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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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On 6/14/2023 at 5:41 PM, yota691 said:

Advisor to the Prime Minister identifies two mechanisms for tax reform in Iraq

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 local

 

  •  Yesterday, 20:59
 

Baghdad - INA - Nassar Al-Hajj
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that the percentage of non-oil revenues from the gross product reaches 5 percent, and while determining the percentage of activity of individuals in the private sector related to public finances, he identified two mechanisms for conducting tax reform.

 

Salih told the Iraqi News Agency (INA): "The Iraqi financial sector today needs to update the maps of non-oil revenues, especially from revenue vessels belonging to taxpayers who have completely neglected collecting from them, without at the same time burdening citizens with limited or low incomes."


He added, "The government support system" rel="">support equation in the general budget today exceeds 13 percent of Iraq's gross domestic product, which is guaranteed by government spending from oil revenues mostly, and it touches the needs of the poor and the rich on an equal footing without discrimination, requiring a very fair and comprehensive non-oil revenue equation."


And he continued, "The proportion of non-oil revenues (which is still very low and is estimated at 4-5 percent of GDP)."


Regarding the funds of individuals and the extent of their contribution to the market activity, Saleh explained, “There is what is known as voluntary vessels, which are called (gray colored) containers, which evade paying their financial obligations regarding the state’s tasks and tax requirements. It is the activity of vague, gray individuals, which constitutes 60-65 percent. Of the total activity of the private sector or the market sector in Iraq today, which are evaded or neglected vessels that are subject to taxes, but are not known before the collection agencies in the public finances.


He stated, "The problems of the rentier economy in our country have generated a culture of ignoring the few or meager revenues collected, while the world's public finances consist of the accumulation of scattered financial grains of sand, which are collected from few but widespread and numerous tax and revenue vessels, and at the same time achieve goals." public budgets in their countries.


And he indicated that "tax reform has also become important and inherent in providing financial discipline in Iraq and in two directions: the first: the adoption of soft flat taxes on income segments of various denominations according to easy collection methods that encourage immediate payment and enhance tax revenue in a transparent manner, and the second: the use of electronic payment and collection methods for accounting taxpayer in an easy way, provided that each taxpayer carries one tax number.


And he stressed, “This requires cooperation with international financial institutions to choose and apply the simplest technical means and the most capable of reaching the taxable bases, which makes tax or other revenue revenues, such as fees and service wages, and others, relative to the gross domestic product, equal at least to the support system" rel="">support rate in the federal budget.” , as a financial goal that should be pursued within the government program," pointing out, "taxes and fees are broad and comprehensive and imposed fairly without burdens on taxpayers, and encourage them voluntarily to contribute nationally to supporting public finances in our country."

Awesome news. Puts it on the first of July. 
makes perfect sense. 
:cigar:

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calendar.png 2023/06/23
 
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Baghdad / resource news

Today, Friday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the most important tasks of the Finance and Business Center in Iraq, while confirming that it will be a place for the activities of selling and trading governmental and private securities, similar to what exists in the world.

 

Saleh said, in a statement to the official agency, that "the importance of establishing the financial center in Iraq announced by the Central Bank of Iraq lies within the scope of the country's financial and banking development strategy and a new start in the importance of establishing and building a spatial or geographical location in which financial operations are concentrated in which a wide spectrum of stakeholders contribute." Institutions participating in financial activity in our country in which their business is integrated and interconnected in their inputs and outputs, specifically banking business and management of various assets and financial assets, and non-banking financial sector business such as insurance and reinsurance companies, financial investment funds, hedges and various logistical businesses that support financial market activity, i.e. with its two parts (banking and non-banking), supported at the same time by various financial intermediation businesses that will use very modern financial technologies.

 

He added, "The aforementioned center will be a place for the activities of selling and trading governmental and private securities, whether stocks as property instruments or bonds as debt instruments, whether those are listed in the Iraq Stock Exchange and not, in addition to various clearing operations and the general activities of the primary and secondary financial markets as issuing and trading bodies." Securities.

 

And Saleh continued, "The financial center includes consulting offices such as the offices of accounting and auditing companies, related legal offices, and credit rating agencies," noting that "in this way, the financial center is an integrated complex of services and a geographical spot that enables dealers to have direct access to large capital pools." At the forefront of which are local and international banks, insurance companies, investment funds and the capital market.

