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

[yota691]

Will the "parallel dollar" drop soon?

 

Market
   

Economy News - Baghdad
On Friday, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, predicted that the exchange rate of the dollar in the parallel market would approach the official rate "very soon."

 

Saleh said, "We expect very soon that the exchange rate of the parallel dollar will approach the official rate with the continuation of external transfers, especially since all private banks committed themselves to transfers and the electronic government controls these external transfers."

 

Saleh said in a press statement, followed by "Al-Iqtisad News", that "all these matters will lead to the decline of the exchange rate of the parallel dollar to the official price."

 

---

Views 44

Added 04/21/2023 - 5:02 PM

[screwball]

13 hours ago, yota691 said:

Will the "parallel dollar" drop soon?

 

Market
   

Economy News - Baghdad
On Friday, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, predicted that the exchange rate of the dollar in the parallel market would approach the official rate "very soon."

 

Saleh said, "We expect very soon that the exchange rate of the parallel dollar will approach the official rate with the continuation of external transfers, especially since all private banks committed themselves to transfers and the electronic government controls these external transfers."

 

Saleh said in a press statement, followed by "Al-Iqtisad News", that "all these matters will lead to the decline of the exchange rate of the parallel dollar to the official price."

 

---

Views 44

Added 04/21/2023 - 5:02 PM

⏰🙏

[Officiallytook]

So if we get off the dollar, like use more IQD for daily purchases, and get the rates to match, dare I say it be easier for a change of a rate across the board?

[Officiallytook]

Like one rate one currency one flip of the switch

[Officiallytook]

One day 😂

[3n1]

1 minute ago, Officiallytook said:

Like one rate one currency one flip of the switch

 

one can only hope you have cracked the code

just kidding you but that sounds like a plan to me .

[screwball]

1 hour ago, 3n1 said:

 

one can only hope you have cracked the code

just kidding you but that sounds like a plan to me .

Only way to reduce parallel rate and mcp….single rate!

[screwball]

1 hour ago, Officiallytook said:

One day 😂

One day soon…😂😂😂

[yota691]

Advisor to the Prime Minister: The 2023 budget is positive and there is a political consensus to approve it

• Time: 04/22/2023 15:50:20
•  
• Read: 169 times

  

{Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, described the financial budget for 2023 as "positive".

Saleh said to {Euphrates News} agency: "It is clear that there is a great interaction to approve the 2023 budget, and there is a political consensus towards that."
He added, "The nature of this budget is positive, especially since Iraq has passed for more than a year without a state budget."
On April 18, the House of Representatives completed the second reading of the draft federal budget law for the fiscal years 2023-2024-2025, and it is likely to be submitted to a vote after the Eid al-Fitr holiday.

Raghad Daham

[yota691]

Advisor to the Prime Minister: The 2023 budget is positive and there is a political consensus to approve it

• Time: 04/22/2023 15:50:20
•  
• Read: 3,536 times

  

{Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, described the financial budget for the year 2023 as "positive".

Saleh said to {Euphrates News} agency: "It is clear that there is a great interaction to approve the 2023 budget, and there is a political consensus towards that."
He added, "The nature of this budget is positive, especially since Iraq has passed for more than a year without a state budget."
On April 18, the House of Representatives completed the second reading of the draft federal budget law for the fiscal years 2023-2024-2025, and it is likely to be submitted to a vote after the Eid al-Fitr holiday.

[6ly410]

Mazhar Mohammed Saleh: Government measures to remove obstacles to foreign trade

 

Al-Eqtisadia News Agency - Mazhar Mohammed Saleh: Government measures to remove obstacles to foreign trade (economy-news.net)

 

---

Economy News-Baghdad

The financial adviser to Prime Minister Mazhar Mohammed Saleh confirmed on Monday the application of two policies that supported the Iraqi dinar against foreign currencies, while revealing government measures that removed obstacles to foreign trade.

"The monetary policy of the Central Bank of Iraq has proven that it has the ability and flexibility to coordinate with the supporting government policies in providing exceptional capabilities to impose stability on prices in general and the exchange rates of the Iraqi dinar against foreign currency in particular, which are related to the prices of imports of goods and services," Saleh told the Iraqi News Agency.

He added that "based on the above, achieving and maintaining stability has come through two policies, the first: on the part of monetary policy by facilitating external transfer procedures and the official exchange rate at the time of transfer, and limiting the use of foreign currency through channels, legal procedures and digital banking mechanisms."

