POSTED ON[You must be registered and logged in to see this link.] BY [You must be registered and logged in to see this link.]
[size=52]Experts on the rise in cash reserves: oil imports doubled expenditures[/size]
[size=45]Baghdad/ Firas Adnan[/size]
[size=45]Economists confirmed that Iraq's monthly oil imports are currently double its expenditures, pointing out that the increase in energy and food prices will cost the treasury $18 billion, but they talked about a significant increase in the Central Bank's reserves in a way that enables it to cover the value of the Iraqi dinar.[/size]
[size=45]Another economic expert, Safwan Qusay, said, "Iraq is going this year without a budget, and this made the government unable to spend more than 101 trillion dinars, which is the amount of spending for the past year."[/size]
[size=45]Qusay continued, "The average monthly spending according to last year's budget is 7.5 trillion dinars," explaining that "Iraq's monthly revenues are close to 15 trillion dinars."[/size]
[size=45]The House of Representatives is seeking to pass a law on emergency support for food security in order to provide financial support to a number of sectors by allocating more than 25 trillion dinars.[/size]
[size=45]Qusay said, "Iraq will get an additional 50 trillion dinars over what it was last year, and the total will be in the range of 120 to 130 billion dollars, which is the revenues for the current year."[/size]
[size=45]He stressed, "The increase occurred after the zeroing of Kuwait's debts in the previous year, which provided us with 3 billion dollars, with the change in the exchange rate of the dollar against the Iraqi dinar, which provided us with 10 billion dollars."[/size]
[size=45]Qusay spoke about “another important factor, which is the rise in oil prices, as a barrel is currently sold at $117 per barrel, as the export quantities will return next month to 3.7 million barrels per day.”[/size]
[size=45]On the other hand, Qusay said, "Iraq needs to increase the dues to purchase energy and foodstuffs, and this requires finding an additional 18 billion dollars to raise the prices of these materials."[/size]
[size=45]He stressed, "The remaining revenues will be about 50 billion dollars, and despite the statement of Finance Minister Ali Abdul Amir Allawi that there will be 20 billion dollars that will go to the reserve, but we believe that the amount will be more than that."[/size]
[size=45]And Qusay, that «the reserves of the Central Bank will rise in a manner that covers the value of the Iraqi dinar, which there is no doubt about its collapse according to these data».[/size]
[size=45]For his part, the economist Nabil Al-Ali said, "The current oil prices in the global markets, which are between 110 to 120 dollars, were expected and within what most of the major economic institutions concerned talked about."[/size]
[size=45]Al-Ali added, "A part of these institutions began to expect a new rise in oil prices during the second half of this year."[/size]
[size=45]He pointed out that "the current rise occurred as a natural result of the repercussions of the war between Russia and Ukraine on the oil market," adding that "the second expectation is the stability of prices as they are and will not decline below $100."[/size]
[size=45]Al-Ali indicated that "the current rates have a great positive impact on the economies of the oil-producing countries, including Iraq, and unlike other oil-consuming countries, they will be affected."[/size]
[size=45]He noted, "The damage to Iraq can occur in one aspect only, which is the rise in consumer product prices in general as a result of the rise in oil prices."[/size]
[size=45]Al-Ali pointed out that “the cash reserve of Iraq is linked to the Central Bank, and the increase that occurred in it during the past period was the result of the rise in oil prices, and this overall reflects the extent of the overall stability of Iraq’s economy and its ability to borrow conditionally during the past period to establish development projects.”[/size]
[size=45]He added, "The rise in revenues has a significant impact on Iraq's credit rating, in that it is not exposed to risks, and these are important indicators that are reflected in the volume of oil needs."[/size]
[size=45]Al-Ali explained, "Once Iraq enters into budgets, these reserves will be eroded, and their increase occurred as a result of the lack of spending after the end of the budget law for the past year."[/size]
[size=45]He called, "there is stability in the cash reserve and there will be no continuous increase, but some amounts are transferred to the accounts of the government or the Ministry of Finance in order to spend them in the development aspects, energy production or gas investment in order to return the revenues."[/size]
[size=45]Al-Ali went on to say that “the reserves are against the local currency in order to find a kind of balance in monetary policy, while the additional revenues can go to government accounts,” stressing that “the increase in the reserves must be linked to an increase in the printing of the local currency so that we have a kind of Stability and balance.[/size]
[size=45]Iraq had started a series of reform measures at the economic level represented in the White Paper, and these measures were welcomed by the international community.[/size]
[size=45][You must be registered and logged in to see this link.]
