Central Bank: The value of the Iraqi dinar has become equivalent to one and a half dinars, with our reserves exceeding 90 billion dollars
The Central Bank of Iraq confirmed, today, Friday, that the cash reserve exceeded 160% of the value of the Iraqi dinar, and while confirming the increase in the cash reserve exceeding 90 billion dollars, it expected the introduction of the 20 thousand currency at the end of next year, stressing at the same time the granting of 15 trillion dinars as loans for projects in four domains.
The Central Bank's advisor, Ihsan Al-Yasiri, said, "For the first time, the central bank's reserves exceeded the threshold of 90 billion dollars, as this number is very large and indicates a barrier to the recovery of the economy and a great support for the value of the Iraqi currency," noting that "the value of the Iraqi currency or the balance exceeded 160 %, as the value of the Iraqi dinar amounted to more than one and a half dinars.
He added, "The Iraqi currency is now witnessing a significant rise and recovery, as it is considered one of the strong international currencies, although it is not an international currency for circulation," noting that "the government and the Ministry of Finance have an opportunity to assign fragile and poor groups and retirees with low salaries and those covered by social protection and retirees through this Funds by allocating part of it within the 2023 budget.
Regarding banking control procedures, Al-Yasiri said: “The government program is concerned with controlling government banks, and private banks, since the latter are part of the banking sector and are covered by government control measures.”
He pointed out that “the Central Bank has shifted from its traditional policy, which is represented by pursuing stability and issuing cash and others, to a large development institution, as it launched a development fund whose funds exceeded 18 trillion dinars,” noting that “this fund contributed to bridging the government financing gap as a result of security and economic challenges and price drops.” successive oil since 2014 until now.
And he continued, “The bank launched initiatives and projects through loans that exceeded 15 trillion dinars for industry, agriculture, housing, and trade projects,” noting that “the initiatives also included empowering women and unemployed youth,” in addition to allocating billions of dinars from bank funds to support cultural institutions, including rehabilitation. Al-Mutanabbi Street, churches, mosques and theatres.
Regarding the new 20,000 dinars category, Al-Yasiri stressed that “the 20,000 dinars category is an intermediate currency between 25,000 and 10,000, as it will have a role in redrawing the structure of the banknotes,” noting that “this category will be acceptable and with high security specifications.”
And he continued, “The issuance of this category is not related to the budget, since the Central Bank has an independent budget, but rather it is related to printing procedures, choosing colors and security marks,” suggesting, “This currency is issued at the end of 2023.
The Central Bank sets a date for offering the new 20,000 dinars currency
The Central Bank of Iraq confirmed, on Friday, that the cash reserve exceeded 160% of the value of the Iraqi dinar, and while confirming the increase in the cash reserve exceeding $90 billion, it expected the 20,000 currency to be offered at the end of next year, confirming at the same time that it would grant 15 trillion dinars. As loans for projects in four areas.
And the central bank advisor, Ihsan al-Yasiri, said, “For the first time, the central bank’s reserves exceeded the threshold of 90 billion dollars, as this number is very large and indicates a barrier to the recovery of the economy and a great support for the value of the Iraqi currency,” noting that “the value of the Iraqi currency or the balance exceeded 160.” %, as the value of the Iraqi dinar amounted to more than one and a half dinars.
He added, "The Iraqi currency is now witnessing a significant rise and recovery, as it is considered one of the strong international currencies, although it is not an international currency for circulation," noting that "the government and the Ministry of Finance have an opportunity to assign fragile and poor groups and retirees with low salaries and those covered by social protection and retirees through this Funds by allocating part of it within the 2023 budget.
Regarding banking control procedures, Al-Yasiri said: "The government program is concerned with controlling government banks, and private banks, since the latter are part of the banking sector and are covered by government control measures."
He pointed out that "the Central Bank has shifted from its traditional policy, which is represented by pursuing stability and issuing cash and others, to a large development institution, as it launched a development fund whose funds exceeded 18 trillion dinars," noting that "this fund contributed to bridging the government financing gap as a result of security and economic challenges and price drops." successive oil since 2014 until now.
