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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

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    Al-Nusairi: The return of the exchange rate to its target rates will be achieved by revitalizing and

    Rocky
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    Al-Nusairi: The return of the exchange rate to its target rates will be achieved by revitalizing and Empty Al-Nusairi: The return of the exchange rate to its target rates will be achieved by revitalizing and

    Post by Rocky Mon 09 Jan 2023, 5:04 am

    Al-Nusairi: The return of the exchange rate to its target rates will be achieved by revitalizing and stabilizing the economy

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    Economy News-Baghdad
    Samir Al-Nusairi, advisor to the Association of Banks, affirmed, on Monday, that the return of stability in the exchange rate to its target rates from the central bank is achieved by stimulating and stimulating the economy and overcoming the challenges of achieving economic stability, which means achieving stability in the financial system and the monetary system, and this is not only the duty of the central bank alone, but rather a duty Fundamental to fiscal policy and the government's methodology in managing the economy and activating non-oil sources of national income.
    Al-Nusairi explained to "Al-Iqtisad News": "Before the end of 2022, the money market entered with a new challenge of monetary policy, which is the rise in the exchange rate of the dinar against the US dollar from the specified and targeted price from the Central Bank, which is 1470 dinars for sale to the public, to traders, businessmen and importers due to international and local technical requirements that led to To the decrease in the daily rates of foreign currency sales in the window and the exploitation of speculators and the yellow media by trying to benefit personally and harm the relative stability of the economy that was achieved during 2022. And the expectations of the Central Bank and specialists hope for a decrease in the price during the coming days due to the measures taken by the Central Bank to increase the supply of dollars through banking outlets Governmental and private, and during all days of the week, including Fridays and official holidays, and under field control and supervision of the Central Bank.
    He pointed out that "the criterion approved and confirmed by the Central Bank and the specialists in achieving this is the availability of cash reserves of foreign currency exceeding 96 billion dollars, and the continued flow of dollar revenues from oil sales on a daily basis, according to the planned quantities and the current high prices of the product, which are expected to continue to rise during 2023, as expected by energy experts." to exceed $100.
    Al-Nusairi saw through economic analysis that "the decisive solution to control the money market is to find immediate and strategic solutions to the complex and accumulated challenges and repercussions that the Iraqi economy suffers from for systematic and structural economic reasons and the failure of the concerned government agencies to stimulate and activate the productive economic sectors, which official data indicate that the percentage of the contribution of The agriculture and industry sectors in the gross domestic product do not exceed 4.77% and 1.67%, respectively, which are very weak percentages, just as the 2022 budget has not had its features and indicators clear yet, and we expect that it will not be approved before the end of the first quarter of this year.And the statistics announced by the Ministry of Planning on the numbers of the population and their classifications, especially the youth group within the working age, which constitutes about 60% of the total population, the high poverty rate at a rate of 25% and exceeded 40% in some southern governorates such as Nasiriyah, Maysan and Muthanna, and the high unemployment rate at an average rate exceeding 31% of Those who are able to work with a clear deficit in the balance of payments, which led to a state of stagnation and economic contraction, is considered one of the most prominent challenges of monetary policy and requires support and support for the plans and procedures of the Central Bank, clarity of financial policies and continuous coordination with monetary policy.
     Al-Nusairi concluded his speech that "the methodology of advancing and reforming the Iraqi economy and achieving economic growth and stability in 2023 requires exceptional efforts, programs, mechanisms and governmental procedures in partnership with the private sector and specialized national competencies, and the most important thing is sincere and true intentions for change towards the desired economic advancement with an emphasis on supporting the banking sector as the main link first in economics.

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    Added 01/09/2023 - 11:19 AM
    Updated 01/09/2023 - 2:00 PM
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