Attention awaits approval of the budget
More than two weeks after the arrival of the draft budget law for the year 2023 from the government to the House of Representatives, all eyes are on the parliament to start working on the law and to start presenting it in its session, while the weightings indicate the possibility of approving the budget and voting on it after the blessed Eid Al-Fitr holiday.
And the Parliamentary Finance Committee announced that until now the budget law had not officially reached the committee, and committee member Mueen Al-Kazemi told “Al-Sabah”:
“The draft budget law has not yet reached the Parliamentary Finance Committee, and that what is included in the committee’s inclusion now is only the draft.” “. And he indicated that “the Finance Committee will have an opinion on the budget law by making amendments to the financial deficit that exists jointly and in agreement with the Ministry of Finance and the government for approval,” and stressed that “any financial deficit will not affect operating expenses in terms of employee salaries and appointments link
Al-Fatah Alliance: Al-Halbousi withholds the budget law to punish the people
Baghdad – Iraq Today:
Karim Aliwi, MP for the Fatah Alliance, confirmed that there is no justification for delaying the sending of the budget law by Parliament Speaker Mohammed Al-Halbousi to the Finance Committee for the purpose of studying and discussing the law.
Aliwi said, in a press interview, that “the Speaker of Parliament deliberately delayed sending the budget law to the Finance Committee, without any justification, especially since the delay in approving the budget is the only affected by it is the Iraqi people, who are waiting for service projects that will be implemented after the adoption of the budget by Parliament.”
The MP for the Fatah Alliance stressed that “the budget law must be away from deals and political differences, this law affects the people’s livelihood, and delaying the adoption of the budget is a punishment for the Iraqi people, and this is what we did not allow, and this delay hinders the implementation of the government program.”
Iraq’s oil exports to America decline
Economy News _ Baghdad
The US Energy Information Administration announced on Sunday that Iraq’s oil exports to America fell for the second week in a row.
The administration said in a report seen by “Economy News” that “the average US imports of crude oil during the past week from nine countries amounted to 4.532 million barrels per day, down by 891 thousand barrels per day from the previous week, which amounted to 5.423 million barrels per day.”
She added that “Iraq’s oil exports to America reached an average of 138,6 barrels per day last week, down by 144 barrels per day from the previous week, in which oil exports to America reached an average of barrels per day.”
It also pointed out that “the most oil revenues of America during the past week came from Canada at a rate of 2.957 million barrels per day, followed by Mexico with an average of 541 thousand barrels per day, and oil revenues from Colombia at a rate of 269 thousand barrels per day, and then Saudi Arabia at a rate of 228 thousand barrels per day.”
According to the administration, “the amount of US imports of crude oil from Brazil amounted to an average of 145,118 barrels per day, from Ecuador at a rate of 104,32 barrels per day, from Nigeria at a rate of barrels per day, and from Libya at a rate of barrels per day, while no amount was imported from Russia
Reserve currencies to the dollar as a store of value and as secondary reserves in central banks
It is very important to keep abreast of changes and developments in the global economy and economic applications and practices, especially the trend towards economic pluralism and the transition from the dollar to reserve currencies for bilateral or intra-exchange between countries with whom we have a large volume of trade exchange
In light of the sustainability of the rentier oil exports in US dollars and the possibility of benefiting from the experience of Brazil and China And Saudi Arabia, Egypt, the BRICS group and some African and Arab countries regarding dealing in currencies in local or reserve currencies instead of the US dollar and the gains of systematic transformation in the system of financial payments to economic diversification and the importance of that specifically for Iraq at the level of economic diversification and the systematic and transitional shift in the financial payments system in a tangible way from the rentier economy to the rentier economy
The Iraqi national economy diversification model.
Undoubtedly, there is a debate about the role of the reserve currencies, the yuan, the euro, the ruble, and others for dealing in non-dollar currencies or inter-state dealings with currencies that cross the dollar and has been going on for a long time.
The concept of reserve currency is linked to the role that the pound sterling played in the global economy from the end of the nineteenth century to the mid-twentieth century.