He continued, "The bank launched initiatives and projects through loans that exceeded 15 trillion dinars for industry, agriculture, housing and trade projects," noting that "the initiatives also included empowering women and unemployed youth," in addition to allocating billions of dinars from bank funds to support cultural institutions, including rehabilitation. Al-Mutanabbi Street, churches, mosques and theatres.
Regarding the new 20,000 dinars category, Al-Yasiri stressed that "the 20,000 dinars category is an intermediate currency between 25,000 and 10,000, as it will have a role in redrawing the structure of banknotes," noting that "this category will be acceptable and with high security specifications."
And he continued, "The issuance of this category is not related to the budget, since the central bank has an independent budget, but rather it is related to printing procedures, choosing colors and security marks," suggesting, "The issuance of this currency at the end of 2023."
Blaskhart and the Iranian ambassador discuss the stability of Iraq and support the Sudanese
I find it interesting she covered her hair to meet with them but doesn't when she meets with the Iraqi ambassador
The representative of the Secretary-General of the United Nations in Iraq, Jenin Hennis-Plasschaert, and the Iranian ambassador to Baghdad, Muhammad Kazem Al Sadiq, discussed, on Thursday, ways of stability and security in Iraq and the region, and support for the government of Muhammad Shia'a al-Sudani.
The two sides discussed, according to a statement reported by the Iranian News Agency (IRNA), the latest developments and ways to support the Iraqi government, and the country's stability and security, while they welcomed "Baghdad's continuous efforts to expand regional talks."
During the meeting, Blaskhart referred to what she described as the "positive role" of cooperation between Iraq and Iran in promoting regional stability, stressing the need for its continuation.
For his part, Al-Sadiq described Al-Sudani's recent visit to Iran as "important and distinguished", and called on Blaskhart to play a greater role for the United Nations in "supporting the efforts of the Iraqi government to improve the security and regional situation."
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Including the budget and oil .. Announcing the details of the results of the negotiations of the delegation of the regional government in Baghdad
Jutiar Adel, a spokesman for the Kurdistan Regional Government and a member of the Kurdistan Regional Government delegation to Baghdad, said: "A positive atmosphere prevailed in the meetings with the federal government delegation, and we sensed that they wanted to reach an agreement, and in the end we must reach a middle solution, and the Kurdistan Regional Government delegation will go to Baghdad." whenever needed."
Jutiar Adel added to the official website of the Kurdistan Regional Government: "We have been visiting Baghdad since last Sunday, according to the decision issued by the Council of Ministers and under the direction of the Prime Minister to form this delegation and go to Baghdad as soon as possible to participate in the formulation of the federal budget for the fiscal year 2023. That is why we visited Baghdad, where we stayed for four days, and today we returned to the Kurdistan Region.
The spokesman for the Kurdistan Regional Government confirmed, saying: "We discussed several issues in our meetings, including the budget and its details, in which two teams from the Ministries of Finance and Natural Resources in the Kurdistan Regional Government participated in preparing the numbers and notes that the Ministry of Finance has, and explaining the unclear points that need clarification or Reorganization, and these things were completed and prepared in two or three days. Lists of appointments and staffings and lists of expenditures of the Kurdistan Regional Government were submitted to the Ministry of Finance in the federal government.
He went on to say: At the beginning of our visit to Baghdad, we discussed the basis for reaching an agreement, of course the basis of the constitution and the ministerial curriculum paper, which became the basis for talking about issues such as the budget, oil, crossings and financial control. Today's meeting, Wednesday, November 30, was an important meeting with a high-level delegation from the Iraqi government. We discussed the four files and the necessary procedures to find out the responsibility of the Kurdistan Regional Government and the responsibility of the Iraqi government.
The spokesman for the Kurdistan Regional Government concluded by saying: "The meetings are continuing and will continue, and the delegation of the Kurdistan Regional Government is ready to visit Baghdad whenever necessary and may visit Baghdad again soon so that we can discuss the issue of the budget again, and we expect it to be ready within a month or less, and we hope that These discussions and visits will be fruitful, and finally the real share of the Kurdistan Region will be established according to the constitutional entitlements that must be adhered to or dealt with and other files.It was a really positive atmosphere and we understood from the meetings that they wanted to reach an agreement, but how, what and in what way is the subject of discussion?And that in In the end, we must reach an intermediate solution according to the ministerial approach.”