He added that "these channels and procedures are all characterized by high disclosure and governance across the national and international financial and banking system, as well as the adaptation of the Iraqi banking system to the compliance and auditing platform related to foreign currency transfers in a professional, legal and fast manner without prejudice to the freedom of foreign transfer, which is now consistent at the same time with national and international laws and regulatory regulations, which were represented by the three packages of the Central Bank of Iraq."

"The second is the general government policies, and it is related to the facilitated coordination measures taken by the Council of Ministers during the past few periods in the customs, tax and commercial fields, in a harmonious syndrome that has become more accurate after removing bureaucratic obstacles inherited in the movement of foreign trade, which gave stability and high flexibility in moving the activity of small traders to exercise their direct role in importing from outside the country and themselves without the chains of intermediaries and previous monopoly forces that the market accumulated with its imbalances over the past forty years," he added.

Views 2

Added 2023/04/24 - 4:55 PM

[6ly410]

Sudani advisor: Two policies supported the Iraqi dinar against foreign currencies

2023.04.24 - 16:51

Sudani advisor: Two policies supported the Iraqi dinar against foreign currencies (nasnews.com)

 

  

Baghdad - NAS   

The financial adviser to Prime Minister Mazhar Mohammed Saleh confirmed on Monday the application of two policies that supported the Iraqi dinar against foreign currencies, while revealing government measures that removed obstacles to foreign trade.  

  

Saleh said in a statement to the official agency of "NAS", (April 24, 2023), that "the monetary policy of the Central Bank of Iraq has proven that it has the ability and high flexibility in coordination with the supporting government policies in providing exceptional capabilities to impose stability on prices in general and the exchange rates of the Iraqi dinar against foreign currency in particular, which are related to the prices of imports of goods and services."  

He added that "based on the above, achieving and maintaining stability has come through two policies, the first: on the part of monetary policy by facilitating external transfer procedures and the official exchange rate at the time of transfer, and limiting the use of foreign currency through channels, legal procedures and digital banking mechanisms."  

He added that "these channels and procedures are all characterized by high disclosure and governance across the national and international financial and banking system, as well as the adaptation of the Iraqi banking system to the compliance and auditing platform related to foreign currency transfers in a professional, legal and fast manner without prejudice to the freedom of foreign transfer, which is now consistent at the same time with national and international laws and regulatory regulations, which were represented by the three packages of the Central Bank of Iraq."  

"The second is the general government policies, and it is related to the facilitated coordination measures taken by the Council of Ministers during the past few periods in the customs, tax and commercial fields, in a harmonious syndrome that has become more accurate after removing bureaucratic obstacles inherited in the movement of foreign trade, which gave stability and high flexibility in moving the activity of small traders to exercise their direct role in importing from outside the country and themselves without the chains of intermediaries and previous monopoly forces that the market accumulated with its imbalances over the past forty years," he added.  

[6ly410]

Sudanese financial advisor praises the policy of the Central Bank of Iraq management

Posted 6 seconds ago

 

Sudan's financial advisor praises the policy of the Central Bank of Iraq's management - Iraq News (iraqakhbar-com.translate.goog) 

 

 

news source /Iraq Today Agency

 

Baghdad - Iraq today:

Today, Monday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed the implementation of two policies that supported the Iraqi dinar against foreign currencies, while revealing government measures that removed obstacles to foreign trade.

Salih said in a press statement, "The monetary policy of the Central Bank of Iraq has proven that it has the ability and high flexibility in coordination with the supportive government policies in providing exceptional capabilities to impose stability on prices in general and the exchange rates of the Iraqi dinar against foreign currency in particular, which are related to import prices of goods and services." ".

And he added, “Based on the foregoing, achieving and maintaining stability came through two policies, the first: on the monetary policy side by facilitating external transfer procedures and the official exchange rate upon transfer and restricting dealing with foreign currency through channels, legal procedures and digital banking mechanisms.”

And he continued, “These channels and procedures are all characterized by disclosure and high governance across the national and international financial and banking system, in addition to the Iraqi banking system’s adaptation to the compliance and audit platform related to foreign transfers of foreign currency in a professional, legal, and speedy manner without prejudice to the freedom of external transfer, which is at the same time consistent with the laws.” And the national and international regulatory regulations, which were represented by the three Central Bank of Iraq packages.

