value of the dinar against the dollar to 1300 dinars instead of 1470 dinars, in a step aimed at enhancing the value of the local currency.  

  

The rise in oil prices over the past year, which in some months reached more than $100, contributed to the rise in Iraqi financial revenues, which was positively reflected in the rise in Iraq's hard currency reserves.