Fuad Hussein from Washington: The currency crisis is gradually receding, and Iraq is becoming aware of it
Fuad Hussein, Deputy Prime Minister and Minister of Foreign Affairs, on Monday, expressed optimism that the Iraqi currency crisis that prompted him to visit Washington appears to be receding, after the recent central bank raised the value of the currency, and after his meetings here with treasury officials.
Hussein said in statements to Al-Monitor, followed by “NAS” (February 13, 2023): “There is already a system in place between the Central Bank of Iraq and the US treasury, but it is new, and the Iraqi parties have become more familiar with the mechanism.”
He added, “Iraq also benefits from large currency reserves and relatively high oil prices.” “There are also positive results from the recent shifts made by the Central Bank of Iraq in monetary policy. So I think this crisis is gradually receding.” link
Iraq tops the list of the best Arab stock exchanges in January 2023
The Arab Monetary Fund’s composite index of Arab financial markets recorded an increase of 0.34% at the end of January 2023’s trading, compared to the end of December 2022.
The market value of the Arab stock exchanges increased by about 1.32%, and the improvement in the performance indicators of a number of Arab stock exchanges came in line with the increases recorded in most of the global financial markets, and a number of emerging stock exchanges, in addition to raising expectations of growth rates by a number of international institutions.
he Damascus Securities Exchange led the ascending movement recorded at the level of the Arab stock exchanges, with its index rising by 16.03%, and it topped the rises recorded at the level of the market value by 16.03%.
market toppedIraqThe Arab stock exchanges in terms of the increase in trading value indicators and in terms of the increase in trading volume, mainly supported by the increase in the banks index.
The Arab Monetary Fund Composite Index for Arab financial markets ended January 2023 transactions, up by 0.34%, to reach about 487.90 points, compared to its level recorded at the end of December 2022. link
Finance Minister: The problem of the high price of the dollar was remedied by governmental and popular will
The most important thing that the Minister of Finance, Taif Sami, spoke about during her participation in the work of the forum held under the title ((Financial sustainability in the Arab region in the post-Corona pandemic crisis: challenges and opportunities)) And the institutional structure of the state to achieve financial sustainability.
The problem of the high price of the dollar was remedied by governmental and popular will to enhance the value of the Iraqi dinar.
The Ministry of Finance is in the process of finalizing work on the federal budget for the year 2023,
We appreciate the efforts to enhance economic cooperation between Arab countries and coordinate with partners to serve our economy and financial investments.
In her speech at the forum, which opened its work today, Sunday, in the UAE capital, Abu Dhabi, the Minister of Finance said, “We sought to pass the food security, development, and financial hedging law at an amount of (25) trillion dinars in order to alleviate poverty, achieve financial stability, and continue to provide services to citizens,” adding that the government Al-Iraqiya has faced the Corona epidemic by taking several immediate measures to limit its spread through national, mobilizing, health and social policies that focused on marginalized social groups and facilitated access to health services and social care, which added these immediate and precautionary measures heavy financial burdens on public money.
Minister Taif added, “The Iraqi economy suffers from chronic structural problems, as the spring character still often has it, and its recovery depends on oil prices in the global market, which puts the government and its economic and financial institutions on alert to overcome challenges and crises.”
Sami indicated that the Iraqi government, headed by the Prime Minister, Eng. Muhammad Shia’a Al-Sudani, adopted an ambitious program at the economic and financial level, and during a period of several months, and over a period of a few months, its positive indicators appeared on the life of society and the institutional structure of the state to achieve financial sustainability, adding, “We are about to finish the work.” With the federal budget for the year 2023 and the trend towards comprehensive economic reforms in the Iraqi economy and the development of a clear strategy to diversify its economy, raise its revenues and push development forward, while the Minister of Finance stated, the Iraqi government’s appreciation for the unremitting efforts, and keenness to strengthen economic cooperation between Arab countries and coordination with partners to serve economies and investments Those countries, noting that international relations are based on balance and broadening the base of interests to serve the goals of economic and financial development in the Arab countries.
And the Minister of Finance drew attention to the challenges facing the world from the effects of climate change, which have become more dramatic and their repercussions on peoples, which makes it imperative for Arab countries to increase financing, cooperation and investment that helps mitigate the effects of climate change.
Sami expressed the Iraqi government’s high confidence that the annual financial forum is an important factor in transferring successful Arab and international ideas and experiences and the lessons it offers from the sustainable development goals for the year 2030 that raise the level of the Arab reality, which is exposed to very serious challenges.
It is worth noting that the forum is organized by the Arab Monetary Fund in cooperation with the International Monetary Fund and with the participation of Arab ministries of finance, governors of central banks and Arab monetary institutions, as well as a number of heads and senior officials and experts from international and regional financial institutions.
Ministry of Finance
#Media _ Office link
Source: Dinar Recaps
If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © 2022 Dinar Chronicles