[size=52]Experts on the rise in cash reserves: oil imports doubled expenditures[/size]
[size=45]Baghdad/ Firas Adnan[/size]
[size=45]Economists confirmed that Iraq's monthly oil imports are currently double its expenditures, pointing out that the increase in energy and food prices will cost the treasury $18 billion, but they talked about a significant increase in the Central Bank's reserves in a way that enables it to cover the value of the Iraqi dinar.[/size]
[size=45]Another economic expert, Safwan Qusay, said, "Iraq is going this year without a budget, and this made the government unable to spend more than 101 trillion dinars, which is the amount of spending for the past year."[/size]
[size=45]Qusay continued, "The average monthly spending according to last year's budget is 7.5 trillion dinars," explaining that "Iraq's monthly revenues are close to 15 trillion dinars."[/size]
[size=45]The House of Representatives is seeking to pass a law on emergency support for food security in order to provide financial support to a number of sectors by allocating more than 25 trillion dinars.[/size]
[size=45]Qusay said, "Iraq will get an additional 50 trillion dinars over what it was last year, and the total will be in the range of 120 to 130 billion dollars, which is the revenues for the current year."[/size]
[size=45]He stressed, "The increase occurred after the zeroing of Kuwait's debts in the previous year, which provided us with 3 billion dollars, with the change in the exchange rate of the dollar against the Iraqi dinar, which provided us with 10 billion dollars."[/size]
[size=45]Qusay spoke about “another important factor, which is the rise in oil prices, as a barrel is currently sold at $117 per barrel, as the export quantities will return next month to 3.7 million barrels per day.”[/size]
[size=45]On the other hand, Qusay said, "Iraq needs to increase the dues to purchase energy and foodstuffs, and this requires finding an additional 18 billion dollars to raise the prices of these materials."[/size]
[size=45]He stressed, "The remaining revenues will be about 50 billion dollars, and despite the statement of Finance Minister Ali Abdul Amir Allawi that there will be 20 billion dollars that will go to the reserve, but we believe that the amount will be more than that."[/size]
[size=45]And Qusay, that «the reserves of the Central Bank will rise in a manner that covers the value of the Iraqi dinar, which there is no doubt about its collapse according to these data».[/size]
[size=45]For his part, the economist Nabil Al-Ali said, "The current oil prices in the global markets, which are between 110 to 120 dollars, were expected and within what most of the major economic institutions concerned talked about."[/size]
[size=45]Al-Ali added, "A part of these institutions began to expect a new rise in oil prices during the second half of this year."[/size]
[size=45]He pointed out that "the current rise occurred as a natural result of the repercussions of the war between Russia and Ukraine on the oil market," adding that "the second expectation is the stability of prices as they are and will not decline below $100."[/size]
[size=45]Al-Ali indicated that "the current rates have a great positive impact on the economies of the oil-producing countries, including Iraq, and unlike other oil-consuming countries, they will be affected."[/size]
[size=45]He noted, "The damage to Iraq can occur in one aspect only, which is the rise in consumer product prices in general as a result of the rise in oil prices."[/size]
[size=45]Al-Ali pointed out that “the cash reserve of Iraq is linked to the Central Bank, and the increase that occurred in it during the past period was the result of the rise in oil prices, and this overall reflects the extent of the overall stability of Iraq’s economy and its ability to borrow conditionally during the past period to establish development projects.”[/size]
[size=45]He added, "The rise in revenues has a significant impact on Iraq's credit rating, in that it is not exposed to risks, and these are important indicators that are reflected in the volume of oil needs."[/size]
[size=45]Al-Ali explained, "Once Iraq enters into budgets, these reserves will be eroded, and their increase occurred as a result of the lack of spending after the end of the budget law for the past year."[/size]
[size=45]He called, "there is stability in the cash reserve and there will be no continuous increase, but some amounts are transferred to the accounts of the government or the Ministry of Finance in order to spend them in the development aspects, energy production or gas investment in order to return the revenues."[/size]
[size=45]Al-Ali went on to say that “the reserves are against the local currency in order to find a kind of balance in monetary policy, while the additional revenues can go to government accounts,” stressing that “the increase in the reserves must be linked to an increase in the printing of the local currency so that we have a kind of Stability and balance.[/size]
[size=45]Iraq had started a series of reform measures at the economic level represented in the White Paper, and these measures were welcomed by the international community.[/size]
[size=45][You must be registered and logged in to see this link.]