And he added, “As for the second, it is the general government policies, and it relates to what the Council of Ministers took during the last few period of soft coordination measures in the customs, tax and trade fields in a harmonious syndrome that became more accurate after removing inherited bureaucratic obstacles in the movement of foreign trade, which gave stability and high flexibility in moving the activity.” Small traders to exercise their direct role in importing from outside the country by themselves without the chains of intermediaries and the former monopolistic powers that the market has accumulated with its imbalances over the past forty years.

[horsesoldier]

Sand bagging, foot dragging it thru the weeds for 20 years. Yep, kinda cranky today.

End of May now to vote in the budget & why ? The squeeze in the Iraqi people is despicable and I have ZERO patience. 

Better push back from the table.

[6ly410]

 

Prime Minister's Advisor Unveils Government Measures Removed Barriers to Foreign Trade

 

•  Today, 16:41

Baghdad - Nassar Al-Hajj
The financial adviser to Prime Minister Mazhar Muhammad Saleh confirmed on Monday the application of two policies that supported the Iraqi dinar against foreign currencies, while revealing government measures that removed obstacles to foreign trade.

Saleh told the Iraqi News Agency (INA) that "the monetary policy of the Central Bank of Iraq has proven that it has the ability and high flexibility in coordination with the supporting government policies in providing exceptional capabilities to impose stability on prices in general and the exchange rates of the Iraqi dinar against foreign currency in particular, which are related to the prices of imports of goods and services."
He added that "based on the above, achieving and maintaining stability has come through two policies, the first: on the part of monetary policy by facilitating external transfer procedures and the official exchange rate at the time of transfer, and limiting the use of foreign currency through channels, legal procedures and digital banking mechanisms."
He added that "these channels and procedures are all characterized by high disclosure and governance across the national and international financial and banking system, as well as the adaptation of the Iraqi banking system to the compliance and auditing platform related to foreign currency transfers in a professional, legal and fast manner without prejudice to the freedom of foreign transfer, which is now consistent at the same time with national and international laws and regulatory regulations, which were represented by the three packages of the Central Bank of Iraq."
"The second is the general government policies, and it is related to the facilitated coordination measures taken by the Council of Ministers during the past few periods in the customs, tax and commercial fields, in a harmonious syndrome that has become more accurate after removing bureaucratic obstacles inherited in the movement of foreign trade, which gave stability and high flexibility in moving the activity of small traders to exercise their direct role in importing from outside the country and themselves without the chains of intermediaries and previous monopoly forces that the market accumulated with its imbalances over the past forty years," he added.
At the same time, the Prime Minister's Advisor noted the importance of the government's policies supporting the poor and low-income classes, which also took a broad trend by expanding the rations in quantity, regularity, capacity and

 

[screwball]

To remove barriers to trade must get rid of mcp and parallel rates…. They know what must be done and will do it when they are told too! 

[yota691]

The Sudanese advisor is reassured about foreign currency reserves and estimates the value of treasury transfers

2023.04.25 - 13:19

 

Baghdad - people  

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Tuesday, that foreign currency reserves are high, safe and at comfortable levels, while noting that the value of treasury transfers is currently estimated at about 46 trillion dinars.  

  

  

  

Saleh said in a statement to the official agency, followed by "NAS", (April 25, 2023), that "the Central Bank is an independent authority and enjoys broad legal independence, as it is based on the Central Bank of Iraq Law No. 56 of the year 2004, especially Article 26, which bears an explicit title It read: "Prohibition of lending to the government (neither directly nor indirectly)".  

  

He noted that "the Central Bank is the authority to issue the national currency and maintain the stability of the value of the national currency and its purchasing power, and it has the freedom to intervene in the money market to impose stability and reduce inflation rates by controlling local liquidity levels, which are monetary operations that come within the operational objectives of monetary policy, and It's called "sterilization" procedures.  

  

He added, "The central bank is responsible for managing the government's financial operations, as well as managing the country's foreign currency reserves, according to the best methods of managing sovereign investment portfolios, and its standard evidence in terms of maximizing asset returns and avoiding all risks, whether legal, price and others."  

  

He pointed out that “although the central bank, by virtue of its role in controlling local liquidity levels and controlling its flows to achieve stability in the growth of the money supply, it exercises secondary market operations in buying and selling securities in general and government ones in particular in order to manage general liquidity in the economy.” And controlling its levels and growth rates in a way that achieves monetary and price stability, and this is done through direct dealings with the national banking market exclusively.  

