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[rtl]Governor of Iraq: Iraq is not threatened with bankruptcy according to international standards[/rtl]
[rtl] September 06, 2017 - 7:54 | Number of readings: [/rtl]
[rtl] September 06, 2017 - 7:54 | Number of readings: [/rtl]
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[rtl]The Central Bank of Iraq and the International Monetary Fund have praised the reform measures in the monetary and financial policies conducted by the government and central alike, noting that more than 250 companies of different nationalities competed for the purchase of international treasury bonds launched by Iraq recently.[/rtl]
[rtl]Alaq said in a press interview that «the law of the general budget for this year included the issuance of international bonds worth two billion US dollars as part of the coverage of the deficit in the budget in 2017», noting that «the first billion was issued by a guarantee from the US government, which helped to reduce the interest rate to 2% Iraq needed this kind of guarantee so that the bonds of the second meal, which is worth two billion, can also be issued at a higher interest rate than the first. Then, when the interest is collected, the interest is acceptable and does not constitute a burden on the public treasury of the state.[/rtl]
[rtl]"We were surprised by the volume of interest and willingness to buy treasury bonds for the second billion dollars when they were put on the global financial market as more than 250 international financial companies from America, Europe and Asia filed applications amounting to 6.5 billion dollars and settled at 6.75 percent, The interest rate is expected to be more than 8 percent, "he said." When you raise the 6 percent, the second interest rate with 2 percent, the first interest rate and divide it by 2 for 2 billion, the total interest rate is 4 percent, which is acceptable. 2014 was the interest rate that I applied With these companies more than 11 percent, which led us to refrain from issuing bonds at the time because the interest rate was high ».[/rtl]
[rtl]On the impact of the international companies' appetite and their desire to buy treasury bonds on the financial and economic situation of Iraq, the Governor of the Central Bank that «gave an indication of the recovery of the Iraqi economy and the confidence of these companies has been raised during the meetings of promotional bonds with the 250 companies questions on the economic, The country on the Iraqi Committee, headed by the Governor of the Central Bank of the membership of the Ministry of Finance and the Office of the Prime Minister, and the Commission provided answers to these companies backed by data was a high reliability and reinforced the reports of the International Monetary Fund, The nature of the sources of these reports gave credibility and a good impression of all companies and there was a focus on monetary policy because it is matters of the investor in terms of the exchange rate of the dollar and the cash reserve and the size of debt and others, as well as the extent of the commitment of the borders and ceilings. That helped to make this a success[/rtl]
[rtl]"I can proudly say that the Central Bank had fully met the requirements of the Fund and was fully in line with the indicators set by the Fund in terms of reserves and exchange rate and audit the accounts of the Central Bank internationally and the significant development of the Bank's procedures in banking supervision and combating money laundering and terrorism financing and other points that Was the focus of the fund ».[/rtl]
[rtl]"The size of debt in the international standard is relative to GDP, and this ratio according to the capabilities of countries may reach 100 percent in some developed countries," he said. In Iraq, according to the international standard, the ratio so far within 60 percent of the gross domestic product », adding that« when analyzing the debt of Iraq, we find that 45 billion dollars of them back to before 2003 and most of the Gulf countries, especially Saudi Arabia and these countries gave signals in On several occasions that it did not demand Iraq to block To date, while some of these countries have indicated their consent to settle them, so when talking about public debt, we should put about 45 billion in isolation because these debts in the worst case will be settled at the Paris Club and under which to pay 10 percent of the amounts or perhaps extinguish » .[/rtl]
[rtl]"The pessimistic analysis did not distinguish between the so-called" obnoxious "debt of pre-2003 that should be subject to certain adjustments that have not been made so far. When we exclude these debts, we will see that we are still within the acceptable limits of international debt General ».[/rtl]
[rtl]He pointed out that the «central bank has debts to the state up to 16 trillion dinars and the bulk of the domestic debt is under control and does not consume the budget of Iraq or lead to bankruptcy», indicating «Calculates the ability of the country to bear debt through the annual installment required and not size The total size may be a little but it is required for a short period and may be large but for long periods and for us the benefits of external debt up to one billion dollars a year and this is affordable and the full annual debt payments of up to 5 trillions dinars and repayment of external loan installments 400 million dollars a year rise in Age Wat future ».[/rtl]
[rtl]There are countries that are unable to pay their obligations and then solutions are developed to address this deficit, but we are called upon to take the necessary precautions and strengthen the financial situation of the country for the coming years, "noting that" the year 2016 was a great shock could not be absorbed To ease the price of oil and therefore was to adapt to this situation is almost impossible, but then started some of the measures taken by the government to adjust through the pressure of expenditure and increase domestic revenue is required to plan properly, does not expose the country to financial pressures or crises and reconsider the structure of We call for controlling the resources of the state and preventing its access to the pockets of corrupt and manipulators. Unfortunately, the contribution of tax and customs revenues to the budget is weak.[/rtl]