Today at 5:23 am by Rocky
» The Iraqi Communist: Voting on the budget schedules before approving the final accounts...a violatio
Today at 5:22 am by Rocky
» Everything is polluted in Iraq: the air, the water and the land
Today at 5:21 am by Rocky
» Parliamentary Security reveals the latest developments in the joint committee between Iraq and the i
Today at 5:19 am by Rocky
» Oil explains the details of exploring oil and gas fields in the western regions
Today at 5:18 am by Rocky
» Al-Sumaria: Strict judicial measures against telecommunications companies that violate instructions
Today at 5:16 am by Rocky
» Trade exchange between Iranian Azerbaijan and the Kurdistan Region rises to one billion dollars
Today at 5:14 am by Rocky
» Finance announces financing the salaries of Kurdistan Region employees due for the month of May
Today at 5:13 am by Rocky
» American report: Saddam misled Washington and the invasion of Iraq was a disaster
Today at 5:11 am by Rocky
» Al-Sudani and Al-Hakim discuss fighting corruption and improving service conditions
Today at 5:10 am by Rocky
» The Prime Minister opens the first forum of governorate councils
Today at 5:09 am by Rocky
» Al-Sudani renews his government’s support for the work of the provincial councils
Today at 5:07 am by Rocky
» Washington calls on Baghdad to hold accountable those targeting American companies: The attacks targ
Today at 5:06 am by Rocky
» The Housing Fund intends to grant 17,000 loans during 2024
Today at 5:05 am by Rocky
» Distribution of salaries before the Eid holiday... Finance surprises employees
Today at 5:03 am by Rocky
» More than 12 million bank accounts to date
Yesterday at 8:14 am by wciappetta
» utube 6/4/24 MM&C IQD Update-Iraq Dinar-2024 Budget Passed-Gazzette-Timing-197 Companies Cease Dol
Yesterday at 8:04 am by Rocky
» utube 6/3/24 MM&C IQD Update-Iraq Dinar-Accelerate- Digital-Financial-Banking Reforms-Best Budget
Yesterday at 8:02 am by Rocky
» Al-Rafidain: About 1,502 loans were issued to those registered under the Riyada initiative since las
Yesterday at 7:59 am by Rocky
» Al-Maliki: There is no intention to approve the general amnesty law
Yesterday at 7:57 am by Rocky
» Al-Sudani: Understandings with France amounting to one billion euros to build industrial projects...