 

And he indicated that "the financial center is an important site in conducting transactions related to modern financial engineering, such as (financial securitization) operations and other management of financial derivatives and their modern tools, in addition to tax regulation work for them." 

 

He stressed, "The financial instruments approved in the world's financial markets will find their correct and legal birth in the financial center of Iraq, similar to the financial centers in the world such as Dubai, Singapore and Shanghai, and many of them are in international cities in London, Frankfurt, New York and others. "

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The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that it will be a place for the activities of selling and trading governmental and private securities, similar to what exists in the world, pointing out that the importance of the financial center in Iraq announced by the Central Bank of Iraq.

 

Saleh said in a statement, "The importance of establishing the financial center in Iraq announced by the Central Bank of Iraq lies within the scope of the country's financial and banking development strategy and a new start in the importance of establishing and building a spatial or geographical location in which financial operations are concentrated in which a wide range of institutions participating in the activity contribute." The financial sector in our country in which their businesses are integrated and linked in their inputs and outputs, specifically banking business and management of various assets and financial assets, and the business of the non-banking financial sector such as insurance and reinsurance companies, financial investment funds, hedges and various logistical businesses that support the activity of the financial market, i.e. in its two parts (banking and non-banking), At the same time, it will be supported by various financial intermediation businesses that will use ultra-modern financial technologies .

 

 

He added, "The aforementioned center will be a place for the activities of selling and trading governmental and private securities, whether stocks as property instruments or bonds as debt instruments, whether those are listed in the Iraq Stock Exchange and not, in addition to various clearing operations and the general activities of the primary and secondary financial markets as issuing and trading bodies." Securities .

 

And Saleh continued, "The financial center includes consulting offices such as the offices of accounting and auditing companies, related legal offices, and credit rating agencies," noting that "in this way, the financial center is an integrated complex of services and a geographical spot that enables dealers to have direct access to large capital pools." At the forefront of which are local and international banks, insurance companies, investment funds and the capital market .

 

And he indicated that "the financial center is an important site in conducting transactions related to modern financial engineering, such as operations (financial securitization) and other management of financial derivatives and their modern tools, in addition to the work of tax regulation thereof ."

 

He stressed, "The financial instruments approved in the world's financial markets will find their correct and legal birth in the financial center of Iraq, similar to the financial centers in the world such as Dubai, Singapore, Shanghai, and many of them in international cities in London, Frankfurt, New York, and others. "

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The financial adviser to the Prime Minister, Mazhar Muhammad Saleh, confirmed that it will be a place for the activities of selling and trading government and private securities, similar to what exists in the world, pointing out that the importance of the financial center in Iraq, which was announced by the Central Bank of Iraq.

 

Saleh said in a statement that "the importance of establishing the financial center in Iraq, which was announced by the Central Bank of Iraq, lies within the scope of the country's financial and banking development strategy and a new start in the importance of establishing and building a spatial or geographical location in which financial operations are concentrated in which a wide range of institutions participating in financial activity in our country contribute, in which their work is integrated and interconnected in their inputs and outputs, specifically banking and the management of various financial assets and assets, and the work of the non-banking financial sector such as insurance companies. Reinsurance, financial investment funds, hedging and various logistical activities supporting financial market activity, i.e. both (banking and non-banking), are supported at the same time by various financial intermediation works that will use highly modern financial technologies."

 

He added, "The aforementioned center will be a place for the activities of selling and trading government and private securities, whether shares as ownership instruments or bonds as debt instruments, whether listed on the Iraq Stock Exchange and unlisted, as well as various clearing operations and all the activities of the primary and secondary financial markets as issuers and trading bodies for securities."

 

Saleh added that "the financial center includes consulting offices such as accounting and auditing firms, relevant legal offices and credit rating agencies," noting that "in this way, the financial center is an integrated complex of services and a geographical spot that enables customers to have direct access to large capital pools, with local and international banks, insurance companies, investment funds and the capital market at the forefront."

 

He pointed out that "the financial center is an important location in the conduct of transactions related to modern financial engineering, such as (financial securitization) operations and other management of financial derivatives and their modern tools, in addition to the work of tax regulation for them."

