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


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Sudani Advisor: The match of the official and parallel exchange rates depends on this matter
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Economy News - Baghdad

The prime minister's financial adviser, Mazhar Mohamed Saleh, predicted that the official dollar exchange rates and the parallel market would match within a few weeks.

Saleh said in an interview with the agency "Euphrates News" and followed by "Economy News", "We expect that in a few weeks there will be a match between the two prices," explaining: "If the difference between them is 2%, it is considered a match."

He added, "The correspondence of the exchange rate parallel to the official exchange rate depends on the extent to which the licensed banks disclose to the electronic compliance platform, by giving the correct information and adhering to controls and transfers more, which helps to match the parallel rate to the official one."
 

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Added 2023/04/28 - 6:06 PM

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2 hours ago, 6ly410 said:

Mazhar Mohamed Saleh, predicted that the official dollar exchange rates and the parallel market would match within a few weeks.

 

fantastic Mr Saleh , after matching - reining in the black market to the official rate you can then move on to matching iraqs other currency the american dollar :cigar:  

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money and business
   

Economy News / Baghdad
Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, called for the launch of sovereign development bonds for the Iraqi public in support of the national development funds, while pointing out that 70% of the monetary mass with the public is outside the banking system.

Saleh told the Iraqi News Agency, "The escalating annual accumulation in the value and proportion of expenditures related to the operational side in the general budgets of Iraq is a legacy that unfortunately began more than sixty years ago, and today it occupies as operational spending a proportion of up to 75% of total public spending compared to government investment spending in development." Direct, whose percentage has turned into 25% and perhaps less than total spending in budgets over the past six decades, after it was between 65-70% of total spending.

He added, "Since operating expenses are dominated by the nature of salaries, wages, pensions, and social welfare, which alone dominate operational spending today, with no less than 60% of that spending, there is no way to correct the development equation except by strengthening the savings resulting from those expenses and directing them towards the desired investment." ".

And he continued, "As those operating expenses that are paid as annual income include a savings share of no less than 17%, except for private sector savings, and since the banking system alone cannot withdraw the savings and financial accumulations of their owners except in a scope that is still very limited due to its slow institutional structure, the opportunity has become urgent." Favorable fiscal and monetary policies to launch sovereign development bonds that can be traded in the stock market.

He explained, "It can be launched with attractive interest and privileges that are offered and marketed to the public (in an attractive optional way) and with high sovereign guarantees at maturity, in order to employ the proceeds of the aforementioned bonds in development projects directly."

He pointed out, "The policy of spreading the use of secured bonds is the effective and direct means of recycling government operational expenditures and diverting them towards (national development funds) referred to in the draft federal budget law, as it is noted that 70% of the issued cash mass amounting to 100 trillion dinars is The rough face is still in circulation outside the banking system with the public in a hoarding manner, which negatively affects the completion of the annual national income cycle.

 
 

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Added 04/30/2023 - 7:42 PM
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Counselor Mazhar Saleh: 70% of the monetary mass with the public is outside the banking system

April 30, 2023

Baghdad / Obelisk Al-Hadath: The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained that 70% of the monetary mass with the public is outside the banking system.

Saleh said, in a statement followed by the obelisk, that the escalating annual accumulation in the value and proportion of expenditures related to the operational side in the general budgets of Iraq is a legacy that unfortunately began more than sixty years ago, and it occupies as operational spending today a rate of up to 75% of total public spending compared to government investment spending. Direct development, which has shifted to 25% and perhaps less than total spending in budgets over the past six decades, after it was between 65-70% of total spending.

He added that operating expenses are dominated by the nature of salaries, wages, pensions and social welfare, which alone dominate operational spending today, with no less than 60% of that spending. There is no way to correct the development equation except by strengthening the savings resulting from those expenses and directing them towards the desired investment.

And he continued: As those operating expenses that are paid as annual income include a savings share of no less than 17%, except for private sector savings, and since the banking system alone cannot withdraw the savings and financial accumulations of its owners except in a scope that is still very limited due to its slow institutional structure, the opportunity has become urgent. Favorable fiscal and monetary policies to launch negotiable sovereign development bonds in the stock market.

He explained that it can be launched with attractive interest and privileges that are presented and marketed to the public (in an attractive optional way) and with high sovereign guarantees at maturity, in order to employ the proceeds of the aforementioned bonds in development projects directly.

He pointed out that the policy of spreading the use of secured bonds is an effective and direct means of recycling government operational expenditures and diverting them towards (national development funds) referred to in the draft federal budget law, as it is noted that 70% of the cash mass issued amounting to 100 trillion dinars is approximately It is still in circulation outside the banking system with the public in a hoarding manner, which negatively affects the completion of the annual national income cycle. Rather, it is a behavior that disrupts the annual economic growth to a large degree due to the disruption of the effectiveness of the savings tool in the economy, whose balances should be directed towards the desired investment.

