WOTS WED MAY 25 22
Iraqi Finance Minister: Cash reserves will reach more than 90 billion dollars by the end of 2022
These are the articles I discussed on the My FX Buddies Podcast:
Finance Minister: Cash reserves will reach more than 90 billion dollars by the end of 2022
Today, Wednesday, Finance Minister Ali Allawi confirmed the increase in cash reserves with the Central Bank to 90 billion dollars by the end of this year, while setting the ratios of Iraq's commercial debts.
Allawi said in a report on the economic situation in Iraq seen by "Al-Iqtisad News", that "the devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached in late 2020," noting, that "the recovery in Oil prices and prudent financial management, help reserves become $70 billion by April."
He added, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq," noting that "the depreciation of the Iraqi dinar against the US dollar in December 2020 contributed to the decline of Demand for the US dollar, while the current demand for the dollar is higher than the declines seen in 2020, it is much lower than the period before 2020.”
He pointed out that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues, and the increase in the government's provision of goods and services to citizens," stressing that "the increase in the Ministry of Finance's sales of US dollars in return for the decrease in demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank."
And on the commercial debt of Iraq, the Minister of Finance said, "The only real commercial debt of Iraq is two of three Eurobonds with an interest rate of 5.8% and 6.72%, while the third at an interest rate of 2.149%, which is guaranteed by the US government."
And all other debts are on very concessional terms,” noting that “the external debt does not include the debts of the former regime, which amount to 57.8 trillion dinars, or the equivalent of $39.9 billion, and have been frozen since 2003 without interest or repayment as part of the Ministry of Finance’s work to reduce debt.” .
And Allawi stated, "The ministry has reconfigured all local debts as follows: The balance of all local debts has medium or long-term terms, after the government agreed with the Central Bank and public banks in 2020 to convert all current treasury transfers (bonds) into loans for 10 years and for 20 years, With repayment of installments starting from March 2021 and an interest rate reduced to 2%, "while the total external and internal debts amount to more than 99 trillion dinars."
And he continued, "The Council of Ministers, in its session held on Tuesday, April 5, 2022, agreed to adopt the strategy for repaying the internal public debt for the years (2022-2024), which was prepared by the Public Debt Department / Ministry of Finance within the draft federal budget bill. for the Republic of Iraq for the fiscal year 2022.
He noted that "inflation in Iraq is lower than that of emerging economies and the group of oil-exporting countries.
Protesters beat up the protection of a government building in southern Iraq
A security source in Dhi Qar Governorate said today, Wednesday, that two members of the protection of the petroleum products building were injured by protesters in the south of the province.
The source told Shafaq News Agency, that protesters organized a sit-down for those demanding the appointment of the owners of the Ministry of Oil in front of the Oil Products Building, and they entered an altercation and friction with the protection elements of the building.
And between two security personnel who were severely beaten by the protesters, which required their transfer to the hospital,” he pointed out, noting that “a military force arrived at the scene of the accident to follow up on the aggressors and arrest them.”
Demonstration against politician and businessman Shaswar Abdul Wahed in Sulaymaniyah
The owners and investors of shares in the city of Jaffeyland Games in Sulaymaniyah demonstrated today, Wednesday, in front of the State Real Estate Department building in Sulaymaniyah, to demand their rights from the profits that they have not received for four years until now.
The representative of the stock owners who demonstrated today in a press conference attended by Shafak News Agency, said that "for years we have been waiting for these profits, and they even told us: We will receive small plots of land inside the project, but we have received only small amounts."
He added, "The profits of the project amounted to more than 155 billion dinars, and we do not know where it went. Today, the truth of Shaswar Abdul Wahed was revealed, as he built (Javi Land) with people's money and used the profits of the project to cover up his corruption. The profits go to gambling and to pay off the debts incurred by Shaswar. Abdel Wahed, head of the New Generation Movement.
The spokesman added, "For 11 years, we have been participating in this project to wait for profits, but the interest went to Shaswar Abdul Wahed, and we do not trust the judiciary and we know that our voice does not reach, because Shaswar has taken control of everyone with our money, as he generates for his party the profits of this project that belongs to us." .
Owners and stock investors in Jaffeeland amusement park in Sulaymaniyah had accused, in repeated vigils, the leader of the "New Generation Movement" Shaswar Abdul Wahed of seizing their money.
In August of 2019, a number of stock owners in the "Javi Land" amusement park in Sulaymaniyah announced the issuance of an arrest warrant against the leader of the New Generation Movement, the original owner of the project, Shaswar Abdul Wahed.
