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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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    Economist: The Central Bank is working on issuing new cash... and warns of a "commodity catastrophe"

    Rocky
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    • Post n°1

    Economist: The Central Bank is working on issuing new cash... and warns of a "commodity catastrophe" Empty Economist: The Central Bank is working on issuing new cash... and warns of a "commodity catastrophe"

    Post by Rocky Tue May 16, 2023 10:06 am

    Economist: The Central Bank is working on issuing new cash... and warns of a "commodity catastrophe"
    • Time: 05/15/2023 22:58:29
       
    • Read: 13,819 times

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    {Economic: Al Furat News} The economist, Hammam Al-Shamaa, revealed that the Central Bank of Iraq is working on issuing new cash, while warning of a "commodity" disaster.
    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.]
    Al-Shamaa said; For the “Without Accusation” program, broadcast by Al-Furat TV channel this evening, Monday, that: “The Central Bank is currently working on a new cash issue, which is a disaster, because the increases that occurred in 2012-2022 and now in the 2023 budget, the volume of cash issuance of the Iraqi dinar will reach 150 trillion dinars, and it has no The place is now to contain it, and therefore a dollar recycling process must be carried out to avoid the problem of inflation.” 
    He explained that "the increase in cash issuance leads to inflation, which is a disaster for goods and services, and therefore they tend to buy dollars, which reduces the value of the Iraqi dinar."
    And Al-Shamaa continued, "The current abstract spending is 150 trillion dinars, divided by 12, so the output is 10.2 trillion Iraqi dinars per month, and the central bank will face a problem in the size of the reduction, and it sells an amount of two trillion or less per month." 
    And he added, "The speech that we witnessed two weeks ago, and the dollar reached 140, after which the Sudanese Prime Minister, Muhammad Shia'a, stated that the parallel price will match the official price. It was a result of automatic debit cards, and the Central Bank's sales of dollars are currently 50% less, because the other part of the attempts is not guaranteed, so Go back to storage." 
    Al-Shamma said, "The banking companies and the Ministry of Finance are fully aware that approving the budget will lead to a monetary catastrophe in Iraq, i.e. the problem is how the Iraqi dinar will be provided in the Ministry of Finance and deal with it without the dollar and allow the purchase of goods in dinars," describing it as "difficult to achieve because the actual sales Compared to the size of the budget, it is catastrophic." 
    And he added, "The Iraqi reserves are controlled by the US Federal Bank, and it is just money that the Central Bank invests in investments that brings a huge return to the country."
    Al-Shamaa suggested, "The central bank issues bonds that are traded on the stock exchange with high financial interest that covers the revenues from the huge reserves of Iraq, with the need for the government to cut the volume of expenditures in half to leave the negative factors."
    The economist criticized Iraq's financial policy by saying, "It is far from monetary policy and went on formulating an explosive budget away from the central bank, and all Iraq's reserves are in America, and there is talk of regime change."  
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