 

He stressed that "the financial instruments adopted in the world's financial markets will find their correct and legal birth in the financial center of Iraq, similar to the financial centers in the world such as Dubai, Singapore and Shanghai, and many of them in international cities in London, Frankfurt, New York and others."

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Advisor to the Prime Minister outlines the tasks of the Financial and Business Center in Iraq

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  •  yesterday, 17:01

Baghdad - Waa - Nassar Al-Hajj

The financial adviser to Prime Minister Mazhar Muhammad Saleh revealed on Friday the most prominent tasks of the Financial and Business Center in Iraq, while stressing that it will be a place for the activities of selling and trading government and private securities, similar to what exists in the world.
Saleh said, to the Iraqi News Agency (INA), that "the importance of establishing the financial center in Iraq, which was announced by the Central Bank of Iraq, lies within the scope of the country's financial and banking development strategy and a new start in the importance of establishing and building a spatial or geographical location in which financial operations are concentrated in which a wide range of institutions participating in financial activity in our country contribute, in which their work is integrated and interconnected in their inputs and outputs, specifically banking and management of various financial assets and assets, and the work of the financial sector is not Banking, such as insurance and reinsurance companies, financial investment funds, hedge and various logistical activities supporting the activity of the financial market, i.e. both (banking and non-banking), are supported at the same time by various financial intermediation works that will use highly modern financial technologies."
He added, "The aforementioned center will be a place for the activities of selling and trading government and private securities, whether shares as ownership instruments or bonds as debt instruments, whether listed on the Iraq Stock Exchange and unlisted, as well as various clearing operations and all the activities of the primary and secondary financial markets as issuers and trading bodies for securities."
Saleh added that "the financial center includes consulting offices such as accounting and auditing firms, relevant legal offices and credit rating agencies," noting that "in this way, the financial center is an integrated complex of services and a geographical spot that enables customers to have direct access to large capital pools, with local and international banks, insurance companies, investment funds and the capital market at the forefront."
He pointed out that "the financial center is an important location in the conduct of transactions related to modern financial engineering, such as (financial securitization) operations and other management of financial derivatives and their modern tools, in addition to the work of tax regulation for them."
He stressed that "the financial instruments adopted in the world's financial markets will find their correct and legal birth in the financial center of Iraq, similar to the financial centers in the world such as Dubai, Singapore and Shanghai, and many of them in international cities in London, Frankfurt, New York and others."

 

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10 hours ago, yota691 said:

The financial instruments approved in the world's financial markets will find their correct and legal birth in the financial center of Iraq, similar to the financial centers in the world such as Dubai, Singapore and Shanghai, and many of them are in international cities in London, Frankfurt, New York and others. "

now this gets me very excited

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On 6/20/2023 at 7:48 PM, gregp said:

Awesome news. Puts it on the first of July. 
makes perfect sense. 
:cigar:

interesting timing just wacth Phil talking about a complete financial collapse starting this saturday in parts ramping up all next week to thursday at same time, gold and silver sky rocketing and we see china talking about dumping billions of dollars is USD bonds,,,,good timing..

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1 hour ago, screwball said:

interesting timing just wacth Phil talking about a complete financial collapse starting this saturday in parts ramping up all next week to thursday at same time, gold and silver sky rocketing and we see china talking about dumping billions of dollars is USD bonds,,,,good timing..

Who is Phil?

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A government advisor reveals the most important tasks of the Finance and Business Center in Iraq

