KTFA
Frank26 » December 27th, 2024
“QUESTION: …DO YOU THINK IRAQ’S INVESTMENT PORTFOLIO IS BASED ON A PROGRAM RATE?”…..F26
Iraq establishes ‘investment portfolio’ to support stability of national currency
12/26/2024
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.
Saleh explained to {Euphrates News} that: “Since 2004, after Iraq was able to extinguish $100 billion of its accumulated debts, which are called pre-1990 debts resulting from wars and conflicts, and with the improvement in the current account of the balance of payments, the first step taken by Iraq was to establish an investment portfolio of foreign reserves.”
He added, “Or what is called the country’s foreign exchange reserves that perform the function of stabilizing the value of the national currency or what is called the external value of money.”
Saleh said that “these assets that support the stability of the balance of payments and the national currency {i.e. foreign reserves} are one of the aspects of the sovereign funds called {quasi-sovereign wealth fund}.”
He pointed out that “they differ from traditional sovereign funds in that their assets are characterized by high liquidity or investment in liquid or semi-liquid assets and are subject to a highly accurate diversification rule in foreign currencies and highly liquid financial investment tools by virtue of their function as international reserves supporting the balance of payments and stabilizing the value of the national currency.” Raghad LINK
“THEY ARE WAITING FOR WHAT WE HAVE TAUGHT… A NEW EXCHANGE RATE.”……..F26
What are Iraqis waiting for after the news of the “sudden suspension” of the dollar selling platform by the Central Bank?
12/24/2024 Baghdad
Financial and banking expert Alaa Al-Fahd commented today, Tuesday (December 24, 2024), on the impact of the Central Bank’s suspension of the “platform” on the markets during the next stage.
Al-Fahd told Baghdad Today, “The Central Bank of Iraq worked during the previous period with a plan through a currency auction in the first phase, then establishing the electronic platform and intensive work to find correspondence methods between local banks and foreign banks with which We have commercial relations and their results in external transfers. Therefore, the bank announced some time ago that the platform will be stopped at the end of this year and there will be direct correspondent banks.”
Advertisement
______________________________________________________
He explained that “this is a natural matter, as all central banks in the world are tasked with maintaining monetary policy, not selling currency. There is no central bank in the world that sells currency and mediates in buying and selling currency. This work is The responsibility and responsibility of banks and exchange companies This is true and is a major challenge until the relations are direct commercial banking under the supervision of the Central Bank of Iraq.
He added, “Stopping the platform will not affect the local markets in terms of the dollar exchange rate, but there are those who are trying to spread rumors that this step will change the exchange rate, as the same dollar that the Central Bank of Iraq Was selling through the platform will be sold to banks and banks that have relations with foreign banks so that the transfer is direct according to electronic transactions and monitoring, and for this reason the situation is under control and there is no fear of the impact on the markets.”
Yesterday, Monday, economic expert Ziad Al-Hashemi revealed that the Central Bank of Iraq had suddenly suspended the dollar transfer platform before the scheduled date, without an official announcement, and without taking into account the interests of Iraqi companies and markets, in a move That is, to say the least, far from professionalism and transparency.
Al-Hashemi said in a post on the social networking site “Facebook”, which was followed by “Baghdad Today”, that “stopping the platform without an official announcement by the Central Bank may indicate that there is uncertainty and fear of the consequences of stopping the platform on the dollar exchange rates, and the lack of announcement may give the Central Bank an opportunity to evade and evade the decision to stop the platform and return to operating the platform, even temporarily, in the event that the dollar begins to rise to high rates.” LINK
Source: Dinar Recaps
______________________________________________________
If you wish to contact the author of a post, you can send us an email at voyagesoflight@gmail.com and we’ll forward your request to the author (if available). If you have any questions about a post or the website, you may also forward your questions and concerns to the same email address.
______________________________________________________
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 © Dinar Chronicles