And Abdul Wahed is accused of embezzling nearly 70 billion Iraqi dinars from people, according to what the spokesman for the Kurdistan Regional Government, Jotiar Adel, announced in a press conference held in February of the year 2019.
A wise administration raised the price of the dollar.. A bold talk by the Minister of Finance about a surprise for the Iraqi economy, which bodes well - urgent
Today, Wednesday, Finance Minister Ali Allawi confirmed the increase in cash reserves with the Central Bank to 90 billion dollars by the end of this .year, while setting the ratios of Iraq's commercial debts Allawi said, according to the official agency, that "the devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached in late 2020," noting that "the recovery in oil prices and wise financial management helped the reserves to to be $70 billion .by April
He added, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq," noting that "the depreciation of the Iraqi dinar against the US dollar in
December 2020 contributed to the decline of Demand for the US dollar, while the current demand for the dollar is higher than the declines seen in 2020, it is much ”.lower than the period before 2020
He pointed out that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues, and the increase in the government's provision of goods and services to citizens," stressing that "the increase in the Ministry of Finance's sales of US dollars in return for the decrease in demand for the dollar will ".lead to an increase in foreign currency reserves with the Central Bank
And on the commercial debt of Iraq, the Minister of Finance said, "The only real commercial debt of Iraq is two of three Eurobonds with an interest rate of 5.8% and 6.72%, while the third at an interest rate of 2.149%, which is guaranteed by the US ".government
And all other debts are on very concessional terms,” noting that “the external debt does not include the debts of the former regime, which amount to 57.8 trillion dinars, or the equivalent of $39.9 billion, and have been frozen since 2003 without interest . ”.or repayment as part of the Ministry of Finance’s work to reduce debt
And Allawi stated, "The ministry has reconfigured all local debts as follows: The balance of all local debts has medium or long-term terms, after the government agreed with the Central Bank and public banks in 2020 to convert all current treasury transfers (bonds) into loans for 10 years and for 20 years, With repayment of installments starting from March 2021 and an interest rate reduced to 2%, "while the ".total external and internal debts amount to more than 99 trillion dinars
And he continued, "The Council of Ministers, in its session held on Tuesday, April 5, 2022, agreed to adopt the strategy for repaying the internal public debt for the years (2022-2024), which was prepared by the Public Debt Department / Ministry of Finance within the draft federal budget bill. for the Republic of Iraq for the fiscal year .2022 He noted that "inflation in Iraq is lower than that of emerging economies and the ".group of oil-exporting countries
On Tuesday, 24 May 2022, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhief, met the Governor of the Bank of England during his visit to London to participate in the Conference on Sustaining Economic Growth, which was held by the Iraq British Business Council.
The two sides stressed the importance of central banks and monetary policy in facing economic challenges, ensuring macroeconomic stability and supporting economic growth.
The Governor of the Bank of England welcomed the training of the Central Bank of Iraq's staff in various fields. And the importance of developing banking relations between the two countries.
Central Bank of Iraq
Media Office
May 25, 2022
The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, affirmed the Central Bank's commitment to support and develop the Iraqi banking sector to expand financing for economic development, develop the electronic payments system, and increase the level of financial inclusion.
During his speech at the conference on the sustainability of economic growth organized by the Iraqi-British Business Council in the British capital, London, on Tuesday, Mokhif said, "The banking sector has withstood great challenges, as most of the banking sector indicators have witnessed, and still are, positive growth during the year 2021."
He pointed out that "the initiatives of the Central Bank have supported economic recovery and contributed to ensuring a reasonable level of employment in the complex conditions that the country has gone through," adding: "We continue to support efforts to confront climate change with other government institutions, as the Central Bank allocated an initiative in the amount of one trillion dinars." to finance the purchase of clean energy systems.
It is noteworthy that the conference witnessed the participation of a number of government officials, private banks and the Iraqi and British private sectors, and discussed the investment files and the white paper prepared by the government as a plan for the advancement of the Iraqi economy
After 17 months of its approval, the Minister of Finance explains the results of the decision to devalue the Iraqi currency
Finance Minister Ali Abdel Amir Allawi spoke, on Wednesday, about the results of the government's decision to raise the value of the dollar against the Iraqi dinar in December of the year 2020.
Allawi said, in a report on the economic situation of Iraq for the year 2022 seen by "Al-Iqtisad News", that "one of the most important results of reducing the price of the Iraqi dinar against the dollar is the recovery in foreign currency reserves with the Central Bank, and a significant decline in the difference between the official exchange rate and the price in the parallel market. By about 3-2% and at the same stable level for the years 2018 and 2019, adding that this “means that there is stability and reliability in the Iraqi market for the Iraqis, as well as removes most of the profit margin for those who exploit the currency market at the expense of the Iraqis.”