Economy

18:56 - 2023-06-23

152362023_181952023_%D9%85%D8%B8%D9%87%D

Today, Friday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the most important tasks of the Finance and Business Center in Iraq, while confirming that it will be a place for the activities of selling and trading governmental and private securities, similar to what exists in the world.
Saleh said in a press interview, "The importance of establishing the financial center in Iraq announced by the Central Bank of Iraq lies in the scope of the country's financial and banking development strategy and a new start in the importance of establishing and building a spatial or geographical location in which financial operations are concentrated in which a wide range of participating institutions contribute." In the financial activity in our country, in which their businesses are integrated and interconnected in their inputs and outputs, specifically the banking business and the management of various financial assets and assets, and the non-banking financial sector business such as insurance and reinsurance companies, financial investment funds, hedges and various logistical businesses that support the activity of the financial market, i.e. in its two parts (banking and non-banking). At the same time, it will be supported by various financial intermediation businesses that will use ultra-modern financial technologies.
He added, "The aforementioned center will be a place for the activities of selling and trading governmental and private securities, whether stocks as property instruments or bonds as debt instruments, whether those are listed in the Iraq Stock Exchange and not, in addition to various clearing operations and the general activities of the primary and secondary financial markets as issuing and trading bodies." Securities.
And Saleh continued, "The financial center includes consulting offices such as the offices of accounting and auditing companies, related legal offices, and credit rating agencies," noting that "in this way, the financial center is an integrated complex of services and a geographical spot that enables dealers to have direct access to large capital pools." At the forefront of which are local and international banks, insurance companies, investment funds and the capital market.
And he indicated that "the financial center is an important site in conducting transactions related to modern financial engineering, such as (financial securitization) operations and other management of financial derivatives and their modern tools, in addition to tax regulation work for them." 
He stressed, "The financial instruments approved in the world's financial markets will find their correct and legal birth in the financial center of Iraq, similar to the financial centers in the world such as Dubai, Singapore, Shanghai, and many of them in international cities in London, Frankfurt, New York, and others."

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24 minutes ago, screwball said:

thats the big question he is on rumble...not sure his background he has been 100% correct on intel to date and knew about oceangate and sub months ago, he has connections

I found it - thanks.

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1 hour ago, screwball said:

thats the big question he is on rumble...not sure his background he has been 100% correct on intel to date and knew about oceangate and sub months ago, he has connections

This is what Phil read - Coorslite 21 posted this awhile ago:

 

There will be a liquidity and credit crisis as banks and online payment systems are about to suffer a huge outage in Europe and the United States. There are already talks of a liquidity and credit crisis happening in inner circles. This is big.

 

Saturday- Banks and online payment systems will suffer an outage in Europe and the United States spreading worldwide. Talks of a Liquidity and credit crisis happening will spread rapidly.

 

Sunday- Customers will try to get money from banks but will be turned away. Talks of bank runs on twitter and facebook will be promptly banned. Late-Sunday night Euro-zone banks will suffer a liquidity issue and fail critical margin levels.

 

Monday 26th- Liquidity crisis contagion will spread to the United States. Financial instruments much like those used by Archegos will blow up across the entire financial sector. Bank of America, JP Morgan, and Goldman Sachs are rumoured to be insolvent along with others. The Super Rich will attempt to pull their money out of the banks only to be denied. Stock market will drop 20% and is closed for the day. Tether and other stable coins will fail causing crypto currencies to crash as they become illiquid. Short-Mid term is that crypto currencies will become worthless.

 

Tuesday- Eurozone total melt down. Bank deposits are bailed and most people will lose all their money. Social protests erupt. U.S. stock market will drop another 20% before being halted for the day again. Hedge funds will collapse and banks are stuck with meme stock shorts which will be revealed to be in the trillions. Banks fail critical margin levels and the DTCC will be forced to cover the shorts. DTCC insurance policy will fail as the insurers never had money to begin with and the Federal Reserve is stuck with the bag.

 

Wednesday- Stock market will drop another 20% before getting stopped. Subprime finally hits and housing prices crash by 50% and more. Meme stock, silver, gold, commodity trading is frozen and halted but this will only make the problem worse. Dollar insolvency is all over international news, while silver and gold skyrocket. U.S bonds will be dumped sending interest rates into the stratosphere. Mainstream media will now blare the Great Depression 2.0 and the collapse is here.

 

Thursday- U.S. government will begin to collapse and pressure on the current Admin to resign. Stock market will drop even more for a total of 85-96% since the crash on Monday. Grocery stores will now be empty as supply chains completely break down. Rumours of a coup against the U.S. government will begin to pick up on social media and gain public approval. Massive protests against the government, wallstreet, and the banks will erupt. Police will be deployed and attempt to brutally suppress the protests but they will be unsuccessful.

 

Friday- Voter fraud data is going to be dumped on the internet and this will add fuel to the fire. Reveals stolen elections going back 40 years. Government figures will go into hiding. Meme stock and silver/commodities shorts issue reaches international media and heads of state will demand answers from the U.S. because they too are
exposed through weird financial instruments. BRICS will pick up steam to replace the dollar then and now. Dollar is declared non-grata in many countries in the world with legislation fast tracked to convert dollar denominated debt to other fiat to prevent a total credit freeze."