Economist: The rise in the price of the dollar is fabricated and the failure of the central bank
Duraid Al-Enezi told {Euphrates News} agency: "The rise in the exchange rate of the dollar is nothing but a fabricated process and the failure of the Central Bank of Iraq to maintain a certain level of the exchange rate."
He added, "We wonder about the central bank's role in this matter, after it proved its inability to manage any kind of monetary operation in the country."
He pointed out that "the decrease in the Central Bank's sales of foreign currency as a result of the financial vibrations that [the bank] did not reveal the slightest position on, as stopping the banks did not issue any position, meeting, or reprimand to the bank as if it was not responsible for monetary policy."
Al-Enezi pointed out that "there is a solution to control the exchange rate by pumping the currency into government bank branches, and citizens can buy directly."
The Central Bank of Iraq revealed, on the 24th of this month, the reasons for the decrease in the volume of sales of the foreign currency sale window in recent times.
An authorized source in the bank said, "The Central Bank of Iraq is working to automate banking business according to the best banking standards, including the establishment of an electronic platform that organizes the external transfer process through the foreign currency sale window, similar to the electronic platform that organized the work of letters of guarantee."
He added, "Due to the insufficient readiness of the local banks with the start of the trial application of the platform, the implementation of part of the foreign transfers was postponed, which resulted in a decrease in the volume of sales of the foreign currency sale window."
It is noteworthy that the central bank sells through the dollar currency auction for the amounts transferred to bank accounts abroad at 1460 dinars per dollar, which is the same price for cash sale.
Economist: Oil prices will range between 90-100 dollars over the next year
The economist, Dr. Safwan Qusay, suggested that oil prices will range between 90-100 dollars per barrel during the next year, pointing out that prices will not fall below 70 dollars per barrel, even if oil is pumped from the strategic storage of the United States.
Qusai told Al-Maalouma that "it is better for OPEC to keep the same policy and not increase or decrease production, especially since there are sanctions that will be imposed on Russian oil."
He added, "It is possible for oil prices to range between 90-100 dollars a barrel during the next year, so that there will be stability in the revenues of Iraq and other major oil producers."
And he indicated that "Iraq will be affected if the pumping of oil from the strategic storage is increased, and it is likely that prices will not fall below $ 70 a barrel even with the increase in the pumping of oil from the strategic storage by the United States," stressing that "China's control of the Corona pandemic will be a factor for price growth." oil and its height.
First Iraq National Trade Forum connects small businesses to growth opportunities
As the country works to recover from an economic crisis, Iraq’s agriculture and agri-food sectors have the potential to contribute to much-needed economic growth and diversification, job creation and enhanced sustainability and resilience – under the right conditions. This was the message from public and private-sector leaders at the opening of the first Iraq National Trade Forum on 28 November 2022.
Held in Baghdad, the two-day forum provided an opportunity for Iraqi small and medium-sized businesses in farming and food processing, packaging and logistics to connect with international suppliers and investors.
Jointly organized by the International Trade Centre (ITC) and the International Organization for Migration (IOM) in Iraq, the Forum hosted over 400 participants from almost all Iraqi governorates, including business leaders, international suppliers, investors, banks, policymakers, business support organizations, representatives from local and national authorities, as well as international development partners.
Through financial support of the European Union and the Government of Germany (Kreditanstalt für Wiederaufbau, KfW), the Iraq National Trade Forum brought together over 100 small businesses to network, forge business deals and offer investment opportunities, including one-on-one meetings with international suppliers of agricultural inputs and equipment. It also featured an exhibition, “Made in Iraq”, where firms representing all Iraqi governorates could display their products.
Quotes
‘It is key to build the capacities of Iraqi farmers and involve them in the entire agriculture value chain so they can benefit. Many producers suffer because their agriculture products are not in line with buyer requirements. We believe meaningful partnerships drive the success for sector development.’
