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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


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    The International Monetary Fund is pessimistic about the future of the Iraqi economy

    Rocky
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    The International Monetary Fund is pessimistic about the future of the Iraqi economy Empty The International Monetary Fund is pessimistic about the future of the Iraqi economy

    Post by Rocky Fri 13 Oct 2023, 5:04 am

    The International Monetary Fund is pessimistic about the future of the Iraqi economy

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    International Monetary Fund building



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    Economy News - Baghdad
    The International Monetary Fund confirmed that restrictions on foreign currency sales in Iraq have hindered growth in the gross domestic product.
    The Fund said in a report on regional economic developments and prospects, seen by Al-Iqtisad News, that “reductions in oil production are having repercussions on oil-exporting countries, as the growth of the gross oil domestic product has slowed following three rounds of sharp cuts in oil production under the OPEC + agreement.” October 2022, April 2023, and June 2023.”
    He added that the Gulf countries' non-oil GDP grew, thanks to the strength of the manufacturing industry and the recovery of the services sector, while in Iraq, restrictions on foreign currency sales hinder growth.
    Although the Iraqi Ministry of Planning announced that inflation reached 3.5%, the International Monetary Fund placed Iraq alongside Algeria, which has an inflation rate of more than 9%, and Iran at 30%.
    He said, “Inflation is still high in another group of oil exporters, which are Algeria, Iraq, and Iran,” referring to countries with currencies pegged to the US dollar, except for Iraq. Central banks followed in the footsteps of the Federal Reserve, which led to a rise in basic interest rates this year by 100 points. Average basis until August 2023.
    The International Monetary Fund noted that Iraq's primary non-oil balances declined due to the rise in public sector wages, in addition to the increase in the support rate.
    The Fund stated that this year, growth is expected to record a noticeable slowdown in oil-exporting countries, reaching 2%, stressing that growth in Iraq will decline due to the reduction in oil production and the impact of rationalizing the use of foreign currency in import-dependent sectors.
    He pointed out that in 2024, it is expected that the increase in the wage bill in Iraq will lead to a decline in the public financial position.  




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    wciappetta
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    The International Monetary Fund is pessimistic about the future of the Iraqi economy Empty Re: The International Monetary Fund is pessimistic about the future of the Iraqi economy

    Post by wciappetta Fri 13 Oct 2023, 7:56 am

    You realize the IMF cannot talk out of both sides of their mouth and be believed right? The requirement to curb currency smuggling and terrorist financing are the international standard. It wasn't but a month or so that the IMF was hailing Iraq's achievements. I think this report is public consumption attempting to discourage speculators. I would expect more of this type of talk all the way until the deed is done. You can almost picture them smirking at each other as they were publishing this report.


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