Economists: the dollar exchange rate will rise after the budget is approved

[size=52]Economists: the dollar exchange rate will rise after the budget is approved[/size]

[size=45]Baghdad / Hussein Hatem[/size]
[size=45]The specialist in economic affairs, Nabil Al-Marsoumi, said in an interview with Al-Mada that "the decline in the Central Bank's reserves last year was a result of lower oil prices and oil revenues." Last Tuesday, the Central Bank of Iraq announced a decrease in total foreign reserves by approximately 20% during the year 2020,[/size]
[size=45]Indicating that the total amounted to nearly 56 billion dollars, stressing at the same time maintaining the stability of exchange rates in the market through the use of various monetary tools. The economist confirms that "with the rise in the price of oil in the current year, the reserve regained part of what it had lost in 2020 and reached 55-56 billion dollars." Al-Marsoumi indicated that "there is a direct relationship between oil prices and the reserves of the Central Bank of Iraq," adding that "when oil prices increase, the volume of oil revenues increases by more than what the central bank pays to open documentary credits or cash sales, so foreign cash reserves increase." The economist expected that "the US dollar will witness a rise in the coming days after the vote on the 2021 budget because there will be a great buying fever by traders to compensate for the shortage in commodity stocks, especially when we are on the gates of Ramadan," noting that "the central bank's sales will increase in the coming days , But the upward trend will remain that is controlling the reserves of the Central Bank of Iraq due to the increase in Iraqi oil revenues. Al-Marsoumi concluded that "the only source of income from the dollar is from oil revenues. It largely controls oil prices and not its quantities, as the quantities produced and exported are almost constant."[/size]
[size=45]In turn, the specialist in economic affairs, Safwan Qusay, said in an interview with Al-Mada, that “the process of decreasing the reserves of the Central Bank is due to the drop in oil prices and the government's inability to fulfill its financial obligations governed by laws regarding salaries and other items that needed funding, which forced the government To issuing local bonds and discounting them through public and private banks, ”indicating that“ the central bank has purchased government debt bonds that are weaker than these reserves. ” The government borrowed more than $ 25 billion from the central bank last year, to pay public sector salaries and meet other financial requirements. The economist adds, "After changing the exchange rate at the end of 2020, the central bank's reserves increased over the past two months by more than $ 4 billion," stressing that "there is a possibility for the reserve to return to what it was." He went on to say that "the higher the reserves of the Central Bank, the more there is confidence in the international investment that Iraq has good financial potential and can obtain international loans with a low credit rating," stressing that "Iraq is currently at a good level and has good reserves at the level of gold as well." Qusay concluded his speech by saying, "We are far from danger and at the same time we have to diversify the resources of the Iraqi economy away from oil resources in order to avoid fluctuations in oil prices and its impact on public spending.[/size]


[size=45]Baghdad / Hussein Hatem[/size]
[size=45]The specialist in economic affairs, Nabil Al-Marsoumi, said in an interview with Al-Mada that "the decline in the Central Bank's reserves last year was a result of lower oil prices and oil revenues." Last Tuesday, the Central Bank of Iraq announced a decrease in total foreign reserves by approximately 20% during the year 2020,[/size]
[size=45]Indicating that the total amounted to nearly 56 billion dollars, stressing at the same time maintaining the stability of exchange rates in the market through the use of various monetary tools. The economist confirms that "with the rise in the price of oil in the current year, the reserve regained part of what it had lost in 2020 and reached 55-56 billion dollars." Al-Marsoumi indicated that "there is a direct relationship between oil prices and the reserves of the Central Bank of Iraq," adding that "when oil prices increase, the volume of oil revenues increases by more than what the central bank pays to open documentary credits or cash sales, so foreign cash reserves increase." The economist expected that "the US dollar will witness a rise in the coming days after the vote on the 2021 budget because there will be a great buying fever by traders to compensate for the shortage in commodity stocks, especially when we are on the gates of Ramadan," noting that "the central bank's sales will increase in the coming days , But the upward trend will remain that is controlling the reserves of the Central Bank of Iraq due to the increase in Iraqi oil revenues. Al-Marsoumi concluded that "the only source of income from the dollar is from oil revenues. It largely controls oil prices and not its quantities, as the quantities produced and exported are almost constant."[/size]

[size=45]In turn, the specialist in economic affairs, Safwan Qusay, said in an interview with Al-Mada, that “the process of decreasing the reserves of the Central Bank is due to the drop in oil prices and the government's inability to fulfill its financial obligations governed by laws regarding salaries and other items that needed funding, which forced the government To issuing local bonds and discounting them through public and private banks, ”indicating that“ the central bank has purchased government debt bonds that are weaker than these reserves. ” The government borrowed more than $ 25 billion from the central bank last year, to pay public sector salaries and meet other financial requirements. The economist adds, "After changing the exchange rate at the end of 2020, the central bank's reserves increased over the past two months by more than $ 4 billion," stressing that "there is a possibility for the reserve to return to what it was." He went on to say that "the higher the reserves of the Central Bank, the more there is confidence in the international investment that Iraq has good financial potential and can obtain international loans with a low credit rating," stressing that "Iraq is currently at a good level and has good reserves at the level of gold as well." Qusay concluded his speech by saying, "We are far from danger and at the same time we have to diversify the resources of the Iraqi economy away from oil resources in order to avoid fluctuations in oil prices and its impact on public spending."[/size]


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Yeah, first approve the budget and i must admit I am geeting fed up with the kurds...... Why is nobody doing anything about the kurds?

its called corrupt politicans chouchou