[rtl]Asked about the coordination with the central banks of the world and the Arab Gulf especially, the Governor of the Iraqi Bank «We have relations with all the central banks and the Arab world in particular and meet within the framework of the Arab Monetary Fund as governors and meet in other international financial institutions are different, the meeting and coordination in some things with Saudi Arabia is far from Political issues and the issue of debt cancellation or settlement of a political issue par excellence and therefore expect that the improvement of relations with other countries, especially the Gulf and Saudi Arabia, a suitable framework to resolve this issue ».[/rtl]
[rtl]And the calls for devaluation of the dinar against the US dollar to stop waste in hard currency, Alaak said that «the subject was put on several occasions and at various levels and was carefully studied by the Central Bank and consultation with the International Monetary Fund about him», adding that «the Central Bank of Iraq takes a look We are aware that the income of a large percentage of Iraqis comes from the government salary. If the value of the dinar is reduced, the purchasing power of a large number of Iraqi families will drop as if we imposed a tax on all citizens regardless of Their standard of living, which will harm everyone, especially those working in the government service, and the reduction would only provide a small amount. "[/rtl]
[rtl]"Monetary policy is not built on the basis of events or emergency crises, but we must take them on a path in medium and long-term calculations. For us, we do not resort to adjusting the value of the currency whenever the price of oil falls," he said. Foreign currency and his job and mission to fill the shortage of crises to go beyond the stage and this is what happened in 2009 ».[/rtl]
[rtl]"Central bank investments are denominated in foreign currencies, gold and treasury bonds. These are primarily risk-free and have central banks or banks rated first in the world. We deal with the US Federal Reserve Bank and the banks of London, France and Holland," he said. And Australia is now looking for investment in Chinese currency », pointing out that« there is a base in the investment that the more the degree of risk little or no, the return is a little and therefore the nature of our investments are free of risk and the return is very limited ».[/rtl]
[rtl]"There is room for maneuver and diligence in certain limits that may create a difference, such as investment in gold, which may rise and is a good return or not rise, and we intend to store it," he said, adding that "we thought that we do not pay for gold, "We are making a small profit, we have also been successful in investing in the Islamic Development Bank.[/rtl]
[rtl]Governor of Iraq: Iraq is not threatened with bankruptcy according to international standards[/rtl]
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[rtl] September 06, 2017 - 7:54 | Number of readings: [/rtl]
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[size=11]1
[rtl] September 06, 2017 - 7:54 | Number of readings: [/rtl]
[/size]
[You must be registered and logged in to see this image.]
[rtl]The Central Bank of Iraq and the International Monetary Fund have praised the reform measures in the monetary and financial policies conducted by the government and central alike, noting that more than 250 companies of different nationalities competed for the purchase of international treasury bonds launched by Iraq recently.[/rtl]
[rtl]Alaq said in a press interview that «the law of the general budget for this year included the issuance of international bonds worth two billion US dollars as part of the coverage of the deficit in the budget in 2017», noting that «the first billion was issued by a guarantee from the US government, which helped to reduce the interest rate to 2% Iraq needed this kind of guarantee so that the bonds of the second meal, which is worth two billion, can also be issued at a higher interest rate than the first. Then, when the interest is collected, the interest is acceptable and does not constitute a burden on the public treasury of the state.[/rtl]
[rtl]"We were surprised by the volume of interest and willingness to buy treasury bonds for the second billion dollars when they were put on the global financial market as more than 250 international financial companies from America, Europe and Asia filed applications amounting to 6.5 billion dollars and settled at 6.75 percent, The interest rate is expected to be more than 8 percent, "he said." When you raise the 6 percent, the second interest rate with 2 percent, the first interest rate and divide it by 2 for 2 billion, the total interest rate is 4 percent, which is acceptable. 2014 was the interest rate that I applied With these companies more than 11 percent, which led us to refrain from issuing bonds at the time because the interest rate was high ».[/rtl]
[rtl]On the impact of the international companies' appetite and their desire to buy treasury bonds on the financial and economic situation of Iraq, the Governor of the Central Bank that «gave an indication of the recovery of the Iraqi economy and the confidence of these companies has been raised during the meetings of promotional bonds with the 250 companies questions on the economic, The country on the Iraqi Committee, headed by the Governor of the Central Bank of the membership of the Ministry of Finance and the Office of the Prime Minister, and the Commission provided answers to these companies backed by data was a high reliability and reinforced the reports of the International Monetary Fund, The nature of the sources of these reports gave credibility and a good impression of all companies and there was a focus on monetary policy because it is matters of the investor in terms of the exchange rate of the dollar and the cash reserve and the size of debt and others, as well as the extent of the commitment of the borders and ceilings. That helped to make this a success[/rtl]