H.E. Abbas Al Alayawi, Minister of Agriculture, Iraq
‘This event showed the best part of a vibrant Iraqi private sector that is ready to contribute to the economic growth and diversification of Iraq. And trade is a core element of this growth. The EU will continue to support the Iraqi government in its path towards the needed economic reforms that will help the private sector to expand and create jobs also in the new green economy.’
Agne Gleveckaite, Deputy Head of the EU Delegation - Head of Political Section
‘As the UN in Iraq, we have an ever-present responsibility to leave no one behind. We urge companies here today to think creatively: what role are you playing in promoting inclusive economic growth? In the UN’s effort to support the Government of Iraq, we ask similar questions: how to ensure the most vulnerable are not left behind, and those most at risk are protected? The UN is here to support such initiatives.’
Ghulam Mohammad Isaczai, United Nations Deputy Special Representative, Resident Coordinator, Humanitarian Coordinator for Iraq
‘Iraq's record oil-driven growth must be accompanied by smart investments, business opportunities, and further advocacy for essential economic reforms, which is what this forum is all about.’
Eric Buchot, Representative, Head of country programme, International Trade Centre
‘Inadequate livelihood opportunities are among the greatest barriers to the sustainable return and reintegration of displaced persons in Iraq; and in the country’s south, where climate change is increasingly felt in agricultural communities, limited livelihoods are an active cause of rural-urban displacement. Through its Enterprise Development Fund and events such as this one, IOM is pleased to work in collaboration with national and international partners to support agribusinesses and tap into the agricultural sector’s potential to strengthen food security, sustainable income generation and durable solutions to displacement.’
Giorgi Gigauri, Chief of Mission for IOM in Iraq
About the International Trade Centre’s SAAVI project
The ‘Strengthening the Agriculture and Agri-Food Value Chain and Improving Trade Policy’ (SAAVI) project, funded by the European Union, focuses on the development and implementation of sector strategies for high-potential products, as well as on defining market-oriented policies to improve predictability and efficiency in the business environment. SAAVI also helps enhance Iraq’s trade policy and supports the country in its WTO accession process.
SAAVI is implemented under the leadership of the Government of Iraq through the Ministry of Planning, Ministry of Agriculture and Ministry of Trade.
The project forms part of the overall European Union Special measure for supporting employment creation and improving economic governance in Iraq. As such, SAAVI is fully aligned with the activities of FAO, IOM, ILO, UNESCO and GIZ in the domain of private sector engagement and agricultural development.
Indonesia central bank launches white paper on planned digital currency
Indonesia's central bank on Wednesday unveiled plans for a digital rupiah currency that will use blockchain technology, as the country sees a boom in digital transactions.
The move follows that of many central banks around the world that are developing so-called central bank digital currencies (CBDCs), either in the form of retail tokens to be used directly by consumers or wholesale tokens to be used by banks within the financial system.
The digital rupiah will underline Bank Indonesia's (BI) role as the sole authority to issue legal tender, including a digital currency, Governor Perry Warjiyo said at an event where he also laid out the central bank's policy guidance for 2023.
Indonesia currently bans the use of cryptocurrencies as a means of payment, but allows transactions of the digital assets in the commodity futures market for investment purposes.
"Digital rupiah will be implemented in stages, starting from wholesale CBDC for issuance, elimination and transfer between banks," he said.
The next stage will be to develop the digital rupiah's business model for monetary operations and money market, and eventually a retail CBDC will be developed for everyday use, Warijyo said, without elaborating on a timeline.
BI said in a statement on Wednesday that developing CBDC in Southeast Asia's biggest economy still needs support from other stakeholders and the central bank has to conduct trial runs.
Indonesia has seen double-digit growth in digital banking transactions in the past few years with transactions in 2022 set to grow 30% to 53,144 trillion rupiah ($3.38 trillion), according to BI's data.
There has also been an exponential rise in cryptocurrency investment during the pandemic.
($1 = 15,730.0000 rupiah)
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