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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


    Iraqi business: Iraq's reserves have risen to 125 billion dollars, and its cash flow exceeds 100 tri

    Rocky
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    Iraqi business: Iraq's reserves have risen to 125 billion dollars, and its cash flow exceeds 100 tri Empty Iraqi business: Iraq's reserves have risen to 125 billion dollars, and its cash flow exceeds 100 tri

    Post by Rocky Tue 16 May 2023, 9:04 am

    Iraqi business: Iraq's reserves have risen to 125 billion dollars, and its cash flow exceeds 100 trillion
    • Time: 05/15/2023 23:14:49
       
    • Read: 3,640 times

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    {Economic: Al Furat News} The head of the Iraqi National Business Council, Dawood Abd Zayer, described the monetary policy as "failed and the central bank as lagging."
    The useful summary.. On important news, you can find it on Al-Furat News channel on Telegram.. [You must be registered and logged in to see this link.]
    Abdul Zayer said; For the “Without Accusation” program broadcast by Al-Furat TV channel this evening, Monday, that: “The central bank is inactive and unprofessional, and the problem is the continuation of its policy for 20 years and it is not looking for solutions, and it has become the same as other banks, and the interests of the inside and outside have changed its mission to executive.”
    And he stressed, "the need to address the failure of monetary policy because it impedes the government's movement towards services."
    Abdul Zayer added, "Iraq, after 2003, was able to sell oil for the dollar, and through the Central Bank, the merchant was able to obtain the currency at the official price, and the defect that occurred was that there is the External Transfer Directorate responsible for the method of transfer for the purpose of import and it was strict and legal."
    He referred to "the abolition of the Directorate by Prime Minister's order and the setting up of the currency auction, which created money transfer companies that monopolized all transfers from 2006 to the extent of the government of Prime Minister Muhammad Shia'a al-Sudani through money exchange."
    And Abd Zayer added, "The merchant left the banking system and went towards the distorted (money changer) system, which worked to integrate transfers for all merchants and transfer them to countries that receive cash, and the United States of America has repeatedly warned of this and applied international regulations through the electronic platform with international control, which reduced currency smuggling through Remittances were acceptable, which were up to 70% of them.
    And that "the central bank buys the remainder of the dollar in dinars from the government to increase its reserves to reduce fears, and the pressure on the exchange rate now and keeping it high is the intra-trade with the sanctioned countries, including Turkey and Ukraine."   
    Abdel Zayer pointed out, "The central bank's reserves increased by about $125 billion, and cash liquidity crossed the barrier of 100 trillion dinars, and the central bank printed around 50 trillion dinars in the past years," noting "the ability of the bank's reserves to meet the needs of importing merchants."
    He added, however, by saying, "The dollar is not available to us in cash in warehouses, but rather exists through transfer through automation, and the Federal Bank transfers only 10 billion dollars annually in cash, so distributing part of the salary in US dollars is not possible."
    Abd Zayer concluded, "There are many factors that require confronting pressure on the parallel price, and the Central Bank sells 200 million dollars annually, and imports do not exceed 70 million, and 130 million dollars were smuggled." 
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