"Tidbits From TNT" Saturday 7-15-2023

Jul 15

TNT:

Tishwash: Parliamentary Finance: Tomorrow you will witness the release of conservative allocations within the budget

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, confirmed the launch of the governorates' allocations, tomorrow, Sunday.

Al-Kazemi said, in a televised interview followed by Al-Maalouma, that "the allocations of ministries and provinces from the budget are scheduled to be released tomorrow, Sunday."

He added, "The budget is being implemented, with the exception of some materials for which the state order was issued, and it was frozen until the final decision is issued."

Al-Kadhimi indicated that "the Parliament Presidency assigned the Parliamentary Legal Committee to cooperate with the Finance Committee to provide the necessary clarifications to the Federal Court regarding the state decision." link

Tishwash: Central Bank: Iraq's cash reserves exceeded 113 billion dollars

Today, Saturday, the Central Bank of Iraq indicated a group of opportunities and challenges facing the Iraqi economy, while announcing that the volume of internal debt had risen to about 70 trillion dinars, and the volume of foreign reserves to 113 billion dollars.

The Deputy Governor of the Central Bank, Ammar Khalaf, said in a speech during the Sixth Annual Conference on Finance and Banking Services, followed by / information / that "the Central Bank of Iraq has a fundamental role in financial and economic stability, as this year witnessed many and many changes to contribute towards achieving stability in Iraq." ".

Khalaf added, "There are many opportunities for the Iraqi economy, the central bank, all ministries, and the private sector, including the growth of gross domestic product, the achievement of a surplus in the general budget law affected by global oil prices, and an increase in the volume of deposits and credit in general, as well as the increase in foreign reserves to 113 billion dollars." ".

He pointed out that “despite these opportunities, there are challenges, including the approval of the budget law of a very large size, in which public expenditures reach 198 billion, as planned for this year, and also with a fiscal deficit amounting to 64 trillion dinars, and this in itself represents a challenge for the economy and the central bank.” Iraq in particular.

He pointed out that "there is another challenge, which is the increase in the domestic debt, which amounted to about 70 trillion dinars, and this represents a challenge to the monetary authority, as well as the financial authority in the mechanism of managing this debt, because it represents great pressure on the various monetary policy tools."

He continued: "In the previous edition of the Fifth Conference, we mentioned the importance of electronic payment and the important performance it represents to achieve economic growth, financial inclusion and financial depth, and we emphasized that there must be a compulsion to adopt its tools, as it was achieved this year through the great support of The current Iraqi government and the great efforts launched by the Central Bank of Iraq, and we have recently witnessed a great movement by the public as well as the private sector in adopting electronic payment tools, and this is a very important thing for achieving economic growth and financial affairs in Iraq.

And he added, "In this field, we notice an increase in electronic payment tools. For example, the number of different cards increased from 6 million cards to 16 million, as well as the number of payment devices from 918 devices to more than 10 thousand devices, as well as an increase in the number of electronic payment devices." Automated teller machines (ATMs) from 656 machines to more than 2000 machines, and they are constantly increasing. There is also an increase in the number of open and effective electronic wallets from 222 thousand wallets to more than 3 million wallets, and this represents a real transition for the sector.

He stressed that "the Central Bank of Iraq has sufficient flexibility in adopting appropriate monetary policies, as it worked this year on a number of changes in various monetary policy tools, for example, it raised the policy rate from 4-7.5%, as well as raising the interest rate on central bank tools." Iraqi from 3-4 until it reached 7.5%, as well as raising the legal reserve ratio from 15-18%," pointing out that "all these different tools seek to manage excess cash liquidity in addition to what the electronic platform is doing by achieving the surplus liquidity resulting from Increase public spending. link

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CandyKisses: The Central Bank Announces The Increase In The Volume Of Foreign Reserves And Iraq's Internal Debt

The Central Bank of Iraq pointed out on Saturday a set of opportunities and challenges for the Iraqi economy, while announcing the rise in the volume of internal debt to about 70 trillion dinars, and the volume of foreign reserves to 113 billion dollars.

