TNT
Tishwash:
Iraq’s cash reserves and the need to reflect them on daily life
Whether Iraq’s foreign exchange reserves rise or fall, they dominate the news and financial reports about the national economy. The latest announcement was that it reached $106.7 billion in its treasury, but these reserves are deposited outside the country.
It occupies third place in the Arab world after Saudi Arabia and the Emirates, and surpasses Kuwait, Qatar, and Egypt. Meanwhile, gold reserves exceeded 163 tons, which makes Iraq fourth in the Arab world after Saudi Arabia, Lebanon, and Algeria.
However, the largest part of the reserve is located in American banks, and the government has no absolute control over its use except within narrow and marginal limits, and it is not moved except with the approval of the American Treasury. That is, it is not available to the Iraqi government to dispose of it as it sees fit and to implement its economic plans.
Development in any country is measured by the quality of services provided to its citizens, including electricity, water, education, and health. All of these services require funding to improve them, build new ones, and overcome the backwardness that plagues them. Development is measured not by hoarded, frozen gold, but rather by its use in achieving sustainable development.
These attractive resources and others require a stable, unvarying political environment and climate, and a solid system of government, in order to exploit the vast resources, activate the national economy, and build a transparent competitive environment for foreign companies to invest in Iraq. It is necessary to reform the existing political authority and the legal structure of the state, and to eliminate c--------n and the requirements of honest responsibility, in order to make Iraq a profitable market in reality.
There is an urgent need to invest this reserve to secure the basics of living, create job opportunities for the unemployed, rehabilitate idle factories, mechanize agriculture, and reduce inflation. Before all of this, appropriate means must be found to return it to full Iraqi control and use it in development and emergency projects without restrictions that undermine sovereignty.
This financial figure pleases the citizen, makes him valuable and makes him proud of his achievement when it is used to protect the dinar, stabilize the exchange rate, end the so-called parallel market, support prices and make them available to the people, build new factories, solve the crises that citizens suffer from, alleviate their suffering and the exhaustion of their income, and raise their standard of living on all levels. In short, his country should be among the countries that possess such capabilities.
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This huge cash reserve is in a state of constant danger and is subject to American policy, which can prohibit its use at any time and is subject to sanctions, the least of which is freezing or even confiscation, at the moment of independent action or divergence from American policy.
Hence, it is necessary to work to ensure that the largest possible amount of it is under full and absolute Iraqi sovereignty, and that it is transformed into sustainable development projects, and that it is diversified and within the framework of the possibilities for disposing of it. We have the experiences of major and more influential countries that have what enables them to defend their rights and how they suffer from keeping their reserves abroad, controlled by the United States. link
Source: Dinar Recaps
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