The main function of the reserve currency is to facilitate the international exchange of goods and services by solving the problem of coordinating transactions in the foreign exchange market and reducing transaction costs in foreign trade operations. In addition, reserve currencies are used as a store of value and are held as reserves by the central banks of most countries in the world.
Performing this function led to the emergence of the term “reserve or secondary currency”.
The demand for reserve currencies is made by economic or financial agents operating in all areas of the global economy.
In a way that depends on the functions that reserve currencies perform in international transactions. The amount of demand and therefore the degree/volume of use of the reserve currency is determined by how well each of the main functions is performed. As a result, the effect of this begins to work, when the use of the reserve currency by a large number of economic agents becomes a factor that increases the demand for the reserve currency.
There are factors and methodological foundations for the formation of reserve currencies, including the Chinese yuan, the Russian ruble, the Iranian riyal, and others, which necessitate the development of the foundations of the currency system and the methodological and objective foundations for that, and making recommendations regarding its more balanced regulation, and identifying factors that can improve the status of the Chinese yuan, the Russian ruble, the European euro and others as a reserve currency Regional.
And the importance of dealing with a balance between Iraq’s oil exports in US dollars now with gas in the future and balances with the trade balance and the volume of trade and economic exchanges with other countries.
Thus, the main tasks of the work are:
• Finding a specific definition of the concept of reserve currency, as well as the main functions that reserve currencies perform.
• Reviewing the main theoretical models of demand for reserve currencies.
• Analyzing the results of empirical studies of demand factors for reserve currencies.
• It is very important to get acquainted with the concept of the regional reserve currency and to identify the factors that affect the formation of the regional reserve currencies.
• Develop recommendations to enhance the role of the Chinese yuan, the Russian ruble, the European euro and the Iranian riyal in international trade to achieve the status of the regional reserve currency and facilitate international trade procedures, imports and exports.
The work will be in an organized and sober work methodology as follows:
First: Finding a clear definition and concept of the reserve currency in the Central Bank of Iraq law, describing the main functions that reserve currencies perform, and analyzing the advantages and disadvantages of owning a reserve currency. It should also contain, in an independent study or analysis, an overview of the main theoretical models of reserve currencies, taking into account that the methods and results of empirical assessments of the factors affecting the demand for reserve currencies such as Greece, the euro, the ruble, the riyal, and others, are dealt with and analyzed.
The third deals with the concept of a regional reserve currency and provides an empirical analysis of the role of regional reserve currencies.
The fourth is recommendations to raise the status of the Chinese yuan, the Russian ruble, the European euro, the Iranian riyal, and others, according to the momentum, intensity, and priority of trade and economic exchanges, and to form a regional reserve currency on its basis link
Source: Dinar Recaps
Top Highest Currencies in the World in 2023
Updated On – 02 Apr 2023
The US dollar, the British pound, or the euro come to mind when considering the highest currencies in the world. However, none of the aforementioned currencies is the most expensive in 2023. The ‘highest currency’ is determined by its high value when traded for INR.
The ‘Kuwaiti Dinar’ is the highest currency in the world in 2023. In spite of the US dollar being the world’s most traded and strongest currency, it is not the most expensive currency. Read on to know about the most valuable currencies in the world in 2023.
List of Highest Currencies in the World 2023
Kuwaiti Dinar (KWD)
The Kuwaiti Dinar (KWD) is the most valuable currency in the world. In Kuwait, the Indian expat group holds a strong presence which makes the INR to KWD rate the most popular Kuwait Dinar exchange rate. The Kuwaiti dinar continues to remain the highest currency in the world owing to Kuwait’s economic stability.
The country’s economy is primarily reliant on oil exports because it has one of the world’s largest reserves. You should also be aware that Kuwait does not impose any taxes on people who work there.
Currently, One KWD is now worth Rs. 268.35.
Bahraini Dinar (BHD)
The currency of Bahrain is the Bahraini Dinar or BHD. The INR to BHD rate is the most commonly used Bahrain Dinar exchange rate. BHD making it rank as the second-highest currency in the world.
