Iraqi News Highlights Friday Afternoon 6-2-23
Iraqi News Highlights Friday Afternoon 6-2-23
Tlm724 Administrator Bondlady’s Corner
Sudanese Advisor: IMF Experts Report "Very Pessimistic"
Money and business Economy News – Baghdad On Friday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, commented on what was stated in the report of the International Monetary Fund experts after a recent visit by a delegation from it to Iraq, describing it as "very pessimistic", while specifying the proportion of public expenditures in the gross domestic product.
Saleh told the official news agency, "The International Monetary Fund stems from the rentier problems of the Iraqi economy, as the percentage of public expenditures in the Iraqi economy reaches nearly 50% of the gross domestic product."
He added, "While the foreign reserves in which the central bank defends stability are linked to the general level of prices as a main objective of monetary policy through the bank's intervention with its operational objectives in controlling local liquidity levels and targeting growth in the money supply by using part of the foreign reserves whose source it is." Oil revenues are also in the general budget, as the monetary policy operations are embodied in the daily intervention in the exchange market with the strength and abundance of those reserves, the basis of which is the oil sector by 99%.
And he continued, “Thus, those important foreign reserves to impose price stability depend on budget revenues from oil revenues themselves, so the correlation between monetary and fiscal policies depends in all cases on the development of the energy sector itself and the revenues achieved from high oil prices, and any fluctuations in the oil asset cycle that affect On that important connection between the two policies, i.e. fiscal and monetary.
And he added, “Therefore, the potential deficit in the oil current account of the balance of payments and because of the unilateralism of the economy will generate a deficit gap in the general budget, which is called: the bilateral deficit, and affects the intervention capabilities of monetary policy in controlling liquidity levels to achieve price stability, and this matter requires monetary policy and politics.” Finance achieves two things together.
He explained, “The first factor includes the intervention of monetary policy in the money market to control local liquidity levels or the money supply by applying a more stringent policy in which this time the (interest rate) tool is used strongly in order to control the growth in the monetary base and then the general money supply, which are (sterilization) policies.” additional to local liquidity, by using interest rate signals in addition to the exchange rate signal and the role of the foreign currency window.
And he indicated, "The second matter includes fiscal policy assuming broader discipline opportunities on public expenditures, i.e. imposing financial discipline, as well as creating a development partnership with the private sector whose financial surpluses are concentrated to sustain spending on development and investment programs within the premise of the social market."
He noted that "the report of the International Monetary Fund experts was very pessimistic, as multilateral international financial organizations usually stick to a few geopolitical and environmental factors, even if they are temporary, and issues related to developments in the international economic situation, in order to give a very sad scenario for the future of the economy."
He stressed, "Such situations such as water issues and desertification are often linked to food security risks on the one hand, and clean uses of energy, specifically renewable energy, are linked to issues related to the environment and carbon zeroing with the issue of low demand for oil and the deterioration of its revenues globally, as the outcome of these warnings leads to an existential threat to the economy, according to reports." issued by these organisations.
He pointed out, "Despite the foregoing, the country and its economic programs for the coming years, whether in the field of water or energy and diversifying the economy, took all these factors into account, and it is a national planning responsibility to defend the interests of sustainable development in Iraq, and there is no way out of that." Views 44 06/02/2023 - https://economy-news.net/content.php?id=34531
Al-Sudani Meets Deputies In Baghdad And Discusses Speeding Up The Approval Of The General Budget
Friday 02, June 2023 15:42 | political Number of readings: 395 Baghdad / NINA / - Prime Minister, Muhammad Shia'a Al-Sudani, visited the headquarters of the Watan Parliamentary Alliance in the capital, Baghdad, in the presence of the head of the coalition, Representative Yasser Iskandar and Tout, the Secretary-General of the Alliance, Representative Haider Al-Shamkhi, and Representatives Nazim Al-Shibli, Sajjad Salem, Osama Al-Badri, and Nour Nafeh Al-Jelhawi.
The meeting discussed, at midnight on Thursday, several general issues that serve the people, including speeding up the approval of the general budget, as it relates to the life of citizens and strategic projects.
The head of the coalition, Representative Yasser Sketdar, stressed the importance of strengthening cooperation between the legislative and executive institutions and providing full support for the government program adopted by the Prime Minister./ End 5
https://ninanews.com/Website/News/Details?Key=1057276
The Central Bank Clarifies The Controls For Issuing Credit Cards
Thursday 01, June 2023 22:37 | Economical Number of readings: 804 Baghdad / NINA / - Today, Thursday, the Central Bank of Iraq affirmed its obligation to issue credit card issuers to issue one for each customer, while specifying its procedures against those who use them for improper purposes.
And the media office of the Central Bank stated, in a press statement, that “every citizen who wishes to travel has the right to apply for the purchase of 2000 dollars, and the steps begin with obtaining a travel ticket with a window on which the date of travel is indicated, and going to the dollar selling outlets (a bank or exchange company to register his data on the dollar selling platform ( FITR) to complete his transaction).
Regarding the issuance of Visa and MasterCard cards, the bank stated, "The Central Bank issued new controls to enhance the security and safety of using prepaid credit cards, as usage ceilings were set for these monthly and daily cards."
He added, "The controls obligated the issuing authorities to issue one card for each customer after submitting all identification papers and fixing his name on the card, taking into account regular reviews of card transactions for people who use their cards in improper transactions."/
https://ninanews.com/Website/News/Details?key=1057215
Al-Rafidain Bank Issues A Warning To Its Customers
Economy Friday, June 2, 2023 Baghdad / National News Center Today, Friday, Al-Rafidain Bank warned its customers against transferring money to unknown destinations.
The media office of the bank stated, in a statement received by the National News Center, that “the bank warns its customers against transferring money to unidentified parties claiming to open accounts for them in banks in order to obtain humanitarian aid from one of the neighboring countries, through electronic payment cards for the purpose of receiving money and depositing it in their accounts.” The character to be unlocked.
And he called on the bank, according to the statement, to “not comply with those parties that carry out fraud and fraud to steal personal accounts,” noting that it is “a dangerous phenomenon that exposes the country to financial losses when transferring money without obtaining any amount.”
Oil Is Falling Affected By The Strength Of The Dollar
Economy Friday, June 2, 2023 Follow-up / National News Center Oil prices fell today, Friday, affected by the strength of the dollar, as well as weak demand data from China, which is the largest importer of crude in the world, which raised concerns about demand.
Brent crude futures fell $1.11 to $72.60 a barrel, while US West Texas Intermediate crude fell $1.37 to $68.09 a barrel https://nnciraq.com/208775/
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