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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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    Adviser to the Prime Minister: Iraq's foreign currency reserves are the largest in its history

    Rocky
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    Prime - Adviser to the Prime Minister: Iraq's foreign currency reserves are the largest in its history Empty Adviser to the Prime Minister: Iraq's foreign currency reserves are the largest in its history

    Post by Rocky Wed 15 Nov 2023, 4:45 am

    Adviser to the Prime Minister: Iraq's foreign currency reserves are the largest in its history

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    Economy News - Baghdad
    The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that the government worked in two directions to defend economic stability, while noting that the country’s foreign currency reserves are the largest in Iraq’s financial history, and the package to address exchange rates aims to prevent profiteering at the expense of economic stability.
    Saleh said, to an official agency followed by “Al-Iqtisad News,” that “the country’s foreign currency reserve is the largest in Iraq’s financial history and exceeds 100 billion dollars, as it constitutes Iraq’s central reserve portfolio,” indicating that “market demand to finance external exchanges for the private sector is done through... These are the official reserves that the Monetary Authority displays through its platform at the official exchange rate of 1,320 dinars per dollar.
    He added, "The high commercial efficiency of the country's foreign currency reserves has its highest standard indicators for a period of more than (fifteen commercial months), while the global standard is about (three months)."
    He added, "At a time when the demand for foreign currency is financed through the Central Bank of Iraq platform and bank balances are enhanced in various foreign currencies to finance private sector foreign trade, which constitutes 85% or more of the actual need of the demand for external transfer and in accordance with governance rules and standards." Globally, despite this, there is a demand for the cash dollar to finance commercial operations of very specific commodities that do not exceed five commodities, and forces from within the market are trying to purchase them from outside the official commercial mechanisms by resorting to obtaining the cash dollar from the parallel market (which is the market that does not It constitutes only 10% of the demand for foreign currency allocated for travel outside the country to finance its informal trade.
    He continued, "These are commercial actions that are not legally recognized by the financial, commercial and banking departments and are carried out for many reasons, including tax or customs evasion or evasion of inspection and quality control procedures."
    He pointed out that "the economic policy in general and the monetary policy in particular have all the economic capabilities to control the noise of the parallel market, which is represented by combating illegal commercial activities above all, as the state is currently undertaking the policy of defending economic stability, especially in providing sufficient commodity supply for the goods that are... It affects the life of the citizen directly, at moderate prices, financed at an exchange rate of 1,320 dinars per dollar on a permanent basis and in two directions. The first: providing additional supportive food and medicine baskets, construction baskets, and high-demand spare parts, and selling them at the official stable exchange rate through the cooperation mechanism between the commercial arm of the state and the national private sector, and the second: The Monetary Authority has adopted new mechanisms by providing liquid foreign currencies in addition to the dollar currency (and from a basket of various foreign currencies) to meet travel needs according to the traveler’s destination, especially for Hajj, Umrah, and tourism in its various aspects and for various neighboring and distant countries, in addition to facilitating the use of payment cards with very high flexibility.”
    He pointed out that "the policy package aims to contain the noise made by foreign currency speculators in the parallel market in order to profit at the expense of economic stability," noting that "the basic trends in economic policy are currently being implemented by isolating the effects of the parallel or black market and limiting its illegal activities from stability." The overall price system in the country.


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