Yesterday at 7:48 am by Rocky
» Al-Sudani: The available factories for construction materials cover only a quarter of the need
Yesterday at 7:46 am by Rocky
» An economist indicates the absence of the private sector in the 2024 budget
Yesterday at 7:44 am by Rocky
» Central Bank of Iraq sales exceeded $270 million at today’s auction
Yesterday at 7:43 am by Rocky
» The Iraqi budget is moving toward “publishing and disbursing” without presidential approval
Yesterday at 7:42 am by Rocky
» A government parliamentary agreement regarding residents of slums
Yesterday at 7:41 am by Rocky
» Al-Rafidain: Implementing the comprehensive banking system in the White Palace branch
Yesterday at 6:22 am by Rocky
» Sudanese sponsors the signing of a cooperation agreement between the Trade Bank and the German Expor
Yesterday at 6:17 am by Rocky
» Financial inclusion in Iraq: a success story that defies the odds
Yesterday at 6:14 am by Rocky
» Parliamentary Finance: All revenues are not enough to meet the country’s needs, and the budget prohi
Yesterday at 6:13 am by Rocky
» Iraqi Business Council: The budget schedules are flexible and include sacred paragraphs
Yesterday at 6:11 am by Rocky
» Democratic Party: The cessation of oil exports through Türkiye has caused Iraq huge losses
Yesterday at 6:08 am by Rocky
» The government's lack of seriousness in removing the Americans leaves Iraq exposed to them
Yesterday at 6:06 am by Rocky
» Al-Sudani sponsors the signing of an agreement between the TBI Bank and a German institution
Yesterday at 6:05 am by Rocky
» Water scarcity and air pollution...the most prominent challenges facing Iraq
Yesterday at 6:03 am by Rocky
» Parliamentary Finance: Contract employees are included in the budget
Yesterday at 6:03 am by Rocky
» An investigation committee will be formed into the file of trainees of Korean companies / document
Yesterday at 6:02 am by Rocky
» Parliamentary Finance: The region’s share in the budget is still unclear
Yesterday at 6:00 am by Rocky
» A representative wonders about the fate of 57 trillion dinars in the budget
Yesterday at 5:59 am by Rocky
» A new group of targets of restaurants and foreign agencies was arrested in Baghdad
Yesterday at 5:58 am by Rocky
» Including transfers and attracting investors.. The Supreme Judiciary determines the advantages of re
Yesterday at 5:56 am by Rocky
» International Finance Corporation.. An agreement to qualify youth in Iraq and Lebanon
Yesterday at 5:55 am by Rocky
» Oil reveals new government directives related to 4 sectors
Yesterday at 5:53 am by Rocky
» The Council of Ministers takes a series of economic decisions
Yesterday at 5:52 am by Rocky
» Did the 2024 budget schedules do justice to the Kurdistan Region?
Yesterday at 5:50 am by Rocky
» Parliament's finances determine the amount of disbursement during 2024
Yesterday at 5:49 am by Rocky
» “You will lose confidence in them.” A deputy criticizes a “dangerous phenomenon” committed by member
Yesterday at 5:48 am by Rocky
» Sudanese Advisor: Iraq's external debt has fallen to 9 billion dollars
Yesterday at 5:47 am by Rocky
» Erbil markets 300 food trucks to the rest of the governorates daily
Yesterday at 5:46 am by Rocky
» The Prime Minister inaugurates the second specialized workshop to support the private industrial con
Yesterday at 5:45 am by Rocky
» The Prime Minister sponsors the signing of a cooperation agreement between the Iraqi Trade Bank and
Yesterday at 5:43 am by Rocky
» Al-Sudani: Voting on the budget supports the government’s work
Yesterday at 5:42 am by Rocky
» Al-Sudani: Iraq is the cornerstone of stability in the region and the world
Yesterday at 5:40 am by Rocky
» The Commission is looking into developing electronic voting devices
Yesterday at 5:39 am by Rocky
» Baghdad urges steps towards combating corruption
Yesterday at 5:38 am by Rocky
» This year: launching the electronic housing card
Yesterday at 5:37 am by Rocky
» The Cities Authority promises reasonable prices for residential units
Yesterday at 5:36 am by Rocky
» Imminent disasters must unite us before it is too late
Yesterday at 5:35 am by Rocky
» Iraq is taking steps to combat corruption
Yesterday at 5:34 am by Rocky
» The remaining $9 billion of Iraq's external debt
Yesterday at 5:33 am by Rocky
» Today.. the launch of the activities of the Petersburg International Economic Forum
Yesterday at 5:31 am by Rocky
» The results of “OPEC Plus” are positive, and Iraq pledges to comply
Yesterday at 5:30 am by Rocky
» The Minister of Commerce calls on citizens to receive food basket items from agents
Yesterday at 5:29 am by Rocky
» What if other banks follow suit?
Yesterday at 5:28 am by Rocky
» Experts: We are getting close to “zeroing” gas burning
Yesterday at 5:27 am by Rocky
» Recovery of an Iraqi official accused of intentional damage to public funds
Yesterday at 5:25 am by Rocky
» The Iraqi Trade Bank issues the first batch of Kurdistan Region employees within the “My Account” pr
Yesterday at 5:23 am by Rocky
» Iraqi Workers' Communist Party: The oil workers' class unit thwarts a new theft!
