Oil Prices Will Exceed The Budget Needs.

[Luigi1]

 Here's some articles of Dinarian interests...

-CBI confirmed new currency is being printed.

-IMF praise for the efforts of the CBI controlling inflation & strengthening the banking sector.

-The IMF praises the monetary policy of the CBI.

-Oil Prices Are Still Higher Than Their Budget Estimates.

Treat as rumors.  Not verified.  Your opine.

 

 

 

FROM OTHER SOURCES:              After The CBI Denied & Confirmed That It Is Not Printing Them For The Time Being... Revealing The Truth About The New Currencies.

ARTICLE:  Community circles were busy with what was reported on social media sites & platforms about the efforts of the CBI to issue a new currency of 100,000 Iraqi Dinars & pump it into the local market, before the CBI quickly denied those rumors & emphasized that there was no... There are intentions to print a new currency at the present time.

 

The origin of the incident, which was circulated on social media sites & platforms, goes back to artistic paintings drawn by students of the Institute of Fine Arts in the city of Mosul, which included designs for coins marked with images of the late Iraqi-born international architect Zaha Hadid & the Abbasid Caliph Harun al-Rashid, as part of the requirements for the graduation project, but the matter went beyond the scope of control quickly expanded beyond that, after pictures of the painted paintings were published & circulated as a model for the new currency that will be printed soon.

 

 

This comes as the CBI denied issuing a new currency in the denomination of (100) thousand Dinars, despite what was circulated on social media sites about a picture of a new banknote that is a “fake” picture bearing the image of the late Iraqi architect Zaha Hadid.

 

The bank called on citizens to be careful & not deal with it if some offer it for the purpose of fraud, stressing that there are no intentions to print a new currency at the present time, stressing that it will take legal measures against violators & promoters of this counterfeit currency.

 

 

 

FROM OTHER SOURCES:               International Praise For The Efforts Of The Iraqi Central Bank: Controlling Inflation And Strengthening The Banking Sector.

ARTICLE:  The IMF praised the actions of the Iraqi government led by the CCI, indicating that it had taken several measures aimed at stabilizing the national currency & controlling monetary inflation.

 

The CBI media stated, in a statement received by Al-Eqtisad News, that it “raised the interest rate on monetary policy tools from 4% to 7.5% & increased the mandatory reserve requirements for banks from 15% to 18% & these steps were decisive in reducing the inflationary pressures that are affecting the economy.”  Iraq suffered from it, and this contributed to creating a more stable economic environment.”

 

The report stressed that “important reforms in the banking sector, such as the gradual increase in bank capital & mergers between small banks, aim to strengthen the banking sector & increase its efficiency & flexibility in the face of economic shocks.”

 

The report noted that “Iraq has implemented new compliance measures to improve the transparency of cross-border financial transactions, by launching an electronic platform that imposes the disclosure of financial beneficiaries, which enhances the integrity of financial transfers in accordance with international banking standards, in addition to the role of the CBI in expanding Correspondent banking relationships, to facilitate smoother international trade financing operations.”

 

 

 

 

FROM OTHER SOURCES:            The IMF Praises The Monetary Policy Of The CBI.

ARTICLE:  According to the report issued by the IMF mission for the current year 2024 for Article 4 consultations, the Iraqi government’s measures will be more severe, including the monetary policy led by the CBI.

 

The report indicated that “the CBI has taken several measures aimed at stabilizing the national currency & controlling monetary inflation.”  It added that “the CBI has raised the interest rate on monetary policy tools from 4% to 7.5% & increased the banks’ mandatory reserve requirements from 15% to 18%.” % & these steps were decisive in reducing the inflationary pressures that Iraq suffered from & this contributed to creating a more stable economic environment.”

 

The report emphasized that “important reforms in the banking sector, such as the gradual increase in bank capital & mergers between small banks, aim to strengthen the banking sector & increase its efficiency & flexibility in the face of economic shocks.”

 

The report noted that “Iraq has implemented new compliance measures to improve the transparency of cross-border financial transactions, by launching an electronic platform that imposes the disclosure of financial beneficiaries, which enhances the integrity of financial transfers in accordance with international banking standards, in addition to the role of the CBI in expanding correspondent banking relationships, to facilitate smoother international trade financing operations.”

 

 

 

 

FROM OTHER SOURCES:               Sudanese Advisor: Oil Prices Are Still Higher Than Their Budget Estimates & We Are Trying

To Keep Spending To The Minimum.

ARTICLE:  A financial advisor to PM Muhammad Shiaa Al-Sudani revealed features of the financial budget schedules for the year 2024.

 

Mazhar Muhammad Saleh told {Al-Furat News} agency, “The announcement of the variables in the financial tables for the past year 2024 was undoubtedly in conformity with the constants adopted by Law No. 13 of 2023, the Federal (Tripartite) General Budget Law, specifically in the axis of the hypothetical deficit amounting to approximately 64 trillion Dinars & did not stray far.” Estimates of the budget tables in the planned deficit paragraph, as stated in the law above.”

 

He added, "Despite the above, there are important trends in the management of the public budget, whether on the side of public expenditures, in which the spending ceiling reached 211 trillion Dinars, or the revenues & deficit itself & they are summarized as follows:

 

1- Oil prices are still higher than their estimates in the tripartite budget of $70 per barrel, with a percentage change." Positively exceeding 16% above the approved price above, as we approach the middle of the fiscal year, while maintaining the export rates approved in the Budget & managing oil production efficiently & in accordance with international agreements with OPEC regarding the issue of controlling production quotas.

2- There is high discipline in Maximizing non-oil revenues, especially tax & customs revenues, specifically after adopting automation, modern methods & information technology in tax & customs assessment, estimation, and collection.

3- Striving to impose discipline on operational expenditures & keeping spending on them within acceptable minimum levels.

4- Ensuring to raise the efficiency of investment spending & operating all approved projects.  This is to ensure a high growth rate in the gross domestic product, at a rate more than twice the population growth rate, by launching the movement of new projects without delay or stop.

 

Saleh noted that “the pattern of public spending, according to the schedules announced, is characterized by accuracy, objectivity & self-savings, which contributes to reducing the resort to financing the actual deficit, even when needed, through internal borrowing & within limits that ultimately do not exceed the accepted international standard percentage for financing the deficit, which amounts to 3%.” “of the country’s total gross domestic product or slightly exceeding it.”

 

He pointed out "not to forget that the efficiency of annual spending in the operational & investment aspects is an important issue in determining the total annual public spending as planned."

[BETTYBOOP]

So where in these articles does the cbi confirm it is printing new currency?I can't see that statement anywhere. The initial claim is that they confirm they are printing new currencies

[Luigi1]

12 hours ago, BETTYBOOP said:

So where in these articles does the cbi confirm it is printing new currency?I can't see that statement anywhere. The initial claim is that they confirm they are printing new currencies

 

The above article was from an official Iraqi News outlet.

We must use our own discernment to determine if it's real news or fake news.