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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


    Sudanese Advisor: Iraq's monetary mass reaches 110 trillion dinars, and this is the fate of salaries

    Rocky
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    Sudanese Advisor: Iraq's monetary mass reaches 110 trillion dinars, and this is the fate of salaries Empty Sudanese Advisor: Iraq's monetary mass reaches 110 trillion dinars, and this is the fate of salaries

    Post by Rocky Mon Apr 01, 2024 5:56 am

    Sudanese Advisor: Iraq's monetary mass reaches 110 trillion dinars, and this is the fate of salaries

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    Economy News - Baghdad
    [rtl]The Prime Minister’s Advisor for Economic Affairs, Mazhar Muhammad Saleh, reassured that there are insured salaries for employees and retirees.[/rtl]
    [rtl]The Ministry of Oil provides the Central Bank of Iraq with monthly financial revenues from crude exports in US dollars, so that the bank in turn sells them in the market in local currency, and then transfers them to the Federal Ministry of Finance in order to finance the monthly salaries of state employees and members of the security forces, and those who receive retirement and are included in the social welfare network.[/rtl]
    [rtl]Mazhar Muhammad Saleh said, in an interview followed by Al-Iqtisad News, in response to the statements of some representatives regarding the lack of financial liquidity to secure the salaries of retired employees, that “it is difficult for a person to predict technical and accurate issues within the course of the monetary system.”[/rtl]
    [rtl]He added, "According to my information, there is no such thing, and things are reassuring," stressing that "the Central Bank is a capable institution and has had its mechanisms well-established since the founding of the bank, and it is not an easy institution that is exposed to such things."[/rtl]
    [rtl]Saleh believed that “these matters stem from fear due to the movement of funds that were obstructed by some of the most popular platforms that were rejecting requests and restricting liquidity,” adding that “this issue has almost been resolved, and there is regularity in cash flows.”[/rtl]
    [rtl]He stressed that "the Ministry of Finance has its accounts, and the Central Bank has its accounts, but at the same time caution and planning are required."[/rtl]
    [rtl]Money supply leakage[/rtl]
    [rtl]Regarding the size of the monetary mass of the Iraqi currency in the country, Saleh indicated that it “ranges between 100 and 110 trillion dinars,” adding that “the problem of cash issuance is its leakage outside the banking system, and this problem is not recent, but rather has existed for several decades, due to the nature of the culture.” Cash in Iraq, which tends towards a cash culture.[/rtl]
    [rtl]“Therefore, the leakage is large, but it will make its way into the banking system in one form or another through the central bank window, digital payments, or other,” according to the Iraqi Prime Minister’s Advisor for Economic Affairs.[/rtl]
    [rtl]He pointed out that "the habit of leakage is not a new phenomenon. Rather, it has existed since the fifties and sixties of the last century, and due to customs and traditions, it ranges between 70-80% due to the weakness of the banking culture."[/rtl]
    [rtl]Reform of the banking system[/rtl]
    [rtl] Saleh added, “Iraq is one of the countries with a high level of cash flow leakage outside the banking system, and therefore the Prime Minister seeks to reform the banking system and bring money to the banks.”[/rtl]
    [rtl]The Prime Minister's Advisor for Economic Affairs stated that "the electronic payments system encourages the accumulation of cash within the banking system, and it depends on the number of accounts opened."[/rtl]
    [rtl]It is noteworthy that on the 25th of last February, the Iraqi Ministry of Finance denied political statements indicating the lack of financial liquidity, stressing its commitment to securing salary financing on an ongoing basis.[/rtl]




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    Sudanese Advisor: Iraq's monetary mass reaches 110 trillion dinars, and this is the fate of salaries Empty Sudanese Advisor: The monetary supply ranges between 100-110 trillion dinars

    Post by Rocky Tue Apr 02, 2024 6:13 am

    [size=38]Sudanese Advisor: The monetary supply ranges between 100-110 trillion dinars[/size]


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    April 1, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Al-Hadath: The Iraqi Prime Minister’s advisor for economic affairs, Mazhar Muhammad Salih, reassured that there are insured salaries for employees and retirees.
    Mazhar Muhammad Saleh, in response to the statements of some representatives regarding the lack of financial liquidity to secure the salaries of retired employees, said that it is difficult for a person to predict technical and accurate issues within the course of the monetary system.
    He added that, according to my information, there is no such thing, and things are reassuring, stressing that the Central Bank is a capable institution and has had its mechanisms well-established since the founding of the bank, and it is not an easy institution that is exposed to such things.
    He believed that these matters stemmed from fear due to the movement of funds that were obstructed by some of the most popular platforms that were rejecting requests and restricting liquidity, adding that this issue has almost been resolved, and there is regularity in cash flows.
    He stressed that the Ministry of Finance has its accounts, and the Central Bank has its accounts, but at the same time caution and planning are required.
    Regarding the size of the monetary mass of the Iraqi currency in the country, Mazhar Muhammad Salih indicated that it ranges between 100 and 110 trillion dinars, adding that the problem of cash issuance is its leakage outside the banking system, and this problem is not recent, but rather has existed for several decades, due to the nature of monetary culture. In Iraq, it tends towards a culture of cash.
    He pointed out that the habit of leakage is not a new phenomenon, but rather has been present since the 1950s and 1960s, and due to customs and traditions, it ranges between 70-80% due to weak banking culture.
    Saleh added that Iraq is one of the countries with high cash flow leakages outside the banking system, and therefore the Prime Minister seeks to reform the banking system and bring money to the banks.
    He went on to say that the electronic payments system encourages the accumulation of cash within the banking system, and it depends on the number of accounts opened.
    It is noteworthy that on the 25th of last February, the Iraqi Ministry of Finance denied political statements indicating the lack of financial liquidity, stressing its commitment to securing salary financing on an ongoing basis.
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