Yesterday at 5:22 am by Rocky
» Al-Sudani: The 2024 budget schedules include positives that contribute to the path of economic refor
Yesterday at 5:21 am by Rocky
» An opportunity for Iraqi doctors to leave hospitals and work inside airplanes
Yesterday at 5:18 am by Rocky
» The fever of attacking “foreign institutions” spreads to Diwaniyah.. One person was injured in an at
Yesterday at 5:16 am by Rocky
» During the current year.. Iraqis are on a date with the launch of the “electronic housing card”
Yesterday at 5:15 am by Rocky
» The exchange rates of the dollar against the dinar in Iraq today
Yesterday at 5:13 am by Rocky
» After approving the budget schedules... Parliamentary Finance resolves the controversy over the empl
Yesterday at 5:12 am by Rocky
» A source reveals Saudi mediation between Iraq and Kuwait to end disputes
Yesterday at 5:11 am by Rocky
» In preparation for the 2025 elections, the Commission forms a committee to develop electronic voting
Yesterday at 5:10 am by Rocky
» Displaced people fall victim to politics... Immigration complains about the lack of cooperation betw
Yesterday at 5:07 am by Rocky
» Today, the Ministry of Commerce is preparing a new meal from the food basket
Yesterday at 5:06 am by Rocky
» Integrity Investigation Court: Iraq combats money laundering and its procedures control the position
Yesterday at 5:05 am by Rocky
» The Commission is preparing early for the 2025 elections...a specialized committee to modernize resu
Yesterday at 5:03 am by Rocky
» How much is Iraq’s foreign debt worth? The Sudanese advisor answers
Yesterday at 5:02 am by Rocky
» An Arab newspaper talks about the budget in numbers: This is the value of revenues and its deficit
Yesterday at 5:01 am by Rocky
» Parliament sends the budget schedules to the Ministry of Justice... for this reason
Yesterday at 5:00 am by Rocky
» utube 6/4/24 Summary / Status Iraqi Dinar ReValue IQD VND Exchange Rates
Tue Jun 04, 2024 9:24 am by Rocky
» The Central Bank explains the “fiscal control” mechanism contained in the budget
Tue Jun 04, 2024 7:42 am by Rocky
» The path to development...Iraq's economic gateway and its point of stability
Tue Jun 04, 2024 7:40 am by Rocky
» Announcing the establishment of the Iraqi-French Business Council on the sidelines of the Iraqi-Fren
Tue Jun 04, 2024 7:36 am by Rocky
» The coordination framework reveals the latest developments in the election of a new Speaker of the H
Tue Jun 04, 2024 7:34 am by Rocky
» In a “quick” session... Parliament votes on the 2024 budget, and controversy accompanies three parag
Tue Jun 04, 2024 7:32 am by Rocky
» Minister of Construction regarding encroachment on service projects: How can a citizen destroy his p
Tue Jun 04, 2024 7:30 am by Rocky
» Thousands of workers are dissatisfied after being laid off from work due to investment in agricultur
Tue Jun 04, 2024 7:29 am by Rocky
» A different vision for the budget schedules presented by an economic coalition
Tue Jun 04, 2024 6:13 am by Rocky
» Where is the danger in budget tables? An economist breaks it down
Tue Jun 04, 2024 6:12 am by Rocky
» A parliamentary movement for justice for 20,000 employees in state institutions
Tue Jun 04, 2024 6:09 am by Rocky
» Between Al-Halbousi and the leaders... new disputes undermine progress in Baghdad
Tue Jun 04, 2024 6:08 am by Rocky
» An economist confirms the possibility of Iraq entering the field of investment in oil derivatives
Tue Jun 04, 2024 6:07 am by Rocky
» A parliamentary question about the fate of 57 trillion dinars in the 2023 budget
Tue Jun 04, 2024 6:06 am by Rocky
» High central bank sales in the currency auction
Tue Jun 04, 2024 6:04 am by Rocky
» Al-Halbousi's party is conditioning the change of Al-Mashhadani on political dialogues
Tue Jun 04, 2024 6:01 am by Rocky