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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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    An economic institution calls for a review of increasing the growth of Iraq's possession of US bonds

    Rocky
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    An economic institution calls for a review of increasing the growth of Iraq's possession of US bonds Empty An economic institution calls for a review of increasing the growth of Iraq's possession of US bonds

    Post by Rocky Sun 23 Apr 2023, 5:21 am

    An economic institution calls for a review of increasing the growth of Iraq's possession of US bonds



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    2023-04-23 00:46
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    Shafaq News/ The Future Iraq Foundation for Studies and Economic Consultations called, on Sunday, for the need to review the reason for the Central Bank of Iraq to increase the growth of its annual holdings of US bonds in light of the decline in other countries that own the largest percentage of those bonds as a result of the fear of losing the dollar. its universal value.
    "This decline is due to the fear of the dollar's value, especially with the emergence of trends to reduce dependence on the dollar in many global commercial transactions, which could lose the value of the dollar," said Manar Al-Obeidi, head of the institution, in a report published today.



    With regard to Iraq, Al-Obeidi said that it is strange that Iraq is one of the countries that witnessed the most steady growth in owning treasury bonds. As the annual growth rate reached 69%, bringing the value of US Treasury bonds owned by the Central Bank of Iraq to 41 billion US dollars in February 2023, after its value in the same month last year was only 24 billion dollars.
    And he added, "This increase in the value of US Treasury bonds owned by Iraq raises a set of questions about how to manage the reserves of the Central Bank of Iraq, and is there a clear study of the risks of continuing to invest the largest amount of the bank's reserves in dollars instead of diversifying the reserves?"
    The head of the institution also pointed out that the dollar lost 10.7% against gold during the past three months, which means that the central bank's dollar reserves also lost the same value against gold.
    He went on to say that the Central Bank’s reserve investment tools depend on many factors related to the amount of risk and future predictions, but the reduction of the great, allied and close countries to the United States of the value of its bonds in return for Iraq increasing its investments in these bonds is something that requires review and the need to ensure that the central bank’s policies are about Preserving the value of these investments is consistent with international standards and future projections of the dollar's position in various markets.
    Al-Obeidi continued, saying: These questions do not necessarily mean that there will be a defect in the management of the central bank’s reserves file, but follow-up and knowledge of the reasons that prompted Iraq to increase investments in these bonds in exchange for the decline of most countries needs an explanation in order to ensure that these reserves are invested in a safe manner. Iraq is not exposed to the risk of deterioration of its reserves.
    On Tuesday, April 18, the US Treasury said that Iraq's possession of US bonds decreased to $40 billion.
    The treasury stated in its latest table, seen by Shafaq News agency, that "Iraq's possession of US Treasury bonds for the month of February 2023 decreased by 417 million dollars, to reach 40.700 billion dollars, after it was 41.117 billion dollars during the previous month," indicating that "this Bonds increased by 68.88% over the same month of 2022, when Iraq's possession of bonds amounted to $24.1 billion.
    In the Arab world, Saudi Arabia comes at the forefront of the countries most in possession of these bonds, amounting to 111.706 billion dollars, and the UAE comes second with 64.482 billion dollars, Iraq third, then Kuwait fourth with 39.140 billion dollars, and Oman fifth with 7.061 billion dollars, then Morocco with 3.890 billion dollars.
    She pointed out that "the most holders of US bonds are Japan with 1.104.4 trillion dollars, followed by China with 859.4 billion dollars, followed by the United Kingdom with 668.3 billion dollars, and then comes Belgium with 331.1 billion dollars."
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