  

And he continued, "The Central Bank currently holds, through secondary market operations, about 64 percent of the total internal public debt, which are government debt instruments in the form of bonds and treasury transfers (that is, they are government borrowing tools that were deducted by local banks and are the primary holders before deducting them with the monetary authority). , As banks, especially government ones, at different periods deducted their interest with the Central Bank and regained their liquidity, and they carry an annual interest ranging between 2-3 percent, and today they have become an integral part of the assets or assets in the balance sheet of the Central Bank of Iraq.  

  

And he added, "The value of treasury transfers in the possession of the monetary authority is estimated at about 46 trillion dinars currently," pointing out that "the foreign currency reserves of the Central Bank of Iraq are at very comfortable levels, which are the highest in the country's financial history, which are not less than balances (in foreign exchange and gold). ) between 110-115 billion dollars, and at the same time it constitutes a percentage (coverage) of the cash currency issued (and according to the current exchange rate) by about 130 percent, which is a high and safe coverage.  

  

And he continued, “Monetary policy, and by virtue of the fact that the Central Bank of Iraq is the government’s financial advisor, and it is the one who coordinates and consults with the government in accordance with its law to ensure consistency and harmony with the joints of financial policy and other economic policies, any decision taken by the monetary authority in accepting a discount or liquidation of any government debt instruments will be subject to There is no escape for accurate standard equations in applying monetary policy tools and their operational objectives, within the framework of managing the liquidity of the economy in a balanced manner with macroeconomic indicators, and in a manner consistent with the independence of the Central Bank of Iraq.  

[yota691]

A government advisor confirms the implementation of two policies that have supported the Iraqi dinar against foreign currencies

Economy

21:18 - 2023-04-24

 

Today, Monday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed the implementation of two policies that supported the Iraqi dinar against foreign currencies, while revealing government measures that removed obstacles to foreign trade.

Salih said in a press interview, "The monetary policy of the Central Bank of Iraq has proven that it has the ability and high flexibility in coordination with the supportive government policies in providing exceptional capabilities to impose stability on prices in general and the exchange rates of the Iraqi dinar against foreign currency in particular, which are related to import prices of goods and services." .
He added, "Based on the foregoing, achieving and maintaining stability came through two policies, the first: on the monetary policy side by facilitating external transfer procedures and the official exchange rate upon transfer and restricting dealing in foreign currency through legal channels, procedures and digital banking mechanisms."

And he continued, "These channels and procedures are all characterized by disclosure and high governance across the national and international financial and banking system, in addition to the Iraqi banking system's adaptation to the compliance and audit platform related to foreign transfers of foreign currency in a professional, legal and rapid manner without prejudice to the freedom of external transfer, which is now consistent with the laws." And the national and international regulatory regulations, which were represented by the three CBI packages.

And he added, "As for the second, it is the general government policies, and it relates to what the Council of Ministers took during the past few period in terms of soft coordination measures in the customs, tax and trade fields in a harmonious syndrome that became more accurate after removing inherited bureaucratic obstacles in the movement of foreign trade, which gave stability and high flexibility in moving the activity." Small traders to exercise their direct role in importing from outside the country by themselves without the chains of intermediaries and the former monopolistic powers that the market has accumulated with its imbalances over the past forty years.

At the same time, the Prime Minister's advisor noted the importance of government policies that support the poor and limited-income classes, which also took a wide turn by expanding food rations in quantity, regularity, and capacity.

[yota691]

The Sudanese advisor confirms that the value of treasury transfers is currently estimated at 46 trillion dinars

Economy

14:34 - 2023-04-25

 

Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that foreign currency reserves are high, safe and at comfortable levels, while he indicated that the value of treasury transfers is currently estimated at about 46 trillion dinars.

Salih said in a press interview, "The Central Bank is an independent authority and enjoys broad legal independence, as it is based on the Central Bank of Iraq Law No. 56 of 2004, especially Article 26, which bears an explicit title that reads:" Prohibition of lending to the government (neither directly nor indirectly)

. Operational objectives of monetary policy, called (sterilization) procedures.

He added, "The central bank is responsible for managing the government's financial operations, as well as managing the country's foreign currency reserves, according to the best methods of managing sovereign investment portfolios, and its standard evidence in terms of maximizing asset returns and avoiding all risks, whether legal, price and others."