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Al-Sudanese financial advisor: The budget is conservative and risks from low oil
  
{Economic: Al Furat News} The appearance of Muhammad Salih, the financial advisor to the Prime Minister, Muhammad Shia'a Al-Sudani, confirmed that the draft financial budget law is "conservative".

Saleh told {Euphrates News} agency: "The budget is conservative at an oil price of $70 a barrel, and the important point is that it will spend more than half of the year for the financial life of Iraq, and it sells for more than $70."

However, he added, "However, there are risks from a drop in prices to below $70, so the budget must tighten its discipline more and the most important is presented with regard to expenditures," noting that "price fluctuations remain possibilities."

Saleh pointed out that "the risks will continue to decrease oil prices for months to more than 70 dollars a barrel."

A member of the Parliamentary Finance Committee, Jamal Cougar, said that the decline in oil prices in global markets contradicted the government's expectations in preparing the draft financial budget law.

Cougar told {Euphrates News} agency, "The government has calculated that oil prices will range between 80 and 85 dollars, and that if they fall below those rates, they will have to postpone some paragraphs or projects of the budget and transfer them to other budgets."

From.. Raghad Dahham

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Mazhar Muhammad Salih presents a proposal for financing the social welfare budget
 

Baghdad - people   

  

  

  

Saleh said in a statement to the official agency, followed by "NAS", (May 6, 2023), that "the fiscal policy related to social spending contains two issues. Widows, orphans, elderly patients, people with special needs, and others.  

  

He added, "The second issue is related to the fact that social spending that targets the poor should not be based on sources of financing such activities on the rentier oil resource and the volatility of its sources without the availability of various sustainable sources of financing from other income-generating economic sectors."  

  

He pointed out that "it is necessary, for example, to transfer mobile phone or Internet fees, beauty centers, entertainment and travel centers, taxes imposed on luxury goods and other activities related to recreational consumption to the social welfare budget," pointing out that "this requires a tight financial policy in (collecting Fees and taxes with a direct private social spending purpose) and directing the collection towards social welfare funds, including accepting voluntary donations, handouts, and others.  

  

And Saleh stated, "The new financial policy that encourages solidarity and human and social care depends on diversifying sources of income in order to sustain financing its social activities."  

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Sudanese advisor: Reducing the fiscal deficit is by focusing on priorities
  
{Local: Al-Furat News} The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, believes today, Sunday, that reducing the financial deficit is by focusing on priorities.
 

Saleh told Al-Furat News that: "The remediation of the drop in oil prices is to know whether this drop is temporary or complete, and its causes are due to the energy war and the military conflicts between Ukraine and Russia."
He pointed out that "to remedy the decline and reduce the budget deficit is by moving towards priorities and developing an important strategy that must be implemented through salaries, wages and social welfare."
Saleh continued, "If the state is forced, under any of the chapters, to carry forward some expenditures to the coming years."
For his part, Jamal Cougar, a member of the Parliamentary Finance Committee, said that the drop in oil prices in global markets contradicted the government's expectations in preparing the draft financial budget law.
And between Cougar, the government has calculated that oil prices will range between 80 and 85 dollars, and that if they fall below those rates, they will have to postpone some paragraphs or projects of the budget and transfer them to other budgets.

From: Raghad Dahham

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Advisor to the Prime Minister: The difference in exchange rates is temporary, and the markets will begin to moderate
  
{Economic: Al Furat News} Today, Monday, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, considered the difference in exchange rates "my time", while expressing his optimism about the moderation of the markets.
 

Saleh told Al-Furat News that: "The difference between the parallel exchange rates and the official exchange rate is a temporary issue, and the high prices of goods and commodities are due to the fact that some of them are linked to dollar prices, while others are caused by speculators."
He pointed out, "We affirm that the more funding and strengthening of the Iraqi dinar, the markets will begin to moderate and stabilize."
"In addition to that, we are on the verge of the summer season, which is one of the seasons in which there is an abundance of many commodities and vegetables as well," Saleh added.
"The food basket has contributed a lot to stabilizing market prices," he said.
And Salih had previously confirmed to Al-Furat News that controlling the exchange rates of the dollar in the parallel market and its stability from the official price is determined by the volume of sales of the Central Bank of Iraq.

The central Kifah Stock Exchange in Baghdad recorded 144,700 Iraqi dinars for 100 dollars, while the prices this morning were 144,800 Iraqi dinars for 100 dollars.
That the buying and selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 145,750 Iraqi dinars, while the purchase price reached 143,750 dinars for every 100 dollars.

