Iraq reduces its holdings of US bonds for the second month in a row
The US Treasury Department announced today, Tuesday, that Iraq’s possession of US bonds decreased for the second month in a row, to reach $39 billion.
And the treasury stated in its latest table, seen by Earth News Agency, that “Iraq’s possession of US Treasury bonds for the month of March of the year 2023 decreased by 1.4 billion dollars, to reach 39.3 billion dollars, after it was 40.7 billion dollars during the previous month,” indicating that “this Bonds rose by 50% over the same month of 2022, when Iraq’s possession of bonds amounted to $26.2 billion.
In the Arab world, Saudi Arabia comes at the forefront of the countries with the most possession, amounting to 116.2 billion dollars, and the UAE comes second with 61.5 billion dollars, then Kuwait third with 39.3 billion dollars, then Iraq fourth, and Oman fifth with 7.061 billion dollars, then Morocco with 3.890 billion dollars.
She pointed out that “the most holders of US bonds are Japan with 1087.7 trillion dollars, followed by China with 869.3 billion dollars, followed by the United Kingdom with 714 billion dollars, and then comes Belgium with 336.5 billion dollars.” link
Sudanese financial advisor defends the decision: the dinar is a sovereign symbol
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the main objective of the monetary policy of the Central Bank is to maintain the stability of the purchasing power of the Iraqi dinar, indicating that the circulation of another currency in the markets hits the centers of the local economy.
Salih said in a press interview seen by “Takadam” that “the primary objective of the monetary policy of the Central Bank under Central Bank Law No. (56) of 2004 is to maintain the stability of the purchasing power of the Iraqi dinar, the stability of the general level of prices and the reduction of inflation.”
Saleh added, “The circulation of another currency, whether the dollar or something else, leads to striking the centers of the local economy,” noting that “the Iraqi dinar is a symbol of the country’s sovereignty.”
And he pointed out that “the aim of the recent central bank procedures, related to preventing trading and pricing in dollars, came to eliminate the speculation process in the exchange rate,” calling for “an emphasis on dealing in the Iraqi dinar.”
And he indicated that “the aim of the central bank’s procedures is to achieve stability in prices and the stability of monetary incomes and not to expose citizens’ monetary rights from their incomes and wealth to a state of turmoil, which is generated by the use of another country’s currency within the national economy.”
The advisor noted that “dual currency is one of the most dangerous financial issues facing the countries of the world, and there is no stable country that deals with two currencies.” link
Al-Sudani assures a Qatari delegation of Iraq’s economic openness to its regional and international surroundings
The Prime Minister, Muhammad Shia’a Al-Sudani, affirmed today, Tuesday, Iraq’s economic openness to its regional and international surroundings.
A statement by his media office stated that Al-Sudani received, this morning, Tuesday, a delegation of businessmen and investors from the sisterly State of Qatar, headed by Sheikh Nawaf bin Nasser Al-Thani. During the meeting, according to a statement, he stressed Iraq’s economic openness to its regional and international surroundings, and hard work to establish partnerships. Constructive in the field of investment, in light of the available economic opportunities launched by the government, especially in the field of renewable energy, and optimal investment in associated gas and petrochemicals.
The Prime Minister referred to the many measures taken by the government since the beginning of its formation, in order to provide an appropriate and attractive investment environment, whether for the local investor or for investors from outside Iraq, stressing the government’s seriousness in achieving an economic renaissance that enhances the path of development in the country. The delegation of Qatari businessmen, Sheikh Nawaf bin Nasser Al Thani, expressed his gratitude for meeting the Prime Minister, and the government’s keenness to cooperate with major Qatari companies.
The Minister of Oil discusses with a delegation representing German companies available investment opportunities link
Source: Dinar Recaps
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