 

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13 hours ago, Shedagal said:

This is what Phil read - Coorslite 21 posted this awhile ago:

 

There will be a liquidity and credit crisis as banks and online payment systems are about to suffer a huge outage in Europe and the United States. There are already talks of a liquidity and credit crisis happening in inner circles. This is big.

 

Saturday- Banks and online payment systems will suffer an outage in Europe and the United States spreading worldwide. Talks of a Liquidity and credit crisis happening will spread rapidly.

 

Sunday- Customers will try to get money from banks but will be turned away. Talks of bank runs on twitter and facebook will be promptly banned. Late-Sunday night Euro-zone banks will suffer a liquidity issue and fail critical margin levels.

 

Monday 26th- Liquidity crisis contagion will spread to the United States. Financial instruments much like those used by Archegos will blow up across the entire financial sector. Bank of America, JP Morgan, and Goldman Sachs are rumoured to be insolvent along with others. The Super Rich will attempt to pull their money out of the banks only to be denied. Stock market will drop 20% and is closed for the day. Tether and other stable coins will fail causing crypto currencies to crash as they become illiquid. Short-Mid term is that crypto currencies will become worthless.

 

Tuesday- Eurozone total melt down. Bank deposits are bailed and most people will lose all their money. Social protests erupt. U.S. stock market will drop another 20% before being halted for the day again. Hedge funds will collapse and banks are stuck with meme stock shorts which will be revealed to be in the trillions. Banks fail critical margin levels and the DTCC will be forced to cover the shorts. DTCC insurance policy will fail as the insurers never had money to begin with and the Federal Reserve is stuck with the bag.

 

Wednesday- Stock market will drop another 20% before getting stopped. Subprime finally hits and housing prices crash by 50% and more. Meme stock, silver, gold, commodity trading is frozen and halted but this will only make the problem worse. Dollar insolvency is all over international news, while silver and gold skyrocket. U.S bonds will be dumped sending interest rates into the stratosphere. Mainstream media will now blare the Great Depression 2.0 and the collapse is here.

 

Thursday- U.S. government will begin to collapse and pressure on the current Admin to resign. Stock market will drop even more for a total of 85-96% since the crash on Monday. Grocery stores will now be empty as supply chains completely break down. Rumours of a coup against the U.S. government will begin to pick up on social media and gain public approval. Massive protests against the government, wallstreet, and the banks will erupt. Police will be deployed and attempt to brutally suppress the protests but they will be unsuccessful.

 

Friday- Voter fraud data is going to be dumped on the internet and this will add fuel to the fire. Reveals stolen elections going back 40 years. Government figures will go into hiding. Meme stock and silver/commodities shorts issue reaches international media and heads of state will demand answers from the U.S. because they too are
exposed through weird financial instruments. BRICS will pick up steam to replace the dollar then and now. Dollar is declared non-grata in many countries in the world with legislation fast tracked to convert dollar denominated debt to other fiat to prevent a total credit freeze."

 

correct also stated it again the other day....this time he said not sure if this thursday or not

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The first  2023/06/25
...
 

 

 Baghdad: Raghad Daham

 

Despite the delay in approving the country’s federal budget law until the middle of the current year 2023, it has not lost its economic viability, and its implementation does not include increasing fears of an increase in the fiscal deficit in it, as governmental and other parliamentary sources stated that the deficit rate will be controlled through several chapters, including the surplus. Cash accumulated for previous months as well as government bond issuance and internal borrowing.

 

And the economic advisor to the Prime Minister, Mazhar Muhammad Salih, stated in an interview with “Al-Sabah” that “after the Presidency of the Republic approves the budget and publishes it in the Official Gazette, it will enter into force, as the budget instructions will be issued jointly between the Ministries of Finance and Planning, and this whole process will not It takes more than one week."

 

He stressed, "There is no fear for the budget from fluctuating oil prices, because in the current reality it managed for half a year, but its approval will require additional expenditures during the second half of this year."

 

Saleh added, "Expenses will increase from now on, and those expenses will be covered from oil and non-oil revenues, and any financial deficit can be remedied through internal and external borrowing."

 

On June 12, the House of Representatives approved the general budget law for three years, after months of discussions and over 5 consecutive days of its sessions, to be the longest period and the largest number of parliamentary sessions due to a number of political differences over them.

