BondLady’s Corner

TLM724 Administrator BondLady’s Corner

Economist For / NINA /: Adjusting The Exchange Rate .. Strengthening The Credit Position Of The Central Bank

Tuesday 03, August 2021 13:07 | Economic Number of readings: 394  Baghdad / NINA / – The economic expert, Hazem Hadi, confirmed that: The exchange rate adjustment .. strengthening the credit position of the Central Bank.

He told the National Iraqi News Agency ( NINA ) that: One of the reasons for adjusting the exchange rate is to increase resources, reduce the import of luxury goods, create a good reserve for the Central Bank and strengthen its credit position.

Hadi added that: the amendment is to enhance the ability of the Central Bank to fulfill its obligations and try to put pressure on the deficit in the balance of payments, correct its course, and create investment opportunities for the private sector.

He explained that: this increase in resources does not cover the budget deficit completely, indicating that the fiscal and monetary policy requires maintaining the exchange rate at its current position because any change in the exchange rate will confuse the economic situation.

Oil prices, especially the price of Basra oil, witnessed a remarkable improvement during the last period, exceeding $70, which will bridge the budget deficit and raise the level of the economic and financial sector in the country./End 3    https://ninanews.com/Website/News/Details?Key=919315

Starting The Implementation Of The Administrative And Executive Mechanisms Of The White Paper

The Council of Ministers headed by Mustafa Al-Kazemi

Money  and business Economy News – Baghdad  Prime Minister Mustafa Al-Kazemi announced the start of implementing the administrative and executive mechanisms of the economic reform plan within the white paper.

Al-Kazemi’s media office said, in a statement, yesterday, Monday, seen by “Economy News”, that “the Prime Minister chaired the meeting of the Higher Committee for Reform.”

The statement quoted Al-Kazemi as saying that “since we launched the reform white paper to address the rampant corruption in the country, we are working to create an appropriate atmosphere for its application,” noting that “the meeting is to announce the start of implementing the administrative and executive mechanisms for the economic reform plan within the white paper.”

He added, “We aspire to restore the country’s economy to its strength after the situation reached very low levels as a result of rampant corruption,” stressing that “this plan would rebuild the Iraqi economy in a proper manner, achieving sustainable development for the country.”

He added, “The reform plan will provide a solution to the chronic economic management crisis, which is represented by complete dependence on oil, and the failure to diversify sources of income.”

He explained, “We want to prove to the Iraqis that we are serious about reform, so the plan for managing the economy was not short-term, nor was it timely solution, but rather aimed at an integrated reform until it is completed within 5 years.”

He stressed that “the damage to the Iraqi economy is very great, and for this reason it is impossible to implement the reform plan in a short time, and whoever promises to do so is delusional.”

He pointed out that “the goal is to advance the Iraqi state, not the current government. Governments go and the state remains, and for this we want with all our determination to restore Iraq’s economic prestige.”

Views 235 Date Added 03/08/2021    https://economy-news.net/content.php?id=25849

A Slight Increase In The Exchange Rates Of The Dollar In The Local Markets

Economie| 12:59 – 03/08/2021   Baghdad – Mawazine News  The dollar exchange rates witnessed, on Tuesday, a slight increase in the main stock exchange and local markets, in the capital, Baghdad.

Today, the dollar exchange rate on the Central Kifah Stock Exchange in Baghdad was 148,000 thousand dinars, for each $100 bill.

The prices of buying and selling the dollar rose in the local markets and exchange offices, where the selling price reached 148,500 dinars, for each denomination of 100 dollars, while the purchase prices were recorded at 147,500 dinars, for each paper denominations of 100 dollars. Ended 29/A 4

https://www.mawazin.net/Details.aspx?jimare=162566

The Central Bank’s Hard Currency Sales Exceed $200 Million

Economie| 02:44 – 03/08/2021   Baghdad – Mawazine News  The Central Bank of Iraq’s sales of hard currency, on Tuesday, decreased slightly, recording more than $200 million.

Today, the Central Bank’s auction for the sale and purchase of foreign currencies witnessed a decrease in its sales by 7.33% to reach 215 million and 600 thousand and 597 dollars.

The purchases amounting to 155 million and 760 thousand and 597 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 59 million and 840 thousand dollars went in cash. Ended 29/A 4    ttps://www.mawazin.net/Details.aspx?jimare=162575

“By A Historic Decision” .. The International Monetary Revives The Global Economy With 650 Billion Dollars

Economy   Tuesday 3 August 2021 | 10:13 am| Number of readings: 107   The Board of Governors of the International Monetary Fund on Tuesday approved the largest support in its history, worth $650 billion, to help countries deal with the growing fallout from the “Covid-19 ” pandemic .

In a statement, the fund said that the board approved a general distribution of the equivalent of $650 billion in special drawing rights units (456 billion units) to support global liquidity .

For her part, Kristalina Georgieva, Managing Director of the Fund, said, “It is a historic decision, this is the largest allocation of SDR allocations in the history of the Fund and is a vaccine injection into the arm of the global economy during an unprecedented crisis .”

“The distribution of these allocations will include all member countries, address the long-term global need for reserves, build confidence, and enhance the resilience and stability of the global economy, and this distribution will help, in particular, the most vulnerable countries suffering in their quest to overcome the impact of the Covid-19 crisis .”

Georgieva added, “It is like a vaccine injection into the arm of the global economy during an unprecedented crisis. The distribution of these allocations will include all member countries, address the long-term global need for reserves, build confidence, and enhance the resilience and stability of the global economy. In particular, this distribution will help the countries most vulnerable to suffering in their quest to overcome the impact of the COVID-19 crisis .”

This general distribution of SDR allocations will become effective on August 23, 2021. Member countries will receive newly issued SDR units in proportion to their existing quotas in the Fund .

About $275 billion (about 193 billion SDR) of the new issuance will be distributed to emerging markets and developing countries, including low-income countries .

In this regard, Ms. Georgieva said: “We will also continue to actively engage with our member countries to identify possible options for voluntary transfer of SDRs from the richest to the poorest and most vulnerable member countries to support their efforts to recover from the pandemic and achieve resilient and sustainable growth .”

An essential option in this regard is for member countries with strong external positions to voluntarily transfer part of their SDR allocations to support targeted lending to low-income countries through the Poverty Reduction and Growth Trust Fund ( PRGT ). Interest-free concessional financing is currently provided through this fund.

The Fund is also looking at other options to help the poorest and most vulnerable countries in their recovery efforts. A solidity and sustainability trust fund could be considered to facilitate more solid and sustainable growth in the medium term.    https://aynaliraqnews.com/index.php?aa=news&id22=150375