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Mazhar Saleh: The value of treasury transfers is estimated at 46 trillion dinars
Economical 2023/04/26
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Yesterday, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, pointed out that foreign currency reserves are high, safe and at comfortable levels, while noting that the value of treasury transfers is currently estimated at about 46 trillion dinars.
Salih told the Iraqi News Agency (INA): “The Central Bank is an independent authority and enjoys broad legal independence, as it is based on the Central Bank of Iraq Law No. 56 of 2004, especially Article 26, which bears an explicit title that reads: “Prohibition of lending to the government ( neither directly nor indirectly).
He noted that «the Central Bank is the authority to issue the national currency and maintain the stability of the value of the national currency and its purchasing power, and it has the freedom to intervene in the money market to impose stability and reduce inflation rates by controlling local liquidity levels, which are monetary operations that come within the operational objectives of monetary policy, and it launches They have (sterilization) procedures.”
He added, "The Central Bank is responsible for managing the government's financial operations, as well as managing the country's foreign currency reserves according to the best methods of managing sovereign investment portfolios, and its standard evidence in terms of maximizing asset returns and avoiding all risks, whether legal, price, and others."
He pointed out that «although the Central Bank, by virtue of its role in controlling local liquidity levels and controlling its flows to achieve stability in the growth of the money supply, it exercises secondary market operations in the sale and purchase of securities in general and government ones in particular in order to manage general liquidity in the economy. And controlling its levels and growth rates in a way that achieves monetary and price stability, and this is done through direct dealings with the national banking market exclusively.
And he continued, “The central bank currently holds, through secondary market operations, about 64 percent of the total internal public debt, which are government debt instruments in the form of bonds and treasury transfers (that is, they are government borrowing tools that were deducted by local banks, and they are the primary holder before deducting them with the monetary authority). , As banks, especially government ones, at different periods deducted their interest with the Central Bank and regained their liquidity, and they carry an annual interest ranging between 2/3 percent, and today they have become an integral part of the assets or assets in the balance sheet of the Central Bank of Iraq.
And he added, "The value of treasury transfers in the possession of the monetary authority is estimated at about 46 trillion dinars currently," pointing out that "the foreign currency reserves of the Central Bank of Iraq are at very comfortable levels, which are the highest in the country's financial history, which are not less than balances (in foreign exchange and gold). ) between 110/115 billion dollars, and at the same time it constitutes a percentage (coverage) of the cash currency issued (and according to the current exchange rate) by about 130 percent, which is a high and safe coverage.
And he continued, “Monetary policy, and by virtue of the fact that the Central Bank of Iraq is the government’s financial advisor, and it is the one who coordinates and consults with the government in accordance with its law to ensure consistency and harmony with the joints of financial policy and other economic policies, any decision taken by the monetary authority to accept a discount or liquidate any government debt instruments will be subject to There is no escape from accurate standard equations in applying monetary policy tools and their operational objectives, within the framework of managing the liquidity of the economy in a balanced manner with macroeconomic indicators, and in a manner consistent with the independence of the Central Bank of Iraq.
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