 

For his part, the former director of the Office of Financial Supervision, Salah Nuri, said in an interview with "Al-Sabah": "The implementation of the provisions of the budget law will be in accordance with the actual financial liquidity, especially with regard to investment projects." He pointed out that "all previous budgets were unable to achieve the expected revenues, and because the financial liquidity is much less than expected, the priority is given to the operational budget of salaries and ruling expenses." Nuri concluded by saying: "If all items of the budget are required to be implemented, then the financial ceiling will be covered by borrowing, and investment projects will most likely not be completed because half of the year has passed until the budget is approved."

 

Meanwhile, a member of the Parliamentary Finance Committee, Nermin Maarouf, said: "Iraq's revenues depend 83 percent on crude oil exports in the 2023 budget, and if the price of a barrel falls in global markets, it will inevitably affect the implementation of the budget," adding: "The price of oil is expected to remain around $70 per barrel, so there are no risks to the budget for the current year." Maarouf added, in a symposium on the budget held in the city of Sulaymaniyah: “The total oil and non-oil financial revenues in the budget amount to 134 trillion dinars, but the actual budget is 199 trillion dinars, and there is a large deficit in it that reaches 64 trillion dinars.”

 

 Edited by: Muhammad Al-Ansari

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Adviser to the Iraqi Prime Minister determines the functions of the Finance and Business Center

 
Financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih
 

Mubasher: The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, revealed the most important tasks of the Finance and Business Center in Iraq, while confirming that it will be a place for the activities of selling and trading governmental and private securities, similar to what exists in the world.

 

Saleh said, to the Iraqi News Agency (INA), that the importance of establishing the financial center in Iraq announced by the Central Bank of Iraq lies within the scope of the country's financial and banking development strategy and a new start in the importance of establishing and building a spatial or geographical location in which financial operations are concentrated in which a wide spectrum contributes. It is one of the institutions participating in the financial activity in our country, in which their work is integrated and linked in terms of its inputs and outputs.

 

He pointed out that financial operations include banking and managing various assets and financial assets, and non-banking financial sector businesses such as insurance and reinsurance companies, financial investment funds, hedges, and various logistical businesses that support financial market activity, i.e. in both parts (banking and non-banking), supported at the same time by various brokerage businesses Finance that will use the most modern financial technologies.

 

He added that the aforementioned center will be a place for the activities of selling and trading governmental and private securities, whether stocks as property instruments or bonds as debt instruments, whether those are listed in the Iraq Stock Exchange and not, in addition to various clearing operations and the general activities of the primary and secondary financial markets as issuing and trading bodies for securities. Finance.

He continued, "The financial center includes consulting offices such as offices of accounting and auditing firms, related legal offices, and credit rating agencies."

Saleh pointed out that, in this way, the financial center is an integrated complex of services and a geographical area that enables dealers to have direct access to large capital pools, in which local and international banks, insurance companies, investment funds and the capital market are at the forefront.

And he indicated that "the financial center is an important site in conducting transactions related to modern financial engineering, such as (financial securitization) operations and other management of financial derivatives and their modern tools, in addition to tax regulation work for them." 

He stressed that the financial instruments approved in the world's financial markets will find their correct and legal birth in the financial center of Iraq, similar to the financial centers in the world such as Dubai, Singapore and Shanghai, and many of them are in international cities in London, Frankfurt, New York and others.

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Government reassurance about the fiscal deficit in the budget
 

Baghdad - Nas  

Despite the delay in approving the country’s federal budget law until the middle of the current year 2023, it has not lost its economic viability, and its implementation does not include increasing fears of an increase in the fiscal deficit in it, as governmental and other parliamentary sources stated that the deficit rate will be controlled through several chapters, including the surplus. Cash accumulated for previous months as well as government bond issuance and internal borrowing.  

 

And the economic advisor to the Prime Minister, Mazhar Muhammad Salih, stated in a statement followed by “NAS” on Sunday (June 25, 2023), that “after the Presidency of the Republic approves the budget and publishes it in the Official Gazette, it will enter into force, as the budget instructions will be issued jointly between the two ministries of finance.” planning, and this whole process will take no more than one week.”  

  

He stressed, "There is no fear for the budget from the fluctuation of oil prices, because in the current reality it managed for half a year, but its approval will require additional expenditures during the second half of this year."  