[rtl]"I can proudly say that the Central Bank had fully met the requirements of the Fund and was fully in line with the indicators set by the Fund in terms of reserves and exchange rate and audit the accounts of the Central Bank internationally and the significant development of the Bank's procedures in banking supervision and combating money laundering and terrorism financing and other points that Was the focus of the fund ».[/rtl]
[rtl]"The size of debt in the international standard is relative to GDP, and this ratio according to the capabilities of countries may reach 100 percent in some developed countries," he said. In Iraq, according to the international standard, the ratio so far within 60 percent of the gross domestic product », adding that« when analyzing the debt of Iraq, we find that 45 billion dollars of them back to before 2003 and most of the Gulf countries, especially Saudi Arabia and these countries gave signals in On several occasions that it did not demand Iraq to block To date, while some of these countries have indicated their consent to settle them, so when talking about public debt, we should put about 45 billion in isolation because these debts in the worst case will be settled at the Paris Club and under which to pay 10 percent of the amounts or perhaps extinguish » .[/rtl]
[rtl]"The pessimistic analysis did not distinguish between the so-called" obnoxious "debt of pre-2003 that should be subject to certain adjustments that have not been made so far. When we exclude these debts, we will see that we are still within the acceptable limits of international debt General ».[/rtl]
[rtl]He pointed out that the «central bank has debts to the state up to 16 trillion dinars and the bulk of the domestic debt is under control and does not consume the budget of Iraq or lead to bankruptcy», indicating «Calculates the ability of the country to bear debt through the annual installment required and not size The total size may be a little but it is required for a short period and may be large but for long periods and for us the benefits of external debt up to one billion dollars a year and this is affordable and the full annual debt payments of up to 5 trillions dinars and repayment of external loan installments 400 million dollars a year rise in Age Wat future ».[/rtl]
[rtl]There are countries that are unable to pay their obligations and then solutions are developed to address this deficit, but we are called upon to take the necessary precautions and strengthen the financial situation of the country for the coming years, "noting that" the year 2016 was a great shock could not be absorbed To ease the price of oil and therefore was to adapt to this situation is almost impossible, but then started some of the measures taken by the government to adjust through the pressure of expenditure and increase domestic revenue is required to plan properly, does not expose the country to financial pressures or crises and reconsider the structure of We call for controlling the resources of the state and preventing its access to the pockets of corrupt and manipulators. Unfortunately, the contribution of tax and customs revenues to the budget is weak.[/rtl]
[rtl]Asked about the coordination with the central banks of the world and the Arab Gulf especially, the Governor of the Iraqi Bank «We have relations with all the central banks and the Arab world in particular and meet within the framework of the Arab Monetary Fund as governors and meet in other international financial institutions are different, the meeting and coordination in some things with Saudi Arabia is far from Political issues and the issue of debt cancellation or settlement of a political issue par excellence and therefore expect that the improvement of relations with other countries, especially the Gulf and Saudi Arabia, a suitable framework to resolve this issue ».[/rtl]
[rtl]And the calls for devaluation of the dinar against the US dollar to stop waste in hard currency, Alaak said that «the subject was put on several occasions and at various levels and was carefully studied by the Central Bank and consultation with the International Monetary Fund about him», adding that «the Central Bank of Iraq takes a look We are aware that the income of a large percentage of Iraqis comes from the government salary. If the value of the dinar is reduced, the purchasing power of a large number of Iraqi families will drop as if we imposed a tax on all citizens regardless of Their standard of living, which will harm everyone, especially those working in the government service, and the reduction would only provide a small amount. "[/rtl]
[rtl]"Monetary policy is not built on the basis of events or emergency crises, but we must take them on a path in medium and long-term calculations. For us, we do not resort to adjusting the value of the currency whenever the price of oil falls," he said. Foreign currency and his job and mission to fill the shortage of crises to go beyond the stage and this is what happened in 2009 ».[/rtl]
[rtl]"Central bank investments are denominated in foreign currencies, gold and treasury bonds. These are primarily risk-free and have central banks or banks rated first in the world. We deal with the US Federal Reserve Bank and the banks of London, France and Holland," he said. And Australia is now looking for investment in Chinese currency », pointing out that« there is a base in the investment that the more the degree of risk little or no, the return is a little and therefore the nature of our investments are free of risk and the return is very limited ».[/rtl]
[rtl]"There is room for maneuver and diligence in certain limits that may create a difference, such as investment in gold, which may rise and is a good return or not rise, and we intend to store it," he said, adding that "we thought that we do not pay for gold, "We are making a small profit, we have also been successful in investing in the Islamic Development Bank.[/rtl]
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