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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Ali Allawi: Cash reserves will reach more than 90 billion dollars by the end of this year

    Rocky
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    • Post n°1

    Ali Allawi: Cash reserves will reach more than 90 billion dollars by the end of this year Empty Ali Allawi: Cash reserves will reach more than 90 billion dollars by the end of this year

    Post by Rocky Wed 25 May 2022, 5:42 am

    [size=46]Ali Allawi: Cash reserves will reach more than 90 billion dollars by the end of this year[/size]
    Economie
    10:38 - 2022-05-25
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    Federal Minister of Finance Ali Allawi confirmed, today, Wednesday, the increase in cash reserves with the Central Bank to 90 billion dollars by the end of this year, while setting the ratios of commercial debts to Iraq.

    Allawi told the official agency, "The devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached in late 2020," noting, "The recovery in oil prices and wise financial management, helped the reserves to It will be $70 billion by April."

    He added, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq," noting that "the depreciation of the Iraqi dinar against the US dollar in December 2020 contributed to the decline of Demand for the US dollar, while the current demand for the dollar is higher than the declines seen in 2020, it is much lower than the period before 2020.”

    He pointed out that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues, and the increase in the government's provision of goods and services to citizens," stressing that "the increase in the Ministry of Finance's sales of US dollars in return for the decrease in demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank."

    And on the commercial debt of Iraq, the Minister of Finance said, "The only real commercial debt of Iraq is two of three Eurobonds with an interest rate of 5.8% and 6.72%, while the third at an interest rate of 2.149%, which is guaranteed by the US government.

    And all other debts are on very concessional terms. Pointing out that "the external debt does not include the debts of the former regime, which amounted to 57.8 trillion dinars, or the equivalent of 39.9 billion dollars, which have been frozen since 2003 without interest or repayment as part of the Ministry of Finance's work to reduce debts."

    And Allawi stated, "The ministry has reconfigured all local debts as follows: The balance of all local debts has medium or long-term terms, after the government agreed with the Central Bank and public banks in 2020 to convert all current treasury transfers (bonds) into loans for 10 years and for 20 years, With the payment of installments starting from March 2021 and an interest rate reduced to 2%, "while the total external and internal debts amount to more than 99 trillion dinars."

    He continued that "the Council of Ministers agreed, in its session held on Tuesday, (April 5, 2022) to adopt a payment strategy. The internal public debt for the years (2022-2024), which was prepared by the Public Debt Department / Ministry of Finance within the draft law of the federal general budget of the Republic of Iraq for the fiscal year / 2022. He

    noted that “inflation in Iraq is lower than that of the emerging economies and the group of exporting countries.” for oil".
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