  

Saleh added, "Expenses will increase from now on, and those expenses will be covered from oil and non-oil revenues, and any financial deficit can be remedied through internal and external borrowing."  

  

On June 12, the House of Representatives approved the general budget law for three years, after months of discussions and over 5 consecutive days of its sessions, to be the longest period and the largest number of parliamentary sessions due to a number of political differences over them.  

  

For his part, the former director of the Office of Financial Supervision, Salah Nouri, said, "The implementation of the provisions of the budget law will be in accordance with the actual financial liquidity, especially with regard to investment projects."  

  

He pointed out that "all previous budgets were unable to achieve the expected revenues, and because the financial liquidity is much less than expected, priority is given to the operational budget of salaries and governing expenses."  

  

Nuri concluded by saying: "If all items of the budget are required to be implemented, then the financial ceiling will be covered by borrowing, and investment projects will most likely not be completed because half of the year has passed until the budget is approved."  

  

Meanwhile, a member of the Parliamentary Finance Committee, Nermin Maarouf, said: "Iraq's revenues depend 83 percent on crude oil exports in the 2023 budget, and if the price of a barrel falls in global markets, it will inevitably affect the implementation of the budget," adding: "The price of oil is expected to remain around $70 per barrel, so there are no risks to the budget for the current year."  

  

Maarouf added, in a symposium on the budget held in the city of Sulaymaniyah, that "the total oil and non-oil financial revenues in the budget amount to 134 trillion dinars, but the actual budget is 199 trillion dinars, and there is a large deficit in it amounting to 64 trillion dinars."  

  

And she continued, "The government intends to fill this deficit, which amounts to approximately 64 trillion dinars, through the existing surplus of financial revenues from last year achieved from the sale of oil, which amounts to 23 trillion dinars, and the rest it fills from selling treasury bonds to the Central Bank of Iraq and borrowing from my bank ( Mesopotamia) and (Al-Rasheed) in addition to external borrowing, which amounts to 10 trillion dinars.  

  

  

Source: "The Official Gazette"  

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Advisor to the Prime Minister identifies the factors for stabilizing the purchasing power of the Iraqi dinar

upload_1687974385_1784306042.jpg
 Political
  •  Today, 20:46

Baghdad - Waa - Amna Al-Salami
Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, on Wednesday, the power of quantitative and price monetary policy tools in managing public liquidity, while identifying the factors for stabilizing the purchasing power of the Iraqi dinar.

Saleh told the Iraqi News Agency (INA): "Some are betting on the impossibility of being able to control the levels of local liquidity generated by government spending, especially in the federal general budget 2023, which is based on methods of financing the budget in Iraqi dinars in exchange for oil revenues in foreign currency mostly, as oil revenues constitute the reserves of the Central Bank of Iraq, which helps to intervene in the money market to sterilize local liquidity levels and control them when they rise through the ability to meet the increasing demand for cash. foreigner".
He added, "The bet is losing on the inability to intervene and control the liquidity levels in dinars, which will increase with the rise in government expenditures due to the conditions of the compliance platform and the fear of them in meeting the demand for foreign exchange, as monetary policy and the strength of foreign reserves, which are the highest in the country's financial history, are the only ones that have different price and quantitative tools in influencing the liquidity levels generated by government spending in the majority."
Saleh continued, "There is a force of coordination and integration between monetary policy and the joints of economic policy and fiscal policy, which affects the drawing of the rules of price stability factors and building an efficient commodity supply in order to achieve the objectives of the Central Bank in stabilizing the purchasing power of the Iraqi dinar, based on the objectives of Decree Law No. 56 of 2004."
He noted that "there is a very pessimistic extremist imagination that spreads from time to time and is not at all commensurate with the power of quantitative and price monetary policy tools in particular and the opportunities available to government policies in general in addressing the shocks that are occasionally raised in the subject of public liquidity management."

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21 minutes ago, Laid Back said:

CBI always complaints about the increase of the dollar price in the Black Market

but the CBI is the only one in charge of monetary Policy. They know the only

solution to end this problem is removing exchange control and let the dinar be 

free, subject to the forces of supply and demand.

 

Go end of exchange control

Go free dinar (float)

Go supply and demand

Go stronger dinar $1+

Thank you LB. 
I appreciate you sir!

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