"Tidbits From TNT" Friday Morning 9-2-2022
TNT:
Tishwash: An economist reveals the size of the currency issued by the Iraqi Central
Today, Friday, the economist Manar Al-Obaidi measured the size of the , .currency issued by the Central Bank of Iraq Al-Obaidi said in a statement received (Baghdad Today) that "according to the data of the Central Bank of Iraq, the volume of cash currency issued by the bank is up to ".82 trillion Iraqi dinars
He added: "On the other hand, the volume of cash in Iraqi banks does not exceed the barrier of 7 trillion Iraqi dinars only, meaning that more than 75 trillion Iraqi dinars are outside the banking system and it is very difficult to follow them and know their fate, which affects the banking sector and its contribution to the domestic .product. It contributes to an increase in inflation
Al-Obaidi pointed out that "there are 4 main possibilities for this cash away from the :banking system, which are Iraqis hoard money in their homes without entering it into the banking system - 1 The number of those whose age exceeds the barrier of 16 is from the remaining 30 . million, up to 20 million. The average hoarding of money by the Iraqi citizen is about .3.7 million Iraqi dinars
Funds are internal commercial transactions far from the banking system, and this - 2
includes all internal commercial businesses that deal either in cash or through informal financial institutions, and this sector may be the largest holder of these .funds Foreign institutions hoarding the Iraqi currency for several reasons, including the - 3
remote investment in the Iraqi dinar in the hope of a rise in its price in the future, or for reasons related to trying to control the local currency in order to pump more currency into the local market, which leads to an increase in inflation, which is a .small possibility, but it is possible Damage to the currency -4
as it may be that part of the issued currency, especially from the small business, , has been damaged, which means that it is practically out of the currency, but it is .still calculated because there is no evidence of its damage He pointed out that "the cash currency issued since the beginning of last year 2021 increased by 19.82%, while the value of the money in the bank did not increase by more than 18%, meaning that even the issued cash currency, a large part of it does not enter the banking system," adding: "Therefore, the The prevailing belief is that the parallel market system and the internal trade market away from the banking system represent larger systems than the banking system, and that the lack of confidence in the banking system and its complexities leads the citizen to hoarding away from the banking sector and keeps the internal merchant away from banking dealings with banks
And in order to return this money to the banking system for the possibility of It is necessary to prevent financial transactions and internal transfers away from the banking system, and it is necessary to increase the confidence of users in banking services and increase deposit rates to gain consumer confidence ”.towards the important banking sector link
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Tishwash: It reached $9 billion..Oil announces the achieved oil revenues
The Ministry of Oil revealed, on Thursday, the total exports and revenues achieved for the month of August, according to the statistics issued by the Iraqi Oil Marketing Company "SOMO".
A statement by the ministry, received by the agency "Information", stated that "the total amount of crude oil exports amounted to (101) million (859) thousand (528) barrels, with revenues amounting to (9.784) billion dollars."
The statement added that "the total quantities exported of crude oil for the month of August from oil fields in central and southern Iraq amounted to (100) million and (750) thousand barrels. ) thousand and (528) barrels, and the average daily quantities amounted to (3) million and (286) thousand barrels per day, while the average price per barrel reached (96.05) dollars. link
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Tishwash: The UN Security Council calls on the conflicting parties in Iraq to exercise restraint and start dialogue without delay
The UN Security Council called on the parties to the clashes in Iraq to exercise restraint and to start dialogue without delay in order to promote reforms.
United Nations - Sputnik . The council said in its statement: "The members of the Security Council condemned the violence that swept Iraq on August 29 and 30, and expressed their deep concern over reports of deaths and injuries, and took note of the Iraqi government's efforts to restore order.
The Security Council called on the parties for calm and restraint, and welcomed the parties' calls to refrain from further violence.
The statement added that the members of the Security Council called on "all parties to resolve their political differences peacefully, respect the rule of law and the right to peaceful assembly, and avoid violence."
On Monday and Tuesday, Iraq witnessed bloody clashes that killed more than 30 people and a large number of injured, after supporters of the "Sadr movement" stormed a number of government headquarters in Baghdad, immediately after the movement's leader, Muqtada al-Sadr announced his retirement from political work.
Supporters of the Sadrist movement withdrew from the street, in compliance with the directives of the leader of the movement , who criticized what he described as the "revolution" and the violence that permeated the protests.
Shiite leader Muqtada al-Sadr's decision to retire from politics comes after months of struggle against the coordination framework "which includes Shiite parties and forces", in order to form a majority government, after the Sadrist movement won the majority in Parliament link
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