He pointed out that “although the central bank, by virtue of its role in controlling local liquidity levels and controlling its flows to achieve stability in the growth of the money supply, it exercises secondary market operations in buying and selling securities in general and government ones in particular in order to manage general liquidity in the economy.” And controlling its levels and growth rates in a way that achieves monetary and price stability, and this is done through direct dealings with the national banking market exclusively.

And he continued, "The Central Bank currently holds, through secondary market operations, about 64 percent of the total internal public debt, which are government debt instruments in the form of bonds and treasury transfers (that is, they are government borrowing tools that were deducted by local banks and are the primary holders before deducting them with the monetary authority). , As banks, especially government ones, at different periods deducted their interest with the Central Bank and regained their liquidity, and they carry an annual interest ranging between 2-3 percent, and today they have become an integral part of the assets or assets in the balance sheet of the Central Bank of Iraq.

And he added, "The value of treasury transfers in the possession of the monetary authority is estimated at about 46 trillion dinars currently," pointing out that "the foreign currency reserves of the Central Bank of Iraq are at very comfortable levels, which are the highest in the country's financial history, which are not less than balances (in foreign exchange and gold). ) between 110-115 billion dollars, and at the same time it constitutes a percentage (coverage) of the cash currency issued (and according to the current exchange rate) by about 130 percent, which is a high and safe coverage.

And he continued, “Monetary policy, and by virtue of the fact that the Central Bank of Iraq is the government’s financial advisor, and it is the one who coordinates and consults with the government in accordance with its law to ensure consistency and harmony with the joints of financial policy and other economic policies, any decision taken by the monetary authority in accepting a discount or liquidation of any government debt instruments will be subject to There is no escape for accurate standard equations in applying monetary policy tools and their operational objectives, within the framework of managing the liquidity of the economy in a balanced manner with macroeconomic indicators, and in a manner consistent with the independence of the Central Bank of Iraq.

[yota691]

The Sudanese financial advisor: The value of treasury transfers is currently estimated at 46 trillion dinars

 

- 04-25-2023 01:25 PM - Number of readings: 4989

 

Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that foreign currency reserves are high, safe and at comfortable levels, while he indicated that the value of treasury transfers is currently estimated at about 46 trillion dinars.

Saleh said to the official agency, "The Central Bank is an independent authority and enjoys broad legal independence, as it is based on the Central Bank of Iraq Law No. 56 of 2004, especially Article 26, which bears an explicit title that reads:" Prohibition of lending to the government (neither directly nor indirectly). Indirect)

. Operational monetary policy, and it is called (sterilization) procedures.

He added, "The central bank is responsible for managing the government's financial operations, as well as managing the country's foreign currency reserves, according to the best methods of managing sovereign investment portfolios, and its standard evidence in terms of maximizing asset returns and avoiding all risks, whether legal, price and others."

He pointed out that “although the central bank, by virtue of its role in controlling local liquidity levels and controlling its flows to achieve stability in the growth of the money supply, it exercises secondary market operations in buying and selling securities in general and government ones in particular in order to manage general liquidity in the economy.” And controlling its levels and growth rates in a way that achieves monetary and price stability, and this is done through direct dealings with the national banking market exclusively.

And he continued, "The Central Bank currently holds, through secondary market operations, about 64 percent of the total internal public debt, which are government debt instruments in the form of bonds and treasury transfers (that is, they are government borrowing tools that were deducted by local banks and are the primary holders before deducting them with the monetary authority). , As banks, especially government ones, at different periods deducted their interest with the Central Bank and regained their liquidity, and they carry an annual interest ranging between 2-3 percent, and today they have become an integral part of the assets or assets in the balance sheet of the Central Bank of Iraq.

And he added, "The value of treasury transfers in the possession of the monetary authority is estimated at about 46 trillion dinars currently," pointing out that "the foreign currency reserves of the Central Bank of Iraq are at very comfortable levels, which are the highest in the country's financial history, which are not less than balances (in foreign exchange and gold). ) between 110-115 billion dollars, and at the same time it constitutes a percentage (coverage) of the cash currency issued (and according to the current exchange rate) by about 130 percent, which is a high and safe coverage.

And he continued, “Monetary policy, and by virtue of the fact that the Central Bank of Iraq is the government’s financial advisor, and it is the one who coordinates and consults with the government in accordance with its law to ensure consistency and harmony with the joints of financial policy and other economic policies, any decision taken by the monetary authority in accepting a discount or liquidation of any government debt instruments will be subject to There is no escape for accurate standard equations in applying monetary policy tools and their operational objectives, within the framework of managing the liquidity of the economy in a balanced manner with macroeconomic indicators, and in a manner consistent with the independence of the Central Bank of Iraq.