The devaluation of the Iraqi dinar against the US dollar also led to an “increase in oil export revenues by 23%, which allowed the government the financial space to increase spending in response to the needs of citizens, and also contributed to the decrease in the demand for the US dollar, and despite the current demand for the US dollar is higher than the decreases seen.” In 2020, it is much lower than the period before 2020."
He explained that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues and the increase in the government's provision of goods and services to citizens," noting that "the rise in the prices of the Ministry of Finance's sales in US dollars in return for the decrease in demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank."
Allawi pointed out that "the depreciation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached at the end of 2020," explaining that "the gap between the official exchange rate and the price in the parallel market increases during periods of turmoil and uncertainty, Therefore, the reduction of the aunt helped the Iraqi financial situation to restore stability and certainty for the Iraqis and increased the confidence of foreigners to invest in Iraq.
The minister hopes that "the recovery in foreign currency reserves with the Central Bank, the stability of the Iraqi dinar exchange rate and the stability and stability of financial policy will lead to enhancing confidence in the Iraqi banking system by increasing the strength of deposits and loans."
He believed that "Iraq's direct devaluation of its last currency avoided risks because the forced currency devaluations confuse people's confidence in the banking system and lead to hoarding cash and withdrawing deposits, which puts pressure on the banking system," noting that "pumping liquidity into the economy will raise the non-oil gross product by an estimated rate." 20% in 2021 after declining by an estimated 8% in 2020.”
Masrour Barzani: The international conferences are a window to enhance the role of the Kurdistan government as a regional partner
Kurdistan Regional Government Prime Minister Masrour Barzani stressed today, Wednesday, the importance of participating in international conferences, especially the World Economic Forum in Davos, noting that these participations make the region convey its voice and views on global issues.
Masrour Barzani wrote on his Twitter account, "Our participation in international conferences gives us a voice in global discussions, and is a window to influence policies and strengthen the Kurdistan Regional Government as a regional partner."
"We are not alone with the challenges. And if others succeed, we can too," he added.
Masrour Barzani had told reporters earlier in the day that his participation in the global forum aims to convey the Kurdistan Region's viewpoint on the global issues raised in Davos.
Over the past four days, Masrour Barzani held numerous meetings with senior officials to discuss a number of important issues, particularly food and energy security.
During a panel discussion at the forum held yesterday, Tuesday , Masrour Barzani highlighted the current political issues in Iraq and presented possible solutions.
The “Arab Monetary” discusses the digital economy and economic
policies
Below here is the WOTS for the day "Word on the Street" report:
List of the Iraqi dinar exchange rate against the dollar on the Iraqi Stock Exchange for today, Wednesday, May 25, 2022, according to specialists.Baghdad - the stock exchange
148,125
The price in most exchanges
147,500
148,500
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1429.7000 |  1485.7000 | 1458.3000 | 1458.2000 | 1458.3000 | 0.6000 | 11:36 |
| USD/VND | 23190.0000 | 23205.0000 | 23198.7500 | 23197.1800 | 23198.7500 | -2.0200 | 05:02 |
| USD/CNY | 6.6728 | 6.6748 | 6.6759 | 6.6525 | 6.6525 | 0.0204 | 05:23 |
| USD/KWD |  0.3054 | 0.3064 | 0.3055 | 0.3054 | 0.3055 | -0.0001 | 05:01 |
| GBP/USD | 1.2496 | 1.2497 | 1.2559 | 1.2492 | 1.2530 | -0.0034 | 05:25 |
| USD/IRR | 42100.0000 | 42600.0000 | 42332.1000 | 42332.1000 | 42332.1000 | 30.3000 | 11:04 |
| USD/IDR | 14591.0000 | 14619.0000 | 14662.0000 | 14593.0000 | 14635.0000 | -42.0000 | 05:21 |
Protesters beat up the protection of a government building in southern Iraq
A security source in Dhi Qar Governorate said today, Wednesday, that two members of the protection of the petroleum products building were injured by protesters in the south of the province.
The source told Shafaq News Agency, that protesters organized a sit-down for those demanding the appointment of the owners of the Ministry of Oil in front of the Oil Products Building, and they entered an altercation and friction with the protection elements of the building.
And between two security personnel who were severely beaten by the protesters, which required their transfer to the hospital,” he pointed out, noting that “a military force arrived at the scene of the accident to follow up on the aggressors and arrest them.”
