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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


    The Central Bank: Our reserves have reached $90 billion and there is no change in the exchange rate

    Rocky
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    The Central Bank: Our reserves have reached $90 billion and there is no change in the exchange rate Empty The Central Bank: Our reserves have reached $90 billion and there is no change in the exchange rate

    Post by Rocky Wed 09 Nov 2022, 5:04 am

    The Central Bank: Our reserves have reached $90 billion and there is no change in the exchange rate in the 2023 budget

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    Economy News-Baghdad
    Global oil prices have boosted the dollar’s ​​cash reserve in Iraq, especially after the “black gold” prices rose and reached the $100 per barrel barrier, while specialists stress the need to exploit this financial abundance in establishing strategic projects capable of supporting the country’s financial budgets and reducing oil prices. The size of the "almost total" dependence on oil imports, as well as directing part of those towards supporting industrial and agricultural private sector projects.
    Al-Yasiri’s affirmations came during the economic symposium organized by the House of Wisdom and bearing the slogan “The Iraqi Dinar: Changing the Exchange Rate.”
    and raised zeros) and moderated by the economist, Dr. Falah Hassan Thuwaini, and attended by a number of experts and specialists in economic affairs.
    Al-Yasiri told "Al-Sabah" on the sidelines of the symposium: "The cash reserves of the Central Bank are sufficient to finance import operations for a period of 22 months, and this is positive for Iraq and makes it live a period of relief, as these reserves amounted to 89.90 billion dollars, which is the first time that the reserves of the Central Bank have been reported. Absolutely, and the economy's health indicates that it is a major bond and wall of the national currency, and it is expected that these reserves will exceed the $90 billion barrier at the end of this year.
    Al-Yasiri pointed out that the volume of the Iraqi currency issued for circulation is estimated at 83 trillion dinars, equivalent to 58 billion dollars, while the banknotes of the public and banks are estimated at up to six billion banknotes in circulation.
     Regarding the devaluation of the currency, Al-Yasiri stressed that this decision left a new threshold for the Iraqi industrialist and made it more competitive. After devaluing the currency by 23 percent, this matter limited the volume of imports of goods and many industrialists have a desire to expand their factories or establish new ones. .
    And the Central Bank adviser pointed out that “the process of adjusting the exchange rate has important scopes, which were represented in achieving a financial goal” of “revenues for public finance” and a development goal “enhancing the competitiveness of the real sector against the import sector,” stressing that there is no intention at the present time to change the exchange rate that he described. With the “stability function”, as it is not possible to manipulate stability, and that the budget for next year 2023 will be prepared on the basis of the current “reasonable” exchange rate that resulted according to calculations between the Ministry of Finance and the Central Bank, as well as the contribution of some international consultations in this decision, which kept the public finances solid after that At the end of the year 2020, the Iraqi state approached bankruptcy.
    In turn, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, said that "work to improve the price of the dinar should be carried out in accordance with the principle of "common benefit to the community" so that it does not leave harm, as this requires a gradual silent policy and high coordination between the monetary and financial policies, especially since The next phase should be a phase of calm, as the current government is rationally moving towards revitalizing development and achieving economic stability."

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    Added 11/09/2022 - 10:57 AM
    Update 11/09/2022 - 2:00 PM


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