The Deputy Governor of the Central Bank, Ammar Khalaf, said in a speech during the sixth annual conference of finance and banking services, attended by a correspondent of the Earth News Agency, that "the Central Bank of Iraq has a key role in financial and economic stability, as this year witnessed many and many changes to contribute towards achieving stability in Iraq."

Khalaf added that "there are many opportunities for the Iraqi economy, the Central Bank, all ministries and the private sector, including the growth of GDP, the achievement of a surplus in the general budget law affected by international oil prices, an increase in the volume of deposits and credit in general, as well as the rise in foreign reserves to $ 113 billion."

He pointed out that "despite these opportunities, there are challenges, including the adoption of the budget law in a very large size, in which public expenditures reach 198 billion, as planned this year, and also with a fiscal deficit of 64 trillion dinars, and this in itself represents a challenge to the economy and the Central Bank of Iraq in particular."

He pointed out that "there is another challenge is the rise in internal debt, which amounted to about 70 trillion dinars, and this represents a challenge for the monetary authority, as well as the financial mechanism in the mechanism of managing this debt because of the great pressure it represents on the various monetary policy tools."

He continued: "In the last edition of the Fifth Conference, we mentioned the importance of electronic payment and the important performance it represents to achieve economic growth, financial inclusion and financial depth, and we stressed that there must be a compulsion to adopt its tools, as it was achieved this year through the great support of the current Iraqi government and the great efforts launched by the Central Bank of Iraq, and we have recently witnessed a great movement by the public as well as private sectors in adopting electronic payment tools, and this is an important thing is very important to achieve economic growth and financial affairs in Iraq."

He added: "In this area, we notice an increase and an increase in electronic payment tools, for example, the number of different cards increased from 6 million cards to 16 million, as well as the increase in the number of payment machines from 918 to more than 10,656 machines, as well as the increase in the number of ATMs from 2000 to more than 222,3 devices, which is constantly increasing, there is also an increase in the number of open and effective electronic wallets from <>,<> wallets to more than <> million portfolios, and this represents a real transition for the sector."

He stressed that "the Central Bank of Iraq has sufficient flexibility in adopting appropriate monetary policies, as it has been working this year on a number of changes in various monetary policy tools, for example, it raised the policy rate from 4-7.5%, as well as raising the interest rate on the tools of the Central Bank of Iraq from 3-4 to 7.5%, as well as raising the legal reserve ratio from 15-18%," pointing out that "all these different tools seek to manage cash liquidity." In addition to what the electronic platform is doing by achieving excess liquidity resulting from the increase in public spending."

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Tishwash: Kurdistan's dealmaker in Britain talks about "big changes" taking place far from America's sight

The American Forbes magazine reported an interview it conducted today, Friday, with what it described as "the deal maker of the Kurdistan region of Iraq," the High Representative of the Kurdistan government in Britain, Karawan Jamal Taher, stressing, quoting him, that the "region's alliances" are changing as a result of the "absence of the American role."

And the Kurdish official stated, according to the interview that I translated (Baghdad Today), that "the times we live in today are very interesting.

He continued, "This is not the Middle East that was in the days of our fathers. China made a deal between Iran and Saudi Arabia. Russia invaded Ukraine and Azerbaijan defeated Armenia in another regional conflict, amid a very clear absence of the continuously diminishing American role in the region," stressing that "Kurdistan has a lot to offer." provide it to Western governments.

The Kurdish official's statements come hours after an interview he had with British diplomats in London, during which he stressed the importance of the "partnership" between the United Kingdom and the Iraqi Kurdistan government without revealing details of what took place during the meeting, which the magazine said was held inside the private travelers' club in the British capital.

The magazine indicated that the Kurdish official's statements show a desire of the Iraqi Kurdistan government to replace the American partnership with another with the British government, given the diminishing interest of the United States in the Middle East region, and its focus on the current conflict in Europe. link

Mot: .. the ""Mom Test"" – siigghhhhhh