After 17 months of its approval, the Minister of Finance explains the results of the decision to devalue the Iraqi currency
Finance Minister Ali Abdel Amir Allawi spoke, on Wednesday, about the results of the government's decision to raise the value of the dollar against the Iraqi dinar in December of the year 2020.
Allawi said, in a report on the economic situation of Iraq for the year 2022 seen by "Al-Iqtisad News", that "one of the most important results of reducing the price of the Iraqi dinar against the dollar is the recovery in foreign currency reserves with the Central Bank, and a significant decline in the difference between the official exchange rate and the price in the parallel market. By about 3-2% and at the same stable level for the years 2018 and 2019, adding that this “means that there is stability and reliability in the Iraqi market for the Iraqis, as well as removes most of the profit margin for those who exploit the currency market at the expense of the Iraqis.”
The devaluation of the Iraqi dinar against the US dollar also led to an “increase in oil export revenues by 23%, which allowed the government the financial space to increase spending in response to the needs of citizens, and also contributed to the decrease in the demand for the US dollar, and despite the current demand for the US dollar is higher than the decreases seen.” In 2020, it is much lower than the period before 2020."
He explained that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues and the increase in the government's provision of goods and services to citizens," noting that "the rise in the prices of the Ministry of Finance's sales in US dollars in return for the decrease in demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank."
Allawi pointed out that "the depreciation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached at the end of 2020," explaining that "the gap between the official exchange rate and the price in the parallel market increases during periods of turmoil and uncertainty, Therefore, the reduction of the aunt helped the Iraqi financial situation to restore stability and certainty for the Iraqis and increased the confidence of foreigners to invest in Iraq.
The minister hopes that "the recovery in foreign currency reserves with the Central Bank, the stability of the Iraqi dinar exchange rate and the stability and stability of financial policy will lead to enhancing confidence in the Iraqi banking system by increasing the strength of deposits and loans."
He believed that "Iraq's direct devaluation of its last currency avoided risks because the forced currency devaluations confuse people's confidence in the banking system and lead to hoarding cash and withdrawing deposits, which puts pressure on the banking system," noting that "pumping liquidity into the economy will raise the non-oil gross product by an estimated rate." 20% in 2021 after declining by an estimated 8% in 2020.”
A wise administration raised the price of the dollar.. A bold talk by the Minister of Finance about a surprise for the Iraqi economy, which bodes well - urgent
Today, Wednesday, Finance Minister Ali Allawi confirmed the increase in cash reserves with the Central Bank to 90 billion dollars by the end of this .year, while setting the ratios of Iraq's commercial debts Allawi said, according to the official agency, that "the devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached in late 2020," noting that "the recovery in oil prices and wise financial management helped the reserves to to be $70 billion .by April
He added, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq," noting that "the depreciation of the Iraqi dinar against the US dollar in
December 2020 contributed to the decline of Demand for the US dollar, while the current demand for the dollar is higher than the declines seen in 2020, it is much ”.lower than the period before 2020
He pointed out that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues, and the increase in the government's provision of goods and services to citizens," stressing that "the increase in the Ministry of Finance's sales of US dollars in return for the decrease in demand for the dollar will ".lead to an increase in foreign currency reserves with the Central Bank
And on the commercial debt of Iraq, the Minister of Finance said, "The only real commercial debt of Iraq is two of three Eurobonds with an interest rate of 5.8% and 6.72%, while the third at an interest rate of 2.149%, which is guaranteed by the US ".government
And all other debts are on very concessional terms,” noting that “the external debt does not include the debts of the former regime, which amount to 57.8 trillion dinars, or the equivalent of $39.9 billion, and have been frozen since 2003 without interest . ”.or repayment as part of the Ministry of Finance’s work to reduce debt
And Allawi stated, "The ministry has reconfigured all local debts as follows: The balance of all local debts has medium or long-term terms, after the government agreed with the Central Bank and public banks in 2020 to convert all current treasury transfers (bonds) into loans for 10 years and for 20 years, With repayment of installments starting from March 2021 and an interest rate reduced to 2%, "while the ".total external and internal debts amount to more than 99 trillion dinars
And he continued, "The Council of Ministers, in its session held on Tuesday, April 5, 2022, agreed to adopt the strategy for repaying the internal public debt for the years (2022-2024), which was prepared by the Public Debt Department / Ministry of Finance within the draft federal budget bill. for the Republic of Iraq for the fiscal year .2022 He noted that "inflation in Iraq is lower than that of emerging economies and the ".group of oil-exporting countries
CBI Update: Just a note:
including $0. CASH
ISX Update: Shares Traded: Value Traded:
closed
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