[yota691]

Sudanese advisor: Foreign currency reserves are high, safe and at comfortable levels

 

 

money and business

   

 

---

Economy News - Baghdad

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Tuesday, that foreign currency reserves are high, safe and at comfortable levels, while indicating that the value of treasury transfers is currently estimated at about 46 trillion dinars.

 

Saleh said, “The Central Bank currently holds, through secondary market operations, about 64 percent of the total internal public debt, which are government debt instruments in the form of bonds and treasury transfers (that is, they are government borrowing tools that were deducted by local banks, and they are the primary holder before discounting them with the authority.” cash), as banks, especially government ones, at different periods deducted their interest with the Central Bank and regained their liquidity, and they carry an annual interest ranging between 2-3 percent, and today they have become an integral part of the assets or assets in the balance sheet of the Central Bank of Iraq.

 

And he added, "The value of treasury transfers in the possession of the monetary authority is estimated at about 46 trillion dinars currently," pointing out that "the foreign currency reserves of the Central Bank of Iraq are at very comfortable levels, which are the highest in the country's financial history, which are not less than balances (in foreign exchange and gold). ) between 110-115 billion dollars, and at the same time it constitutes a percentage (coverage) of the cash currency issued (and according to the current exchange rate) by about 130 percent, which is a high and safe coverage.

 

And he continued, “Monetary policy, and by virtue of the fact that the Central Bank of Iraq is the government’s financial advisor, and it is the one who coordinates and consults with the government in accordance with its law to ensure consistency and harmony with the joints of financial policy and other economic policies, any decision taken by the monetary authority in accepting a discount or liquidation of any government debt instruments will be subject to There is no escape for accurate standard equations in applying monetary policy tools and their operational objectives, within the framework of managing the liquidity of the economy in a balanced manner with macroeconomic indicators, and in a manner consistent with the independence of the Central Bank of Iraq.

 

---

Observations 146

Added 04/25/2023 - 1:09 PM

[Laid Back]

“The foreign currency reserves of the Central Bank of Iraq are at very comfortable levels, which are the highest in the country's financial history, which are not less than balances (in foreign exchange and gold). ) between 110-115 billion dollars, and at the same time it constitutes a percentage (coverage) of the cash currency issued (and according to the current exchange rate) by about 130 percent, which is a high and safe coverage.”

 

$1/1310 = $0.00076

$0.00076 x 1.3 = $0.00099

After deleting 000 $0.99

 

GO STRONGER DINAR 👊🏼

[yota691]

The three-year budget... a guarantee for the implementation of the government program

Economical  2023/04/27

 

 

  Baghdad: Hussein Thaghb Al-Tamimi 

 

A new mechanism for approving the federal budget comes to support developmental trends and is supportive of the stages of work for a period of three years, as it was based on legal legislation employed to make the budget in this way, and the legislation is enforceable for the second and third years of the life of the financial plan and there is no need for the intervention of the legislative authority except when it requires adjustment in my budget The two years 2024-2025 and at the request of the executive authority itself, and thus the executive authority in its ministries, governorates and agencies will be able to implement its ministerial curriculum to the fullest and in a sustainable manner. 

 

Financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih said: "Fiscal policy, for the first time in the history of the general budget in Iraq, practices the principle of medium-term financial planning, which is based on the provisions of Article 4/Second of the applicable Federal Financial Management Law No. 6 of 2019 as amended."

 

He added, "Despite the commitment to the annual budget, which is defined on the basis of the fiscal year that begins on (1/1) of each year and ends on (12/31) of the same year, as stated in the provisions of Article 1/ Ninth of the same law above, as well as in the introduction to Article Fourth / Second of the law also above, however, the development factor and the nature of maintaining the strength and unity of the flow of funds for the new strategic investment projects and the proposed development funds in terms of investment spending, required financial sustainability and stability in the executive activity without interruption imposed by the legislative process on the subject of the annual budget (i.e. avoiding Legislative sclerosis due to the annual approval of the budget). 