From: Raghad Dahham

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A government advisor explaining the functions of the Iraq Recovery Fund

Economy

22:50 - 2023-05-07

 

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Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified the tasks of the Iraq Money Recovery Fund, its affiliates, and the recovery mechanism, and while confirming the existence of international support for efforts in this field, he referred to the goals of the United Nations Convention against Corruption.
Salih said, in a press statement, "The preparations have changed and methods have evolved in the scope of recovering the country's looted funds or corruption funds, since the establishment of the Iraq Money Recovery Fund, which is headed by the head of the National Integrity Commission and is logistically supported by the Commission's Money Recovery Department."
He added, "The council includes in its membership senior executive officials representing the Ministries of Foreign Affairs, Interior, Finance, Justice, Oil and Trade, the Office of Financial Supervision, the Central Bank of Iraq, the National Intelligence Service, and the Commission for Matter and Justice, based on the provisions of the first amendment to the Iraq Money Recovery Fund Law No. (7) of 2019."
He pointed out that "the Money Recovery Fund takes decisions and procedures and issues instructions and regulations related to the recovery of funds looted before 2003 and all corruption funds, and it submits a periodic detailed report to the House of Representatives on the results of its work."
He explained, "For the first time in Iraq, the recovery fund law provides for linking the development of joint agreements between Iraq and countries of the world on the issue of international cooperation in the issue of money recovery, as Article 14 of the law stipulates that the government is obligated when it concludes investment or economic agreements with any country that exists." It has funds for Iraq that are covered by the provisions of this law by concluding agreements with those countries to recover those funds.
He pointed out, "
Saleh stated, "The management of the Recovery Fund has dozens of major cases under prosecution and collection by filing lawsuits in the areas of jurisdiction in countries of the world to recover looted or corrupt funds, which are employed today in the form of bank deposits, shares, bonds, real estate, and other assets in which they are hidden." Corruption money in other countries.
Saleh stressed, "The accuracy of cooperation with the Anti-Money Laundering Council headed by the Governor of the Central Bank of Iraq, and supported logistically by the National Anti-Money Laundering Office as a financial information and intelligence department that deals with dealing with its counterparts in the world in a sustainable and effective manner."
He pointed out that, "Iraq is among the signatories to the United Nations Convention against Corruption, which is a binding international legal document, approved by the United Nations in 2003, and includes more than 187 countries."
And he stated, "The United Nations Convention against Corruption aims to prevent corruption, criminalize certain actions, strengthen law enforcement and international judicial cooperation, provide effective legal mechanisms for asset recovery, technical assistance and exchange of information, and mechanisms for implementing the Convention, including the Conference of States Parties to the United Nations Convention against Corruption." ".
And he continued by saying: "This is what helped Iraq sign a cooperation agreement that took place recently with the United Nations Development Program to support Iraq's efforts in the international field to collect its stolen money, which is estimated at hundreds of millions of dollars."

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Just going to get this off my chest then I'm going to get back to finishing my breakfast of Oatmeal & Scotch & Soda.

I've been holding on to IQD now for 20 years hoping they'd be worth more than a Dollar one day...& I think that's bloody well long enough and those Goons better get their finger out & RV their " glorious" currency, PRONTO ! 

My God stop talking, please !! Action, take Action!!!

What an insufferable people.

Okay I'm done 👍

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4 minutes ago, horsesoldier said:

Just going to get this off my chest then I'm going to get back to finishing my breakfast of Oatmeal & Scotch & Soda.

I've been holding on to IQD now for 20 years hoping they'd be worth more than a Dollar one day...& I think that's bloody well long enough and those Goons better get their finger out & RV their " glorious" currency, PRONTO ! 

My God stop talking, please !! Action, take Action!!!

What an insufferable people.

Okay I'm done 👍

💯👊

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On 5/1/2023 at 11:04 PM, yota691 said:

noted that 70% of the cash mass issued amounting to 100 trillion dinars is approximately It is still in circulation outside the banking system with the public in a hoarding manner,

so how do they get this into the banks? rate change?

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Adviser to the Sudanese: Matching the exchange rate of the dollar against the dinar takes months

economy |8-05-2023, 21:35 |

    
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Baghdad today - Baghdad

The appearance of Muhammad Salih, the financial advisor to the Prime Minister, Muhammad Shia'a al-Sudani, said, "The monetary policy has a goal, which is a fixed exchange rate of 1,300 dinars per dollar."

 

Saleh said in a press statement followed by (Baghdad Today), that: "The Central Bank of Iraq defends this price in the markets, and control over the financial supply of hard currency (the dollar)."

 

He added, "The reason for the low exchange rate of the dinar during the last period of this year is not economic, but rather an international administrative restriction, as the United States imposed restrictions on the entry of foreign exchange into the country."

