"Tidbits From TNT" Tuesday Morning 4-25-2023
TNT:
Tishwash: Parliament decides to extend the legislative term: no holiday until the budget is approved
The Parliamentary Legal Committee confirmed, today, Tuesday, that the House of Representatives will not go into its legislative recess until after the budget law is approved.
Committee member Aref al-Hamami told (Baghdad Today) that "the House of Representatives will extend its legislative term, in order to legislate the budget law. .
Al-Hamami indicated that "the coming days will witness an accelerated movement in order to pass the budget law, and there is agreement and agreement on this matter."
He pointed out that "Parliament is currently working on making some amendments to the law, especially those related to reducing the fiscal deficit."
Earlier, the Parliamentary Finance Committee revealed the date for voting on the financial budget law for the year 2023, while confirming the existence of a political agreement on that.
Committee member Jamal Cougar told (Baghdad Today): "After the end of the Eid al-Fitr holiday, the Parliamentary Finance Committee will re-discuss the notes on the budget law, and there will be negotiations between the blocs about the budget paragraphs as well as the financial deficit in it."
And Cougar stated, "The vote on the budget law will take place at the end of next month, and there is a political agreement on this matter among all parliamentary blocs within parliament, and we will work to reduce the financial deficit in the budget, to prevent economic consequences from occurring due to the current large deficit in the law." .
The House of Representatives had completed the second reading of the budget bill, and it is likely to be submitted to a vote after the Eid al-Fitr holiday. link
************
CandyKisses: Advisor Al-Sudani: Foreign currency reserves are high and at comfortable levels
Baghdad - Mawazine News
The financial advisor to Prime Minister Mazhar Mohammed Saleh confirmed on Tuesday that foreign currency reserves are high, safe and at comfortable levels, while noting that the value of safe transfers is currently estimated at 46 trillion dinars.
Saleh said, "The Central Bank currently has about 64 percent of the total internal public debt through secondary market operations, which are government debt instruments in the form of bonds and treasury transfers (that is, they are government borrowing tools that were deducted by local banks and are the primary holder before being deducted with the Monetary Authority), as banks, especially government, in different periods deducted their interest to the Central Bank and recovered their liquidity, which carries an annual interest ranging from 2-3 percent, and today they have become an integral part of assets or assets in the balance sheet of the Central Bank of Iraq."
He added that "the value of safe transfers in the possession of the Monetary Authority is estimated at about 46 trillion dinars currently," pointing out that "the reserves of foreign currency of the Central Bank of Iraq are at very comfortable levels, which are the highest in the country's financial history, which are not less than balances (in foreign exchange and gold) between 110 - 115 billion dollars, and at the same time constitute a percentage (coverage) of the issued cash currency (and according to the current exchange rate) of about 130 percent, which is a high and honest coverage."
He added that "monetary policy, by virtue of the fact that the Central Bank of Iraq is the government's financial advisor, and it is the one who coordinates and consults with the government under its law to ensure consistency and harmony with the joints of fiscal policy and other economic policies, any decision taken by the monetary authority to accept the discount or liquidation of any government debt instruments will inevitably be subject to accurate standard equations in the application of monetary policy tools and their operational objectives, within the framework of managing the liquidity of the economy and in a balanced manner with macroeconomic indicators, and in line with the independence of the Central Bank of Iraq."
************
Tishwash: Advisor to the Prime Minister: The value of treasury transfers is currently estimated at 46 trillion dinars
Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that foreign currency reserves are high, safe and at comfortable levels, while he indicated that the value of treasury transfers is currently estimated at about 46 trillion dinars.
Saleh said to the official agency, followed by (Al-Oula News), that “the central bank is an independent authority and enjoys broad legal independence, as it is based on the Central Bank of Iraq Law No. Neither directly nor indirectly).
He noted that “the Central Bank is the authority to issue the national currency and maintain the stability of the value of the national currency and its purchasing power, and it has the freedom to intervene in the money market to impose stability and reduce inflation rates by controlling local liquidity levels, which are monetary operations that come within the operational objectives of monetary policy, and It is called (sterilization) procedures.
He added, "The central bank is responsible for managing the government's financial operations, as well as managing the country's foreign currency reserves according to the best methods of managing sovereign investment portfolios, and its standard evidence in terms of maximizing asset returns and avoiding all risks, whether legal, price and others."
He pointed out that “although the central bank, by virtue of its role in controlling local liquidity levels and controlling its flows to achieve stability in the growth of the money supply, it exercises secondary market operations in buying and selling securities in general and government ones in particular in order to manage general liquidity in the economy.” And controlling its levels and growth rates in a way that achieves monetary and price stability, and this is done through direct dealings with the national banking market exclusively.
And he continued, “The Central Bank currently possesses, through secondary market operations, about 64 percent of the total internal public debt, which are government debt instruments in the form of bonds and treasury transfers (that is, they are government borrowing tools that were discounted by local banks, and they are the primary holder of them before discounting them with the monetary authority). , As banks, especially government ones, at different periods deducted their interest with the Central Bank and regained their liquidity, and they carry an annual interest ranging between 2-3 percent, and today they have become an integral part of the assets or assets in the balance sheet of the Central Bank of Iraq.
And he added, "The value of treasury transfers in the possession of the monetary authority is estimated at about 46 trillion dinars currently," pointing out that "the foreign currency reserves of the Central Bank of Iraq are at very comfortable levels, which are the highest in the country's financial history, which are not less than balances (in foreign exchange and gold). ) between 110-115 billion dollars, and at the same time it constitutes a percentage (coverage) of the cash currency issued (and according to the current exchange rate) by about 130 percent, which is a high and safe coverage.
And he continued, “Monetary policy, and by virtue of the fact that the Central Bank of Iraq is the government’s financial advisor, and it is the one who coordinates and consults with the government in accordance with its law to ensure consistency and harmony with the joints of financial policy and other economic policies, any decision taken by the monetary authority in accepting a discount or liquidation of any government debt instruments will be subject to
There is no way for accurate standard equations in applying monetary policy tools and their operational objectives, within the framework of managing the liquidity of the economy in a balanced manner with macroeconomic indicators, and in a manner consistent with the independence of the Central Bank of Iraq. link
Mot: .... Ya Know its OK the RV Hasnt Happened Yet - but ----
Mot: .. Gunna beeee One of Those Daze!! ~~~~