Currently, One BHD is equal to Rs. 218.04.
Omani Rial (OMR)
Oman’s official currency is the Omani Rial or OMR. INR was the official currency of Oman until 1940. For this reason, the INR to OMR rate is the most often used Rial exchange rate.
Currently, One OMR is equal to Rs. 213.53.
Jordanian Dinar (JOD)
Jordanian dinar (JOD), Jordan’s official currency and the Israeli shekel were used by the West Bank. One of the primary reasons for the high value of this currency is its fixed exchange rates. The JOD to EUR rate is the most widely used Jordan Dinar exchange rate. The economy of Jordan is diversified in various sectors as it does not majorly depend on oil exports.
Currently, One JOD is worth Rs. 115.90.
British Pound (GBP)
The pound sterling (£) or GBP is the official currency of the United Kingdom. The EUR to GBP rate is the most commonly used UK Pound exchange rate. After the US dollar, the Euro, and the Japanese yen, sterling is the fourth most traded currency in the foreign exchange markets. The pound sterling also holds the record for being the oldest currency still in use.
Currently, one GBP is equal to Rs. 101.08 in INR.
Gibraltar Pound (GIP)
The official currency of Gibraltar is the Gibraltar pound (GIP). It is fixed to and exchangeable at par with the British pound sterling. The Government of Gibraltar is the central bank that controls the GIP and is in charge of minting coins and printing notes. Gibraltar’s economy is increasingly reliant on a variety of industries, including tourism and e-gaming.
Currently, one GIP is valued at Rs. 100.08.
Caymanian Dollar (KYD)
The Jamaican Dollar was the official currency of the Cayman Islands after which, the Cayman Islands Dollar took its place. The USD to KYD rate is the most widely used Cayman Islands Dollar exchange rate.
Currently, One KYD is currently equal to Rs. 98.74.
The Euro (EUR) is the official currency of the eurozone, which includes 19 of the European Union’s 27 member states. Following the US dollar, the Euro is the second largest reserve currency as well as the second most traded currency in the world.
Currently, one Euro is worth Rs. 88.84.
Swiss Franc (CHF)
The official currency of Switzerland and Liechtenstein is the Swiss Franc. The EUR to CHF rate is the most widely used Switzerland Franc exchange rate. When the country entered the currency union, it pegged the franc to the euro, deciding on a dual system instead of abolishing the franc.
Currently, One CHF is worth Rs. 89.83.
United States Dollar (USD)
The official currency of the United States of America is the US Dollar. It is the world’s most traded currency. The USD to EUR rate is the most often used US Dollar exchange rate. It is supported by the power of the United States in the international political landscape. The value of the USD has significantly risen over time.
Currently, one USD is worth Rs. 82.22.
FAQs on highest currency in the world
Which currency has the highest value in the world?
Kuwaiti Dinar (KWD) is the world’s most valuable currency. At present, one KWD is equal to Rs.260.00.
Which currency is the most stable in the world?
The Swiss Franc (CHF), the currency of Switzerland and Liechtenstein, is the most stable currency in the world.
Which currency is the most widely traded in the world?
The world’s most traded currency is the US dollar. It is held by both commercial and central banks worldwide for use in international trade, making it the main reserve currency of the world.
What factors cause a country’s currency to have the highest value in the world?
There are numerous elements that influence the value of a currency such as economic growth, inflation, interest rates, etc.
Which currencies are the most commonly traded?
Major crosses like EUR/USD, USD/JPY, and GBP/USD are among the most widely traded currency pairs because they all represent developed economies with substantial wealth.
Why is the Kuwaiti dinar so high?
The Kuwaiti currency’s strength can be linked to its involvement in the oil and gas industry. Kuwait is one of the world’s greatest oil exporters, with vast reserves spread across the country.
Which are the seven major currency pairs?
Approximately 75% of all forex trades conducted globally involve the seven most popular currency pairs. These include USD/CAD, GBP/EUR, AUD/USD, and EUR/USD.
Source: Dinar Recaps
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