Wed. AM TNT News Articles 5-5-21



The Central Bank of Iraq continues to decline in sales of dollars

Shafaq News / The Iraqi Central Bank’s hard currency sales decreased, on Tuesday, to $ 175 million.

The correspondent of Shafaq News Agency stated that the Central Bank of Iraq witnessed during its auction for the sale and purchase of foreign currencies today a decrease in its sales to reach 175 million 214 thousand and 174 dollars, which the bank covered at a base exchange rate of 1460 dinars per dollar, compared to Monday, when it reached Sales of 178 million and 947 thousand and 783 dollars.

The purchases amounting to 135 million and 614 thousand and 174 dollars went to strengthen the funds abroad in the form of transfers and appropriations, while the remaining amount of 39 million and 600 thousand dollars went in cash.

Our correspondent indicated that 31 banks have fulfilled requests to enhance assets abroad, 19 banks to meet cash requests, and 22 participating exchange companies.

The Central Bank of Iraq continues to decline in sales of dollars

Where does the surplus oil money go? .. Parliamentary finance clarifies: There is no supplementary budget in the constitution.


{Economist: Al Furat News} The Parliamentary Finance Committee clarified, on Tuesday, that the surplus oil revenues go to the sovereign fund. 

A member of the committee, Muhammad Al-Shabky, said in a televised statement, “Oil prices are not stable and cannot be built upon in the financial abundance.”

He added, “The Financial Management Law stipulates the transfer of the financial surplus from oil prices to the sovereign fund and adding it to future budgets.”

“There is no supplementary budget in the constitution, and the surplus funds may go to fill the fiscal deficit in locations according to the studies of the Ministries of Finance and Planning, and a vote on it by the Council of Ministers,” Al-Shabaki indicated.

A member of the Finance Committee concluded by saying, “The government has the right to appeal the budgetary articles to which the increased amounts have been added and it has full authority to stop these materials.” And the Iraqi Ministry of Oil announced today, Tuesday, that its oil revenues have increased from one billion to 6 billion dollars per month, while it renewed its commitment to the decisions of the “OPEC” organization.

“Iraq is keen to abide by the OPEC + agreement to reduce production and work to restore balance to the oil market, which has been subjected to a major jolt due to the repercussions of the spread of the Corona virus, which led to a recession in the global economy,” the ministry’s spokesman, Assem Jihad, said in a press statement.

He stated, “Iraq aims to increase the financial value of its exported oil, and adhere to the quotas set by OPEC +, until the reasons leading to this are clarified, which require a collective decision and commitment from the producers in OPEC and OPEC +, and this is what led to its success in absorbing a large part of the surplus.” Oil in global markets. ”


Jihad pointed out, “This commitment led to an increase in the price of a barrel of oil from less than 10 dollars a month ago, to more than 65 dollars at the present time, and Iraq’s revenues increased from one billion dollars to 5-6 billion dollars a month.”    Wafa Al-Fatlawi

Where does the surplus oil money go? .. Parliamentary finance clarifies: There is no supplementary budget in the constitution

MICROCAPITAL BRIEF: Central Bank of Iraq, Mastercard Seek to Boost Digital Payments, Financial Inclusion

Mastercard, a US-based financial services company, recently entered a partnership with the Central Bank of Iraq to expand Iraq’s digital finance ecosystem with the aims of furthering financial inclusion, moving toward a cashless society and promoting socio-economic development in general.

The effort will begin by digitizing tuition payments before expanding to address consumer spending, government collections and salary payments. Among the reasons to promote digital payments are to decrease the administrative costs that schools and other businesses incur handling cash as well as to increase government revenue by reducing tax evasion.

Khalid Elgibali, Mastercard’s Division President for the Middle East and Northern Africa, said, “creating a digital payment ecosystem is critical, not only because it encourages economic development, but because there is also a demonstrable… relationship between cash use and the shadow economy. Our work with the Central Bank of Iraq will focus on improving overall efficiencies in the economy, starting with the educational institutions by giving parents, students and merchants a much safer, simpler and more convenient way to pay.”

Headquartered in the US state of New York, Mastercard is a payments and technology company connecting consumers, financial institutions, merchants and governments in approximately 210 countries and territories. As of October 2020, Mastercard reported net quarterly income of USD 1.5 billion on total assets of USD 32 billion.

Founded in 1974, the Central Bank of Iraq is responsible for maintaining inflation stability, regulating private banks, and managing the Iraqi dinar and state reserves. In December 2018, the bank reported total assets of IQD 99 trillion (USD 67 billion).   link

Source: Dinar Recaps



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