 

He explained: "Washington has placed restrictions on the movement of foreign exchange entering Iraq, because of its suspicions that 80 percent of these transfers go to unknown destinations."

 

And between Saleh: "The development of the exchange rate of the dinar against the dollar today has improved a lot in two directions."

 

He pointed out, "The first trend is represented by Iraqi banks that have begun to properly disclose remittances, and the second is that the state has begun to process import operations to control the payments of these imports that are made in foreign exchange."

 

He said: "Within the next few months, the exchange rate of the dollar against the Iraqi dinar will match, according to the specified price, because the central bank has foreign currency reserves that are the highest in its history, exceeding $115 billion."

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3 hours ago, JonnyV said:

Why does that guy always look like he just smelled a bad fart?    

 

Yeah go ahead and take months.  The protestors will be sent to your house to fight that policy. 

He's either a smart feller or a fart smeller. Perhaps the latter is more true to the point

All the Best 

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The Sudanese advisor comments on the return of the dollar's rise: gangs are the reason

 
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2023-05-11 06:20
 

Shafaq News/ The financial and economic advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, commented today, Thursday, on the return of the dollar exchange rate against the dinar in the local market.

 

 

Salih told Shafaq News agency, "After the Central Bank of Iraq controlled the exchange rate through its calm monetary policy, and through packages facilitating external transfer in accordance with international compliance controls, and the great effort of the government by facilitating imports, there was stability in the exchange rate and it became The parallel exchange rate is close to the official rate.

 

However, he added, "But organized crime gangs took advantage of (electronic) travelers' cards. These gangs illegally and legally use citizens' passports in order to issue electronic cards and smuggle them out of Iraq in order to finance black transfers and smuggle money."

 

He added, "What organized crime gangs are doing has created a temporary disturbance in the exchange rate in the local market. There are deterrent measures taken by the government against these gangs, to reduce this dangerous phenomenon of smuggling, money laundering, and manipulation of citizens' rights."

 

The financial and economic advisor to the Prime Minister confirmed that "the exchange rate in the local market will be better during the next few days, and the dinar is strong, and the exchange rate will decline again, until the official rate is reached."

 

Today, Thursday, the exchange rates of the US dollar against the Iraqi dinar rose significantly in the main stock exchange in the capital, Baghdad, and in Erbil, the capital of the Kurdistan Region, to approach the barrier of 150,000 dinars for every 100 dollars.

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Economical  2023/05/13
...

 

 Baghdad: morning

    

The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said that the Central Bank controls the exchange rate, and the rise in the dollar is a temporary disturbance.

 

And Saleh stated that "after the Central Bank of Iraq controlled the exchange rate through its calm monetary policy, and through packages facilitating external transfer in accordance with international compliance controls, and the great effort of the government through facilitating imports, there was stability in the exchange rate and the parallel exchange rate became close to official price.

 

And he added, "However, organized crime gangs took advantage of (electronic) travelers' cards. These gangs illegally and legally use citizens' passports in order to issue electronic cards and smuggle them out of Iraq in order to finance black transfers and smuggle money."

 

He added, "What organized crime gangs are doing has created a temporary disturbance in the exchange rate in the local market. There are deterrent measures taken by the government against these gangs, to reduce this dangerous phenomenon of smuggling, money laundering, and manipulation of citizens' rights."

 

The financial and economic advisor to the Prime Minister confirmed that "the exchange rate in the local market will be better during the next few days, and the dinar is strong, and the exchange rate will decline again, until the official rate is reached."

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Saleh's appearance: The rise in the exchange rate of the dollar is a temporary disturbance
  
{Economic: Al-Furat News} The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said that the Central Bank controls the exchange rate, and the rise in the dollar is a temporary disturbance.

And Salih stated in a press statement, "After the Central Bank of Iraq controlled the exchange rate through its calm monetary policy, and through packages facilitating external transfer in accordance with international compliance controls, and the great effort of the government by facilitating imports, there was stability in the exchange rate and the exchange rate became The parallel exchange rate is close to the official rate.

And he added, "However, organized crime gangs took advantage of (electronic) travelers' cards. These gangs illegally and legally use citizens' passports in order to issue electronic cards and smuggle them out of Iraq in order to finance black transfers and smuggle money."

He added, "What organized crime gangs are doing has created a temporary disturbance in the exchange rate in the local market. There are deterrent measures taken by the government against these gangs, to reduce this dangerous phenomenon of smuggling, money laundering, and manipulation of citizens' rights."

The financial and economic advisor to the Prime Minister confirmed that "the exchange rate in the local market will be better during the next few days, and the dinar is strong, and the exchange rate will decline again, until the official rate is reached."

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