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Mon. AM TNT News Articles/Thoughts 1-9-23

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TNT

CandyKisses:
Parliamentary investment: Monetary policy has led to the accumulation of money in homes

Information/Baghdad.The Investment Committee in the House of Representatives,  that the fear of Iraq’s monetary policy pushes citizens to store money in their homes..

Committee member Muhammad al-Ziyadi said, in an interview seen by / information /, that his committee “is working on how to develop the banking sector in order to support the private sector through dealings in granting advances, loans, profits and interest,” stressing “the need to adopt a policy of currency circulation.” 

Al-Ziyadi added, “There are many issues that must be discussed with those in charge of the central bank or those responsible for the financial sector, in order to limit the storage of money in the coffers of citizens’ homes because of their fear of the country’s monetary policy.” 

Tishwash:
as far as I know the next meeting is Tuesday (tomorrow?)

Finance completes the budget with 140 trillion dinars (1/9)

It is assumed that the Minister of Finance, Taif Sami, will present the draft budget law to the Council of Ministers at its next meeting in the coming hours, after completing writing the highest budgets for Iraq in its history, with a value exceeding 140 trillion dinars, containing in the folds of its papers the largest operational part in the country’s modern history, estimated at 80 trillion. A dinar that included government expenses and the salaries of its employees. 

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The rising numbers of salaries due to the new jobs worry the majority of economists, as most of them have warned that the price boom in the oil markets will not continue, and that Iraq’s dependence on them should have decreased a decade ago. This comes at a time when the parliamentary circles concerned with the budget are referring to the tendency to A “political agreement” on the budget before it is passed.

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, told Al-Sabah: “The Ministry of Finance has accomplished what it had to and transferred the budget, in its operational and investment parts, to the Council of Ministers for voting,” noting that “the Council of Ministers met last week with the Ministerial Economic Council and put amendments and final touches on the budget.” estimated at 140 trillion dinars, with 80 trillion for operational and 60 trillion for investment.

Al-Kazemi added, “If the budget reaches Parliament early next week, the Finance Committee will study it, and there will be two first and second readings and some amendments to be approved at the end of next February,” noting that “the operational budget, which includes the salaries of state employees, rose from 42 trillion to 60 trillion.” One trillion dinars, which will exhaust the public budget in the future, and will mean serious problems in the event of a drop in global oil prices, and it is necessary to find resources other than oil, by supporting the private sector, investment, and advancing the agricultural and industrial reality.

Al-Kazemi’s colleague in the Finance Committee, Representative Nazim Al-Shibli, said: “The budget, whose completion was delayed, must fit the government program and be consistent with the issues of the workforce, fixing contracts, lecturers, and their contracts, all of which needed the government’s vote.”

Al-Shibli added, in an interview with “Al-Sabah”, that “the price of a barrel of oil did not exceed 70 dollars with the old exchange rate of 1450, and the government is blamed for the lack of clarity of the economic vision on the issue of oil. It is true that the Russian war in Ukraine has increased prices, but it is likely to decline in If it ends, and Iraq does not have financial alternatives,” considering that “the budget writers had to pay attention to its investment nature, not the explosive one, in order to be able to produce new projects, because the new appointments will put pressure on the general budget, which produced a very huge operational budget.” 

Al-Shibli stated, “The government is obligated to present its strategic plan for the budget. The Finance Committee is not obligated to implement everything that is sent because we need important strategic plans,” explaining that “   link

Apparently the budget is done you guys and the council of Ministers should have it Tuesday this article is dated tomorrow

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Doby45:
Thank you Tish! Much appreciated! One of these days and hopefully sooner than soon we can “live the dream.”

Yada:
If I’m not mistaken, this dinar will still float internationally and not just in country. That will move up the price.

RVAlready:
After all of the committee meetings that have done all the details of the budget, I can’t imagine the CBI waiting for a budget from parliament.

Encouraging major RV riots in Iraq.   Now that it is January, the IMF needs to turn the RV heat back to boiling, and not let up

Tishwash:
Al-Nusairi: The return of the exchange rate to its target rates will be achieved by revitalizing and stabilizing the economy.

The advisor of the Association of Private Banks, Samir Al-Nusairi, affirmed, on Monday, that the return of stability in the exchange rate to its target rates from the central bank is achieved by stimulating and stimulating the economy and overcoming the challenges of achieving economic stability, which means achieving stability in the financial system and the monetary system, and this is not only the duty of the central bank alone, but rather a duty Fundamental to fiscal policy and the government’s methodology in managing the economy and activating non-oil sources of national income.

And Al-Nusairi told Al-Eqtisad News: “Before the end of 2022, the money market entered with a new challenge of monetary policy, which is the rise in the exchange rate of the dinar against the US dollar from the specified and targeted price of the Central Bank, which is 1470 dinars for sale to the public, merchants, businessmen and importers due to international and local technical requirements.” It led to a decrease in the daily rates of foreign currency sales in the window, and the exploitation of speculators and the yellow media by trying to benefit personally and harm the relative stability of the economy that was achieved during 2022.

He added, “The expectations of the Central Bank and the specialists hope for a decrease in the price during the coming days due to the measures taken by the Central Bank to increase the supply of the dollar through government and private banking outlets and during all days of the week, including Fridays and official holidays, and under the supervision and field supervision of the Central Bank.”

He pointed out that “the criterion approved and confirmed by the Central Bank and the specialists in achieving this is the availability of cash reserves of foreign currency exceeding 96 billion dollars, and the continued flow of dollar revenues from oil sales on a daily basis, according to the planned quantities and the current high prices of the product, which are expected to continue to rise during 2023, as expected by energy experts.” to exceed $100.

Al-Nusairi saw, through economic analysis, that the decisive solution to control the money market is to find immediate and strategic solutions to the complex and accumulated challenges and repercussions that the Iraqi economy suffers from, for systematic and structural economic reasons, and the failure of the concerned government agencies to stimulate and activate the productive economic sectors, which official data indicate that the percentage of the contribution of this sector Agriculture and industry in the GDP do not exceed 4.77% and 1.67%, respectively, which are very weak percentages, and the 2022 budget

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Its features and indicators are not yet clear, and we expect that it will not be approved before the end of the first quarter of this year. And the statistics announced by the Ministry of Planning on the numbers of the population and their classifications, especially the youth group within the working age, which constitutes up to 60% of the total population, and the high poverty rate at a rate of 25% and exceeded 40% in some southern governorates such as Nasiriyah, Maysan and Muthanna, and the high unemployment rate at an average rate exceeding 31% of Those who are able to work with a clear deficit in the balance of payments, which led to a state of stagnation and economic contraction, is considered one of the most prominent greetings of monetary policy and requires support and attribution of the plans and procedures of the Central Bank, clarity of financial policies and continuous coordination with monetary policy.

 Al-Nusairi concluded his speech by saying that “the methodology of advancing and reforming the Iraqi economy and achieving economic growth and stability in 2023 requires exceptional efforts, programs, mechanisms and governmental procedures in partnership with the private sector and specialized national competencies, and the most important thing is sincere and true intentions for change towards the desired economic advancement with an emphasis on supporting the banking sector as the main link first in economics     link

Source: Dinar Recaps

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