Clare » October 2nd, 2023
The Central Bank denies the scarcity of cash liquidity and describes its currency and gold reserves as “historic”
A source in the Central Bank of Iraq denied that there was a “scarcity” of cash liquidity in the country’s markets.
The source confirmed to Al-Furat News Agency: “There is no scarcity of cash, and cash is available despite the current policy, which is a contractionary policy, but cash is available.”
He pointed out that “the foreign reserves and gold at the Central Bank are at historical levels, and the electronic platform is open to anyone who wants to officially enter into buying the dollar at the official price.”
Specialists in economic and financial affairs reported that despite the large size of the monetary supply, which amounts to (83) trillion dinars, there is a noticeable scarcity of cash liquidity from the Iraqi dinar in the commercial markets, explaining that this comes for several reasons, the first of which is mismanagement. The financial file in the country.
Professor of Economic Affairs, Jaafar Alloush, said in a press statement that “the problem of liquidity scarcity – if it exists – is linked to a number of factors, including the economy’s lack of monetary flexibility in managing public money, while official monetary indicators do not indicate the existence of a liquidity scarcity.” “.
He explained, “The problem is that the largest portion of the issued currency is with the public, which accounts for 91.3% of the issued currency, amounting to more than 90.070 trillion Iraqi dinars of that currency outside the banking system, and despite the fact that this (huge) monetary mass is used for transaction purposes from… before the public and to carry out its daily economic activity, but it is outside the control of the monetary authorities.”
Raghad Dahham LINK
Securities: There is a foreign investment portfolio within the market amounting to $250 million
The Executive Director of the Iraq Stock Exchange, Taha Abdul Salam, confirmed today, Monday, that banks are encouraged to activate the custodian system to support investments.
Abdul Salam said during the World Investor Day conference organized by the Iraqi Securities Commission and followed by Al-Eqtisad News, “There is a conviction that since 2008, investment began in direct trading in the Iraqi market through the foreign investor through the formation of foreign investment portfolios.”
He added, “One of the portfolios exceeded $250 million in the Iraqi market,” noting, “encouraging banks to activate the custodian.” LINK
Al-Sudani leaves Baghdad heading to Qatar
On Monday, Iraqi Prime Minister Muhammad Shiaa Al-Sudani left the capital, Baghdad, heading to the State of Qatar.
Al-Sudani will participate in the opening ceremony of the Doha Expo 2023-2024, according to a brief statement issued by the Prime Minister’s Media Office and received by Shafaq News Agency.
Starting today, Monday, the second of October, until March 28, 2024, Doha will host the 2023 International Horticultural Exhibition, or Expo 2023, under the slogan “Green Desert, Better Environment,” and aims to inspire the international community to adopt innovative solutions to mitigate the severity of desertification. LINK
Source: Dinar Recaps
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