 

He pointed out that "the implementation of the development and service provisions of the ministerial curriculum adopted by the government during its executive life, and which was approved by the House of Representatives last October, requires, within the framework of a sustainable financial policy, the implementation of a medium-term general budget for the years 2023-2025, as the provisions for implementing a law will be The general budget is binding for the year 2023, but it is subject to amendment by the government in other years, with the approval of the House of Representatives, when needed.

 

Thus, Article 4/Second of the Financial Management Law No. 6 of 2019 as amended, which was approved in the three-year budget, stipulates the following: The annual budget starts from (1/1) and ends on (12/31) of the same year, and the Federal Ministry of Finance has the right to prepare an average budget The term is for a period of (3) years, presented once and enacted, and the first year is obligatory, and the Council of Ministers, based on a proposal from the Ministries of Finance and Planning, may amend it for the second and third years and with the approval of the Council

deputies.

 

Saleh stressed that "the legislation will be effective for the second and third years of the life of the financial plan, and there is no need for the intervention of the legislative authority except when it requires adjustment in the budgets for the two years 2024-2025 and at the request of the executive authority itself, and this is what will provide a stable legislative cover for fiscal policy in particular and economic policy in general, In order for the executive authority in its ministries, governorates, and agencies to implement its ministerial curriculum in the fullest and sustainable manner.

 

Financial expert d. Mahmoud Dagher said: “A paragraph was mentioned in the Financial Management Law that allows the development of a three-year financial plan that is embodied in the possibility of presenting three budgets at once to the House of Representatives, the first being binding and the other two being modified accordingly. This paragraph was employed by the government, provided that the budget for the year 2023 and the total Its establishment is 199 trillion dinars, and the budget for the next two years will be of the same financial size, and it will be repeated.

 

Dagher preferred to present an actual budget for three years, and in this way I find it more beneficial for the country than presenting a budget for one year and repeating it for the next two years.

[yota691]

A Sudanese advisor expects the official and parallel dollar prices to match within weeks

• Time: 04/28/2023 13:36:37
•  
• Read: 1,560 times

  

{Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected that the official dollar exchange rates and the parallel market would match within weeks.

"We expect that, within a few weeks, there will be a match between the two prices," Saleh said to the Euphrates News Agency, noting that "this match is if the difference between them is 2%, then it is considered a match."
He added, "The matching of the parallel exchange rate to the official exchange rate depends on the extent of disclosure of the licensed banks to the electronic compliance platform, by giving the correct information and adhering to the controls and transfers in a greater way, which helps to match the official parallel price."
He pointed out that "there is a high degree of adaptation in foreign transfers, which represent 80% of the demand for the dollar, and at the same time, checking the data has become easier."
It is noteworthy that the exchange rate of the dollar in the parallel market (local stock exchanges) recorded a noticeable decrease in the past days, and yesterday it reached 1410 dinars to the dollar. 

[yota691]

Sudanese advisor determines the fate of Iraqi deposits in US banks.. What is their value?

 21 hours ago

467

 

Today, Thursday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the fate of the reserves of the Central Bank of Iraq located in American banks, while determining the value of the “sovereign portfolio.”

Saleh said in a press interview seen by “Takadam” that “diversifying the central bank’s reserves from various foreign currencies and various safe investment tools ensures their protection from legal and price risks,” stressing: “There is no pressure exerted on diversifying reserves.”

He added, “These reserves are usually invested in semi-liquid sovereign foreign debt instruments, such as remittances and treasury bonds managed by the governments of countries in the first industrialized world, especially debt instruments with high credit ratings and with appropriate interest, whether they are American, European, Japanese and Chinese.”

Al-Sudani's financial advisor explained, "The investment portfolio of the Central Bank of Iraq (which includes the country's foreign reserves of various currencies and gold) is managed according to the optimal global standard ratios, which are formed in the currencies of the dollar, the euro, the pound sterling, the Chinese yuan, the Japanese yen and gold."

Regarding the value of the sovereign portfolio, Saleh stated that “these currencies are worth about $115 billion in total,” noting that “the US dollar invested in US bonds and transfers constitutes a weight of no less than 35-40% of those reserves; Because dollar oil revenues are the main source of reserves, and that the oil market is basically a dollar market, since its inception before World War I until now.

The Ministry of Oil announced, today, Thursday, the final statistics for the revenues of last March, while confirming that it amounted to more than 7 billion dollars.

The proceeds of oil exports and sales from Iraq to the rest of the countries go to the Federal Central Bank, which controls the form of Iraqi deposits, which causes popular and political anxiety as a result of Washington's control of the hard currency.